123jump.com Staff
04 Jul, 2008
New York City
European stocks closed lower after crude oil traded at another record high and prospect more capital raising from European banks. Benchmark indexes in UK, France, Germany and Switzerland fell. Swedbank dropped 6% and Banco Santander lost 4%. Banks may need as much as $90 billion to meet their required capital reserves. UK stocks fell after a private equity fund decided not to proceed with investment in home builder Bradfod & Bingley.
123jump.com Staff
04 Jul, 2008
New York City
Stocks in Tokyo trading fell for the 12th day in a row. Persistent worries related to exports to the U.S., rising inflation and weak consumer sentiment drag market averages lower for the longest streak in five decades. For the week Nikkei 225 index dropped 2.3% and in the last twelve days the index declined 8.4%. Real estate stocks led the decliners. Tokai Carbon soared 12% and GS Yuasa rose 4.9%, led the gainers in the Nikkei 225 index.
123jump.com Staff
04 Jul, 2008
New York City
Stocks in Mumbai rebounded on the hopes that political settlement between and Congress and a regional party may avert government collapse. Controversial nuclear agreement between the US and India has caused a rift between the Congress and communist parties and added volatility to stock market. Sensex, today rebounded 2.8% or 360 to 13,454 at close despite a rise in the latest read on inflation.
123jump.com Staff
03 Jul, 2008
New York City
Hong Kong market averages declined for the fourth day in a row led by weak financial stocks on fears of widening credit market losses. Hang Seng reached its peak in November of 31,638.22 and since then has steadily declined in the last seven months of trading but the index is still trading above August low of 20,387.13.
123jump.com Staff
03 Jul, 2008
New York City
Stocks in Japan continue to slide for the eleventh session in a row. Rising crude oil prices, persistent worries related to credit markets and weakening consumption is keeping investors on the sidelines. Steelmakers fell after weak global auto demand for Japanese makers dragged stocks lower. Nikkei 225 index, as tracked by Nikkei News report the longest losing streak in the last five decades.
123jump.com Staff
03 Jul, 2008
New York City
Rupee hovered near fifteen months low as rising crude oil price take a bite out of stocks in India. As India pass on rising international prices of oil to consumers, inflation is expected to reach further in record zone hurting corporate profits and economic growth prospects. Stocks in Mumbai trading fell as investors feared slow down in consumer spending. Automakers, banks and real estate stocks fell sharply. Rupee edged lower and is likely to drop below 43.50.
123jump.com Staff
03 Jul, 2008
New York City
U.S. stocks edged higher but tech stocks remain weak as they have been in the past one month of trading. Crude oil traded at record level as specluators, weak dollar and steady demand drive oil prices. Tech stocks fell, led by weak semiconductor stocks after Nvidia cut its revenue and gross margin guidance. ECB in Europe, raised its key rate by 0.25% to 4.25%. Vodafone agreed to acquire 70% stake in Ghana Telecom to tap into one of the fastest growing wireless markets.
123jump.com Staff
03 Jul, 2008
New York City
Tech stocks fell for the second day on the weak chip makers and tech services companies. Nvidia plunged 30% after it issued lower revenue and gross margin guidance. The chipmaker will also take a charge of $150 millino in the second quarter. Citigroup, Cowen and Goldman Sachs lowered pricce traget and investment rating on the stock. European markets closed higher on the hopes that latest interest rate increase may not be followed by another rate hike in the near future.
123jump.com Staff
03 Jul, 2008
New York City
U.S. payrolls declined in June 62,000 totaling to job losses of 438,000 for te first six months of the year. Economy has been losing jobs as construction, banking and retail industries have been laying off people. Separately the European Central Bank raised its key rate by 25 basis points to 4.25%.
123jump.com Staff
02 Jul, 2008
New York City
Stocks in Australia fell tracking global market weakness. Mining and retailers declined. Just Group lowered its earnings 10% and cited weaker than expected consumer spending. Separately, the company rejected buy ot offer from Premier Group and its stock fell 13%. mining stocks fell as metals prices declined. Fligh engineers at Qantas suspended the strike threat nor now as its union negotiates with the airline. Australian benchmark is the fourth worst performer in Asia.
123jump.com Staff
02 Jul, 2008
New York City
Ping An Insurance fell daily limit of 10% after talks of potential loss of 12 billion yuan at one of the funds managed by the company sparked sell-off and dragged China Life down 5%. Stocks in Shanghai were unchaged but hovered near 49% loss for the year as investors shied away from the market. Hong Kong stocks fell 1.8% after Cathay Pacific suggested that first half profit will be lower than market estimate.
123jump.com Staff
02 Jul, 2008
New York City
U.S. stocks fell shaprly as investors feared recession, higher fuel and energy prices and weakening corporate profits. Cyclical stocks of miners, steel makers and industrial companies fell. Coal miners, Peabody and Massey Energy plunged. Transportation stocks fell on record price in crude oil and a prospect of higher energy prices in the near future. Airlines, railroads and freight companies declined. European markets closed lower. Brazil, Canda and Argentina closed down 3% or more.
123jump.com Staff
02 Jul, 2008
New York City
Stocks in Japan are now in the longest losing streak in the last four decades. The bench market index Nikkei 225 has lost ground for the last trading days in a row. Continued worries related to the health of the U.S. and European banks and a sharp rise in crude oil prices and a fall in auto sales in the U.S., Japan and India dragged auto stocks lower. A 2.5% decline in Baltic Dry Index that tracks ocean freight rates dragged shipping companies lower. Toyota, Honda, Nissan and Suzuki fell.
123jump.com Staff
02 Jul, 2008
New York City
Marks & Spencer dropped 24% after it reported same store sales declined 5.3% in the UK. The company warned that earnings will be revised on the lower sales in the UK. Other retailers fell sharply and dragged benchmark index lower. Taylor Wimpey, home builder announced that it will cut its dividend and take a write-off of
123jump.com Staff
02 Jul, 2008
New York City
U.S. stocks took a negative turn after the new worries resurfaced about General Motors. Merrill Lynch analyst estimated that the company may need more capital than previously estimated as it burns cash and sales decline and did not rule out the bankruptcy alternative. General Motors dropped 12% on the comments and dragged market indexes lower. In Europe, banks rallied after Deutsche Bank affirmed its guidance of profitability and UBS said that for now it has sufficient capital.
