123jump.com Staff
26 Jun, 2008
New York City
U.S. stocks fell sharply after Goldman Sachs esitmated second quarter asset write down at Citigroup of $8.9 billion, Sanford Bernstein estmated a loss compared to profit at Merrill Lynch. Citigroup fell 5% and Merrill dropped 3%. Separately the final read on the first quarter economic growth was revised higher to 1% from 0.9% and existing home sales in May rose 2% and average home prices fell 6.3% in the month. The U.S. dollar edges lower and crude oil and gold rises.
123jump.com Staff
25 Jun, 2008
New York City
In Hong Kong trading Hang Seng Index gained 0.8% to 22,635.16, and the China Enterprises Index of Hong Kong listed mainland shares, or H shares, advanced 1.5% at 12,196.25. In Shanghai trading CSI 300 Index gained 4.12% or 117.62 at 2,969.54.
123jump.com Staff
25 Jun, 2008
New York City
Stocks in Japan fell as the worrying economic data from U.S. took its toll on exporters. In particular consumer confidence plummeted to a 16-year low in May, while house prices declined in April. Financial stocks fell as well. Toyota worried that weak U.S. auto sales will drag its global sales. Japan
123jump.com Staff
26 Jun, 2008
New York City
London stocks rose marginally driven by financial stocks after Barclays announced a rights issue to boost its capital base from investors including Qatar Investment Authority, China Development and Sumitomo Mitsui Banking Corp. In addition, retailers gained as Qatar Investment Authority upped its stake in Sainsbury to 25.3%.
123jump.com Staff
26 Jun, 2008
New York City
Stocks in India rose after a surprise rate hike for the second time by the Reserve Bank of India. The central bank hiked interest rate by 0.5% and increased the bank deposit ratio 0.5%. The twin move to increase rate and deposits are expected to calm the inflation that has roared above 11%. Commercial banks are expected to increaes lending rates soon.
123jump.com Staff
25 Jun, 2008
New York City
U.S. stocks maintained upward bias in the morning ahead of rate decision from the Fed this afternoon. MasterCard agreed to pay between $1 billion and $1.8 billion to American Express to settle its claims. Monssanto Company fell 5% after it reported third quarter earnings increase of 42% and offered annual earnings outlook that disappointed shareholders.
123jump.com Staff
25 Jun, 2008
New York City
The Fed left its key short term rate at 2% and cited that risks to inflation risk are rising on tighter credit conditions, rising fuel prices and falling home prices. MasterCard surged after agreed to pay $1 billion to American Express to settle its ongoing legal dispute. Research in Motion fell 7% after it reported earnings after the close. In European trading stocks rose after Barclays finalized $9 billion placement from key investors and ECB signaled a rate hike at the next meeting.
123jump.com Staff
25 Jun, 2008
New York City
Barclays will raise 4.5 billion in a offering that will have key investors with commitments. Sovereign funds of Qatar and Singapore along with China Development Bank and Sumitomo Mitsui Banking Corporation amon other institutional investors will invest up to 4 billion at a discount of 9.3%. The current and new shareholders will be able to invest at 4.7% discount. The stock rallied in New York and London trading.
123jump.com Staff
24 Jun, 2008
New York City
Australian stocks edged higher after Rio Tinto and Chinese and Japanese steel companies agreed to a price hike of 100% for iron ore shipments. Separately, BHP increased its estimate of mineral reserves in Western Australia. Perilya rejects merger proposal with CBH after the company revised its estimate at Broken Hill mine and lack of support from note holders.
123jump.com Staff
24 Jun, 2008
New York City
Rio Tinto and steelmakers in Japan and China agreed on iron ore price increase of as much as 100%. The iron ore, which is not actively traded on any exchange and prices are reviewed on annual basis by customers with miners. Rio Tinto hopes to sell between 320 and 420 million tons at a revised price from the current production of 200 million tons. Nippon Steel, Kobe Steel and JFE Holdings fell between 2% and 3%.
123jump.com Staff
24 Jun, 2008
New York City
Stocks in Hong Kong and Shanghai fell as inflation worries hobbled investors. Shanghai based CSI 300 index fell 2.2% and Han Seng Index in Hong Kong dropped 1.1%. Baosteel, representing Chinese steel companies agree to iron ore price increase between 80% and 96% for shipments from Rio Tinto in Australia. The sharp rise in commodity price reflects a strong demand for the iron ore and steel in China. Rio Tinto hope to ship between 320 and 420 million tons of ore.
123jump.com Staff
24 Jun, 2008
New York City
UK mortgage loans in May fell 56% from a year ago and 20% from April. The sharp decline comes after credit markets and conditions for mortgages are tightened. The report from the BBA also suggested that credit card borrowing increased 7.4%, as spending rose at a faster rate then loan repayment rate. BG Group took its offer directly to shareholders of Origin Energy Limited and offered A$15.50 or A$13.8 billion. Earlier management rejected the same offer from BG.
123jump.com Staff
24 Jun, 2008
New York City
U.S. stocks turned lower in the afternoon after UPS lowered its earnings estimate, metropolitan home prices fell and gasoline demand declined. Crude oil edged higher at closed but fell from its near record intra-day high. Kroger reported higher sales and earnings. CentruTel rose after it raised its dividend ten-fold and accelerated its stock buyback. Markets in Europe closed lower, led by a shap fall in Spain and Sweden.
123jump.com Staff
24 Jun, 2008
New York City
The Rerserve Bank of India increased repo rate to 8.5% from 8% and increaesd the bank deposits requirements to 8.75% from 8.5%. The decision was taken ahead of the scheduled meeting on June 29 after a sudden surge in iflation this week. Earlier in the trading stocks lost ground for the fifth days in a row and the Sensex index declined 1.3% and also dipped below 14,000 lelvel before closing at 14,106.58.
123jump.com Staff
24 Jun, 2008
New York City
UPS lowered second quarter ernings guidance as fuel prices rise and shipping volumes in the domestic and international markets decline. Separately, largest grocery chain Kroger reported first quarter revenue rose 11.5% to $23.1 and net income increased 13% to $386 million.
