123jump.com Staff
20 Jun, 2008
New York City
U.S. stocks dropped sharply on a weakness in financial, techs and consumer discretionary sectors. Banks led the decliners after Wachovia Bank drifted to as low as 12-year low on the mounting worries that banks will have to eliminate dividend and raise more capital. SanDisk fell after Citigroup analyst said that the company may miss the earnings for the current quarter on slower sales. Regional banks rose after Huntington Bancshares reaffirmed its loan loss estimate.
123jump.com Staff
20 Jun, 2008
New York City
Latest wholesales inflation index at the surged to a 13-year high to 11.11%. The sharp rise in inflation was fueled by the rising costs of fuel, food and materials. Higher inflation numbers has sparked fears of tighter monetary policy by the central bank, stocks fell sharply. Last week, the Reserve Bank of India made a surprise interest rate rise last week.
123jump.com Staff
20 Jun, 2008
New York City
European indexes drifted lower on persistent worries in the credit markets and rising inflation in the region. Germany reported a sharp rise in producer price index in May. The index increased at a rate of 6% from a year ago. Separately, Deutsche Boerse reported earnings per share increase of 61% in the first quarter but trading volume so far in the quarter has declined 33% from a year ago.
123jump.com Staff
20 Jun, 2008
New York City
U.S. stocks fell sharply as financial stocks decline. Rating agency Moodys removed bond insurance companies MBIA and Ambac Financial Group from its top rating. Mortgage lenders Fannie Mae and Freddie Mac declined and leading banks traded lower. Wachovia Bank fell to a 12-year low. Latest read on inflation in India showed annual rate of 11.5%, a 13-year high. Sensex in India plunged 3.5%.
123jump.com Staff
19 Jun, 2008
New York City
Australian stocks fell after the worries related to credit market rises. Hedge fund manager Paul Johnson estimated credit market related losses to increase to $1.3 trillion. In additon, Morgan Stanley reported 61% decline in earnings. On the news, stocks of five retail banks in Australia fell between 2% and 4%. Babcok Brown Power cancels dividend for the six month period to lower its debt.
123jump.com Staff
19 Jun, 2008
New York City
Stocks in Japan fell on the rising estimate of losses relatd to the U.S. credit market and elevated crude oil prices. Hedge fund manager John Paulson estimated credit market related losses at $1.3 trillion and expects the second half to be tougher for investors. In addition, Citigroup and JP Morgan estimated that the U.S. car sales will decline to a 15-year low. The new estimated lowered the stocks of Japanese auto makers and exporters. Banks, brokers and realty companies fell.
123jump.com Staff
19 Jun, 2008
New York City
Stocks in Hong Kong fell 2.3% and in Shanghai plunged 7.3%. After the close China increased the retail gasoline price by 16% and diesel oil price by 18%. Electricity price will increase 4.7% from July 1. The World Bank lifted the estimate of Chinese economic growth rate to 9.8% from 9.4% on the strength in service sector and steady world wide exports.
123jump.com Staff
19 Jun, 2008
New York City
Weekly jobless claims at the end of the last week fell. U.S. stocks rose at close after a drop in crude oil prices lifted stocks in transportation sector. Tech stocks rallied on a rise of more than 2% in semiconductor stocks. Broadcom led the sector after an analyst recommendation. Coventry Health Care plunged 22% after it lowered earnings forecast. European stocks closed lower on higher loss estimates at UBS, Credit Suisse and Deutsche Bank. Brazil and Colombia fell for the second day.
123jump.com Staff
19 Jun, 2008
New York City
European stocks traded lower on the rising worries on the losses in credit market. Goldman Sachs estimated higher losses at UBS than at Credit Suisse and Deutsche Bank. UBS is likely to report $4 billion asset write downs linked to the risky loans. In addition, BASF decided to cancel its 3 billion euros program to repurchase shares. France Telecom is likely to walk away from its bid for TeliaSonera if it fails to raise funds.
123jump.com Staff
19 Jun, 2008
New York City
UK stocks fell after May retail sales rose. The surprise rise in the monthly sales on non-food sales increase helped retailers. However, stocks in London trading declined after a gloomy outlook from the Bank of England governor. UK government proposed to give additional powers to FSA and the BOE to improve speed of response in the times of financial crisis. Anglo America led advancers in the FTSE 100 index shares with a rise of 3.50%.
123jump.com Staff
19 Jun, 2008
New York City
Indian stocks fell on Thursday for the second day in a row on political concerns and weak Asian markets. The division in the ruling coalition on a deal with the U.S. for the nuclear energy continues to put parties on a collision course. The key meeting on the agreement was delayed two one more week again. Stocks declined on the worries that lack of stability in the ruling coalition may hurt the economic agenda. However, income tax collection for the first two months of this fiscal year surged.
123jump.com Staff
19 Jun, 2008
New York City
European stocks declined in the late afternoon trading. Italy reported a slight decline in current account deficit but the foreign reserves remain stable at the end of April. Retail sales in the month of May in the UK rise, surprising most observers. Rising non-food stores contributed to gains. Dollar trades lower and oil trades at elevated level. Vallourec falls 4% in Paris and E.On AG in Frankfurt gained 2%.
123jump.com Staff
19 Jun, 2008
New York City
U.S. stocks opened with a negative bias after the release of weekly jobless claims. The claims at the end of last week fell 5,000 to 381,000 and unemployment rate fell to 2.3%. Oil traded at elevated level and European markets edge lower at mid-day trading. Protests from union workers across Europe are on the rise as workers demand higher wages. Food and energy prices are on the rise in the region reflecting worldwide trends. Stocks in Japan, Hong Kong and India closed sharply lower.
123jump.com Staff
18 Jun, 2008
New York City
Fortescue and Rio Tinto race to develope Pilbara region rich in iron ore and unexplored. Fortescue Metals Group and Cazaly agreed on revenue split arragement if the Cazaly succeeds in gaining exploration and development rights. Rio Tinto approved expansion funding in the region to increase its annual capacity to 320 million tons by 2012.
123jump.com Staff
18 Jun, 2008
New York City
Stocks in the final hours accelerated their losses as banks, transportation and tech stocks fell. Crude oil rebounded after the release if weekly inventory report. Fifth Third Bancorp plunged 27% after it announced a plan to raise $1 billion and sell assets to cover its rising losses. Morgan Stanley reported 61% fall in earnings. FedEx plunged to a one-year low after it reported loss and projected sharply lower earnings in the current quarter. European stocks fell.
