123jump.com Staff
16 Jun, 2008
New York City
Stocks in Japan advanced as worries over inflation eased after crude oil prices slumped on speculation that Saudi Arabia will increase oil output. A weakening yen also helped buoy exporters. NTT acquires a minority stake of 30% in Bangladesh based mobile carrier with nearly 7 million subscribers. GS Yuasa Corp. led advancers in the Nikkei 225 index shares with a rise of 10.60% followed by increases in Mitsumi Electric Co. of 7.3%.
123jump.com Staff
16 Jun, 2008
New York City
The U.S. dollar continued to drift lower in currency market as world leaders discuss the fate of the global economy. The dollar has lost nearly 60% of its value in the last three years. Crude oil traded at a intra-day record as investors looked for hedge against weak dollar. Inflation in the euro area rose to 3.7% in May from 3.3% in April on rising food and energy prices, a 16-year record. Lehman rebounded after it reaffirmed its reported a loss of $2.8 billion as estimated previously.
123jump.com Staff
16 Jun, 2008
New York City
Industrial production in China rose at 16% in May after rising at a rate of 15.7% in April. Producer price jumped 8.2% in the month and consumer prices rose 7.7% during the period. Hong Kong reported first quarter growth in the GDP of 9.6% and after adjusting for inflation increased at 7.1%. Hong Kong industrial production fell 4.4% in the quarter.
123jump.com Staff
16 Jun, 2008
New York City
McClatchy Company stock fell to a 10-year low after it reported a sharp decline in revenue and announced a layoff of 1,400 staff. The local newspaper publisher has struggled as advertisers spend less in the print media and prefer lower cost alternative on the Internet. McClatchy consolidated revenue in May fell 15.1% and advertising revenue declined 16.6% compared to a year ago. For the year-to-date revenue declined 14.2% to $833 million from $972 million a year ago.
123jump.com Staff
16 Jun, 2008
New York City
Crude oil surged to another intra-day record high after a small fire at StatoilHydro curtailed production at its North Sea location for nine hours. The persistent weakness in the U.S. dollar also helped crude oil to trade near record level. Gold jumped $13 an ounce and natural gas rose 2%. AIG stock fell after its board removed Sullivan from the top position. European market indexes closed lower, led by 1.4% decline in Spain index.
123jump.com Staff
16 Jun, 2008
New York City
UK stocks edged lower after crude oil prices raced to another record intra-day price on a small fire in the North Sea oil field. The persistent weakness in the U.S. dollar lifted the crude oil prices higher. Home builders rose after several institutional investors showed an interest in building a framework to inject more capital in the home builders.
123jump.com Staff
16 Jun, 2008
New York City
Sensex index in India rose 1.4% after a week of volatile trading. Software exporters and bank stocks rose but stocks of vehicle manufacturing fell. The government increased excise duty on large cars and sport utility vehicles. Wholesale inflation in India at the end of May, but before the recent price increase in petrol rose to 8.75%. The inflation is now at seven-year high.
123jump.com Staff
16 Jun, 2008
New York City
AIG replaces its chief executive for the second time in less than four years as its stock has lost 50% of its value and real estate linked losses mount. Robert Willumstad, former chief financial executive at Citigroup has assumed the top position at AIG. The largest U.S. insurer has $1 trillion in assets and has reported two consecutive quarterly losses. The insurer was forced to raise $19 billion after denying for months that it needs additional capital.
123jump.com Staff
13 Jun, 2008
New York City
The Bank of Japan left its key rate at 0.5% and issued a cautionary note on the corporate profit growth. The central bank also noted that exporters are facing deteriorating trade terms. Furukawa led advancers in the Nikkei 225 index shares with a gain of 5.80% followed by rises in Fujikura Ltd. of 5.34%. Mitsubishi Paper led decliners in the Nikkei 225 index shares with a drop of 5.40% followed by losses in Hokuetsu Paper of 5%.
123jump.com Staff
13 Jun, 2008
New York City
U.S. stocks surged at close led by a surge in tech stocks. The Nasdaq index closed up 2% as Google, Apple, and Research in Motion closed higher. Crude oil edged lower, but only by a fraction and airlines closed higher. Fifth Third Bancorp plunged 13% after analyst comments that the bank may need to raise capital.
123jump.com Staff
13 Jun, 2008
New York City
UK stocks closed nearly unchanged. The regulatory agency FSA tightened the lending standards for short selling and increased the disclosure requirements for short sellers. The recent market volatility in the rights issue of several banks was exploited by short sellers to their advantage. Candover Partners and Goldman Sachs revised their offer for Expro International. The new offer at 1,615 pence per share values the deep oil well testing company at 1.8 billion pounds.
123jump.com Staff
13 Jun, 2008
New York City
Hong Kong stock indexes fell despite strong rise in retail sales in May after rising oil prices reinforced the uncertainty over the health of global market. The National Bureau of Statistics said retail sales jumped 21.6% to Rmb870 billion from the same month a year earlier. Also in the first five months of the year sales rose 21.1% year-on-year to Rmb4.24 trillion. Foreign investment climbed 38% to Rmb7.76 billion in May.
123jump.com Staff
13 Jun, 2008
New York City
European stocks traded in a tight range. European auto sales fell 7.8% in May on higher fuel cost and weak economies in Italy and Spain. Only in France sales rose in May from April and from the same month in the previous year. Sales in Germany fell 6% in the month but rose 4.2% from a year ago. Total sales in first five months in Europe declined 0.7%.
123jump.com Staff
13 Jun, 2008
New York City
U.S. stocks edge higher after the release of inflation data. May CPI rose at 0.6% and increased at 3.6% for the same month in the previous year. The inflation measure in May without the season adjustment rose 0.8% in the month and increased 4.5% from a year ago. Stocks in the morning trading rose after the inflation data and a drop in crude oil prices. Saudi Arabia is likely to increase fuel production. German inflation reached at the upper level of the target range.
123jump.com Staff
13 Jun, 2008
New York City
German inflation rose above the target range of the central bank for the second time this year. The CPI in May rose to 3% from a year ago, a rise at or above the target range after rising at 3.1% in March. The inflation index in April rose at 2.4% from a year ago. The sharp rise in energy prices and food prices are stoking inflation that is likely to spill over in the wage rates. Separately Eurostat reported that employment rates across the 27 nations rose in the first quarter.
