123jump.com Staff
05 Jun, 2008
New York City
Jean Trichet said on Thursday the ECB may raise interest rates next month to combat inflation. German manufacturing orders in April declined 1.8% from a month earlier, but orders during the first four months rose 15%. French unemployment rate dropped to its lowest level in a decade, reaching 7.5% in the first quarter. The CAC 40 share index fell 0.1% and the DAX 30-share index declined 0.4%. Credit Agricole prices its stock at a discount. Credit Agricole prices its offering of 6 billion euros.
123jump.com Staff
05 Jun, 2008
New York City
The Bank of England and the European Central Bank left the rates unchanged at 5% and 4% respectively. The rising inflation in the region has left central bankers worried. Unlike the Fed in the U.S., central bankers in Europe are more focused on inflation. Separately, retailer Wm Morrison reported 7% rise in sales in the first quarter but home prices fell in May. Stocks in London trading rose with the FTSE 100 index gaining 0.4%.
123jump.com Staff
05 Jun, 2008
New York City
Verizon Wireless agreed to acquire Alltel Corporation, a rural telecom operator with 13 million customers. Verizon will pay $5.9 billion in cash and $22.2 billion of estimated debt. TPG and Goldman Sachs controlled fund have agreed to sell the company that they purchased for $24.2 billion less than thirteen months ago with only $4 billion in equity.
123jump.com Staff
04 Jun, 2008
New York City
Hong stocks fell after investors worried that recent proposal to merge telecom companies may reduce earnings in the short term. Analysts wonder that the three-way deal among China Unicom, China Netcom and China Telecom may reduce earnings on higher operating costs in the short term. The Hang Seng Index fell 1.04% or 252.51 to 24,123.25 and in Shanghai trading CSI 300 Index fell 1.86% or 67.20 to 3,546.92.
123jump.com Staff
04 Jun, 2008
New York City
Stocks in Tokyo gained ground after yen fell and metals and crude oil prices fell. Nikkei 225 rose 1.59% or 226.4 at 14,435.57, while the broader Topix Index increased 1.6% or 23.03 at 1.430.47. Capital spending declined for the fourth straight quarter by 5.3% in the three months ending March. The decline was smaller than estimated by economists.
123jump.com Staff
04 Jun, 2008
New York City
U.S. stocks traded sideways after Moody removed the top bond insurance rating from MBIA and Ambac Financial. Ambac plunged 17% and MBIA lost 16%. Two companies have lost more than 70% of their market value in the last one year of trading. Crude oil futures declined as India joined Malaysia and Indonesia and passed on higher fuel prices to consumers. Brazil fell for the second day more than 1.5% in Latin markets trading. India lost 2.8%.
123jump.com Staff
04 Jun, 2008
New York City
Stocks in UK dropped after a business activity index showed a decline in activities in May. Businesses are battling tight credit conditions and low consumer confidence. Luxury home prices are expected to fall 5% by the end of the year. Kingfisher, home renovation retailer reported first quarter earnings jumped 9% to
123jump.com Staff
04 Jun, 2008
New York City
After a heated debate the government approved price increase for petrol, diesel and cooking gas. The price increase of 5% and lower of import duties will help state controlled oil companies to reduce losses. Sensex index fell sharply after the price increase on the fears that record inflation will only rise. The 30-share BSE Sensex fell 2.8% or 447.77 at 15,514.79. On the National Stock Exchange, the S&P CNX Nifty declined 2.8% or 130.3 points at 4,585.60.
123jump.com Staff
04 Jun, 2008
New York City
U.S. stocks were on the decline after another rating agency analyst voiced his concern on adequacy of the capital ratios at Barclays, BNP Paribas, Societe Generale and Lehman Brothers. Home builders Hovnanian and Toll Brothers fell after reported wider than estimated losses. Guess surged nearly 10% after it reported sharply higher earnings. European markets fell more than 1% and in Asian trading India dropped 2.8%.
123jump.com Staff
03 Jun, 2008
New York City
Stocks in London trading manage to close higher after a day of volatile trading led by Royal Bank of Scotland. Bankers estimate strong demand for recent rights offering from RBS. The lender also advanced on market speculation that the Children
123jump.com Staff
03 Jun, 2008
New York City
Japan stock indexes traded in negative territory after a rising yen affected exporters and realty stocks plummeted on signs of tightening credit markets. In Tokyo trading Nikkei 225 declined 1.6% or 230.97 at 14,209.17, and the broader Topix Index fell 1.2% or 17.66 at 1,407.44. Subprime losses from the US loans at Japanese financial companies total 1.8 trillion yen at the end of March 2008 quarter.
123jump.com Staff
03 Jun, 2008
New York City
Chinese telecom stocks fall after a three-way deal among China Netcom, China Unicom and China Telecom for $56 billion. Yuan gains to a record high. In Hong Kong trading Hang Seng Index declined 1.83% or 455.60 at 24,375.76, and the China Enterprises Index of Hong Kong-listed mainland companies, or H shares, dropped 2.88% or 404.39 at 13,621.98. In Shanghai trading CSI 300 Index shed 0.32% or 11.72 to 3,614.11.
123jump.com Staff
03 Jun, 2008
New York City
Satyam, software services provider, lost its appeal in London to block a trial in Texas court against a former client that fell behind payment. The client, UK based Upaid Systmes, hopes to recover $1 billion in damages and the case will be tried in Texas to settle the claims of forgery while transfering the technology to Upaid. Separately, Tata Motors completed its purchase of two luxury brands Jaguar and Land Rover from Ford Motor Company.
123jump.com Staff
03 Jun, 2008
New York City
U.S. stocks declined as investors worried that credit market losses may increased. Lehman Brothers, the subject of intense investor speculation said that it did not access Fed discount window and it has sufficient liquidty. Lehman dropped 9% after losing 8% in the previous session. Fed Chairman Bernanke in his comments talked tough on inflation and defending dollar, however investors remain skeptical. Brazil lost 2.6%. European markets recovered on 0.8% rise in GDP in the first quarter.
123jump.com Staff
03 Jun, 2008
New York City
European retailers lifted the market indices in the region higher while declining oil price added the positive market sentiment. The European Statistics office Eurostat reported economic growth in the region rose 0.8% in the first quarter of 2008. Investment and construction spending in Germany helped the region. German auto sales, exports and production fell in May but for the first five months in the year registered gains.
