123jump.com Staff
01 Apr, 2008
New York City
European markets rallied after $15 billion capital infusion plan from UBS lifted investor mood. UBS also said that its long time chairman has been replaced by its general counsel Peter Kurer. However, Deutsche Bank wrote down 2.5 billion of asset backed securities. Switzerland index led the region with a rise of 3.7% followed by more than 3% rise in Spain and France.
Stora Enso and Astra Zeneca jumped more than 7% after brokers lifted their ratings on the companies.
123jump.com Staff
01 Apr, 2008
New York City
U.S. stocks surged across market capitalization and industry sectors on rising optimism and investor appetite for risk. Gold and oil fell. Lehman Brothers raised its convetible preferred share offering to 4 million shares.UBS reported $12 billion in first quarter losses and proposed to raise $15 billion. Nasdaq surged 3.7% followed by a gain of 3.6% in S&P 500 and 3.2% in Dow Jones. Brazil, Mexico and European markets surged as well.
123jump.com Staff
01 Apr, 2008
New York City
Stocks in Hong Kong advanced tracking gains in international markets but stocks in Shanghai continue to fall. Shanghai stocks have suffered the most in the last five months of trading and retail investors are bearing most of the losses. Mainland investors are worried that Chinese government will not support the stock market. Fear of more declines is driving Shanghai stocks lower.
123jump.com Staff
01 Apr, 2008
New York City
Business confidence in Japan fell to a 4-year low as large and small manufacturers worry about the U.S. market for their products. Rising exports to Asia, Europe, and Middle East is helping businesses to cope with the expected decline in sales in the U.S. In Tokyo trading Nikkei 225 gained 1.04% or 130.88 to 12,656.42, and the broader Topix Index increased 1.5% or 17.53 to 1,230.49.
123jump.com Staff
31 Mar, 2008
New York City
European markets traded sideways after a surge in inflation, lower energy prices and higher metals prices in the region. Euro area inflation in March rose to 3.5%, a 15-year high. Banks fell in the region after Merrill Lynch lowered profit forecast for Swiss banks. Northern Rock hopes to repay loans to the Bank of England by 2011. Pernod Ricard agrees to buy Vin & Spirit from Swedish government for 5.3 billion euros. German stock index lost 18% in the first quarter.
123jump.com Staff
31 Mar, 2008
New York City
U.S. stocks edged higher after a sharp decline in energy and gold prices. USDA report showed that farmers planted more than expected level of soybeans and wheat and less than expected cotton and corn crops. Soybean fell in Chicago trading. Schering Plough and Merck declined sharply after a group of cardiologist said that the expensive drugs for cholesterol treatment are no better than generic drugs. Housing Secretary Jackson quits after a criminal probe investigating contract awards.
123jump.com Staff
31 Mar, 2008
New York City
Northern Rock unveiled a plan to repay the Bank of England by the year 2011 and shrink its balance sheet by more than half. Stocks in London trading recovered after a steady rise in copper and other metal prices lifted mining stocks. Friends Provident gained 3% after it rejected $7 billion takeover offer. Home prices fell 0.2% in March and for the year home sales volume is expected to decline.
123jump.com Staff
31 Mar, 2008
New York City
St George, raised its rate on variable home loans by 0.1% to 9.47%. The bank blamed a rise in interest to an increase in costs in the wholesale markets. Australian billionaire retailer and former Coles Group Ltd Chairman Solomon Lew today launch unsolicited $900 million takeover offer for Just Group Ltd. Sinosteel unveiled its formal offer for Midwest at $1.19 billion, lower than expected offer of $1.49 billion.
123jump.com Staff
31 Mar, 2008
New York City
U.S. farmers are expected to improve their net income in the current year as commodities prices are expected to trade near record levels. In the latest plating report from the USDA, more farmers are expected to plant soybeans to take advantage of higher prices and battle rising costs of fertilizers. Corn planting will be lower but still near record levels as demand for the largest grain production by value, as demand for ethanol drives the economics.
123jump.com Staff
31 Mar, 2008
New York City
U.S. stocks edged higher in the morning trading. Pharmaceuticals and exchanges stocks declined. A committee of cardiologist warned that two drugs jointly marketed by Schering Plough and Merck with total sales of $5 billion were no better than their generic version Zocor. Schering and Merck plunged after the report.
123jump.com Staff
31 Mar, 2008
New York City
Hang Seng fell 1.9% in Monday trading and declined 18% in the first quarter on rising inflation, falling dollar and worries related to global economic slowdown. Chinese Coking Industry Association forecasted higher coke price for the year as supply lags the rising demand. Financial stocks declined after analysts suggested that UBS may need to raise $16 billion in capital.
123jump.com Staff
31 Mar, 2008
New York City
Marubeni will close an investment fund that invested in structured investment vehicles. Separately Lehman is likely to sue Marubeni to recover $350 loss. Marubeni fell 6%. Stocks in Japan and Asia closed lower. In Tokyo trading Nikkei 225 dropped 2.3% or 294.93 at 12,525.54 and the broader Topix Index fell 2.5% or 30.85 at 1.212.96.
123jump.com Staff
28 Mar, 2008
New York City
European markets were on the decline after money markets remained tight and pound fell against euro to a new low. ECB plans to offer, for the first time, 100 billion euros for six months loan in two separate auctions next month. UK March consumer confidence fell to a fifteen-year low and home prices in February rose at 1.1%. Punch Taverns pulled its 2 billion pounds offer to buy Mitchells & Butlers on comments from Lehman Brothers.
123jump.com Staff
28 Mar, 2008
New York City
U.S. stocks edged lowere after worries related to consumer spending resurfaced. February personal spending rose at a slower than expected pace and an index of inflation in the month sharply. Rising food and energy prices are contributing to steady rise in inflation. Retailers were on the decline after JC Penney lowered its earnings outlook. In the earnings news, Accenture reported better than expected earnngs and Williams-Sonoma fell on lowered revenue growth outlook in 2008.
123jump.com Staff
28 Mar, 2008
New York City
U.S. stocks traded sideways after earnings warning from JC Penney. The department store retailer warned that earnings for the quarter will be near 50 cents per share, lower than earlier forecast between 75 cents and 80 cents. The warning dragged most retailers lower. Lehman Brothers traded lower after Citigroup raised the stock rating and set target price of $65. Consumer spending in February rose 0.1% after gaining 0.4% in January. Consumer sentiment index in March declined.
