123jump.com Staff
20 Mar, 2008
New York City
Asian markets fell in the region on weak metals and crude oil prices. Gold fell 3%, crude oil declined 2% and copper dropped 4% in the regional trading. The sharp drop in metal prices dragged mining companies in Australia, China, and Hong Kong trading. Japan, Markets in India, Indonesia, Malaysia, Pakistan, and Philippines were closed. China Mobile and PetroChina fell after the release of earnings. BHP and Rio Tinto plunged 7%.
123jump.com Staff
19 Mar, 2008
New York City
Stocks in Hong Kong rallied tracking gains in the U.S. Realty and financial stocks led the gainers. Hang Seng added 2.3% to 21,866.94, China Enterprise Index gained 3.3% to 11,438.75, and CSI 300 index increased 3.3% to 3,888.86. China Mobile jumped 3% after it reported full year profit rise of 37% and it added 7 million new subscribers in January. Petro China reported 21% rise in 2007 revenue and earnings gain of 2.4%.
123jump.com Staff
19 Mar, 2008
New York City
European stock averages edged lower on weak metal prices and decline in telecom and banking stocks. Sony Ericsson fell after it lowered its profit expectations dragging Nokia lower as well. Deutsche Telekom declined after a similar forecast. Telecom Italia fell on media speculation that the company may have to raise capital. Metals and minig stocks fell on the speculation of demand slack. HBOS, British lender plunged 17% on liquidity rumors.
123jump.com Staff
19 Mar, 2008
New York City
A sharp pullback in metals and commodities put stocks on the defensive. Front month futures of crude oil and gold dropped more than 5%, silver lost 8%, and copper declined 3%. Futures of the next month wheat led the agricultural with a decline of 7% followed by losses in Soybean and Cocoa of 6%. Dow, S&P 500, and Nasdaq lost more than 2.3%. Brazil plunged 5% and European markets edged 0.5% lower across the region.
123jump.com Staff
19 Mar, 2008
New York City
Stocks in Japan rallied tracking the gains in the U.S. Other Asian markets gained as well. The Federal Reserve Bank lowered its benchmark rate 0.75% to 2.25%, lowest in the last three years. The decision lifted financial stocks in Japan and across Asia. In Tokyo trading Nikkei 225 increased 2.48% or 296.28 to 12,260.44, and the broader Topix Index gained 2.8% or 32.67 to 1,196.30.
123jump.com Staff
18 Mar, 2008
New York City
Asian stock markets rallied tracking large gains in the U.S. stocks. DS&P 500 and Nasdaq surged 4% and Dow Jones added 3.5%. U.S. lowered its benchmark rate by 0.75% to 2.25%, lowest since February 2005. Lehman Brothers and Goldman Sachs reported lower earnings but beat the estimates lifting bank stocks. The surge in financial stocks in the U.S. and Europe is reflected in the Asian markets trading. Banks, brokers, and insurance companies are tradng higher.
123jump.com Staff
18 Mar, 2008
New York City
The Bank of Japan governor position is likely to remain vacant if a compromise between the ruling party and DPJ is not reached by tomorrow. The vacuum at the central bank in Japan will send a wrong signal to the world financial markets at a time when investors are jittery and inflation is on the rise. NTT lowered its revenue and earnings guidance for the current year.
123jump.com Staff
18 Mar, 2008
New York City
European markets surged higher ahead of the U.S. rate decision and after the release of earnings from Goldman Sachs and Lehman Brothers. Goldman and Lehman reported lower earnings but beat the expectations. UBS sliced pay of its chairman Marcel Ospel by 94% in 2007 to SFr2.6 million from 2006.
123jump.com Staff
18 Mar, 2008
New York City
U.S. stock averages surged nearly 4% after a string of good news on earnings and the Fed decision to lower interest rate. The Fed lowered the benchmark rate by 0.75% to 2.25%. The sharp decline in rates lifted stocks that were already up in the morning, higher. Nasdaq and S&P surged above 4% and Dow added more than 3%. Goldman Sachs and Lehman Brothers earnings fell but beat the estimates. Visa prices its IPO at $44 per share and raised $17.9 billion to begin trading tomorrow.
123jump.com Staff
14 Mar, 2008
New York City
At the end of the last week in February, annualized inflation rose to 5.11%, a decline from 6.5% a year ago but an increase from 5.02% at the end of the previous week. The cost of fuel and manufactured items played a key role in the inflation increase. Finance minister P. Chidambaram reiterated that the economy will grow at 8.5% despite global financial markets volatility.
123jump.com Staff
14 Mar, 2008
New York City
UK banks and financial stocks fell sharply after the Fed orchestrated emergency loan to the fifth largest investment bank Bear Stearns. The stock of the investment bank traded as low as 50% during the day in New York trading. FTSE 100 index fell 1.07% or 60.7 to 5,631.70.
123jump.com Staff
17 Mar, 2008
New York City
Australian stocks fell after markets in Asia fell on the more troubling news from the U.S. financial markets. Bear Stearns, the fifth largest investment broker was sold 90% below its Friday closing price to JP Morgan. The fire sale of the bankers ar $2 per share sent shock waves around the world as investors turned cautious. ASX 200 index shed 2.3% or 119.9 to close at 5,087. Babcock Brown Power dropped 10% as investors worried that the company may not be able to refinance its debt.
123jump.com Staff
17 Mar, 2008
New York City
European stock markets plunged after the fire sale of Bear Stearns at 90% below its Friday closing price to JP Morgan. The news sent shock waves in the banking cirlces in the region and all leading banks, brokerages, and insurance companies fell. UBS plunged nearly 11% in New York and Swiss trading after the company decided to eliminate 8,000 positions. The Bak of England auction for emergency debt attracted five times the size of auction. Turkish lira and stocks plunge.
123jump.com Staff
17 Mar, 2008
New York City
Investors sold stocks of financial brokerage firms after the fire sale of Bear Stearns to JP Morgan. The four largest brokers Goldman Sachs, Merrill Lynch, Morgan Stanley, and Lehman dropped. Investors worried that rising margin call requirements and rapidly declining mortgage securities values may erase equity capital of these companies. European markets, Japan, India, and Brazil fell sharply.
123jump.com Staff
17 Mar, 2008
New York City
U.S. financial stocks dropped as investors pulled money from the sector. The collapse in Bear Stearns stock shocked investors and left them worried of the fate of Merrill Lynch, Lehman Brothers, Goldman Sachs, and Morgan Stanley. Lehman plunged 50% after its chief executive said the added liquidity from the Fed will help the financial system. The vague statement concerned investors that Lehman may be facing liquidity crunch, which the company denied.
