123jump.com Staff
06 Mar, 2008
New York City
U.S. stocks closed lower after credit market worries and rising home foreclosures dominated trading sentiment. Home foreclosures nearly doubled in the last quarter as homeowners struggled with rising monthly payments. Thornburg fell 51% after it received loan default notice from JP Morgan. February same stores sales at JC Penney, Chicos, Limited, Kohls and Gap fell. Wal-Mart sales rose 2.6%. Jobless claims fell 24,000.
123jump.com Staff
06 Mar, 2008
New York City
U.S. stocks edged lower as mortgage securities related defaults fears spread to stocks. Thornburg received a default notice from JP Morgan which triggered other defaults of $320 million. Thornburg stock is now down 95% from its recent peak in July 2007. Carlyle Capital, a listed investment management company in London, controlled by Carlyle Group in Washington, received mortgage debt related default from one of its 13 lenders.
123jump.com Staff
06 Mar, 2008
New York City
The European Central Bank and the Bank of England left their key rates unchaged as both central banks fight rising inflation in the region. The ECB left rates at 4% and the BoE left its rates at 5.25%, highest among the G7 nations. Pound and euro rallied against the dollar after the rate decision. Euro has increased nearly 20% against dollar in the last fourteen months and continues to reach new highs on rate disparities.
123jump.com Staff
06 Mar, 2008
New York City
Hong Kong Clearing and Exchanges net income in 2007 jumped 145% to HK$6.2 billion from HK$2.52 billion in 2006. Media reports suggest that Bank of China has sold 500 million of its $7.95 billion of subprime loans linked to the international markets. Hong Kong stocks rose 1% tracking higher closings in the U.S. and Europe.
123jump.com Staff
06 Mar, 2008
New York City
National Australia Bank led other banks in hiking its interest rates after it raised its variable home loan rate by 0.29% to 9.27%. St George is likely to follow the NAB lead with a rate hike. The Reserve Bank of Australia raised its lending rate to a 12-year high of 7.25%. Fertilizer maker, Nufarm Ltd today raised $200 million to pay for its recent acquisitions. The company placed 13.25 million shares at $15.10 per share.
123jump.com Staff
06 Mar, 2008
New York City
Leading indicators index of the Japan economy in January declined indicating economic slowdown. Only a day ago the government had reported a decline in capital spending and consumer confidence is on the decline. Despite the gloomy economic statistics, stocks rose tracking the gains in the U.S. markets. Amgen will pay $100 million to Kyowa Hakko for the rights to inflammation in non-oncology setting. The license may be expanded with the additional payment of $420 million.
123jump.com Staff
05 Mar, 2008
New York City
Brazil based beef producer, JBS S.A. today announced that it had agreed to acquire for $1.27 billion two U.S. companies, Smithfield Beef Group and National Beef Packing Co, as well as Australia based Tasman Group, in cash and stock for assets. Allco Finance surged 33.3% on the reports that its co-founder had increased his holding in the finance house by 10%.Childcare company, ABC Learning has announced is close to concluding a deal to sell 60% of its U.S. operations.
123jump.com Staff
05 Mar, 2008
New York City
UK consumer confidence fell to a three-year low as homeowners worries of food and energy price inflation and income rise stagnates. Liberty Interenational, mall operator, is in talks with its rival to form the largest shopping mall group. In London trading FTSE 100 stocks increased 1.49% or 85.5 to 5,853.50. Of the FTSE 100 stocks 85 gained, 15 declined and 2 were unchanged. ITV profit declined to
123jump.com Staff
05 Mar, 2008
New York City
Lufthansa and other airlines cancelled flights after baggage handlers and others joined a strike. More than 1.3 million public workers are demanding pay increase of 8% compared to 5% offered by the government. Adidas reported fourth quarter earnings increase of 63% to 21 million euros from 13 million euros. Truck maker increased its dividend to 3.15 euros from 2 euros. Credit Agricole reported a loss of 857 million euros after writing-off subprime assets of by 3.3 billion euros.
123jump.com Staff
05 Mar, 2008
New York City
A rally in oil and commodities lifted U.S. market averages. Oil surged to a new high after Colombia and Venezuela moved army closer to their borders, weekly inventories in the U.S. declined at the end of last week, and OPEC left the production target unchanged. Earlier, an index of service indicator showed lower than expected decline in service activities. Ambac fell19% after it stated that its plan to raise $1.5 billion through a public offering of stocks that does not include banks.
123jump.com Staff
05 Mar, 2008
New York City
Mumbai stocks rebounded after a three days of losses on the lat day of trading this week. Sensex jumped 1.2% or 202.10 to close at 16,542. Banks and realty stocks continued to decline after a surprise write-down from ICICI Bank. On the news, Indian Overseas Bank, Union Bank, Bank of Baroda, and Bank of India declined. Unitech, leading real estate developer, fell after it placed its $1.5 billion in interenational offering on hold.
123jump.com Staff
05 Mar, 2008
New York City
U.S. stocks rebounded in the morning trading after the release of ISM service index. The February measure showed a lower decline compared to January decline. OPEC left its production quota unchanged after a meeting and indicated that there is no sign of demand slack. Crude oil jumped 2%. Big Lots surged 23% after beating the earnings expectations and increasing the earnings guidance for 2008.
123jump.com Staff
05 Mar, 2008
New York City
Hong Kong stocks continue to struggle ahead of a large public offering from insurer Ping An. Hang Seng index is now down 30% from its peak in October 2007. Telecom stocks rallied ahead of the expected consolidation. Mobile operators China Mobile added 0.5% and China Unicom increased 7.5%. China Telecom increase 2.5%, while China Netcom climbed 6.2%.
123jump.com Staff
05 Mar, 2008
New York City
Capital spending in the fourth quarter declined 7.3% as businesses curtailed their budget. The higher than expected decline in spending and rising worries related to subprime losses in Japan dragged market averages lower. Nikkei 225 index declined 0.16% or 20.22 to 12,972.06. Of the index stocks, 124 stocks declined and 89 gained. Marubeni led the gainers in the index with a rise of 8.5% and Okuma Corp led the decliners with a loss of 4.6%.
123jump.com Staff
04 Mar, 2008
New York City
Consumer spending in the fourth quarter in the euro area fell 0.1% after rising 0.5% in the third quarter of 2007.Porsce SE reported first half earnings rose to 1.3 billion euros from 897 million euros from a year ago. Bayer fell after a U.S. eliminated patent protection on its birth control pill, Yasmin. TUI AG reported 2007 income increased 47% to 616 million euro on 7% rise in sales. Vallourec, tube maker, reported fourth quarter profit rise of 7% on 13% rise in sales.
