123jump.com Staff
20 Aug, 2008
New York City
India asked foreign investors to trim their holdings in commodities exchanges below 49% by June 2009 or below 5% for a single investment entity. NYSE Euronext, Citigroup and Merrill Lynch each own 5% stake in the MCX and Goldman Sachs own 7% in NCDEX. Cell phone and other telecom operators rose after the telephone regulator permitted Internet based discount telephone services. Bharti Airtel and Reliance Communication rose on the hopes that revenue impact will be marginal.
123jump.com Staff
20 Aug, 2008
New York City
Tech stocks edged higher in the morning after better than expected earnings from Hewlett Packard lifted the sentiment. More than 60% of the tech companies have now reported better than expected earnings in the latest quarterly earnings. Metals and mining companies rallied after copper and other base metal prices rose. Freeport McMoran, BHP Billiton, Rio Tinto and Sterlite edged higher. Verifone surged 24% on higher earnings estimates for the fiscal 2009.
123jump.com Staff
19 Aug, 2008
New York City
Global stocks dropped for the second day in a row as financials declined. A day after Fannie and Freddie loss of more than 25%, Lehman Brothers lost more than 13%. An analyst estimate put write down of $4 billion in the latest quarter result that is expected next week. AIG fell as well on the a need to raise capital and estimate of escalating losses. Peru closed higer but most other markets in Latin America fell. European markets closed 2% or more lower.
123jump.com Staff
19 Aug, 2008
New York City
U.S. stocks fell as investors worry about the rising loss estimates at Lehman Brothers. The fourth largest broker in the U.S. is scheduled to report earnings next week. The sharply higher estimates of losses at Lehman drove another nail in the faltering financial stocks. Retailers fell after weak earnings from Saks, Home Depot and Target. Saks reported largest quarterly loss in two years. American Airlines fell more than 12%. Mexico and Brazil trade higher but global markets sell-off.
123jump.com Staff
19 Aug, 2008
New York City
Stocks in London trading fell as in the region on estimates of large losses at Lehman Brothers and a sharp rise in inflation in Germany and in the U.S. European markets across the region fell 2% or more. A further indication of global economic slowdown lowered market averages. The Bank of Japan left its key rate at 0.5% and cited further weakening in the global economy. July producer price index in Germany rose at 2% from June and surged 8.9% from the month a year ago.
123jump.com Staff
19 Aug, 2008
New York City
Mumbai stocks edged lower on a continued weakness in the global credit markets as more worries mount on the health of the two largest government agencies. U.S. unwillingness to stabilize two largest mortgage lenders continues to send shock waves around the world. The proposed strike at the State Bank of India and other state run banks is not likely to affect trading on stock exchanges according to the Bombay Stock Exchange.
123jump.com Staff
19 Aug, 2008
New York City
Stocks in Hong Kong and Shaghai fell to new lows after China hiked export tariffs on metallurgical coals. The Beijing move may improve supply of coals for the domestic steel industry and restrict the sale of coal to the international markets. Hang Seng dropped 2%, and reached to a new low in the last twelve months of trading and CSI 300 in Shanghai fell 1.5%, another low in the last nineteen months of trading. Property stocks fell on weak expectations of Cheung Kong earnings.
123jump.com Staff
19 Aug, 2008
New York City
Stocks in Japan plunged on resurgent credit worries after media speculation that if the U.S Treasury bails out troubled mortgage lenders Freddie Mac and Fannie Mae, shareholders may be wiped out. The Bank of Japan left its key rate unchanged at 0.5%. Domestic related stocks gained as investors sought a haven from shares that are exposed to deteriorating global conditions. JGC led advancers in the Nikkei index with a rise of 3.3% followed by gains in Yahoo Japan and Citizen Holdings.
123jump.com Staff
19 Aug, 2008
New York City
July wholesale price index in Germany and in the U.S. surged as crude oil and food prices increaes around the world. PPI index in July increased at 1.2% in the U.S. and in Germany soard at 27-year record at 8.9% rate. In Asia, the Bank of Japan left its key rate at 0.5% and hinted lower expectations of global economic growth. In earnings news, Home Depot, the largest home improvement chain second quarter revenue fell 5.4% and earnings declined 24%.
123jump.com Staff
18 Aug, 2008
New York City
Hong Kong stock indexes dropped to its low for the year as financial stocks declined after the China Securities and Regulatory Commission
123jump.com Staff
18 Aug, 2008
New York City
Japan benchmark index increased on rising commodity stocks after Mitsubishi UFJ Securities upgraded rating on Sumitomo Metal Industries. Investors sought property developers stocks after a recent sell-off sparked by Urban Corp bankruptcy last week. In Tokyo trading Nikkei 225 rose 1.12% to 13,165.45, and the broader Topix Index jumped 1.3% to 1,263.75. Total wages increased 0.4% to 467,938 yen in June, and contractual cash earnings gained 0.2% to 270,712 yen.
123jump.com Staff
18 Aug, 2008
New York City
U.S. stocks fell sharply on more than 23% decline in Freddie Mac and 21% loss in Fannie Mae. Benchmark indexes fell 1.5% after financials, home builders and consumer stocks fell. A prospect of the U.S. bailout of Fannie and Freddie may happen at the expense of shareholders. Of the S&P 500 index stocks, 90% fell. Home improvement retailer Lowes earnings declined 8% but at mining giant BHP Billiton annual earnings rose 15%.
123jump.com Staff
18 Aug, 2008
New York City
U.S. stocks fell on the worries that the two mortgage lending government agencies, Fannie and Freddie may need capital infusion and may wipe out shareholders. Merrill Lynch lowered its price target on Freddie Mac below $6. Financials and home builders fell sharply. Fannie and Freddie dropped more than 18%. Lennar, DR Horton and Toll Brothers declined more than 5%. Musharraf, the former dictator of Pakistan resigned to avoid impeachment charges.
123jump.com Staff
18 Aug, 2008
New York City
Stocks in London fell sharply after house prices fell 4.8% in August and a report by the British Chambers of Commerce indicated that economic growth will fall to negative or zero in the next three quarters. Bradford & Bingley said 72% of its shareholders rejected offer to participate in rights offering and appointed new chief executive. Woolworths rejected bid from Iceland Foods that involved complex restructuring.
123jump.com Staff
18 Aug, 2008
New York City
Stocks in Mumbai fell as investors face tighter monetary policy in the country on the prospect of elevated inflation for the rest of the year. Rupee declined against dollar as the U.S. currency climbed from its low on the expectations of interest cuts in the euro zone. Mahindra & Mahindra acquired a majority stake in the third largest tractor company in China. Former dictator of Pakistan, President Musharraf was forced to resign to avoid impeachment charges.
