123jump.com Staff
19 Jun, 2008
New York City
Stocks in Hong Kong fell 2.3% and in Shanghai plunged 7.3%. After the close China increased the retail gasoline price by 16% and diesel oil price by 18%. Electricity price will increase 4.7% from July 1. The World Bank lifted the estimate of Chinese economic growth rate to 9.8% from 9.4% on the strength in service sector and steady world wide exports.
123jump.com Staff
19 Jun, 2008
New York City
Weekly jobless claims at the end of the last week fell. U.S. stocks rose at close after a drop in crude oil prices lifted stocks in transportation sector. Tech stocks rallied on a rise of more than 2% in semiconductor stocks. Broadcom led the sector after an analyst recommendation. Coventry Health Care plunged 22% after it lowered earnings forecast. European stocks closed lower on higher loss estimates at UBS, Credit Suisse and Deutsche Bank. Brazil and Colombia fell for the second day.
123jump.com Staff
19 Jun, 2008
New York City
European stocks traded lower on the rising worries on the losses in credit market. Goldman Sachs estimated higher losses at UBS than at Credit Suisse and Deutsche Bank. UBS is likely to report $4 billion asset write downs linked to the risky loans. In addition, BASF decided to cancel its 3 billion euros program to repurchase shares. France Telecom is likely to walk away from its bid for TeliaSonera if it fails to raise funds.
123jump.com Staff
19 Jun, 2008
New York City
UK stocks fell after May retail sales rose. The surprise rise in the monthly sales on non-food sales increase helped retailers. However, stocks in London trading declined after a gloomy outlook from the Bank of England governor. UK government proposed to give additional powers to FSA and the BOE to improve speed of response in the times of financial crisis. Anglo America led advancers in the FTSE 100 index shares with a rise of 3.50%.
123jump.com Staff
19 Jun, 2008
New York City
Indian stocks fell on Thursday for the second day in a row on political concerns and weak Asian markets. The division in the ruling coalition on a deal with the U.S. for the nuclear energy continues to put parties on a collision course. The key meeting on the agreement was delayed two one more week again. Stocks declined on the worries that lack of stability in the ruling coalition may hurt the economic agenda. However, income tax collection for the first two months of this fiscal year surged.
123jump.com Staff
19 Jun, 2008
New York City
European stocks declined in the late afternoon trading. Italy reported a slight decline in current account deficit but the foreign reserves remain stable at the end of April. Retail sales in the month of May in the UK rise, surprising most observers. Rising non-food stores contributed to gains. Dollar trades lower and oil trades at elevated level. Vallourec falls 4% in Paris and E.On AG in Frankfurt gained 2%.
123jump.com Staff
19 Jun, 2008
New York City
U.S. stocks opened with a negative bias after the release of weekly jobless claims. The claims at the end of last week fell 5,000 to 381,000 and unemployment rate fell to 2.3%. Oil traded at elevated level and European markets edge lower at mid-day trading. Protests from union workers across Europe are on the rise as workers demand higher wages. Food and energy prices are on the rise in the region reflecting worldwide trends. Stocks in Japan, Hong Kong and India closed sharply lower.
123jump.com Staff
18 Jun, 2008
New York City
Fortescue and Rio Tinto race to develope Pilbara region rich in iron ore and unexplored. Fortescue Metals Group and Cazaly agreed on revenue split arragement if the Cazaly succeeds in gaining exploration and development rights. Rio Tinto approved expansion funding in the region to increase its annual capacity to 320 million tons by 2012.
123jump.com Staff
18 Jun, 2008
New York City
Stocks in the final hours accelerated their losses as banks, transportation and tech stocks fell. Crude oil rebounded after the release if weekly inventory report. Fifth Third Bancorp plunged 27% after it announced a plan to raise $1 billion and sell assets to cover its rising losses. Morgan Stanley reported 61% fall in earnings. FedEx plunged to a one-year low after it reported loss and projected sharply lower earnings in the current quarter. European stocks fell.
123jump.com Staff
18 Jun, 2008
New York City
China and the U.S. decided to review investment criteria for both and within two countries as China looks for ways to allocate its growing foreign exchange reserve. The reserve of $1.5 trillion and growing is also losing its purchasing power as dollar declines in the international currency markets and investment barriers in the U.S. restricts the investment options.
123jump.com Staff
18 Jun, 2008
New York City
Realty stocks in Japan surged after comments from Mori Building suggested that office space rents may increase in Japan as much as 10%. The company also projected a rise in profit of 43% from a year ago as it completes the tallest office building in Shanghai. Japan and China are expected to announce a production sharing and gas field development project. GS Yuasa surged 12% on the speculation that rising energy prices will increase demand for battery operated cars.
123jump.com Staff
18 Jun, 2008
New York City
Stocks in London fell sharply after Chancelor of Exchequer cautioned against rising expectations of higher wages. The sharp rise in wages at a recent settlement between striking petrol tank drivers and Royal Dutch Shell prompted commnets. In London trading stocks fell, led by a sharp decline in banks and home builders. J Sainsbury reported first quarter sales rise at a slower pace on 3% increase in food cost.
123jump.com Staff
18 Jun, 2008
New York City
European stocks declined after credit market worries and rising inflation put investors on the defensive. Porsche, maker of luxury sports cars reported 10-month sales rose to 6.02 billion euros from 5.98 billion euros in the same period a year ago. Sales of SUV Cayene soared 47% and sports car GT2 fell 15%. Two largest paper manufacturers Stora Enso and UPM-Kymmene along with other companies projected lower earnings for the year on rising cost of pulp and fuel.
123jump.com Staff
18 Jun, 2008
New York City
U.S. stocks struggled after FedEx in the quarter reported loss and Morgan Stanley net income fell. The used car retailer CarMax, a used revenue rose 3% but earnings fell 55% to $29.6 million. Earnings per share fell to 13 cents from 30 cents. Lindsay Corp, irrigation system provider, third quarter revenue 54% to $143.6 million and net income in the quarter increased to 47% $14.1 million or $1.15 per share.
123jump.com Staff
18 Jun, 2008
New York City
U.S. stocks declined after FedEx reported quarterly loss on higher fuel price and asset write down. FedEx in the fourth quarter lost $241 million or 78 cents to per share compared to net income of $610 million or $1.96 per share a year ago. Revenue in the quarter rose 8% to $9.87 billion. UPS and FedEx dropped in the morning trading.
