123jump.com Staff
17 Jun, 2008
New York City
The Australian Reserve Bank board today left its key cash rate unchanged at 7.25%. The board members noted that most economic indicators in the past month continued to suggest moderation in the growth of domestic demand. The board anticipats economic growth to slow in months to come. Allco Group surged after it arranged a sale of its wind power subsidiary in California. Macarthur Coal and ArcelorMittal continue their merger talks.
123jump.com Staff
17 Jun, 2008
New York City
The familiar pattern of energy and financial stocks was in display during trading in New York. Financial stocks fell sharply and in the S&P 500 index 67 stocks fell more than 3% and 13 gained more than 3%. Financial stocks were the leading decliners with 9 out of the top 10 losers in the index. 123jump.com research indicated European banks may need additional $60 billion before the end of the year 2009.
123jump.com Staff
17 Jun, 2008
New York City
The service sector rose 1.8% according to an index tracked by the MITE. The Ministry of Industry Trade and Economy said that the Indices of Tertiary Industrial Activity rose 1.8% in April to a seasonally adjusted 110.4. Information and communication segment surged by 9.6% and retail trade rose at 1.5%. Tokyo Dome Corp. led advancers in the Nikkei 225 index shares with a rise of 15.13% followed by rises in Denki Kagaku Kogyo KK of 6.9% and in Chiyoda Corp. of 4.9%.
123jump.com Staff
17 Jun, 2008
New York City
Stocks in Hong Kong gained but in Shanghai continue to fall. In Shanghai trading CSI 300 Index fell 3.71% or 109.57 at 2,842.68. Hong Kong Monetary Authority reported yesterday that foreign assets of Hong Kong
123jump.com Staff
17 Jun, 2008
New York City
Stocks in India rose after leading companies pre-paid higher taxes, lifting optimism for earnings for the current quarter. Banks, realty and industrial companies led the rally. In Mumbai trading, the 30-share BSE Sensex gained 2% or 301.08 at 15,696.90. On the National Stock Exchange CNX Nifty rose 1.8% or 80.5 to 4653.
123jump.com Staff
17 Jun, 2008
New York City
Stocks in Europe closed higher on the optimism that a rise in earnings bodes well for the credit market. After the close Goldman Sachs joined other banks and said that banks in the U.S. may need to raise as much as $65 billion in capital. 123jump.com estimates that European banks will have to raise another $60 billion in capital to cover mounting losses in credit markets and in loans related to housing market.
123jump.com Staff
17 Jun, 2008
New York City
UK stocks edged higher despite a rise in CPI index and expectations of higher inflation towards the end of the year. CPI in May rose to nearly 10-year high to 3.3% and the Bank of England Governor King suggested higher inflation in the months to come. UK prices have risen 8% as retail fuel prices have increased 20% in the last five months.
123jump.com Staff
17 Jun, 2008
New York City
U.S. stocks edged lower after an increase in producer price index and a continued weakness in new home construction dragged market indexes lower. Shipping lines and ocean freight companies led the gainers in trading as Baltic Dry Index rebounded. Crude oil traded lower. Zions Bancorp led the decliners in S&P 500 index after it estimated additional losses related to home loans. Goldman Sachs joined a chorus of bankers that suggest that the U.S. banks will need $65 billion to cover losses.
123jump.com Staff
17 Jun, 2008
New York City
U.S. stocks edged higher after Goldman Sachs reported 12% rise in earnings to $2.09 billion or $4.58 per share on 11% fall in revenue. May producer price index rose 1.4% and housing starts fell in May. The starts fell 32% from a year ago or declined 3.3% from April. Housing completion rose 11% from April but fell 26% from a year ago.
123jump.com Staff
16 Jun, 2008
New York City
Stocks in Japan advanced as worries over inflation eased after crude oil prices slumped on speculation that Saudi Arabia will increase oil output. A weakening yen also helped buoy exporters. NTT acquires a minority stake of 30% in Bangladesh based mobile carrier with nearly 7 million subscribers. GS Yuasa Corp. led advancers in the Nikkei 225 index shares with a rise of 10.60% followed by increases in Mitsumi Electric Co. of 7.3%.
123jump.com Staff
16 Jun, 2008
New York City
The U.S. dollar continued to drift lower in currency market as world leaders discuss the fate of the global economy. The dollar has lost nearly 60% of its value in the last three years. Crude oil traded at a intra-day record as investors looked for hedge against weak dollar. Inflation in the euro area rose to 3.7% in May from 3.3% in April on rising food and energy prices, a 16-year record. Lehman rebounded after it reaffirmed its reported a loss of $2.8 billion as estimated previously.
123jump.com Staff
16 Jun, 2008
New York City
Industrial production in China rose at 16% in May after rising at a rate of 15.7% in April. Producer price jumped 8.2% in the month and consumer prices rose 7.7% during the period. Hong Kong reported first quarter growth in the GDP of 9.6% and after adjusting for inflation increased at 7.1%. Hong Kong industrial production fell 4.4% in the quarter.
123jump.com Staff
16 Jun, 2008
New York City
McClatchy Company stock fell to a 10-year low after it reported a sharp decline in revenue and announced a layoff of 1,400 staff. The local newspaper publisher has struggled as advertisers spend less in the print media and prefer lower cost alternative on the Internet. McClatchy consolidated revenue in May fell 15.1% and advertising revenue declined 16.6% compared to a year ago. For the year-to-date revenue declined 14.2% to $833 million from $972 million a year ago.
123jump.com Staff
16 Jun, 2008
New York City
Crude oil surged to another intra-day record high after a small fire at StatoilHydro curtailed production at its North Sea location for nine hours. The persistent weakness in the U.S. dollar also helped crude oil to trade near record level. Gold jumped $13 an ounce and natural gas rose 2%. AIG stock fell after its board removed Sullivan from the top position. European market indexes closed lower, led by 1.4% decline in Spain index.
123jump.com Staff
16 Jun, 2008
New York City
UK stocks edged lower after crude oil prices raced to another record intra-day price on a small fire in the North Sea oil field. The persistent weakness in the U.S. dollar lifted the crude oil prices higher. Home builders rose after several institutional investors showed an interest in building a framework to inject more capital in the home builders.
