123jump.com Staff
14 Jan, 2008
New York City
Asian markets fell across the region led by a sharp decline in Hong Kong stocks. Hang Seng index lost 1.5% or 399 to close at 26,468.13. China sets a preliminary 2008 growth target of 8% and inflation target of 4.6%. China Mobile fell after the company and Apple could agree on revenue sharing agreement between the two. Retailer Espirit in Hong Kong fell 5% after a weakness in in retail stocks in the U.S.
123jump.com Staff
11 Jan, 2008
New York City
Sensex in Mumbai trading rose 1.2% or 245.37 to close at 20,827.45 and CNX Nifty gained 0.7% or 43.15 to close at 6,200.10. Manufacturing output in November rose 5.3%, lower than market expectations. Wholesale inflation increased at 3.5% at the end of the last week in Dec 2007, lower than a year go. Infosys revenue rose 32% and earnings gained 42% in the third fiscal quarter ended in December 2007.
123jump.com Staff
11 Jan, 2008
New York City
Swiss market led the decliners in Europe on the continued turmoil in credit markets. A report that Merrill Lynch may report twice the esimated loss in credit markets dragged financials lower across the region. UK reported that manufacturing output fell. Retialers in UK lowered earnings forecast. Deutsche Boerse plans to move it operations from Frankfurt. Brokers lowered ratings on Danone Group, Volvo, Unilever, and STMicroelectronics. Luxottica in Italy said that 2008 may be challenging.
123jump.com Staff
11 Jan, 2008
New York City
U.S. stocks sold-off on the worries that economic slow-down may happen faster than anticipated. Rising energy and food prices have taken bite out of the consumer spending. The ongoing housing market correction and credit market turmoil have kept investors on the edge. Earnngs warnings from American Express, Capital One, Mens Wearhouse, Barnes & Noble, Tiffany, and Ann Taylor are just few leading companies to lower earnings. Most retailers are at 52-week lows. Brazil, Peru, and Mexico fell.
123jump.com Staff
11 Jan, 2008
New York City
UK stocks fell closed lower after the U.S. markets fell sharply. FTSE 100 Index fell 0.33% or 20.7 to 6,202.00. The Office of National Statistics reported today that manufacturing output fell 0.2% in the quarter to November 2007 compared to the previous quarter to August. Northen Rock sold 2% of its mortgage portfolio to JP Morgan at 50 million pounds more than the book value. Paragon, mortgage lender, fell sharply after it proposed to raise funds by offering stock at 90% discount.
123jump.com Staff
11 Jan, 2008
New York City
U.S. stocks fell sharply after credit market worries resurfaced. Dow, Nasdaq, and S&P 500 indexes declined nearly 2%. American Express reported fourth quarter charge for the potential credit card loan losses in the fourth quarter. Tiffany reported U.S. same store sale declined 0.2% in the sixty ending on December 31. P F Changs revised higher earnings estimate for the quarter ended on Dec 31. Retailers and financials declined.
123jump.com Staff
11 Jan, 2008
New York City
American Express declined 10% after it took $440 million pre-tax charge to cover potential losses in the lending portfolio to card members. The softer billing in California and Florida from the ongoing housing market correction was one of the factors. The company said that worldwide billing in the fourth quarter tailed off to 10%, when adjusted for currency, and raised delinquencies charges to 3.2% from 2.9%. MasterCard, second largest payment processor fell 7% after the news.
123jump.com Staff
11 Jan, 2008
New York City
Bank of America agreed to purchase Countrywide Financial for $4 billion and take a restructuring charge of $1.2 billion. Countrywide stock declined after the deal was valued at $7.16 per share. The move appears in part to salvage an earlier investment of $2 billion in Countrywide by Bank of America for $2 billion in August 2007.
123jump.com Staff
11 Jan, 2008
New York City
China reported that 2007 trade surplus rose 48% to $262.2 billion on the back of global trade volume increase of 23.5% to $2.17 trillion. Exports rose 25.7% and imports increased 20.8%. Hang Seng Index in Hong Kong fell 1.3% or 363.85 to 26,867.01, a decline of 2.4% for the week. Telecommunication stocks rose after China Mobile merged with China Tietong Telecom. Refiners, property, and financial stocks declined in Hong Kong.
123jump.com Staff
11 Jan, 2008
New York City
Stocks in Japan fell sharply on the worries related to retail and realty stocks. Nikkei 225 declined 1.93% or 277.32 to close at 14,110.79 and the broader index Topix declined 1.7% to 1,377.58. J Front Retailing led decliners of the Nikkei 225 index shares with a drop of 10.72% followed by losses in Sumitomo Heavy Industry of 8.32%, in Tokyu Land Corp of 7.59%, in Sumitomo Realty of 7.26%, and in Nippon Sheet Glass of 7.10%.
123jump.com Staff
10 Jan, 2008
New York City
The ECB and BoE kept rates on hold on the worries of rising inflation, lifting the euro against dollar. French industrial output declined 1.3% in November from october and 2.3% from a year ago. German retailer Metro sales increased 10% to 65.9 billion in 2007 on the strength in the emerging markets lifting the stock by 6%. Lufthanssa December traffic increased 5.5% in December on more flights to Asia and U.S. Tisacali in Milan fell 6% after it received approval to buy Pipex broadband business.
123jump.com Staff
10 Jan, 2008
New York City
U.S. stocks rebounded after the news that Bank of America is in advacned talks to pruchase Countrywide Financial. Bank of America only few months ago acquired La Salle Bank based in Chicago and has made more than $100 billion of acquisition in the last four years. Countrywide stocks jumped 52% on the speculation but has lost nearly 90% from its peak of $45. Same store sales in December at retailers were weak and sales at apparel stores sell fell. Ann Taylor, Mens Wearhouse, Barnes & Noble fell.
123jump.com Staff
10 Jan, 2008
New York City
The Bank of England left interest rates unchaged at 5.5% after lowering the rates a month ago. The European Central Bank left rates at 4% as well. Rhetoric of inflation fighting from central bankers in Europe heated up as inflation in energy and food prices is above the target level. FTSE 100 index declined 0.8% or 50 to 6,222.70. Sainsbury led the advancers in the index with a gain of 6% on December sales rise of 5.9%.
123jump.com Staff
10 Jan, 2008
New York City
December U.S. same store sales were weak in general and especially for the department stores. Wal-Mart sales rose 2.4% but at Target sales declined 5%. Oil fell after the economic slow down worried gained momentum around the world and lifted transportation and airline stocks. Monthly gasoline purchase rose 1% from a year ago in December in the U.S. Captial One Financial lowered its 2007 earnings outlook. Tata Motors in India lauched $2,500 car, forcing others to lower prices.
123jump.com Staff
10 Jan, 2008
New York City
Tata Motors launched small car named Nano priced at 100,000 rupees ($2,500). India has seen a rapid growth in sales in small car segment in the last three years on the back of more than 7% economic growth. Tata Motors will compete with Suzuki, Bajaj, and Hyundai in a market for 300,000 small cars in India. Sensex closed lower 1.4% on the weakness in banking and financial services stocks.
