123jump.com Staff
23 May, 2008
New York City
UK service sector index that tracks output rose 0.5% in the quarter ending in March, according to government statistics released by the ONS. The anemic rise in the service sector dragged stocks lower. The output fell fractionally in the last two months. Separately, Halliburton made an offer to purchase Expro International at 1,525 pence, 7% higher than the offer from Candover Partners. Expro jumped 6% to close above the offer price from Halliburton.
123jump.com Staff
23 May, 2008
New York City
Expro International surged 6% after it received a bid from Halliburton that valued the company at 1.7 billion pounds or 1,525 pence per share. The offer lifted the share above the offer price on the hopes of a revised offer from Candover Partners and Goldman Sachs.
123jump.com Staff
23 May, 2008
New York City
Global markets appear to be in a retreat after Asian markets closed down, European markets trend lower and the U.S. indexes are expected to open weak. Crude oil spiked above $133 a barrel. The weather forecast from the U.S. suggested busy hurricane season with a possibility of 9 significant hurricanes. BHP and Rio Tinto fell in the European trading as investors book profit in the sector. Metals and mining stocks have surged nearly 45% in two months.
123jump.com Staff
22 May, 2008
New York City
Stocks in Japan rose after a government report showed that exports rose more than forecasted in April buoyed by shipments to emerging economies. Japan
123jump.com Staff
22 May, 2008
New York City
Stocks in Shanghai and Hong Kong fell as crude oil continued to rise. The rise in energy prices fueled inflation fears. China also denied that it will deregulate petrol and oil prices. The denial prompted a sell-off in the oil refiners. Hang Seng index fell 1.6% to 25,043 and CSI 300 index in Shanghai declined 1.9% to 3,711. Trade between Hong Kong and mainland China increased 9% to $63 billion in the first four months of 2008, fueling the economic expansion in China.
123jump.com Staff
22 May, 2008
New York City
Energy and mining companies dominated FTSE 100 index traded volatile as crude oil surged above $135 a barrel and closed below $133. The crude oil volatility dragged stocks up and down in listless trading. In earnings news, LSE fell 5% after it reported a profit of 174 million pounds and offered an optimistic outlook that analysts questioned. The largest European stock exchange fell on the worries that rising competition from alternative platforms may hurt the margins.
123jump.com Staff
22 May, 2008
New York City
European markets closed mixed on higher crude oil prices and weak financial stocks. Energy companies rose to a record high tracking record high in the crude oil futures prices above $135 a barrel while airlines led by Air France fell. Crude oil futures reached a new record on supply worries, sustained global demand and weak U.S dollar. Air France reported its first quarterly loss in the last six years on higher fuel costs and charges for anti-competitive practices.
123jump.com Staff
22 May, 2008
New York City
Sensex in Mumbai trading fell as crude oil continued to rise and rupee fell to a 13-month low. The rupee traded in a wide range between 42.61 and 42.84 a dollar and closed at the weakest level of the day. The government is likely to pass another fuel price hike to consumers as crude oil price rises above $130 a barrel. Sensex declined 2% or 336.05 at 16,907.11. On the NSE, the S&P CNX Nifty edged lower at 1.8% or 92.2 at 5,025.45.
123jump.com Staff
22 May, 2008
New York City
U.S. stocks edged higher on the weekly unemployment report. The fall in claims at the end of the last week, lower than expected lifted market averages. Ford Motor cut its production target for the next two quarters by 20% and said that it may only break-even in the year 2009. Earlier it had estimated a return to profitability by the year. UBS offered rights at 31% discount from its closing price on yesterday. Crude oil fell back to $130 a barrel after rising above $135.
123jump.com Staff
22 May, 2008
New York City
Ford Motor Company stock fell 7.5% after it withdrew its 2009 profitability target and cut production. The company now expects at the best to break-even in the year before taxes and special charges. In the second and third quarter auto maker plans to cut production by as much as 20% and between 2% and 8% in the fourth quarter from a year ago. Consumers are increasingly opting for smaller cars and avoid gas guzzling trucks.
123jump.com Staff
22 May, 2008
New York City
UBS, the Swiss private bank with significant presence in the U.S. finalized its offering of 760.29 million shares at Sfr 21 per share, a 31% discount from closing price a day ago. The offering will increase the outstanding shares to 2.9 billion and increase its Tier 1 ratio above 11. The bank has reported nearly Sfr 25 billion of losses in the last three quarter. UBS has declared the largest losses related to subprime lending of the total declared losses of $320 billion in the industry.
123jump.com Staff
22 May, 2008
New York City
Crude oil prices in New York and London trading rose higher. In New York prices reached $135.07 and in London Brent crude traded at $134.25. Crude oil futures are increasingly used by financial investors to hedge weak dollar. Talks of oil supply shortages, though a possibility only in 2012 and after has attracted more speculators to the market.
123jump.com Staff
21 May, 2008
New York City
Hong Kong stock indexes gained on the heightened speculation that China will soon allow prices for oil products to increase. Traders speculated that Beijing will increase subsidies for oil refiners to cushion them from mounting losses on higher feedstock costs. In Hong Kong trading Hang Seng Index rose 1.16% or 290.83. Renminbi advanced to a level of 6.96 to one U.S. dollar.
123jump.com Staff
21 May, 2008
New York City
U.S. stocks fell after the Fed minutes showed that future rate cuts may not be necessary unless the economy deteriorates further. The Fed officials appear to think that risks of inflation and impediments to growth appear to be in balance. The Fed monetary policies have come under heavy criticism and follow in the footsteps of the loose credit path initiated during the Greenspan time. The U.S. stocks fell sharply after the minutes release and crude oil surged above $133 a barrel.
123jump.com Staff
21 May, 2008
New York City
Weak financial stocks led market indexes in Japan lower. Oppenheimer & Company forecasted $170 billion of additional write-off at financial institutions by the end of 2009. The additional losses at banks in the U.S. will likely lead to another round of losses at banks in Japan. Mitsui & Company led consortium has agreed to extend loan of as much as $3.4 billion to Venezuela to expand refineries.
