123jump.com Staff
27 Nov, 2007
New York City
U.S. stocks retraced losses of the previous session after a cash infusion of $7.5 billion in Citigroup from Abu Dhabi Investment Authority. Banks, brokers, and financial services stocks rebounded. Home prices fell 4.5% according to an index tracked by S&P in the third quarter. European and Asian markets closed lower. Apparel retailers reported weaker than expected earnings. Oil, gold,and metals fell. Musharraf finally resigns as Pakistani chief of army under international pressure.
123jump.com Staff
27 Nov, 2007
New York City
Australian stocks declined after the banks and financial services stocks faced another wave of sell-off. ASX 200 index lost 0.6% to close at 6,432.70. The eleven month long fight by Healthscope to takeover Symbion entered into another phase. Healthscope acquired 10% stake in the company through a swap agreement from Goldman Sachs. Rio Tinto laid out plans to boost production of iron ore to 600 million tons.
123jump.com Staff
27 Nov, 2007
New York City
Sensex index in Mumbai trading fell in the afternoon on the weakness in the global markets. U.S. credit market jitters have destabilized world markets. The ongoing U.S. housing market correction has sent the stocks of banks in the U.S., Europe, and Japan lower. The Governor of Reserve Bank of India cautioned that Indian financial markets may be affected even if banks in India have little or no exposure to the U.S. sub-prime lending.
123jump.com Staff
27 Nov, 2007
New York City
U.S. stocks opened higher with Dow, S&P 500, and Nasdaq trading 0.7% higher. Citigroup stake sell of 4.9% to Abu Dhabi sparked a rally in banking and financial services companies. The news lifted stocks in Japan, Hong Kong, and across Europe. American Eagle reported lower than expected profit but Talbots declared losses. Home prices fell 4.5% in the third quarter from a year ago according to an index published by S&P.
123jump.com Staff
27 Nov, 2007
New York City
Citigroup seeks addtional funding in less than two weeks of raising $4 billion at nearly 2% higher than Treasury yield. The current investment of $7.5 billion from Abu Dhabi Investment Authority comes at a steep interest cost of 11% and conversion price in the year 2010 at a price near the current market price. Citigroup has lost nearly 45% of its value in the last 52-weeks of trading.
123jump.com Staff
27 Nov, 2001
New York City
Stocks in Japan rebounded from the morning slump of 2.2% to close up 0.6% on the news that Abu Dhabi Investment Authority plans to buy 4.9% stake worth $7.5 billion in the troubled Citigroup. The rate of interest that the bank is willing to pay to seek capital reflects its dire need of capital. Only ten days ago, Citigroup sold 10-year bonds at interest rate of 6.125%. The news lifted stocks in Japan. Nikkei 225 recovered as financial stocks retraced most of the losses.
123jump.com Staff
26 Nov, 2007
New York City
U.S. stocks were caught again in a downward draft as investors worried the impact of credit crunch and ongoing housing market correction. Dow lost 1.8%, S&P 500 declined 2.3%, and Nasdaq lowered 2.2%. Of the stocks in S&P 500 index, 450 declined and 48 closed higher. HSBC decided to support with $35 billion in funding its structured investment vehicles. UBS analyst downgraded Fannie Mae and Freddie Mac dragging brokerage and other financial sevices stocks with it.
123jump.com Staff
26 Nov, 2007
New York City
Stocks in Japan rebounded, reflcting a mild rally in the U.S. indexes. For a week, stocks in Japan have traded sideways and investors have been cautious ahead of the holiday sales season in the U.S. Nikkei 225 index jumped 1.7% to 15,135 and broader Topix index edged 2% higher. Exporters edged higher led by automakers, consumer electronics, and banks. The Minister of State for Financial Services estimated that the U.S. sub-prime related losses at the Japanese banks may reach 300 billion yen.
123jump.com Staff
26 Nov, 2007
New York City
Stocks in India rebounded but on lower volume after a rally in Asian markets. Strong start of the U.S. holiday sales lifted markets across Asia. Hong Kong and Korea led the region with a rise of more than 4%. India and Indonesia advacned 2.2% an 2.6% respectively. Banks, IT, and energy and metals stocks led the rally. Of the 30 stocks in the index, 28 rallied. Rupee edged higher against dollar.
123jump.com Staff
26 Nov, 2007
New York City
U.S. stocks declined in the afternoon trading on the credit market worries and uncertainty in the holiday retail sales. UBS analyst downgraded Fannie Mae and Freddie Mac and managed to drag financial services agreement. HSBC is forced to support structured investment vehicles that it has sold and move the assets on to its balance sheet. Oil traded at the elevated level and gold inched higher.
123jump.com Staff
21 Nov, 2007
New York City
U.S. stocks declined as investors sentiment deteriorated on credit market malaise, weak forecast for economy, and rising oil, and falling dollar. Dow and S&P 500 lost 1.6% and Nasdaq declined 1.3%. Of the stocks in S&P 500, 80% stocks fell. Oil recovered from its worst level of the day but came close to reaching $100 a barrel. Gold inched higher to $800. Hong Kong, India, Brazil, and Mexico fell sharply.
123jump.com Staff
21 Nov, 2007
New York City
Stocks in India sharply declined on weak tradig in the region, worries related to U.S. economic slow-down, and talks of new taxation on the capital gains in India. Sensex in Mumbai fell 3.5% or 678.18 to close at 18,602.60, third decline this week. Index has now lost nearly 10% in last ten days of trading. Metals, IT, and banks fell. ICICI bank fell 5.5%, HDFC declined 3%, and NTPC lost 8%.
123jump.com Staff
21 Nov, 2001
New York City
UK stocks declined on the sell-off in banking and resource stocks. FTSE 100 index lost 2.5% to close at 6,070.90. Northern Rock, at the center of the storm in the credit market losses, fell again, seventh decline in a row. UK Monetary Policy Committee minutes of meeting suggest that the interst rate may remain unchanged for a while. Resource stocks fell sharply led by a loss in Vedanta Resources of 5.1% and in Antofagasta of 4.9%. Oil inched near $100 a barrel.
123jump.com Staff
21 Nov, 2007
New York City
U.S. stocks fell sharply in the morning trading, a day after the talk of economic slow-down from the Fed. Oil inched to $100 a barrel and the yield of 10-year bonds fell below 4%. In the S&p 500 index, 92% stocks are trading lower. Dollar fell to a record low against euro as investors speculated that the Fed may lower rates in the coming months. Asian stocks fell sharply in the overnight trading. Ten largest markets in Europe fell. Peru plunged 6% after losing 15% in 3-days, Brazil declined 4%.
123jump.com Staff
21 Nov, 2007
New York City
Stocks in Japan fell sharply reflecting a weakness in Asia, weak October housing starts in the U.S., and larger than expected losses at Freddie Mac. Nikkei 225 index fell 2.46% or 373.86 to 14,837.66 and broader Topix fell 2%. Oil in Asian trading rose 13% to $99.29 per barrel. October trade surplus in Japan rose 66% to 1.02 trillion yen on strong rise in exports to Europe, China and other Asian and Middle Eastern nations. India and Hong Kong fell 4%.
