123jump.com Staff
17 Apr, 2008
New York City
European stocks closed mixed after earnings report from Nokia and strong interest in weekly auction at the Bank of England. The weekly auction attracted three times bid to nearly 49 billion pounds as interbank loan market remains seized. Societe Generale replaces its chief executive but keeps him as chairman for now. Nokia drops 14% after it offered weak earnings outlook on strong euro.
123jump.com Staff
17 Apr, 2008
New York City
U.S. stocks recovered from the morning losses after Merrill reported $9 billion asset write down and expects to eliminate 4,000 positions. Airlines report weak results. Pfizer fell 4% after its net income declined but IBM earnings rose 26% on the strength in Europe and Asia. NY Attorney General opens investigation in auction rate securities. Nokia fell after it offered weak outlook. New York Times and Media General report quarterly losses.
123jump.com Staff
17 Apr, 2008
New York City
The Bank of England weekly auction received more than three times bids for its offer of 13.7 billion pounds as interbank credit market remain seized. The Libor rate declined a fraction, but still hovered near 5.9%, significantly above the BoE target. Separately, Taylor Wimpey issued cautionary earnings guidance for the rest of the year. Of the FTSE 100 stocks, 31 rose and 70 declined on weak trading sentiment.
123jump.com Staff
17 Apr, 2008
New York City
Stocks in Mumbai trading rebounded 1.5% to 16,481 and CNX Nifty rose same to 4,958. Software exporters rose for the second day in a row. Annual wholesale inflation for the year ending on April 5 edged lower to 7.14%. Banks gained after the inflation report. Orchid Chemicals was the most active stock for the second day in a row on the BSE.
123jump.com Staff
17 Apr, 2008
New York City
Merrill Lynch large loss and asset write down surprised the market and U.S. stocks edged lower as new worries related to credit market emerged. Separately, American Airlines reported quarterly loss of $1.32 as its fuel bill surged 48%. Southwest earnings declined on higher operating and fuel costs. However, IBM reported better than expected earnings. TD Ameritrade earnings increased but the stock declined.
123jump.com Staff
17 Apr, 2008
New York City
China increased its reserve ratio requirements for banks to 16% and may increase again if economy does not slow down. Economists are expecting central bank to authorize additional tightening measures after a surge in inflation and rapid rise in property prices and food and energy costs. In Hong Kong trading, Hang Seng rose 1.6% to 24,258 but in Shanghai CSI 300 index fell 3% to 3,386. China reported a total international investment of $92 billion at the end of 2007.
123jump.com Staff
17 Apr, 2008
New York City
Merrill Lynch continues to suffer from lack of appropriate risk control, lethargic management structure and falling market values of securities for which it has no insurers. Merrill Lynch reported first quarter revenue decline of 69% to $2.94 billion and net loss of $2.14 billion. Loss per share in the quarter was $2.19 compared to net income of $2.50. Merrill still suffers from high asset leverage and elevated compensation costs. Merrill wrote down $9 billion of assets.
123jump.com Staff
17 Apr, 2008
New York City
Stocks in Japan and Asia rose after earnings from several U.S. banks and large multinational companies met expectations. In Tokyo trading Nikkei 225 rose 1.92% at 13,398.30, and the broader Topix Index gained 1.7% to 1,293.32. METI reported that industrial production in February rose 1.6% and shipment increased 1.2% and inventories added 0.19%. Asahi Glass will close several factories in the U.S. and Canada as demand for glass products decline on the slump in the U.S. housing market.
123jump.com Staff
16 Apr, 2008
New York City
Inflation in member European Union states increaed at annaulized rate of 3.6% in March. Energy, education services and food prices contributed to the rise. Latvia and Bulgaria led the region in inflation surge. On the news, euro gained against the dollar and pound. Better than expected earnings from Intel and positive outlook from JP Morgan lifted financial stocks. Crude oil reached another high and gold and copper gained.
123jump.com Staff
16 Apr, 2008
New York City
U.S. stock surged after earnings from JP Morgan and Wells Fargo met expectations. Earlier Intel reported positive industry outlook and CSX and Coca Cola advacned on better than expected earnings. Separately March home completion, sales, and starts plunged. Inflation and industrial production in the month rose 0.3%. Crude oil reached another record high and the dollar traded at record low against euro. Of the S&P 500 index 458 stocks gained and 42 declined.
123jump.com Staff
16 Apr, 2008
New York City
Australian stocks raced ahead on rising crude oil and metals prices. ASX 200 index in Sydney added 1.3% or 70 to close at 5,470.30. Woolworths reported its third quarter sales increase of 10.2% on rising sales of wine and groceries. Rio Tinto reported global first quarter iron ore production increase of 16% however copper production declined. Zirconia maker Iluka reported completion of retail stock offering as it completes $1 billion of debt and stock placement.
123jump.com Staff
16 Apr, 2008
New York City
UK stocks surged after rally in the U.S. stocks, lower than expected unemployment and possible help from the Bank of England to ease credit markets. Rise in crude oil and precious metals prices helped miners to recover. BHP, Rio Tinto and Antofagasta led the gainers. HSBC, Royal Bank of Scotland and Barclays rose after the earnings report from JP Morgan met analysts expectations. FTSE 100 gained 2.36% or 139.3 to 6,046.20.
123jump.com Staff
16 Apr, 2008
New York City
Stocks in India edged higher after a rally in tech stocks. Infosys earnings lifted the tech sector for the second day in a row. Rallies India soared 6% after it reported earnings of 115% to 125 crore rupees and sales increase of 7.6% to 692 crore rupees for the year ended in March. Nicholas Piramal agreed to purchase antibiotics and pain killers drugs from Khandelwal Labs for 116 crore rupees.
123jump.com Staff
16 Apr, 2008
New York City
GDP in the first quarter in China dipped to 10.6% from 11.7% a year ago, industrial production rose 16.4% and inflation to 8%. Food prices in the quarter surged 21% on tough weather conditions and rising fuel prices in the international markets. Retail prices in the quarter rose 7.4% and producer prices increased 6.9%. The news sent stocks lower in China and Hong Kong on the worries that the government will take measures to tighten the economy further.
123jump.com Staff
16 Apr, 2008
New York City
Stocks in Japan rose after the credit market worries eased and earnings from Intel lifted tech stocks. In Tokyo trading Nikkei 225 rose 1.2% or 155.55 to 13,146.13, and the broader Topix Index gained 1.4% or 17.59 to 1,273.56. Electric utilities have initiated contract negotiations with Xstrata and hope keep the coal at prices level from Australia.
