123jump.com Staff
05 Mar, 2008
New York City
Capital spending in the fourth quarter declined 7.3% as businesses curtailed their budget. The higher than expected decline in spending and rising worries related to subprime losses in Japan dragged market averages lower. Nikkei 225 index declined 0.16% or 20.22 to 12,972.06. Of the index stocks, 124 stocks declined and 89 gained. Marubeni led the gainers in the index with a rise of 8.5% and Okuma Corp led the decliners with a loss of 4.6%.
123jump.com Staff
04 Mar, 2008
New York City
Consumer spending in the fourth quarter in the euro area fell 0.1% after rising 0.5% in the third quarter of 2007.Porsce SE reported first half earnings rose to 1.3 billion euros from 897 million euros from a year ago. Bayer fell after a U.S. eliminated patent protection on its birth control pill, Yasmin. TUI AG reported 2007 income increased 47% to 616 million euro on 7% rise in sales. Vallourec, tube maker, reported fourth quarter profit rise of 7% on 13% rise in sales.
123jump.com Staff
04 Mar, 2008
New York City
U.S. stocks staged a reversal in the last hour of trading after a comment from Cisco and rescue financing for Ambac. Cisco indicated that it expects any economic slowdown to be shallow. Media report suggested that rescue financing for Ambac is on track. The Fed Chairman earlier indicated that banks should be prepared to forgive some of the late mortgage loans. Oil and gold fell ahead the OPEC meeting. Citigroup fell to a 9-year low after comments in Middle East and $18 billion loss estimate.
123jump.com Staff
04 Mar, 2008
New York City
Hong Kong stocks fell on the rising inflation worries. Hang Seng Index declined 2% to 23,119.87 nearly 25% loss from its peak in October 2007. Hong kong Exchanges & Clearing fell 35% from its peak this year after losing 3% today. HSBC Bank added 1% after reporting 21% rise in earnings a day ago.
123jump.com Staff
04 Mar, 2008
New York City
FSA survey indicated that nearly 20% of mortgage holders are concerned about meeting their monthly payments. Separately, a survey of construction industry showed a decline in growth in construction activity in February. The two reports dragged stocks lower. BP increased its reserves to cover claims from 2005 Texas refinery explosion to $2.1 billion from $1.6 billion. Cable & Wireless fell after company projected growth rate that analyts found ambitious.
123jump.com Staff
04 Mar, 2008
New York City
The Reserve Bank of Australia increased rates by 0.25% to 7.25%, 12-year high to stem the rising inflation. Food and energy prices have jumped on the falling U.S. dollar and strong economic growth. Separately, Australian retail sales in January rose 0.4% after rising 0.4% in December and 0.5% in November 2007. Fourth quarter traded deficit increased to a record level on rising Australian dollar.
123jump.com Staff
04 Mar, 2008
New York City
U.S. stocks fell at the opening after new worries related to Citigroup dragged banks. Citigroup fell 5% after a comment from Dubai controlled fund suggested that the bank will need more capital. Merrill Lynch estimated $18 billion in loan losses for Citi in the current quarter. Sanford Bernstein analysts lowered earnings estimates for several borkerage and banks.
123jump.com Staff
04 Mar, 2008
New York City
Stocks in Mumbai trading fell on the worries related to 60,000 crore rupees of farmer loans write-off and new worries related to surprise loan loss from ICICI Bank. The reported a surpise write-off of $264 million related to credit derivatives linked to the U.S. risky loans. The bank is likely to take as much as $70 million of charge in the current quarter.
123jump.com Staff
04 Mar, 2008
New York City
Stocks in Japan closed unchaged after volatile trading. Yen rose against dollar as oil, commodities, and precious and base metals rallied. Economic and Fiscal Policy Minister Ota that a sudden rise in yen will lower corporate profits. Worldwide declared lossed related to subprime loans are now estimated at $200 billion.
123jump.com Staff
03 Mar, 2008
New York City
Fraport AG 2007 revenue rose 8.6% and net income fell 9% to 208 million euros on 2.5% increase in traffic. The airport operator released a dividend of 1.15 euro. Freenet AG, the German mobile telecom operator, reported 2007 sales decline of 9% and reported a loss of 50.6 million euros compared to profit of 181.3 million euros. Consumer prices in euro zone rose 3.2% in February according to EU statistics office.
123jump.com Staff
03 Mar, 2008
New York City
U.S. stocks recovered in the late afternoon after the markets in Europe closed lower. Resurgent oil, metal, and agriculture commodities lifted select stocks. In the morning, manufacturing index showed a decline in February. ATM Network operator Diebold rejected a hostile offer from United Technologies. Thornburg Mortgage plunged 53% after it failed to meet its margin call on reverse mortgage securities.
123jump.com Staff
03 Mar, 2008
New York City
UK stocks fell on the weakness in European trading and economic worries. HSBC reported 21% rise in earnings but issued a cautious outlook for 2008. Several brokers lowered earnings outlook for Goldman Sachs, Merrill Lynch, Bear Stearns, and Lehman. HSBC reported 2007 earnings rise of 21% to $19.2 billion. Xstrata reported 2007 earnings rise of 13% to $5.54 billion on sales rise of 12% to $28.5 billion.
123jump.com Staff
03 Mar, 2008
New York City
Sensex plunged 5% after the indexes in Asia fell on the persistent worries related to the U.S. economy. India led the declining markets in Asia. Budget provisions also contributed to the nervousness in trading. Separately, trade deficit in January rose sharply $9.3 billion from $2.8 billion a year ago. For the nine month period ending in the month, trade deficit increased to $67 billion from $45 billion a year ago. Realty and banking stocks fell sharply.
123jump.com Staff
03 Mar, 2008
New York City
Australian stocks fell sharply on the weakness in the U.S. trading on Friday and persistent worries related the slowdown in the U.S. ASX 200 fell 3% as the index in Hong Kong, Japan, India, and China fell. After a long and protracted negotiations, Oxiana and Zinifex finalized their merger of $6.2 billion and create second largest zinc producer. Allco Finance today reported a resignation of its chairman.
123jump.com Staff
03 Mar, 2008
New York City
U.S. stocks declined in the morning trading on the persistent credit market weakness and growing evindence of spreading weakness in mortgage market. Thornburg Mortgage plunged 53% after it failed to meet its additional margin call of $270 million. Separately HSBC Bank reported 21% rise in earnings and for the year 2007 reported a loan impairement charges of $17.2 billion.
