123jump.com Staff
03 Mar, 2008
New York City
Stocks in Hong Kong and in Asia fell sharply on the persistent worries related to the U.S. economy. Hang Seng index declined 3% following 2.6% losses in Friday trading in the U.S. Japan fell 4% and India plunged 5%. Yuan rose against dollar to a record for the 19th time this year. HSBC reported 10% below forecasted 2007 earnings.
123jump.com Staff
03 Mar, 2008
New York City
Asian markets fell sharply across the region tracking the losses in Friday trading in New York. The U.S. dollar reached new low against Indian rupee, Japanese yen, and Australian dollar. The weakness in dollar is a growing concern in the region that its fall will spark inflation and will also contribute to the slowdown of the economy in the region. India plunged 5% followed by declins in Japan of 4%, and in Hong Kong and Australia of 3%.
123jump.com Staff
03 Mar, 2008
New York City
Stocks in Japan fell sharply on widening credit market losses as Takefuji Corp became the first Japanese consumer lender to be caught up in the credit market turmoil. Fears that the U.S. will fall into a recession and a sharp decline of dollar against Asian currencies sparked worries of slowing exports and rising inflation.
123jump.com Staff
29 Feb, 2008
New York City
Indian government proposed fiscal 2008-09 budget to parliament with a populist touch. Largest ever debt forgiveness program will help 4 core farmers with the debt relief of 60,000 crore rupees. Finance Minister P. Chidambaram estimated that the current year fiscal deficit will be 3.1%, lower than earlier projection of 3.3%. He also forecasted that the next year fiscal deficit will be 2.5%, lower than 3% threshold to meet a fiscal responsibility law.
123jump.com Staff
29 Feb, 2008
New York City
German retail sales adjusted for seasonality rose 1.6% in January and December estimates of sales were revised downwards to a loss of 0.2% from a loss of 0.1%. Inflation in February in Germany was reported at 2.9%, the same rate as in January. Volkswagen reported annual sales increase of 3.8% but earnings surged 50% to 4.12 billion euros or 10.43 euros per share. Dexia reported fourth quarter profit decline 25% to 587 million euros on invetment write-downs.
123jump.com Staff
29 Feb, 2008
New York City
U.S. stocks fell sharply in the aftenoon trading as worries related to credit market losses mounted. Dow, S&P 500, and Nasdaq fell nearly 3% after AIG reported sharply higher loss. AIG also forecasted more losses in 2008. UBS analyst revised his estimate for the credit market related to losses to $600 billion. Only $175 billion of losses have so far been reported. Gold and silver increased as did most agricultural commodites. Dell earnings fell 6.5% on 10% higher sales.
123jump.com Staff
29 Feb, 2008
New York City
UK stocks fell sharply after weak housing market report. Nationwide Building Society reported home prices fell in February by 0.5%, the fourth monthly decline in a row. Annual home price rise declined from 4.2% in January to 2.9% in February. HSBC bank received a bid for its French bank branch network for 2.1 billion euros. Yell Group fell on a broker downgrade. AIG reported a huge loss of $10 billion related to credit markets and Swiss Re reported a loss of $226 million on credit swaps.
123jump.com Staff
29 Feb, 2008
New York City
U.S. stocks fell sharply at mid-day after UBS analyst raised his estimate for credit market related lossses to $600 billion. The current reported losses are $165 billion. Separately, the Commerce Department reported that personal consumption in January rose 0.4% in January from December, which was revised higher to 0.3% from 0.2%. AIG reported lts largest loss in nine decades. Dell fourth quarter revenue rose 10% and earnings per share were 31 cents.
123jump.com Staff
29 Feb, 2008
New York City
Hong Kong stocks closed lower after the worries related to U.S. economic slowdown resurfaced. The U.S. economy grew at mere 0.6% in the fourth quarter after rising at 4.9% in third quarter left investors worried. Hang Seng fell 1.1% today but rose 3.7% for the week in a nervous trading. HSBC fell 2.1% as banks and property stocks fell. HSBC is likely to sell its French bank network to a regional bank in France for 2.1 billion euros.
123jump.com Staff
29 Feb, 2008
New York City
January core consumer price index rose at 0.8% from a year ago, the fourth monthly rise. Rising food and energy prices are lifting prices across Japan. The nationwide CPI which includes fresh food prices rose at slower pace by 0.7%. Monthly household spending in January rose 3.6%, at a slower pace in December rate of 2.2%. January jobless rate was 3.8%, same as in December month.
123jump.com Staff
28 Feb, 2008
New York City
European markets fell between 1.5% and 2% after U.S. economy grew at 0.6% in the fourth quarter. The sharp decline in growth prompted worries that European economies may lose its gowth momentum. Euro rose to a record high agaist dollar, third record in a row and oil closed at near record high. Gold, silver, and copper rose. Rhodia tumbled 20% after it reported lower than revised earnings. Bayer fell as well. InBev surged 9% on fourth quarter profit of 900 million euros.
123jump.com Staff
28 Feb, 2008
New York City
U.S. stock indexes lost nearly 1% after the latest read on GDP showed a sharply lower growth in the fourth qaurter. Dollar fell to a record low for the third day in a row against euro and fell against Swiss Franc, British Pound and Brazilian Real. Oil jumped 3% to $102.53 on weak dollar and continued violence in Nigeria. Separately, Sprint reported a huge loss after it wrote-off $30 billion for its recent purchase of Nextel. Sears earnings declined on weak consumer spending.
123jump.com Staff
28 Feb, 2008
New York City
An of $85 billion offer for Xstata from Brazilina iron ore miner Valehas reached an impasse. Glencore, the largest shareholder of Xstrata is demanding marketing rights to sell commodities produced by Vale. Separatly, Royal Bank of Scotland reported first half profit increased 6% to
123jump.com Staff
28 Feb, 2008
New York City
Hopes of yet another rate cut in the U.S. sparked a rally in Hong Kong stocks. The Fed chairman Ben Bernanke comments were interpreted as a possible rate cut if the economy remains weak. Property stocks and banks rallied on the prospect of lower interest rates. Separately, telecom fees fell 13.6% in 2007 and fell 53% in five years according to the Ministry of Telecom. Weak U.S. dollar lifted stocks of commodities companies. Dollar fell to a record low against euro and Asian currencies.
123jump.com Staff
28 Feb, 2008
New York City
Fourth quarter GDP growth declined to 0.6% after the economy expanded at a brisk rate of 4.9% in the third quarter. Real GDP rose at 2.2% in 2007 sharply lower than 2.9% in 2006 according to the Commerce Department. Jobless claims rose 19,000 for the week ending on Feb 23. Separately, Sprint reported a large fourth quarter loss and wrote-off the entire purchase of Nextel, acquired only two years ago.
