123jump.com Staff
04 Jun, 2008
New York City
Hong stocks fell after investors worried that recent proposal to merge telecom companies may reduce earnings in the short term. Analysts wonder that the three-way deal among China Unicom, China Netcom and China Telecom may reduce earnings on higher operating costs in the short term. The Hang Seng Index fell 1.04% or 252.51 to 24,123.25 and in Shanghai trading CSI 300 Index fell 1.86% or 67.20 to 3,546.92.
123jump.com Staff
04 Jun, 2008
New York City
Stocks in Tokyo gained ground after yen fell and metals and crude oil prices fell. Nikkei 225 rose 1.59% or 226.4 at 14,435.57, while the broader Topix Index increased 1.6% or 23.03 at 1.430.47. Capital spending declined for the fourth straight quarter by 5.3% in the three months ending March. The decline was smaller than estimated by economists.
123jump.com Staff
04 Jun, 2008
New York City
U.S. stocks traded sideways after Moody removed the top bond insurance rating from MBIA and Ambac Financial. Ambac plunged 17% and MBIA lost 16%. Two companies have lost more than 70% of their market value in the last one year of trading. Crude oil futures declined as India joined Malaysia and Indonesia and passed on higher fuel prices to consumers. Brazil fell for the second day more than 1.5% in Latin markets trading. India lost 2.8%.
123jump.com Staff
04 Jun, 2008
New York City
Stocks in UK dropped after a business activity index showed a decline in activities in May. Businesses are battling tight credit conditions and low consumer confidence. Luxury home prices are expected to fall 5% by the end of the year. Kingfisher, home renovation retailer reported first quarter earnings jumped 9% to
123jump.com Staff
04 Jun, 2008
New York City
After a heated debate the government approved price increase for petrol, diesel and cooking gas. The price increase of 5% and lower of import duties will help state controlled oil companies to reduce losses. Sensex index fell sharply after the price increase on the fears that record inflation will only rise. The 30-share BSE Sensex fell 2.8% or 447.77 at 15,514.79. On the National Stock Exchange, the S&P CNX Nifty declined 2.8% or 130.3 points at 4,585.60.
123jump.com Staff
04 Jun, 2008
New York City
U.S. stocks were on the decline after another rating agency analyst voiced his concern on adequacy of the capital ratios at Barclays, BNP Paribas, Societe Generale and Lehman Brothers. Home builders Hovnanian and Toll Brothers fell after reported wider than estimated losses. Guess surged nearly 10% after it reported sharply higher earnings. European markets fell more than 1% and in Asian trading India dropped 2.8%.
123jump.com Staff
03 Jun, 2008
New York City
Stocks in London trading manage to close higher after a day of volatile trading led by Royal Bank of Scotland. Bankers estimate strong demand for recent rights offering from RBS. The lender also advanced on market speculation that the Children
123jump.com Staff
03 Jun, 2008
New York City
Japan stock indexes traded in negative territory after a rising yen affected exporters and realty stocks plummeted on signs of tightening credit markets. In Tokyo trading Nikkei 225 declined 1.6% or 230.97 at 14,209.17, and the broader Topix Index fell 1.2% or 17.66 at 1,407.44. Subprime losses from the US loans at Japanese financial companies total 1.8 trillion yen at the end of March 2008 quarter.
123jump.com Staff
03 Jun, 2008
New York City
Chinese telecom stocks fall after a three-way deal among China Netcom, China Unicom and China Telecom for $56 billion. Yuan gains to a record high. In Hong Kong trading Hang Seng Index declined 1.83% or 455.60 at 24,375.76, and the China Enterprises Index of Hong Kong-listed mainland companies, or H shares, dropped 2.88% or 404.39 at 13,621.98. In Shanghai trading CSI 300 Index shed 0.32% or 11.72 to 3,614.11.
123jump.com Staff
03 Jun, 2008
New York City
Satyam, software services provider, lost its appeal in London to block a trial in Texas court against a former client that fell behind payment. The client, UK based Upaid Systmes, hopes to recover $1 billion in damages and the case will be tried in Texas to settle the claims of forgery while transfering the technology to Upaid. Separately, Tata Motors completed its purchase of two luxury brands Jaguar and Land Rover from Ford Motor Company.
123jump.com Staff
03 Jun, 2008
New York City
U.S. stocks declined as investors worried that credit market losses may increased. Lehman Brothers, the subject of intense investor speculation said that it did not access Fed discount window and it has sufficient liquidty. Lehman dropped 9% after losing 8% in the previous session. Fed Chairman Bernanke in his comments talked tough on inflation and defending dollar, however investors remain skeptical. Brazil lost 2.6%. European markets recovered on 0.8% rise in GDP in the first quarter.
123jump.com Staff
03 Jun, 2008
New York City
European retailers lifted the market indices in the region higher while declining oil price added the positive market sentiment. The European Statistics office Eurostat reported economic growth in the region rose 0.8% in the first quarter of 2008. Investment and construction spending in Germany helped the region. German auto sales, exports and production fell in May but for the first five months in the year registered gains.
123jump.com Staff
03 Jun, 2008
New York City
U.S. stocks struggle as worries of new credit market losses make rounds. Recent downgrade of bonds from Moodys and warnings of possible asset write downs at financial brokers left market on the defensive. Especially, Lehman Brothers is facing intense investors scrutiny. Lehman at the end of the quarter reported financial leverage of 27 to 1 and remains vulnerable to weakness in the housing market and leveraged loan after-market.
123jump.com Staff
03 Jun, 2008
New York City
Chairman Bernanke in his latest speech appears to stress the importance of controlling inflation expectations and protecting U.S. dollar. The renewed stress on dollar and focus on inflation lifted dollar. However, investors remain skeptical. In the past, the Fed has talked tough on inflation and seen the Fed lower inflation to a historic low. Food and energy inflation in the last five years and rising home prices in the last ten years have only ravaged consumer purchasing power.
123jump.com Staff
02 Jun, 2008
New York City
S&P downgrade on banks and financial brokers turned market sentiment negative. The rating agency estimated that earnings at Morgan Stanley, Lehman Brothers, and Merrill Lynch are likely to be lower as more losses are expected. S&P also revised its outlook to negative on Bank of America and JP Morgan. Separately, Wachovia ousted its chief executive and Washington Mutual apponted new chairman to the board. European stocks closed sharply lower on the worries related to banks.
