123jump.com Staff
22 May, 2008
New York City
European markets closed mixed on higher crude oil prices and weak financial stocks. Energy companies rose to a record high tracking record high in the crude oil futures prices above $135 a barrel while airlines led by Air France fell. Crude oil futures reached a new record on supply worries, sustained global demand and weak U.S dollar. Air France reported its first quarterly loss in the last six years on higher fuel costs and charges for anti-competitive practices.
123jump.com Staff
22 May, 2008
New York City
Sensex in Mumbai trading fell as crude oil continued to rise and rupee fell to a 13-month low. The rupee traded in a wide range between 42.61 and 42.84 a dollar and closed at the weakest level of the day. The government is likely to pass another fuel price hike to consumers as crude oil price rises above $130 a barrel. Sensex declined 2% or 336.05 at 16,907.11. On the NSE, the S&P CNX Nifty edged lower at 1.8% or 92.2 at 5,025.45.
123jump.com Staff
22 May, 2008
New York City
U.S. stocks edged higher on the weekly unemployment report. The fall in claims at the end of the last week, lower than expected lifted market averages. Ford Motor cut its production target for the next two quarters by 20% and said that it may only break-even in the year 2009. Earlier it had estimated a return to profitability by the year. UBS offered rights at 31% discount from its closing price on yesterday. Crude oil fell back to $130 a barrel after rising above $135.
123jump.com Staff
22 May, 2008
New York City
Ford Motor Company stock fell 7.5% after it withdrew its 2009 profitability target and cut production. The company now expects at the best to break-even in the year before taxes and special charges. In the second and third quarter auto maker plans to cut production by as much as 20% and between 2% and 8% in the fourth quarter from a year ago. Consumers are increasingly opting for smaller cars and avoid gas guzzling trucks.
123jump.com Staff
22 May, 2008
New York City
UBS, the Swiss private bank with significant presence in the U.S. finalized its offering of 760.29 million shares at Sfr 21 per share, a 31% discount from closing price a day ago. The offering will increase the outstanding shares to 2.9 billion and increase its Tier 1 ratio above 11. The bank has reported nearly Sfr 25 billion of losses in the last three quarter. UBS has declared the largest losses related to subprime lending of the total declared losses of $320 billion in the industry.
123jump.com Staff
22 May, 2008
New York City
Crude oil prices in New York and London trading rose higher. In New York prices reached $135.07 and in London Brent crude traded at $134.25. Crude oil futures are increasingly used by financial investors to hedge weak dollar. Talks of oil supply shortages, though a possibility only in 2012 and after has attracted more speculators to the market.
123jump.com Staff
21 May, 2008
New York City
Hong Kong stock indexes gained on the heightened speculation that China will soon allow prices for oil products to increase. Traders speculated that Beijing will increase subsidies for oil refiners to cushion them from mounting losses on higher feedstock costs. In Hong Kong trading Hang Seng Index rose 1.16% or 290.83. Renminbi advanced to a level of 6.96 to one U.S. dollar.
123jump.com Staff
21 May, 2008
New York City
U.S. stocks fell after the Fed minutes showed that future rate cuts may not be necessary unless the economy deteriorates further. The Fed officials appear to think that risks of inflation and impediments to growth appear to be in balance. The Fed monetary policies have come under heavy criticism and follow in the footsteps of the loose credit path initiated during the Greenspan time. The U.S. stocks fell sharply after the minutes release and crude oil surged above $133 a barrel.
123jump.com Staff
21 May, 2008
New York City
Weak financial stocks led market indexes in Japan lower. Oppenheimer & Company forecasted $170 billion of additional write-off at financial institutions by the end of 2009. The additional losses at banks in the U.S. will likely lead to another round of losses at banks in Japan. Mitsui & Company led consortium has agreed to extend loan of as much as $3.4 billion to Venezuela to expand refineries.
123jump.com Staff
21 May, 2008
New York City
Rising crude prices dominated trading sentiment in the European markets. However, German business confidence index rose in May and outlook for the six months appear positive according to the businesses surveyed. German businesses and economy is able to withstand strong euro as exports remain strong to the Middle East and Asia. In Germany, the DAX 30 declined 1.1% or 74.4 and the French CAC 40 lost 0.7% or 22.60.
123jump.com Staff
21 May, 2008
New York City
Stocks in India fell as inflation continue to hover near 3-year high, crude reached another record and weak rupee against dollar. Sensex fell 13 points to 17,243. Daily turnover on the BSE stood at 7,077 crore rupees and on the National Stock Exchange the turnover was recorded at 15,279 crore rupees. The RBI approved the merger between HDFC Bank and Centurion Bank of Punjab. Rupee fell to 42.83 against the U.S. dollar.
123jump.com Staff
21 May, 2008
New York City
Crude oil futures, near and long term rocketed past $140 a barrel as speculators expect prices to reach $190 a barrel. Rising consumption of crude oil in the U.S., China and India is expected to lift the demand above 85 million barrels a day by 2012. However, world crude oil supply has been relatively stable near that level. Lack of new crude supply in the market and the occupation of Iraq are contributing to the sustained rise in oil prices.
123jump.com Staff
21 May, 2008
New York City
U.S. stocks struggled after the release of weekly petroleum report. Crude oil surged above $132 a barrel on the decline in crude oil supply at the end of the last week. Airlines stocks fell after AMR, the parent of American Airlines decided to lower 12% of its capacity and retire 75 planes. AMR suggested $15 fee for each checked bag. UAL plunged 25% and Delta and Jet Blue declined as well.
123jump.com Staff
20 May, 2008
New York City
Mumbai stocks fell after the worries of the rising inflation and crude oil prices kept investors cautious. Comments from the Governor of RBI suggested that rates may be raised to combat inflation that may be higher than tracked by the indexes. Suzlon, the largest wind turbine manufacturer reported 29% rise in earnings o 69% rise in sales. Rising crude oil prices forced rupee lower to 42.59 against the U.S. dollar.
123jump.com Staff
20 May, 2008
New York City
Stocks in the U.S., Europe and Asia fell on inflation worries and rising crude oil prices. April wholesale inflation rise sparked fears of inflation in the U.S. and dragged the stocks lower. Home Depot, Saks, Target, Autozone fell on earnings. European markets declined as crude oil hovered near $130 a barrel, a new record. UK dropped nearly 3% on the worries that housing market fall may bring more losses to mortgage lenders and banks.
