123jump.com Staff
11 Feb, 2008
New York City
Yahoo rejected $45 billion offer form Microsoft and held out for a better deal from Microsoft in the abscence of competing bid. Yahoo is looking for at least $50 billion or $34 per share. Yahoo is also looking for its to stay independent and may consider outsourcing its search business to Google and acquire portal AOL online ad business. Yahoo edges higher and Microsoft falls after the formal deal rejection.
123jump.com Staff
11 Feb, 2008
New York City
Stocks in Mumbai trading closed sharply lower after similar declines across Asia and 17% fall in Reliance Power stock on the first day of trading. The meeting of finance ministers from wealthy nations lowered its outlook for the global economic growth. The ministers also raised their estimate of sub prime losses by ten times to $400 billion in the banking system from their earlier estimate only four months ago.
123jump.com Staff
11 Feb, 2008
New York City
Financial markets in Asia fell sharply after a gloomy statement from the G7 Finance Ministers meeting in Tokyo. The dim view of the world economic outlook kept investors in Asia worried. India, Australia, and Hong Kong fell sharply. Banks in Hong Kong fell after Goldman Sachs lowered target prices. Hong Kong fell 3.6%, India lost nearly 5%, and Australia declined 2%. G7 ministers raised their estimate sub prime loan losses ten times to $400 billion from its earlier estimate in October 2007.
123jump.com Staff
08 Feb, 2008
New York City
West LB, German regional bank controlled by State of Nord-Rhein Westphalia received a gurantee to cover losses up to 5 billion euros. The regional bank faltered after its international expansion in the UK and US led to a massive subprime losses. Dusseldorf based bank also agreed to elimiate nearly 25% of its staff to save 300 million euros by 2010. German industrial production in December rose 0.8% from November. Alcatel writes down assets worth 2.58 billion euros.
123jump.com Staff
08 Feb, 2008
New York City
Fears of recession were in the air as market opened and by mid-day fell 1% across the three major indexes, Dow, S&P 500, and Nasdaq. Broader indexes recovered but techs failed to regain the footing as the week closed. European markets edged higher. Oil and gold gained ground lifting energy and mining stocks. Banks, financials, and real estate stocks fell as investors dumped economy sensitive stocks. Wheat rallied to the daily limit and sugar surged nearly 7%.
123jump.com Staff
08 Feb, 2008
New York City
Australian stocks declined as investors in Asia and Europe sold-off. Investors worried that possibilities of U.S. recession are rising and the world markets may decline in steps with a fall in the U.S. markets. ASX 200 index lost 1.1% or 61.3 to close at 5,658. The Preliminary market turnover was 1.4 billion shares worth $4.5 billion, with 698 stocks moving up, 496 moving down and 317 unchanged. Coles Group, retailer, has now sixth chief executive in the last four years.
123jump.com Staff
08 Feb, 2008
New York City
U.S. stocks fell in the afternoon trading as European markets fell and more than expected rise in wholesale inventories put investors in defensive mood. Dow and S&P 500 fell more than 1% and Nasdaq declined 0.3%. Industrial, consumer driven, real estate, and energy stocks fell. Tech stock retreated from their highs reached in the morning, as Google, RIM, and Apple lost most of the early gains. Gold surged.
123jump.com Staff
08 Feb, 2008
New York City
U.S. stocks traded in a tight range in the morning after the release of wholesales inventories report. Inventories rose 1.1% in December and sales at wholesalers fell 0.7%. Autos inventories rose 3.5%. wheat prices rose to the daily record limit for the fifth session in a row after the USDA projected 40% less inventories from a year ago or 7% lower than its latest projection in the last month. Gold and oil jumped higher as well.
123jump.com Staff
08 Feb, 2008
New York City
Wholesales inflation in India at the end of two weeks ago rose as expectations of higher fuel price were baked in the prices. Investors mood was subdued as several IPOs were pulled. Emmar and Wockhardt were two latest casualties. India markets closed flat on Friday with the benchmark index Sensex declining 0.4% or 62.04 to 17,464.89. In the broader market, Nifty was down 0.3% or 12.9 at 5,120.35.
123jump.com Staff
08 Feb, 2008
New York City
The Tokyo Stock Exchage suffered another computer malfunction. This time, an resolved error, on the recently launched new system caused failed to process and price March Topix Index futures. All trades in this futures were cancelled by the exchange. Nikkei 225 index fell 1.44% or 189.91 to 13,017.24, and the broader Topix Index shed 1.4% or 17.94 to 1,287.14. Nikkei lost 3.6% and Topix declined 3.7% for the week. Japan Tobacco, Isuzu Motors, and Japan Airlines rose but Sumitomo Realty fell.
123jump.com Staff
07 Feb, 2008
New York City
The Central Statistics Office reported weaker but strong fiscal outlook for the rest of the year, indicating that the current global financial market turmoil will have minimal impact on the economy of India. CSO lowered its annual economic growth estimate to 8.7% from 9.6% on lower service and manufacturing performance. Manufacturing is estimated to grow at 9.4% slower than 12% from a year ago, service to grow at 10.7% from 11.1%, and agriculture to growth at 2.6% from 3.8%.
123jump.com Staff
07 Feb, 2008
New York City
European markets fell across the region after the talks of rising inflation and weakening economic prospects unnerved the market. The ECB left its key rates unchaged to 4% and indicated that rising food and energy prices may protract short term inflation. The Bank of England lowered rates by 0.25% to 5.25%. Unibail Rodamco dropped 55% on $2 billion asset write down. Unilever reported weak earnings and indicated that outlook in Europe and the U.S. is soft.
123jump.com Staff
07 Feb, 2008
New York City
U.S. stocks traded in a volatile manner with a lack of direction. Weak Januar retail sales, December existing home sales, and unemployment claims hurt trading sentiment. Prundetial Financial dropped 10% after it missed its earnings guidance and reported unrealized losses fromt the subprime and other credit related securities if $1.97 billion. European Central Bank left its rate unchanged and the Bank of England lowered its rate by 0.25%. Gold and oil advanced.
123jump.com Staff
07 Feb, 2008
New York City
The Bank of England lowered the rate by 0.25% to 5.25%, still the highest among group of seven wealthiest nation. Investors are now looking for the rates to be below 4.75% by the end of the year. The ECB also led its rates firm, but indicated a shift in stance and showed its willingness to lower rates. Stocks in UK fell sharply after a string of weak earnings, rate cut, and worries related to economic slowdown and rising inflation.
123jump.com Staff
07 Feb, 2008
New York City
The ECB President Jean Claude Trichet cited rising inflation in the region and global market weakness and left the rates unchanged at 4%. The Bank of England lowered its rate by 0.25% to 5.25% on the weakening UK economy, declining housing market, and falling retail sales. Trichet in the accompanying statement said that corporate borrowing remains robust and there appears to be no credit impairment to coroporate borrowers from the current ongoing financial market turmoil.
