123jump.com Staff
25 Jan, 2008
New York City
Stocks in Mumbai rebounded shaprly on the hopes that the fiscal stimulus in the U.S. will revive flagging economic growth in the U.S. Sensex recorded record one-day gain for the second time this week with a surge of 6.6% or 1,139.92 to 18,361.66 while the broader CNX S&P Nifty climbed 7% or 349.90 to 5383.35. State Bank of India rose 2.5% to 2,405 rupees after reporting 69.8% rise in net profit to 1,808.64 crore rupees and 33.1% increase in operating income in the third quarter.
123jump.com Staff
25 Jan, 2008
New York City
U.S. stocks edgeg higher in the morning trade but lost its momentum after three hours of trading. Earnings from Caterpillar, Honeywell International, and Microsoft lifted sentiment at the opening. Fiscal stimulus talks from the Whitehouse and top lawmakers in the U.S. Congress helped market regain its footing. Asian markets surged in the overnight trading and the European markets turned lower at close. Gold and oil gained on weak dollar.
123jump.com Staff
25 Jan, 2008
New York City
Hong Kong market index surge led the Asian rally. U.S. fiscal stimulus of $150 billion helped indexes to recover earlier losses in the week. Hang Seng Index gained 6.7% or 1,583.10 to 25,122.37, declining 0.3% for the week, while the China Enterprises Index of H shares rose 8.4% or 1,082.55 at 14,015.75, falling 3.8% for the week. Metal and energy stocks led the gainers.
123jump.com Staff
25 Jan, 2008
New York City
Stocks in Japan and in Asia surged as the U.S. markets closed higher. Investors hoped that the U.S. stimulus plan will help revive the flagging economic growth. Nikkei 225 soared 4.1% or 536.38 to 13,629.16, down 1.7% for the week, while the broader Topix Index rose 4.7% or 60.32 to 1,344.77. Hong Kong and India surged nearly 7% and Australia advanced 5%.
123jump.com Staff
24 Jan, 2008
New York City
Elections in Italy are likely after the resignation of Italian Prime Minister Romano Prodi. He lost in the senate by 5 votes. Italy had 61 governments since the World War II. Prodi governmet lasted only 21 months. Societe Generale said that unauthorized trades by a single trader left the bank with a loss of 4.9 billion euros. The bank also wrote-down sub-prime assets of 2 billion loans. Casino Guichard, largest supermarket chain in France, reported sales increase of 19%.
123jump.com Staff
24 Jan, 2008
New York City
Societe General stunned the markets after reporting 5 billion losses from a fraud and sub-prime loans in the U.S. A single trader managed to lose 4.9 billion euros exploiting the weakness of risk control system. Jerome Kerviel, 31 years old, traded in the European markets futures and covered his losses with fake trades. The bank also reported subprime loan losses of 3 billion euros on the write-down in assets.
123jump.com Staff
24 Jan, 2008
New York City
Australian stocks rallied for the third day in a row as investors hoped that lower interest rates will help the U.S. to cope with declining economic growth. ASX 200 index gained 3.1% or 168.1 to close at 5,580.40. ASX 200 index Of the ASX 200 index stocks, Centro Group led the gainers with a rise of 39% and Perilya led the decliners with a loss of 5.5%. Zinifex gained 11% after it reported a rise of 2.9% in zinc production in the first half. Newcrest revised its cost for Telfer project by 9%.
123jump.com Staff
04 Feb, 2008
New York City
Mumbai stocks rallied after a surge in Asian markets and strong close in the U.S. indexes on Friday. Cabinet meeting of ministers is likely to approve two rupees price rise in Petrol and one rupee price rise in diesel fuel. Reliance Communication filed to spin-off its infratel subsidiary. Sensex Index closed up 2.3% or 417 to 18,660. The combined trading turnover on two exchanges rose to 19,500 crore rupees.
123jump.com Staff
24 Jan, 2008
New York City
U.S. stocks edged higher after a string of positive earnings reports from Nokia, Lockheed Martin, and AT&T. eBay guided weaker outlook. Societe Generale reported a huge loss of 4.9 billion euros on fraudulent trades from a single trader. Separately, the bank also recroded a loss of 2.05 billion euros or nearly $3 billion related to subprime loans. The bank is looking to raise 5.5 billion euros in fresh capital. Nokia earnings rose on higher sales in Europe, China, and India.
123jump.com Staff
24 Jan, 2008
New York City
U.S. stocks edged higher on better than expected earnings and rising metals and energy prices. Nasdaq led the indexes with a rise of 1.9% followed by increases in S&P 500 of 1.01% and 0.9% in Dow Jones. U.S. lawmakers release a stimulus package to revive the flagging consumer spending. The plan aims to rebate between $300 and $1,200 per household with adjusted gross income lower than $150,000 and raise mortgage cap limit for Fannie Mac and Freddie Mac to $730,000 in select cities.
123jump.com Staff
24 Jan, 2008
New York City
Stocks in Mumbai trading fell after a weakness in mid and large cap stocks. The goverment is looking to moderate fund flows in the capital market from international investors. The market volatility and rising inflation are driving the goverment review. The BSE 30-share Sensex declined 2.1% or 372.33 to 17,221.74. The broader CNX S&P Nifty slipped 3.3% or 169.95 to 5,033.45. Trading voulme has declined on the BSE and NSE exchanges.
123jump.com Staff
24 Jan, 2008
New York City
Chinese economy rose at 11.4% in 2007 from revised 11% in 2006 on rising trade surplus, higher fixed asset investment, and rising credit in the economy. Inflation in China remains a major threat to the economy as consumer prices tripled from a year ago. Inflation is running at twice the level preferred by the central bank. Chinesse currency Renminbi is likely to appreciate against dollar at a faster pace in 2008.
123jump.com Staff
24 Jan, 2008
New York City
Stocks in Asia and Japan rebounded for the second day on the back of a rally in New York. Nikkei 225 surged 2.06% or 263.72 to 13,092.78. December trade surplus of Japan fell 21% to 888 billion yen compared to last year. For the year 2007 annual exports rose 11.6% and imports gained 8.6%. Trade surplus in 2007 rose 37% from year ago. Realty, banks, and export sensitive stocks gained for the second day in a row.
123jump.com Staff
23 Jan, 2008
New York City
Australian stocks rallied after the Federal Reserve Bank in the U.S. cut the interest rate by 0.75%. ASX 200 index gained 4.4% or 225.5 to close at 5,412.30. MFS plans to resolve the asset sales and debt repayment issue in less than few weeks according to its newly appointed chif executive. Allco Financial plunged 26% after margin calls forced asset sale. Zinifex raised its hostile offer to $1 per share for Allegiance Mining. The revised offer was rejected by the company.
123jump.com Staff
23 Jan, 2008
New York City
European markets fell sharply for the third day in a row after tough talk on inflation from ECB President Trichet. The inflation talk suggested that interest rates are not likely to be lowered in the region sparking a widespread sell-off. Business leaders gathered at Davos, criticized the surprise rate reduction in th U.S., and suggested that it may spark another bubble. LOreal offers 1.15 billion euros for cosmetic segment of PPL. Carrefour sales rose 10% to 25.2 billion euros.
