123jump.com Staff
21 Jan, 2008
New York City
Australian stocks fell for the eleventh session in a row after Asian markets fell sharply. ASX 200 is now 18% lower from its peak in November 2007. Rio Tinto fell after news reports suggested that BHP is not likely to revise its offer. MFS stock was halted after it fell 70% and the company repalced its chief executive. Lachlan Murdoch and James Packer are in a deal to acquire Consolidated Media at implied price of $4.80 per share.
123jump.com Staff
21 Jan, 2008
New York City
Asian markets fell sharply as worries mounted on the U.S. economic recession and lack of clear direction in trading. President Bush plan to stimulate the economy with $150 billion fiscal package fell flat on invstors. India fell at the worst 11%, Hong closed down 5.5%, and Japan declined 4%. European markets are down more than 4% in the afternoon trading led by 5.5% fall in Germany, Spain and Norway.
123jump.com Staff
18 Jan, 2008
New York City
Banks and financal stocks led the decline in european markets for the fourth day this week. Worries of the bond holdings held by insurers resurfaced. Allianz and ING declined 6% and Societe Generale fell 8%. Metro jumped 3% after it agreed to sell its loss making Exra retail chain and reduce its debt. Renault has agreed to build cars in Morocco beginning 2010 with annual production of 200,000 rising to 400,000. Peugeot-Citroen has agreed to a payhike of 2.4% for its workers.
123jump.com Staff
18 Jan, 2008
New York City
U.S. stocks fell at close after volatile session. Worries related to bond insurers were added to credit market jitters, housing market worries, and declining consumer spending. Three popular averages fell. The President Bush plan to stimulate economy with $150 billion of fiscal measures did not impress investors. General Electric and IBM rose after reporting higher earnings largely on the strength in international markets. Ambac, bond insurer, dropped after Fitch lowered its rating to AA.
123jump.com Staff
18 Jan, 2008
New York City
UK stocks edged higher after weak retail sales report and falling pound. December retail sales fell 0.4% from November and for the qarter gained 0.4% from the third quarter. FTSE edged up 0.70 to 5,901.70 at close. Rio Tinto and Xstrata gained as investors speculated that BHP may revise offer for Rio Tinto. Anglo American offered $5.5 billion for two iron ore mines in Brazil. Home builders and retailers rose. RAB Capital said net iincme rose 2% and asset under management increased 38% in 2007.
123jump.com Staff
18 Jan, 2008
New York City
U.S. stocks traded sideways after three hours of trading. Financial and brokerage stocks remained weak as the President Bush offered his stimulus package of $150 billion. Investors were not impressed and stocks declined. General Electric fourth quarter earnings rose 15% on 18% rise in sales. IBM jumped after reporting strong results. Schlumberger fourth quarter earnings rose to $1.11 from $1.09 a year ago on 21% rise in revenue.
123jump.com Staff
18 Jan, 2008
New York City
Indian stocks fell for the fifth session in a row. Sensex plunged 3.5% or 687 to 19,013 after global markets closed sharply lower on the talks of U.S. recession. HDFC third quarter earnings rose 83% on rising loan portfolio. ITC, the tobacco giant, reported 16% rise in earnings on 13% rise in sales.
123jump.com Staff
18 Jan, 2008
New York City
Hong Kong stocks recovered from a loss of 4% in the morning tradig to close up 0.4% after banking stocks led a rally. ICBC estiamted 60% rise in profit for the year 2007. HSBC fell after Merrill reported large loan losses in the sub-prime area. Companies in China raised $105 billion on domestic market and Chinese stock markets at the end of 2007 had market capitalization of $4.4 trillion.
123jump.com Staff
18 Jan, 2008
New York City
Consumer confidence in Japan fell in December according to a report from the Cabinet Office. Rising food and energy prices and stagnant wages and economy has left consumers on the edge. The index fell in December to 38 from 39.8 in November. Nikkei 225 stocks rose 0.56% or 77.84 to 13,861.29 and the broader Topix Index increased 11.06 to 1,341.50. Nippon Paper Goup led the decliners in the Nikkei 225 index with a loss of 11% after it violated the goverment rule on recycled paper.
123jump.com Staff
17 Jan, 2008
New York City
Anglo American offered $5.5 billion for two iron ore mines from controlling shareholder of MMX Mineracao e Metalicos in Brazil. Anglo American with the acqusition will increase its capacity of seaborne iron ore to 150 million tons per annum by 2017. SAB Miller released its third quarter trading update. In London trading stocks fell on the ongoing global credit market malaise. UK housing stocks gained after JP Morgan and Morgan Stanley recommended the sector.
123jump.com Staff
17 Jan, 2001
New York City
The fears of U.S. recession drove global markets lower. Financial markets in Europe fell acorss the region led by a sharp fall in France, Germany, U.K., and Switzerland. Automakers with the U.S. exposures fell, led by 3% loss in BMW. Drugmakers fell after Novartis reported lower than expected earnings. Miners fell as metal prices declined. Vedanta Resources plunged 6%, BHP and Rio Tinto declined 4%. Alstom rose 3% after q3 revenue rose 20%.Pirelli Tyre estimated better earnings in 2007.
123jump.com Staff
17 Jan, 2008
New York City
Large losses at banks and talks of downgrade of bond insurance companies and inadequate response from the Whitehouse to the ongoing credit market turmoil left most investors nervous. The coming recession in the economy is already felt in the earnings of banks and other companies. Merrill Lynch reported revenue decline of 66% to $11 billion in 2007 and reported a loss of $12.8 billion compared to profit of $9.8 billion in 2006.
123jump.com Staff
17 Jan, 2008
New York City
Ambac plunged 51% and MBIA lost 33% of its value in the morning trading after investors worried that companies may need to raise capital soon. The declines in subprime mortgage markets are only accelerating and with that exposure of these companies. Ambac has now lost nearly 85% of its value in six months of trading. The PMI Group and MBIA fell in sympathy as well.
123jump.com Staff
17 Jan, 2008
New York City
Hong Kong stocks rebounded after four days losses. Hang Seng Index added 2.7% or 664.13 or 25,114.98. China asked banks to increase the reserve ratio to 15% from 14.5% effetive of January 25. HSBC rebounded after declining for six days in a row. Mobile phone operator China Mobile jumped 3.4% to HK$122.5, while China Life edged up 6.1% to HK$35.5.
123jump.com Staff
17 Jan, 2008
New York City
U.S. stocks came under pressure at the opening after Merrill Lynch reported a sharply higher sub-prime related losses and new home construction and completion fell in December. Merrill reported a loss of $10.73 per share or $8.6 billion from continuing operations in the fourth quarter a reversal from a profit of $7.1 billion a year ago. Proforma book value declined to $30.30 from $41.35 at the end of December including the investments received by the end of the year.
