123jump.com Staff
19 Dec, 2007
New York City
The U.S. Federal Reserve received bids three times the $20 billion of term loan it auctioned today at a rate 4.65%, below the discount rate of 4.75%. The Fed auction was conducted to ease the credit market crunch but most analysts believe that problems in the market will persist. Yesterday ECB pumped $500 billion of liquidity in the market. Morgan Stanley reported higher losses from its sub-prime lending and attracted $5 billion in investment from China. Oralce earnings jumped 35%.
123jump.com Staff
19 Dec, 2007
New York City
Stocks in India traded in a wide range but changed very little at close. Sensex traded in 600 point range. Prime Minister Singh said that India can sustain 9% economic growth for the next four years. He also said that the growth can also accelerate above 10% but in the near term can not remain immune to the global credit market malaise. Larsen & Toubro received contract to build flyover road leading to Mumbai international airport.
123jump.com Staff
19 Dec, 2007
New York City
U.S. stocks tunred negative in the afternoon trading after scaling higher in the morning. Morgan Stanley reported wider than expected loss on the account of more losses in the sub-prime lending business. The brokerage firm also reported an investment of $5 billion from sovereign fund controlled by China. The European Commission ruled that MasterCard should stop its interbank fees within six months for the cross border transactions.
123jump.com Staff
19 Dec, 2007
New York City
ASX 200 index close at 6,216.40. Exxon Mobil Corporation approves $1.1 billion project. Centro Properties Group struggles to refinance $3.9 billion debt. The Australian Securities and Investments Commission started civil cases against six former directors and officers of AWB Ltd. Australian dollar edged higher.
123jump.com Staff
19 Dec, 2007
New York City
Japan lowered its economic growth forecast for the current fiscal year to 1.3% from 2.1% on weakness in the construcion industry. The recently enacted building code has substantially slowed down the construction industry and lowered the overall economic growth. Nikkei 225 Index fell sharply by 1.8% or 1,777 to close at 15,031.
123jump.com Staff
18 Dec, 2007
New York City
Stocks in London rise after the Bank of England pumps liquidity in the system. The bank received 10.85 billion pounds for three-month loans at average rate of 5.949%. The interbank rate known as Libor declined 4 basis points after the auction to 6.39%. Inflation in November stayed at 2.1% in the UK, however Retail Price Index rose by 4.3% on higher food and energy cost.
123jump.com Staff
18 Dec, 2007
New York City
The European Central Bank two-week debt auction attracted bids from nearly 400 banks. The pre-announced rate of 4.21% or better, the second sch event ever, and the largest liquidity measure, generated $500 billion or 348 billion euro credit pumping in the market. Nestle fell after a broker downgrade. Copper fell in London trading but gold crossed above $800 oer ounce. Brokerages, banks, and property stocks fell in the region. Switzerland led the decliners in the region.
123jump.com Staff
18 Dec, 2007
New York City
U.S. stocks closed higher but traded sideways for the most of the session. Stocks opened higher in the morning after better than expected earnings from Goldman Sachs and Adobe. Best Buy earnings met the expectations and revised the guidance for the year. The European Central Bank auction to offer credit at 4.21% attracted bids of $500 billion from nearly 400 banks in the euro zone. European markets edged higher but brokers declined. Nestle fell on a downgrade. Gold closed above $800.
123jump.com Staff
18 Dec, 2007
New York City
The European Central Bank pumped $500 billion in the banking system as nearly 400 banks in the euro zone bid for the auction. The well-received auction, is the second pre-announced action this year. The bank offered to accept all bids received at a rate higher than 4.21%. The Central Bank received total bids of 377 billion euros between the rates of 4% and 4.45%.
123jump.com Staff
18 Dec, 2007
New York City
Stocks in India fell for the second day in a row after lower closing in global markets. Sensex in Mumbai trading declined 0.9% or 181.7 to close at 19,079. Banks, properties, and infrastructure stocks led the decliners. Tata Power, Sterlite, Unitech, HDFC Bank declined more than 1.8%. In Asia Indonesia, Japan, and Australia closed lower.
123jump.com Staff
18 Dec, 2007
New York City
Stocks in Japan fell for the fifth session in a row on the weakness in financial sector. Nikkei 225 declined 0.3% to close at 15,207.86. However, the broader index Topix dropped nearly 3% to close at 1,469.77. Finance Minister in Tokyo said that Japan will limit bond sales to 25.4 trillion yen in the fiscal 2008. Yen edged lower. Hong Kong, Korea, and Singapore rebounded but India, Indonesia, and Australia declined.
123jump.com Staff
17 Dec, 2007
New York City
U.S. indexes declined after worries of stagflation made rounds on trading desks. Metals, oil, and gasoline prices fell. Nasdaq led the the decline in indexes with a loss of 2.1%. Dow and S&P 500 fell more than 1.5%. Brazil fell more than 4% followed by 3.2% decline in Mexico. In the overnight trading Asian markets fell sharply led by more than 3% decline in India, Hong Kong, Australia, and Singapore. Oil and gold edged lower. European markets declined shaprly led by 1.9% in the UK.
123jump.com Staff
17 Dec, 2007
New York City
U.S. stocks fell on the weakness in financial and real estate stocks and new worries that economic slow-down and rising inflation may crimp profit outlook for the companies. Three large deals failed to excite investors. Ingersoll-Rand agreed to purchase Trane for $10.1 billion, Related Cos received $1.4 billion in debt capital injection, and National Oilwell Varco agreed to purchase Grant Prideco for $7.5 billion. Asian markets closed lower and European markets are down more than 1.5%.
123jump.com Staff
17 Dec, 2007
New York City
Ingersoll-Rand has agreed to purchase Trane Inc for $10.1 billion, including the debt of $150 million. Ingersoll will pay $36.50 cash per share and 0.23 stock for each Trane stock. The transaction is expected to be completed at the end of the first quarter 2008. The combined entity estimates revenue of $11 billion in 2008 and hopes to save annually $300 million for the next three years.
123jump.com Staff
17 Dec, 2007
New York City
Stocks in Mumbai trading fell sharply after traders worried that rising inflation in the U.S. may hurt the global economic growth and limit the future interest rate cuts. Sensex dropped 3.8% or 769 to close at 19,261.35 and led the Asian wide sell-off. Hong Kong, Australia, and Singapore lost more than 3%. Financials, properties, and exporters fell sharply on heavy trading. Nifty, a broader index, fell 4.5% reflecting widespread losses in the market.
