123jump.com Staff
04 Mar, 2008
New York City
Stocks in Japan closed unchaged after volatile trading. Yen rose against dollar as oil, commodities, and precious and base metals rallied. Economic and Fiscal Policy Minister Ota that a sudden rise in yen will lower corporate profits. Worldwide declared lossed related to subprime loans are now estimated at $200 billion.
123jump.com Staff
03 Mar, 2008
New York City
Fraport AG 2007 revenue rose 8.6% and net income fell 9% to 208 million euros on 2.5% increase in traffic. The airport operator released a dividend of 1.15 euro. Freenet AG, the German mobile telecom operator, reported 2007 sales decline of 9% and reported a loss of 50.6 million euros compared to profit of 181.3 million euros. Consumer prices in euro zone rose 3.2% in February according to EU statistics office.
123jump.com Staff
03 Mar, 2008
New York City
U.S. stocks recovered in the late afternoon after the markets in Europe closed lower. Resurgent oil, metal, and agriculture commodities lifted select stocks. In the morning, manufacturing index showed a decline in February. ATM Network operator Diebold rejected a hostile offer from United Technologies. Thornburg Mortgage plunged 53% after it failed to meet its margin call on reverse mortgage securities.
123jump.com Staff
03 Mar, 2008
New York City
UK stocks fell on the weakness in European trading and economic worries. HSBC reported 21% rise in earnings but issued a cautious outlook for 2008. Several brokers lowered earnings outlook for Goldman Sachs, Merrill Lynch, Bear Stearns, and Lehman. HSBC reported 2007 earnings rise of 21% to $19.2 billion. Xstrata reported 2007 earnings rise of 13% to $5.54 billion on sales rise of 12% to $28.5 billion.
123jump.com Staff
03 Mar, 2008
New York City
Sensex plunged 5% after the indexes in Asia fell on the persistent worries related to the U.S. economy. India led the declining markets in Asia. Budget provisions also contributed to the nervousness in trading. Separately, trade deficit in January rose sharply $9.3 billion from $2.8 billion a year ago. For the nine month period ending in the month, trade deficit increased to $67 billion from $45 billion a year ago. Realty and banking stocks fell sharply.
123jump.com Staff
03 Mar, 2008
New York City
Australian stocks fell sharply on the weakness in the U.S. trading on Friday and persistent worries related the slowdown in the U.S. ASX 200 fell 3% as the index in Hong Kong, Japan, India, and China fell. After a long and protracted negotiations, Oxiana and Zinifex finalized their merger of $6.2 billion and create second largest zinc producer. Allco Finance today reported a resignation of its chairman.
123jump.com Staff
03 Mar, 2008
New York City
U.S. stocks declined in the morning trading on the persistent credit market weakness and growing evindence of spreading weakness in mortgage market. Thornburg Mortgage plunged 53% after it failed to meet its additional margin call of $270 million. Separately HSBC Bank reported 21% rise in earnings and for the year 2007 reported a loan impairement charges of $17.2 billion.
123jump.com Staff
03 Mar, 2008
New York City
Stocks in Hong Kong and in Asia fell sharply on the persistent worries related to the U.S. economy. Hang Seng index declined 3% following 2.6% losses in Friday trading in the U.S. Japan fell 4% and India plunged 5%. Yuan rose against dollar to a record for the 19th time this year. HSBC reported 10% below forecasted 2007 earnings.
123jump.com Staff
03 Mar, 2008
New York City
Asian markets fell sharply across the region tracking the losses in Friday trading in New York. The U.S. dollar reached new low against Indian rupee, Japanese yen, and Australian dollar. The weakness in dollar is a growing concern in the region that its fall will spark inflation and will also contribute to the slowdown of the economy in the region. India plunged 5% followed by declins in Japan of 4%, and in Hong Kong and Australia of 3%.
123jump.com Staff
03 Mar, 2008
New York City
Stocks in Japan fell sharply on widening credit market losses as Takefuji Corp became the first Japanese consumer lender to be caught up in the credit market turmoil. Fears that the U.S. will fall into a recession and a sharp decline of dollar against Asian currencies sparked worries of slowing exports and rising inflation.
123jump.com Staff
29 Feb, 2008
New York City
Indian government proposed fiscal 2008-09 budget to parliament with a populist touch. Largest ever debt forgiveness program will help 4 core farmers with the debt relief of 60,000 crore rupees. Finance Minister P. Chidambaram estimated that the current year fiscal deficit will be 3.1%, lower than earlier projection of 3.3%. He also forecasted that the next year fiscal deficit will be 2.5%, lower than 3% threshold to meet a fiscal responsibility law.
123jump.com Staff
29 Feb, 2008
New York City
German retail sales adjusted for seasonality rose 1.6% in January and December estimates of sales were revised downwards to a loss of 0.2% from a loss of 0.1%. Inflation in February in Germany was reported at 2.9%, the same rate as in January. Volkswagen reported annual sales increase of 3.8% but earnings surged 50% to 4.12 billion euros or 10.43 euros per share. Dexia reported fourth quarter profit decline 25% to 587 million euros on invetment write-downs.
123jump.com Staff
29 Feb, 2008
New York City
U.S. stocks fell sharply in the aftenoon trading as worries related to credit market losses mounted. Dow, S&P 500, and Nasdaq fell nearly 3% after AIG reported sharply higher loss. AIG also forecasted more losses in 2008. UBS analyst revised his estimate for the credit market related to losses to $600 billion. Only $175 billion of losses have so far been reported. Gold and silver increased as did most agricultural commodites. Dell earnings fell 6.5% on 10% higher sales.
123jump.com Staff
29 Feb, 2008
New York City
UK stocks fell sharply after weak housing market report. Nationwide Building Society reported home prices fell in February by 0.5%, the fourth monthly decline in a row. Annual home price rise declined from 4.2% in January to 2.9% in February. HSBC bank received a bid for its French bank branch network for 2.1 billion euros. Yell Group fell on a broker downgrade. AIG reported a huge loss of $10 billion related to credit markets and Swiss Re reported a loss of $226 million on credit swaps.
123jump.com Staff
29 Feb, 2008
New York City
U.S. stocks fell sharply at mid-day after UBS analyst raised his estimate for credit market related lossses to $600 billion. The current reported losses are $165 billion. Separately, the Commerce Department reported that personal consumption in January rose 0.4% in January from December, which was revised higher to 0.3% from 0.2%. AIG reported lts largest loss in nine decades. Dell fourth quarter revenue rose 10% and earnings per share were 31 cents.
