123jump.com Staff
18 Feb, 2008
New York City
ANZ fell 6% after reporting indirect exposure to a mono-line insurance company in the U.S. of $200 million and commercial loan loss provision of $90 million. The news sent the company stock and other financial stocks lower. ANZ said in a trading update that the bank provison of US$200 million is likely to be recovered when credit markets recover. Four largest steel companies agreed to 65% rise in iron ore prices with Brazil based CVRD, lifting the stocks of mining companies.
123jump.com Staff
18 Feb, 2008
New York City
European markets rallied, lifted by the news that Qatari fund is acquiring a stake in Swiss bank, Credit Suisse, and is considering to invest upto $15 billion. The news sent banking stocks across the region higher. TNT, express mail delivery service provider, fourth quarter proft fell 22% to 148 million euros from 189 million euros.
123jump.com Staff
18 Feb, 2008
New York City
Relaince board after a meeting on Sunday considered a bonus issue to shareholders. The recently listed company has underperformed after few days of trading Reliance Power has traded below the IPO price. Sensex in India edged 0.4% lower after a rise of three days in a row. Mahindra & Mahindra led the gainers with a rise of 1.4% in the index and Tata Motors led the decliners in the Sensex with a fall of 2.6%.
123jump.com Staff
18 Feb, 2008
New York City
A sharp rally in metals lifted markets in Brazil, Peru, and Argentina. CVRD won 65% rise in iron ore prices after a negotiation with four largest Japanese steel compaines. Iron prices have increased more than 100% in the last three years before the current hike, effective on April 1. Qatar sovereign fund is ready to increase its stake in credit Suisse, and is willing to invest upto $15 billion. European banks closed higher on the news and on the expectations of better earnings from Barclays.
123jump.com Staff
18 Feb, 2008
New York City
Northern Rock was effectively nationalized on Sunday, after the UK government failed to find a buyer. The intense negotiations with the two private equity controlled groups did not materialize in a deal. In London trading, FTSE 100 index tose 2.7% to 5,946 on a steep rise in banking stocks. Local media speculated that Barclays and Lloyds will report better than expected earnings tomorrow.
123jump.com Staff
18 Feb, 2008
New York City
Stocks in Hong Kong fell as worries related to subprime lending resurfaced and rising inflation in China. Producer price index in January in China surged 6.1% from a year ago on risig commodities and energy prices. China steel makers association reported that industry exported 54 million tons of steel and profit increased 45% to Rmb 190 billion on 15% rise in stell production.
123jump.com Staff
18 Feb, 2008
New York City
Steelmakers in Japan negotiated a price increase of 65% with CVRD, Brazilian iron ore company. The price hike, is the third annual increase in as many years, totaling more than 100%. Prices are negotiated between steel companies and miners and not traded on future contracts on world stock exchanges. Steel companies closed higher after the news.
123jump.com Staff
15 Feb, 2008
New York City
Wholesale index, a measure of inflation, declined, for year ending two weeks ago. The annualized inflation, measured every week on a rolling 52-week period declined from 4.1% at the end of previous week. Prime Minister, ahead of election, remarked that controlling inflation should not be done at the expense of growth. India expects to grow at 9% and keep inflation below 5%. Indiabulls sold a stake in its real estate company to Farralon Capital and Laxmi Mittal.
123jump.com Staff
15 Feb, 2008
New York City
French bank Natixis fell 11% after it reported a sharp decline in profit of 50% on subprime loan related losses. Earnings declined to 1 billion euros from 2.1 billion euros on loan losses and insurance related losses. Deutsche Post, the owner of DHL, chief Klaus Zumwinkel resigned after tax evasion charges in Germany. Michelin earnings in the second half increased 14%, less than expected on higher rubber prices. Eni, Italian oil company reported income of 3 billion euros in the fourth quarter.
123jump.com Staff
15 Feb, 2008
New York City
U.S. stocks traded in a tight range. UBS analyst revised his estimate from total loan losses to $350 billion from $150 billion on higher losses from assset backed securities, commercal mortgage securities, leveraged loans, and credit card loans. Import price index in January rose 1.7% sparking worries that inflation may be on the rise. General business condition index for New York region manufacturers declined as reported by the NY Fed, worst reading in three years.
123jump.com Staff
15 Feb, 2008
New York City
U.S. stocks declined on the worries that the current credit market losses may widen, higher estimates of loan losses, and weak manfacturing survey from the NY Fed. The market averages edged lower after the UBS analyst estimated additional loan losses of more than $200 billion. Separately, Citigroup estimated additional loan losses at UBS of between Sfr12 billion to Sfr20 billion. FGIC, troubled bond insurer, requested NY Insurance Department to separate its municipal bond business.
123jump.com Staff
15 Feb, 2008
New York City
The Bank of Japan left its key interest rate unchanged to 0.5% in an unanimous vote but voiced a concern on the rising energy and food prices. The Bank also noted in a separate statement that housing investment is acting as a drag on the economy and noted that credit demand in the private sector has bee flat.
123jump.com Staff
15 Feb, 2008
New York City
ASX 200 index lost 1.4% or 78.2 to close at 5,606.60. The Preliminary market turnover was 1.32 billion shares worth $6.18 billion, with 422 stocks moving up, 729 moving down, and 354 unchanged. Centro Group requested a trading suspension ahead of debt reschedule negotiations. Centro is likely to get an extension of 60 days. Of the ASX 200 index stocks, AED Oil Limited led the gainers with a rise of 43.3% followed by increases in Alumina Limited of 9.4%.
123jump.com Staff
14 Feb, 2008
New York City
UBS,Swiss Banking group, fell 8% after reporting a loss of 12.5 billion francs. Group Danone fell 3.5% after reporting earnings for 2007 of 4.2 billion euros including the one-time gain of 3.1 billion euros for the sale of biscuits and cereals unit. Net sales in 2007 increased to 12.7 billion euro, an increase of 10% from the continuing business or 5.9% including the acqusition of Royal Numico sales.
123jump.com Staff
14 Feb, 2008
New York City
U.S. stocks reversed their earlier gains and declined after cautionary comments from the Fed Chairman Bernanke. He suggested that economy may be sluggish in the near term and banking and housing sectors may face more difficulties. Technology, financials, and brokerage stocks declined. International traded deficit in 2007 fell on rising exports. Trade deficit declined to 5.1% of economy from 5.7% in 2006.
