123jump.com Staff
04 Feb, 2008
New York City
Faster rise in energy prices contributed to a rise of 4.3% in producers price index in December after gaining at a rate of 4.2% in November. energy prices surged 8.3% lifting the inflation above the comfort of most analysts. The index, excuding energy and construction, gained 0.1% as well. Theolia added 5% after rising 7.5% in the last week on bid speculation. Intensa Sanpaolo agreed to pay 504 million euro to acquire JSC Pravex.
123jump.com Staff
04 Feb, 2008
New York City
The President Bush proposed fiscal 2008 budget of $3.1 trillion, first ever above $3 trillion mark, and projected a budget deficit of 2.9% in 2008 and 2.7% in 2009. Fiscal 2007 budget deficit is estimated at 1.8%.
U.S. stocks edged lower on the weakness in the financials. UBS downgraded banks and credit card companies and said that weak consumer spending will lower the earnings in the sector. Discover, American Express, and JP Morgan fell, but MasterCard rose.
123jump.com Staff
04 Feb, 2008
New York City
Royal Bank of Scotland jumped 4.3% on the talks that the company may sell a stake to China controlled bank or a fund. The talks of stake sale lifted other financial stocks as well. Alliance Leicester jumped 1.6% and Barclays added 1.9%. Investors appeared in no mood to take position ahead of the interest rate decision at the end of this week. Carphone Warehouse fell 7% on the worries that its sale of mobile phones may have slipped.
123jump.com Staff
04 Feb, 2008
New York City
Stocks in Hong Kong rebounded after a surge of 8.1% in Shanghai market. Financials, metals, and banks rallied. In Hong Kong trading Hang Seng Index rose 3.8% or 908.50 to 25,032.08, and China Enterprises Index gained 6.29% to 14,120.84. The indexes gained after China Composite rebounded to 8.13% or 351.4 to 4,672.17. The World Bank lowered its growth estimate for China to 9.6% from its previous forecast of 10.8%.
123jump.com Staff
04 Feb, 2008
New York City
U.S. stocks edged lower after the White House proposed a budget with rising deficit on the cost of war and fiscal stimulus. the budget deficit is projected to rise from 1.8% in 2007 to 2.9% in 2008 and 2.7% in 2009. The White House budget also projects a decline on receipt from lower tax revenues in 2008.
123jump.com Staff
04 Feb, 2008
New York City
The President
123jump.com Staff
04 Feb, 2008
New York City
Asian markets rallied across the region led by a sharp rebound in Shanghai, Hong Kong, and Japan. Japanese stocks advanced after the offer of $45 billion from Microsoft for Yahoo. Softbank soared 18% on the news. Softbank owns 52 million shares in Yahoo and owns 41% of Yahoo Japan. Financial stocks in Japan closed higher on the news that a group of eight large banks are working on a plan to provide financing to MBIA and Ambac, two large bond insurers in the U.S.
123jump.com Staff
01 Feb, 2008
New York City
A surprise stake at a 21% premium in Rio Tinto but a team of two aluminum companies lifted the mood investors. Stocks rallied led by asurge in mining companies.Rio Tinto increaesd 13%, BHP soared 10%, Vedanta Resources added 9%, and Antofagasta increased 7%. Xstrata, involved in talks with Rio added 5%. Purchasing Managers Index showed a decline in manufacturing activity in January. British Land fell on downgrade. Biffa and FKI rose on takeover speculations.
123jump.com Staff
01 Feb, 2008
New York City
European stock markets gained 2% or more after two aluminum companies teamed to bid for a stake in Rio Tinto. The 12% stake purchased by Chinalco and Alcoa at 21% premium lifted mood across the region. U.K., France, the Netherlands, and Norway gained nearly 2.5%. Mining companies across the region closed higher. ThyssenKrupp gained 6% after it reported to buyback stocks and may be make acqusitions. Vinci in Paris traded higer on quarterly sales rise.
123jump.com Staff
01 Feb, 2008
New York City
Microsoft bid for Yahoo dominated trading as investors digested possibilities of other hostile offers on the back of recent declines in stock prices. Dow Jones finished higher today, up 4.4% for the week. Exxon reported record earnings for the quarter and for the year on the rising demand and prices of crude oil. Chevron also reported solid increase in earnings. construction spending declined in December and in 2007. Payroll declined in December by 17,000 sparking fears of recession.
123jump.com Staff
01 Feb, 2008
New York City
U.S. stocks traded in a tight range as market grappled with two merger deals and employment data and earnings from Google, Chevron, and Exxon Mobil. Microsoft made an unsolicited $44.6 billion offer for Yahoo. The offe values the company at $31 per share, or 62% from close on Thursday. Chinalco and Alcoa together purchased 12% stake valued at $14 billion in Rio Tinto. The stake is widely viewed to thwart BHP from a taking over Rio Tinto. Exxon Mobil and Chevron fell after reporting earnings.
123jump.com Staff
01 Feb, 2008
New York City
Microsoft offers $31 per share or $44.6 billion for Yahoo after it failed to convince Yahoo management of a friendly takeover. Yahoo stock jumped 50% after the offer from Microsoft. Microsoft bid reflects its desparation to catch in the online ad space which has been dominated by a one player, Google. The expensive offer may take years to pay. The takeover if successful, will be the second largest in the techonology sector.
123jump.com Staff
01 Feb, 2008
New York City
Chinalco and Alcoa have teamed to acquire 12% stake in UK mining company Rio Tinto. The surprise investment appears to have been made to prevent BHP from acquiring Rio Tinto. Chinalco will control 9% and Alcoa will control 3% in Rio Tinto. The 12% stake was acquired with an investment of $14 billion and purchased at 60 pounds per share, a 21% premium from closing price on yesterday. Alcoa contributed $1.2 billion in the stake purchase.
123jump.com Staff
01 Feb, 2008
New York City
Stocks in Hong Kong recovered ahead of the holiday season. Snowfall in China has disrupted transportation network stranding hundreds of thousands of people. Several mining facilities and commodities facilities are likely close down. Jiangxa Copper will shutdown 43% or 300,000 tons of smelting capacity as a result of power outages until mid-February.
123jump.com Staff
01 Feb, 2008
New York City
In Friday trading, Japanese shares declined as investors continued to worry about the loan losses news from Japanese banks. Japan''s second-biggest bank Mizuho fell 5% after reporting a subprime loss of 275 billion yen and cutting its outlook for 2008 by 26%. Concerns over the U.S. jobs data and an 8% decline in Sony shares to a 14-month low also hurt trading sentiment.
