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.
123jump.com Staff
12 Feb, 2008
New York City
Investors in Japan focused on rising subprime losses in the U.S. and surging metal and oil prices in the region. AIG sharply increased its losses from risky loans to $5.9 billion from $1.1 billion reported three months ago. Copper and oil rose as investors worried that bad weather conditions in China will hurt production. Indonesia is expected to lower by 90% LNG shipments to Japan.
123jump.com Staff
31 Jan, 2008
New York City
Australian stocks gained as market turnover improved and sentiment recovered in Asia. Alumina 2007 earnings in 2007 fell 14.6%. Woolworth and Foodstuff were ordered by court to not make an offer for Warehouse Group before March. MFS asserted that Stell sale talks are on target. Rio Tinto announced full production shcedule at two of its coal mines and also expanded its smelting capacity in Canada. Origin Energy second quarter gas and oil sales increased to $126 million.
123jump.com Staff
31 Jan, 2008
New York City
European stocks declined in January on the continued turmoil in credit market. Most markets fell between 10% and 14% in January, one of the worst performances for the month. Unemployment in Germany fell in January to the lowest level in fifteen years to 8.1%. Credit Agricole, AXA, Dexia, and Allianz fell on the worries on economic growth recession in the U.S. FItch cut its bond rating outlook on Friends Provident, stock plunged 11%. Akzo jumped 7% after sales rose at recently acquired ICI.
123jump.com Staff
31 Jan, 2008
New York City
U.S. stocks rebounded from morning losses after unemployment claims rose at the end of the last review. Stocks made about turn in the afternoon, MasterCard reported sharply higher earnings and the bond insurer MBIA in a earnings conference call asserted that it has adequate capital to retain its AAA rating. Hedge fund Pershing Square has asserted that the company may not have capital to fund its future losses. MBIA estimated $3 billion of future losses, half of what Pershing has estimated.
123jump.com Staff
31 Jan, 2008
New York City
Nationwide, mortgage lender, reported that home prices in the UK fell for the third month in a row in January. According to the lender the average price of a house has fallen from
123jump.com Staff
31 Jan, 2008
New York City
U.S. stocks recovered from the morning losses. MasterCard reported fourth quarter earnings of $1.37 per share on a revenue rise of 27.8% to $1.07 billion. Gross dollar volume in the quarter rose 15.2%. The strength in the consumer spending helped market to reverse the earlier decline. MBIA reported large loss on the account of more write-down in credit derivatives. Jobless claims rose at the end of the last review period.
123jump.com Staff
31 Jan, 2008
New York City
December fiscal deficit in India declined on 9% higher tax revenues keeping the government to meet its annual deficit target of 3.1% to GDP. Stocks in India fell as investors worried that global economic slowdown may hurt international investors sentiment. More than 60 stocks on BSE are now tradning below 50% of clsoing price at the end of 2007. Hindalco net profit decline 16% on 1.5% decline in revenue.
123jump.com Staff
31 Jan, 2008
New York City
Hong Kong stocks are suffering one of the worst slumps in the last decade as worries related to sub-prime losses keep rising. Five largest Japanese banks, who previously had denied signifincant exposures to the U.S. loans, are now expected to report $4.6 billion of write-downs. Investors fear a similar write-offs at banks in China ad Hong Kong. Lenovo Group gained after a rise in profit and a plan to sell mobile phone business.
123jump.com Staff
31 Jan, 2008
New York City
Stocks in Japan recovered from a morning loss of 1.4% to close up 1.85% or 247.44 to 13,592.47. The Topix Index gained 2% or 26.20 to close at 1,346.31. Banks in Japan are likely to report larger than estimated sub-prime losses according to local news. The estimate of losses for 2007 are running as high as 500 billion yen from the five largest banks. December csh earnigs for wages declined 1.9% and for contract employees rose 0.3%.
123jump.com Staff
30 Jan, 2008
New York City
Stocks in India declined a day after the RBI left the key rates unchanged and as market digested earnings from Mahindra & Mahindra, NTPC, Bharti Airtel, and Baja Auto. Bajaj Auto fell 3% on the decline in earnings, Bharti Airtel rose 1.2% on 36% rise in earnings, and NTPC fell 4.6% after its profit fell 15%. Mahindra & Mahindra profit jumped 67% on the one-time gains. Government relaxed rules for foreign investing in several industries including civil aviation and petroleum refining.
123jump.com Staff
30 Jan, 2008
New York City
Surprise sub-prime loan write-down at UBS and BNP jolted markets in the morning and stocks closed lower ahead of the U.S. rate cut in the late afternoon. UBS reported a loss after it reported a larger than expected write-down of $14 billion and BNP Paribas profit declined 42% in the fourth quarter on 590 million euro loss related to credit market turmoil. Vivendi fourth quarter sales rose 8.5%. Department store chain Arcandor rose on profit outlook in Frankfurt trading.
123jump.com Staff
30 Jan, 2008
New York City
The Federal Reserve lowered short term rates by 0.5% to 3.0% and cited substantial downside risks to the economy. The Fed has lowered rates by 1.25% in nine days to calm domestic and international markets. The Fed action may prove inflationary in the medium term and force the Fed to change the course if the economy does not slowdown in the months ahead. Stocks rallied after the Fed decision, but lost neary 1.6% gains in index at close.
123jump.com Staff
30 Jan, 2008
New York City
UK stocks declined 0.8% or 47.90 to 5,837.30 after the mortgage approval fell in December, the largest decline in nine years. Mervyn King was reappointed as the Bank of England Governon after his term expires in June of this year. The Bank of England released in its Lending to Individuals Report today that loans granted for purchase to individuals plunged from 81,000 in November to 73,000 in December against the estimate of 79,000.
123jump.com Staff
30 Jan, 2008
New York City
ASX 200 index declined 1.7% or 97.8 to close at 5,618.70. BHP Billiton today signed an agreement with China''s leading steelmaker Baosteel to supply an additional 94 million tons of iron ore at a price that is to be determined. MFS, fund manager froze one of its funds for six months to prevent run on the fund. Woolworth sales rose 8.3%, less than projected. Lihir Gold production in 2007 rose 7.7% to 701,000 ounces.
