123jump.com Staff
04 Jun, 2008
New York City
After a heated debate the government approved price increase for petrol, diesel and cooking gas. The price increase of 5% and lower of import duties will help state controlled oil companies to reduce losses. Sensex index fell sharply after the price increase on the fears that record inflation will only rise. The 30-share BSE Sensex fell 2.8% or 447.77 at 15,514.79. On the National Stock Exchange, the S&P CNX Nifty declined 2.8% or 130.3 points at 4,585.60.
123jump.com Staff
04 Jun, 2008
New York City
U.S. stocks were on the decline after another rating agency analyst voiced his concern on adequacy of the capital ratios at Barclays, BNP Paribas, Societe Generale and Lehman Brothers. Home builders Hovnanian and Toll Brothers fell after reported wider than estimated losses. Guess surged nearly 10% after it reported sharply higher earnings. European markets fell more than 1% and in Asian trading India dropped 2.8%.
123jump.com Staff
03 Jun, 2008
New York City
Stocks in London trading manage to close higher after a day of volatile trading led by Royal Bank of Scotland. Bankers estimate strong demand for recent rights offering from RBS. The lender also advanced on market speculation that the Children
123jump.com Staff
03 Jun, 2008
New York City
Japan stock indexes traded in negative territory after a rising yen affected exporters and realty stocks plummeted on signs of tightening credit markets. In Tokyo trading Nikkei 225 declined 1.6% or 230.97 at 14,209.17, and the broader Topix Index fell 1.2% or 17.66 at 1,407.44. Subprime losses from the US loans at Japanese financial companies total 1.8 trillion yen at the end of March 2008 quarter.
123jump.com Staff
03 Jun, 2008
New York City
Chinese telecom stocks fall after a three-way deal among China Netcom, China Unicom and China Telecom for $56 billion. Yuan gains to a record high. In Hong Kong trading Hang Seng Index declined 1.83% or 455.60 at 24,375.76, and the China Enterprises Index of Hong Kong-listed mainland companies, or H shares, dropped 2.88% or 404.39 at 13,621.98. In Shanghai trading CSI 300 Index shed 0.32% or 11.72 to 3,614.11.
123jump.com Staff
03 Jun, 2008
New York City
Satyam, software services provider, lost its appeal in London to block a trial in Texas court against a former client that fell behind payment. The client, UK based Upaid Systmes, hopes to recover $1 billion in damages and the case will be tried in Texas to settle the claims of forgery while transfering the technology to Upaid. Separately, Tata Motors completed its purchase of two luxury brands Jaguar and Land Rover from Ford Motor Company.
123jump.com Staff
03 Jun, 2008
New York City
U.S. stocks declined as investors worried that credit market losses may increased. Lehman Brothers, the subject of intense investor speculation said that it did not access Fed discount window and it has sufficient liquidty. Lehman dropped 9% after losing 8% in the previous session. Fed Chairman Bernanke in his comments talked tough on inflation and defending dollar, however investors remain skeptical. Brazil lost 2.6%. European markets recovered on 0.8% rise in GDP in the first quarter.
123jump.com Staff
03 Jun, 2008
New York City
European retailers lifted the market indices in the region higher while declining oil price added the positive market sentiment. The European Statistics office Eurostat reported economic growth in the region rose 0.8% in the first quarter of 2008. Investment and construction spending in Germany helped the region. German auto sales, exports and production fell in May but for the first five months in the year registered gains.
123jump.com Staff
03 Jun, 2008
New York City
U.S. stocks struggle as worries of new credit market losses make rounds. Recent downgrade of bonds from Moodys and warnings of possible asset write downs at financial brokers left market on the defensive. Especially, Lehman Brothers is facing intense investors scrutiny. Lehman at the end of the quarter reported financial leverage of 27 to 1 and remains vulnerable to weakness in the housing market and leveraged loan after-market.
123jump.com Staff
03 Jun, 2008
New York City
Chairman Bernanke in his latest speech appears to stress the importance of controlling inflation expectations and protecting U.S. dollar. The renewed stress on dollar and focus on inflation lifted dollar. However, investors remain skeptical. In the past, the Fed has talked tough on inflation and seen the Fed lower inflation to a historic low. Food and energy inflation in the last five years and rising home prices in the last ten years have only ravaged consumer purchasing power.
123jump.com Staff
02 Jun, 2008
New York City
S&P downgrade on banks and financial brokers turned market sentiment negative. The rating agency estimated that earnings at Morgan Stanley, Lehman Brothers, and Merrill Lynch are likely to be lower as more losses are expected. S&P also revised its outlook to negative on Bank of America and JP Morgan. Separately, Wachovia ousted its chief executive and Washington Mutual apponted new chairman to the board. European stocks closed sharply lower on the worries related to banks.
123jump.com Staff
02 Jun, 2008
New York City
Seasonally adjusted Hong Kong dollar M1 decreased by 0.1% in April but rose by 14.6% year on year. Unadjusted Hong Kong dollar M3 expanded by 0.1% during the month and grew 10.5% from a year earlier. HKMA reported rise in surplus at the end of April by HK$1.8 billion to HK$494.8 billion.
123jump.com Staff
02 Jun, 2008
New York City
In Tokyo trading a gain in financial and commodities stocks lifted market indexes. The government reported wages in April rose 0.6% from a revised rise of 1.5% in March to 281,246 yen. The number of hours worked per person in the month was unchanged at 154.5 and number of full time employees increased 1.7% to 44.8 million.
123jump.com Staff
02 Jun, 2008
New York City
Bradford & Bingley plunges 21% after it agreed to sell 23% of the company to a private equity firm TPG. The deal to take a stake in the lender was agreed at 33% discount to the Friday closing price. Home mortgages issued in April fell to 58,000 in April from 63,000 in March according to the data released by the Bank of England.
123jump.com Staff
02 Jun, 2008
New York City
Stocks in Mumbai fell as the government debated a fuel price increase. The ruling party coalition discussed various diverging proposals with no decision. Prime Minister Singh said that the fuel price rise is inevitable. Separately, April trade deficit rose to a record high of 9% as oil price increased import bill. Exports in the month rose 31% but imports surged 36%. Auto sales in May rose as consumers bought more motor cycles and small cars.
