123jump.com Staff
23 May, 2008
New York City
Japanese stock indexes were mixed as exporters rose after the yen weakened and Chugai Pharmaceutical Co increased as Roche said it will shore up its stake in the company. However gains were trimmed by weak commodity stocks as metal and crude oil prices slumped. In Tokyo trading Nikkei 225 rose 0.24% or 33.74 at 14,012.20, and the Topix Index declined 0.2% or 2.98 to 1,376.69.
123jump.com Staff
23 May, 2008
New York City
Hong Kong continue to trade in a tight range. For the week stocks fell 3.5% as oil surged nearly 10%. Stocks in Shanghai fell 1% in Fridays trading. Talks of telecom deregulaton intensified and several telecom stocks in Hong Kong trading were suspended ahead of annoucements. China Mobile fell but China Unicom, China Netcom and China Telecom surged before the suspension.
123jump.com Staff
23 May, 2008
New York City
Existing home sales in April fell 1% from March and 18% from a year ago. Inventories of unsold homes rose to a 11-month high, indicating rising sale cycle. Median home prices fell 8%. The weak housing market data dragged market averages and stocks in banking and home building segments. Anheuser Busch led the gainers in S&P 500 on a possible bid from InBev at $65 a share or at $46.6 billion.
123jump.com Staff
23 May, 2008
New York City
European markets declined after a regional survey of manufacturing and services organization showed a weakest read in several years. The index in May fell to 51.1 from 51.9 in April. Separately first quarter economic growth in Italy increased at 0.4% from the fourth quarter and rose at 0.2% from a year ago. Volkswagen reported 10.5% vehicles sales rise in April and for the first four months global deliveries rose 7.9% to 2.14 million vehicles.
123jump.com Staff
23 May, 2008
New York City
Rising inflation and elevated crude oil prices dragged stocks lower. Sensex fell 1.5% or 257.47 to 16,649.64 and NSE declined 1.6% to 4,946.55. The stocks fell for the second day in a row on a weakness in realty, energy and metals and mining companies. After the release of wholesale inflation report banks and realty stocks fell. Software company TCS won an order of 1,000 crore rupees to process passport applications from the Indian government.
123jump.com Staff
23 May, 2008
New York City
UK service sector index that tracks output rose 0.5% in the quarter ending in March, according to government statistics released by the ONS. The anemic rise in the service sector dragged stocks lower. The output fell fractionally in the last two months. Separately, Halliburton made an offer to purchase Expro International at 1,525 pence, 7% higher than the offer from Candover Partners. Expro jumped 6% to close above the offer price from Halliburton.
123jump.com Staff
23 May, 2008
New York City
Expro International surged 6% after it received a bid from Halliburton that valued the company at 1.7 billion pounds or 1,525 pence per share. The offer lifted the share above the offer price on the hopes of a revised offer from Candover Partners and Goldman Sachs.
123jump.com Staff
23 May, 2008
New York City
Global markets appear to be in a retreat after Asian markets closed down, European markets trend lower and the U.S. indexes are expected to open weak. Crude oil spiked above $133 a barrel. The weather forecast from the U.S. suggested busy hurricane season with a possibility of 9 significant hurricanes. BHP and Rio Tinto fell in the European trading as investors book profit in the sector. Metals and mining stocks have surged nearly 45% in two months.
123jump.com Staff
22 May, 2008
New York City
Stocks in Japan rose after a government report showed that exports rose more than forecasted in April buoyed by shipments to emerging economies. Japan
123jump.com Staff
22 May, 2008
New York City
Stocks in Shanghai and Hong Kong fell as crude oil continued to rise. The rise in energy prices fueled inflation fears. China also denied that it will deregulate petrol and oil prices. The denial prompted a sell-off in the oil refiners. Hang Seng index fell 1.6% to 25,043 and CSI 300 index in Shanghai declined 1.9% to 3,711. Trade between Hong Kong and mainland China increased 9% to $63 billion in the first four months of 2008, fueling the economic expansion in China.
123jump.com Staff
22 May, 2008
New York City
Energy and mining companies dominated FTSE 100 index traded volatile as crude oil surged above $135 a barrel and closed below $133. The crude oil volatility dragged stocks up and down in listless trading. In earnings news, LSE fell 5% after it reported a profit of 174 million pounds and offered an optimistic outlook that analysts questioned. The largest European stock exchange fell on the worries that rising competition from alternative platforms may hurt the margins.
123jump.com Staff
22 May, 2008
New York City
European markets closed mixed on higher crude oil prices and weak financial stocks. Energy companies rose to a record high tracking record high in the crude oil futures prices above $135 a barrel while airlines led by Air France fell. Crude oil futures reached a new record on supply worries, sustained global demand and weak U.S dollar. Air France reported its first quarterly loss in the last six years on higher fuel costs and charges for anti-competitive practices.
123jump.com Staff
22 May, 2008
New York City
Sensex in Mumbai trading fell as crude oil continued to rise and rupee fell to a 13-month low. The rupee traded in a wide range between 42.61 and 42.84 a dollar and closed at the weakest level of the day. The government is likely to pass another fuel price hike to consumers as crude oil price rises above $130 a barrel. Sensex declined 2% or 336.05 at 16,907.11. On the NSE, the S&P CNX Nifty edged lower at 1.8% or 92.2 at 5,025.45.
123jump.com Staff
22 May, 2008
New York City
U.S. stocks edged higher on the weekly unemployment report. The fall in claims at the end of the last week, lower than expected lifted market averages. Ford Motor cut its production target for the next two quarters by 20% and said that it may only break-even in the year 2009. Earlier it had estimated a return to profitability by the year. UBS offered rights at 31% discount from its closing price on yesterday. Crude oil fell back to $130 a barrel after rising above $135.
123jump.com Staff
22 May, 2008
New York City
Ford Motor Company stock fell 7.5% after it withdrew its 2009 profitability target and cut production. The company now expects at the best to break-even in the year before taxes and special charges. In the second and third quarter auto maker plans to cut production by as much as 20% and between 2% and 8% in the fourth quarter from a year ago. Consumers are increasingly opting for smaller cars and avoid gas guzzling trucks.
