123jump.com Staff
16 Apr, 2008
New York City
GDP in the first quarter in China dipped to 10.6% from 11.7% a year ago, industrial production rose 16.4% and inflation to 8%. Food prices in the quarter surged 21% on tough weather conditions and rising fuel prices in the international markets. Retail prices in the quarter rose 7.4% and producer prices increased 6.9%. The news sent stocks lower in China and Hong Kong on the worries that the government will take measures to tighten the economy further.
123jump.com Staff
16 Apr, 2008
New York City
Stocks in Japan rose after the credit market worries eased and earnings from Intel lifted tech stocks. In Tokyo trading Nikkei 225 rose 1.2% or 155.55 to 13,146.13, and the broader Topix Index gained 1.4% or 17.59 to 1,273.56. Electric utilities have initiated contract negotiations with Xstrata and hope keep the coal at prices level from Australia.
123jump.com Staff
16 Apr, 2008
New York City
U.S. stocks edged higher after March inflation and industrial production increased 0.3%. Housing starts in the month fell 12% to a level last seen in 1991. Separately, earnings from Wells Fargo, JP Morgan, Coca Cola, CSX, and Intel lifted sentiment. Wells Fargo and JP Morgan hinted that credit market turmoil may be near end. Intel surged after it reported healthy sales and met earnings expectations. Talbots trades sharply lower on lack of bank credits.
123jump.com Staff
15 Apr, 2008
New York City
Two industry associations one in Europe and the other in China forecasted higher demand for steel in 2008. The revised estimates lifted steel companies talks higher in the region and talks of price hikes intensified. Automakers and other durable goods makers are bracing for a price hike between 5% and 9%. LVMH reported first quarter sales rise of 5% but at Accor declined on exchange rate losses. Tesco annual earnings rose 12% on 11% rise in sales.
123jump.com Staff
15 Apr, 2008
New York City
Crude oil closed at yet another record high even the latest OPEC report suggested a decline in demand in the second quarter. Crude oil closed near $114 a barrel. Exxon Mobil and Chevron led the gainers in the oil complex stocks but refiners Valero and Tessoro took another hit. Several regional banks including Regions Financials, U.S. Bancorp, M&T Bank, reported earnings and stake sales in recently listed credit card processor Visa.
123jump.com Staff
15 Apr, 2008
New York City
Crude oil prices reached another record intra-day high as investors pile in looking for higher returns. Speculators and commodities investors are driving crude oil prices higher as the Fed keeps lowering interest rate. The Fed and the U.S. Treasury talks about strong dollar but have done little to save the dollar. U.S. dollar has fallen 60% against the euro in the last four years. Wheat led commodities with a rise of 120% followed by soybean with 94% and crude oil with 68% in the last year.
123jump.com Staff
15 Apr, 2008
New York City
Infosys, the second largest software exporter reported first quarter income rise of 19% and the company expects higher revenue in the medium term. The earnings report lifted market averages. In Mumbai trading, the 30-share BSE Sensex gained 2.2% or 346.02 at 16,153.66. In the broader markets, the National Stock Market rose 2.1% or 101.85 at 4879.65.
123jump.com Staff
15 Apr, 2008
New York City
Record prices in metals and crude oil lifted select stocks and brader market averages but inflation fears persisted in the market. In Hong Kong trading, Hang Seng Index rose 0.40% or 90 to 23,901.33. In Shanghai trading, CSI 300 Index rose 1.3% or 46 to 3,583.30. China expects steel demand to rise 10% to 520 million tons and domestic suppliers are expected to meet almost all the demand. Dubai based fund expects to set up a fund to invest $1 billion in China.
123jump.com Staff
15 Apr, 2008
New York City
Delta and Northwest agreed to merge after months of discussions that almost floundered on opposition from pilots and other unions at Northwest. The merger of two airlines with few routes overlapping is likely to pass regulatory approval as industry consolidates in the face of rising oil prices and weak pricing power. The merged airlines will operate as Delta have global headquarter in Atlanta and current Delta executives will dominate the board and executive positions after the merger.
123jump.com Staff
15 Apr, 2008
New York City
Stocks in Japan and Asia rebounded on rising energy and metals prices. In Tokyo trading Nikkei 225 increased 0.6% or 73 to 12,990, and the broader Topix Index rose 0.8% to 1,255.97.Corporate bankruptcy filing increased 18% to 11,333 for the year ending in March. New condominiums put up for sale in the Tokyo metropolitan area in March fell for the seventh straight month by 17.8% from a year ago to 4,490 units.
123jump.com Staff
14 Apr, 2008
New York City
European markets fell across the region on new worries related to the banking sector. Wachovia Corp, the fourth largest bank in the U.S., reported $2 billion in asset write down and forced to raise $7 billion. Banks in Germany, France, and UK fell. Royal Philips reported earnings of 219 million euros, lower than expectations. Volkswagen first quarter sales increased 7% on sharp rise in sales in China and Brazil. Berlusconi leads in the race to be the next Prime Minister.
123jump.com Staff
14 Apr, 2008
New York City
Wachovia Corp reported quarterly loss in the first quarter, wrote down its assets by $2 billion, cut its dividend by 41% and will raise $7 billion in fresh capital. The news sent market averages and banking sector stocks lower. In the commodities market, sugar, crude oil and gasoline increased, lifting stocks in the energy sector. Petrobras, in Brazil, surged on an oil field find. Berlusconi returned to govern Italy, for the third time.
123jump.com Staff
14 Apr, 2008
New York City
ANZ launches an internal inquiry to review its securities lending business and its relationship with the collapsed Opes prime broker.
Virgin Blue plunged 22% to a record low after its controlling shareholder Toll Holdings Ltd decided not to sell its stake on lack of investor interest. Virgin Blue last week slashed its net income forecast to less than $140 million for the year ending in June 30, down from $216 million a year earlier. Of the ASX 200 index stocks, Toll Holdings Ltd led decliners.
123jump.com Staff
14 Apr, 2008
New York City
The ONS reported that the output price index for domestic sales of manufactured products rose 6.2% in the year to March, compared with the rise of 5.9% in the year to February. The rising prices at producer level dragged stocks sharply lower. FTSE 100 index stocks fell 1.08% or 63.9 to 5,831.60. Whitbread led advancers in the FTSE 100 index shares with a rise of 2.4% followed by increases in SABMiller of 1.7% and in HBOS of 1.2%. Friends Provident and Carphone Warehouse led decliners.
123jump.com Staff
14 Apr, 2008
New York City
China''s foreign currency reserves jumped to $1.68 trillion at the end of the first quarter, 40% rise from a year ago. The sharp rise in foreign reserves is fueling inflation and attracting speculative capital to China. Investors have to come to believe that China will have to strengthen its currency against dollar and increase interest rate to slow down economic expansion. In Hong Kong trading the Hang Seng Index fell 3.47% or 856.59 at 23,811.20.
