123jump.com Staff
09 Apr, 2008
New York City
UK manufacturing index rose in the first quarter but consumer confidence in March fell. The International Monetary Fund lowered the growth estimate for UK to 1.6% from 1.8% for the current year. ONS reported first quarter total output rose 0.4% on the rise of 0.3% in manufacturing. Cairn Energy led gainers in the FTSE 100 index shares with a rise of 4.5% followed by increases in BG Group of 3.4%, in Vedanta Resources of 3%, in BHP Billiton of 2.4%, and Anglo American of 2.3%.
123jump.com Staff
09 Apr, 2008
New York City
Stock in Mumbai edged higher on better than expected earnings from Yes Bank. The bank also said that it has no exposure to derivatives and risky loans linked to the U.S. loans. The news sent stocks in the banking sector higher. Sensex added 1.3% or 203 to 15,790. On the National Stock Exchange CNX Nifty advanced 0.8% or 37 at 4,747. Tata Power got a loan of $450 million to build a power plant in Mundra, Gujarat with a capacity of 4,000 MW.
123jump.com Staff
09 Apr, 2008
New York City
U.S. stocks fell sharply in the morning trading after string of negative news. Crude oil surpassed $111 a barrel, UPS lowered its earnings estimates for the first quarter and Goldman Sachs reported higher level of level-3 assets and 35% decline in revenue at the end of the first quarter. American Airlines grounded 1,000 flights for inspections.
123jump.com Staff
09 Apr, 2008
New York City
China reported a decline in consumer confidence in the first quarter on rising food and energy prices. However, real estate sales continue to surge in March after falling for two months in a row. Stocks in Shanghai plunged 5% as investors worried that earnings in the first quarter will be lower than expected. Hang Seng index fell 1.4% but recovered from larger losses on rising energy and commodities stocks.
123jump.com Staff
09 Apr, 2008
New York City
The new governor at the Bank of Japan left key interest rate unchaged at 0.5% and warned that economy is sluggish and private investment from businesses is declining. Japanese steelmakers agreed to pay nearly three times for the coking coal from Australia. Coal miners in Australia have raised prices for the last five years to take advantage of economic boom in China and India. Earlier South Korea agreed with a similar price hike.
123jump.com Staff
08 Apr, 2008
New York City
Global markets were on the decline after the IMF quarterly report estimated $1 trillion in U.S. loan related losses. The estimate put investors on the defensive and urged banks and world financial regualtors to act quickly to improve health of lenders. Separately, Washington Mutual announced a plan to raise $7 billion, including $2 billion from a private equity group TPG Capital led investors. Home builders declined sharply. Coal and other mineral miners surged.
123jump.com Staff
08 Apr, 2008
New York City
London stock averages fell after a report by mortgage lender HBOS said house prices fell 2.5% in March from the previous month. However, gains by commodity stocks helped trim losses. In London trading FTSE 100 fell 0.41% or 24.6 to 5,990.20. The International Monetary Fund said today that banks and governments should be prepared for rising losses related to U.S. credit markets and estimated that total losses can reach to $1 trillion.
123jump.com Staff
08 Apr, 2008
New York City
European markets were on the decline after the IMF report suggested that total losses related to U.S. riskly loans could reach $1 trillion. The report predicted dire consequences for banks and financial systems if financial regulators and banks do not act quickly. Banks and brokerage stocks across the region fell.
123jump.com Staff
08 Apr, 2008
New York City
Stocks in India fell after a sell-off in the region on persistent worries related to credit markets. Sensex declined 1.1% or 169 to close at 5,587.62 and CNX Nifty fell 1.1% or 51 to close at 4,709.65. Larsen & Toubro fell 5.1% to 2,581.30 rupees despite the company receiving four orders worth 1,687 crore rupees. Wipro lost 4% and led the decliners among software exporters.
123jump.com Staff
08 Apr, 2008
New York City
Hong Kong Stock indexes fell on resurgent fears of credit market losses that led financial stocks lower. Hang Seng Index fell 1.9% or 267.07 at 24,311.69, and China Enterprises Index fell 1.67% or 223.66 to 13,196.22. Rising commodities prices and weak dollar fueled the inflation worries in the region. China business climate index fell on severe weather condition in the first quarter.
123jump.com Staff
08 Apr, 2008
New York City
In Tokyo trading Nikkei 225 plummeted 1.49% or 199.8 at 13,250.43, and the broader Topix Index fell 1.8% or 22.94 at 1,282.69. Diet in Japan is expected to vote on the appointment of Masaaki Shirakawa as the BOJ governor. The post had been vacant for the first time in eighty years. Separately, private report showed that corporate bankruptcies rose 7.7% in fiscal 2007, for the second year in a row.
123jump.com Staff
07 Apr, 2008
New York City
Santos and its partner Apache Corp based in the U.S. plans to spend $800 million on the development of the Reindeer gas project located off the coast of Western Australia and hopes to deliver gas at the end of the year 2010. Two directors at Fortescue were forced to liquidate their holdings in the company to cover margin loans totaling $23 million. ANZ Bank stock fell 7% after it provisioned $975 million to cover subprime losses, 72% higher than fiscal 2007.
123jump.com Staff
07 Apr, 2008
New York City
European stocks edged higerh after Novartis agreed to purchase a stake in eye care unit of Nestle, J C Flowers pursued Friends and Provident and French railroad company SNCF bid 1.1 billion euros for logistics company Geodis. The deal news lifted stocks across the region. Banks and mining stocks gained after analysts recommended UBS and Anglo American.
123jump.com Staff
07 Apr, 2008
New York City
U.S. stocks gained nearly 0.7% by mid-day trading but lost most of the gains as oil and gasoline climbed. Gold and silver regained some of the luster lost last week. Crude oil traded near record level after a rise of $2.55 to $108.78 a barrel and gold jumped $13.60 to $926 per ounce. Investors bid stocks up in the morning after news of posssible capital injecton of $5 billion in Washington Mutual from a group of investors led by buyout group TPG.
123jump.com Staff
07 Apr, 2008
New York City
Stocks in Hong Kong closed higher after a week of losses on a rise in commodities and earnings from Sinopec. In Hong Kong trading Hang Seng Index rose 1.29% or 314.13 at 24,578.76, and China Enterprises Index of Hong Kong-listed mainland companies, or H shares, edged up 2.15% or 282.31 at 13,419.88.Sinopec stock increased 2% after it reported 2007 net income rise of 5.5% on revenue gain of 13.4% on higher gas and oil revenue. In Shanghai trading CSI 300 advanced 5.34% or 195.12 at 3,845.82.
