123jump.com Staff
28 Feb, 2008
New York City
European markets fell between 1.5% and 2% after U.S. economy grew at 0.6% in the fourth quarter. The sharp decline in growth prompted worries that European economies may lose its gowth momentum. Euro rose to a record high agaist dollar, third record in a row and oil closed at near record high. Gold, silver, and copper rose. Rhodia tumbled 20% after it reported lower than revised earnings. Bayer fell as well. InBev surged 9% on fourth quarter profit of 900 million euros.
123jump.com Staff
28 Feb, 2008
New York City
U.S. stock indexes lost nearly 1% after the latest read on GDP showed a sharply lower growth in the fourth qaurter. Dollar fell to a record low for the third day in a row against euro and fell against Swiss Franc, British Pound and Brazilian Real. Oil jumped 3% to $102.53 on weak dollar and continued violence in Nigeria. Separately, Sprint reported a huge loss after it wrote-off $30 billion for its recent purchase of Nextel. Sears earnings declined on weak consumer spending.
123jump.com Staff
28 Feb, 2008
New York City
An of $85 billion offer for Xstata from Brazilina iron ore miner Valehas reached an impasse. Glencore, the largest shareholder of Xstrata is demanding marketing rights to sell commodities produced by Vale. Separatly, Royal Bank of Scotland reported first half profit increased 6% to
123jump.com Staff
28 Feb, 2008
New York City
Hopes of yet another rate cut in the U.S. sparked a rally in Hong Kong stocks. The Fed chairman Ben Bernanke comments were interpreted as a possible rate cut if the economy remains weak. Property stocks and banks rallied on the prospect of lower interest rates. Separately, telecom fees fell 13.6% in 2007 and fell 53% in five years according to the Ministry of Telecom. Weak U.S. dollar lifted stocks of commodities companies. Dollar fell to a record low against euro and Asian currencies.
123jump.com Staff
28 Feb, 2008
New York City
Fourth quarter GDP growth declined to 0.6% after the economy expanded at a brisk rate of 4.9% in the third quarter. Real GDP rose at 2.2% in 2007 sharply lower than 2.9% in 2006 according to the Commerce Department. Jobless claims rose 19,000 for the week ending on Feb 23. Separately, Sprint reported a large fourth quarter loss and wrote-off the entire purchase of Nextel, acquired only two years ago.
123jump.com Staff
28 Feb, 2008
New York City
January factory index fell 2% from December but for the year the index rose 2.5%. The decline in manuafacturing prompted worries of economic slowdwn. Nikkei 225 index declined 0.75% or 105.79 to 13,925.51. Aeon Corp reported its net income for the year of 44 billion yen, lower than its estimate of 60 billion yen.
123jump.com Staff
28 Feb, 2008
New York City
Real gross domestic product in the fourth quarter increased at annual rate of 0.6% in the fourth quarter of 2007, according to preliminary estimates released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.9%. Real GDP rose at 2.2% in 2007 sharply lower than 2.9% in 2006.
123jump.com Staff
27 Feb, 2008
New York City
Australia''s biggest retailer, Woolworths Ltd posted first-half net income rise of 28% to $891.3 million in the six months ended Dec. 30 on the back of an 8.6% growth in sales, growth in sales declined from 15.9% in fiscal 2007. Westfield, largest mall operator reported 2007 earnings rose 11.6% on steady rise in retail sales at its locations. NAB hinted that it is pursuing acquisition in the Northwest region of the U.S.
123jump.com Staff
27 Feb, 2008
New York City
Largest mortgage lender in the UK, HBOS, reported 2007 profit edged higher but failed to meet expectations. For the year 2007, the bank reported impairment losses on loans and advances of
123jump.com Staff
27 Feb, 2008
New York City
European Union levied a fine of
123jump.com Staff
27 Feb, 2008
New York City
U.S. dollar reached a record low against euro after the comments from the Fed Chairman Bernanke. Investors now believe that the Fed is more likely to lower rates in the coming weeks. The dollar fell on the news and base and precious metals rose. Oil fell but traded at elevated levels. In earnings news, Autodesk reported 20% rise in sales and flat earnings on sharply lower margins as woes of construction industry hurt higher margin software sales. Dollar traded at record low to $1.5134 per euro.
123jump.com Staff
27 Feb, 2008
New York City
Financial Secretary of the Hong Kong Special Administrative Region John Tsang told the Legislative Council today that budget surplus for the fiscal 2007-2008 will jump to a record HK$115.6 billion, which is about 7.2% of Hong Kong
123jump.com Staff
27 Feb, 2008
New York City
U.S. stocks edged higher as the Fed Chairman gave his assessment to U.S. lawmakers. The comments appear to support growth and less concerned about inflation and support for the currency. Dollar traded at another low against the Euro as investors worried that the Fed will lower rates in the coming weeks. Nortel plans to reduce 2,100 staff and relocated 1,000 jobs to lower cost regions. Nortel fell 10% after reporting larger than expected loss.
123jump.com Staff
27 Feb, 2008
New York City
Tokyo stocks gained for the third day in a row, nearly 5% gain, on the back of improving sentiment in the international markets. Tech stocks in Japan closed higher on the $15 billion stock buyback from IBM. Commodities, metals, and crude oil closed near record level on falling dollar. Crude oil reached $101.35 a barrel and the U.S. dollar fel to a record low against euro. Gold closed at a new high and silver added 3.5%.
123jump.com Staff
26 Feb, 2008
New York City
ASX 200 index rose 1.1% or 61.7 to close at 5,621.60. Zinifex Limited and Allegiance Mining NL today jointly announced a revised takeover offer for Allegiance, priced at $1.10 cash per share. Zinifex delivered a record half-year profit of $1,309.7 million for the period ended 31 December 2007, 74% increase from a year ago on the sale of smelting assets. BlueScope Steel share gained 6.3% after the company hinted that profit in the current half is likely to rise on higher steel prices.
