123jump.com Staff
26 Sep, 2008
New York City
The U.S. lawmakers struggle to define details and scope of the bailout plan that most citizens view as wasteful and unnecessary. Bank stocks fell after WaMu was seized by the Fed regulators and sold for $1.5 billion to JP Morgan Chase. Wachovia is in negotiation with Citigroup and stock drops 25%.
123jump.com Staff
26 Sep, 2008
New York City
UK benchmark stock index fell 2% after banks and commodities related stocks decline. Weakening domestic economy, tight lending conditions and falling metal prices dragged market indexes lower. The demand for government intervention grew as bankers sought relief in the UK.
123jump.com Staff
26 Sep, 2008
New York City
Hong Kong stocks fell as credit markets weaken in the U.S. and Europe. Ping An will increase its provision for losses after Fortis drops to another low on liquidity concerns. Beijing Airport net income drops 90% on a rise in operating costs and fewer passenger traffic.
123jump.com Staff
26 Sep, 2008
New York City
Australia plans to spend A$4 billion to purchase illiquid mortgage securities and hopes that the move will improve liquidity in the credit markets. Inpex Holdings of Japan picked Darwin for its $20 billion LNG plant after frustration with delays for a location in Western Australia.
123jump.com Staff
26 Sep, 2008
New York City
Consumer price index in Japan rose at a rate faster than wage gains for the fourth month and rose above 2% for the second month in a row. Food, energy and other daily needs continue to rise. In stock trading, shipping lines and steel companies declined.
123jump.com Staff
26 Sep, 2008
New York City
The weakness in financials and realty stocks and dragged the benchmark index lower. Tata Motors fell 3% after the conglomerate sold 1.3% in Tata Steel. Rupee lost 5.6% in the week and dropped as low as 46.97 before recovering to close today at 46.54 to a dollar.
123jump.com Staff
26 Sep, 2008
New York City
U.S. stocks edged lower after lawmakers debate alternatives to the proposed bailout plan from the U.S. administration. Washington Mutual, 120-year old bank was seized and sold by the Federal regulators to JP Morgan. Morgan Stanley, Wachovia and Goldman Sachs dropped. Research in Motion plunged 25%.
123jump.com Staff
25 Sep, 2008
New York City
Washington Mutual, the battered bank was seized by the Federal regulators and sold all of its assets to JP Morgan. The WaMu failure is the largest bank failure in the U.S. history and the bank had $188 billion in deposits but had faced withdrawals of $16.7 billion in the last ten days.
123jump.com Staff
25 Sep, 2008
New York City
U.S. stocks rallied after lawmakers appear to agree on the broad framework of the bailout plan. The plan may release $250 billion immediately but will have the authority to invest up to $700 billion unless the Congress imposes limits at a later date. Markets in Europe and Brazil rise.
123jump.com Staff
25 Sep, 2008
New York City
Stocks in Australia fell after commodities and metal prices declined. Australian banks have less than 1% exposure to the sub-prime loans issued in the country, according to the latest report from the RBA. Australian dollar gained. China based Shagan acquired 45% stake in Australian iron ore company.
123jump.com Staff
25 Sep, 2008
New York City
Stocks in Shanghai rose as China controlled investment arm stepped up its purchase of bank stocks. Bank of East Asia in Hong Kong faced a temporary run after rumors of collapse swept markets. Central bank denied the rumors and added HK$500 million in liquidity and Li Ka-shing purchased its stock.
123jump.com Staff
25 Sep, 2008
New York City
Japan recorded its first monthly trade deficit in 26 years. Rising energy and coal imports and a decline in exports to the U.S. and Europe contributed to the deficit. The Bank of Japan added liquidity to the market and will carry out four more auctions in the rest of the year.
123jump.com Staff
25 Sep, 2008
New York City
Stocks in India fell after financial markets in the region declined. Financials, realty, software exporters and industrials fell. Inflation at the end of last week stabilized but hovered near its peak level. Rupee traded volatile and hovered near 46 rupee to a dollar.
123jump.com Staff
25 Sep, 2008
New York City
Capital One drops after it completed stock offering at a lower price. Bed Bath & Beyond matched the earnings views but predicted lower earnings for the quarter and the rest of the year. General Electric lowered its earnings outlook. McCormick edged higher after third quarter earnings rose.
123jump.com Staff
25 Sep, 2008
New York City
General Electric lowered its earnings outlook for the quarter and the year and said the current difficult conditions in the financial services business are not likely to improve in the near future. The company left its dividend unchanged and suspended its stock buyback plan.
