123jump.com Staff
19 Sep, 2008
New York City
Stocks rallied in the U.S. and Europe after the U.S. government expanded its involvement in supporting the faltering mortgage markets and offered an insurance plan for money market fund. The government is struggling to come up with comprehensive plan to tackle the falling housing market, but so far has offered a piecemeal solution. The additional liquidity provided by the Fed of $188 billion failed to lift market confidence.
123jump.com Staff
18 Sep, 2008
New York City
Stocks in Sydney, Australia fell 2.4% after financials plunged on the continued weakness in the U.S. trading. In the overnight trading in the U.S., benchmark indexes fell more than 4% after banks and brokerage stocks fell. Morgan Stanley and Goldman Sachs last two remaining independent large brokerages fell sharply as investors feared that excessive leverage on their balance sheet will drag down two remaining independent large borkerage houses. Rising gold prices lifted mining stocks.
123jump.com Staff
18 Sep, 2008
New York City
Stocks in Japan fell on market jitters after a sharp fall in banks and brokerage stocks in the U.S. The overnight fall in the U.S. benchmark indexes of more than 4% unnerved investors. The Bank of Japan in a coordinated move with the U.S. Fed and four other central banks agreed to pump liquidity in the credit markets.
123jump.com Staff
18 Sep, 2008
New York City
U.S. stocks surged on the optimisim that regulators will pump new capital in capital markets and devise plans to prop up faltering financial stocks. U.S. regulators demand disclosure of short sellers activities and three largest pension funds in the country will not lend stocks for short sale. Financial stocks surged with Wachovia Bank rallying 50%, led the gainers in S&P 500 index stocks. Of the index stocks, 55 soared 10%, 275 gained more than 3%. Brazil soared 6.5%.
123jump.com Staff
18 Sep, 2008
New York City
Central banks in six countries, including the Bank of England added liquidity in the short term dollar loan market. The coordinated move led by the U.S. Federal Reserve Bank will facilitate lending between banks which has dried up since the falel of AIG and Lehman Brothers. UK also banned short sale of financial stocks to prop up banks and brokerage houses. Lloyds TSB agreed to acquire HBOS plc for 12.2 billion pounds after the lender stock nearly falls 40% this week.
123jump.com Staff
18 Sep, 2008
New York City
Stocks in Hong Kong trading plunged 7.7% before recovering in the afternoon after six largest central banks added liquidity in the credit market to tune of $188 billion. Fearful investors sold stocks in banking sector after the U.S. market indexes lost more than 4% in the overnight trading. The Hong Kong benchmark index recovered in the afternoon to close nearly unchanged. But nervousness still persists in the market and Shanghai closed 1.7% lower.
123jump.com Staff
18 Sep, 2008
New York City
Stocks in Mumbai edged higher after banks rebounded. Central banks in six countries in a coordinated move added $180 billion in new liquidity to international credit markets, led by the U.S. Federal Reserve Bank. HDFC, State Bank of India and Kotak Mahindra closed higher. The wholesale price index increased 12.14% for the latest period ending in the first week in September.
123jump.com Staff
18 Sep, 2008
New York City
Six central banks in a coordinated move increased dollar supply in global credit markets as interbank lending comes to a grinding halt in the wake of AIG fall. The Fed led move in conjunction with central banks in Canada, Japan, UK, Europe and Switzerland will make available as much as $247 billion of liquidity. The move, though welcome by banks around the world is not likely to calm nervous investors. Separately in the UK, Lloyds TSB will acquire HBOS for 12 billion pounds.
123jump.com Staff
17 Sep, 2008
New York City
Stocks in Australia edged lower as global credit crisis brought down the largest insurance company AIG and receive emergency bailout from the U.S. Fed. The emergency action sent shock waves around the world and only a day ago one of the oldest brokerage houses in the U.S., Lehman Brothers had sought bankruptcy protection. The interbank lending in the U.S. and Europe remain frozen as banks avoided lending to each other.
123jump.com Staff
17 Sep, 2008
New York City
Stocks in Hong Kong and in Shaghai dropped more than 3.6% on persistent worries related to the health of the U.S. financial system. The latest bailout of AIG with a huge loan of $85 billion only added to the pile of long worries of rising inflation in China and falling property prices. Hong Kong real estate prices are expected to decline at least 10% as lending tightens and global credit markets worries persist.
123jump.com Staff
17 Sep, 2008
New York City
The Bank of Japan left its key rate unchaged at 0.5% and added liquidity to the system. Nikkei 225 rose 1.21% or 140.07 to 11,749.79, and the broader Topix Index advanced 0.4% or 3.86 to 1,121.43. The U.S. Fed bailed out AIG after it offered emergency loan of $85 billion. The bailout, a temporary measure failed to boost investors sentiment. In Tokyo trading banks and real estate companies declined. Commodities prices fell on a weakness in base metals.
123jump.com Staff
17 Sep, 2008
New York City
The U.S. benchmark indexes fell more than 4% as investors sell on worries of broadening financial crisis and the nature of response from regulators and politicians. The latest AIG bailout appears adhoc and piecemeal and the U.S. regulators lack a coordinated strategy to deal with systemic failure that has a real potential of dragging the U.S. into a long period of economic malaise. Precious metals surged as investors feared more poor response from the central bankers.
123jump.com Staff
17 Sep, 2008
New York City
Stocks in Mumbai, India declined 1.9% as financial stocks in the region declined in the wake of broadening U.S. financial crisis. ICICI Bank dropped 4.8% after it disclosed $25 million exposure to Lehman Brothers, the bankrupt investment banker. Sterlite Industries fell 8.9% to 435.25 rupees and Reliance Industries declined 3% to 1,864.70 rupees. Rupee traded to 9-year low as it reached near 47 to a dollar.
123jump.com Staff
17 Sep, 2008
New York City
Financial and mining stocks in UK plunged as world markets decline for third day this week. The ongoing widening U.S. financial crisis has unnerved major European and Asian investors. The U.S. financial system weakness has spread from brokers to banks to insurance companies. The BoE along with other central bankers took measures to improve liquidity, but measures fell short of calming investors. UK unemployment rate rose in three months to September.
123jump.com Staff
17 Sep, 2008
New York City
Banks, brokerage houses, insurance companies and credit card processors fell sharply after the U.S. bailout of AIG failed to improve liquidity in the interbank loan markets. Dow, Nasdaq, Russell 200 and S&P 500 plunged as much as 5% before rebounding to a loss of more than 3%. Banks plunged more than 8% and Goldman Sachs and Morgan Stanley declined more than 20%. Crude oil fell but gold surged as investors lose their confidence in central bankers.
