123jump.com Staff
07 Aug, 2008
New York City
U.S. stock benchmarks fell on large loss at AIG and other financial companies, weaker than expected earnings from consumer related stocks and mixed same store U.S. retail sales. Global financial companies exceeded $500 billion cumulative losses. Same store sales in July fell but sales at discounters rose. Barclays rose after it reported 35% drop in profit. In Japan, Toyota and Kubota reported profit declines. Shipping lines in China fell on the fourth weekly decline in freight rate index.
123jump.com Staff
07 Aug, 2008
New York City
Stocks Hong Kong edged higher but in Shanghai fell a fraction. Financial stocks were mixed after a sharp loss at AIG but better than expected earnings at Standard & Chartered. Airlines, commodities and shipping lines fell. Shipping lines fell after Baltic Dry Index fell for the fourth week in a row. China Cosco, CSCL and CSD dropped nearly 6%.
123jump.com Staff
07 Aug, 2008
New York City
Stocks in Japan fell as worries related to banking sector earnings rose. Losses at financial institutions in Japan increased above 1 trillion yen and are likely to climb higher. Chuo Mitsui Trust Holding first quarter profit fell 52%. Machinery order in June rose. Kubota first quarter revenue fell 2.5% and earnings declined 16.5%. JAL net loss in the quarter shrank to 3.4 billion yen.
123jump.com Staff
07 Aug, 2008
New York City
The Bank of England left its key rate unchanged at 5% and ECB left its key rate at 4.25%. UK is facing slowing housing market and manufacturing and service sectors and retail sales are falling as well. However, food and energy prices are rising. The economies in Europe and UK are slowing down but inflation pressures are expected to rise. The comments of the ECB chief were interpreted as further hikes in the rates are less likely and may be lowered by the end of the year.
123jump.com Staff
07 Aug, 2008
New York City
U.S. stocks fell on further weakness in financial companies and a drop in earnings from Toyota, Martin Marietta Materials, Cardinal Health, Atlas Air Worldwide, Fortress Investments Group. Retailers reported mixed same store sales with Target sales declining and Wal-Mart issuing a conservative outlook for August.
123jump.com Staff
07 Aug, 2008
New York City
Stocks traded sharply lower after a loss at AIG, weak retail sales outlook and Toyota Motor and Allianz earnings drop. AIG, the largest insurer reported wider than expected loss and may be forced to raise capital as its portfolio losses mount. Earlier, Allianz SE, the largest insurer in Europe reported lower earnings on losses at its banking unit Dresdner Bank. Wal-Mart Stores fell after it offered a cautious outlook for August sales.
123jump.com Staff
06 Aug, 2008
New York City
The U.S. stocks closed higher after trading lower for the most of the day. Cisco reported 10% rise in sales and offered outlook that investors found optimistic. Freddie Mac reported sharply lower revenue and a loss that was three times more than the estimates. The troubled mortgage lender is looking to raise $5 billion. The loss dragged financial stocks lower. Crude oil fell after the release of weekly inventories data. Asian and European stocks closed mixed.
123jump.com Staff
06 Aug, 2008
New York City
Stocks in Shanghai gained as crude oil prices fell. Hong Kong markets were closed on impending tropical storm. China increased its loan quotas for regional banks for small and medium companies after the credit markets tightening affected lending to the sector. Oil refiners, airlines and chemical companies rose after the recent drop in crude oil future prices. Commodity stocks fell after gold prices plummeted 2.4% to $886.10 an ounce. Zjin Mining Group Co. fell 2.7%.
123jump.com Staff
06 Aug, 2008
New York City
Stocks in Tokyo rallied tracking the gains in the U.S. markets. Benchmark index rose 2.6% and broader index gained 2.4% on the hopes that exports to the U.S. will be sustained. Mitsubishi UFJ first quarter earnings fell 66% from a year ago to 51 billion and total net assets dropped 3% to 9.3 trillion. Sony agreed to acquire 50% stake in the joint venture Sony BMG that it does not own for $900 million and cash in the balance sheet of the venture.
123jump.com Staff
06 Aug, 2008
New York City
Lonmin Plc led advancers in the index shares with a rise of 47.74% after Xstrata Plc made an unsolicited
123jump.com Staff
06 Aug, 2008
New York City
Larger than expected loss at Freddie Mac and sharply lower earnings at Whole Foods turned tradning sentiment negative. Benchmark indexes opened lower and quickly fell more. Freddie Mac slashed its dividend by 80% and reported three times more than expected loss. Whole Foods third quarter earnings of 24 cents a share, the stock fell 20%. Cisco revenue fourth quarter revenue rose 10% and earnings gained 4%.
123jump.com Staff
05 Aug, 2008
New York City
The Fed decision to leave rates unchanged only fueled fires to the rally that was already in progress by mid-day. S&P 500, Nasdaq and Dow rose near 3% in the hope that rates will remain low for the rest of the year. The Fed in its commnets said that econoy remains weak but inflation is likely to fall in coming months. European markets closed higher but Canada fell and Latin American markets closed up. Cisco closed up in after hours on revenue rise that met expectations.
123jump.com Staff
05 Aug, 2008
New York City
Stocks in Shanghai and in Hong Kong fell sharply on the weakness in financial stocks and export worries to the U.S., the largest market for Chinese products. The benchmark indexes fell 2.5% in Hong Kong and Shanghai. Weak results from banks dragged financial stocks lower. Export Import Bank of China reported that non-performing loan ratio declined to 1.8% from 2.4%. Bank of East Asia interim profit declined 52% on losses related to credit markets.
123jump.com Staff
05 Aug, 2008
New York City
U.S. stocks rose sharply before the rate decision and extended their gains after the Fed left its key rate unchanged at 2%. The Fed suggested in the accompanying statement that economy is likely to remain weak for the rest of the year as credit remains tight, energy prices are at elevated levels and weakness in housing market persists. The Fed suggested that while commodities prices are high and are likely to remain volatile but inflation is likely to fall in the coming quarters.
123jump.com Staff
05 Aug, 2008
New York City
Stocks in Japan edged lower as futures of crude oil and base metal prices declined. Paper, rubber and transportation companies rose but stocks of commodities trading and refining companies fell. In merger news, Orix and Credit Saison are exploring merger to form the largest non-bank financial company in Japan with asset of 11 trillion yen. Steel companies stocks fell on the worries that demand may decline in the second half of the year.
