123jump.com Staff
01 May, 2008
New York City
The Bank of England in its report on financial stability said that the current re-pricing in the credit markets is taking longer than anticipated. But, added that prices of securities are likely to rebound from the current low in levels in months ahead. FTSE 100 index close unchanged on a weakness in energy and mining and metals related stocks. Smith & Nephew led decliners in the FTSE 100 shares with a drop of 13% followed by losses in Eurasian Natural of 3%, in Home Retail Group of 2.8%.
123jump.com Staff
01 May, 2008
New York City
General Motors and Ford report sales decline but Toyota and Nissan sales rise. As consumer watch the rising fuel cost, more people chose to buy smaller vehicles and forego purchase of light trucks. There were also two fewer selling days in April this year compared to April 2007. GM unit sales declined 17% and sales at Ford fell 12%. Toyota unit sales rose 3.5% and at Nissan sales surged 6.7%.
123jump.com Staff
01 May, 2008
New York City
U.S. stocks traded higher in the morning trading after the release of weekly jobless claims and personal income and expenditure data. Weekly jobless claims increased 35,000 at the end of last week and personal income in March rose 0.3% and personal consumption expenditure rose 0.4%. Exxon Mobil earnings fell short of expectations and stock fell 4%. UBS raised its price target for MasterCard to $350 from $275 and for Visa to $100 from $88.
123jump.com Staff
30 Apr, 2008
New York City
Stocks in Europe rose despite a fall in consumer sentiment. The index declined for the eleventh month in a row on rising commodities prices and worries related to strong euro. German cabinet office approved the sale of 24.9% in Deutsche Bahn. On the earnings front, Siemens earnings fell nearly 70% on 0.5% rise in revenue. Alcatel widened its quarterly loss on higher restructuring charge. Sanofi-Aventis reported earnings rise of 12% to 1.9 billion on revenue loss of 3.3%.
123jump.com Staff
30 Apr, 2008
New York City
The Federal Reserve lowered its key interest rate by 0.25% to 2% and indicated that it may pausse for a while, however, the Bank of Japan left its key rate at 0.5%. China reported a surge in its crude oil imports and consumption as production rose only 2% in the first quarter. Hong Kong retail sales surged in March and in the first quarter. Brazil debt rating was raised to investment grade by S&P as it improves its balance of payment situation lifting Real and Bovespa stock index.
123jump.com Staff
30 Apr, 2008
New York City
The Bank of Japan left its key rate unchanged at 0.5% as economy continues to remain sluggish. Inflationary pressures are on the rise but retail sales remain weak. Japan, in a near 11 year economic slump is now facing inflation from the outside world as commodities and food prices rise. March industrial production declined compared to February and from a year ago. Production is likely to fall further in April. Matsushita surged 14% after it forecasted 10% rise in the current year profit.
123jump.com Staff
30 Apr, 2008
New York City
Hong Kong retail sales in March surge 20% and in the first quarter rose 17%, lifted by a 29% surge in auto related sales. Separately China reported crude oil consumption in the first quarter rose 8% to 91.8 million tons and consumption of petrol, diesel and kerosene rose 16.5%. Crude oil production in China rose only 2.2%.
123jump.com Staff
30 Apr, 2008
New York City
Stocks in India closed lower ahead of the rate decision in the U.S. The U.S. Fed lowered its key rate by 0.25% to 2% and signaled that future cuts may not be necessary. Reliance Communication earnings surged 71% on 32% rise sales. HDFC declined after it reported 40% rise in income on 33% rise in revenue. Nestle India earnings gained 48% and Videocon Industries profit gained 8%.
123jump.com Staff
30 Apr, 2008
New York City
UK consumer confidence falls to the lowest level in the last sixteen years on worries related to general economic conditions and weak housing market. Nationwide Building Society reported today that U.K house prices declined 1% to
123jump.com Staff
30 Apr, 2008
New York City
U.S. stocks edged higher on the release of first quarter GDP data. The economy in the quarter rose at annual rate of 0.6%, same rate as in the fourth quarter of 2007. Higher investment in inventory contributed to the mild gain. Citigroup revised its stock offering plan to $4.5 billion from $3 billion. General Motors reported narrower than expected loss. Procter & Gamble earnings rose 7.9% on rising demand in China, India and Latin America.
123jump.com Staff
29 Apr, 2008
New York City
European markets fell after a drop in commodities prices. BP and Royal Dutch Shell edged higher after they reported better than expected earnings. Deutsche Bank reported its first quarterly loss of 131 million after it wrote down loan values of 2.7 billion euros. Tire maker Michelin fell 9% after it reported first quarter sales decline of 2.6% and cut its full year earnings forecast. Eurotunnel will issue rights offering to raise 915 million euros and buy back convertible debt.
123jump.com Staff
29 Apr, 2008
New York City
U.S. stocks fell ahead of rate decision, a decline in consumer confidence and falling home prices. Home prices in February fell 12.7% after falling 10.7% in January. Consumer confidence in April fell on rising commodities and food prices and falling home values. On the earnings front MasterCard surged 13% and Visa increased 7% after they reported surge in earnings. Countrywide Financial reported first quarter loss but loan origination and deposit base rose. Brazil stocks fell 2.8%.
123jump.com Staff
29 Apr, 2008
New York City
Governor Mervyn King was reappointed to the Bank of England by the Treasury Committee in the UK. During the hearing King said that inflation in 2009 may be above 3%. Separately, the Bank of England reported that UK banks issued 64,000 mortgage loans in March compared to 72,000 in February. Mortgage lender HBOS said that it will launch
123jump.com Staff
29 Apr, 2008
New York City
China is expected to offer most of the value added tax as a rebate to oil refining companies to cover losses from the price control. Stock in Shanghai and Hong Kong edged higher on the news. Power generating companies surged on the hopes that similar rebate may be extended to the sector. Bank of China reported 85% rise in earnings. The earnings news lifted financial stocks but the gains were muted ahead of the U.S. Fed rate decision. China Coal surged on strong earnings.
123jump.com Staff
29 Apr, 2008
New York City
The Reserve Bank of India left its key rate unchanged at 6% and issued a guideline to fight inflation and control liquidity. The central bank hiked cash reserve ratio by 25 basis points to 7.75%. The RBI also said that the inflation for the current fiscal year should be brought down to 5% and in the longer term to 3%. The central bank also estimated the economic growth rate in the current fiscal year between 8% and 8.5%.
