123jump.com Staff
14 May, 2008
New York City
China reported a raft of economic data suggesting that the economy continues to grow at a rapid clip. April industrial output rose at 15.7% and international trade rose at 24% in the first four months of the year. Despite a rise in wholesale inflation at 10.3%, retail sales surged at 22% in April from a year ago. However a sharp rise in food and energy costs is hobbling the consumer. In stock trading, Hong Kong Exchanges & Clearing fell after it reported earnings rise of 79%.
123jump.com Staff
14 May, 2008
New York City
The Bank of England inflation report suggested that pressures on inflation are rising as credit market remains tight. Separately the governor of BOE said that inflation may rise above 3% for several quarters. Shareholders of Royal Bank of Scotland approved
123jump.com Staff
14 May, 2008
New York City
Mumbai stocks rose after a rise in IT and metal stocks. Rupee fell to a 13-month low to 42.44 against one dollar as rising crude oil import worries investors. Software exporters gained on rupee weakness. Metal and steel companies added in the trading after the government said it is considering industry request to review duties on metal exports. Cement companies fell on the worries that recent price weakness and rising new capacity will hurt the industry margins.
123jump.com Staff
14 May, 2008
New York City
U.S. stocks advanced in the morning trading as inflation measure showed a smaller than expected rise in April. Monthly inflation rose at 0.2% according to the government. However most consumers feel the pain of rising food and energy costs. Deere & Company fell after earnings rose 22%. Whole Foods dropped 10% after quarterly earnings declined. Markets in Europe, Asia and Mexico traded higher.
123jump.com Staff
13 May, 2008
New York City
Foreing direct investment in China rose 60% in the first four months of the current year. Investors have been untilising the foreign investment approval but the number new manufacturing units declined. China is expected to impose minimum wage rule as of June 2008. A number of companies have also relocated to India and Vietnam as labor costs rise in China. Trade surplus in April declined 1% to $16.6 billion, a rise of 25% from March of this year.
123jump.com Staff
13 May, 2008
New York City
Japan stock indexes advanced on strong earnings results and forecasts from Fujitsu and Isuzu. Isuzu Motor Corp also reported yesterday that it expects net profit to rise 13.2% to 85 billion yen from 71 billion on higher sales in countries that produce raw materials. Fujitsu forecasts net income for the year will rise 107% to 100 billion yen from 48 billion in the fiscal 2007.
123jump.com Staff
13 May, 2008
New York City
London stock indexes declined after a government report showed that inflation rose from 2.5% in March to 3% in April and on news that the government expects house prices to fall between 5% and 10% this year. In London trading FTSE 100 fell 0.14% or 8.7 to 6,211.90. Alliance & Leicester fell 10% after saying in a statement today that writedowns topped
123jump.com Staff
13 May, 2008
New York City
Indian stocks on Wednesday reversed early session gains to settle lower in a mixed trade. In Mumbai trading, the 30-share BSE Sensex fell 0.6% or 108.04 at 16,752.86. On the NSE, S&P CNX Nifty fell 1.1% or 54.85 at 4,957.80. Of the Sensex shares, 21 shares gained and 9 shares fell. Of the BSE traded shares, 1,366 shares advanced, 1,341 shares declined while 76 shares remained unchanged.
123jump.com Staff
13 May, 2008
New York City
European stocks closed higher after the release of earnings from banks Fortis and Societe Generale. SocGen fell after it reported another write down of assets related to credit markets of 1.45 billion euros and 23% decline in earnings. Fortis reported a a decline in earnings of 30% to 808 million euros and reported a mark down of 4.9 billion euros. Credit Agricole earnings falls more than 50% to 892 million euros.
123jump.com Staff
13 May, 2008
New York City
MBIA and Ambac fell after the bond rating agency Moodys raised concerns on the capital adequacy at the insurance companies. MBIA, only a day ago asserted at the time of earnings release that it does not need additional capital and has a significantly higher book value than GAPP accounting would suggest. Moodys suggested that fallng home values and continued decline in loans values in the secondary market may force the insurance companies to raise more capital.
123jump.com Staff
13 May, 2008
New York City
Hewlett Packard agreed to pay $25 per share or $13.9 billion for technology service company EDS. The purchase price is at 33% premium from the last trading price on Friday. HP with the acquisition of EDS hopes to bolster its service business from $17 billion in 2007 to nearly $40 billion in 2009. The deal is expected to GAAP earnings accretive in 2010.
123jump.com Staff
12 May, 2008
New York City
Industrial production in March fell to 3% and for the fiscal year ending in the month declined to 8.1% from 11.6% a year ago. The sharp fall in manufacturing sector output dragged the index lower in the month. Rupee fell in trading to 41.63 on the news. Software exporters rose after a weakness in rupee. TCS, Infosys, Wipro and Satyam rose. Ranbaxy gained 5% after it agreed to develop for the U.S. based Merck anti-infection drug.
123jump.com Staff
12 May, 2008
New York City
Stocks in Japan rose on strong earnings forecasts from Konica Minolta and Orix Corp. A weaker yen also helped exporters. Electric utility companies fell for the second week in a row on record crude oil prices. In Tokyo trading Nikkei 225 rose 0.6% or 88.02 to 13,743.36, and the broader Topix Index increased 0.08% or 1.03 at 1,342.79.
123jump.com Staff
12 May, 2008
New York City
UK traded deficit in March narrowed to
123jump.com Staff
12 May, 2008
New York City
European markets edged higher on the strength in energy and steel stocks. ArcelorMittal and ThyssenKrupp led the rise in market averages in Germany and in France ahead of earnings this week. Societe Generale fell after HSBC took a charge of $3.2 billion to cover losses in the U.S. mortgage loans.
