123jump.com Staff
11 Jun, 2008
New York City
Crude oil futures shot up $6 at peak before settling with a rise of 4% or $5.40. The sharp rise in oil dragged stocks lower led by losses in financial and tech stocks. Lehman Brothers fell 13% and Goldman Sachs dropped $4.80 or 3%. The chief executive of Royal Bank of Scotland estimated more credit market problems in the next fifteen months.
123jump.com Staff
11 Jun, 2008
New York City
The weakness in financial stocks dragged European market indexes lower. Germany, France, UK and Switzerland dropped nearly 1.7%. Royal Bank of Scotland fell 9% and HBOS, the mortgage lender dropped 12% after the RBS CEO cautioned that more bad news may be ahead in the next fifteen months. The cautionary talk dragged banking stocks sharply lower in the region.
123jump.com Staff
11 Jun, 2008
New York City
UK stocks declined after unemployment rate increased in May to 5.3%. The statistical office, ONS noted that the working age employment rate was 74.9% in the three months to April 2008, unchanged from the three months to January 2008 but up 0.5 percentage points from a year earlier. HBOS Plc led decliners in the FTSE 100 index shares with a drop of 12% followed by losses in Royal Bank of Scotland of 9%.
123jump.com Staff
11 Jun, 2008
New York City
Stocks in Japan rose after the yen climbed to a three-month high on speculation that U.S. interest rates may head higher. Automakers also rose on investor upgrades. Daiichi Sankyo agreed to acquire controllng stake in India based generic pharmaceutical company Ranbaxy from the fouding family and may seek to aquire a majority stake at a price of at least $3.6 billion. The producer price index which measures wholesale inflation increased the most in 27 years to 4.7% from 3.9% in April.
123jump.com Staff
11 Jun, 2008
New York City
Ranbaxy controlling shareholder Malvinder Singh and his family agreed to sell their entire stake to Japan based Daiichi Sankyo for 737 rupees per share at 31% premium to the closing price on Tuesday. The deal values the company at 34,000 crore rupees or $8.5 billion. Sensex recovered after declining for three days. Tata Group is looking to raise $1 billion to finance additional acqusitions.
123jump.com Staff
11 Jun, 2008
New York City
Staples, the office supplies leader revised its offer to purchase Dutch company Corporate Express for cash
123jump.com Staff
11 Jun, 2008
New York City
The Reserve Bank of India raised its key interest rate by 0.25% to 8%. The RBI noted in its release a sharp rise in inflation to 8.9% in April from 4.4% in January of this year. The sharp increase in energy and food prices has lifted inflation to a record high.
123jump.com Staff
11 Jun, 2008
New York City
U.S. stocks opened weak ahead of the weekly petroleum inventory report. The Asian markets closed higher and European markets traded sideways. The activist investor Carl Ichan questioned the Yahoo executives severance pay plan but failed to disclose his payment that most investors find excessive.
123jump.com Staff
11 Jun, 2008
New York City
European stocks diverged in the late evening trading. Inflation in France in May rose 0.5% from April and 3.3% from a year ago on rising food and energy prices. The EU27 external current account recorded a deficit of 23.7 billion euro in the first quarter of 2008, compared with a deficit of 30.4 billion in the first quarter of 2007 and a deficit of 2.8 billion in the fourth quarter of 2007.
123jump.com Staff
10 Jun, 2008
New York City
Australian stocks dropped nearly 3% after the local dollar fell against the U.S. currency. The prospect of currency market intervention from the U.S. to defend the dollar dragged Australian currency lower. PT Bumi revised its offer higher for Herald Resources. The wine and beer maker Fosters rose after its CEO resigned and estimated earnings between $700 and $715 million. Queensland Gas bids for Roma.
123jump.com Staff
10 Jun, 2008
New York City
Stocks in Japan fell despite a government report that showed that machinery orders rose in April as worries on inflation and rising interest rates took their toll on the market. Nikkei 225 fell 1.13% or 160.21 at 14,021.17, and the broader Topix Index dropped 1% or 14.34 at 1,383.20.
123jump.com Staff
10 Jun, 2008
New York City
UK stocks fell after home prices declined in May and output index rose in April. Home prices fell marginally according to the chartered surveyors and number of transactions per surveyors fell. In London trading FTSE 100 index fell 0.86% or 50.3 at 5,827.30. The statistics office also observed that manufacturing output increased by 0.3%, while mining and quarrying output fell by 3.2%.
123jump.com Staff
10 Jun, 2008
New York City
U.S. dollar rebounded, metal prices fell with a sharp drop in gold and crude oil inched lower. The Fed Chairman Bernanke observed that the current rise in commodities should not be allowed to increase general inflation. While the Fed talk, inflation for most consumer is shrinking their purchasing power. The Fed talk of inflation lifted dollar and dragged most commodities prices and stocks lower.
123jump.com Staff
10 Jun, 2008
New York City
Stocks in Hong Kong and Shanghai plunged after the central bank increased cash deposit requirements for banks. The surprise decision caught investors on the wrong footing. Banks, energy and mobile telecom stocks fell. In Shanghai trading CSI 300 Index plunged 8.11% or 282.94 at 3,206.56. In Hong Kong trading Hang Seng declined 4.21% or 1,026.66 at 23,375.52. Yuan traded at a record high against dollar.
123jump.com Staff
10 Jun, 2008
New York City
Stocks in Mumbai trading fell 1.2% after inflation worries dominated trading. Sensex dropped 1.2% and has lost 6% in the last five sessions. Rising crude oil prices and jittery investors in the U.S. and Europe have sold nearly $300 million of stocks in India in the last two weeks. The Sensex index now is at a three month low. Rising crude oil and food prices are stocking inflation. BHEL, the engineering company won an order to build a power plant in New Delhi.
