123jump.com Staff
21 Apr, 2008
New York City
Ping An is reported to have scrapped its plan to sell stock in public offering and instead sell them a private placement through banks. Ping An rose 5%. Sinopec estimated first quarter profit is likely to fall 50% from a year ago on rising crude oil cost. Separately, China is expected to reimburse refiners taxes on crude oil import and significant losses from the price ceiling. Chinese refiners are required to sell petrol at a price fixed by the government. In addition COSCO jumped 7%.
123jump.com Staff
21 Apr, 2008
New York City
Stocks in Tokyo edged higher on growing speculation that U.S. subprime loan losses may remain at current levels. Strong earnings from Caterpillar lifted stocks of Kubota and Komatsu. Honda led gainers in the Nikkei 225 index with a surge of 8% followed by a rise of 7% in NEC. Chip maker, NEC reported better than expected operating profit in 2007.
123jump.com Staff
18 Apr, 2008
New York City
European markets surged after a rally in the U.S. lifted financial stocks. Banks in Europe took advantage of recovering financial markets and offered bonds wirth 12 billion euro. The Spanish government passed fiscal stimulus package of 18 billion euros to bolster the falling economy on weak housing market. Every Spanish tax payers and pensioners will receive 400 euros this year and 8 billion euros are earmarked to distribute next year.
123jump.com Staff
18 Apr, 2008
New York City
February exports rose 5.5% on rising exports to mainland China and Germany. Petro China fell below its offer price in Shanghai on the worries that refining margins will hurt earnings. In Hong Kong trading the benchmark Hang Seng Index declined 0.3% to 24,197.78, down 1.91% for the week, and the China Enterprises Index of H-shares, fell 1.7% to 12,675.43, declining 5.10% for the week. In Shanghai trading, CSI 300 Index dropped 3.4% to 3,272.50.
123jump.com Staff
18 Apr, 2008
New York City
Goolge earnings rise of 30% lifted trading sentiment. Tech stocks surged with Nasdaq climbing 2.6%. S&P 500 index and Dow Jones added 1.8%. Caterpillar earnings lifted export sensitive stocks. Citigroup reported a loss of $5 billion, second in a row and asset write-down of $13 billion. Lower than expected loss from the bank helped financial and brokerage stocks to rebound. European markets closed higher, led by Switzerland. Royal Bank of Scotland to raise 10 billion pounds.
123jump.com Staff
18 Apr, 2008
New York City
Stocks in Japan edged higher on the optimism that global economy may not weaken further. Nikkei 225 rose 0.6% to 13,476.45, a 1.2% gain for the week, and the broader Topix Index increased 0.8% to 1,304.06. The yen weakened further to close at 102.36 yen to a dollar. Shipping lines, banks and export sensitive stocks close higher. The Bank of Japan in its region survey noted that eight of the nine regions are experiencing sluggish economic activities.
123jump.com Staff
18 Apr, 2008
New York City
The ONS reported that March public sector budget deficit rose to
123jump.com Staff
18 Apr, 2008
New York City
U.S. stocks advance after solid earnings from Google, Caterpillar, Honeywell and BB&T. Citigroup reported a loss of $1.02 per share and wrote down $13 billion in assets and credit losses of $2 billion. Google surged 20% after its revenue rose 46% and earnings increased 30% in the first quarter. Honeywell and Caterpillar gain 6% and Citigroup soars 7%.
123jump.com Staff
18 Apr, 2008
New York City
Citigroup, exactly after a deacade of mega merger put together between Citibank and Travelers reported its second quarterly loss in a row. Citi reported a loss of $1.02 per share compared to net income of $1.01 a year ago after revenue plunged 48% to $13.2 billion in the first quarter. Citigroup, sprawling conglomerate of international banking, insurance and investment broker employs 300,000 people. The bank has still not announced plans to reduce its payroll and high cut operating costs.
123jump.com Staff
17 Apr, 2008
New York City
European stocks closed mixed after earnings report from Nokia and strong interest in weekly auction at the Bank of England. The weekly auction attracted three times bid to nearly 49 billion pounds as interbank loan market remains seized. Societe Generale replaces its chief executive but keeps him as chairman for now. Nokia drops 14% after it offered weak earnings outlook on strong euro.
123jump.com Staff
17 Apr, 2008
New York City
U.S. stocks recovered from the morning losses after Merrill reported $9 billion asset write down and expects to eliminate 4,000 positions. Airlines report weak results. Pfizer fell 4% after its net income declined but IBM earnings rose 26% on the strength in Europe and Asia. NY Attorney General opens investigation in auction rate securities. Nokia fell after it offered weak outlook. New York Times and Media General report quarterly losses.
123jump.com Staff
17 Apr, 2008
New York City
The Bank of England weekly auction received more than three times bids for its offer of 13.7 billion pounds as interbank credit market remain seized. The Libor rate declined a fraction, but still hovered near 5.9%, significantly above the BoE target. Separately, Taylor Wimpey issued cautionary earnings guidance for the rest of the year. Of the FTSE 100 stocks, 31 rose and 70 declined on weak trading sentiment.
123jump.com Staff
17 Apr, 2008
New York City
Stocks in Mumbai trading rebounded 1.5% to 16,481 and CNX Nifty rose same to 4,958. Software exporters rose for the second day in a row. Annual wholesale inflation for the year ending on April 5 edged lower to 7.14%. Banks gained after the inflation report. Orchid Chemicals was the most active stock for the second day in a row on the BSE.
123jump.com Staff
17 Apr, 2008
New York City
Merrill Lynch large loss and asset write down surprised the market and U.S. stocks edged lower as new worries related to credit market emerged. Separately, American Airlines reported quarterly loss of $1.32 as its fuel bill surged 48%. Southwest earnings declined on higher operating and fuel costs. However, IBM reported better than expected earnings. TD Ameritrade earnings increased but the stock declined.
123jump.com Staff
17 Apr, 2008
New York City
China increased its reserve ratio requirements for banks to 16% and may increase again if economy does not slow down. Economists are expecting central bank to authorize additional tightening measures after a surge in inflation and rapid rise in property prices and food and energy costs. In Hong Kong trading, Hang Seng rose 1.6% to 24,258 but in Shanghai CSI 300 index fell 3% to 3,386. China reported a total international investment of $92 billion at the end of 2007.
