123jump.com Staff
08 Jun, 2006
New York City
Global rates are on the rise. ECB raised benchmark rate by 25 basis points to 2.75% but Bank of England left rates unchanged to 4.5%. South Korea raised overnight call rate by a quarter percentage point to 4.25%. Turkey raised rates by 1.75% to 15% and Thailand increased by 25 basis to 5%. South Africa raised rates by 50 basis points to 7.5%. Rise in rates pressured metals and oil prices. Markets in the U.S. lost more than 1% at its worst level. Dow recovered from 170 point loss to close up.
123jump.com Staff
08 Jun, 2001
New York City
Global rates are on the rise. ECB raised benchmark rate by 25 basis points to 2.75% but Bank of England left rates unchanged to 4.5%. South Korea raised overnight call rate by a quarter percentage point to 4.25%. Turkey raised rates by 1.75% to 15% and Thailand increased by 25 basis to 5%. South Africa raised rates by 50 basis points to 7.5%. Worldwide rate hike pressured commodities prices.
Elena
08 Jun, 2006
Frankfurt
European stocks closed at their lowest levels for the year. The steep decline reflected a rate rise by the European Central Bank and fears over rate-tightening moves in the world economies. Mining and oil stocks were the most notable losers with BHP Billiton down 6% and BP falling 3.1%. The German DAX 30 tumbled 2.9%, the French CAC 40 slid 2.9%, and Londoon FTSE 100 dropped 2.5%.
Elena
08 Jun, 2006
New York City
In late morning trading stocks moved sharply lower, reflecting lingering concerns about the outlook for interest rates. U.S. crude oil futures fell almost 2% below $70 a barrel, dragging energy companies lower. Shares of Exxon Mobil Corp. fell 1%, ConocoPhillips dropped 1.7%, and Chevron lost 1.6%. Gold stocks moved sharply down as the price of the precious metal dropped $16.40 to $616.20 an ounce.
Elena
08 Jun, 2006
Mumbai
Lack of direction in the U.S. rates have roiled global markets, Indian and Japan were down close to 5% in the session. Small-cap and mid-cap stocks faced wave of selling from domestic investors. Fear that the rates will rise in Europe and Japan kept investors on the edge. Trading was highly volatile with Bajaj Hindustan plunging 20%. Indian Hotels now trades at 50% below the peak in May 2006.
Elena
08 Jun, 2006
New York City
Stocks were mixed in early trading. Concerns about interest rates increases weighed on the Nasdaq and S&P 500, while the Dow advanced due to a strong gain by Procter & Gamble after reaffirming its Q4 earnings guidance and advanced by shares of McDonald''s on better-than-expected May comparable sales.
Elena
08 Jun, 2006
New York City
Stock futures pointed to a weak opening after the ECB raised interest rates, reinforcing an upward trend in global rates. In earnings news, H&R Block, tax-preparation company, reported Q4 net income of $1.77 a share, 4% below a year ago when the company earned $1.83 a share. BMC Software, enterprise management software firm, reported Q4 net profit more than quadrupled to 31 cents a share, from 7 cents a year ago.
Elena
08 Jun, 2006
New York City
Soci
Ivaylo
08 Jun, 2006
New York City
Japan
Ivaylo
08 Jun, 2006
Frankfurt
Concerns prompt that the higher interest rates may hold back economic growth. The European Central Bank releases its interest rate decision at 1145 GMT later today. Most analysts are forecasting a quarter point rate rise to 2.75%, but a small minority expect a decisive 50 basis point rise. That, together with the most likely raising of U.S. rates by the Fed, is ample food for worries about economic growth.
Ivaylo
08 Jun, 2006
New York City
Bernanke''s remarks were considered a signal of further rate increases, sending the dollar up against its major rivals. Another factor for the decline of gold was the hope for a break in the diplomatic impasse over Iran''s nuclear program. Both Tehran and Washington are positively viewing the West''s offer of incentives if Iran stops uranium enrichment.
123jump.com Staff
07 Jun, 2006
New York City
Nervous invesotrs have still not embraced the rise of interest rates as a distinct possibility in the next Fed meeting. Tug of war continues as investors in two opposing camps struggle to define the direction of interest rates and market. Market advanced, close to 1%, after falling for several days, only to lose the entire gain of the day. Market managed to make a mild comeback in the final trading hour. Gold fell as much as $12 but closed only $2 lower and oil fell 3%.
Elena
07 Jun, 2006
New York City
European markets finished largely in the positive, trying to recover from the sharp declines posted Tuesday and awaiting the European Central Bank meeting on Thursday to decide future interest-rate policy. The euro fell 0.5% to $1.2764. London FTSE 100 rose 0.3%, the German DAX 30 added 0.1%, while the French CAC 40 fell 0.1%.
Elena
07 Jun, 2006
New York City
Stocks advanced in late morning on bargain hunting, although interest rate concerns helped limit gains. Helping the Dow, United Technologies Corp. added 1.4% after positive comments from Deutsche Bank. Shares of Google Inc. rose 0.6% after one of the company''s founders met with U.S. lawmakers to press for legislation that would prevent Internet access providers from charging Web sites more for faster content delivery.
Elena
07 Jun, 2006
Mumbai
The Indian benchmark looked fit to recover in the morning session, after shedding 100 points climbed back above 10,000. Later in the session, though, it swung 443 points, striking a low of 9,609.21, to close at 23% lower from its record high of 12,671.11.
