- 123jump.com Staff
- 18 Sep, 2008
- New York City
Central banks in six countries, including the Bank of England added liquidity in the short term dollar loan market. The coordinated move led by the U.S. Federal Reserve Bank will facilitate lending between banks which has dried up since the falel of AIG and Lehman Brothers. UK also banned short sale of financial stocks to prop up banks and brokerage houses. Lloyds TSB agreed to acquire HBOS plc for 12.2 billion pounds after the lender stock nearly falls 40% this week.
- 123jump.com Staff
- 18 Sep, 2008
- New York City
Stocks in Hong Kong trading plunged 7.7% before recovering in the afternoon after six largest central banks added liquidity in the credit market to tune of $188 billion. Fearful investors sold stocks in banking sector after the U.S. market indexes lost more than 4% in the overnight trading. The Hong Kong benchmark index recovered in the afternoon to close nearly unchanged. But nervousness still persists in the market and Shanghai closed 1.7% lower.
- 123jump.com Staff
- 18 Sep, 2008
- New York City
Stocks in Mumbai edged higher after banks rebounded. Central banks in six countries in a coordinated move added $180 billion in new liquidity to international credit markets, led by the U.S. Federal Reserve Bank. HDFC, State Bank of India and Kotak Mahindra closed higher. The wholesale price index increased 12.14% for the latest period ending in the first week in September.
- 123jump.com Staff
- 18 Sep, 2008
- New York City
Six central banks in a coordinated move increased dollar supply in global credit markets as interbank lending comes to a grinding halt in the wake of AIG fall. The Fed led move in conjunction with central banks in Canada, Japan, UK, Europe and Switzerland will make available as much as $247 billion of liquidity. The move, though welcome by banks around the world is not likely to calm nervous investors. Separately in the UK, Lloyds TSB will acquire HBOS for 12 billion pounds.
- 123jump.com Staff
- 17 Sep, 2008
- New York City
Stocks in Australia edged lower as global credit crisis brought down the largest insurance company AIG and receive emergency bailout from the U.S. Fed. The emergency action sent shock waves around the world and only a day ago one of the oldest brokerage houses in the U.S., Lehman Brothers had sought bankruptcy protection. The interbank lending in the U.S. and Europe remain frozen as banks avoided lending to each other.
- 123jump.com Staff
- 17 Sep, 2008
- New York City
Stocks in Hong Kong and in Shaghai dropped more than 3.6% on persistent worries related to the health of the U.S. financial system. The latest bailout of AIG with a huge loan of $85 billion only added to the pile of long worries of rising inflation in China and falling property prices. Hong Kong real estate prices are expected to decline at least 10% as lending tightens and global credit markets worries persist.
- 123jump.com Staff
- 17 Sep, 2008
- New York City
The Bank of Japan left its key rate unchaged at 0.5% and added liquidity to the system. Nikkei 225 rose 1.21% or 140.07 to 11,749.79, and the broader Topix Index advanced 0.4% or 3.86 to 1,121.43. The U.S. Fed bailed out AIG after it offered emergency loan of $85 billion. The bailout, a temporary measure failed to boost investors sentiment. In Tokyo trading banks and real estate companies declined. Commodities prices fell on a weakness in base metals.
- 123jump.com Staff
- 17 Sep, 2008
- New York City
The U.S. benchmark indexes fell more than 4% as investors sell on worries of broadening financial crisis and the nature of response from regulators and politicians. The latest AIG bailout appears adhoc and piecemeal and the U.S. regulators lack a coordinated strategy to deal with systemic failure that has a real potential of dragging the U.S. into a long period of economic malaise. Precious metals surged as investors feared more poor response from the central bankers.
- 123jump.com Staff
- 17 Sep, 2008
- New York City
Stocks in Mumbai, India declined 1.9% as financial stocks in the region declined in the wake of broadening U.S. financial crisis. ICICI Bank dropped 4.8% after it disclosed $25 million exposure to Lehman Brothers, the bankrupt investment banker. Sterlite Industries fell 8.9% to 435.25 rupees and Reliance Industries declined 3% to 1,864.70 rupees. Rupee traded to 9-year low as it reached near 47 to a dollar.
- 123jump.com Staff
- 17 Sep, 2008
- New York City
Financial and mining stocks in UK plunged as world markets decline for third day this week. The ongoing widening U.S. financial crisis has unnerved major European and Asian investors. The U.S. financial system weakness has spread from brokers to banks to insurance companies. The BoE along with other central bankers took measures to improve liquidity, but measures fell short of calming investors. UK unemployment rate rose in three months to September.
- 123jump.com Staff
- 17 Sep, 2008
- New York City
Banks, brokerage houses, insurance companies and credit card processors fell sharply after the U.S. bailout of AIG failed to improve liquidity in the interbank loan markets. Dow, Nasdaq, Russell 200 and S&P 500 plunged as much as 5% before rebounding to a loss of more than 3%. Banks plunged more than 8% and Goldman Sachs and Morgan Stanley declined more than 20%. Crude oil fell but gold surged as investors lose their confidence in central bankers.
- 123jump.com Staff
- 16 Sep, 2008
- New York City
European markets closed lower after banks in the region dropped and ECB in coordination with Swiss National Bank and the U.S. Fed added liquidity to the system. Barclays, after the close may have reached an accord to buy Lehman capital markets operations in the U.S. AIG downgrade dragged UBS down 17% and HBOS by 21%. Xstrata dropped 7% after copper and other metals fell more than 3%. Energy companies in the region dropped after crude oil futures fell 3%.
- 123jump.com Staff
- 16 Sep, 2008
- New York City
U.S. stocks traded volatile as AIG plunged 75% in the morning and recovered to close down 21%. The giant insurance company debt was downgraded by several rating agencies but optimism ran high in the late afternoon that Fed emergency package may be released soon. Investors around the world sold stocks of financial institutions after Lehman filed bankruptcy. Goldman Sachs earnings dropped 70%. Mexico dropped 4% and European markets fell.
- 123jump.com Staff
- 16 Sep, 2008
- New York City
Stocks in Australia dropped as banks around the world declined after Lehman Brothers filed for bankruptcy protection and AIG faced liquidity issues and sought $75 billion in emergency funding. The news of two large financial meltdown rattled investors aroud the globe. Lehman Brothers owes A$400 million to Australian banks. Babcock & Brown led decliners in the index stocks with a plunge of 48%. Commodity stocks also slipped as crude oil prices declined 5.4%.
- 123jump.com Staff
- 16 Sep, 2008
- New York City
Stocks in Asia and in Japan fell as banks plunged after Lehman Brothers filed bankruptcy protection, Merrill Lynch was sold to Bank of America and AIG faced liquidity crunch. The U.S. financial crisis continues to deepen as more companies are ensnared. AIG, the largest insurance company may need to raise $75 billion in emergency funding, which increasingly looks unlikely. Seven banks in Japan have combined exposure of $1.6 billion to the failed investment banker Lehman Brothers.