- 123jump.com Staff
- 16 Sep, 2008
- New York City
Several ratings agencies lowered their ratings and views of credit derivative counterparty risk level for AIG. Investors quickly reacted to the downgrades and sold AIG stock. AIG plunged 42% as the lowered ratings willl only force th battered insurer to raise additional $11 billion. AIG has been in contact with the Fed to raise emergency loan after the company and private investors failed to agree on terms.
- 123jump.com Staff
- 16 Sep, 2008
- New York City
Banks around the world fell as investors sell stocks in Asia and Europe. The prospect of AIG bankruptcy filing swirled the borderless global markets and banks in Japan, China, Hong Kong, Korea, India and in UK dropped. Japanese and Korean banks plunged as several banks in the region have nearly $1.5 billion in loan exposure to Lehman Brothers. Metals and crude oil futures fell to six-month lows in New York trading.
- 123jump.com Staff
- 16 Sep, 2008
- New York City
U.S. financial crisis deepened as Lehman Brothers filed for bankruptcy protection, AIG faces a severe credit test and liquidity crunch and Merrill Lynch was forced to sell the company to Bank of America. The Fed and the U.S. Treasury are finally sending clear signals to global markets and allowed Lehman to fall. Once unthinkable, talks of AIG bankruptcy intensifed ahead of the Fed rate decision tomorrow. AIG may need to raise as much as $75 billion in the short term.
- 123jump.com Staff
- 15 Sep, 2008
- New York City
European markets participated in a global sell-off as the U.S. financial crisis broadens. Lenders, brokerage houses and other financial companies declined in Europe and UK. Lehman Brothers after seeking bankruptcy protection in the U.S. was forced out from energy and commodities tradig in London. Separately, BASF agreed to acquire Ciba for Sfr 3.45 billion.
- 123jump.com Staff
- 15 Sep, 2008
- New York City
Stocks in Australia fell after Lehman Brothers decided to seek bankruptcy protection. The news rattled markets in Australia and few other markets that were open in Asia. Lehman Brothers, struggling for months to find a buyer finally was forced to seek protection as a deal with Korean bank unraveled. Australia suspends Lehman from the exchange membership.
- 123jump.com Staff
- 15 Sep, 2008
- New York City
The financial regulator FSA in Japan ordered Lehman to retain assets at least equal to debt in the country. Separately, three banks in Japan have bank debt exposure of at least $750 million to Lehman. Over the weekend Lehman said that it intends to file for bankruptcy protection which was followed with a filing on Monday morning. Markets in Japan, China and Korea were closed.
- 123jump.com Staff
- 15 Sep, 2008
- New York City
Stocks in India and Asia declined as Lehman Brothers bankruptcy filing kept investors on the sidelines. Financial stocks in India and in the region fell as the U.S. financial crisis broaden. The U.S. regulators and the Federal Reserve scramble to arrange orderly fall of weak financial players. Merrill Lynch agreed to sell the company at near fire sale price to Bank of America. The software service providers fell sharply as more U.S. financial sector clients face troubles.
- 123jump.com Staff
- 15 Sep, 2008
- New York City
Investors appear skeptical of Bank of America purchase of Merrill and drive BofA stock lower by 16%. Merrill after rising as much as 30% gave up half of the gains and Bank of America stock accelerated its decline in the last one hour and fell 19%. AIG facing liquidity crunch declined 45% as it seeks emergency cash. Lehman Brothers fell 93% after it sought bankruptcy protection with $613 billion in debt.
- 123jump.com Staff
- 15 Sep, 2008
- New York City
The U.S. financial landscape was drastically altered over the weekend as the credit crisis deepens. The slow motion crisis finally engulfed Lehman Brothers as it filed for bankruptcy. Merrill Lynch was forced to sell the company to Bank of America at a substantial discount. AIG hunts for cash but may come up empty handed as international investors stay away from the U.S. companies. European markets fell between 4% and 5% and few Asian markets that were open on Monday dropped 4%.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
Australia lowered its wheat production estimate to 21 million tons from as high as 24 million tons. Perilya Ltd led advancers in the benchmark ASX 200 index shares with an increase of 61% followed by rise in Allco Finance Group of 27%. New Zealand July retail sales declined 0.8% after dropping 1% in June.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
Retail sales in China in August surged 23.2% from a year ago according to the latest statistics from the National Bureau of Statistics. The sales of automobiles were up 19% and petroleum and related products sales were up 60%. Industrial production increased 12.8% from a year ago in August, reflecting a 1.9 percentage points drop from July and a 4.7 percentage points decline from the same period a year ago. Electric utility companies rose on the speculation of retail price hikes.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
Gross domestic products in Japan for three months ending in June was revised lower to a decline at annual rate of 3% compared to 2.4% decline in the previous estimate. Domestic demand was lowered from a decline of 0.6% to 0.7% and private residential investment was estimated at a decline of 3.5% from 3.4% loss in the preliminary estimate.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
Stocks in Europe and London rose after a decline for four days in a row. Rising metals prices and improved sentiment in financial sector lifted broader market averages. Traders pinned their hopes on a possible deal between Lehman Brothers and a consortium led by Bank of America and a possible interest from Barclays. Lehman is seeking to sell the company to a buyer after the troubled mortgage securities dealer reported record quarterly loss.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
July industrial production in India rose 7.1% from June production when I increased at 5.4%. Volatile capital goods production in the month surged 21.9% from 12.3% increase in June. Manufacturing accounting for 80% of total rose 7.5% in the month, mining output increased 5% and electricity generation increased 4.5%.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
U.S. stocks fell in the morning trading after Lehman Brothers searches for a buyer. The potential buyers are looking for a guarantee or assitance of the Fed in evaluating Lehman assets. The acqusition price increasingly looks at or below current market price as the stock has declined 80% this week. Japan economy shrank at 3% rate in the second quarter. U.S. retail sales in August fell 0.3% but in China rose 23.2%.