- 123jump.com Staff
- 09 Sep, 2008
- New York City
U.S. stocks traded sideways as crude oil, natural gas, metals and agriculture commodities declined. The dollar rose against euro and British pound. Gold fell more than $10 an ounce. Natural resource stocks led the decliners. Coal miners, specialty chemicals, metals miners and steelmakers fell sharply. Potash Corp, Peabody Energy, U.S. Steel dropped more than 3%.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
Stocks in UK closed higher as the U.S. bailout of Fannie and Freddie bolstered positive sentiment. The ongoing decline in housing market is likely to go on, till the inventories of unsold homes decline. The move, widely expected over the weekend lifted markets in Asia and in Europe, led by a surge in trading volume in Credit Suisse, UBS, HSBS and Royal Bank of Scotland. London Stock Exchange trading platform could accept orders for most of the trading session today.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
Hong Stocks surged 4% but stocks in Shanghai declined 2%. Over the weekend the U.S. government nationalized two troubled mortgage agencies and agreed to inject $200 billion in capital. The seizure widely expected will wipe out stocks holders and left the fate of preferred stock holders undecided. Financial stocks rallied in Hong Kong. Stocks in Shanghai fell as investors worried that the economy in China may slow down further after the Beijing Olympic Games.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
Stocks in Japan rallied as markets in Asia closed sharply higher. On Sunday the U.S. Treasury seized the troubled mortgage lenders, Fannie Mae and Freddie Mac and guaranteed to provide liquidity of $200 billion. Common shareholders stake will be wiped out and the fate of the preferred stock holders is not clear. The move highlights the extent of the problem in the U.S. financial system that has wreaked havoc around the world as global financial markets have lost $16 trillion of value.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
The U.S. nationalized two largest mortgage lenders Fannie Mae and Freddie Mac after their plans to raise capital from private investors failed to attract any interest. The bailout of the lenders may force the U.S. Treasury to inject more than $220 billion in the mortgage market. The action from the U.S. Treasury is not going to prevent home prices from sliding. However, stocks around the world rallied on the hope that the action will help home market stabilize sooner.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
The Nuclear Suppliers Group has agreed to back a deal between the U.S. and India according to several media reports. The deal will help India to alleviate its chronic power supply shortage and diversify its fuel sources. The deal between the two democratic nations will also increase trade in nuclear materials and nuclear reactor building contracts. Stocks in India surged on the approval news. Financials and realty stocks rallied after the U.S. nationalized the two largest mortgage lenders.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
The U.S. government seized control of the two largest mortgage lenders and effectively nationalized Fannie Mae and Freddie Mac with shareholders fate unknown. The weekend nationalization of the two lenders is not likely to solve current financial mess and home prices are expected to fall during the rest of the year and in 2009. The U.S. Treasury will be forced to inject more than $200 billion to support the debt markets and values of the securities held by foreign investors and central banks.
- 123jump.com Staff
- 05 Sep, 2008
- New York City
Stocks in Hong Kong and Shanghai fell sharply tracking losses in European and the U.S. markets. Benchmark indexe in Shanghai dropped 3% and for the year declined 58% and dropped 63% from its peak in October. Stock index in Hong Kong fell 2.2% and dropped 27% for the year so far and 35% from its peak in October last year. Property stocks declined after Goldman Sachs downgraded the sector.
- 123jump.com Staff
- 05 Sep, 2008
- New York City
U.S. stocks recovered at close on a strength in financial stocks. Unemployment rose in August to 6.1%, a five-year high. European markets closed lower and Russia declined the most with a loss of 4%. Brazil, the lone gainer in the Latin markets closed higher after the benchmark index fell for four days in a row. A sharp drop in metals and commodities prices dragged Peru, Chile and UK. Nokia fell as much as 12% after it guided lower third quarter market share.
- 123jump.com Staff
- 05 Sep, 2008
- New York City
Stocks in Japan fell on the worries that weak global markets and rising commodities prices will lower exports and earnings of local companies. That economic view was reinforced by 7.6% decline in capital spending in the second quarter. Steelmakers and exporters fell sharply. Finance ministry reported a decline in reserve of $7.9 billion to $996 billion and stated that it held 24.6 million ounces of gold.
- 123jump.com Staff
- 05 Sep, 2008
- New York City
UK stocks fell 2.3% after commodities and crude oil prices in the region declined. Informa rejected a lowered offer from a consortium of private equity investors and held out for a higher offer. The troubled mortgage lender HBOS plc is exploring a possible sale of its Australian units. Johnson Matthey led decliners in the FTSE 100 index shares with a fall of 8.5% followed by losses in Kazakhmys Plc of 8.2%, in Eurasian Natural of 7.6%, in Ferrexpo Plc of 7.1%, and Antofagasta of 7%.
- 123jump.com Staff
- 05 Sep, 2008
- New York City
Stocks in Mumbai dropped sharply as new information emerged on nuclear deal with the U.S. The Bush administration has conditioned that the supply of the nuclear material will halt if India lifted its moratorium on nuclear tests. The condition violated sovereign right of India to test and BJP and other opposition parties immediately demanded resignation of the prime minister. Financial, realty and telecom stocks fell as weak closing of the global markets dragged the index 2.8% lower.
- 123jump.com Staff
- 05 Sep, 2008
- New York City
U.S. benchmark indexes fell between 1% and 2% after the release of August unemployment data. The jobless rate increased to 6.1% from 5.7% and number of people unemployed increased by 84,000. Stocks fell quickly as crude oil and metals declined. Stock indexes around the world fell, as investors showed aversion to risk. Russian market and currency fell sharply after investors flee Russia on continued fall in commodities prices and an ongoing conflict with Georgia.
- 123jump.com Staff
- 04 Sep, 2008
- New York City
Stocks in Australia fell after it reported a trade deficit in July, surprising the most analysts. The ASX 200 index fell 1.6% or 80.50 too 4,979.50. The Australian Bureau of Statistics reported today that trade deficit in July was A$34 million or A$717 million ($595 million) on a seasonally adjusted basis after trade balance in June was revised to a surplus of A$351 million.
- 123jump.com Staff
- 04 Sep, 2008
- New York City
Stocks in Shanghai and Hong Kong traded mixed. Telecom stocks declined. In Hong Kong trading Hang Seng Index fell 0.91% or 198.58 to 20,389.48 and in Shanghai trading CSI 300 Index rose 0.2% or 5.18 to 2,251.15. National Tourism Administration said China