- 123jump.com Staff
- 22 Aug, 2008
- New York City
The UK economic growth was flat in the second quarter compared to the first quarter and rose only at 1.4% from a year ago. The manufacturing sector declined for the second quarter in a row as manufcturers battle rising value of pound in international markets. Conumers are battling rising inflation driven by higher energy and food prices. Separately Aon agreed to acquire Benfield Group for 840 million pounds.
- 123jump.com Staff
- 22 Aug, 2008
- New York City
U.S. brokers may be forced to write down more mortgage related assets in the latest quarterly results. Three largest brokerages collectively have $3 trillion of assets on their balance sheets. Even 3% decline in asset values can wipe out the entire equity base of these companies. Citigrop estimates Goldman Sachs, Morgan Stanley and Lehman Brothers may write down $6.4 billion of mortgage related assets.
- 123jump.com Staff
- 22 Aug, 2008
- New York City
Stocks gained a day after falling sharply on a sustained rise in inflation. Stocks rose as crude oil prices fell in the region and generally good monsoon season in the country. Normal rainfall in the most part of the nation has raised hopes of a rise in farm income and spending.
- 123jump.com Staff
- 22 Aug, 2008
- New York City
U.S. and European stocks rallied after a sharp drop in crude oil prices and a rebound in the dollar. Talks of possible interest in acquiring Lehman Brothers by Korea Development Bank lifted financials. European markets rallied more than 1.5%. UK market index rallied on a drop in oil price but the UK economic growth in the second quarter was flat or 1.4% form a year ago. The express delivery carrier, TNT surged on the speculation of talks with UPS.
- 123jump.com Staff
- 22 Aug, 2008
- New York City
Talks of takeover in the U.S. and UK lifted stocks in the two regions. Korea Development Bank may bid for Lehman Brothers and Dutch insurance broker Aon Corp agreed to purchase UK reinsurer Benfield Group Ltd for 844 million pounds. The takeover talks bolstered optimisim in trading but shareholders of Fannie and Freddie may face siginficant loss even from the current depressed price levels. Crude oil futures fell and lifsted transportation stocks in Europe and New York trading.
- 123jump.com Staff
- 21 Aug, 2008
- New York City
Commodities and crude oil futures rose sharply lifting resource stocks for the second day in a row. The dollar hovered near its recent lows. Cocoa prices surged after demand supply gap was doubled from the previous estimate. Base and precious metal prices closed up as demand from China rises after the completion Olympic Games. Crude oil futures jumped more than 5%.
- 123jump.com Staff
- 21 Aug, 2008
- New York City
Hong Kong stock indexes fell on the comments made by chairman of Hutchinson Whampoa Li Ka Shing that it was unrealistic to expect the government to rescue the market. The Hong Kong billionaire and widely respected investor observed that in these difficult times it will not be prudent to pursue acquisitions. Rising crude oil prices also put renewed pressure on stocks and benchmark indexes in Hong Kong dropped 2.6% and in Shanghai fell 3.5%.
- 123jump.com Staff
- 21 Aug, 2008
- New York City
Global credit markets weakness spread by the regulatory failures in the U.S. financial system continue to hobble investors in Japan and in Asia. Stocks in Tokyo fell. Japan trade surplus in July dropped 87% to 91 billion yen as imports rise faster than exports on rising crude oil prices. Exports to China and Asia continue to rise and but exports to the U.S. declined for the eleventh month in a row.
- 123jump.com Staff
- 21 Aug, 2008
- New York City
Wholesale inflation index, measured on a rolling weekly basis for the annual period surged to 12.63% at the end of first week in August. Sustain rise in crude oil and food prices contributed to the increase in index. Economists expect the inflation index to rise to 14% by the end of the year before cooling off to 9% or lower. The inflation news dragged stocks sharply lower on the worries that monetary policy may be tightened more to curb the rising demand.
- 123jump.com Staff
- 21 Aug, 2008
- New York City
Credit market worries continue to drive negative sentiment in world markets. Asian markets closed sharply lower on the worries of falling exports and talks of rising credit defaults. Rising inflation also dragged emerging markets in Asia and in Europe lower. European markets edged lower despite a sharp reversal in crude oil prices. U.S. market indexes fell as investors speculate on Freddie Mac, Fannie Mae and Lehman Brothers. Gold rebounded.
- 123jump.com Staff
- 20 Aug, 2008
- New York City
U.S. stocks traded sideways under the shadow of a likely bailout of Freddie Mac and Fannie Mac. Both lenders fell sharply on the growing belief that stock holders may be wiped out if the U.S. Treasury injects cash in the company. European markets edged higher on a rise in metal and oil prices. ArcelorMittal agreed to acquire a port and iron ore miner in Brazil for $810 million. Brazil, Peru and Canada soared. Hong Kong and Shanghai surged on expectations of stimulus package in China.
- 123jump.com Staff
- 20 Aug, 2008
- New York City
The Competition Commission today blamed BAA Ltd for poor services and air delays and may order the company to sell Gatwick or other airports. Selling airports is not likely to solve any problem unless new runways are added. The Ferrovial SA unit disagreed with the assessment. London Heathrow Airport is one of the most expensive airports in the world to fly to or transit through and has one of the worst delays in last one year.
- 123jump.com Staff
- 20 Aug, 2008
- New York City
China increased the prices paid to power plants by grid operators for the second time in two months. The 6% increase was lower than required to maintain profitability and power companies stocks fell. The largest grid operator State Grid Corp of China hopes that China will allow it to pass on the hike to customers to stem losses. Banks, insurance realty and energy companies in Hong Kong trading surged.
- 123jump.com Staff
- 20 Aug, 2008
- New York City
Stocks in Tokyo fell as traders could not shake off persistent worries related to the health of the U.S. financial companies. Lehman Brothers may be forced to sell assets and mark down financial assets of $4 billion in its upcoming earnings scheduled next week. Shippers in Asia and in Japan fell after the freight rate index fell. Slower demand in the U.S. is likely to force Toyota to lower its unit sales target to 9.5 million.
- 123jump.com Staff
- 20 Aug, 2008
- New York City
India asked foreign investors to trim their holdings in commodities exchanges below 49% by June 2009 or below 5% for a single investment entity. NYSE Euronext, Citigroup and Merrill Lynch each own 5% stake in the MCX and Goldman Sachs own 7% in NCDEX. Cell phone and other telecom operators rose after the telephone regulator permitted Internet based discount telephone services. Bharti Airtel and Reliance Communication rose on the hopes that revenue impact will be marginal.