- 123jump.com Staff
- 15 Aug, 2008
- New York City
UK stocks declined as weakness in oil and metals prices dragged benchmark index lower. Anglo American, BHP Billiton and Rio Tinto declined between 4% and 6%. Michael Page dropped 5% after it rejected an offer from Adecco SA that valued the company at $2.4 billion or 400pence a share. The pound dropped for the second week in a row as interest rates are likely to decline on weakening economy. The pound dropped 1% before recovering to close 0.3% lower in the session and lost 3% in the week.
- 123jump.com Staff
- 15 Aug, 2008
- New York City
Hong Kong economy expanded at 4.2% in the second quarter after rising at 7.3% in the first quarter. The government maintained the annual growth outlook at between 4% and 5% after expanding at 6.4% in 2007. The economy contracted at 1.4% in the second quarter when compared to the first quarter. U.S. led economic slowdown and a fall in consumer spending on the island dragged the economy to the slowest pace of expansion in the last five years.
- 123jump.com Staff
- 15 Aug, 2008
- New York City
Stocks in Japan rose fractionally and for the week added 1.1%. The cost of non-performing loans disposal rose by 70% at the end of the quarter in June. Shipping companies rebounded for the second day in a row after the freight rate index closed higher. The index had fallen 40% from its peak in May and climbed 6% for the week. Chipmakers rallied on the speculation that Seagate Technology Inc may be interested in SanDisk Corp.
- 123jump.com Staff
- 15 Aug, 2008
- New York City
Commodities fell sharply in the morning trading after dollar rose and sentiment improves in the favor of the currency. Gold 3% to $772 before recovering to $791 an ounce but silver dropped 11%, platinum declined 9% and crude oil fell 2%. U.S. stocks are expected to open mix as dollar continues to climb from its lows against euro and pound. The pound has lost nearly 5.5% in the last two weeks of trading.
- 123jump.com Staff
- 14 Aug, 2008
- New York City
Stocks in Hong Kong rose but in Shaghai fell after industrial production in China declined in July. The slowest rise in production in the last six months at 14.7%, is still robust despite the factory closures around Bejing during Olympics. China may raise its inflation target to 7% from 5% to maintain economic growth.
- 123jump.com Staff
- 14 Aug, 2008
- New York City
Urban Corp, one of the leading listed real estate developers in Japan filed for a court protection. The filing spurred concerns among banks and other real estate management funds of losses. K.K. DaVinci, largest real estate manager in Japan dropped 11% and Kansai Urban declined 8% to a five-year low. NTT Urban declied 4% as well. Separately, Baltic Dry Index rose 1.5% after dropping for a month as crude oil traded higher and demand for ocean freight remained stable.
- 123jump.com Staff
- 14 Aug, 2008
- New York City
The market averages closed higher fighting a barrage of economic news. Inflation index in July rose at the sharpest pace of 0.8%, existing home sales fell in the month to a 10-year low, crude oil inventories declined and initial clamis of unemployment fell 10,000 to 450,000 at the end of last week. Stocks managed to rise as finacials, commodities and energy related companies closed higher. In Europe, euro zone inflation rose and economic growth turned negative. Inflation in India surged.
- 123jump.com Staff
- 14 Aug, 2008
- New York City
UK stocks gained as much as 1.7% on a sharp rise in commodities stocks. The benchmark index closed up 0.9% after the release of inflation data in the U.S. Euro zone inflation reached 4% in the last month according to the latest data released today. British Air, American Airlines and Iberia signed a joint business tie up and plan to seek approval from the U.S. and European authorities. Barclays fell after analyst at Goldman Sachs estimated
- 123jump.com Staff
- 14 Aug, 2008
- New York City
Stocks in Mumbai fell sharply after wholesale inflation at the end of the first week in August surged to a record high. The rising fuel and food prices contributed to the rise. The index had risen only 4% in the same period last year. The rise in inflation only firms the RBI stance in keeping the monetary policy tight. Banks and financial stocks fell. Automakers fell after the government indicated no plans to lower fuel prices, despite the recent declines.
- 123jump.com Staff
- 14 Aug, 2008
- New York City
U.S. stocks fell after a sharp rise in inflation and weakening European economies. Consumer price index in July rose at 0.8% and so called core rate of inflation increased at 0.3%, above the target range of the Fed. The sharp increase in inflation, as measured by CPI, has increasingly been viewed as a lagging indicator and many people experience higher inflation that recorded by the index. European economies shrank in the second quarter at 0.2% after rising at 0.7% in the first quarter.
- 123jump.com Staff
- 13 Aug, 2008
- New York City
Financials and retailers fell after weak earnings and cautious outlook on these sectors. Macys fell after quarterly sales declined and Liz Claiborne dropped the most in S&P 500 index after it reported a loss. Bank of America led the decline in financial sector after a cautious outlook from Merrill Lynch. Deere & Company dropped 3% after it missed earnings estimates. Crude oil rose after the weekly inventories dropped more than expected.
- 123jump.com Staff
- 13 Aug, 2008
- New York City
U.S. stock fell after weaker than expected earnings from Deere & Company and Macys. Deere reported earnings of $1.32 a share compared to $1.18 a share on the revenue rise of 17% to $7.7 billion. Macys net income in the second quarter fell 3% and on higher integration cost earnings rose to 17 cents a share compared to 16 cents a share. Bank of America and other banks fell after cautious comments from Merrill Lynch. CVS Caremark agreed to buy Longs Drug Stores for $2.7 billion.
- 123jump.com Staff
- 12 Aug, 2008
- New York City
JP Morgan Chase comments on the outlook in the second half and expectations of rising losses in its credit portfolio dragged financials and benchmark indexes fell. The U.S. trade deficit in June fell 4% to $56.8 billion. Exports rose on weaker dollar but imports in the month rose 1.8% to $221.2 billion of which petroleum products accounted $44.5 billion. The newly merged Thomson Reuters second quarter earnings fell to $172 million or 22 cents a share.
- 123jump.com Staff
- 12 Aug, 2008
- New York City
U.S. market averages fell after financials fell. J P Morgan in the latest regulatory filing suggested that losses are likely to increase in the second half of the year. Analyst lowered their views and earnings on Goldman Sachs. Crude oil fell below $113 a barrel, lifting transportation and airlines stocks. AMR, the parent of American Airlines rose after positive comments from a broker.
- 123jump.com Staff
- 12 Aug, 2008
- New York City
U.S. stocks traded lower after one hour of trading. The U.S. trade deficit in June fell 4% to $56.8 billion after shrinking to $59.2 billion in May according to the Commerce Department. Imports in the month rose 1.8% to $221.2 billion of which crude oil and petroleum products accounted for $44.5 billion at a cost of $117.13 a barrel. The trade deficit with Asian countries persisted and gap with China rose to $21.4 billion from $21 billion in May. Fluor Corp and McDermott International fell.