- 123jump.com Staff
- 30 Jul, 2008
- New York City
Stocks in Japan rallied after a fall in crude oil prices in the region, a sharp rise in Matsushita earnings and expectations of better economic conditions in the U.S. June industrial production in Japan fell 2%. In earnings news, Matsushita earnings in the first quarter rose 86% to 73 billion yen. Nidec, precision motor maker reported 36% rise in net income to 15 billion yen.
- 123jump.com Staff
- 30 Jul, 2008
- New York City
UK stocks closed higher led by miners and financials. The Fed in a conjunction with the Swiss National Bank and the ECB increased its dollar loan facility in Europe, offered longer dated short term loans and extended its access to discount window facility to commercial banks. Separately, Lloyds TSB fell 5% after it reported 70% decline in profit for the first half. However, Xstrata rose 6% after it estimated higher copper and nickel prices and higher output in the second half.
- 123jump.com Staff
- 30 Jul, 2008
- New York City
U.S. stocks traded higher in the early afternoon as crude oil futures rose and financials kept their gains of the day. Crude oil rose more than $5 a barrel after a weekly inventory report showed a larger than expected decline in inventories. Supplies at the end of the last week declined about 5 million barrels. Connecticut sued three bond rating agencies for assigning lower rating on municipal bonds for comparable corporate debt structures.
- 123jump.com Staff
- 30 Jul, 2008
- New York City
U.S. stocks edged higher for the second day after financials gained and crude oil futures declined. Banks and mortgage lenders Fannie and Freddie rose after SEC extended controversial trading ban on short selling till August 12. In earnings, Cummins rose after second quarter earnings gained 37% but CB Richard Ellis plunged 19% after earnings fell 88%. An employment survey by ADP showed a gain of 9,000 jobs in July. The Fed extended its access to discount window to investment banks till January.
- 123jump.com Staff
- 29 Jul, 2008
- New York City
U.S. benchmark indexes staged a sharp reversal and closed 2.4% higher on a drop in oil, better than expected earnings and Merrill Lynch plan to raise capital. Crude oil dropped $2.54 a barrel dragging energy stocks lower with it. Financials closed higher after Merrill Lynch planned to raise $8.5 billion and sell $30 billion of troubled loans at a steep discount. McGraw Hill, U.S. Steel and Hartford Financial Services were few of the companies reported better than expected earnings.
- 123jump.com Staff
- 29 Jul, 2008
- New York City
Stocks in Hong Kong and Shanghai fell as investors worried that U.S. credit market crisis may last longer than estimated. A surprise write down at Merrill Lynch and a gloomy outlook from IMF dragged financials and bench mark indexes lower. In earnings, China Coal Energy reported 59% rise in first half profit on 33% rise in coal prices and 15% rise in production volume. Separately, Yunnan Aluminium net income fell 44% on higher raw materials costs.
- 123jump.com Staff
- 29 Jul, 2008
- New York City
Stocks in Japan fell sharply after June unemployment rose to 4.1% and retail sales in the month edged up only 0.3%. The weak employment and retail sales data dragged market averages lower. In addition, Sony first quarter net income fell 47% to 35 billion yen and Kansai Electric estimated full-year loss of 55 billion yen. Nomura Holdings in the first quarter lost 76.6 billion yen after it set aside 63.1 billion yen.
- 123jump.com Staff
- 29 Jul, 2008
- New York City
UK home loans and mortgage loans fell to an eight-year low in June and below last six month average. Tight credit market conditions played a key role in the weak lending. UK retail sales in July fell and further weakness is expected in August according to a trade report. In London trading banks continued to decline and British Air entered in merger talks with Iberia of Spain. Vedanta Resources first quarter profit rose 6.3% on higher iron ore output.
- 123jump.com Staff
- 29 Jul, 2008
- New York City
U.S. stocks traded near high of the day after earnings from U.S. Steel, McGraw Hill, Group One Automotive and Hartford Financial Services. The deal between two Canadian mining companies Teck Cominco and Fording Canadian Coal Trust valued at $14 billion also lifted trading sentiment. However, Merrill Lynch took a surprise write down of $5.7 billion and plans to raise $8.5 billion after saying it has adequate capital only ten days ago.
- 123jump.com Staff
- 29 Jul, 2008
- New York City
Teck Cominco increases its stake in Fording Canadial Coal Trust after it acquires the rest of 60% stake in the metallurgical coal miner that it does not own. The deal values the company at $14 billion and will be financed with a short term debt of $9.8 billion and $1.5 billion in equity offering. The merger of two mining companies is expected to be accretive by the end of the year and increase operating earnings by 50% in 2009.
- 123jump.com Staff
- 29 Jul, 2008
- New York City
U.S. stocks traded higher in the morning after earnings from U.S. Steel and Amgen beat expectations. U.S. Steel surged nearly 10% after it reported second quarter earnings surge of 55% to $668 million or $5.65 per share. Amgen reported earnings of $1.14 a share. Valero, the largest crude oil refiner reported earnings decline of 67% to $734 million or $1.37 a share.
- 123jump.com Staff
- 28 Jul, 2008
- New York City
Another day another sell-off in financial stocks. IMF report warned that the U.S. housing market has yet to reach a bottom and estimated nearly $1 trillion in losses for global banks. The report put investors on the defensive and stocks in financial, home builders and banking sectors fell. Merrill Lynch dropped to a new low in the last ten years. Toyota lowered its outlook for annual unit sales and Honda lowered its earnings estimate for the quarter. UK home prices fell in June.
- 123jump.com Staff
- 28 Jul, 2008
- New York City
Stocks in Hong Kong trading fell but in Shanghai rose. Banks and telecom services companies declined in Hong Kong led by a decline in HSBC and China Mobile. Shipping companies, China Cosco, Pacific Basin and China Shipping Container Lines fell on weak global outlook. China trade with Asean member nations increased 27% in the first five months of the year.
- 123jump.com Staff
- 28 Jul, 2008
- New York City
Stocks in Japan edged higher on a rise in commodities related stocks. Yahoo Japan reported 18% rise in earnings and gained 4% in trading. Honda lowered its earnings outlook on higher raw materials costs and Toyota Motor Corp lowered its annual sales outlook by 3.6% to 9.85 million units and production estimate by 4.5% to 9.5 million vehicles. Tokyo Electric Power estimated annual loss of 280 billion yen and increase rates by 12%.
- 123jump.com Staff
- 28 Jul, 2008
- New York City
Stocks in London fell after weak housing market data and lack of interest in financial stocks. Two separate surveys showed a decline in home prices in June and indicated further declines are likely as credit markets remain tight. Financial stocks fell after Australia and New Zealand Banking Group tripled its loan delinquencies rate. Royal Bank of Scotland sold its stake in a joint venture with Tesco to the retailer.