- 123jump.com Staff
- 26 Jun, 2008
- New York City
Stocks in gained after a week of decline on rising inflation and economic slow down. Sensex in Mumbai rose 1.4% to 14,421. State Bank of India increased its lending rate following a recent increase in interest rate by the Reserve Bank of India. Rupee against dollar contiue to trade lower as crude oil price trade near record level. Stocks in India and Asia are likely to fall on a record high closing of Crude oil in New York.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
The popular indexes Dow, Nasdaq and S&P 500 dropped as investors worried that assset write downs at banks and financial brokers may increase sharply. Goldman Sachs estimated Citigroup to write down $9 billion this quarter and Sanford Bernstein projected a quarterly loss for Merrill Lynch. Stocks in consumer and financial sectors closed sharply lower. UK, Brazil, Spain, Holland, Sweden fell near 3% and all markets in South America and Europe closed lower on the weakness in New York.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
The Bank of Japan policy committee member cautioned that rising prices for consumers may dampen spending and shift spending pattern. The comments suggested that low interest environment in Japan may be necessary to accommodate consumers. Tokyo Electric may report larger than estimated loss in the first half as it struggles to restart recently damaged nuclear power plant. J-Power plunged after shareholders rejected dividend increase proposal from an activist shareholder TCI.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
Regulators in China urge companies to improve their corporate governance and prevent the abuse of company capital by majority shareholders. Stocks in Shanghai and Hong Kong fell as inflation fear persist on rising energy costs. Crude oil price fell in the region. Foxconn fell 5% and Li & Fung dropped 7% on brokerage downgrades. Hong Kong companies are expected to cut production in China located factories on rising fuel and labor costs. China Development Bank takes a stake in UK based Barclays.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
European stocks fell sharply on rising expectations of inflation, higher estimates of losses at banks and continued decline in the U.S. markets. Indexes in Germany and France dropped nearly 2% as the U.S. indexes lost more than 3%. Hypo Real Estate and Dexia led the decliners in DAX 30 and CAC 40 indexes respectively with a loss of 8.4%. Gold surged on weak dollar.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
UK stocks declined after the BOE Governor King projected higher inflation for the rest of the year. Rising fuel and food prices are stoking higher inflation expectations. UK and European markets fell between 1.5% and 2.5% after analysts revised estimate of asset write downs at the U.S. banks higher. Barclays and Royal Bank of Scotland dropped more than 3% and HSBC declined 2%.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
U.S. stocks accelerate their decline after analysts revised their estimates of asset write downs and losses at banks and brokerages. Goldman estimates current quarter asset write down at Citigroup of $8.9 billion and Sanford Bernstein projects a loss of 93 cents per share compared to 82 cents a share profit a year ago. General Motors led the decliners in indexes after a sell recommendation from Goldman Sachs.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
U.S. stocks fell sharply after Goldman Sachs esitmated second quarter asset write down at Citigroup of $8.9 billion, Sanford Bernstein estmated a loss compared to profit at Merrill Lynch. Citigroup fell 5% and Merrill dropped 3%. Separately the final read on the first quarter economic growth was revised higher to 1% from 0.9% and existing home sales in May rose 2% and average home prices fell 6.3% in the month. The U.S. dollar edges lower and crude oil and gold rises.
- 123jump.com Staff
- 25 Jun, 2008
- New York City
In Hong Kong trading Hang Seng Index gained 0.8% to 22,635.16, and the China Enterprises Index of Hong Kong listed mainland shares, or H shares, advanced 1.5% at 12,196.25. In Shanghai trading CSI 300 Index gained 4.12% or 117.62 at 2,969.54.
- 123jump.com Staff
- 25 Jun, 2008
- New York City
Stocks in Japan fell as the worrying economic data from U.S. took its toll on exporters. In particular consumer confidence plummeted to a 16-year low in May, while house prices declined in April. Financial stocks fell as well. Toyota worried that weak U.S. auto sales will drag its global sales. Japan
- 123jump.com Staff
- 26 Jun, 2008
- New York City
London stocks rose marginally driven by financial stocks after Barclays announced a rights issue to boost its capital base from investors including Qatar Investment Authority, China Development and Sumitomo Mitsui Banking Corp. In addition, retailers gained as Qatar Investment Authority upped its stake in Sainsbury to 25.3%.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
Stocks in India rose after a surprise rate hike for the second time by the Reserve Bank of India. The central bank hiked interest rate by 0.5% and increased the bank deposit ratio 0.5%. The twin move to increase rate and deposits are expected to calm the inflation that has roared above 11%. Commercial banks are expected to increaes lending rates soon.
- 123jump.com Staff
- 25 Jun, 2008
- New York City
U.S. stocks maintained upward bias in the morning ahead of rate decision from the Fed this afternoon. MasterCard agreed to pay between $1 billion and $1.8 billion to American Express to settle its claims. Monssanto Company fell 5% after it reported third quarter earnings increase of 42% and offered annual earnings outlook that disappointed shareholders.
- 123jump.com Staff
- 25 Jun, 2008
- New York City
The Fed left its key short term rate at 2% and cited that risks to inflation risk are rising on tighter credit conditions, rising fuel prices and falling home prices. MasterCard surged after agreed to pay $1 billion to American Express to settle its ongoing legal dispute. Research in Motion fell 7% after it reported earnings after the close. In European trading stocks rose after Barclays finalized $9 billion placement from key investors and ECB signaled a rate hike at the next meeting.
- 123jump.com Staff
- 25 Jun, 2008
- New York City
Barclays will raise 4.5 billion in a offering that will have key investors with commitments. Sovereign funds of Qatar and Singapore along with China Development Bank and Sumitomo Mitsui Banking Corporation amon other institutional investors will invest up to 4 billion at a discount of 9.3%. The current and new shareholders will be able to invest at 4.7% discount. The stock rallied in New York and London trading.