- 123jump.com Staff
- 11 Jun, 2008
- New York City
Ranbaxy controlling shareholder Malvinder Singh and his family agreed to sell their entire stake to Japan based Daiichi Sankyo for 737 rupees per share at 31% premium to the closing price on Tuesday. The deal values the company at 34,000 crore rupees or $8.5 billion. Sensex recovered after declining for three days. Tata Group is looking to raise $1 billion to finance additional acqusitions.
- 123jump.com Staff
- 11 Jun, 2008
- New York City
Staples, the office supplies leader revised its offer to purchase Dutch company Corporate Express for cash
- 123jump.com Staff
- 11 Jun, 2008
- New York City
The Reserve Bank of India raised its key interest rate by 0.25% to 8%. The RBI noted in its release a sharp rise in inflation to 8.9% in April from 4.4% in January of this year. The sharp increase in energy and food prices has lifted inflation to a record high.
- 123jump.com Staff
- 11 Jun, 2008
- New York City
U.S. stocks opened weak ahead of the weekly petroleum inventory report. The Asian markets closed higher and European markets traded sideways. The activist investor Carl Ichan questioned the Yahoo executives severance pay plan but failed to disclose his payment that most investors find excessive.
- 123jump.com Staff
- 11 Jun, 2008
- New York City
European stocks diverged in the late evening trading. Inflation in France in May rose 0.5% from April and 3.3% from a year ago on rising food and energy prices. The EU27 external current account recorded a deficit of 23.7 billion euro in the first quarter of 2008, compared with a deficit of 30.4 billion in the first quarter of 2007 and a deficit of 2.8 billion in the fourth quarter of 2007.
- 123jump.com Staff
- 10 Jun, 2008
- New York City
Australian stocks dropped nearly 3% after the local dollar fell against the U.S. currency. The prospect of currency market intervention from the U.S. to defend the dollar dragged Australian currency lower. PT Bumi revised its offer higher for Herald Resources. The wine and beer maker Fosters rose after its CEO resigned and estimated earnings between $700 and $715 million. Queensland Gas bids for Roma.
- 123jump.com Staff
- 10 Jun, 2008
- New York City
Stocks in Japan fell despite a government report that showed that machinery orders rose in April as worries on inflation and rising interest rates took their toll on the market. Nikkei 225 fell 1.13% or 160.21 at 14,021.17, and the broader Topix Index dropped 1% or 14.34 at 1,383.20.
- 123jump.com Staff
- 10 Jun, 2008
- New York City
UK stocks fell after home prices declined in May and output index rose in April. Home prices fell marginally according to the chartered surveyors and number of transactions per surveyors fell. In London trading FTSE 100 index fell 0.86% or 50.3 at 5,827.30. The statistics office also observed that manufacturing output increased by 0.3%, while mining and quarrying output fell by 3.2%.
- 123jump.com Staff
- 10 Jun, 2008
- New York City
U.S. dollar rebounded, metal prices fell with a sharp drop in gold and crude oil inched lower. The Fed Chairman Bernanke observed that the current rise in commodities should not be allowed to increase general inflation. While the Fed talk, inflation for most consumer is shrinking their purchasing power. The Fed talk of inflation lifted dollar and dragged most commodities prices and stocks lower.
- 123jump.com Staff
- 10 Jun, 2008
- New York City
Stocks in Hong Kong and Shanghai plunged after the central bank increased cash deposit requirements for banks. The surprise decision caught investors on the wrong footing. Banks, energy and mobile telecom stocks fell. In Shanghai trading CSI 300 Index plunged 8.11% or 282.94 at 3,206.56. In Hong Kong trading Hang Seng declined 4.21% or 1,026.66 at 23,375.52. Yuan traded at a record high against dollar.
- 123jump.com Staff
- 10 Jun, 2008
- New York City
Stocks in Mumbai trading fell 1.2% after inflation worries dominated trading. Sensex dropped 1.2% and has lost 6% in the last five sessions. Rising crude oil prices and jittery investors in the U.S. and Europe have sold nearly $300 million of stocks in India in the last two weeks. The Sensex index now is at a three month low. Rising crude oil and food prices are stocking inflation. BHEL, the engineering company won an order to build a power plant in New Delhi.
- 123jump.com Staff
- 10 Jun, 2008
- New York City
European stocks edged lower and rising crude oil prices and a rise in wholesale price index in Germany. Price of goods at wholesale level surged 8.1% in May a record gain since February 1982. EU 27 nations registered a trade surplus with US of 80 billion euros in goods and service surplus increased to 11 billion euros. The dollar rose against euro as the prospect of interest rate hike and currency market intervention intensified.
- 123jump.com Staff
- 10 Jun, 2008
- New York City
U.S. stocks edged lower as the Fed Chairman Bernanke talked of fighting inflation. Investors see a possible rise in interest rate if food and energy prices remain high. Stocks in resources, fertilizer and energy sectors fell. Banks and financial sector stocks declined led by a drop in Lehman and Morgan Stanley. Australian currency dropped sharply on the worries that the U.S. may intervene in the currency market to protect the dollar. Japan, India and Australian market indexes closed lower.
- 123jump.com Staff
- 09 Jun, 2008
- New York City
The U.S. market indexes closed higher after an index of pendig home sales rose in April. The unexpected rise in the index lifted broader market averages. Lehman Brothers priced its $6 billion offering at a 13% discount and reported its quarterly loss of $2.8 billion. McDonalds reported same store sales surged on higher sales in Europe and Asia. European markers closed mixed but markets in Asia closed lower. Apple fell after it expects lower share of monthly subscription revenue.
- 123jump.com Staff
- 09 Jun, 2008
- New York City
Stocks in Japan and Asia fell tracking the losses in Friday trading in the U.S. Coincidence Index, a measure of current economic activity in Japan fell but an index of leading indicators showed a gain. Economy in Japan has been facing rising food and energy prices and stagnant wages. Resona Holdings led decliners in the Nikkei 225 index shares with a fall of 5.2% followed by losses of 5% in JFE Holdings and in Nomura Holdings, in Tokyo Electron of 4.8%, and Sumitomo Heavy Industries of 4.6%.