- 123jump.com Staff
- 16 May, 2008
- New York City
The government agency in China reported urban property prices rose 10.1% in April from a year ago and prices of new building rose 11.4% in the month. The property investment surged nearly 25% in the first four months of the year matching the rate in 2007. Shipping and container companies surged after 4% rise in Baltic Dry Index that tracks ocean freights in the world.
- 123jump.com Staff
- 16 May, 2008
- New York City
British Energy surged 5% after it reported that it exploring merger possibilities with several bidders. British Energy news lifted FTSE 100 index 0.8% to 6,304. British Air reported 45% rise in profit on 3% rise in revenue. Despite the higher fuel costs the operating costs were lower. The airline maintained its estimate of 4% rise in revenue in the current year. London financial service sector hiring was up 10% in April according to a private estimate but the number of applicants increased 20%.
- 123jump.com Staff
- 16 May, 2008
- New York City
U.S. and European stocks struggled as crude oil traded near record high. Retail and home builder stocks rallied after 8% rise in home starts in April. Inflation in India soared to a new high as manufacturers struggle with rising commodities prices. JC Penney fell after it reported earnings. Copper, aluminum and zinc added between 1.4% and 2.4%.
- 123jump.com Staff
- 16 May, 2008
- New York City
The latest read on wholesale inflation for twelve months period ending two weeks ago rose to 7.83% from 7.61% in the previous week. The rising inflation in food, energy, fuel and manufactured products prices have put consumers in a tight spot. Government sought and received as much as 5% price reduction in cement prices will help but similar relief is not likely in fuel prices and other industrial products. Sensex 30 index added 0.5% to 17,434.
- 123jump.com Staff
- 16 May, 2008
- New York City
U.S. stocks opened higher after the release of housing start data but quickly lost the ground on a rise in crude oil. April housing starts rose 8.2% and building permits increased 4.9%. The volatile condo construction impacted the monthly rise in addition to the cyclical activity after the winter months. In the earnings news, Kohl''s Corp reported first quarter sales rose 1.5% and net income increased 27%. Thailand, Australia and Indonesia led the gainers in Asia.
- 123jump.com Staff
- 15 May, 2008
- New York City
Stocks in Shanghai and Hong Kong fell on the continued worries related to elevated inflation in the region. However, China reported that non-performing loans fell to 5.8% of all assets, lower than 6.2% at the end of the last year. Fixed asset investment increased 26% in the first four months compared to a year ago period. Separately, software services outsourcing from China rose to $10 billion in 2007.
- 123jump.com Staff
- 15 May, 2008
- New York City
Stocks in Mumbai trading surged higher, led by a sustained gains in capital goods, real estate and software export companies. Rupee continue to hover near 42.60 to a one U.S. dollar level. Rising crude prices and worries related to slower growth in the exports kept the ruppee in check. The Indian rupee has now dropped 10% from its peak in the late December. Larsen Toubro led the gainers in the Sensex with a rise of 5.4% to 2,983 and Reliance Industries added 3.5% to 2,619 rupees.
- 123jump.com Staff
- 15 May, 2008
- New York City
Sony estimated operating profit in the current fiscal year to be at 450 billion yen, 20% higher than a year ago. The better than expected forecast lifted sentiment in trading. Nikkei 225 index increased 0.9% or 133.2 to 14,251. Separately, private sector machinery orders received in March fell 8%. Steel prices paid by Japanese automakers may reach 100,000 yen per ton this year. Sony and Nippon Steel led the gaiers in the Nikkei 225 index and Ebara and Shimizu led the decliners in the index.
- 123jump.com Staff
- 15 May, 2008
- New York City
European nations registered 0.7% growth in the first quarter after growing at 0.5% in the fourth quarter of 2007. Sustained exports to the Middle East and Asian nations have helped companies in the region despite a sharp rise in energy prices. Reflecting a similar demand from Asian nations, Baltic Dry Index retraced its 50% loss from the peak in November of 2007 in the last three months. Ocean freight rates for commodities are now priced at a record high seen in the fourth quarter of last year.
- 123jump.com Staff
- 15 May, 2008
- New York City
Tech and energy stocks advacned in the session. Cisco, Intel, Yahoo, Apple, Google and Research in Motion closed higher and lifted Nasdaq up 1.4%. Energy stocks gained as well, after crude traded at elevated level. Oil drillers, explorers and services providers closed higher. Metals and mining companies gained on the weakness in dollar and sustained demands from China and other Asian nations.
- 123jump.com Staff
- 15 May, 2008
- New York City
Tech stocks rally lifted broader market indexes. Nasdaq index gained 1.2% in the late afternoon on a steady rise in Apple, Research in Motion, Intel, Cisco and Google. Carl Ichan and Paulson & Company acquire a stake in Yahoo hoping to elect board that favors a deal with Microsoft. Retailers also rallied after JC Penney reported lower than expected fall in earnings. Barclays reported a large loss related to credit market assets.
- 123jump.com Staff
- 15 May, 2008
- New York City
Cadbury indicated that profit margin will be 1.5% higher than a year ago and BT Group reported fourth quarter sales increased 2.5%. SABMiller second half profit rose 24% to $1.07 billion and for the year profit rose $2.02 billion. However, Barclays reported a loss of
- 123jump.com Staff
- 15 May, 2008
- New York City
U.S. stocks opened modestly higher. Barclays in its interim report suggested that the first quarter earnings will be lower than in the quarter a year ago and took a charge of
- 123jump.com Staff
- 15 May, 2008
- New York City
CNET Networks, Inc agreed to be acquired by CBS at $11.50 per share or $1.8 billion. The technology and tech news publisher had regained its footing after the tech bubble in the late nineties. In the year 2007 the company had reported revenue of $406 million and earnings of $177 million. CBS locked in a competitive struggle with News Corp has been acquiring Internet properties to increase its audience reach.
- 123jump.com Staff
- 14 May, 2008
- New York City
Stocks in Australia rose after BHP Billiton surged 6% to a record high on a speculation that Chinalco may take a stake in the company. The rampant speculation lifted stocks of other mining companies. ABC Learnings addded 5.4% after the government offered to pay more for childcare to families with income of less than $150,000. Woodside Petroleum completed its acquistion of North West shelf interest.