- 123jump.com Staff
- 15 Sep, 2008
- New York City
Stocks in India and Asia declined as Lehman Brothers bankruptcy filing kept investors on the sidelines. Financial stocks in India and in the region fell as the U.S. financial crisis broaden. The U.S. regulators and the Federal Reserve scramble to arrange orderly fall of weak financial players. Merrill Lynch agreed to sell the company at near fire sale price to Bank of America. The software service providers fell sharply as more U.S. financial sector clients face troubles.
- 123jump.com Staff
- 15 Sep, 2008
- New York City
Investors appear skeptical of Bank of America purchase of Merrill and drive BofA stock lower by 16%. Merrill after rising as much as 30% gave up half of the gains and Bank of America stock accelerated its decline in the last one hour and fell 19%. AIG facing liquidity crunch declined 45% as it seeks emergency cash. Lehman Brothers fell 93% after it sought bankruptcy protection with $613 billion in debt.
- 123jump.com Staff
- 15 Sep, 2008
- New York City
The U.S. financial landscape was drastically altered over the weekend as the credit crisis deepens. The slow motion crisis finally engulfed Lehman Brothers as it filed for bankruptcy. Merrill Lynch was forced to sell the company to Bank of America at a substantial discount. AIG hunts for cash but may come up empty handed as international investors stay away from the U.S. companies. European markets fell between 4% and 5% and few Asian markets that were open on Monday dropped 4%.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
Australia lowered its wheat production estimate to 21 million tons from as high as 24 million tons. Perilya Ltd led advancers in the benchmark ASX 200 index shares with an increase of 61% followed by rise in Allco Finance Group of 27%. New Zealand July retail sales declined 0.8% after dropping 1% in June.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
Retail sales in China in August surged 23.2% from a year ago according to the latest statistics from the National Bureau of Statistics. The sales of automobiles were up 19% and petroleum and related products sales were up 60%. Industrial production increased 12.8% from a year ago in August, reflecting a 1.9 percentage points drop from July and a 4.7 percentage points decline from the same period a year ago. Electric utility companies rose on the speculation of retail price hikes.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
Gross domestic products in Japan for three months ending in June was revised lower to a decline at annual rate of 3% compared to 2.4% decline in the previous estimate. Domestic demand was lowered from a decline of 0.6% to 0.7% and private residential investment was estimated at a decline of 3.5% from 3.4% loss in the preliminary estimate.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
Stocks in Europe and London rose after a decline for four days in a row. Rising metals prices and improved sentiment in financial sector lifted broader market averages. Traders pinned their hopes on a possible deal between Lehman Brothers and a consortium led by Bank of America and a possible interest from Barclays. Lehman is seeking to sell the company to a buyer after the troubled mortgage securities dealer reported record quarterly loss.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
July industrial production in India rose 7.1% from June production when I increased at 5.4%. Volatile capital goods production in the month surged 21.9% from 12.3% increase in June. Manufacturing accounting for 80% of total rose 7.5% in the month, mining output increased 5% and electricity generation increased 4.5%.
- 123jump.com Staff
- 12 Sep, 2008
- New York City
U.S. stocks fell in the morning trading after Lehman Brothers searches for a buyer. The potential buyers are looking for a guarantee or assitance of the Fed in evaluating Lehman assets. The acqusition price increasingly looks at or below current market price as the stock has declined 80% this week. Japan economy shrank at 3% rate in the second quarter. U.S. retail sales in August fell 0.3% but in China rose 23.2%.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
The relentless selling in the precious metals markets continued today as gold and silver fell to a new lows for the year. Gold has declined 11% for the year and dropped 28% from its peak in March. Silver traded at a 2-year low and platinum traded to one-year low. The sudden rise in dollar and drop in base metals and precious metals has surprised investors. Gold is trading only 5% higher than its one-year low.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
Stocks in UK declined, as investors focused on the weak economy and struggling consumers. The benchmark index FTSE 100 declined for the third day in a row and dropped 47.80 or 0.9% to 5,318.40. For the year the index has declined 18% as most European markets have fallen more than 15% in the period. Home Retail Group dropped 5.7% or 13.75 to 228 pence after it reported same stores sales decline in the second quarter.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
U.S. stocks rebounded in the afternoon trading as crude oil fell to near $100 a barrel and natural gas declined. Optimist traders hoped that Lehman Brothers will find a buyer for its assets or key investors, which increasingly looks unlikely. Lehman fell 41%. Railroad operator CSX lifted its earnings estimate. Separately, Brazil raised its interest rate to 13.75% in a split decision. Gold dropped 2% and lost 6% in two days and has lost 11% for the year. European markets closed lower.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
Developing nations financial system weakness and continued worries of global markets dragged stocks in India lower. The benchmark indexes Sensex and CNX Nifty declined 2.3% and 2.5% respectively dragged by a decline in energy, realty and financial sectors. After the close inflation report showed a slight decline from the previous weekly read. Reliance fell below 2,000 rupees for the second time this year after the worries that exports from the refinery may be banned.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
Joy Global Inc surged $3.49 or 9% to $48.37 after it increased its share repurchase program to $2 billion. CSX rose 9% after it lifted its earnings outlook for the year and beyond. Kenexa Corporation dropped 27% after it lowered its revenue and earnings guidance for the quarter and the year. FactSet, a financial data service provider fell 2% after it was dropped from a small cap index.
- 123jump.com Staff
- 11 Sep, 2008
- New York City
U.S. stocks edged lower after analysts lowered their views on Lehman Brothers. The troubled broker lost 40% after it fell 45% in the previous session. Trade deficit in July increased as exports and imports both increased. The elevated crude oil imports and persistent deficit with Asian nations contributed to the high deficit. Initial jobless claims for the week ended Sept 6 declined to 445,000 from a revised 451,000 at the end of the prior week.