- 123jump.com Staff
- 10 Sep, 2008
- New York City
U.S. stocks closed higher after trading sideways for the most of the session. Crude oil and natural gas closed lower as Hurricane Ike eneters the Gulf of Mexico and heads in the direction of oil installation. Separately, financial stocks came under selling pressure after Wamu Inc plunged 29% as the company ended talks with several investors for capital infusion. Carlos Slim acquires 6.4% stake in New York Times after the stock trades near eleven years low. Gold plunges 4%.
- 123jump.com Staff
- 10 Sep, 2008
- New York City
U.S. stocks edged higher in the afternoon trading with a decline in oil, natural gas and precious metal prices. Energy and metals related stocks led the gainers. Of the stocks in S&P 500 index, 60% traded higher. Washingon Mutual led the decliners in the index with a loss of 19% after its credit rating was cut. Lehman traded sideways after it reported record quarterly loss. Las Vegas Sands dropped 9% after July gaming revenue in Nevada fell.
- 123jump.com Staff
- 10 Sep, 2008
- New York City
Lehman Brothers reported largest quarterly loss ever of $3.9 billion and wrote down assets of $5.6 billion. The company said it has liquidity of $42 billion and has a plan to sell its asset management unit and spin-off real estate portfolio of between $25 billion and $30 billion by the first quarter of 2009. Lehman lowered its dividend to 5 cents a share form 68 cents a share and expects to save $450 million annually.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
Stocks in Sydeny fell 1.7% after metal prices fell and the Australian dollar edged lower aginst the U.S. dollar. The ABS reported retail sales in July rose 0.1%. Separately, in a survey published by National Australian Bank reported business confidence at 7-year low and the bank lowered its forecast for economic growth to 2.5% in 2008 and kept it unchaged at 2.25% in 2009.
- 123jump.com Staff
- 09 Sep, 2008
- New York City
Lehman Brothers stock lost nearly half its value after it failed to strike a deal with Korea based bank. The financial service firm is struggling to attract investors or sell assets at a price it deemed they are worth. Investors sold financial stocks and the U.S. benchmark indexes declined between 2.4% and 3.6%. A sharp sell-off in natural resource stocks also dragged metals, mining and energy stocks lower. Silver and lead dropped more than 4% and gold and zinc lost more than 2%.
- 123jump.com Staff
- 09 Sep, 2008
- New York City
Stocks in Japan fell as steelmakers, financials and commodities related stocks fell. Brazil based world
- 123jump.com Staff
- 09 Sep, 2008
- New York City
Stocks in Shanghai rose but in Hong Kong fell. Cautious investors looked for bargains after stocks in Shanghai fell more than 60% from the beginning of the year. Airlines rose after the crude oil prices declined. Realtors fell after China Vanke reported third monthly sales decline in new homes sales. Sales in August fell 35% after dropping in June and July. China passenger car sales in August dropped 6%, first decline in three years.
- 123jump.com Staff
- 09 Sep, 2008
- New York City
Stocks in Mumbai trading declined with weak trading in metals and commodities related stocks. Sterlite Industries dropped 8% after the parent Vedanta separated its copper and zinc, iron ore and aluminium and power businesses in three separate entities. The company also announced plans to invest as much as $10 billion in the next three years and increase alumina mining and aluminium refining capacity in Orissa.
- 123jump.com Staff
- 09 Sep, 2008
- New York City
Manufacturing index declined to the lowest level in eighteen months after factory output fell 0.2% in July from a month ago. For the three months ending in July manufacturing index fell 1.1%. Average property sales per surveyor fell to the lowest level in 20 years as tight mortgage market dampen home prices and sales. BG Group abandoned its pursuit of Origin Energy based in Australia after the company attracted $8 billion from ConocoPhillips.
- 123jump.com Staff
- 09 Sep, 2008
- New York City
U.S. stocks traded sideways as crude oil, natural gas, metals and agriculture commodities declined. The dollar rose against euro and British pound. Gold fell more than $10 an ounce. Natural resource stocks led the decliners. Coal miners, specialty chemicals, metals miners and steelmakers fell sharply. Potash Corp, Peabody Energy, U.S. Steel dropped more than 3%.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
Stocks in UK closed higher as the U.S. bailout of Fannie and Freddie bolstered positive sentiment. The ongoing decline in housing market is likely to go on, till the inventories of unsold homes decline. The move, widely expected over the weekend lifted markets in Asia and in Europe, led by a surge in trading volume in Credit Suisse, UBS, HSBS and Royal Bank of Scotland. London Stock Exchange trading platform could accept orders for most of the trading session today.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
Hong Stocks surged 4% but stocks in Shanghai declined 2%. Over the weekend the U.S. government nationalized two troubled mortgage agencies and agreed to inject $200 billion in capital. The seizure widely expected will wipe out stocks holders and left the fate of preferred stock holders undecided. Financial stocks rallied in Hong Kong. Stocks in Shanghai fell as investors worried that the economy in China may slow down further after the Beijing Olympic Games.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
Stocks in Japan rallied as markets in Asia closed sharply higher. On Sunday the U.S. Treasury seized the troubled mortgage lenders, Fannie Mae and Freddie Mac and guaranteed to provide liquidity of $200 billion. Common shareholders stake will be wiped out and the fate of the preferred stock holders is not clear. The move highlights the extent of the problem in the U.S. financial system that has wreaked havoc around the world as global financial markets have lost $16 trillion of value.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
The U.S. nationalized two largest mortgage lenders Fannie Mae and Freddie Mac after their plans to raise capital from private investors failed to attract any interest. The bailout of the lenders may force the U.S. Treasury to inject more than $220 billion in the mortgage market. The action from the U.S. Treasury is not going to prevent home prices from sliding. However, stocks around the world rallied on the hope that the action will help home market stabilize sooner.
- 123jump.com Staff
- 08 Sep, 2008
- New York City
The Nuclear Suppliers Group has agreed to back a deal between the U.S. and India according to several media reports. The deal will help India to alleviate its chronic power supply shortage and diversify its fuel sources. The deal between the two democratic nations will also increase trade in nuclear materials and nuclear reactor building contracts. Stocks in India surged on the approval news. Financials and realty stocks rallied after the U.S. nationalized the two largest mortgage lenders.