- 123jump.com Staff
- 11 Apr, 2008
- New York City
Industrial production in India in February increased 8.6% after revised production in January gained 5.8%. The better than expected production data overshadowed the rise in inflation at the end of March. Wholesale inflation increased 7.4% for a year ending in the last week in March, forced the government to remove export incentives for sugar, rice and steel. Sensex edged higher by 0.7% or 112 to 15,807 and CNX Nifty added 0.95% to 4,777.80.
- 123jump.com Staff
- 11 Apr, 2008
- New York City
Stocks in London fell after General Electric in the U.S. reported its profit decline in five years. The news sent markets in New York and Europe lower. In addition, mortgage lender trade associations forecasted tougher outlook for mortgage lending and asked the Bank of England to add more liquidity to the system. UK lenders group forecasted that mortgage volume may fall as much as 50%. A private equity group said that it will withdraw its offer for Friends and Provident at the end of the month.
- 123jump.com Staff
- 11 Apr, 2008
- New York City
Frontier Airlines stock plunged 71% after it filed for protection from creditors. The company blamed the decision on its principal credit processor on unexpected increase in hold on cash from sale of airline tickets. The airline said it plans to operate full schedule and honor all tickets and reservations and will pay wages and suppliers.
- 123jump.com Staff
- 10 Apr, 2008
- New York City
U.S. trade deficit in February increased 5.7% as imports in the month rose faster than exports. Talks of cheap dollar fueling exports, at least in February did not help. Dollar came immediately under renewed pressure in the currency market and talks of another rate cut intensified. In addition, initial claims of jobless benefit fell 53,000 at the end of last week. The Bank of England lowered its key rate to 5% but ECB left its target rate at 4%.
- 123jump.com Staff
- 10 Apr, 2008
- New York City
The Bank of England lowered its key rate to 5% from 5.25% after it weighed weak conditions in housing market and rising pressures on inflation. The Bank also indicated that economic conditions are likely to be challenging for the rest of the year. Separately, ECB left its rate unchanged and worried that tight labor markets may fuel inflation. Retailers in UK fell after DSG lowered its earnings estimate and Kingfisher indicated tough retail environment.
- 123jump.com Staff
- 10 Apr, 2008
- New York City
The ECB left its key rate unchanged at 4% but the Bank of England lowered its rate by 0.25% to 5%. The ECB decision was influenced by rising inflation pressures and lowest unemployment rate in the region. While, the Bank of England worried that risk of softness in the housing market was critical than rising inflation.
- 123jump.com Staff
- 10 Apr, 2008
- New York City
U.S. stocks edged higher on a rise in tech stocks. Intel surged 4%. Yahoo and AOL are in merger talks and Microsoft and News Corp are likely to offer its revised bid. In the economic news, February trade deficit rose 5.7% to $62.32 billiion and deficit with China, Japan, Canada, Mexico and euro zone nations increased. Initial jobless claims at the end of last week fell. Same store sales in March declined on weak apparel sales.
- 123jump.com Staff
- 10 Apr, 2008
- New York City
Stock markets in India lost the ground ahead of the release of key economic data on Friday. Industrial production is expected to rise and inflation is expected to be at elevated level. The key index, Sensex lost 0.6% and in the broader markets, Nifty fell 0.3%. Oil and gas stocks gained but software exporters declined on the worries related to the U.S. economic health. Reliance industries authorized 800 crore rupees stock buyback. Crude oil jumped to record $112 a barrel.
- 123jump.com Staff
- 10 Apr, 2008
- New York City
ICBC estimated earnings gain for the first quarter of this year to rise at least 50%, lifting stocks in the financial sector. China Construction Bank gained 4% ahead of its earnings tomorrow. Higher crude prices crimped margins at refiners, dragging the sector lower. China statics agency revised higher its estimate for economic growth in 2006 and 2007.
- 123jump.com Staff
- 10 Apr, 2008
- New York City
February machinery orders in Japan fell 12.9% from January. Current account surplus in Japan widened for the second consecutive month in February, rising 2.9% from a year earlier to 2.46 trillion yen. In Tokyo trading Nikkei 225 fell 1.3% to 12,945, and the broader Topix Index declined 1.2% to 1,248. Shionogi led advancers in the Nikkei 225 index with a rise of 3.4% followed by rises in Yahoo Japan Corp. of 2.8%, Toshiba Corp of 2.6%, in Nisshinbo Industries of 2.5%, and Hitachi Ltd. of 2.2%.
- 123jump.com Staff
- 09 Apr, 2008
- New York City
European bank closed lower after worries on credit market dragged the sector and broader markets lower. German regulators ordered Weserbank, local bank to close on worsening financials. Escada dropped 10% after private equity group declined to invest in the retailer. Nordex, wind turbine maker, jumped 4% on fourfould rise in earnings. Media reports in France suggest that Sacyr agreed to sell its 33% stake in Eiffage for 1.96 billion euros.
- 123jump.com Staff
- 09 Apr, 2008
- New York City
U.S. stocks edged lower on negative news on earnings and rising crude oil and metal prices. Crude oil traded above $112 a barrel after weekly inventories report showed higher than expected decline. UPS lowered its earnings estimate on higher oil price and softer domestic shipment volumes. AMR cancelled 500 flights after several planes were grounded for inspections. Goldman Sachs reported a rise in hard to value level-3 assests and reported 35% decline in revenue.
- 123jump.com Staff
- 09 Apr, 2008
- New York City
UK manufacturing index rose in the first quarter but consumer confidence in March fell. The International Monetary Fund lowered the growth estimate for UK to 1.6% from 1.8% for the current year. ONS reported first quarter total output rose 0.4% on the rise of 0.3% in manufacturing. Cairn Energy led gainers in the FTSE 100 index shares with a rise of 4.5% followed by increases in BG Group of 3.4%, in Vedanta Resources of 3%, in BHP Billiton of 2.4%, and Anglo American of 2.3%.
- 123jump.com Staff
- 09 Apr, 2008
- New York City
Stock in Mumbai edged higher on better than expected earnings from Yes Bank. The bank also said that it has no exposure to derivatives and risky loans linked to the U.S. loans. The news sent stocks in the banking sector higher. Sensex added 1.3% or 203 to 15,790. On the National Stock Exchange CNX Nifty advanced 0.8% or 37 at 4,747. Tata Power got a loan of $450 million to build a power plant in Mundra, Gujarat with a capacity of 4,000 MW.
- 123jump.com Staff
- 09 Apr, 2008
- New York City
U.S. stocks fell sharply in the morning trading after string of negative news. Crude oil surpassed $111 a barrel, UPS lowered its earnings estimates for the first quarter and Goldman Sachs reported higher level of level-3 assets and 35% decline in revenue at the end of the first quarter. American Airlines grounded 1,000 flights for inspections.