- 123jump.com Staff
- 07 Apr, 2008
- New York City
Washington Mutual, battered mortgage lender rebounded after talks of capital injection of $5 billion. The private equity investment led by TPG may take stake up to 24% in the company. WaMu stock soared 22% after it lost nearly 75% of its value in the last nine months of trading.
- 123jump.com Staff
- 04 Apr, 2008
- New York City
European markets staged a tentative rebound on rising energy and metals prices. However, ongoing credit market problems persisted. Banks and financials were volatile and are likely to face more losses in the second quarter. UBS faced a critical shareholder and a former executive who plans to separate its investment banking from its wealth management unit. The move only reflects shareholders displeasure with the company performance.
- 123jump.com Staff
- 04 Apr, 2008
- New York City
For the fourth month private employers cut payroll in the U.S., as weak conditions prevail in the economy. Financial services, construction and manufacturing sectors cut staff. Employers in services and government payroll rose. The latest data is yet another evidence that the economy is rapidly faltering. March unemployment rose to 5.1%. Energy stocks gained as oil and gasoline rebounded.
- 123jump.com Staff
- 04 Apr, 2008
- New York City
Tax authorities in Australia have disputed $317 million in tax relief to BHP. The mining company intends to defend its position in the dispute involving a plant in Venezuela. Separately, Wesfarmers raised $710 million in the U.S. to refinance its short-term loans to acquire Coles Group. Portman, third largest iron ore exporter from Australia, acquired 10% stake in Golden West Resources to fend off an offer from Fairstar.
- 123jump.com Staff
- 04 Apr, 2008
- New York City
Stocks in UK rose as investors braved to buy stocks of utilities and mining companies. FTSE 100 index increased 0.95% or 55.8 to 5,947.10 and of the 102 in the FTSE 100 stocks, 67 rose, 28 declined and 7 were unchanged. The IMF report cautioned that UK and Ireland may be the next to face a housing market correction after the U.S. residential market collapse.
- 123jump.com Staff
- 04 Apr, 2008
- New York City
Japan stocks fell on Friday but for the week rose on global markets recovery. Financial stocks are still under the pressure and banks and securities companies are focus of intense speculation. Daiwa Securities annual profit fell 51% and reported a loss in the fourth quarter.
- 123jump.com Staff
- 04 Apr, 2008
- New York City
Inflation in March surged to a 4-year high on rising food and energy prices. Investors sold bank stocks and dragged market averages lower and worried that RBI many be forced to act and reduce liquidity in the system. Sensex fell 3.1% or 489 to 15,343.HDFC, ICICI and State Bank of India led the decliners in the Sensex index.
- 123jump.com Staff
- 04 Apr, 2008
- New York City
The latest payroll data offered another evidence of the U.S. economic recession. Non-farm payroll in March fell 80,000 after falling revised 76,000 in February and January. Private sector losses would have been higher had it not been the government payroll rising. Private sector lowered the payroll by 98,000 in the month but the government payroll increased by 18,000.
- 123jump.com Staff
- 03 Apr, 2008
- New York City
Steady rise in commodities prices and a gain in financial stocks lifted sentiment in trading in Australia. ASX 200 index gained 1.9% or 106 to close at 5,608.90. An interest from more than six bidders in Centro group at 100% premium also improved mood in trading. Centro Properties rose 100% before stock was halted for trading. Citadel Resource stock rose 13% after Goldman Sachs sold 8% stake held by collapsed Opes Prime. Separately ANZ won a court ruling to sell assets of Opes on margin loan.
- 123jump.com Staff
- 03 Apr, 2008
- New York City
BayernLB, the largest German state controlled bank, reported 4.3 billion euro write-off in its asset back securties portfolio. The bank also plans to separate at least 20 billion euro securities in a special unit with its backing. The sharply higher loss left most banks in the region lower. At the beginning of the week, banks rallied on the hopes that banks are strong enough to withstand the current credit market crisis.
- 123jump.com Staff
- 03 Apr, 2008
- New York City
Rising jobless claims was one more evidence that economic slowdown is speeding. Sharp decline in housing market has now spread to a slowdown in financial services and consumer spending. In another report from ABA, more consumers fell behind on their loans, lifting delinquencies to 15-year high. Metals, oil, and agricultural commodities remained at elevated levels.
- 123jump.com Staff
- 03 Apr, 2008
- New York City
An advance in IT stocks in India lifted Sensex in the session. Infosys, Wipro, Satyam and Tata Consultancy gained between 3% and 5%. Bharat Heavy fell after it reported net income for the year rose 17% to 2,815 crore rupees. Indian Oil is expected to issue bonds of 31 billion rupees backed by Indian government to fund the losses generated from selling oil below market price. Separately, Reliance Industries plans to close 1,600 petrol stations.
- 123jump.com Staff
- 03 Apr, 2008
- New York City
Lenders of home and corporate loans are likely to curtail their lending activities in the near future as credit markets remain tight, according to a report published on the Bank of England Web site. The interbank lending in UK and in the European region still remains tight. International Power led advancers in the FTSE 100 index shares with a rise of 3.73% followed by increases in BG Group Plc of 3.47%, in Severn Trent of 2.76%, in Anglo American Plc of 2.29%, and Lonmin Plc of 2.13%.
- 123jump.com Staff
- 02 Apr, 2008
- New York City
UK stocks rose after markets in the U.S. traded higher. In London trading FTSE 100 stocks advanced 1.08% or 63.3 at 5,915.90. The Bank of England reported that 73,000 mortgage loans were approved compared to 74,000 in January. Separately, the Building Societies Association said the value of mortgage approvals by customer-owned lenders fell 31% from a year earlier to
- 123jump.com Staff
- 03 Apr, 2008
- New York City
For months economists and Fed regulators have denied that the U.S. economy is in recession, but evidence is mounting that weakness in housing market and in financial services is spreading into the broader economy. Jobless claims at the end of the last week rose by 38,000 and now nearly 3 million people are receiving weekly unemployment benefits according to the Labor Department. Separately ABA quarterly report showed more consumers are falling behind on their loans.