- 123jump.com Staff
- 14 Mar, 2008
- New York City
Investors are increasingly grappling with a possibility of a recession in Japan if the U.S. demand for Japanese goods keeps falling. Japan, which relies on exports for most of its economic growth, may be the first nation to enter into a recession following the U.S. Most economists believe that the U.S. is already into a recession. Rising yen against the dollar will hurt corporate profits and inflation in food and energy prices will crimp disposable income.
- 123jump.com Staff
- 13 Mar, 2008
- New York City
Indian stocks declined a day after industrial production fell January data and a weak global markets. Sensex plunged 4.8% or 770.63 to close at 15,357.35. The Sensex index is now down 29% from its peak in the first week in January 2008. Record crude oil above $110 lifted worries related to inflation. DLF plunged 13% after the reports that the company may dealy its offering in Singapore. ICICI Bank dropped 5.7% and State Bank of India declined 7%.
- 123jump.com Staff
- 13 Mar, 2008
- New York City
Hang Seng index plunged 4.8% to 22,301 on the weakness in global markets, rising inflation in China and worries related to corporate profits. China reported 75% rise in foreing direct investment in the first two months of 2008 from 2007. Capital inflows from U.S. companies rose 43.7% in the first two months, while inflows from the European Union advanced 110%.
- 123jump.com Staff
- 13 Mar, 2008
- New York City
Stocks in Japan fell in Thursday trading after the consumer confidence declined and crude oil price reached another record. The dollar also fell to a 12-year low against yen after it dipped below 100 yen mark. In Tokyo trading Nikkei 225 plunged 3.33% or 427.69 to 12,433.44, and the broader Topix Index fell 3.1% or 39.26 to 1,215.87.
- 123jump.com Staff
- 13 Mar, 2008
- New York City
European markets fell after February retail sales declined in the U.S. and new worries related to martgage securities defaults. Carlyle Capital Corp and a group of 13 lenders failed to agree on refinancing of $17 billion in debt. Carlyle Capital is expected to a default on margin call tomorrow and may lose all of its assets to lenders. UBS and Credit Suisse fell 4%. Unicredit fourth quarter profit declined 0.8%.. BMW 2007 net income increased 9% and boosted dividend by 51%.
- 123jump.com Staff
- 13 Mar, 2008
- New York City
Stocks in the morning fell sharply after the release of February retail sales, import and export prices and weekly unemployment data. Dow, S&P 500 and Nasdaq fell quickly 1%. The market reversed its direction after a S&P research report. The credit analyst revised his estimate of sub-prime loan losses by $20 billion to $285 billion and added that most of the losses are already reported. The relatively positive note lifted market sentiment. European markets closed lower.
- 123jump.com Staff
- 13 Mar, 2008
- New York City
U.S. stocks rebounded from earlier losses after S&P credit analyst estimated total losses related to subprime loans of $285 billion. The statement further added that nearly 65% of these losses are already announced. The relatively positive tone in the note lifted mood in trading and financial and consumer stocks rebounded. S&P and other agencies are at the heart of the credit market malaise as they rated 85% of subprime loans issued between 2005 and 2007 as AAA, many of these are now worthless.
- 123jump.com Staff
- 13 Mar, 2008
- New York City
U.S. stocks pulled back at the opening after the release of retail sales, weekly unemployment and import and export prices. February retail sales declined 0.6% from a revised rise of 0.4% in January. Sales of furniture, auto and parts, and building materials declined the most. Import prices in February rose 0.2% from January and 13.6% from a year ago prompting inflation worries. European markets are trending lower and in Asia, Japan, China, and India fell sharply.
- 123jump.com Staff
- 13 Mar, 2008
- New York City
Carlyle Capital Corporation may lose all of its remaining assets as early as next week after the company and lenders failed to agree on refinancing terms. The fund assets may be liquidated adding more strains to already volatile credit markets and dragging dollar to a record low against euro. The recent decline in mortgage securities prices prompted margin calls of $98 million due tomorrow. Carlyle will not meet these margin calls and is forced to surrender its collateral assets of $17 billion.
- 123jump.com Staff
- 12 Mar, 2008
- New York City
UK Finance Minister Chancellor of Exchequer Alistair Darling proposed financial budget that lowered UK economic growth rate estimate in the year 2008-09. The government proposes to increase borrowing to sustain spending in healthcare, transportation, and education. Darling also proposed to tax domiciled foreign residents and simplify corporate taxes. Capital gains tax will be relaxed.
- 123jump.com Staff
- 12 Mar, 2008
- New York City
European markets advanced 1.5%, a second day of rise after the Fed and European central banks coordinated a liquidity injection plan. UK in the fiscal 2008 budget lowered its economic growth target and propose to borrow funds. UK budget is expected to have a deficit of
- 123jump.com Staff
- 12 Mar, 2008
- New York City
U.S. stocks fell in the final hour of trading as investors worried that the recent plan from the Fed may not save the economy from slipping into a recession. Banks and brokerage stocks fell in the final hour of trading. Crude oil jumped to a new high above $110 as dollar reached a new low against euro. Humana lowered its earnings estimate but Caterpillar guided the annual earnings higher. Airlines stock reached a new low on the rise in crude oil and analyst downgrade.
- 123jump.com Staff
- 12 Mar, 2008
- New York City
The Reserve Bank of Australia in conjunction with the Federal Reserve Bank in the U.S. and other Central banks in Europe and Canada indicated a plan to add liquidity to the credit markets. The news sent stocks in the U.S., Hong Kong, Europe, Canada, and Australia higher. The plan is expected to bolster market confidence and encourage mortgage lending and stem the rising mortgage rates denominated in the U.S. dollar.
- 123jump.com Staff
- 12 Mar, 2008
- New York City
In Hong Kong trading Hang Seng Index rose 2% or 427.41 to 23,422.76, and the China Enterprises index of H shares, or Hong Kong-listed shares in mainland companies, advanced 2.3%, or 288.61 to 12,877.35. The U.S. Fed led liquidity move to encourage trading in mortgage markets lifted stocks in the U.S, Canada, Europe, Japan, Australia, and Hong Kong. However, the HK government indicated that rate reduction in tandem with the U.S. action at the end of this month is not likely.
- 123jump.com Staff
- 12 Mar, 2008
- New York City
Fourth quarter economic growth in Japan was reported by the Cabinet office at 3.5% beating the estimates of 2.2% or more. The sharp rise in GDP was driven by consumption and growing exports. Separately, The Bank of Japan reported domestic corporate goods price index rose 3.4% in February and export price index fell 5.2%. Nikkei 225 index gained 2.29% or 259.6 at 12,947.88, and the broader Topix Index rose 1.6% or 19.98 to 1,255.13.