- 123jump.com Staff
- 30 Jun, 2008
- New York City
The battle for Australian coal resources heat up after Posco and ArcelorMittal acquire stakes in the company. ArcelorMittal raised its stake to 20% and Posco took a stake of 10%. Steel companies from China, Korea and Europe are eying for Australian mineral resources as coal, iron ore and other raw materials rise in prices. Australian dollar surges. ANZ declined to take a majority stake in prime broker Chimera after initial review. Babcock agrees to pay higher interest and delays debt repayment.
- 123jump.com Staff
- 30 Jun, 2008
- New York City
Stocks in Hong Kong fell 21% in the first half as credit market jitters dragged stocks lower. Rising energy and food prices dragged stocks in Shanghai lower in the first half as well. Stocks in Shanghai are down nearly 50% from the peak in October. Tanshan Steel and Handan Steel merge to form Hebei Steel, the largest Chinese steel company with production of 50 million tons in 2009. Shanghai CSI 300 index dropped 23% in June and lost 48% for the year.
- 123jump.com Staff
- 30 Jun, 2008
- New York City
Japan stocks declined for the eighth day in a row as global credit market worries and rising crude oil prices affect trading sentiment. Moodys raised its rating on sovereign debt of Japan and cited restrained spending by the government. Japan also eliminated taxes on off-shore funds to attract foreign asset managers. Steel stocks in Japan rose higher after Posco of Korea and ArcelorMittal of Europe raised stakes in Macarthur Coal of Australia.
- 123jump.com Staff
- 30 Jun, 2008
- New York City
UK consumer confidence fell to a record low on rising fuel and food prices and tighter credit conditions. Another survey of banks showed that banks estimate more than six months before credit markets will stabilize. The BoE reported that mortgage loans in May fell to 42,000 from 58,000 in April. A spike in crude oil price in London lifted energy stocks.
- 123jump.com Staff
- 30 Jun, 2008
- New York City
U.S. stocks rebounded after crude oil futures fell from the intra-day record high of $143 a barrel. Corn futures fell 4%, the daily limit after the latest planting report from the USDA. The report showed 2% increase to 87.3 million acres of corn planting from its previous estimate in March. H&R Block rose after it reported profit in the latest quarter. MBIA and MGIC Investment led the decliners in the S&P 500 index.
- 123jump.com Staff
- 30 Jun, 2008
- New York City
Stocks in India closed lower on continued rift within the ruling coaliition on the nuclear deal with the U.S. The ruling party coaltion may be dissolved if the Congress Party signs a deal without the approval of communist parties members. The Sensex index fell 2.5% and is now down 38% from its peak in January. Airlines stocks fell sharply on higher jet fuel prices from tomorrow. Banks closed lower after State Bank of India lowered its estimates.
- 123jump.com Staff
- 30 Jun, 2008
- New York City
U.S. stocks opened sharply lower after crude oil prices reached to a record high of $143 a barrel. Transportations and auto makers declined. AMR Corp, Delta, UAL and Southwest fell. In the overnight trading Asian markets fell, tracking the weakness in the U.S. markets. European markets traded lower with another fall in Swedish and Spanish stocks. Robbins & Meyer, industrial equipment maker surged 12% after it reported earnings gain of 50%.
- 123jump.com Staff
- 27 Jun, 2008
- New York City
European markets fall as worries related to losses at banks, rising inflation and stagnating corporate profits take hold in the region. The DAX 30 index in Germany closed down 19% in the first half of the year and FTSE 100 index is down 16% in the period. Ericsson fell after its mobile unit in partnership with Sony lowered its earnings outlook. Separately, Nokia declined after a broker lowered its rating and price target. Carrefour SA dropped 8% after it lowered its profit outlook.
- 123jump.com Staff
- 27 Jun, 2008
- New York City
U.S. stocks declined for the second day in a row as Dow Jones, S&P 500 and Nasdaq dropped to near 20% loss from its peak in October last year. The decline in stocks is likely to continue with rising inflation, falling home values, and tighter lending standards. Second quarter earnings at the U.S. corporation are liklely to decline more than the current estimate of loss of between 9% and 11%. Asian markets in the overnight trading fell sharply.
- 123jump.com Staff
- 27 Jun, 2008
- New York City
U.S. stocks traded in a tight range with no direction after losing 3% in the previous session. The U.S. decline set-off a worldwide sell-off with India and China losing nearly 5% and Brazil declining 3%. Higher losses and charges at banks, rising inflation and stagnating economies are dragging stocks in the U.S. and around the world. Lehman increased estimate of losses at Merrill Lynch. Crude oil traded above $140 a barrel.
- 123jump.com Staff
- 27 Jun, 2008
- New York City
Stocks in India and Shanghai lead a sharp decline in the region. Stocks in Asia fell after crude oil futures rose another $2 and crossed $141 a barrel. Market indexes in Hong Kong, Japan and Australia lost more than 2%. Sensex in India dropped as much as 4% at mid-day trading on rising crude oil prices and worries that ruling coalition may break after Congress Party leader decided to finalize the nuclear power deal with the U.S. Shanghai CSI 300 index dropped 5%.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
Stocks in gained after a week of decline on rising inflation and economic slow down. Sensex in Mumbai rose 1.4% to 14,421. State Bank of India increased its lending rate following a recent increase in interest rate by the Reserve Bank of India. Rupee against dollar contiue to trade lower as crude oil price trade near record level. Stocks in India and Asia are likely to fall on a record high closing of Crude oil in New York.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
The popular indexes Dow, Nasdaq and S&P 500 dropped as investors worried that assset write downs at banks and financial brokers may increase sharply. Goldman Sachs estimated Citigroup to write down $9 billion this quarter and Sanford Bernstein projected a quarterly loss for Merrill Lynch. Stocks in consumer and financial sectors closed sharply lower. UK, Brazil, Spain, Holland, Sweden fell near 3% and all markets in South America and Europe closed lower on the weakness in New York.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
The Bank of Japan policy committee member cautioned that rising prices for consumers may dampen spending and shift spending pattern. The comments suggested that low interest environment in Japan may be necessary to accommodate consumers. Tokyo Electric may report larger than estimated loss in the first half as it struggles to restart recently damaged nuclear power plant. J-Power plunged after shareholders rejected dividend increase proposal from an activist shareholder TCI.
- 123jump.com Staff
- 26 Jun, 2008
- New York City
Regulators in China urge companies to improve their corporate governance and prevent the abuse of company capital by majority shareholders. Stocks in Shanghai and Hong Kong fell as inflation fear persist on rising energy costs. Crude oil price fell in the region. Foxconn fell 5% and Li & Fung dropped 7% on brokerage downgrades. Hong Kong companies are expected to cut production in China located factories on rising fuel and labor costs. China Development Bank takes a stake in UK based Barclays.