- 123jump.com Staff
- 19 Feb, 2008
- New York City
U.S. stocks lost their early gains in the afternoon trading and closed lower. Cure oil price traded above $100 after Iran hinted that it will push for lower production targets in the next OPEC meeting. Verizon, T Mobile, and AT&T have entered in a price war to offer flat rate monthly service. Credit Suisse reported a surprise asset write-down of $2.85 billion in structured investment vehicles portfolio, only less than a week after reporting $12 billion related to a loss in sub-prime loan.
- 123jump.com Staff
- 19 Feb, 2008
- New York City
UK stocks edged higher after Barclays reported profit in-line with analysts expectations and commodities prices edged higher. Crude oil edged above $98 in London and above $100 in New York trading and copper rose 3% in London. Barclays reported a net earnings edged higher despite turbulent credit markets but Cadbury Schweppes fell after earnings news.
- 123jump.com Staff
- 19 Feb, 2008
- New York City
Resource Pacific accepted Xstrata offer of $3.20 per share or $1.08 billion after 50% of shareholders accepted the offer. The four month long battle for a coal miner comes on the back of rising prices of metals, energy, and minerals. OneSteel, second largest alloy producer reported first half profit for the period ending in December 2007 of $104.4 million, an increase of 6.3%. Seperately Newcrest Mining reported a loss of $8.1 million.
- 123jump.com Staff
- 19 Feb, 2008
- New York City
Credit Suisse plunged 10% after it reported an error of $2.85 billion in valuing securities in structured investment vehicles. The surprise write-down hurt the stock and shocked investors. Credit Suisse, only a week ago, reported an asset write-down of Sfr12.5 billion and left impression in call with investors that the company has a handle on the risky loan portfolio.
- 123jump.com Staff
- 19 Feb, 2008
- New York City
Rural Electrification IPO received 2.3 times the number of stocks it plans to offer between 90 rupees and 105 rupees. Sensex edged fractionally higher by 27 to 18,075.66. Total turnover on two exchages was recorded at 17,800 crore rupees or $4.2 billion. Bajaj Auto led the gainers in the Sensex stocks with a rise of 6% after Bombay High Court approved the proposed capital allotment between Bajaj Holding and Finserv companies controlled by Bajaj group.
- 123jump.com Staff
- 19 Feb, 2008
- New York City
Financial and metal stocks rally lifted stocks in Hong Kong. Hang Seng index closed up 364 to 24,123. Copper, zinc, and aluminum increased more than 2%. Qatar sovereign fund decision to invest in Credit Suisse lifted financial stocks. Bank of East Asia gained after a report that it may report stronger than expected earnings. ICBC and Bank of Communication gained.
- 123jump.com Staff
- 19 Feb, 2008
- New York City
A sharp rally in base metal prices and crude oil in Asia lifted trading companies and market averages. Nikkei 225 index rose 0.9% to 13,757 after a sustained rise in copper, aluminum, and zinc prices. Copper led the metals group with a rise of 3% followed by more than 2% rise in aluminum and zinc. Crude oil increased 1%. On the back of the rally and a recommendation from Citigroup, Itochu led the gainers in the Nikkei 225 Index with a surge of 8%.
- 123jump.com Staff
- 18 Feb, 2008
- New York City
ANZ fell 6% after reporting indirect exposure to a mono-line insurance company in the U.S. of $200 million and commercial loan loss provision of $90 million. The news sent the company stock and other financial stocks lower. ANZ said in a trading update that the bank provison of US$200 million is likely to be recovered when credit markets recover. Four largest steel companies agreed to 65% rise in iron ore prices with Brazil based CVRD, lifting the stocks of mining companies.
- 123jump.com Staff
- 18 Feb, 2008
- New York City
European markets rallied, lifted by the news that Qatari fund is acquiring a stake in Swiss bank, Credit Suisse, and is considering to invest upto $15 billion. The news sent banking stocks across the region higher. TNT, express mail delivery service provider, fourth quarter proft fell 22% to 148 million euros from 189 million euros.
- 123jump.com Staff
- 18 Feb, 2008
- New York City
Relaince board after a meeting on Sunday considered a bonus issue to shareholders. The recently listed company has underperformed after few days of trading Reliance Power has traded below the IPO price. Sensex in India edged 0.4% lower after a rise of three days in a row. Mahindra & Mahindra led the gainers with a rise of 1.4% in the index and Tata Motors led the decliners in the Sensex with a fall of 2.6%.
- 123jump.com Staff
- 18 Feb, 2008
- New York City
A sharp rally in metals lifted markets in Brazil, Peru, and Argentina. CVRD won 65% rise in iron ore prices after a negotiation with four largest Japanese steel compaines. Iron prices have increased more than 100% in the last three years before the current hike, effective on April 1. Qatar sovereign fund is ready to increase its stake in credit Suisse, and is willing to invest upto $15 billion. European banks closed higher on the news and on the expectations of better earnings from Barclays.
- 123jump.com Staff
- 18 Feb, 2008
- New York City
Northern Rock was effectively nationalized on Sunday, after the UK government failed to find a buyer. The intense negotiations with the two private equity controlled groups did not materialize in a deal. In London trading, FTSE 100 index tose 2.7% to 5,946 on a steep rise in banking stocks. Local media speculated that Barclays and Lloyds will report better than expected earnings tomorrow.
- 123jump.com Staff
- 18 Feb, 2008
- New York City
Stocks in Hong Kong fell as worries related to subprime lending resurfaced and rising inflation in China. Producer price index in January in China surged 6.1% from a year ago on risig commodities and energy prices. China steel makers association reported that industry exported 54 million tons of steel and profit increased 45% to Rmb 190 billion on 15% rise in stell production.
- 123jump.com Staff
- 18 Feb, 2008
- New York City
Steelmakers in Japan negotiated a price increase of 65% with CVRD, Brazilian iron ore company. The price hike, is the third annual increase in as many years, totaling more than 100%. Prices are negotiated between steel companies and miners and not traded on future contracts on world stock exchanges. Steel companies closed higher after the news.
- 123jump.com Staff
- 15 Feb, 2008
- New York City
Wholesale index, a measure of inflation, declined, for year ending two weeks ago. The annualized inflation, measured every week on a rolling 52-week period declined from 4.1% at the end of previous week. Prime Minister, ahead of election, remarked that controlling inflation should not be done at the expense of growth. India expects to grow at 9% and keep inflation below 5%. Indiabulls sold a stake in its real estate company to Farralon Capital and Laxmi Mittal.