- 123jump.com Staff
- 08 Feb, 2008
- New York City
The Tokyo Stock Exchage suffered another computer malfunction. This time, an resolved error, on the recently launched new system caused failed to process and price March Topix Index futures. All trades in this futures were cancelled by the exchange. Nikkei 225 index fell 1.44% or 189.91 to 13,017.24, and the broader Topix Index shed 1.4% or 17.94 to 1,287.14. Nikkei lost 3.6% and Topix declined 3.7% for the week. Japan Tobacco, Isuzu Motors, and Japan Airlines rose but Sumitomo Realty fell.
- 123jump.com Staff
- 07 Feb, 2008
- New York City
The Central Statistics Office reported weaker but strong fiscal outlook for the rest of the year, indicating that the current global financial market turmoil will have minimal impact on the economy of India. CSO lowered its annual economic growth estimate to 8.7% from 9.6% on lower service and manufacturing performance. Manufacturing is estimated to grow at 9.4% slower than 12% from a year ago, service to grow at 10.7% from 11.1%, and agriculture to growth at 2.6% from 3.8%.
- 123jump.com Staff
- 07 Feb, 2008
- New York City
European markets fell across the region after the talks of rising inflation and weakening economic prospects unnerved the market. The ECB left its key rates unchaged to 4% and indicated that rising food and energy prices may protract short term inflation. The Bank of England lowered rates by 0.25% to 5.25%. Unibail Rodamco dropped 55% on $2 billion asset write down. Unilever reported weak earnings and indicated that outlook in Europe and the U.S. is soft.
- 123jump.com Staff
- 07 Feb, 2008
- New York City
U.S. stocks traded in a volatile manner with a lack of direction. Weak Januar retail sales, December existing home sales, and unemployment claims hurt trading sentiment. Prundetial Financial dropped 10% after it missed its earnings guidance and reported unrealized losses fromt the subprime and other credit related securities if $1.97 billion. European Central Bank left its rate unchanged and the Bank of England lowered its rate by 0.25%. Gold and oil advanced.
- 123jump.com Staff
- 07 Feb, 2008
- New York City
The Bank of England lowered the rate by 0.25% to 5.25%, still the highest among group of seven wealthiest nation. Investors are now looking for the rates to be below 4.75% by the end of the year. The ECB also led its rates firm, but indicated a shift in stance and showed its willingness to lower rates. Stocks in UK fell sharply after a string of weak earnings, rate cut, and worries related to economic slowdown and rising inflation.
- 123jump.com Staff
- 07 Feb, 2008
- New York City
The ECB President Jean Claude Trichet cited rising inflation in the region and global market weakness and left the rates unchanged at 4%. The Bank of England lowered its rate by 0.25% to 5.25% on the weakening UK economy, declining housing market, and falling retail sales. Trichet in the accompanying statement said that corporate borrowing remains robust and there appears to be no credit impairment to coroporate borrowers from the current ongoing financial market turmoil.
- 123jump.com Staff
- 07 Feb, 2008
- New York City
U.S. stocks fell in the morning after weak January retail sales, rising unemployment claims at the end of last week, and rate decisions in Europe. Retail sales in January showed grwoing economic anxities faced by consumers. Widespread discounts failed to attract consumers to retailers. Unemployment claims rose at the end of last week as construction and financial industries reduce staff. Oil dropped.
- 123jump.com Staff
- 07 Feb, 2008
- New York City
Retailers reported weaker than anticipated same store sales rise in January. Discounts at several department stores failed to attract customers to stores as they grapple with economic anxities. Falling home values, tight credit conditions, and rising energy and gasoline prices have sapped consumers appetite for retail goods. Wal-Mart reported lowest same store sales rise in thirty years and most apparel retailers sales in January declined. Costco reported 3% rise at domestic locations.
- 123jump.com Staff
- 07 Feb, 2008
- New York City
Rio Tinto boards in the UK an Australia rejected the revised offer from BHP Billiton. The revised offer valued the comany at 3.4 shares to one share of Rio Tinto fell short of Rio Tinto expectations. Commonwealth Bank increased interest rates by 0.3% and Westpac and St George hiked rtes by 0.25% following a recent rate hike from the RBA. Agro-business company Futuris fell 6.5% after earnings fell 17% in the first half. IOOF stock plunged 10% after its lowered earnings outlook.
- 123jump.com Staff
- 07 Feb, 2008
- New York City
Foreign exchange reserves of Japan reached to a new high after adding $22.7 billion in January to $996.04 billion. The Bank of Japan holds several currencies in the reserves but its exact breakdown is not known. The BoJ holds less the 3% of its reserve in gold. As the pressure on dollar mounts the BoJ and other central banks may lower its exposure to dollar and increase its euro and other currencies holdings.
- 123jump.com Staff
- 06 Feb, 2008
- New York City
LVMH Moet Hennessy gained 1% after it reported second half sales rise of 9.3% and earnngs gain of neearly 10% and said that the economic outlook for the current year is worrisome. France Telecom second half sales increased 2% and earnings increased 67% but for the year revenue increased 2.4% and earnings gained 52%. Solar energy comapny Conergy in Germany fell 24% after it reported a loss of 194 million loss in 2007. EDF and Iberdrola talks of merger lifted stocks in two markets.
- 123jump.com Staff
- 06 Feb, 2008
- New York City
Nationwide Building Society''s index of consumer confidence in January fell indicating rising anxities among consumers. In London trading FTSE 100 rose 0.13% or 7.4 to 5, 875.40. Of the FTSE 100 stocks traded, 66 gained, 34 declined, and 2 were unchanged. British Sky Broadcasting led advancers with a rise of 7% after the company reported full-year profit will be at
- 123jump.com Staff
- 06 Feb, 2008
- New York City
Rio Tinto rejected the revised offer from BHP which valued the company at $147 billion from earlier offer of $127 billion. BHP raised its ofer to 3.4 BHP stock for one stock of Rio Tinto on the last day to meet the UK regulatory requirements for takeover. Rio cited in the statement that the ofer fails to value its underlying assets adequately. BHP may revise the offer again. Separately BHP reported declining earnings on rising operating costs.
- 123jump.com Staff
- 06 Feb, 2008
- New York City
U.S. stocks rebounded from the losses at the open after a revised bid of $147 billion from BHP, better than expected earnings frm Disney, JDS Uniphase, and Time Warner. Asian markets fell sharply tracking the losses in Europe and the U.S. in Tuesday trading. In Europe, Spain and Germany are leadig the gainers in the region. Mining and metals stocks rallied after BHP revised its offer for Rio Tinto. JDS Uniphase soared 30% after reporting 22 cents per share income.
- 123jump.com Staff
- 06 Feb, 2008
- New York City
Mumbai stocks are caught in a volatile and choppy trading for the last three months, and trading today was no different. Sensex index fell 2.8% or 523 to 18,139.49 in line with global market sell-off. U.S. market averages fell between 2.5% and 3% and markets in Europe decline more than 2%. European markets todaly eked out minor gains after a mild rebound in the U.S. Maruti Suzuki, Tata Motors, and Bajaj Auto fell.