- 123jump.com Staff
- 04 Feb, 2008
- New York City
Stocks in Hong Kong rebounded after a surge of 8.1% in Shanghai market. Financials, metals, and banks rallied. In Hong Kong trading Hang Seng Index rose 3.8% or 908.50 to 25,032.08, and China Enterprises Index gained 6.29% to 14,120.84. The indexes gained after China Composite rebounded to 8.13% or 351.4 to 4,672.17. The World Bank lowered its growth estimate for China to 9.6% from its previous forecast of 10.8%.
- 123jump.com Staff
- 04 Feb, 2008
- New York City
U.S. stocks edged lower after the White House proposed a budget with rising deficit on the cost of war and fiscal stimulus. the budget deficit is projected to rise from 1.8% in 2007 to 2.9% in 2008 and 2.7% in 2009. The White House budget also projects a decline on receipt from lower tax revenues in 2008.
- 123jump.com Staff
- 04 Feb, 2008
- New York City
Asian markets rallied across the region led by a sharp rebound in Shanghai, Hong Kong, and Japan. Japanese stocks advanced after the offer of $45 billion from Microsoft for Yahoo. Softbank soared 18% on the news. Softbank owns 52 million shares in Yahoo and owns 41% of Yahoo Japan. Financial stocks in Japan closed higher on the news that a group of eight large banks are working on a plan to provide financing to MBIA and Ambac, two large bond insurers in the U.S.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
A surprise stake at a 21% premium in Rio Tinto but a team of two aluminum companies lifted the mood investors. Stocks rallied led by asurge in mining companies.Rio Tinto increaesd 13%, BHP soared 10%, Vedanta Resources added 9%, and Antofagasta increased 7%. Xstrata, involved in talks with Rio added 5%. Purchasing Managers Index showed a decline in manufacturing activity in January. British Land fell on downgrade. Biffa and FKI rose on takeover speculations.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
European stock markets gained 2% or more after two aluminum companies teamed to bid for a stake in Rio Tinto. The 12% stake purchased by Chinalco and Alcoa at 21% premium lifted mood across the region. U.K., France, the Netherlands, and Norway gained nearly 2.5%. Mining companies across the region closed higher. ThyssenKrupp gained 6% after it reported to buyback stocks and may be make acqusitions. Vinci in Paris traded higer on quarterly sales rise.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
Microsoft bid for Yahoo dominated trading as investors digested possibilities of other hostile offers on the back of recent declines in stock prices. Dow Jones finished higher today, up 4.4% for the week. Exxon reported record earnings for the quarter and for the year on the rising demand and prices of crude oil. Chevron also reported solid increase in earnings. construction spending declined in December and in 2007. Payroll declined in December by 17,000 sparking fears of recession.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
U.S. stocks traded in a tight range as market grappled with two merger deals and employment data and earnings from Google, Chevron, and Exxon Mobil. Microsoft made an unsolicited $44.6 billion offer for Yahoo. The offe values the company at $31 per share, or 62% from close on Thursday. Chinalco and Alcoa together purchased 12% stake valued at $14 billion in Rio Tinto. The stake is widely viewed to thwart BHP from a taking over Rio Tinto. Exxon Mobil and Chevron fell after reporting earnings.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
Microsoft offers $31 per share or $44.6 billion for Yahoo after it failed to convince Yahoo management of a friendly takeover. Yahoo stock jumped 50% after the offer from Microsoft. Microsoft bid reflects its desparation to catch in the online ad space which has been dominated by a one player, Google. The expensive offer may take years to pay. The takeover if successful, will be the second largest in the techonology sector.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
Chinalco and Alcoa have teamed to acquire 12% stake in UK mining company Rio Tinto. The surprise investment appears to have been made to prevent BHP from acquiring Rio Tinto. Chinalco will control 9% and Alcoa will control 3% in Rio Tinto. The 12% stake was acquired with an investment of $14 billion and purchased at 60 pounds per share, a 21% premium from closing price on yesterday. Alcoa contributed $1.2 billion in the stake purchase.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
Stocks in Hong Kong recovered ahead of the holiday season. Snowfall in China has disrupted transportation network stranding hundreds of thousands of people. Several mining facilities and commodities facilities are likely close down. Jiangxa Copper will shutdown 43% or 300,000 tons of smelting capacity as a result of power outages until mid-February.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
In Friday trading, Japanese shares declined as investors continued to worry about the loan losses news from Japanese banks. Japan''s second-biggest bank Mizuho fell 5% after reporting a subprime loss of 275 billion yen and cutting its outlook for 2008 by 26%. Concerns over the U.S. jobs data and an 8% decline in Sony shares to a 14-month low also hurt trading sentiment.
- 123jump.com Staff
- 12 Feb, 2008
- New York City
Investors in Japan focused on rising subprime losses in the U.S. and surging metal and oil prices in the region. AIG sharply increased its losses from risky loans to $5.9 billion from $1.1 billion reported three months ago. Copper and oil rose as investors worried that bad weather conditions in China will hurt production. Indonesia is expected to lower by 90% LNG shipments to Japan.
- 123jump.com Staff
- 31 Jan, 2008
- New York City
Australian stocks gained as market turnover improved and sentiment recovered in Asia. Alumina 2007 earnings in 2007 fell 14.6%. Woolworth and Foodstuff were ordered by court to not make an offer for Warehouse Group before March. MFS asserted that Stell sale talks are on target. Rio Tinto announced full production shcedule at two of its coal mines and also expanded its smelting capacity in Canada. Origin Energy second quarter gas and oil sales increased to $126 million.
- 123jump.com Staff
- 31 Jan, 2008
- New York City
European stocks declined in January on the continued turmoil in credit market. Most markets fell between 10% and 14% in January, one of the worst performances for the month. Unemployment in Germany fell in January to the lowest level in fifteen years to 8.1%. Credit Agricole, AXA, Dexia, and Allianz fell on the worries on economic growth recession in the U.S. FItch cut its bond rating outlook on Friends Provident, stock plunged 11%. Akzo jumped 7% after sales rose at recently acquired ICI.