- 123jump.com Staff
- 31 Jan, 2008
- New York City
U.S. stocks rebounded from morning losses after unemployment claims rose at the end of the last review. Stocks made about turn in the afternoon, MasterCard reported sharply higher earnings and the bond insurer MBIA in a earnings conference call asserted that it has adequate capital to retain its AAA rating. Hedge fund Pershing Square has asserted that the company may not have capital to fund its future losses. MBIA estimated $3 billion of future losses, half of what Pershing has estimated.
- 123jump.com Staff
- 31 Jan, 2008
- New York City
Nationwide, mortgage lender, reported that home prices in the UK fell for the third month in a row in January. According to the lender the average price of a house has fallen from
- 123jump.com Staff
- 31 Jan, 2008
- New York City
U.S. stocks recovered from the morning losses. MasterCard reported fourth quarter earnings of $1.37 per share on a revenue rise of 27.8% to $1.07 billion. Gross dollar volume in the quarter rose 15.2%. The strength in the consumer spending helped market to reverse the earlier decline. MBIA reported large loss on the account of more write-down in credit derivatives. Jobless claims rose at the end of the last review period.
- 123jump.com Staff
- 31 Jan, 2008
- New York City
December fiscal deficit in India declined on 9% higher tax revenues keeping the government to meet its annual deficit target of 3.1% to GDP. Stocks in India fell as investors worried that global economic slowdown may hurt international investors sentiment. More than 60 stocks on BSE are now tradning below 50% of clsoing price at the end of 2007. Hindalco net profit decline 16% on 1.5% decline in revenue.
- 123jump.com Staff
- 31 Jan, 2008
- New York City
Hong Kong stocks are suffering one of the worst slumps in the last decade as worries related to sub-prime losses keep rising. Five largest Japanese banks, who previously had denied signifincant exposures to the U.S. loans, are now expected to report $4.6 billion of write-downs. Investors fear a similar write-offs at banks in China ad Hong Kong. Lenovo Group gained after a rise in profit and a plan to sell mobile phone business.
- 123jump.com Staff
- 31 Jan, 2008
- New York City
Stocks in Japan recovered from a morning loss of 1.4% to close up 1.85% or 247.44 to 13,592.47. The Topix Index gained 2% or 26.20 to close at 1,346.31. Banks in Japan are likely to report larger than estimated sub-prime losses according to local news. The estimate of losses for 2007 are running as high as 500 billion yen from the five largest banks. December csh earnigs for wages declined 1.9% and for contract employees rose 0.3%.
- 123jump.com Staff
- 30 Jan, 2008
- New York City
Stocks in India declined a day after the RBI left the key rates unchanged and as market digested earnings from Mahindra & Mahindra, NTPC, Bharti Airtel, and Baja Auto. Bajaj Auto fell 3% on the decline in earnings, Bharti Airtel rose 1.2% on 36% rise in earnings, and NTPC fell 4.6% after its profit fell 15%. Mahindra & Mahindra profit jumped 67% on the one-time gains. Government relaxed rules for foreign investing in several industries including civil aviation and petroleum refining.
- 123jump.com Staff
- 30 Jan, 2008
- New York City
Surprise sub-prime loan write-down at UBS and BNP jolted markets in the morning and stocks closed lower ahead of the U.S. rate cut in the late afternoon. UBS reported a loss after it reported a larger than expected write-down of $14 billion and BNP Paribas profit declined 42% in the fourth quarter on 590 million euro loss related to credit market turmoil. Vivendi fourth quarter sales rose 8.5%. Department store chain Arcandor rose on profit outlook in Frankfurt trading.
- 123jump.com Staff
- 30 Jan, 2008
- New York City
The Federal Reserve lowered short term rates by 0.5% to 3.0% and cited substantial downside risks to the economy. The Fed has lowered rates by 1.25% in nine days to calm domestic and international markets. The Fed action may prove inflationary in the medium term and force the Fed to change the course if the economy does not slowdown in the months ahead. Stocks rallied after the Fed decision, but lost neary 1.6% gains in index at close.
- 123jump.com Staff
- 30 Jan, 2008
- New York City
UK stocks declined 0.8% or 47.90 to 5,837.30 after the mortgage approval fell in December, the largest decline in nine years. Mervyn King was reappointed as the Bank of England Governon after his term expires in June of this year. The Bank of England released in its Lending to Individuals Report today that loans granted for purchase to individuals plunged from 81,000 in November to 73,000 in December against the estimate of 79,000.
- 123jump.com Staff
- 30 Jan, 2008
- New York City
ASX 200 index declined 1.7% or 97.8 to close at 5,618.70. BHP Billiton today signed an agreement with China''s leading steelmaker Baosteel to supply an additional 94 million tons of iron ore at a price that is to be determined. MFS, fund manager froze one of its funds for six months to prevent run on the fund. Woolworth sales rose 8.3%, less than projected. Lihir Gold production in 2007 rose 7.7% to 701,000 ounces.
- 123jump.com Staff
- 29 Jan, 2008
- New York City
ASX 200 index declined 2.5% or 168.1 to close at 5,716.50. The Preliminary market turnover was 1.84 billion shares worth $6.73 billion, with 515 shares moving up, 723 moving down and 308 unchanged. Building, automotive and plastic products maker, Nylex share shed 17.5% today after an interested private equity firm withdrew its takeover proposal.
- 123jump.com Staff
- 30 Jan, 2008
- New York City
Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets.
- 123jump.com Staff
- 30 Jan, 2008
- New York City
U.S. stocks edged lower ahead of Fed rate decision in the afternoon and more sub-prime losses. UBS reported $14 billion write-down realted to loan losses, $4 billion higher than estimated, turning profit for the year into a loss. BNP reported smaller, but not previously announced loss. UPS reported a loss on one-time contribution to a pension plan and Yahoo fell 10% on the continued weakness in the search related business.
- 123jump.com Staff
- 30 Jan, 2008
- New York City
Stocks fell in Hong Kong on profit taking ahead of the U.S. Federal Reserve decision on interest rates today and as chairman of Henderson Land Development Lee Shau-kee lowered his forecast for the rise in Hang Seng by 22%. Chairman''s comments are widely followed by investors.
In Hong Kong trading Hang Seng Index dropped 2.6% or 638.11 at 23,653.69, while the China Enterprises index of H shares declined 4.7% or 623.77 to 12,755.41.