- 123jump.com Staff
- 24 Jan, 2008
- New York City
U.S. stocks edged higher on better than expected earnings and rising metals and energy prices. Nasdaq led the indexes with a rise of 1.9% followed by increases in S&P 500 of 1.01% and 0.9% in Dow Jones. U.S. lawmakers release a stimulus package to revive the flagging consumer spending. The plan aims to rebate between $300 and $1,200 per household with adjusted gross income lower than $150,000 and raise mortgage cap limit for Fannie Mac and Freddie Mac to $730,000 in select cities.
- 123jump.com Staff
- 24 Jan, 2008
- New York City
Stocks in Mumbai trading fell after a weakness in mid and large cap stocks. The goverment is looking to moderate fund flows in the capital market from international investors. The market volatility and rising inflation are driving the goverment review. The BSE 30-share Sensex declined 2.1% or 372.33 to 17,221.74. The broader CNX S&P Nifty slipped 3.3% or 169.95 to 5,033.45. Trading voulme has declined on the BSE and NSE exchanges.
- 123jump.com Staff
- 24 Jan, 2008
- New York City
Chinese economy rose at 11.4% in 2007 from revised 11% in 2006 on rising trade surplus, higher fixed asset investment, and rising credit in the economy. Inflation in China remains a major threat to the economy as consumer prices tripled from a year ago. Inflation is running at twice the level preferred by the central bank. Chinesse currency Renminbi is likely to appreciate against dollar at a faster pace in 2008.
- 123jump.com Staff
- 24 Jan, 2008
- New York City
Stocks in Asia and Japan rebounded for the second day on the back of a rally in New York. Nikkei 225 surged 2.06% or 263.72 to 13,092.78. December trade surplus of Japan fell 21% to 888 billion yen compared to last year. For the year 2007 annual exports rose 11.6% and imports gained 8.6%. Trade surplus in 2007 rose 37% from year ago. Realty, banks, and export sensitive stocks gained for the second day in a row.
- 123jump.com Staff
- 23 Jan, 2008
- New York City
Australian stocks rallied after the Federal Reserve Bank in the U.S. cut the interest rate by 0.75%. ASX 200 index gained 4.4% or 225.5 to close at 5,412.30. MFS plans to resolve the asset sales and debt repayment issue in less than few weeks according to its newly appointed chif executive. Allco Financial plunged 26% after margin calls forced asset sale. Zinifex raised its hostile offer to $1 per share for Allegiance Mining. The revised offer was rejected by the company.
- 123jump.com Staff
- 23 Jan, 2008
- New York City
European markets fell sharply for the third day in a row after tough talk on inflation from ECB President Trichet. The inflation talk suggested that interest rates are not likely to be lowered in the region sparking a widespread sell-off. Business leaders gathered at Davos, criticized the surprise rate reduction in th U.S., and suggested that it may spark another bubble. LOreal offers 1.15 billion euros for cosmetic segment of PPL. Carrefour sales rose 10% to 25.2 billion euros.
- 123jump.com Staff
- 23 Jan, 2008
- New York City
U.S. stocks rallied in the last hour of trading as bargain hunters emerged. Three popular indexes, Dow, S&P 500, and Nasdaq recoverd from a loss of near 3% to a high of 2%. Banks, brokerages, retailers, and home builders led the gainers. Miners and energy companies declined. Ambac led the gainers in the S&P 500 index with a rise of 65%. Apple reported record revenue and earnings but fell on weaker than expectes outlook for the current quarter. Carrefour sales rose 10% in q4.
- 123jump.com Staff
- 23 Jan, 2008
- New York City
UK stocks closed lower after the economic report showed slower growth in the fourth quarter. Growth slowed to 0.6% from 0.7% in the third quarter on weakness in service and retail sectors. FTSE 100 dropped 2.28% or 130.80 to 5,609.3. Of the 102 index stocks, 27 gained, 74 declined, and one was unchanged. Banks rallied after the government indicated that depositors of Northern Rock will be protected in in a private sale, indicating that the lender is not likely to be nationalized.
- 123jump.com Staff
- 23 Jan, 2008
- New York City
U.S. stocks fell for the second day after the Fed lowered the rates by 0.75% in a surprise move. Dow, S&P 500, and Nasdaq fell between 2% and 3% in the morning hours and continues to trend lower. Apple and Motorola fell more than 15% after reporting earnings. Apple guided lower earnings in the current quarter and Motorola continues to suffer in the competitive market.
- 123jump.com Staff
- 23 Jan, 2008
- New York City
Stocks in India registered a record one-day gain on the back of rally across Asia. The surprise rate cut from the Federal Reserve in the U.S. lifted markets in India and in the region. Sensex recovred from a loss of 16% in two-day sell-off and 20% decline for the year so far. Sensex advanced 5.2% or 864.13 to 17,594.07. The CNX S&P Nifty surged 6.2% or 304.10 at 5,203.40. Banks, realty, and metal companies rallied.
- 123jump.com Staff
- 23 Jan, 2008
- New York City
Hong Kong stocks surged in record one-day rally on substantial rate cut in the U.S. Hang Seng index soared 10% after dropping 14% in a two-day sell-off. Hong Kong Monetary Authority today cut its key rate to 5% from 5.75% in tandem with the U.S. Federal Reserve which slashed its benchmark rate o 3.5% from 4.25%. Banks, realty, and telecom stocks led the gainers. Hang Seng Index climbed from a two-day 14% decline to close up 11% or 2,332.54 to 24,090.17.
- 123jump.com Staff
- 23 Jan, 2008
- New York City
Stocks in Japan recovered on the back of large rate cut in the U.S. The emergency rate cut of 0.75% by the Federal Reserve in the U.S. helped Asian markets to rally in the hope the U.S. action may smoothen the slowing economy. However European investors remained unconvinced and markets in Europe decline by the mid-afternoon. Hong Kong, Japan, India, and Singapore surged on the rate cut.
- 123jump.com Staff
- 22 Jan, 2008
- New York City
Pound recovered against dollar to $1.958 from $1.955 after the Federal Reserve cut the rates in the U.S. by 0.75% to 3.5%. Stocks in London dropped in the morning trading, for the second day, after Asian markets declined. FTSE 100 dropped at the worst of the day nearly 2%. In the afternoon trading stocks recovered after the rate cut in the U.S. and hopes that the U.S. may avoid recession. Schroders and Wolseley led the gainers in the FTSE index and Imperial Tobacco led the decliners.
- 123jump.com Staff
- 22 Jan, 2008
- New York City
European markets were all set to lose more than 4% for the second day in a row after similar declines in Asia. Market averages managed to rebound from the low and closed up 2% or more. The Bank of England and ECB may have to lower rates in the next meetings. German market rebounded from its worst decline in five years. Deutsche Bank, commerzbank, and Fraport led the recovery. Heidelberger Druckmaschinen rebounded 12% after the stock yielded 12%. Banks and uitilities led the recovery in France.
- 123jump.com Staff
- 22 Jan, 2008
- New York City
Margin callls, global worries, and lack of retail buyers, all came together for the second day in a row. Sensex dropped 5% or 875 to 16,729. During the day it had dropped as low as 15,332. Finance Minister Chidambaram urged investors to be calm. Sensex and CNX Nifty are down 20% from the peak and midcap and small cap indexes on BSE are down 30%. Reliance industries, ONGC, HDFC Bank, ICICI Bank, and ITC led the decliners list in the large cap sector. Bhrti Airtel rebouded 3%.