- 123jump.com Staff
- 22 Jan, 2008
- New York City
The preemptive move by the Fed to lower interest rate by 0.75% was welcomed by investors. Market recovered from the morning loss of 4.5% in Dow, S&P 500, and Nasdaq. Three averages closed between 1% and 2% lower. Investors are now looking for additional rate cut. Retailers and bond insurance companies rallied but base metals and energy companies declined. European markets rebounded 2% and South American markets jumped 4% or more.
- 123jump.com Staff
- 22 Jan, 2008
- New York City
U.S. stocks rebounded from a sharp loss at the opening. After the Fed cut rates in emergency session by 0.75% and on the back of gloabl decline, U.S. stocks opened 4% lower. After ninety minutes of trading, stocks retraced most of their losses. Bank of America fell after it reported CDO related $5.2 billion.
- 123jump.com Staff
- 22 Jan, 2008
- New York City
The Federal Reserve Bank lowered interest rate by 0.75% to 3.5% to thwart the economy from sliding into a recession. The Fed cited weakening economy and increasing downside risk to growth. The Fed lowered rate ahead of its two-day meeting schedule at the end of this month shows the gravity of the situation. Globla markets in the last two days have lost between 10% and 15%. European markets rallied after the news but Asian markets closed down between 5% and 8% for the second day in a row.
- 123jump.com Staff
- 21 Jan, 2008
- New York City
Mumbai witnessed one of its worst one-day losses on dearth of buyers, net selling from international investors, and rising worries that global economic slowdown will hurt corporate profits. Small and mid cap stock indexes on the BSE fell nearly 12%. CNX Nifty index of 50 stocks fell nearly 9%. The sell-off was widespread with every member in the Sensex falling. Relinace Industries plunged 9%. ICICI Bank dropped 6% after reporting 35% rise in earnings. European markets faced sell-off.
- 123jump.com Staff
- 21 Jan, 2008
- New York City
Global markets faced a widespread sell-off that started in China and Hong Kong. Bank of China may have to take a write-down of $4.5 billion losses related to U.S. subprime loans. Asian markets fell after Hong Kong closed down 5.5% lower on the news. India plunged nearly 11% before recovering to close down 7.5%. Japan,Indonesia,Korea and Thailad declined too. Germany and Spain led the sharp sell-off in Europe with a loss of more than 7%. Brazil and Peru fell more than 6% and 8% respectively.
- 123jump.com Staff
- 21 Jan, 2008
- New York City
Brazil based iron ore mining company CVRD, known as Vale confirmed that it is in talks to acquire Swiss controlld Xstrata. The deal was valued in the local press in Brazil at anywhere between $60 billion and $90 billion. Vale in the last five years have acquired companies in Canada, Africa, and China. Xstrata, even though it acquired Canda based Falconbridge for $24 billion has been viewed as a target by large mining companies.
- 123jump.com Staff
- 21 Jan, 2008
- New York City
Australian stocks fell for the eleventh session in a row after Asian markets fell sharply. ASX 200 is now 18% lower from its peak in November 2007. Rio Tinto fell after news reports suggested that BHP is not likely to revise its offer. MFS stock was halted after it fell 70% and the company repalced its chief executive. Lachlan Murdoch and James Packer are in a deal to acquire Consolidated Media at implied price of $4.80 per share.
- 123jump.com Staff
- 21 Jan, 2008
- New York City
Asian markets fell sharply as worries mounted on the U.S. economic recession and lack of clear direction in trading. President Bush plan to stimulate the economy with $150 billion fiscal package fell flat on invstors. India fell at the worst 11%, Hong closed down 5.5%, and Japan declined 4%. European markets are down more than 4% in the afternoon trading led by 5.5% fall in Germany, Spain and Norway.
- 123jump.com Staff
- 18 Jan, 2008
- New York City
Banks and financal stocks led the decline in european markets for the fourth day this week. Worries of the bond holdings held by insurers resurfaced. Allianz and ING declined 6% and Societe Generale fell 8%. Metro jumped 3% after it agreed to sell its loss making Exra retail chain and reduce its debt. Renault has agreed to build cars in Morocco beginning 2010 with annual production of 200,000 rising to 400,000. Peugeot-Citroen has agreed to a payhike of 2.4% for its workers.
- 123jump.com Staff
- 18 Jan, 2008
- New York City
U.S. stocks fell at close after volatile session. Worries related to bond insurers were added to credit market jitters, housing market worries, and declining consumer spending. Three popular averages fell. The President Bush plan to stimulate economy with $150 billion of fiscal measures did not impress investors. General Electric and IBM rose after reporting higher earnings largely on the strength in international markets. Ambac, bond insurer, dropped after Fitch lowered its rating to AA.
- 123jump.com Staff
- 18 Jan, 2008
- New York City
UK stocks edged higher after weak retail sales report and falling pound. December retail sales fell 0.4% from November and for the qarter gained 0.4% from the third quarter. FTSE edged up 0.70 to 5,901.70 at close. Rio Tinto and Xstrata gained as investors speculated that BHP may revise offer for Rio Tinto. Anglo American offered $5.5 billion for two iron ore mines in Brazil. Home builders and retailers rose. RAB Capital said net iincme rose 2% and asset under management increased 38% in 2007.
- 123jump.com Staff
- 18 Jan, 2008
- New York City
U.S. stocks traded sideways after three hours of trading. Financial and brokerage stocks remained weak as the President Bush offered his stimulus package of $150 billion. Investors were not impressed and stocks declined. General Electric fourth quarter earnings rose 15% on 18% rise in sales. IBM jumped after reporting strong results. Schlumberger fourth quarter earnings rose to $1.11 from $1.09 a year ago on 21% rise in revenue.
- 123jump.com Staff
- 18 Jan, 2008
- New York City
Indian stocks fell for the fifth session in a row. Sensex plunged 3.5% or 687 to 19,013 after global markets closed sharply lower on the talks of U.S. recession. HDFC third quarter earnings rose 83% on rising loan portfolio. ITC, the tobacco giant, reported 16% rise in earnings on 13% rise in sales.
- 123jump.com Staff
- 18 Jan, 2008
- New York City
Hong Kong stocks recovered from a loss of 4% in the morning tradig to close up 0.4% after banking stocks led a rally. ICBC estiamted 60% rise in profit for the year 2007. HSBC fell after Merrill reported large loan losses in the sub-prime area. Companies in China raised $105 billion on domestic market and Chinese stock markets at the end of 2007 had market capitalization of $4.4 trillion.
- 123jump.com Staff
- 18 Jan, 2008
- New York City
Consumer confidence in Japan fell in December according to a report from the Cabinet Office. Rising food and energy prices and stagnant wages and economy has left consumers on the edge. The index fell in December to 38 from 39.8 in November. Nikkei 225 stocks rose 0.56% or 77.84 to 13,861.29 and the broader Topix Index increased 11.06 to 1,341.50. Nippon Paper Goup led the decliners in the Nikkei 225 index with a loss of 11% after it violated the goverment rule on recycled paper.