- 123jump.com Staff
- 09 May, 2008
- New York City
U.S. stocks fell in the morning trading after AIG reported a large loss and a plan to raise $12.5 billion. AG took a pre-tax charge of $9.5 billion in the quarter on credit market related losses. Crude oil surged to another record high and traded above $125 a barrel. March trade deficit fell to $58.2 billion as imports of oil and automobiles declined. But, deficit for the first quarter remained at elevated level. AIG stock traded near its 10-year low.
- 123jump.com Staff
- 08 May, 2008
- New York City
Commonwealth Bank of Australia surged 4% after the bank said it no longer needs additional capital. Recently the bank completed the $15.6 billion of wholesale funding. The news lifted stocks of other banks and helped ASX 200 to close higher. National Australia Bank Ltd, which reports its interim results on Friday, gained 1.6%, ANZ stock shed 0.6% and Westpac rose 3.6%. The troubled mall real estate operator Centro Retail obtained debt extension till the end of the year on additonal guarantees.
- 123jump.com Staff
- 08 May, 2008
- New York City
The European Central Bank and the Bank of England left rates unchanged as inflation hovers near or above target level. Unlike the Federal Reserve in the U.S., central banks are hawkish in Europe when it comes to inflation. Recent surge in crude oil price and worldwide food price surge have fueled inflation and fears of wage inflation. InBev, UniCredit and Raiffeisen International fell on earnings. Barclays, Royal Bank of Scotland and Commezbank fell after the rate decision.
- 123jump.com Staff
- 08 May, 2008
- New York City
U.S. stocks rose in the hope that a rise in April retail same store sales may continue for the rest of the year. Jobless claims at the end of last week dropped by 18,000. In Europe, the ECB left its key rate unchaged at 4% and the Bank of England left its rate at 5%. Both central banks appear to combat rising inflation. April housing starts in Canda fell 12%. Toyota fell after it offered gloomy earnings and sales outlook. News Corp earnings surged on asset swap.
- 123jump.com Staff
- 08 May, 2008
- New York City
U.S. stocks rebounded on the strength in retail, mining and metals and select financials. BHP Billiton, Vale, Cleveland Cliff, ArcelorMittal and Freeport McMoran led the gainers. Gold resurged after the ECB and the Bank of England left rates unchanged. Crude oil edged lower. Toyota Motor fell 4% after it offered gloomy outlook on sales and earnings for the current year but increased its dividend 20% on 4.5% rise in fiscal year 2008 earnings.
- 123jump.com Staff
- 08 May, 2008
- New York City
Hong Kong reported 0.9% decline in foreign reserves in April to $160 billion and China will issue Rmb 28 billion or $4 billion of government bonds with 30 year maturity that will trade next week. Hang Seng fell 0.6% to 25,449 and CSI 300 in Shanghai trading lost 2.7% to 3,921. Refiners and airlines continue to decline as crude oil trades at a record high in the international markets.
- 123jump.com Staff
- 08 May, 2008
- New York City
Stocks in Japan tracked weakness in the U.S. and closed lower. Financial stocks fell the most on the worries that more losses may have to be taken on the new disclosure requirements from the U.S. regulatory agency SEC. Nikkei 225 index fell 1.3% to 13,943. Toyota Motor reported 9.8% rise in sales and 4.5% in earnings but offered lower sales and earnings outlook for the current year.
- 123jump.com Staff
- 08 May, 2008
- New York City
U.S. stocks opened higher after the release of jobless data and same store retail sales. Discount retailers led gains in sales in April as families look for ways to save money. Costco, for the twelve months in a row reported same store sales rise above 5%. In April sales rose 6%, excluding gasoline sales. Wal-Mart sales rose 3.2%. The ECB and the Bank of England left rates unchanged at 4% and 5% respectively.
- 123jump.com Staff
- 07 May, 2008
- New York City
European markets closed higher on rising earnigs from companies despite a fall in factory ouput in the UK and falling orders in Germany. Earnings from Lafarge, Detsche Boerse, BAT and Commerzbank lifted market averages in the region. Swiss market index led the region with a rise of more than 1.3%. After the close U.S. indexes lost 1.8%.
- 123jump.com Staff
- 07 May, 2008
- New York City
U.S. stocks closed sharply lower after a broad sell-off sparked by a weakness in tech and financial stocks. S&P 500, Nasdaq and Dow Jones lost more than 1.8% and dragged markets in Latin America and Europe lower. Home sales are likely to keep fallling in according to index that tracks pending home resales. In the enertgy market, crude oil crossed $123 a barrel as specultors look for $130 price target in the near term. Cisco and Cognizant fell after the earnings.
- 123jump.com Staff
- 07 May, 2008
- New York City
Stocks in Japan advanced as rising crude oil prices topped $122 per barrel on further supply disruptions in Nigeria and elevated crude oil demand in the U.S, China and India. After the close, U.S. reported in its weekly oil inventory report a decline in Crude oil import by less than 5%. China, India and the U.S. continues to import crude oil at elevated level, despite oil trading above $122 a barrel. Average gasoline price in Japan rose nearly 6 yen in a week and reached 159.20 yen.
- 123jump.com Staff
- 07 May, 2008
- New York City
Stocks in Shanghai and Hong Kong fell after the worries on global economic health resurfaced. Rising crude oil prices and falling import of copper played in the trading sentiment. Crude oil surged above $122 a barrel dragging stocks of oil refiners and marketers. China restricts the price companies can charge. China also increased regulatory oversight on management incentives given to listed companies.
- 123jump.com Staff
- 07 May, 2008
- New York City
UK stocks edged higher in a day of mixed trading. UK manufacturing declined in March after rising in February. The index that tracks factory output fell 0.5% in March after rising 0.4% in February. Sharp decline in transportation equipment in the month led all categories in the manufacturing industries. BAT, the cigarette maker reported 14% rise in sales to
- 123jump.com Staff
- 07 May, 2008
- New York City
U.S. stocks turned negative after the release of weekly crude oil inventory report and index of pending home sales. The crude oil inventories were slightly lower but the inventories of gasoline and distillate were unchanged at the end of the last week. An index of pending home sales in March fell on difficult lending conditions.
- 123jump.com Staff
- 07 May, 2008
- New York City
U.S. stocks wavered with a negative bias after one hour of trading. First quarter productivity rose at 2.2% across the economy and surged 4.1% in manufacturing sector. Cisco fell a fraction after quarterly earnings declined but sales rose in the latest quarter. Disney earnings rose 22% on 11% rise in revenue. An index of pending home resale fell in March as buyers find it difficult to get financing. Asian markets closed mixed and European markets edged higher.