- 123jump.com Staff
- 22 Apr, 2008
- New York City
Hong Kong stock indexes advanced after a surge in afternoon trading on rising speculation that Beijing will take additional steps to protect oil companies from rising crude oil prices. In Shanghai trading CSI 300 Index rose 0.9% to 3,296.28 and in Hong Kong trading Hang Seng added the same to 24,939. PetroChina advanced 6.5% and Sinopec increased 5.1%.
- 123jump.com Staff
- 22 Apr, 2008
- New York City
Stocks in Japan continue to trade volatile and in the shadow of the U.S. market average trading. Nikkei 225 fell 1.1% to 13,547 after earnings from Bank of America and Texas Instruments dragged tech and financial stocks. Analysts also lowered outlook on Sony on the ongoing volatility in yen. More international companies are looking to issue bonds in yen. Bank of Canada was the latest in its samurai bonds. For the year nearly 1 trillion in yen bonds were issues by foreign companies.
- 123jump.com Staff
- 22 Apr, 2008
- New York City
Reliance Industries fell after it reported 24% rise in earnings to 3,912 crore rupees. The earnings rose on higher crude oil refining margins and higher sale across various chemical segments. Tata Consultancy reported sequential profit decline on a marginal rise in revenue. The information services provider also issued a cautious guidance. TCS fell 10% and led decliners in the Sensex index.
- 123jump.com Staff
- 22 Apr, 2008
- New York City
U.S. stocks traded sideways after more banks report losses from risky loans and growing worries related to losses from the consumer banking. For now, banks are taking losses only in the residential mortgage loans but rising charges in the consumer and retail loans are expected to be just as bad. Fifth Third and Sun Trust reported sharp rise in net charge offs and loans loss provisions. Royal Bank of Scotland is forced to raise $24 billion in UK.
- 123jump.com Staff
- 22 Apr, 2008
- New York City
Royal Bank of Scotland today announced its plan to sell assets, raise capital and cut costs. The battered bank vastly overpaid for its recent acquisition of investment banking and Asian operations of ABN Amro. The bank now suffering from losses in mortgage loans and slow down in investment banking business has seen its Tier 1 capital ratio as low as 6%. RBS plan to raise
- 123jump.com Staff
- 21 Apr, 2008
- New York City
ECB President Trichet in its annual report 2007 said that the ongoing fiancial market is likely to persist as banks remain weary of lending each other. Banks in Europe and the U.S. are still heavily leveraged and are likely to suffer widening losses from the current U.S. credit market crisis. European stock markets fell as oil traded near record level. Autos and financials fell. Renault, Nestle, and Casino Guichard reported quarterly sales.
- 123jump.com Staff
- 21 Apr, 2008
- New York City
Bank of America earnings plunged 76% on mounting subprime and mortgage losses and it provisioned $6 billion to cover asset write downs. Citigroup plans to sell at least $5 billion of securities to bolster its captial base. National City, the tenth largest U.S. bank cut its dividend to 1 cent from 21 cents and reported a quarterly loss. The embattled bank also sold stock at 40% discount to raise $7 billion.
- 123jump.com Staff
- 21 Apr, 2008
- New York City
U.S. stocks fell after Bank of America earnings plunged 76% and reported a provision of $6 billion for loan losses. National City, Ohio based lender nearly eliminated its dividend and raised $7 billion at $5 per share, 40% from its stock price on Friday. Arch Coal jumped 5% after it reported surging earnings and revenues on rising coal prices. Sears Holdings fell after Bank of America declined to renew its credit line.
- 123jump.com Staff
- 21 Apr, 2008
- New York City
Stocks in India rallied in sympathy with regional gains. Sensex in Mumbai trading rose 1.6% to 16,739. The Reserve Bank of India ahead of its annual fiscal policy review announced 0.5% increase in cash reserve ratio in an effort to cool the inflation. Wholesale and consumer price inflation indexes have been rising rapidly and are now running near twice the target rate set by the government. Titagarh wagon, new issue, was the most active on BSE trading.
- 123jump.com Staff
- 21 Apr, 2008
- New York City
Bank of America earnings in the first quarter declined 76% to $1.21 billion from $5.26 billion on revenue decline of 6% to $17.30 billion. The bank provisioned $6.01 billion compared to $4.78 billion a year ago on rising trading losses and growing non-performing assets. Nonperforming assets were $7.83 billion, or 0.90 percent, of total loans, leases and foreclosed properties at quarter-end compared to $5.95 billion, or 0.68%, at December 31, 2007 and $2.06 billion, or 0.29%, at the end of Q1.
- 123jump.com Staff
- 21 Apr, 2008
- New York City
Ping An is reported to have scrapped its plan to sell stock in public offering and instead sell them a private placement through banks. Ping An rose 5%. Sinopec estimated first quarter profit is likely to fall 50% from a year ago on rising crude oil cost. Separately, China is expected to reimburse refiners taxes on crude oil import and significant losses from the price ceiling. Chinese refiners are required to sell petrol at a price fixed by the government. In addition COSCO jumped 7%.
- 123jump.com Staff
- 21 Apr, 2008
- New York City
Stocks in Tokyo edged higher on growing speculation that U.S. subprime loan losses may remain at current levels. Strong earnings from Caterpillar lifted stocks of Kubota and Komatsu. Honda led gainers in the Nikkei 225 index with a surge of 8% followed by a rise of 7% in NEC. Chip maker, NEC reported better than expected operating profit in 2007.
- 123jump.com Staff
- 18 Apr, 2008
- New York City
European markets surged after a rally in the U.S. lifted financial stocks. Banks in Europe took advantage of recovering financial markets and offered bonds wirth 12 billion euro. The Spanish government passed fiscal stimulus package of 18 billion euros to bolster the falling economy on weak housing market. Every Spanish tax payers and pensioners will receive 400 euros this year and 8 billion euros are earmarked to distribute next year.
- 123jump.com Staff
- 18 Apr, 2008
- New York City
February exports rose 5.5% on rising exports to mainland China and Germany. Petro China fell below its offer price in Shanghai on the worries that refining margins will hurt earnings. In Hong Kong trading the benchmark Hang Seng Index declined 0.3% to 24,197.78, down 1.91% for the week, and the China Enterprises Index of H-shares, fell 1.7% to 12,675.43, declining 5.10% for the week. In Shanghai trading, CSI 300 Index dropped 3.4% to 3,272.50.