- Elena
- 05 Sep, 2007
- New York City
U.S. stocks tumbled on a heavy sell-off amid a report showing a steep decline in pending home sales. The U.S. housing market showed signs of major mortgage disruptions after the National Association of Realtors said existing homes dropped 12.2% in July, the largest drop since the pending homes sales index started in 200. On the one hand, the report was in favor of an interest rate cut, on the other, it intensified worries about economic growth. The Dow dropped 160 points.
- 123jump.com Staff
- 05 Sep, 2001
- New York City
Property stocks led Tokyo market lower. The volatile index has been trading lower in the last three sessions as uncertainty in the U.S. housing sector hobble investor interest. Low trading volume persists in Tokyo trading for the last two months. Sony jumped after the news that it plans to sell a stake in its financial service subsidiary for 332 billion yen in public offering.Commercial real estate stocks are likely to fall further if investors lose interest in Japan property market.
- Elena
- 05 Sep, 2007
- New York City
Wall Street opened in the negative Wednesday after solid gains the previous session, as well as one gauge of employment which prompted downward revision of employment report Friday. Investors were cautious ahead of Beige Book release which will give detailed description of the economic conditions across the country and will give further clues about whether the Fed Reserve will reduce its key federal funds rate at its meeting on September 18.
- Elena
- 05 Sep, 2007
- New York City
U.S. stock futures reversed from the strong run yesterday, indicating a steep decline at opening on Wednesday amid disappointing employment data. According to the ADP employment report, employment in the U.S. private sector grew by 38,000 in August, the weakest in four years, suggesting that nonfarm payrolls may have grown much slower than the 123,000 expected by economists. The economic agenda also included the release of the Beige Book later in the session.
- Elena
- 05 Sep, 2007
- New York City
Private-mortgage insurer MGIC Investment and rival Radian Group announced Wednesday that they terminated merger talks and abandoned plans to combine the two companies.
- Elena
- 04 Sep, 2007
- New York City
European stock markets erased earlier losses to finish higher Tuesday, boosted by financial shares and U.S. economic data which raised hopes of interest-rate cut in the near term. Banking stocks gained on the back of comments from the chief executive of Deutsche Bank who said there are signs that markets are beginning to stabilize. Stock indexes in Germany and the U.K. climbed 1%, while France ended up 0.4%.
- Elena
- 04 Sep, 2007
- New York City
U.S. stocks rebounded Tuesday, as a slowdown in manufacturing growth and construction spending boosted investor optimism that the Fed Resrve will cut its key federal funds rate in two weeks. The ISM reported that the manufacturing sector expanded at a slower pace. The ISM index fell to 52.9% in August from 53.8% in July. In another report, the Commerce Department said construction spending fell in July by 0.4%, the largest amount in six months.
- Elena
- 04 Sep, 2007
- New York City
Merrill Lynch slashed its earnings estimates on 12 service stocks, as it predicts a 65% U.S. recession. As a result, FTI Consulting dropped 2.5%, Heidrick & Struggles slipped 5.9%, and Manpower declined 3%. Merrill Lynch also upgraded Iron Mountain to buy from neutral, sending it up 1.4%.
- Elena
- 04 Sep, 2007
- New York City
Wall Street opened mixed, waiting indications from economic data whether the Fed Reserve will reduce interest rates at the FOMC meeting central in two weeks. In corporate news, Yahoo jumped 4.6% after Bear Stearns named the company''s stock as a top pick. On the deal news front, discount wireless phone service provider MetroPCS Communications offered to buy rival Leap Wireless International for about $5.12 billion in stock. Leap Wireless surged 14%.
- Elena
- 04 Sep, 2007
- New York City
U.S. stock futures were pointing slightly lower on Tuesday after the long-weekend holiday, with investors awaiting data on monthly auto sales. Automakers are expected to release the weakest sales in August since a strike at GM about ten years ago. The ISM is also due to release its manufacturing survey, which is expected to be above the 50% level that indicates economic growth. Merrill Lynch cut its earnings estimates on 12 stocks, due to a potential possibility of a 65% recession.
- 123jump.com Staff
- 03 Sep, 2007
- New York City
Stocks in London closed fractionally higher. UK manufacturers reported strong rise in manufacturing activity at the end of the second quarter. Despite rising currency and steady rise in interest rates domestic orders are greater than export orders. The general tone of the report suggested that UK may be enjoying the best manufacturing environment in the last ten years. HSBC agrees to pay $6.3 billion for 51% stake of Korea Exchange Bank. of the FTSE 100 stocks, 65 closed higher.
- 123jump.com Staff
- 03 Sep, 2007
- New York City
Sensex in India closed higher but on lower trading volume. Maruti Suzuki reported August unit sales increased 25% but sales of two-wheelers at Bajaj Auto fell 6%. Dr Reddys is exploring acqusition opportunities with Bradley Pharma based in the U.S. JSW Steel crude steel production in August increased 32% from a year ago. Banks, IT, consumer product stocks closed higher. Rupee weakned a fraction against dollar. Daily trading volume on NSE declied 10% and on BSE fel 19%.
- Elena
- 03 Sep, 2007
- New York City
European stock markets closed mostly higher Monday, led by strength in banking shares. Svenska Handelsbanken surged 7.8% after Storebrand agreed to buy the Swedish bank''s SPP life-insurance unit for $2.6 billion. Barclays was another leading gainer after it said losses from failed debt funds will not exceed 75 million pounds. Across the region, the U.K. finished up 0.2%, Germany advanced 0.14%, while France came under a bit of pressure, falling 0.2%
- 123jump.com Staff
- 03 Sep, 2007
- New York City
Asian market closed traded mixed in cautious trading. In thin volume investors reacted to local news and announced deals. Korea reported second quarter economic growth of 1.8% on rising exports and strong manufacturing sector. HSBC agreed to pay $6.3 billion for a 51% stake in Korea Exchange Bank. Singapore Air and Temasek agreed to pay $900 million to purchase a stake in China Eastern Air.
- 123jump.com Staff
- 03 Sep, 2007
- New York City
Tokyo stocks fell in cautious trading on thin volume. Financials and real estate stocks led the decliners. Agriculture Minister Endo resigned after media reports suggested that the cooperative that he headed, reported higher claims of weather damages to receive larger subisidies. The newly appointed cabinet ministers were supposed to lift Prime Minister Abe from recent defeat in election. Renault and Nissan are planning to spend $1.2 billion to set up manufacturing plant in Morocco.