- 123jump.com Staff
- 05 Feb, 2008
- New York City
Stocks in Hong Kong edged lower on a shorter trading session ahead a week of holiday for Lunar New Year. Hang Seng fell 0.9% or 223.38 to close at 24,808.70 and China Enterprises index of H-shares slumped 0.57% to 14,040.68.ICBC Bank has gained approval of shareholders and South African regulators for its stake in Standard Bank.
- 123jump.com Staff
- 05 Feb, 2008
- New York City
The Reserve Bank of Australia raised interest rate by 0.25% to 7% citing inflationary pressures and fragility of the global financial markets. The bank said that the underlying inflation is running above its target between 2% and 3%. Commonwealth, BankWest and ANZ passed the revised rate to borrowers immediately. News Corp reported second quarter net income of $832 million on 9% rise in revenue.
- 123jump.com Staff
- 05 Feb, 2008
- New York City
Stocks in Japan closed lower after a string of weak earnings. Toyota reported sales rise of 9.2% and earnings gain of 7.5% in the third quarter and forecasted that the profit may decline in the current quarter on weak sales in the U.S. Toyota fell 1.8%. Mitsubishi Estate declined 4% after it reported third quarter revenue decline of 26% and income fall of 18%. Camera company Nikon reported third quarter sales increase of 14% and net income gain of 13%.
- 123jump.com Staff
- 04 Feb, 2008
- New York City
Faster rise in energy prices contributed to a rise of 4.3% in producers price index in December after gaining at a rate of 4.2% in November. energy prices surged 8.3% lifting the inflation above the comfort of most analysts. The index, excuding energy and construction, gained 0.1% as well. Theolia added 5% after rising 7.5% in the last week on bid speculation. Intensa Sanpaolo agreed to pay 504 million euro to acquire JSC Pravex.
- 123jump.com Staff
- 04 Feb, 2008
- New York City
The President Bush proposed fiscal 2008 budget of $3.1 trillion, first ever above $3 trillion mark, and projected a budget deficit of 2.9% in 2008 and 2.7% in 2009. Fiscal 2007 budget deficit is estimated at 1.8%.
U.S. stocks edged lower on the weakness in the financials. UBS downgraded banks and credit card companies and said that weak consumer spending will lower the earnings in the sector. Discover, American Express, and JP Morgan fell, but MasterCard rose.
- 123jump.com Staff
- 04 Feb, 2008
- New York City
Royal Bank of Scotland jumped 4.3% on the talks that the company may sell a stake to China controlled bank or a fund. The talks of stake sale lifted other financial stocks as well. Alliance Leicester jumped 1.6% and Barclays added 1.9%. Investors appeared in no mood to take position ahead of the interest rate decision at the end of this week. Carphone Warehouse fell 7% on the worries that its sale of mobile phones may have slipped.
- 123jump.com Staff
- 04 Feb, 2008
- New York City
Stocks in Hong Kong rebounded after a surge of 8.1% in Shanghai market. Financials, metals, and banks rallied. In Hong Kong trading Hang Seng Index rose 3.8% or 908.50 to 25,032.08, and China Enterprises Index gained 6.29% to 14,120.84. The indexes gained after China Composite rebounded to 8.13% or 351.4 to 4,672.17. The World Bank lowered its growth estimate for China to 9.6% from its previous forecast of 10.8%.
- 123jump.com Staff
- 04 Feb, 2008
- New York City
U.S. stocks edged lower after the White House proposed a budget with rising deficit on the cost of war and fiscal stimulus. the budget deficit is projected to rise from 1.8% in 2007 to 2.9% in 2008 and 2.7% in 2009. The White House budget also projects a decline on receipt from lower tax revenues in 2008.
- 123jump.com Staff
- 04 Feb, 2008
- New York City
Asian markets rallied across the region led by a sharp rebound in Shanghai, Hong Kong, and Japan. Japanese stocks advanced after the offer of $45 billion from Microsoft for Yahoo. Softbank soared 18% on the news. Softbank owns 52 million shares in Yahoo and owns 41% of Yahoo Japan. Financial stocks in Japan closed higher on the news that a group of eight large banks are working on a plan to provide financing to MBIA and Ambac, two large bond insurers in the U.S.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
A surprise stake at a 21% premium in Rio Tinto but a team of two aluminum companies lifted the mood investors. Stocks rallied led by asurge in mining companies.Rio Tinto increaesd 13%, BHP soared 10%, Vedanta Resources added 9%, and Antofagasta increased 7%. Xstrata, involved in talks with Rio added 5%. Purchasing Managers Index showed a decline in manufacturing activity in January. British Land fell on downgrade. Biffa and FKI rose on takeover speculations.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
European stock markets gained 2% or more after two aluminum companies teamed to bid for a stake in Rio Tinto. The 12% stake purchased by Chinalco and Alcoa at 21% premium lifted mood across the region. U.K., France, the Netherlands, and Norway gained nearly 2.5%. Mining companies across the region closed higher. ThyssenKrupp gained 6% after it reported to buyback stocks and may be make acqusitions. Vinci in Paris traded higer on quarterly sales rise.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
Microsoft bid for Yahoo dominated trading as investors digested possibilities of other hostile offers on the back of recent declines in stock prices. Dow Jones finished higher today, up 4.4% for the week. Exxon reported record earnings for the quarter and for the year on the rising demand and prices of crude oil. Chevron also reported solid increase in earnings. construction spending declined in December and in 2007. Payroll declined in December by 17,000 sparking fears of recession.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
U.S. stocks traded in a tight range as market grappled with two merger deals and employment data and earnings from Google, Chevron, and Exxon Mobil. Microsoft made an unsolicited $44.6 billion offer for Yahoo. The offe values the company at $31 per share, or 62% from close on Thursday. Chinalco and Alcoa together purchased 12% stake valued at $14 billion in Rio Tinto. The stake is widely viewed to thwart BHP from a taking over Rio Tinto. Exxon Mobil and Chevron fell after reporting earnings.
- 123jump.com Staff
- 01 Feb, 2008
- New York City
Microsoft offers $31 per share or $44.6 billion for Yahoo after it failed to convince Yahoo management of a friendly takeover. Yahoo stock jumped 50% after the offer from Microsoft. Microsoft bid reflects its desparation to catch in the online ad space which has been dominated by a one player, Google. The expensive offer may take years to pay. The takeover if successful, will be the second largest in the techonology sector.