- Elena
- 21 Aug, 2007
- New York City
Wall Street lacked direction at opening hours, reflecting further credit problems and uncertainty about what the Fed Reserve''s next move might be to steady the markets and the economy. Countrywide Financial rose 2.9% on speculations it might be a takeover target due to losses related to subprime mortgages. Capital One Financial added 1.9% announced a decision to close its wholesale mortgage business and reduce 1,900 jobs.
- 123jump.com Staff
- 21 Aug, 2007
- New York City
Stock market fell sharply after the ruling coalition disagreement surfaced over nuclear pact with the U.S. Key coalition member, communist party showed its unwillingness to lend its support for the nuclear deal. Investors worried that the disagreement may lead to a call for general election, ahead of schedule. Sensex plunged 3% in Mumbai trading as every member of the index dropped. Banks and real estate companies suffered heavy losses. Blackstone is in a deal to acquire Gokaldas Exports.
- Elena
- 21 Aug, 2007
- New York City
U.S. stock futures advanced on Tuesday, boosted by optimism that the Federal Reserve will make further steps by cutting its main base rate in order to relieve continuous global credit worries. Banc of America Securities downgraded a number of home builders, including Toll Brothers, Hovnanian Enterprises and Standard Pacific, saying cancellations jumped as lenders pulled commitments from buyers already in the backlog and new buyers failed to qualify.
- 123jump.com Staff
- 20 Aug, 2007
- New York City
Averages in New York were volatile with banks and brokerage stocks traded lower. KKR Financial sold a stake in the company to increase liquidity. Countrywide plans to reduce staff in its mortgage unit and Capitol One said that it will close its mortgage division. Oil fell. European stocks closed higher. Asian markets rallied. Lowe''s reported 9% jump in earnings. HSBC is in a deal to buy 51% stake in Korea Exchange Bank. Nasdaq to sell its stake in LSE and plans to revise bid for OMX.
- 123jump.com Staff
- 20 Aug, 2007
- New York City
FTSE 100 Index in London trading edged up a fraction in volatile trading. persistent worries of unknown subprime lending liabilites in the U.S. kept investors nervous. Mining stocks gained more than 3%. UK recorded current budgt surplus of 8.6 billion pounds compared to 8.1 billion a year ago. Net borrowings for the fiscal year are estimated at 34 billion pounds. British Energy jumped 4% and banks fell. Nasdaq plans to sell its stake in LSE and consider revising its bid for OMX.
- Elena
- 20 Aug, 2007
- New York City
European stock markets finished in the positive territory Monday, lifted by retreating concerns about the financial system and global economic growth. Market sentiment was also supported by solid gains in the shares of mining and financial companies. France led regional gainers with an advance of 0.7%, followed by Germany, up 0.4% and the U.K., rising 0.2%.
- 123jump.com Staff
- 20 Aug, 2007
- New York City
Sensex in India closes higher on rising markets in Asia. Of the 30 stocks in the index, 25 closed higher on lower trading volume. The Sensex jumped 2% or 286 points to close at 14,427.55. ICICIC Bank received government approval to sell a stake in its subsidiary lifting all stocks in the sector. Fertilizer stocks jumped on the news that the government plans to issue 7,500 crore rupees bonds to cover deficit in the fertilizer companies. Reliance Communications is in a deal to buy Aircel.
- 123jump.com Staff
- 20 Aug, 2007
- New York City
Asian markets rebounded sharply on the rate cut in the U.S. and strength in the European markets. Indonesia and Hong Kong led the regional indexes with a gain of more than 6%. Shanghai jumped 5% and India added 2%. Banks, metals and mining stocks, and shipping lines led the rally in the region. HSBC is in a deal to buy controlling stake in Korea Exchange Bank. Yanzhou and China Ship reported higher than expected earnings. The Reserve Bank of Australia adds liquidity in the market again.
- Elena
- 20 Aug, 2007
- New York City
U.S. stocks reversed from earlier gains to trade near the flat line, with investors speculating on the Federal Reserve''s next move. Hopes of further interest rates cuts were raised by another report of trouble in the subprime mortgage market. Residential-mortgage lender Thornburg Mortgage dropped 11% after it said it sold a considerable part of its triple-A-rated mortgage securities portfolio. Nasdaq Stock Market rose 3.6% after it said it will put its 31% stake in the LSE for sale.
- 123jump.com Staff
- 20 Aug, 2007
- New York City
Nikkei 225 in Monday trading jumped 3% after the rate cut in the U.S. Other exchangs in the region gained as well. Hong Kong, Indonesai, Korea, and Singapore jumped 6% or more. Among th stocks in the Nikkei 225, 50 stocks jumped more than 5%. Japan and Indonesia are in a deal to lower tariff on exports and increase investment in the mining and metals sectors.
- Elena
- 20 Aug, 2007
- New York City
Wall Street opened higher, extending gains from Friday rally. Market benefited from continuous relief that the Fed Reserve cut its discount rate and optimism of further interest rates reduction. Investors tried to assess the real impact of the Fed''s moves, as most of the gains Friday were due to hedge funds buying shares to cover their positions.
- Elena
- 20 Aug, 2007
- New York City
U.S. stock futures predicted higher opening Monday, boosted by the favorable effect of the Fed Reserve''s move last week to cut its discount rate, hinting that it could reduce its key interest rate, too. Among companies in focus, Countrywide Financial reportedly began laying off staff involved in originating loans. Company''s shares traded up 6% in pre-open trade. Crude oil will also be in the spotlight.
- Elena
- 20 Aug, 2007
- New York City
The retailer earned $1.02 billion, or 67 cents a share, higher than $935 million, or 60 cents a share a year earlier. Quarterly revenue rose to $14.17 billion from $13.39 billion last-year same period. Lowe
- 123jump.com Staff
- 17 Aug, 2007
- New York City
Market averages in New York rebounded on the hopes that the Fed fund rates will be lowered after the cut in discount rate today. The Fed action to lower the rate by 50 basis points is expected to improve liquidity in the commercial paper and asset backed mortgage markets. The yields in the commercial markets are still above the Fed target rates. Stocks in New York and Europe rallied after the Fed action. Gold and oil jumped higher. Hong Kong reported faster than expected economic growth in q2.
- 123jump.com Staff
- 17 Aug, 2007
- New York City
In a volatile week in London, FTSE 100 index registered one day gain and loss 4-year record and closed up a fraction for the week. The index gained 3.5% today led by a rise in banking and mining stocks. Of the 102 stocks in the index, 100 gained and 2 fell after a day when all stocks in the index fell. Standard Life led the index stocks with a gain of 7%. Indexes in France and Germany gained but in that in sweden fell.