- 123jump.com Staff
- 31 Oct, 2007
- New York City
The Fed lowered its target rate to 4.5% for. Of the ten voting members of the Open Market Committee, only one dissented to keep the rate same. The expectations of lower rate was widely expected by the market. Dollar traded weak in the morning and fell to another record low against euro on the decision. Oil surged above $94 after the rate cut. The Fed signaled that while the economic grwoth in the third quarter was strong, the growth is liklely to fall in the coming quarters.
- 123jump.com Staff
- 31 Oct, 2007
- New York City
In the morning trading U.S. stocks edged higher. Third quarter GDP grwoth rate was reported at 3.9% higher than estimated by most economists. The Federal Reserve is expected to release is interest rate decision this afternoon. Investors and Wall Street is forecasting a rate cut between 25 and 50 basis points. Overnight, the Bank of Japan left its rate unchaged at 0.5%. MasterCard soared after reporting a sharply higher earnings of $2.31 per share.
- 123jump.com Staff
- 31 Oct, 2007
- New York City
The Bank of Japan left the interest rates unchanged at 0.5% by 8 to 1 vote. The Central bank also lowered its annual economic outlook for fiscal 2007 to 1.8% from 2.1% and widened the range for the fiscal 2008. Stocks in Japan rose after the bank decision. Separately wage survey showed that September wages fell 0.5% and monthly hhours worked per person declined 2.3%. Auto parts maker, Denso rose after predicting higher net income.
- 123jump.com Staff
- 30 Oct, 2007
- New York City
Stocks in Autralia on Wednesday morning are expected to open lower reflecting general weakness in European and American markets. Australian dollar is trading near 92 cents to an American dollar, record high on the expectations that interest may be heading lower in the U.S. Oxiana, copper and gold miner said that its capital cost for Prominent Hill project is likely to be 30% higher.
- 123jump.com Staff
- 30 Oct, 2007
- New York City
U.S. stocks fell ahead of rate decision by the Fed and weaker than expected outlook from Procter & Gamble. Three popular averages declined in the afternoon trading as oil and gold declined. Liz Claiborne earnings fell 65%. Merrill replaced its chief executive ater reporting subprime mortgage loss of $8.5 billion. European markets fell across the region. UBS reported quarterly loss of 830 million swiss francs. Dassaut Systems, Michelin, Statoil, and Norsk Hydro fell after reporting earning.
- 123jump.com Staff
- 30 Oct, 2007
- New York City
Sensex in India fell nearly 1% after the Reserv Bank of India took steps to drain liquidity from the market. RBI increased the capital reserve ratio for banks by 0.5% to 7.5% and left the interest rates unchanged. The steady fund flows from the international markets has lifted rupee against dollar. RBI move is likley to curb the inflation.
- 123jump.com Staff
- 30 Oct, 2007
- New York City
U.S. stocks open lower ahead of the Fed meeting to decide rate direction by tomorrow. Procter & Gamble reported fourth quarter earnings increased 14% and Colgate Palmolive earnings increased 22%. Liz Claiborne earnings plunged 65%. European markets are on the decline across the region on weaker than expected earnings from Norsk Hydro, Dassault, and Michelin. Asian markets declined. Shanghai soared for the second day of this week.
- 123jump.com Staff
- 30 Oct, 2007
- New York City
Stocks in Tokyo edged lower after a sharp rally on Monday. The government reported that monthly household expenditure increased 3.2%, income rose 0.8%, and disposable income increased at 0.4%. The Labor Force Survey reported that the number of people not employed declined 3.9% to 2.69 million. Takeda, largest pharmaceutical company in Japan, fell 13% after it halted trials on cholesterol lowering drug and delayed filing for the memory-loss treatment drugs with the U.S.
- 123jump.com Staff
- 29 Oct, 2007
- New York City
U.S. stocks edged higher in anticipation of a rate cut this week. Markets in Europe gained as well. Asian markets surged on a rate cut expectations in Japan, Australia, and India. Central banks in Australia, India, Japan, and the U.S. are likely to lower rates or leave them unchaged. Last week Mexico increased the rate by 0.25%. Gold and oil reached new highs as dollar fell to a record low against euro.
- 123jump.com Staff
- 29 Oct, 2007
- New York City
Stocks in India surged agains reflecting a trend prevalent in the market for the last weeks. Sensex added 3.8% or 734.50 to close at 19,977.67 and reaching an intra-day high of 20,024. Sensex in the last five weeks has surged a whopping 42% standing at the second best performing market in Asia. State Bank of India, Maruti Suziki, and BHEL reported sharply higher earnings lifting the trading sentiment in the morning.
- 123jump.com Staff
- 29 Oct, 2007
- New York City
Stocks after thirty minutes of trading retained a positive bias in New York. European markets at mid-day are trading nearly 0.7% higher acorss the region. In Asian trading India, Hong Kong, Korea, and Thailand surged. Oil traded above $93 per barrel and dollar fell to a record low against euro. Merrill Lynch fell a fraction after news report suggested that its chief executive may be forced out as early as today.
- 123jump.com Staff
- 29 Oct, 2007
- New York City
Markets in Asia surged led by a sharp rise of 3.9% in Hong Kong and India. Banks and financial stocks rallied in Hong Kong. Infrastructure stocks led the index in India. Financials and ship builders led the index in Tokyo. September retail sales in tokyo edged higher. Nissan soared 14% after reporting better than expected operating earnings and sales. Nippon Yusen jumped 8.5%. Resource stocks in Australia led the index higher.
- 123jump.com Staff
- 26 Oct, 2007
- New York City
U.S. stocks rallied at the opening and closed higher on better than expected earnings from Microsoft. Countrywide, the mortgage lender in the center of the subprime storm, reported third quarter loss of $1.2 billion but forecasted profit in the fourth quarter. For the week, Nasdaq jumped 2.9%, S&P 500 added 2.3%, and Dow up 2.1%. Bovespa Exchange in Brazil soared 52% on the first day of trading. Mexico raised its interest rate by 0.25% to 7.25%. Dollar edged to a record low against euro.
- 123jump.com Staff
- 26 Oct, 2007
- New York City
U.S. stocks edged higher on stronger than expected earnings from Microsoft and profitable outlook from Countrywide Financial. Microsoft reported third quarter earnings rise of 24% and sales increae of 27%. Microsoft stoc surged 10% near $35, high not seen since July 2001. Countrywide reported third quarter loss of $1.2 billion, first quarterly loss in 25 years. Crude oil edged higher to a new peak. European and Asian markets closed higher.
- 123jump.com Staff
- 26 Oct, 2007
- New York City
Countrywide Financial, the company at the center of the subprime mortgage storm, reported its first quarterly loss in 25 years. The company lost in the third quarter $1.2 billion or $2.85 per share. The mortgage loan origination declined to $90 billion in the quarter from $106 billion a year ago and from $123 billion in the second quarter. Countrywide said that 90% of its loan funds are now sourced through depositors at the bank and not from the capital markets.