Jun 12, 2008 5:19 PM EDT
U.S. stocks advanced in the morning trading after a better than expected rise in retail sales in May. Sales rose 1% in May and increased 2.5% from a year ago. Weekly claims of unemployment rose 25,000 at the end of last week. The news of better than expected rise in retail sales lifted the U.S. stocks higher. Lehman replaces its finance and operating chiefs, the stocks falls. European stocks edged higher after an unsolicited bid from InBev for Anheuser Busch.
Jun 12, 2008 9:14 AM EDT
InBev, the Belgian-Brazil beer giant offered $46.6 billion for Anheuser Busch. The deal values the company at $65 per share, a premium of 14% from the closing price on Wednesday. Oil advanced more than $5 a barrel yesterday and boosted energy producers. European markets edged higher, led by 0.6% rise in the UK stock index.
Jun 11, 2008 4:13 PM EDT
Crude oil futures shot up $6 at peak before settling with a rise of 4% or $5.40. The sharp rise in oil dragged stocks lower led by losses in financial and tech stocks. Lehman Brothers fell 13% and Goldman Sachs dropped $4.80 or 3%. The chief executive of Royal Bank of Scotland estimated more credit market problems in the next fifteen months.
Jun 11, 2008 1:02 PM EDT
Staples, the office supplies leader revised its offer to purchase Dutch company Corporate Express for cash €1.7 billion or €9.25 per share. Staples will also pay €300 million euros to preferred shareholders and assume €1 billio of debt. Staples revised its offer price by 28% from its initial offer in March. Staples will also pay a termination fee to break a deal that the Corporate Express signed with France based Lyreco.
Jun 11, 2008 10:18 AM EDT
The Reserve Bank of India raised its key interest rate by 0.25% to 8%. The RBI noted in its release a sharp rise in inflation to 8.9% in April from 4.4% in January of this year. The sharp increase in energy and food prices has lifted inflation to a record high.
Jun 11, 2008 9:33 AM EDT
U.S. stocks opened weak ahead of the weekly petroleum inventory report. The Asian markets closed higher and European markets traded sideways. The activist investor Carl Ichan questioned the Yahoo executives severance pay plan but failed to disclose his payment that most investors find excessive.
Jun 11, 2008 9:08 AM EDT
European stocks diverged in the late evening trading. Inflation in France in May rose 0.5% from April and 3.3% from a year ago on rising food and energy prices. The EU27 external current account recorded a deficit of 23.7 billion euro in the first quarter of 2008, compared with a deficit of 30.4 billion in the first quarter of 2007 and a deficit of 2.8 billion in the fourth quarter of 2007.
Jun 10, 2008 5:00 PM EDT
U.S. dollar rebounded, metal prices fell with a sharp drop in gold and crude oil inched lower. The Fed Chairman Bernanke observed that the current rise in commodities should not be allowed to increase general inflation. While the Fed talk, inflation for most consumer is shrinking their purchasing power. The Fed talk of inflation lifted dollar and dragged most commodities prices and stocks lower.
Jun 10, 2008 4:46 PM EDT
U.S. stocks edged lower as the Fed Chairman Bernanke talked of fighting inflation. Investors see a possible rise in interest rate if food and energy prices remain high. Stocks in resources, fertilizer and energy sectors fell. Banks and financial sector stocks declined led by a drop in Lehman and Morgan Stanley. Australian currency dropped sharply on the worries that the U.S. may intervene in the currency market to protect the dollar. Japan, India and Australian market indexes closed lower.
Jun 09, 2008 4:39 PM EDT
The U.S. market indexes closed higher after an index of pendig home sales rose in April. The unexpected rise in the index lifted broader market averages. Lehman Brothers priced its $6 billion offering at a 13% discount and reported its quarterly loss of $2.8 billion. McDonalds reported same store sales surged on higher sales in Europe and Asia. European markers closed mixed but markets in Asia closed lower. Apple fell after it expects lower share of monthly subscription revenue.