Feb 02, 2009 6:04 PM ET
U.S. stocks declined afer a manufacturing index indicated shrinking activities in the sector. The weak earnings and more layoffs unnerved investors. The second largest retailer Macy''s eliminated 7,000 jobs and cut dividend per share to 5 cents from 13.25 cents and buyback $950 millions of bonds.
Feb 02, 2009 5:08 PM ET
U.S. stocks traded sideways. Bank of America faced more skepticism for its recent purchase of Merrill Lynch and the bank may be forced to raise more than $85 billion in bailout from the government. Rockwell Automation dropped on lowered earnings outlook. Piper Jaffray and Mattel dropped on earnings.
Feb 02, 2009 5:36 PM ET
UK manufacturing in January declined as domestic orders and export orders weaken. Stocks in London trading dropped after Moodys lowered its rating on the debt rating for Barclays. Barclays dropped 10%. Rio Tinto rose after Chalco showed interest in acquiring minority interests.
Feb 02, 2009 2:08 PM ET
Stocks in Mumbai fell after 8% surge in January. The benchmark index Sensex dropped 3.8%. Investors focused on weak exports and falling foreign exchange reserves. Rupee weakened again flirted near record low against dollar. DLF plunged 14% on 69% fall in earnings. M&M net dropped 93%.
Feb 02, 2009 5:29 PM ET
Stocks in Hong Kong fell 3.1% after a week-long closure. Investors are increasingly concerned that stimulus package from the goverment may be not enough and come too late to prevent the economy from shrinking further. Stocks in Shanghai rose. Fiscal deficit in China rose 20% in 2008.
Feb 02, 2009 5:26 PM ET
Stocks in Tokyo trading declined 1.5% after Hitachi estimates a loss in the current year. The sharp reversal in the estimate from profit only highlights the widening global recession affecting trade between Japan, China and the U.S. In another confirmation, the office vacancy rose in Tokyo.
Feb 02, 2009 5:25 PM ET
Manufacturing in Australia declined in January as miners and supporting businesses shrink production. The sharp fall in the index shows a rapid widening of the slow down in the economy. A separate report showed that home prices in the last quarter ending in December declined in eight large cities.