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UK Home Possessions Surge
May 09, 3:46 PM EDT |
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| UK home repossessions surge to a ten-year high as more consumers face rising debts. |
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| UK stocks fell after home repossessions surged, but from a low level in many parts of the island nation. The FTSE 100 index fell 1.05% to 6,204 on weakness in mining, financials and home builder stocks. Crude oil in London and New YOrk tradig rose to new intra-day high above $126 a barrel. |
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Sensex Falls 2%, Elevated Inflation
May 09, 3:14 PM EDT |
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| Stocks in Mumbai trading fall for the second day in a row after the weekly measure of wholesale inflation stayed above the RBI target. |
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| Wholesale price index in India fell in the latest period measured two weeks ago. Rising energy and food prices continue to fuel inflation above the target set by the Reserve Bank of India. Sensex index fell 2% to 16,737. Trading on two largest stocks exchanged was 20,000 crore rupees or $5 billion. ICICI Bank, HDFC Bank and State Bank of India fell in trading. Reliance Industries fell 5.2%. |
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PPI in China Surges; Stocks Decline
May 09, 2:50 PM EDT |
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| Stocks in Hong Kong and Shanghai trading fell after the inflation index for April surged. Fule and metals prices lifted PPI in April. |
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| Hong Kong stocks fell on mounting concern over the health of the global economy after Vice Premier Wang Qishan said inflation has evolved as the country’s biggest economic problem, adding that Beijing will further tighten its monetary policy. Hang Seng fell 1.5% today and dropped 4.5% for the week. CSI 300 index in Shanghai trading lost 1.2% in the session. Producers Price index in April rose at 8.1% in China from a year ago and factory cost of raw materials gained 11.8% in the period. |
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Tokyo Falls 2%; Bridgestone, Toyota Decline
May 09, 12:59 PM EDT |
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| Stocks in Japan fell on rising crude oil prices, fears of rising inflation and weak profit outlook from Toyota, Olympus and other companies. |
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| Nikkei 225 index in Tokyo trading fell 2.1% after weak earnings from Bridgestone and weaker outlook from Olympus and Toyota rattled investors. Toyota lowered its net sales and income for the current fiscal year. Bridgestone reported 1% decline in profit. Takeda Pharmaceuticals and Olympus lowered its outlook for the current fiscal year. In stock trading, utities declined on record crude oil prices. Yokogawa Electric plunged 10% and led decliners in the index. |
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AIG Loss Drags Averages; Crude Reaches $125
May 09, 10:21 AM EDT |
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| Airlines and transportations stocks fell as crude oil surged above $125 a barrel. March trade deficit declines. |
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| U.S. stocks fell in the morning trading after AIG reported a large loss and a plan to raise $12.5 billion. AG took a pre-tax charge of $9.5 billion in the quarter on credit market related losses. Crude oil surged to another record high and traded above $125 a barrel. March trade deficit fell to $58.2 billion as imports of oil and automobiles declined. But, deficit for the first quarter remained at elevated level. AIG stock traded near its 10-year low. |
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Commonwealth, David Jones Rise
May 08, 6:21 PM EDT |
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| David Jones reported third quarter sales rise 3.8% and same store sales in the period rose 2.3% from a year ago. |
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| Commonwealth Bank of Australia surged 4% after the bank said it no longer needs additional capital. Recently the bank completed the $15.6 billion of wholesale funding. The news lifted stocks of other banks and helped ASX 200 to close higher. National Australia Bank Ltd, which reports its interim results on Friday, gained 1.6%, ANZ stock shed 0.6% and Westpac rose 3.6%. The troubled mall real estate operator Centro Retail obtained debt extension till the end of the year on additonal guarantees. |
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ECB, BoE on Hold; InBev Falls
May 08, 5:39 PM EDT |
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| European stocks declined after the central banks in the region left rates unchaged. Rising inflation in the region may have affected rate decision. |
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| The European Central Bank and the Bank of England left rates unchanged as inflation hovers near or above target level. Unlike the Federal Reserve in the U.S., central banks are hawkish in Europe when it comes to inflation. Recent surge in crude oil price and worldwide food price surge have fueled inflation and fears of wage inflation. InBev, UniCredit and Raiffeisen International fell on earnings. Barclays, Royal Bank of Scotland and Commezbank fell after the rate decision. |
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Alcoa, U.S. Steel Lead Global Metals Rally
May 08, 5:08 PM EDT |
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| Mining and metals stocks in Europe, Asia and Americas trading rose and U.S. same store retail sales in April were better than expected. |
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| U.S. stocks rose in the hope that a rise in April retail same store sales may continue for the rest of the year. Jobless claims at the end of last week dropped by 18,000. In Europe, the ECB left its key rate unchaged at 4% and the Bank of England left its rate at 5%. Both central banks appear to combat rising inflation. April housing starts in Canda fell 12%. Toyota fell after it offered gloomy earnings and sales outlook. News Corp earnings surged on asset swap. |
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Miners and Steel Stocks Rise, Toyota Falls
May 08, 4:22 PM EDT |
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| U.S. stocks rebounded after mining and metal sector stocks gained. Vale, U.S. Steel, Freeport McMoran surged. |
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| U.S. stocks rebounded on the strength in retail, mining and metals and select financials. BHP Billiton, Vale, Cleveland Cliff, ArcelorMittal and Freeport McMoran led the gainers. Gold resurged after the ECB and the Bank of England left rates unchanged. Crude oil edged lower. Toyota Motor fell 4% after it offered gloomy outlook on sales and earnings for the current year but increased its dividend 20% on 4.5% rise in fiscal year 2008 earnings. |
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Ping An Falls; HK Reserves Decline
May 08, 4:21 PM EDT |
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| Ping An Insurance fell 3.5% on the worries that the company will issue local curency class A share in China. |
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| Hong Kong reported 0.9% decline in foreign reserves in April to $160 billion and China will issue Rmb 28 billion or $4 billion of government bonds with 30 year maturity that will trade next week. Hang Seng fell 0.6% to 25,449 and CSI 300 in Shanghai trading lost 2.7% to 3,921. Refiners and airlines continue to decline as crude oil trades at a record high in the international markets. |
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