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Hypo Real Fell 35%; Markets Declined 2.5%
Jan 15, 5:12 PM EST |
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| European markets fell sharply after a fall in the U.S. stocks. Oil and gold fell as well. Tenaris and Intesa Sanpaolo declined in Italy. |
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| Financial markets across Europe fell on the global slowdown as U.S. markets fell. Uk, Norway, and Spain fell more than 3%. France, Germany, and Switzerland declined more than 2%. Hypo Real Estate fell 35% after it revealed losses in subprime lending in the U.S. Commerzbank dropped 8$ and TUI fell 6%. Total S.A. said that fourth quarter profit rose 32% on higher refining margin of $30.10 ton. Accor revenue in 2007 rose 6% to 8.12 billion euros. |
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Fall in U.S. Sparks a Decline in Global Markets
Jan 15, 7:49 AM EST |
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| U.S. stock market averages sharply corrected and dragged markets in Europe and Latin America between 2% and 4%. |
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| U.S. stocks fell sharply as investors grew nervous of the impending slow-down in the economy. The growing perception that the ongoing housing market correction will eventually slow-down the economy. Citigroup reported 70% decline in revenue and a loss of $9.8 billion on $18.1 billion write down related to subprime and consumer lending. Merrill and Citigroup are in deals to secure $21 billion in investments from investors in Singapore, Japan, Korea, and Middle East. Intel earnings jumped 51%. |
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UK and European Markets Fall Sharply
Jan 15, 3:44 PM EST |
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| UK stocks fell sharply after the markets in the region fell between 2% and 3%. Tesco holiday sales rose 3.1%, stock fell. |
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| UK stocks fell after a sell-off in the U.S. markets and worries related to housing market resurfaced. FTSE 100 index fell 3.06% or 190.1 to 6,025.60. Annualized consumer price index in December held steady at 2.1% compared to a year ago. The statistics office added that Retail Price Index fell to 4% in December from 4.3% in November while the RPIX inflation, excluding mortgage interest payments, dropped to 3.1% in December.Taylor Wimpey led decliners of the FTSE 100 index with a loss of 7.7%. |
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Nasdaq Down 2%; Citi and Merrill to Raise $22 B
Jan 15, 11:19 AM EST |
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| Retailers fell sharply after Williams Sonoma and Coldwater Creek lowered earnings guidance and issued a weak outlook. |
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| U.S. stocks fell sharply after more than two hours of trading. Weak retail sales, worries related to housing market, and a huge loss from Citigroup weighed on the market sentiment. Citigroup reported $9.8 billion of losses and cut the quarterly dividend by 41%. The bank also plans to raise $15 billion. Merrill Lynch said that it has raised $6.6 billion from sovereign funds controlled by Middle East, Mizuho Financial in Japan, Singapore and former Chairman Sandy Weil. |
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Mizuho to Invest $1.2 B in Merrill Lynch
Jan 15, 10:40 AM EST |
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| Mizuho Corporate Bank is likely to invest $1.2 billion in the troubled U.S. broker Merrill Lynch. |
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| The Bank of Japan lowered its ecoomic outlook for several regions across the country as economic conditions deteriorate. Weeak housing market on tough standards for issuing building permits is the main reason for the weak economic growth. Nikkei 225 declined 0.98% ot 138.16 to 13,972.63. Fast Retailing rose 8.8% after it reported first quarter sales increase of 11% adn profit rise of 8.7%. |
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Weak Retail Sales, Citigroup $9.8B Loss
Jan 15, 10:01 AM EST |
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| Citigroup reported one of the worst quarterly losses in the financial industry. Citi fell 4% in the morning trading to a six-year low. |
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| U.S. stocks declined sharply in the morning hours after a weak retail sales in December and huge loss from Citigroup. December retail sales declined 0.4% from November but rose 4.1% from a year ago. Total retail sales for the year 2007 were up 4.2% from 2006. Citigroup reported fourth quarter revenue decline of 70% and a loss of $9.83 billion or $1.99 per share. Subprime-loan and consumer creidt losses in the quarter were $18.1 billion. |
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Centro Chief Quits, ASX Edges Up
Jan 15, 9:26 AM EST |
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| Australian stocks fell on the global worries. JP Morgan revised higher earnings estimate for steelmaker BlueScope. |
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| Australian stocks traded lower as investors worried that global credit market may have further to fall. ASX 200 index declined 0.3% or 20 to close at 5,960. Centro Properties chief executive Andre Scott resigned. The head of the U.S. malls division Glenn Rufrano is installed as the CEO and negotiate with banks. BHP is expected to make a bid for Rio Tinto ahead of the deadline. Qantas was fined by a U.S. judge for $68 million. |
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