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Banks and Insurance Stocks Fell
Jan 18, 11:53 AM EST |
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| European markets fell across the region led by banks and insurance companies. AXA and Allianz have a stake in troubled U.S. bond insurer Ambac. |
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| Banks and financal stocks led the decline in european markets for the fourth day this week. Worries of the bond holdings held by insurers resurfaced. Allianz and ING declined 6% and Societe Generale fell 8%. Metro jumped 3% after it agreed to sell its loss making Exra retail chain and reduce its debt. Renault has agreed to build cars in Morocco beginning 2010 with annual production of 200,000 rising to 400,000. Peugeot-Citroen has agreed to a payhike of 2.4% for its workers. |
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Nervous Investors, Ambac Downgrade
Jan 18, 5:43 PM EST |
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| Ambac downgrade added to the list of worries faced by investors. Ambac with nearly 25% market share may need to recapitalize soon. |
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| U.S. stocks fell at close after volatile session. Worries related to bond insurers were added to credit market jitters, housing market worries, and declining consumer spending. Three popular averages fell. The President Bush plan to stimulate economy with $150 billion of fiscal measures did not impress investors. General Electric and IBM rose after reporting higher earnings largely on the strength in international markets. Ambac, bond insurer, dropped after Fitch lowered its rating to AA. |
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December UK Sales Fell
Jan 18, 2:40 PM EST |
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| Britishpound fell against euro and dollar after the December retail sales declined. Centrica plans to raise utility rates. |
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| UK stocks edged higher after weak retail sales report and falling pound. December retail sales fell 0.4% from November and for the qarter gained 0.4% from the third quarter. FTSE edged up 0.70 to 5,901.70 at close. Rio Tinto and Xstrata gained as investors speculated that BHP may revise offer for Rio Tinto. Anglo American offered $5.5 billion for two iron ore mines in Brazil. Home builders and retailers rose. RAB Capital said net iincme rose 2% and asset under management increased 38% in 2007. |
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Financials and Bush Plan Drag U.S. Stocks
Jan 18, 2:07 PM EST |
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| Sprint Nextel fell 27% after it reported a loss of customers in the fourth quarter and a plan to close 8% of its stores. |
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| U.S. stocks traded sideways after three hours of trading. Financial and brokerage stocks remained weak as the President Bush offered his stimulus package of $150 billion. Investors were not impressed and stocks declined. General Electric fourth quarter earnings rose 15% on 18% rise in sales. IBM jumped after reporting strong results. Schlumberger fourth quarter earnings rose to $1.11 from $1.09 a year ago on 21% rise in revenue. |
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India Plunges on Weak Global Markets
Jan 18, 10:25 AM EST |
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| Sensex fell 3.5% on the worries that the potential U.S. recession could lower economic grwoth in India by 0.5%. |
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| Indian stocks fell for the fifth session in a row. Sensex plunged 3.5% or 687 to 19,013 after global markets closed sharply lower on the talks of U.S. recession. HDFC third quarter earnings rose 83% on rising loan portfolio. ITC, the tobacco giant, reported 16% rise in earnings on 13% rise in sales. |
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Hang Seng Fell 6% for the Week
Jan 18, 8:54 AM EST |
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| Stocks in Hong Kong recovered in a volatile trading after banks rebounded in the afternoon. ICBC led the rise. |
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| Hong Kong stocks recovered from a loss of 4% in the morning tradig to close up 0.4% after banking stocks led a rally. ICBC estiamted 60% rise in profit for the year 2007. HSBC fell after Merrill reported large loan losses in the sub-prime area. Companies in China raised $105 billion on domestic market and Chinese stock markets at the end of 2007 had market capitalization of $4.4 trillion. |
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Consumer Confidence in Japan Fell
Jan 18, 8:20 AM EST |
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| Consumer confidence in Japan falls as prices rise and wages stagnate. Construction industry weakness has hurt economic growth. |
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| Consumer confidence in Japan fell in December according to a report from the Cabinet Office. Rising food and energy prices and stagnant wages and economy has left consumers on the edge. The index fell in December to 38 from 39.8 in November. Nikkei 225 stocks rose 0.56% or 77.84 to 13,861.29 and the broader Topix Index increased 11.06 to 1,341.50. Nippon Paper Goup led the decliners in the Nikkei 225 index with a loss of 11% after it violated the goverment rule on recycled paper. |
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