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Sensex Loss of 7.4% Leads Asian Fall
Jan 21, 5:16 PM EST |
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| Sensex in India suffered its one of worst losses as international sold stocks and retail investors stayed away from markets. |
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| Mumbai witnessed one of its worst one-day losses on dearth of buyers, net selling from international investors, and rising worries that global economic slowdown will hurt corporate profits. Small and mid cap stock indexes on the BSE fell nearly 12%. CNX Nifty index of 50 stocks fell nearly 9%. The sell-off was widespread with every member in the Sensex falling. Relinace Industries plunged 9%. ICICI Bank dropped 6% after reporting 35% rise in earnings. European markets faced sell-off. |
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Global Markets in Turmoil
Jan 21, 5:36 PM EST |
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| Global sell-off was sparked by a sub-prime loss in China and Hong Kong. Australia fell 18% from peak in November. |
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| Global markets faced a widespread sell-off that started in China and Hong Kong. Bank of China may have to take a write-down of $4.5 billion losses related to U.S. subprime loans. Asian markets fell after Hong Kong closed down 5.5% lower on the news. India plunged nearly 11% before recovering to close down 7.5%. Japan,Indonesia,Korea and Thailad declined too. Germany and Spain led the sharp sell-off in Europe with a loss of more than 7%. Brazil and Peru fell more than 6% and 8% respectively. |
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Vale and Xstrata Merger Talks
Jan 21, 1:51 PM EST |
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| Vale may offer more than $60 billion for the purchase of Xstrata, Swiss based mining company with global operations. |
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| Brazil based iron ore mining company CVRD, known as Vale confirmed that it is in talks to acquire Swiss controlld Xstrata. The deal was valued in the local press in Brazil at anywhere between $60 billion and $90 billion. Vale in the last five years have acquired companies in Canada, Africa, and China. Xstrata, even though it acquired Canda based Falconbridge for $24 billion has been viewed as a target by large mining companies. |
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Australia and Asia Decline Sharply
Jan 21, 12:00 PM EST |
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| Australian stocks fell for two weeks in a row on a sharply lower mining and financial stocks. Stocks in Asia closed lower led by 7% decline in India. |
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| Australian stocks fell for the eleventh session in a row after Asian markets fell sharply. ASX 200 is now 18% lower from its peak in November 2007. Rio Tinto fell after news reports suggested that BHP is not likely to revise its offer. MFS stock was halted after it fell 70% and the company repalced its chief executive. Lachlan Murdoch and James Packer are in a deal to acquire Consolidated Media at implied price of $4.80 per share. |
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Fear in Asian Markets, Japan Down 4%
Jan 21, 8:55 AM EST |
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| Asian markets fell sharply as investors feared that the U.S. economic slowdown will trim profits of Asia. Shipping companies in Japan plunged. |
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| Asian markets fell sharply as worries mounted on the U.S. economic recession and lack of clear direction in trading. President Bush plan to stimulate the economy with $150 billion fiscal package fell flat on invstors. India fell at the worst 11%, Hong closed down 5.5%, and Japan declined 4%. European markets are down more than 4% in the afternoon trading led by 5.5% fall in Germany, Spain and Norway. |
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