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Australia Rises 4% on US Rate Cut
Jan 23, 1:57 PM EST |
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| Stocks in Australia rallied on the hope that a rate cut in the U.S. will help it avert economic recession. |
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| Australian stocks rallied after the Federal Reserve Bank in the U.S. cut the interest rate by 0.75%. ASX 200 index gained 4.4% or 225.5 to close at 5,412.30. MFS plans to resolve the asset sales and debt repayment issue in less than few weeks according to its newly appointed chif executive. Allco Financial plunged 26% after margin calls forced asset sale. Zinifex raised its hostile offer to $1 per share for Allegiance Mining. The revised offer was rejected by the company. |
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ECB Inflation Talk, Markets Drop
Jan 23, 4:19 PM EST |
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| Deutsche Post plans to take 600 million euro write-down for the American division of DHL Express. |
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| European markets fell sharply for the third day in a row after tough talk on inflation from ECB President Trichet. The inflation talk suggested that interest rates are not likely to be lowered in the region sparking a widespread sell-off. Business leaders gathered at Davos, criticized the surprise rate reduction in th U.S., and suggested that it may spark another bubble. LOreal offers 1.15 billion euros for cosmetic segment of PPL. Carrefour sales rose 10% to 25.2 billion euros. |
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U.S. Stocks Close Up 2% From 3% Loss
Jan 23, 4:18 PM EST |
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| U.S. stocks staged a recovery in the late afternoon trading. Talks of raising fresh capital for bond insurers between NY regualtors and banks helped. |
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| U.S. stocks rallied in the last hour of trading as bargain hunters emerged. Three popular indexes, Dow, S&P 500, and Nasdaq recoverd from a loss of near 3% to a high of 2%. Banks, brokerages, retailers, and home builders led the gainers. Miners and energy companies declined. Ambac led the gainers in the S&P 500 index with a rise of 65%. Apple reported record revenue and earnings but fell on weaker than expectes outlook for the current quarter. Carrefour sales rose 10% in q4. |
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Economy Slows in Q4, Stocks Fell
Jan 23, 2:26 PM EST |
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| UK economic growth in the fourth quarter on the weakness in retail and service sectors. Banks rallied on comments on Northern Rock. |
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| UK stocks closed lower after the economic report showed slower growth in the fourth quarter. Growth slowed to 0.6% from 0.7% in the third quarter on weakness in service and retail sectors. FTSE 100 dropped 2.28% or 130.80 to 5,609.3. Of the 102 index stocks, 27 gained, 74 declined, and one was unchanged. Banks rallied after the government indicated that depositors of Northern Rock will be protected in in a private sale, indicating that the lender is not likely to be nationalized. |
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Techs, Metals Drag U.S. Stocks Lower
Jan 23, 2:14 PM EST |
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| U.S. stocks continue to trend lower after weak earnings from Motorola, Sun Trust and weak guidance from Apple. |
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| U.S. stocks fell for the second day after the Fed lowered the rates by 0.75% in a surprise move. Dow, S&P 500, and Nasdaq fell between 2% and 3% in the morning hours and continues to trend lower. Apple and Motorola fell more than 15% after reporting earnings. Apple guided lower earnings in the current quarter and Motorola continues to suffer in the competitive market. |
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Record One-Day Gain in India
Jan 23, 10:13 AM EST |
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| Stocks in India recovered after a surprise rate cut by the Federal Reserve in the U.S. Stocks rallied in after indexes rose in record one-day gains. |
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| Stocks in India registered a record one-day gain on the back of rally across Asia. The surprise rate cut from the Federal Reserve in the U.S. lifted markets in India and in the region. Sensex recovred from a loss of 16% in two-day sell-off and 20% decline for the year so far. Sensex advanced 5.2% or 864.13 to 17,594.07. The CNX S&P Nifty surged 6.2% or 304.10 at 5,203.40. Banks, realty, and metal companies rallied. |
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Hong Kong Surges 10%
Jan 23, 9:12 AM EST |
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| Hong Kong stocks recovers from a two-day sell-off of 14% with a rebound of 10%. however, analysts are not convinced of market rise. |
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| Hong Kong stocks surged in record one-day rally on substantial rate cut in the U.S. Hang Seng index soared 10% after dropping 14% in a two-day sell-off. Hong Kong Monetary Authority today cut its key rate to 5% from 5.75% in tandem with the U.S. Federal Reserve which slashed its benchmark rate o 3.5% from 4.25%. Banks, realty, and telecom stocks led the gainers. Hang Seng Index climbed from a two-day 14% decline to close up 11% or 2,332.54 to 24,090.17. |
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Japan Rebounds 2% in Nervous Trading
Jan 23, 8:35 AM EST |
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| Asian financial markets recovered some of the losses after losing more than 10% in the two-day sell-off. Exporters, ship lines, and banks gained. |
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| Stocks in Japan recovered on the back of large rate cut in the U.S. The emergency rate cut of 0.75% by the Federal Reserve in the U.S. helped Asian markets to rally in the hope the U.S. action may smoothen the slowing economy. However European investors remained unconvinced and markets in Europe decline by the mid-afternoon. Hong Kong, Japan, India, and Singapore surged on the rate cut. |
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