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Earnings Drive Markets, Prodi Resigns
Jan 24, 6:07 PM EST |
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| Siemens earnings jumped on asset sales. Alliaz said that insurance revenue helped it to achieve 2007 earnings target. LOreal revenue rose 6.6%. |
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| Elections in Italy are likely after the resignation of Italian Prime Minister Romano Prodi. He lost in the senate by 5 votes. Italy had 61 governments since the World War II. Prodi governmet lasted only 21 months. Societe Generale said that unauthorized trades by a single trader left the bank with a loss of 4.9 billion euros. The bank also wrote-down sub-prime assets of 2 billion loans. Casino Guichard, largest supermarket chain in France, reported sales increase of 19%. |
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U.S. Stocks Rise on Earnings, Stimulus Plan
Jan 24, 6:27 PM EST |
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| U.S. stocks rallied on earnings reports, economic stimulus package, and rising metals and energy prices. |
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| U.S. stocks edged higher on better than expected earnings and rising metals and energy prices. Nasdaq led the indexes with a rise of 1.9% followed by increases in S&P 500 of 1.01% and 0.9% in Dow Jones. U.S. lawmakers release a stimulus package to revive the flagging consumer spending. The plan aims to rebate between $300 and $1,200 per household with adjusted gross income lower than $150,000 and raise mortgage cap limit for Fannie Mac and Freddie Mac to $730,000 in select cities. |
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Australian Stocks Gain 10%, 3-Day Rally
Jan 24, 2:50 PM EST |
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| Stocks in Australia gained for the third day in a row tracking gains in Europe and Asia. NAB denied direct loans to Allco. |
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| Australian stocks rallied for the third day in a row as investors hoped that lower interest rates will help the U.S. to cope with declining economic growth. ASX 200 index gained 3.1% or 168.1 to close at 5,580.40. ASX 200 index Of the ASX 200 index stocks, Centro Group led the gainers with a rise of 39% and Perilya led the decliners with a loss of 5.5%. Zinifex gained 11% after it reported a rise of 2.9% in zinc production in the first half. Newcrest revised its cost for Telfer project by 9%. |
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Societe General Loses 7 Billion Euros
Jan 24, 1:13 PM EST |
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| Societe Generale is looking to raise 5.5 billion euro to recapitalize the bank after reporting losses from sub-prime loans and a trading fraud. |
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| Societe General stunned the markets after reporting 5 billion losses from a fraud and sub-prime loans in the U.S. A single trader managed to lose 4.9 billion euros exploiting the weakness of risk control system. Jerome Kerviel, 31 years old, traded in the European markets futures and covered his losses with fake trades. The bank also reported subprime loan losses of 3 billion euros on the write-down in assets. |
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Nokia, Lockheed Earnings Lift U.S. Stocks
Jan 24, 11:23 AM EST |
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| U.S. stocks edge higher on better than expected earnings and ongoing talks of possible rescue package for bond insurance companies. |
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| U.S. stocks edged higher after a string of positive earnings reports from Nokia, Lockheed Martin, and AT&T. eBay guided weaker outlook. Societe Generale reported a huge loss of 4.9 billion euros on fraudulent trades from a single trader. Separately, the bank also recroded a loss of 2.05 billion euros or nearly $3 billion related to subprime loans. The bank is looking to raise 5.5 billion euros in fresh capital. Nokia earnings rose on higher sales in Europe, China, and India. |
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Large and Mid Cap Stocks Fall
Jan 24, 9:42 AM EST |
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| Sensex in India did not participate in the Asia wide rally on the back of the higher closing in New York. Large and mid cap stocks fell. |
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| Stocks in Mumbai trading fell after a weakness in mid and large cap stocks. The goverment is looking to moderate fund flows in the capital market from international investors. The market volatility and rising inflation are driving the goverment review. The BSE 30-share Sensex declined 2.1% or 372.33 to 17,221.74. The broader CNX S&P Nifty slipped 3.3% or 169.95 to 5,033.45. Trading voulme has declined on the BSE and NSE exchanges. |
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China GDP Up 11.4%, Inflation Threat
Jan 24, 10:35 AM EST |
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| Chinese economy grew at a record level on rising trade surplus, international investments, and a rise industrial production. Inflation tripled. |
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| Chinese economy rose at 11.4% in 2007 from revised 11% in 2006 on rising trade surplus, higher fixed asset investment, and rising credit in the economy. Inflation in China remains a major threat to the economy as consumer prices tripled from a year ago. Inflation is running at twice the level preferred by the central bank. Chinesse currency Renminbi is likely to appreciate against dollar at a faster pace in 2008. |
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December Trade Surplus Declines to 21%
Jan 24, 8:31 AM EST |
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| Japan recorded a rise in imports on higher crude food, energy, and metals prices. Annual trade surplus rose 37%. Exports to the U.S. declines. |
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| Stocks in Asia and Japan rebounded for the second day on the back of a rally in New York. Nikkei 225 surged 2.06% or 263.72 to 13,092.78. December trade surplus of Japan fell 21% to 888 billion yen compared to last year. For the year 2007 annual exports rose 11.6% and imports gained 8.6%. Trade surplus in 2007 rose 37% from year ago. Realty, banks, and export sensitive stocks gained for the second day in a row. |
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