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Insurance and Banks Face More Losses
Jan 25, 5:35 PM EST |
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| NYSE-Euronext and Hellenic Stock Exchange in Greece are likely to enter in a tie-up. |
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| European markets edged lower in a wild week of trading. Markets in Germany fell as banks reported more subprime losses during the week. Stocks on Friday edged lower as worries related to sub-prime loans persisted. Carlsberg and Heineken agreed to pay nearly 11 billion euros for Scottish & Newcastle. Finnish elevator company Kone reported 26% rise in profit in the fourth quarter. French retailer Casino Guichard rose after it reported 19% rise in revenue in the foruth quarter. |
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Credit Worries Resurface in U.S., Coal Rises
Jan 25, 5:00 PM EST |
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| Coal, gold, oil, and metals advanced on weak dollar. South African mines may lose 10% to 15% of its mineral output on power shortage this year. |
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| U.S.stocks lost the early gains as investors faced the fallout of the drop in bond insunrace ratings. The decline in ratings could cause banks to lose nearly $150 billion in bond portfolio and may force them to seek new capital. Market worried that the current sub-prime crisis is far from over. In the morning stocks gained after Microsoft reported 80% rise in earnings. Honeywell reported 18% increase in earnings, Caterpillar and Lockheed earnings rose 11% and 10% respectively. |
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UK Recovers 10% Loss in the Week
Jan 25, 3:56 PM EST |
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| Scottish & Newcastle agreed to accept 7.8 billion pounds offer from Carlsberg and Heineken. The third revised offer at 800p convinced the board. |
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| UK stocks fell after a wild week. Rate decline in the U.S. by 0.75% and fiscal stimulus package from the U.S. lawmakers revived the flagging confidence in the U.S. economy. Stocks in the UK rebounded on Tuesday and Thursday but edged lower on Friday. For the week, FTSE 100 lost nearly 10% and managed to regain nearly all the losses. Imperial Tobacco rose after it plans to gain full control of Spanish tobacco company. Gold rose on South African production problems. Pound rebounded. |
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S&N Accepts Carlsberg, Heineken Revised Bid
Jan 25, 4:11 PM EST |
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| Scottish & New Castle board agreed to a joint bid from Heineken and Carlsberg. The hostile offer was revised to $15.6 billion. |
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| Scottish & Newcastle agreed to be purchased by Danish Carlsberg and Dutch Heineken. The joint bid at 800 pence per share valued the company at 7.8 billion pounds. The deal still needs approval of shareholders. The three month long battle to gain control of the Scottish brewer took two revised offers from the initial offer at 720 pence. Stocks of Carlsberg and Heineken fell. Carlsberg plans to raise capital through bank debt and equity rights offering. |
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Sensex in Record One-day Gain, Again
Jan 25, 12:37 PM EST |
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| Wholesale inflation in India at the end of the second week in January declined marginally. |
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| Stocks in Mumbai rebounded shaprly on the hopes that the fiscal stimulus in the U.S. will revive flagging economic growth in the U.S. Sensex recorded record one-day gain for the second time this week with a surge of 6.6% or 1,139.92 to 18,361.66 while the broader CNX S&P Nifty climbed 7% or 349.90 to 5383.35. State Bank of India rose 2.5% to 2,405 rupees after reporting 69.8% rise in net profit to 1,808.64 crore rupees and 33.1% increase in operating income in the third quarter. |
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U.S. Edge Lower, Asian Rally, Europe Declines
Jan 25, 12:56 PM EST |
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| U.S. stocks lost its early momentum after early gains on earnings news. European stocks turned lower on weak dollar. |
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| U.S. stocks edgeg higher in the morning trade but lost its momentum after three hours of trading. Earnings from Caterpillar, Honeywell International, and Microsoft lifted sentiment at the opening. Fiscal stimulus talks from the Whitehouse and top lawmakers in the U.S. Congress helped market regain its footing. Asian markets surged in the overnight trading and the European markets turned lower at close. Gold and oil gained on weak dollar. |
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Hong Kong Surges 7%, Asia Rally
Jan 25, 5:20 PM EST |
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| Hang Seng Index rose 6.7% on Friday and wiped out most of the losses for the week. Microsoft earnings lifted Lenovo and chip stocks. |
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| Hong Kong market index surge led the Asian rally. U.S. fiscal stimulus of $150 billion helped indexes to recover earlier losses in the week. Hang Seng Index gained 6.7% or 1,583.10 to 25,122.37, declining 0.3% for the week, while the China Enterprises Index of H shares rose 8.4% or 1,082.55 at 14,015.75, falling 3.8% for the week. Metal and energy stocks led the gainers. |
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Tokyo Stocks Surge in Asia Rally
Jan 25, 8:54 AM EST |
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| December food price rose, unemployment declined but household income fell in Japan. December CPI rosse 0.7%. |
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| Stocks in Japan and in Asia surged as the U.S. markets closed higher. Investors hoped that the U.S. stimulus plan will help revive the flagging economic growth. Nikkei 225 soared 4.1% or 536.38 to 13,629.16, down 1.7% for the week, while the broader Topix Index rose 4.7% or 60.32 to 1,344.77. Hong Kong and India surged nearly 7% and Australia advanced 5%. |
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