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Market Awaits RBI Decision
Jan 28, 7:03 PM EST |
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| Ahead of Reserve Bank of India rate decison meeting, financial stocks fell. Larsen & Toubro reported third quarter profit rise of 40%. |
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| Global market worries dragged Sensex lower. The Bombay Stock Exchange benchmark index fell on Monday with a loss of 1.1% or 208.88 to 18,152.78. Larsen & Toubro reported third quarter earnings rise of 41% from a year ago to 481 crore rupees on 54% rise in sales. L&T fell 1.6% to 3,830 rupees. |
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Miners, Energy, and Financials Decline
Jan 28, 6:30 PM EST |
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| European markets closed weaker ahead of the U.S. rate decision and worries related the European interest rate direction. |
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| European markets were weak on the first day of trading. German stocks fell on the contiued jitters related to the direction of interest rates. MAN and Adidas fell after UBS lowered its ratings. Fraport fell 5% on the worries that Green Party win in election may hamper its expansion plans. Societe Generale dropped 4% to a three year low after citigroup rated the stock sell. Casino Guichard fell 1.6% after it agreed to raise its stake in Dutch retalier Super De Boar. Lafarge lost 5%. |
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Financials Lift S&P 500 by 1.75%
Jan 28, 8:56 PM EST |
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| U.S. stocks rallied on the strength in financial stocks. McDonalds reported weaker than expected earnings. Gold jumped. |
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| U.S. stocks rallied ahead of the Fed meeting. Investors hoping that a rate cut of 0.75% last week will be followed by another rate cut of as much as 0.5%. Merger talks between Chicago Merc and Nymex heated up, after both companies confirmed on-going talks. Nymex jumped 11% on the news. Alliance Data Systems plunged 35% after Blackstone Group cited regulatory hurdle to the deal. Alliance disagreed with the assertion. McDonalds dropped 6% after its domestic stores reported weak sales in December. |
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UK Home Prices Rise at 2.3%
Jan 28, 2:19 PM EST |
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| UK stocks declined after weak housing report and risin home owners costs accroding ro two separate surveys. FTSE 100 fell 1.4%. Norway dropped 3.6%. |
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| UK stocks fell 1.4% or 80.10 to 5,788.90 after UK home prices rose at the slowest pace in eighteen months. The price increase declined for the fourth month in a row hurting the trading sentiment in stocks. UK households spent an average of £143 a week on housing-related costs in 2006, according to analysis in Family Spending, published today by the Office for National Statistics. Taylor Wimpey led the decliners in the FTSE 100 index. Retailers fell as well. |
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Alliance Data Plunges 35%
Jan 28, 5:17 PM EST |
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| Alliance Data fell 35% after Blackstone Group cited regulatory hurdles. Alliance disagreed witht he assertion. |
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| Alliance Data deal with the entities controlled by Blackstone appears to be in jepordy. Allinace had agreed to a deal in May 2007 for a price of $81.75 per share in cash, since then the stock has been cut in half on the weakness in credit market. The stock plunged today after blackstone cited the regulatory hurdle which Alliance believes that the suitor can meet. Alliance board is looking for legal measures to complete the deal. |
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CME and Nymex in $11 B Merger Talks
Jan 28, 1:27 PM EST |
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| U.S. stocks recovered in the afternoon, after hesitant trading in the morning. New homes sales plunged in December and in 2007. |
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| U.S. stocks traded higher after three hours of trading. CME Group and Nymex are in preliminary merger talks valuing Nymex at 11% premium from the closing Friday price. Alliance Data System said that its merger agreement with Blackstone controlled entity may not be completed. Allinace disagrees with the Blackstone assertion of regultory demands to not complete the merger. New home sales in December fell 41% from a year ago and 26.4% for 2007. |
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Tokyo and Hong Kong Down 4%
Jan 28, 9:22 AM EST |
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| Nikkei 225 dropped 4% on the comments from IMF Chief and worries of local economic slowdown. |
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| Stocks in Tokyo and Asia fell sharply after comments from the IMF Chief suggested that monetary stimulus alone in the U.S. will not save the expected slowdown in the U.S. economy. He said that a coordinated global fiscal stimulus may be necessary. Separately, local economists in Japan worried that declining consumer spending and wages and worsening economic conditions may drive economy into recession. Shanghai plunged 7% and Singapore, Korea and Taiwan dropped 4%. |
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