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Australian Stocks Fell 2.5%
Jan 29, 4:13 PM EST |
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| Stocks in Australia fell, even though commodities prices fell. St George business survey projected a rise in interest rate in Australia. |
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| ASX 200 index declined 2.5% or 168.1 to close at 5,716.50. The Preliminary market turnover was 1.84 billion shares worth $6.73 billion, with 515 shares moving up, 723 moving down and 308 unchanged. Building, automotive and plastic products maker, Nylex share shed 17.5% today after an interested private equity firm withdrew its takeover proposal. |
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UK Stocks Close Up 1.7%
Jan 29, 7:13 PM EST |
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| UK stocks edged higher ahead of the rate cut decision in the U.S. and strength in the mining sector. Alliance & Leicester fell on asset write-down. |
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| UK stocks edged higher on rate cut speculation in the U.S. and hopes that CVRD in Brazil will offer a bid for mining company Xstrata. FTSE 100 index gained 1.66% or 96.30 to 5,885.20. Miners and financials lifted stocks in the U.K. BSkyB was ordered to lower its stake to 7.5% from 17.9% in the broadcasting company ITV. TUI Travel raised its annual savings forecast to 150 million pounds. Mitchells & Butlers reported 274 million pounds loss in hedging position related a property unit. |
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European Markets Edge Higher
Jan 29, 6:37 PM EST |
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| European stocks edged higher for the second day on the hopes of a rate cut in the U.S. IMF lowered the GDP growth for Europe and world economy. |
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| Industrials, mining, and financial stocks led rally across Europe and lifted stocks in Paris by 1.9%, in London and Zurich by 1.6%, and in Frankfurt by 1.1%. Broker recommendations lifted stocks of AP Moeller- Maersk, Siemens, and MAN. Luxottica q4 sales increased 7.1% on retailer Oakley acquisition. IMF lowered its 2008 economic growth forecast for Europe by 0.5% to 1.6%. Societe Generale rises on BNP bid speculation and Sarkozy assertion that executives should face consequencies for losses. |
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U.S. Averages Close Higher, Yahoo Drops
Jan 29, 7:38 AM EST |
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| U.S. stocks edged higher in anticipation for a rate cut for the second day. Stocks in Japan, Hong Kong, and Europe climbed on similar hopes. |
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| U.S. stocks edged higher for the second day in a row in anticipation of additional rate cut tomorrow. The U.S. House of Representatives passed $146 billion economic stimulus package and sent to senators to review it. 3M, Valero, and Zimmer Holdings rise on earnings. EMC and VMware decline on earnings. European markets closed higher led by miners, financials, and tech companies. Countrywide Financial reported a loss of 79 cents per share. Fourth quarter profit at Yahoo dropped 23%. |
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Countrywide Loss, VMware Plunges
Jan 29, 12:33 PM EST |
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| U.S. stocks edged higher but traded in a narrow range ahead of the rate decision from the Fed. VMware plunged 32% on revenue shortfall. |
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| U.S. stocks traded in a narrow range ahead of the rate decision from the Fed. IMF lowered its outlook for global grwoth forecast on the expected economic slowdown in Japan, U.S., and select European nations. U.S. durable goods orders rose 5.2% in December. Countrywide reported a loss of 79 cents per share, sharply lower than its estimate of a profit between 25 cents and 75 cents. American Express earnings declined 9.9% on higher loan loss reserves. |
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IMF Lowers Global Growth Rates
Jan 29, 11:51 AM EST |
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| IMF quarterly economic outlook lowered world economic grwoth rate to cool led by a slowdown in the U.S. Emerging markets are expected to be resilient. |
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| The International Monetary Fund lowered its global economic growth target in 2008 to 4.1% from 4.4% estimated earlier in October of last year. IMF estimated that world economies rose at 4.9% in 2007. The IMF estimate may prove to be too rosy if the U.S. economy slows down at a faster pace as unemployment rate picks up. U.S. economic growth is lowered to 1.5% from 2.2%. |
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RBI Left Rates Unchaged
Jan 29, 10:40 AM EST |
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| RBI left rates and reserve ratios unchaged. Inflation and money supply growth are running ahead of its target and estimated. |
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| Stocks in Mumbai traded lower after the Reserve Bank of India left the rates unchaged. The Sensex Index 30-share BSE Sensex declined 0.34% or 60.84 at 18,091.94. The S&P CNX Nifty slid 16.5% or 1,076.30. Property and banks stocks had advanced ahead of the rate cut expectations. The RBI issued positive economic assessment and said that the impact of the U.S. recession on India will be limited. |
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HK Stocks Recover on Rate Cut Hopes
Jan 29, 9:29 AM EST |
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| Hong Kong stocks recovered on the rate cut expectations in the U.S. China Life and China Oilfield estimated a sharp rise in earnings in 2007. |
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| Stocks in Hong Kong edged higher after losing 16% in January. Hang Seng index jumped 238.20 or 1.0% to close at 24,291.80 and China Enterprises index added 0.5% to 13,379.18. Property, banking, and energy related companies rallied. Market built expectations of another rate cut at the end of the U.S. Fed meeting tomorrow. Sun Hung Kai added 4% and Cheung Kong Ltd increased 2%. China Oilfield projected 95% rise in 2007 earnings and China Life expects earnings to rise 50%. |
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Tokyo Rises 3%, Leads Asian Rally
Jan 29, 8:16 AM EST |
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| Stocks in Asia rose on the expectations that the U.S. will cut interest rate at the end of the two-day meeting. Shipping, banks, and exporters surged. |
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| Tokyo stocks rallied on the back of higher closing in the U.S. stocks and firmer trading this morning in Europe. Expectations of an additonal U.S. rate cut were building in Tokyo. Separately, India left its rates unchanged. Statistics office in Japan released December monthly household income and expenditure data. Monthly income fell 1.8% and expenditures rose 2.2% in real terms. December unemployment fell to 3.8%. |
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