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European Markets Struggle, Oil at $100
Jan 03, 5:05 PM EST |
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| Ford selects Tata Motors Ltd. of India to sell loss making Jaguar and Rover division. European markers close lower. |
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| European markets fell across the board as 13 largest markets in the region declined. bucking the trend UK rose 1%. DSG International, electronics retailer fell 25% in London trading after same store sales declined and it issued profit warning. Navigation device maker TomTom fell 7% after sales declined at DSG. Airlines fell after oil crosssed $100 a barrel in intra-day tradng. E.On gained after Lehman said it mat boost its price target and Inmarsat fell 7% on Merrill Lowered its rating. |
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Housing, Retailers, and Restaurants Declined
Jan 03, 4:48 PM EST |
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| Growing concerns on the health of the U.S. economy and oil at record level hurt the consumer sensitive stocks. |
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| U.S. stocks traded sideways for the most of the session. Investors worried that rising commodities prices will fuel inflation. Weekly crude oil inventories declined again at the end of the last week. Jobless claims fell lower than estimated at the end of last week. Gold and oil traded near the record level. Monsanto reported sharply higher earnings. State Street surged after it replaced its chief of fixed income investments and booked $618 million reserves. |
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UK stocks Rise, Retailer Next Drops
Jan 03, 1:46 PM EST |
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| Oil and commodities companies lifted the averages in the UK. Non-financial sector profitabilty rose to 16% in the third quarter according to ONS. |
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| UK stocks edged higher on rising oil prices and stable metal prices. FTSE 100 Index addded 1% or 62.70 to close at 6,479.40. Of the 102 stocks in the index 56 gained, 44 declined, and 2 closed unchaged. Anglo American gained 3.1%, Rio Tinto added 2.2%, and Lonmin jumped 4.4%. Tullow Oil surged 5.6% on oil trading near $100 per barrel. Next Plc declined after reporting same store sales decline of 3.2% in the 21 weeks ending on December 24. |
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State Street Up 6% on $618 M Reserves
Jan 03, 1:13 PM EST |
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| State Street jumps 6% after it added $618 million in reserves to cover legal and other expenses for the fixed income investments. |
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| State Street jumped 6% to $84.65 after it said that it has booked a reserve of $618 million to cover the legal and other expenses arising from the fixed income investments made by its investment arm called State Street Global Advisors. The company will book a charge of 71 cents or $279 in the fourth quarter of 2007. |
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U.S. Stocks Struggle, Monsanto Jump 5%
Jan 03, 10:56 AM EST |
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| U.S. stocks struggled after the weekly jobless claims fell. ADP reported an increase of 40,000 in the private sector in December. |
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| The U.S. stocks traded sideways after the weekly jobless claims fell at the end of the last week and gold and oil traded near elevated levels. Front month futures of sugar, soy, and wheat added more than 2% in the morning trading. Monsanto first quarter earnings nearly tripled on rising sales in Brazil and Argentina. |
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Cement Stocks Fell Shaply in India
Jan 03, 9:48 AM EST |
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| The government issued a stern warning and a probable takeover of companies that fail to control cement prices. |
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| Stocks in Mumbai trading fell in sympathy with the regional trend and global sentiment. Sensex in Mumbai trading dropped 0.6% or 120.10 to close at 20,345.20 and CNX Nifty edged 0.1% lower to 6,178.55. Cement stocks fell sharply after the government issued a stern warning and threatned to takeover companies that do not toe the line on price control. IT stocks declined on rising rupee and persistenet worries of the U.S. economic slowdown. |
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Hong Kong Fell for the Second Day
Jan 03, 9:09 AM EST |
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| Hong Kong stocks fell for the second day in a row. In the year 2008 the Hang Seng index is down 4%. |
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| Hong Kong stocks declined for the second day in a row in the new year as investors worried that a U.S. economic slowdown coupled with rising commodities prices will hurt the global economy. Hang Seng index fell 2.5% or 673.24 to 26,887.28. Gold mining companies rose but oil explorer and refiners fell despite a sharp rise in oil prices. Sinoma and China Communication jumped. Singapore Air is reported have refused to raise its offer for China Eastern. |
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Australian Stocks Fell 1%, Qantas on Defensive
Jan 03, 8:02 AM EST |
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| ASX 200 index in Sydeny declined 1% after as Australin dollar fell against yen. Gold and oil linked stock rallied. |
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| Australian stocks declined as investors worried that rising metals and oil prices and growing fears of recession in the U.S. may drag the world economy. Australian dollar fell against yen. Centro rose 7% after local reports suggested that Blackstone and Citadel may bid for its properties. The strongly worded statement from the new immigration minister may stop Qantas plan to hire temporary skilled foreign workers. |
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