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Mumbai to Open Higher, Fed Cut Rates
Jan 30, 7:11 PM EST |
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| Stocks in India are expected to rise in the early morning after the U.S. Fed lowered interest rate by 0.5% to 3.0%. |
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| Stocks in India declined a day after the RBI left the key rates unchanged and as market digested earnings from Mahindra & Mahindra, NTPC, Bharti Airtel, and Baja Auto. Bajaj Auto fell 3% on the decline in earnings, Bharti Airtel rose 1.2% on 36% rise in earnings, and NTPC fell 4.6% after its profit fell 15%. Mahindra & Mahindra profit jumped 67% on the one-time gains. Government relaxed rules for foreign investing in several industries including civil aviation and petroleum refining. |
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Banks Report More Loan Losses, UBS Fell
Jan 30, 6:41 PM EST |
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| Munich Re annual profit rose 11% in 2007. BMW sales increased 14% in the year on new sports utility and small cars. |
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| Surprise sub-prime loan write-down at UBS and BNP jolted markets in the morning and stocks closed lower ahead of the U.S. rate cut in the late afternoon. UBS reported a loss after it reported a larger than expected write-down of $14 billion and BNP Paribas profit declined 42% in the fourth quarter on 590 million euro loss related to credit market turmoil. Vivendi fourth quarter sales rose 8.5%. Department store chain Arcandor rose on profit outlook in Frankfurt trading. |
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Fed Action Driven Rally Falters, Gold Up
Jan 30, 6:20 PM EST |
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| The Fed lowered the rate by 0.5%, a second rate cut in nine days, in the hope to contain the decline in economic vigor. |
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| The Federal Reserve lowered short term rates by 0.5% to 3.0% and cited substantial downside risks to the economy. The Fed has lowered rates by 1.25% in nine days to calm domestic and international markets. The Fed action may prove inflationary in the medium term and force the Fed to change the course if the economy does not slowdown in the months ahead. Stocks rallied after the Fed decision, but lost neary 1.6% gains in index at close. |
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UK Mortgage Approvals Decline
Jan 30, 5:21 PM EST |
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| UK stocks declined in a subdued trading ahead of a rate decision from the U.S. Federal Reserve. The Fed lowered rate by 0.5% to 3%. |
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| UK stocks declined 0.8% or 47.90 to 5,837.30 after the mortgage approval fell in December, the largest decline in nine years. Mervyn King was reappointed as the Bank of England Governon after his term expires in June of this year. The Bank of England released in its Lending to Individuals Report today that loans granted for purchase to individuals plunged from 81,000 in November to 73,000 in December against the estimate of 79,000. |
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MFS Freezes Fund, Lihir Gold production Up
Jan 30, 4:44 PM EST |
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| Australian stocks fell ahead of the rate decision from the U.S. Fed. The Fed lowered rate by 0.5% as expected. U.S. markets closed lower. |
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| ASX 200 index declined 1.7% or 97.8 to close at 5,618.70. BHP Billiton today signed an agreement with China''s leading steelmaker Baosteel to supply an additional 94 million tons of iron ore at a price that is to be determined. MFS, fund manager froze one of its funds for six months to prevent run on the fund. Woolworth sales rose 8.3%, less than projected. Lihir Gold production in 2007 rose 7.7% to 701,000 ounces. |
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Fed Lowers Interest Rate by 0.5%
Jan 30, 2:43 PM EST |
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| The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 3%. |
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| Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets. |
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U.S. Stocks Struggle, Rate Decision Ahead
Jan 30, 9:58 AM EST |
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| More sub-prime losses at UBS and BNP dampened the mood in European tradig and at the U.S. opening. UPS, Yahoo, and Kraft Foods declined. |
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| U.S. stocks edged lower ahead of Fed rate decision in the afternoon and more sub-prime losses. UBS reported $14 billion write-down realted to loan losses, $4 billion higher than estimated, turning profit for the year into a loss. BNP reported smaller, but not previously announced loss. UPS reported a loss on one-time contribution to a pension plan and Yahoo fell 10% on the continued weakness in the search related business. |
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Hong Kong Stocks Struggle, Yuan Rises
Jan 30, 8:48 AM EST |
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| Domestic spending overtook investment to contribute to the economic growth in 2007. Yuan gained on rising inflation as snowstorm lifts inflation. |
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| Stocks fell in Hong Kong on profit taking ahead of the U.S. Federal Reserve decision on interest rates today and as chairman of Henderson Land Development Lee Shau-kee lowered his forecast for the rise in Hang Seng by 22%. Chairman''s comments are widely followed by investors.
In Hong Kong trading Hang Seng Index dropped 2.6% or 638.11 at 23,653.69, while the China Enterprises index of H shares declined 4.7% or 623.77 to 12,755.41. |
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Weak Industrial Production in Japan
Jan 30, 8:01 AM EST |
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| Mizuho Financial Group subprime losses could reach as high as $2.8 billion according to local news reports in Japan. |
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| Stocks in Asia and Japan faltered after the worries related to weakening subprime credit markets in the U.S. resurfaced. IMF lowered the global economic growth forecast for 2008. December industrial production index rose, but at a lower rate then estimated. METI also added that production in January and February is likely to trend lower, sparking worries that expected recovery from the housing market slump may take longer than estimated. |
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