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Alumina Earnings Fell, Coal Mines Resumes
Jan 31, 5:55 PM EST |
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| Australian stocks are expected to open higher today, after a rally in the U.S. and firmer stock prices in Europe. |
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| Australian stocks gained as market turnover improved and sentiment recovered in Asia. Alumina 2007 earnings in 2007 fell 14.6%. Woolworth and Foodstuff were ordered by court to not make an offer for Warehouse Group before March. MFS asserted that Stell sale talks are on target. Rio Tinto announced full production shcedule at two of its coal mines and also expanded its smelting capacity in Canada. Origin Energy second quarter gas and oil sales increased to $126 million. |
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Markets in Europe Decline in January
Jan 31, 5:15 PM EST |
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| SKF AB rose 6% after it said that it will pay dividend on robust porofit in 2007. Vodafone mobile reveue growth declined. |
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| European stocks declined in January on the continued turmoil in credit market. Most markets fell between 10% and 14% in January, one of the worst performances for the month. Unemployment in Germany fell in January to the lowest level in fifteen years to 8.1%. Credit Agricole, AXA, Dexia, and Allianz fell on the worries on economic growth recession in the U.S. FItch cut its bond rating outlook on Friends Provident, stock plunged 11%. Akzo jumped 7% after sales rose at recently acquired ICI. |
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MBIA Comments, MasterCard Lift Stocks
Jan 31, 4:49 PM EST |
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| U.S. stocks rallied after comments from MBIA management soothed nervous investors. MBIA asserted that it has adequate or access to capital if needed. |
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| U.S. stocks rebounded from morning losses after unemployment claims rose at the end of the last review. Stocks made about turn in the afternoon, MasterCard reported sharply higher earnings and the bond insurer MBIA in a earnings conference call asserted that it has adequate capital to retain its AAA rating. Hedge fund Pershing Square has asserted that the company may not have capital to fund its future losses. MBIA estimated $3 billion of future losses, half of what Pershing has estimated. |
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Home Prices Rise at a Slower Pace
Jan 31, 4:10 PM EST |
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| Virgin Group plans to submit a bid for the troubled lender Northern Rock. Deutshce Bank expects tighter conditons in the fiinancial sector. |
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| Nationwide, mortgage lender, reported that home prices in the UK fell for the third month in a row in January. According to the lender the average price of a house has fallen from £182,080 to £180,473 in December. Of the FTSE 100 index stocks, Friends Provident led the decliners and Car Warehouse led the gainers. Vodafone revenue in the third quarter rose 4.2% and Royal Dutch Shell profit in the fourth quarter increased 60%. |
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U.S. Stocks Rebound, MasterCard Surges
Jan 31, 3:18 PM EST |
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| Jobless claims rose at the end of the last review period. MasterCard fourth quarter earnings rose to $2.26 from 30 cents. |
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| U.S. stocks recovered from the morning losses. MasterCard reported fourth quarter earnings of $1.37 per share on a revenue rise of 27.8% to $1.07 billion. Gross dollar volume in the quarter rose 15.2%. The strength in the consumer spending helped market to reverse the earlier decline. MBIA reported large loss on the account of more write-down in credit derivatives. Jobless claims rose at the end of the last review period. |
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December Fiscal Deficit Falls
Jan 31, 10:29 AM EST |
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| Reliance Communication profit rose 49% on 30% rise in net revenues. Tata Steel profit gained 0.5% on 10% rise in net revenue. |
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| December fiscal deficit in India declined on 9% higher tax revenues keeping the government to meet its annual deficit target of 3.1% to GDP. Stocks in India fell as investors worried that global economic slowdown may hurt international investors sentiment. More than 60 stocks on BSE are now tradning below 50% of clsoing price at the end of 2007. Hindalco net profit decline 16% on 1.5% decline in revenue. |
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Gloomy Outlook in Hong Kong Stocks
Jan 31, 9:16 AM EST |
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| Hong Kong lowered its rate by 0.5%, tracking a rate cut by of similar size by the U.S. Fed, to 4.5%. Esprit first half profit rose 37.3%. |
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| Hong Kong stocks are suffering one of the worst slumps in the last decade as worries related to sub-prime losses keep rising. Five largest Japanese banks, who previously had denied signifincant exposures to the U.S. loans, are now expected to report $4.6 billion of write-downs. Investors fear a similar write-offs at banks in China ad Hong Kong. Lenovo Group gained after a rise in profit and a plan to sell mobile phone business. |
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Tokyo Stocks Recover, Subprime Losses Rise
Jan 31, 9:10 AM EST |
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| Tokyo stocks recovered from the morning losses after a string of earnings reports. However, estimates of losses at five largest banks were raised. |
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| Stocks in Japan recovered from a morning loss of 1.4% to close up 1.85% or 247.44 to 13,592.47. The Topix Index gained 2% or 26.20 to close at 1,346.31. Banks in Japan are likely to report larger than estimated sub-prime losses according to local news. The estimate of losses for 2007 are running as high as 500 billion yen from the five largest banks. December csh earnigs for wages declined 1.9% and for contract employees rose 0.3%. |
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