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Auto and Steel Makers Decline in Europe
Jan 04, 4:59 PM EST |
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| Renault sales rose 2.2% in 2007 on new models. Allianz fell in Frankfurt trading. Deutsche Telekom remains interested in Slovenian national telephone. |
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| Switzerland led the decliners in the European region with a sharp loss of 2.3%. European markets closed lower after the weakness in the U.S. on the weaker than expected December month jobs report. Leading indicators in the UK declined 2.02%, in France lost 1.8%, and in Frankfurt dropped 1.3%. Auto and steel makers in Europe declined on the weak U.S. auto sales in December. Daimler lost 6% and Renault dropped 8%. ArcelorMittal edged 4% lower. |
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Nasdaq Tumbles 3.8% on Employment Report
Jan 04, 11:20 AM EST |
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| Nasdaq declined 3.8%, S&P 500 lost 2.5%, and Dow Jones Industrial Average dropped 1.96%. |
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| U.S. stocks fell sharply after weaker than expected employment report for the month of December. Economy created only 18,000 new jobs in the month and for the year generated 1.3 million new jobs, far less than the 2 million target set by the current U.S. administration. Intel lost nearly 10% after UBS cut its rating on the company. Crude oil and gold retreated after the jobs report. Retailers, technology, and consumer sensitive stocks fell sharply. Apple, RIM, Master Card, and Google declined. |
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Weak Retailers Drag UK Stocks
Jan 04, 2:25 PM EST |
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| UK stocks fell sharply after more retailers issued sales warnings. AIM listed companies raised more than 15 billion punds in 2007 matching 2006. |
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| UK stocks declined sharply after retailers issued same store sales warning. FTSE 100 index fell 2.02% or 130.90 to 6,348.50. The accounting firm Grant Thornton reported that 22% of retailers listed in London gave negative sentiments in the fourth quarter of 2007 up from 7% from the third quarter. Kingfisher declined 7% and Next dropped 5.7%. New issues droppe by 35% in 2007 on the AIM market but the secondary issues volume rose by 50%. In 200 AIM listed compaies £15 billion matching the 2006. |
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Domestic Automakers Lose Ground
Jan 04, 2:34 PM EST |
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| Domestic automakers lost ground to Japanese rivals in 2007. Toyota replaced Ford as the second largest U.S. seller. |
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| U.S. autosales declined in 2007 after consumers held back on trucks and large cars on rising gasoline prices and worries of economic slowdown. Domestic automakers lost ground to their Japanese rivals. For the year 2007, GM sales declined 6%, Ford lost 12%, and Chrysler edged 3.1%. Toyota sale gained 3.1% in 2007, Nissan sales edged 4.8%, and Honda sales edged higher 2.8%. |
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Nasdaq Falls 3%, Leads Other Decliners
Jan 04, 2:27 PM EST |
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| U.S. stocks fell sharply after the employment report. Economy created 1.3 million jobs in 2007 after adding 2.3 million jobs in 2006. |
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| U.S. stocks turned negative at the opening after the employment report. The Labor Department reported that payroll in December increased 18,000. For the year 2007 the economy added 1.3 million jobs after adding 2.3 million in 2006. The monthly average fell to 111,000 in 2007 from 189,000 in 2006. consumer sensitive stocks dropped sharply. Retailers, restaurants, and banking sector stocks fell sharply. |
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Inflation in India on the Rise, Miners Gain
Jan 04, 5:00 PM EST |
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| consumer price inflation and wholesale inflation at the end of the last week of December rose ahead of the price increase in petrol this month. |
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| Stocks in India edged higher bucking the global trend. Sensex in Mumbai jumped 1.7% or 342 to 20,687 and the broader index CNX Nifty increased 1.6% to 6,274. Industrials, banks, and miners led the gainers in the market. Of the BSE stocks, 1470 shares declined, 1437 advanced, and 17 remained unchanged. Among the Sensex shares, 16 slid and the rest remained unchanged. |
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Hang Seng in HK Up 2.4%
Jan 04, 9:23 AM EST |
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| Hang Seng index snapped back after two days of decline. Rising gold and oil prices lifted mainland gold and coal producers. |
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| Stocks in Hong Kong surged after a slump in the last two days of trading. Hang Seng Index gained 2.4% or 632.41 to 27,519.69 and gained 0.5% for the the week.Hang Seng China Enterprises index gained 2.8% to 15,903.40. Commodities miners rose after CLAS research said investors should buy shares of Chinese gold and coal miners. China coal rose 3.5% and Zhaojin mining climbed 7.1%. Zijin Mining jumped 7.2% after Goldman Sachs raised a target on the stock. |
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Nikkei in Japan Plunges 4%
Jan 04, 9:01 AM EST |
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| Stocks in Japan on the first day of trading in 2008, plunged 4% on the weakness in automakers, shipping lines, and exporteres. |
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| Nikkei 225 Index in Tokyo trading fell 4.03% or 616.37 to close at 14,691.41. Broader index Topix fell 4.3% or 63.77 to 1,411.91. Both indexes fell for the first time with a such a large measure on the first trading day of a new year. After the release of weak auto sales in December month in the U.S. Nissan fell 9% and Toyota dropped 3%. Shipping lines fell after the Baltic Dry Index, which gauges prices, slumped for the ninth day in a row by 1.5% as China scaled back its iron ore imports. |
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Banks in Australia Raise Rates
Jan 04, 8:35 AM EST |
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| Banks in Australia raise interest rates on variable rate loans for the first time in ten years independent of the central bank action. |
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| Australian stocks closed higher as the markets in the region gained. ASX 200 Index closed up 12.80 or 0.2% to close at 6,385.40. The Preliminary market turnover was 1.61 billion, worth a total $3.77 billion, with 640 stocks moving up, 549 moving down, and 336 unchanged. National Australia Bank hiked its variable rate for home loans by 12 basis points to 8.69% while ANZ, raised the borrowing charge for some of its products by 25 basis points to 8.44% and 8.54%. |
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