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Weak Banks, Retailers, and Miners
Jan 07, 4:46 PM EST |
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| European stocks declined as investors worried that banks may need more capital to fund losses. Miners declined on falling metals prices. |
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| European markets dropped on a weakness in metals and mining sector, declining financials, and falling retailers. Marks & Spencer, Next, Kingfisher, and Sainsubury declined on the worries that retail sales in the holiday period were weaker than estimated. Credit Suisse and UBS declined after a local Swiss report suggested that new capital may be required in the banks. Credit Suissse dropped 2.6%. Xstrata fell 6% and BHP declined more than 3%. |
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Paulson Warns on Housing
Jan 07, 4:34 PM EST |
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| Paulson comments suggested that the indications of weaker U.S. economy will emerge in near future. |
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| U.S. stocks traded sideways as tempers rose with a near altercation between Iranian and the U.S. Navy. Three popular averages closed with fractional changes. Jeffries reported that it may have lost as much as $24 million in two trading accounts using funds. The Treasury Secretary Henry Paulson comments suggested that housing market slowdown may prompt a correction in economic grwoth. He stressed that the economy is still resilient. Crude oil fell on global economic worries. |
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Australian Stocks Fall 2.3%
Jan 07, 1:51 PM EST |
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| Australian stocks declined as investors worried that commodities prices may decline. ANZ raised its interest rates on loans following the lead of NAB. |
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| Stocks in Australia fell sharply after investors worried that U.S. economic slow-down may spark a fall in commodities prices. ASX 200 index fell 2.3% or 145.20 to close at 6,161.60. Rio Tinto expressed an interest in acquiring Canada based Xemplar Energy. Xemplar controls uranium deposits in Namibia. ANZ was the second largest bank in Australia to raise interest rate in the last two days. Lynas Corp led the gainers and Fortescue led the decliners in the ASX 200 index. |
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CBI Survey Shows Weak Confidence
Jan 07, 1:24 PM EST |
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| UK businesses showed weaking confidence in a survey conducted by CBI. IT companies are likely to hire people in the coming months. |
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| UK stocks edged lower after a survey of businesses prdecited a tougher business climate in the next six months. FTSE 100 index declined 0.2% or 12.80 to close at 6,335.70. Of the stocks in FTSE 100 index, 70 declined, 30 gained, and 2 remaied unchanged. Mark & Spencer and Sainsbury declined on the worries that holiday sales may not be as strong as estimated. Next and Kingfisher declined in sympathy as well. Metals and mining stocks fell. |
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Jeffries Plunge 10%, U.S. Stocks Weak
Jan 07, 12:02 PM EST |
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| Jeffries plunged 10% after it disclosed a quarterly loss and a estimated loss of $24 million in its own trading account. MasterCard and MSCI decline. |
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| U.S. stocks traded sideways by mid-afternoon. Consumer sensitive stocks were weak in the morning trading hours. The three popular averages edged fractionally higher. Jeffries Group plunged 10% after it disclosed a loss of $24 million from two trading accounts involving its own capital. Jeffries also said that executives in the company will forgo bonuses and have closed two accounts. MasterCard fell for the fifth tradig day in a row. MSCI stock fell for the fourth trading day in a row. |
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Banks in India Lift Sensex
Jan 07, 10:21 AM EST |
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| A rally in bank stocks lifted Sensex index bucking the global trend of falling market averages. |
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| Stocks in India bucked the global and regional trends and closed higher. Sensex Index gained 126 or 0.6% to close at 20,812. Eighteen of the 30 stocks in the Sensex fell. Banks rallied after the news reports that the government is considering to scrap licensing requirements to open new bank branches. ICICI, State Bank of India, and Bank of India rose. |
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Hong Kong and Asia Declined
Jan 07, 9:30 AM EST |
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| Hong Kong stocks declined on the U.S. economic slow down worries. Shanghai High-Speed Railway awards contracts to four bidders. |
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| In Hong Kong trading Hang Seng dropped 1.2% or 340.20 to 27,179.49, while the China Enterprises index of H shares declined 2% or 312.66 to 15,590.74.Daily turnover on the main board was recorded at HK$113.5 billion compared to HK$99.8 billion on January 4.Construction companies stocks rose on the hope that the interest rates will be lowered in the U.S. at the end of this month. |
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Topix Index in Japan at 2-Year Low
Jan 07, 8:38 AM EST |
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| Broader market in Japan closed lower after the December U.S. employment report, falling commodities prices, and weak economic climate in Japan. |
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| Stocks in Japan declined as investors worried that the U.S. economy may slow down considerably. The U.S. market averages tumbled on Friday after the release of employment report. Today Nikkei 225 dropped 1.3% and broaer Topix index lost 1.4% and closed below 1,400 for the first time in two years. Copper prices fell 0.9%, nickel slipped 2.6% and zinc tumbled 3.1%. Nippon Mining Holdings declined 1.34%, Sumitomo Metal Industries edged down 1% and Nippon Steel shed 2.84%. |
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