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Swiss, German, and French Markets Gain
Jan 08, 6:22 PM EST |
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| Microsoft is expected to buy Norway based Fast Search & Transfer for $1.2 billion. |
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| European markets closed higher but may open sharply lower in the morning tomorrow. FTSE 100 index in London closed higher on strenght in miners and energy stocks. Retail sales in UK rose in December at 0.3% from a year ago and UK home prices fell 0.8% in the fourth quarter. Manufacturing orders in Germany rose in for the second month in November. Sales at Peugeot, Citroen, and Mercedez rose in 2007. French TF1, and M6 television channel stocks jumped after sarkozy proposes to eliminate ads. |
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Nasdaq Down 2.4%, Last hour Sell-off, Gold Up
Jan 08, 5:48 PM EST |
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| Stocks fell sharply as investors worried that consumer spending will slowdown. AT&T comments weighed on the market. |
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| U.S. stocks fell sharply in the last hour of trading on the credit market weakness and fear of falling consumer speding. consumer sensitive stocks, financials, and retailers dropped sharply in the final 30 minutes of trading. AT&T chief said more customers are late in paying bills, that comment and rising gold and oil hurt the market averages. Nasdaq dropped 2.4%. Gold jumped $18.30 and raced to a record high. |
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Weak Retail Sales, Housing Prices Rise
Jan 08, 2:11 PM EST |
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| Same store retail sales in the UK rose 0.3% in December from a year ago when sales had jumped 2.5%. |
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| Stocks in UK traded higher on the rising energy and metals prices. FTSE 100 index in London closed up 0.33% or 20.80 to close at 6,356.50. Halifax House Price index increased by 1.3% in December after declining for three months in a row. The average price of a home in the U.K. increased by 11,759 pounds from a year ago to 97,039 pounds. |
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Schultz Faces Challenges at Starbucks
Jan 08, 4:45 PM EST |
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| The founder Howard Schultz returned at Starbucks hoping to turnaround the faltering retail sales at domestic locations. |
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| Starbucks appointed its founder and chairman Howard Schultz as its new chief executive replacing Jim Donald. Starbucks stock jumped 10% on the appointment but has lost nearly 50% of its value in the last year. Starbucks has been a victim of too many stores in less than desirable locations competing against each others and rising operating costs. A cup of latte at Starbucks costs more than a gallon of oil in the U.S. |
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Xstrata Dismisses Resource Pacific Target
Jan 08, 12:18 PM EST |
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| Australian stocks fell for the second day in a row after a weakness in metals prices in the international markets. Centro Retail fell 11%. |
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| Australian stocks declined for the second day in a row on the weak international metals prices. Xstrata dismissed Resource Pacific Holdings Ltd 8 million metric tons a year coal production target and sad it lacked technical credibility. The Australian dollar closed stronger today, buoyed by stronger than expected building approval data. GrainCorp rose 7.5% on recent rains in the region. Centro Retail Group fell 11%. |
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KB Home Loss, U.S. Stocks Down
Jan 08, 11:26 AM EST |
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| U.S. stocks lost their ealy momentum after a weakness in housing market, large loss from KB Home, and a rise in oil and gold prices. |
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| U.S. stocks fell after nearly two hours of trading on a weakness in housing market and worries related to economic slowdown. An index of pending home sales declined 19% from a year ago according to the Natioanl Association of Realtors. Bear Stearns and Starbucks replaced their chief executives. Oil and gold surged nearly 2% lifting the stocks in the energy and metals sectors. KB Home reported a sharply higher quarterly loss. |
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Stocks India Rise, Bucking Global Trend
Jan 08, 10:03 AM EST |
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| Stocks in India rose for the sixth session this year, bucking the regional and global trend of weak stock markets. |
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| Stocks in Mumbai traded higher as energy, techology, and metals and mining companies rallied. Sensex Index closed up 61 to 20,873. This is the sixth day in a row that the Sensex index hs closd above 20,000. Of the stocks traded on BSE, 539 shares advanced, 2,404 fell, 23 remained unchanged while. Of the BSE shares Reliance Industries was up 1.05% to 3,047.25 rupees ICICI Bank fell 1.7% to 1,340.05 rupees and Reliance Natural Resources surged 7.2% to 244.15 rupees. Tata Steel shed 4.2% to 866. |
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China Coal Surges, Record HK Reserves
Jan 08, 11:24 AM EST |
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| China Coal Energy Limited plans to offer 1.5 billion shares in Shanghai public offering to tap the local investor demand. |
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| Stocks in Hong Kong closed lower 0.3% or 66.59 to 27,112.90 after reversing morning gain of 1.7%. Hong Kong reported foreign exchange in December rose to $152.70 billion, an increase of $2.3 billion from November. China Merchants Bank estimated an increase of 110% in 2007 earnings to Rmb 15 billion, lifting stocks in the banking sector. |
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Leaders in Japan Urge to Buy Stocks
Jan 08, 8:54 AM EST |
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| Japanese stocks gained for the first time in 2008 after several business leaders urged investors to buy stocks. |
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| Stocks in Japan edged higher afte a concerted efforts by business leaders and several analysts to encourage people to buy stocks. Several business leaders sggeste that Japanese stocks are undervalued. However, the positive statements did not help stock market. Nikkei 225 index edged 0.2% or 28.12 higher to 14,528.67 and Topix gained 0.74% or 10.35 to 1,403.06. Stocks in shipping, banking, and metals sectors advanced. |
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