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UK Leads Decliners in Europe
Jan 09, 7:00 PM EST |
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| Zurich stock market closed higher in the region, bucking the trend of declining indexes in the region. UK led the decliners with a fall of 1.3%. |
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| Marks & Spencer declined 19% after its third quarter same store sales ending on Dec 29 fell 2.2%. Tesco, Next Plc and other UK retailers declined in sympathy. StatoilHydro fell 3% after it said that production at its LNG plant may not meet its earlier target due to start up problems. Siemens in Frankfurt trading fell 5% after investors speculatd that it may not meet its earnings target. |
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Recovery in Financials Lifts Averages
Jan 09, 8:19 AM EST |
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| MBIA plans to raise $1 billion and cut its dividend. Goldman Sachs said that a weakness in housing is likely to spread to the broader economy. |
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| U.S. stocks rebounded in the afternoon rally after Warren Buffett of Berkshire Hathaway said that he may invest in bond insurers. The comments lifted bond insurers from the lows of the day. On the back of the commnets financial services and brokerage firms rallied. Merrill Lynch, Morgan Stanley, and Goldman Sachs advanced. Dupont jumped 5% after lifting earnings estimate for 2007 and raised guidance for 2008. |
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MBIA Plunges on Recap and Dividend Cut
Jan 09, 12:10 PM EST |
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| MBIA, the bond insurer, suffered a heavy loss after it cut its dividend and a plan to raise to capital to preserve its AAA rating. |
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| MBIA, the bond insurer, suffered one of the worst losses today after it revealed a plan to raise $1 billion and cut quarterly dividend to 13 cents from 34 cents. MBIA has suffered heavy losses related to asset based lending and sub-prime lending. The company hopes that this recapitalization move will save its AAA rating. In total $652 billion of bonds could suffer in value if MBIA loses its AAA rating. |
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Gold Lifts HK Stocks, Budget Surplus of $100B
Jan 09, 12:26 PM EST |
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| Hong Kong stocks closed up nearly 2% on rising precious metals and energy prices. Hong Kong estimates budget surplus to quadruple to HK$100 billion. |
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| Property stocks and gold miners helped the market recoup early losses in Hong Kong trading. Hang Seng index bucked the downtrend in the morning session rising to a six week high at 1.9% or 502.95 at 27,615.85. Gold stocks climbed after record gold price. |
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Sensex Edged Lower, Maruti Releases Splash
Jan 09, 6:57 PM EST |
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| Maruti Suzuki released minicar to tap the rising middle class purchasing power and compete with Tata Motors entry in the market. |
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| Stocks in Mumbai edged lower after a rise in the last six days of trading. Sensex in Mumbai closed down 4 or 0.2% to 20,870. Of the stocks traded on BSE, 757 shares advanced, 2,137 declined, and 25 remained unchanged. Of the BSE shares, Reliance Industries declined 0.6% to 3,031.95 rupees. Bharat Heavy Electricals shed 2.02% to 2,443.80 rupees, Larsen & Toubro slid 0.07% to 4,329.8 rupees while Suzlon Energy 1.4% to 2,241.6 rupees. |
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Australian Retail Sales Rise, Bank Raise Rates
Jan 09, 9:05 AM EST |
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| Australian stocks fell on the worries tha tmetal exports to China may decline if the U.S. enters into a recession. |
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| November retail sales in Australia rose 0.8% after a revised October sales increased 0.3%. The news lifted Australian dollar but failed to lift ASX 200 Index in Sydney trading. Investors worried that the U.S. economy may be heading for recession sooner than expected. Commonwealth Bank of Australia, the third bank, to increase intertest rates in the last one week. |
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Nikkei Reverses Early Losses to Close Up 0.49%
Jan 09, 9:03 AM EST |
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| The World Bank projects economic growth in Japan to slow to 1.8% in 2008 on the back of the global credit crunch and a strengthening yen. |
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| The Japanese indices lost in the morning trading affected by the overnight U.S. declines, but in the afternoon session investors resumed hunting for bargain buys. In late Tokyo trading, the dollar advanced to mid 109-yen levels. Nikkei 225 bucked a 0.2% decline by mid-day slump to close up 0.49% or 70.49 to 14,599.16, while the broader Topix Index soared 19.26 to 1,422.32. |
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