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UBS Loss Depresses Stocks
Feb 14, 6:16 PM EST |
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| Cap Gemini soared 8% after reporting net profit increaese of 50% in 2007 to 440 million euros. |
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| UBS,Swiss Banking group, fell 8% after reporting a loss of 12.5 billion francs. Group Danone fell 3.5% after reporting earnings for 2007 of 4.2 billion euros including the one-time gain of 3.1 billion euros for the sale of biscuits and cereals unit. Net sales in 2007 increased to 12.7 billion euro, an increase of 10% from the continuing business or 5.9% including the acqusition of Royal Numico sales. |
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Nasdaq Down 1.7%
Feb 14, 5:35 PM EST |
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| Nasdaq fell 1.7%, Dow declined 1.4%, and S&P lost 1.34%. Bernanke comments put investors on the defensive. |
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| U.S. stocks reversed their earlier gains and declined after cautionary comments from the Fed Chairman Bernanke. He suggested that economy may be sluggish in the near term and banking and housing sectors may face more difficulties. Technology, financials, and brokerage stocks declined. International traded deficit in 2007 fell on rising exports. Trade deficit declined to 5.1% of economy from 5.7% in 2006. |
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Bernanke Curve, UK Stocks Decline
Feb 14, 4:08 PM EST |
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| Housing and lending stocks declined after cautionary comments from the U.S. Fed Chairman. Diageo earnings beat expectations. |
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| UK stocks changed course and declined after the comments from the Fed Chairman Bernanke. The cautionary comments put investors on the defensive. He also reiterated that the downside risk to the economy has increased and banking sector may remain under pressure. He sounded optimistic note on the inflation but also suggested that the economic growth in the near term is likely to be sluggish. UK stocks declined, led by a fall in housing and banking stocks on the comments. |
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Global Markets Rally Lifts India 5%
Feb 14, 3:13 PM EST |
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| Stocks in Mumbai rose after a global rally in financial markets. A surprise rise in January retail sales in the U.S. lifted sentiment. |
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| Mumbai stocks surged on Thursday with the benchmark index Sensex gaining 4.8% 817.49 and CNX Nifty rose 5.3% or 5,202.00 levels. Sharp in rise in Europe and the U.S. listed Asian markets. The rally in global markets was triggered by an unexpected rise in US retail sales in January 2008.Petrol prices were revised by two rupees per litet and diesel prices were increased by one rupee. The price hike lifted Indian Oil by 14% and BPCL by 11%. |
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Bernanke Comments, Stocks Decline
Feb 14, 1:21 PM EST |
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| Bernanke worries about the economic slowdown. International trade deficit declined to 5.1% of the U.S. economy in 2007 from 5.7% in 2006. |
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| U.S. stocks reversed its earlier course and fell after cautious comments from the Fed Chairman Bernanke. The comments highlighted the ongoing correction in the housing market and noted that the housing market may decline further. The Chairman estimated that the near term outlook for the economy is sluggish and noted that downside risks to the growth have increased. Unemployment claims at the end of the last week decreased. |
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Rio Tinto Earnings Lifts Australian Stocks
Feb 14, 10:40 AM EST |
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| Australian stocks rebounded 2.6% on Rio Tinto earnings results. Unemployment in January dropped to 4.1% from 4.3% in December and from 4.5% in Jan 07. |
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| Australian stocks edged higher after earnings report from Rio Tinto and a rally in Asian markets. Rio Tinto jumped 4.5% after reporting 11% rise in operating earnings and 2% decline in net earings on 32% rise in sales in 2007 from 2006. The better than expected earnings were largesly acheived on higher prodcution of iron ore, copper, and other metals. The company spent $5 billion in capital expenditures. |
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Hang Seng Recovers 3.7% in Asia Rally
Feb 14, 9:04 AM EST |
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| Hang Seng Index addded 3.7% to 24,021 after commodities, shipping, and banks advanced. Fiscal surplus in HK is expected to reach nine-year high. |
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| Fiscal surplus in Hong Kong is expected to rise to HK$100 billion according to a forecast from the Taxation Institute. The largest surplus since 1999, prompted demands to lower property and other taxes. Bear Stearns and Citic have agreed to lower the price of investment in each other after the recent market slide. Hong Kong stocks gained on the resurging markets across Asia. Shipping lines surged on a rise in the freight price index. |
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Tokyo Rebounds 4% on Higher Growth
Feb 14, 9:04 AM EST |
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| Stocks in Japan rebounded after economic grwoth in the fourth quarter accelerated from the third despite a weakness in the construction industry. |
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| Stocks in Japan rebounded after the economic growth in the fourth quarter exceeded expectations and better than expected January retail sales in the U.S. In Tokyo trading Nikkei 225 rose 4.3% 13,626.45, and the broader Topix Index increased 3.7%. Markets across Asia jumped between 2% and 5%. Economic growth in Japan accelerated to 0.9% in the fourth quarter from 0.8% in the third quarter despite a weak performance in construction industry. |
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