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ANZ Drops 6% on Loss Provisions
Feb 18, 7:23 PM EST |
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| ANZ Banking Group reported an indirect loan loss provision of $200 million. The news sent the stock down 6%. |
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| ANZ fell 6% after reporting indirect exposure to a mono-line insurance company in the U.S. of $200 million and commercial loan loss provision of $90 million. The news sent the company stock and other financial stocks lower. ANZ said in a trading update that the bank provison of US$200 million is likely to be recovered when credit markets recover. Four largest steel companies agreed to 65% rise in iron ore prices with Brazil based CVRD, lifting the stocks of mining companies. |
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Qatar Stake in Credit Suisse
Feb 18, 6:38 PM EST |
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| Banks in the European region closed sharply higher after Qatar controlled fund revealed to investo upto $15 billion in Credt Suisse. |
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| European markets rallied, lifted by the news that Qatari fund is acquiring a stake in Swiss bank, Credit Suisse, and is considering to invest upto $15 billion. The news sent banking stocks across the region higher. TNT, express mail delivery service provider, fourth quarter proft fell 22% to 148 million euros from 189 million euros. |
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Reliance Power Bonus
Feb 18, 6:31 PM EST |
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| Recently listed IPO Reliance Power board decided to issue bonus issue to shareholders who participated in the IPO. |
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| Relaince board after a meeting on Sunday considered a bonus issue to shareholders. The recently listed company has underperformed after few days of trading Reliance Power has traded below the IPO price. Sensex in India edged 0.4% lower after a rise of three days in a row. Mahindra & Mahindra led the gainers with a rise of 1.4% in the index and Tata Motors led the decliners in the Sensex with a fall of 2.6%. |
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Metals Lift Europe and S. American Markets
Feb 18, 6:21 PM EST |
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| European markets closed higher lifted by a rise in metals prices and a stake purchase by Qatari fund. CVRD won 65% increase in iron ore prices. |
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| A sharp rally in metals lifted markets in Brazil, Peru, and Argentina. CVRD won 65% rise in iron ore prices after a negotiation with four largest Japanese steel compaines. Iron prices have increased more than 100% in the last three years before the current hike, effective on April 1. Qatar sovereign fund is ready to increase its stake in credit Suisse, and is willing to invest upto $15 billion. European banks closed higher on the news and on the expectations of better earnings from Barclays. |
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Northern Rock Nationalized
Feb 18, 2:00 PM EST |
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| The Prime Minister Brown defended the decision to nationalize the fourth largest lender Northern Rock. Barclays is expected to report higher earnings. |
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| Northern Rock was effectively nationalized on Sunday, after the UK government failed to find a buyer. The intense negotiations with the two private equity controlled groups did not materialize in a deal. In London trading, FTSE 100 index tose 2.7% to 5,946 on a steep rise in banking stocks. Local media speculated that Barclays and Lloyds will report better than expected earnings tomorrow. |
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Stocks in Hong Kong Fell
Feb 18, 1:09 PM EST |
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| Hong Kong stocks fell 1.6% after a U.S. bond insurer FGIC was downgraded. Investors worried that loan losses may grow and drag the U.S. economy lower. |
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| Stocks in Hong Kong fell as worries related to subprime lending resurfaced and rising inflation in China. Producer price index in January in China surged 6.1% from a year ago on risig commodities and energy prices. China steel makers association reported that industry exported 54 million tons of steel and profit increased 45% to Rmb 190 billion on 15% rise in stell production. |
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Japan Steelmakers Accept 65% Rise
Feb 18, 12:23 PM EST |
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| Four largest steel companies in Japan negotiated 65% rise in iron ore price with CVRD. The ore prices have increased more than 100% before this hike. |
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| Steelmakers in Japan negotiated a price increase of 65% with CVRD, Brazilian iron ore company. The price hike, is the third annual increase in as many years, totaling more than 100%. Prices are negotiated between steel companies and miners and not traded on future contracts on world stock exchanges. Steel companies closed higher after the news. |
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