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A Rise in Oil, Copper Lifts European Stocks
Feb 19, 6:26 PM EST |
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| Credit Suisse fell 6% after reporting a surprise loss of $2.85 billion. Cadbury Schweppes declined 5% on an earnings miss. Oil compaines surged. |
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| Second largest German state controlled bank reported a sub-prime realted write-down of 1.9 billion euros from its portfolio of 4 billion euros of these loans, forcing its chief executive to resign at the end of this month. Staples Inc offered to purchase Corporate Express of the Netherlands for 1.3 billion euros. CNP Assuarances SA, largest life insurance companies in France surged 6% after local newspaper said that certain stockholders may sell their stake in the company. |
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Crude Oil at $100; AT&T, Verizon Drops
Feb 19, 6:12 PM EST |
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| Crude oil traded above $100 a barrel ahead of the OPEC meeting. AT&T and Verizon drop after a price war for flat-price wireless plans. |
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| U.S. stocks lost their early gains in the afternoon trading and closed lower. Cure oil price traded above $100 after Iran hinted that it will push for lower production targets in the next OPEC meeting. Verizon, T Mobile, and AT&T have entered in a price war to offer flat rate monthly service. Credit Suisse reported a surprise asset write-down of $2.85 billion in structured investment vehicles portfolio, only less than a week after reporting $12 billion related to a loss in sub-prime loan. |
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Rising Oil and Metals Lift Stocks
Feb 19, 4:30 PM EST |
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| Reuters and Thomson reported that three anti-trust agencies have approved its merger and asked companies to sell certain information databases. |
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| UK stocks edged higher after Barclays reported profit in-line with analysts expectations and commodities prices edged higher. Crude oil edged above $98 in London and above $100 in New York trading and copper rose 3% in London. Barclays reported a net earnings edged higher despite turbulent credit markets but Cadbury Schweppes fell after earnings news. |
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Resource Pacific Accepts Xstrata Offer
Feb 19, 2:54 PM EST |
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| Centro Properties declined 17% after it increased its estimates of short debt. Boom Logistics led the ASX 200 index stocks with a rise of 30%. |
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| Resource Pacific accepted Xstrata offer of $3.20 per share or $1.08 billion after 50% of shareholders accepted the offer. The four month long battle for a coal miner comes on the back of rising prices of metals, energy, and minerals. OneSteel, second largest alloy producer reported first half profit for the period ending in December 2007 of $104.4 million, an increase of 6.3%. Seperately Newcrest Mining reported a loss of $8.1 million. |
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Credit Suisse Loss of $2.85 B
Feb 19, 4:10 PM EST |
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| Market reacted with a state of shock and dismay after Credit Suisse reported mark down of $2.85 billion in structured loan portfolio. |
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| Credit Suisse plunged 10% after it reported an error of $2.85 billion in valuing securities in structured investment vehicles. The surprise write-down hurt the stock and shocked investors. Credit Suisse, only a week ago, reported an asset write-down of Sfr12.5 billion and left impression in call with investors that the company has a handle on the risky loan portfolio. |
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Volatile Sensex Edges Higher
Feb 19, 10:23 AM EST |
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| Asian markets rallied on the back of rising metals and crude oil prices. Rural Electrification IPO dominates trading news. |
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| Rural Electrification IPO received 2.3 times the number of stocks it plans to offer between 90 rupees and 105 rupees. Sensex edged fractionally higher by 27 to 18,075.66. Total turnover on two exchages was recorded at 17,800 crore rupees or $4.2 billion. Bajaj Auto led the gainers in the Sensex stocks with a rise of 6% after Bombay High Court approved the proposed capital allotment between Bajaj Holding and Finserv companies controlled by Bajaj group. |
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Hong Kong Up 1.5%
Feb 19, 9:32 AM EST |
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| Hong Kong participated in a rally that swept Asia on a sustained rise in metals prices and an interest in banks and financial stocks. |
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| Financial and metal stocks rally lifted stocks in Hong Kong. Hang Seng index closed up 364 to 24,123. Copper, zinc, and aluminum increased more than 2%. Qatar sovereign fund decision to invest in Credit Suisse lifted financial stocks. Bank of East Asia gained after a report that it may report stronger than expected earnings. ICBC and Bank of Communication gained. |
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Rising Metals Prices Lift Tokyo Stocks
Feb 19, 9:15 AM EST |
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| Japanese and Korean steelmakers agreed to 65% price hike for iron ore delivered from CVRD based in Brazil. |
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| A sharp rally in base metal prices and crude oil in Asia lifted trading companies and market averages. Nikkei 225 index rose 0.9% to 13,757 after a sustained rise in copper, aluminum, and zinc prices. Copper led the metals group with a rise of 3% followed by more than 2% rise in aluminum and zinc. Crude oil increased 1%. On the back of the rally and a recommendation from Citigroup, Itochu led the gainers in the Nikkei 225 Index with a surge of 8%. |
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