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IG Metall Won 5.2% Pay Rise
Feb 20, 4:51 PM EST |
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| German labor union won 5.2% pay rise for the next 13 months. IMF lowered its forecast for the French economy to 1.3%, below euro-zone growth rate. |
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| IG Metall, largest labor union in Germany secured 5.2% pay rise for its nearly 85,000 members from March of 2008 for the next 13 months. Separately, producer price index in Germany increased 3.3% from a year ago in January. RWE AG, second largest electric utility plans to buyback stocks worth 2.5 billion euros and EDF in France fell after it reported that annual profit may be flat on rising costs. BNP Paribas reported 42% decline in fourth quarter but for the year profit rose 7%. |
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Fed Lowers GDP Growth, Raises Inflation View
Feb 20, 4:23 PM EST |
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| Hewlett Packard led the Dow and S&P 500 with a rise of 8%. Sprint led the decliners in the S&P 500 with a loss of 5%. |
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| January CPI index rose at 0.4% from December or at 4.3% from a year ago sparking fears of inflation. In the afternoon the Fed statement reiterated that downside risk to the economy remains high but the higher than normal level of inflation may cause a policy reversal. The Fed lowered its outlook for economic growth between 1.2% to 2.0% from its October outlook between 1.8% to 2.5%. Expectations of inflation were revised upwards between 2.1% to 2.4%. |
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Earnings Decline Hurt Stocks
Feb 20, 2:58 PM EST |
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| Woodside Petroleum Ltd is considering to raise $12 billion to complete its LNG project this year. |
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| In Australia ASX 200 index fell 2.1% to 5,496.50 as reported earnings declined on rising dollar and operating costs. Woodside Petroleum rose 4.6% on the expectations that the company will successfully raise $12 billion to complete its LNG plan this year. However, net profit after tax in 2007 fell 15% excluding one time charges. Macquarie Office Trust increased its distributable earings by 25% to 7.94 cents per unit. Oxiana net profit in 2007 declined to $318 million from $553 million in 2006. |
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Sensex Fell 2.5%
Feb 20, 1:59 PM EST |
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| Stocks in Mumbai trading declined as foreign investors sold stocks. Shriram EPC and Bang Overseas IPOs closed below their offer prices. |
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| A steep rise in oil above $100 a barrel sparked fears of rising inflation dragging stocks lower. Sensex fell 2.5% and Nifty declined 2.4%. Gold rose to a record high on the back of oil price increase. Tata Consultancy signed a multi-year multi-million dollar contract with Chrysler. Infosy and TCS advanced on the news. Shriram EPC and Bang Overseas IPO closed below their offer prices in volatile trading. |
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Oil Rise Fuels Inflation Fears in HK
Feb 20, 12:54 PM EST |
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| Hong Kong stocks fell on the rising oil.Telecom stocks fell after a recent run up ahead of the expected consolidation in the industry. |
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| Stocks in Hong Kong declined after a steep rise in oil stoked fears of inflation in the region. A surprise loss of nearly $3 billion also added uncertainty to the market. In Hong Kong trading the Hang Seng Index dropped 2.2% or 532.59 at 23,590.58, and the China Enterprises index of H-shares, or Hong Kong listed shares in mainland companies, declined 3% or 420.12 to 13,552.82. CNOOC gained 0.8% but PetroChina fell 2%. |
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Japan Falls 3.2% on Credit Market Worries
Feb 20, 12:30 PM EST |
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| The Bank of Japan in a statement said the that the tighter building code impact on the economy will fade away in months to come. |
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| Stocks in Japan fell after a surprise write-down from Credit Suisse of $2.85 billion and debt reshceduling from KKR Financial in the U.S. In Tokyo trading Nikkei 225 slipped 3.25% to 13,310.37, and the broader Topix Index fell 3.2% to 1,302.72. A sharp rise in crude oil by 4.7% lifted stocks of trading companies but auto makers and others declined. |
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Rising Inflation Drags Stocks; HP Shines
Feb 20, 1:32 PM EST |
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| A sharp rise in infaltion in January put investors on defensive. The recent Fed rate cuts may have to be reversed if inflation remains stubborn. |
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| U.S. stocks declined as inflation rose in January. CPI in January increased at 0.4% and core rate of inflation increased at 0.3%. January inflation rose at 4.3% from a year ago on a rise medical and travel services and rising food and energy prices. Housing start increased at 0.8% in January after revised decline of 14.8% in December. Hewlett Packard increased after reporting a better than expected earnings and lifting the outlook for the next quarter. |
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