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Zinifex, Wesfarmers Rise 7%
Feb 22, 7:54 PM EST |
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| After the ruling from the Takeovers Panel, Zinifex rose 7%. Wesfarmers gained as much on better than expected earninsgs on Coles consolidated results. |
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| Caltex Australia plunged 11% after it forecasted tighter refining margin this year prompting earnings worries. Wesfarmers reported 53.3% rise in first half profit including results from the recently acquired Coles. Sims Group reported fiscal first half 2008 profit decline of 9.5% to $102 million. Chinese steelmakers appear to reject overtures to raise iron ore prices by 71% from Rio Tinto. Takeovers Panel ruled that shareholders of Zinifex have a right to cancel their acceptance of the offer. |
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Sensex Down 18%
Feb 22, 6:15 PM EST |
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| Rural Electrificaton new issue is oversubscribed by 15 on the National Stock Exchange. |
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| Latest read on wholsale inflation showed a rise to 4.35%. The rising inflation dragged banks and auto stocks during the trading. Sensex fell 2.2%, and is now 18% below for the year from the peak reached on January 10th. Reliance Communication is acquired a telecom company in Uganda and plans to spend $500 million in African acqusitions. |
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RWE Loss Drag German Utilities
Feb 22, 5:50 PM EST |
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| European stocks fell after utilities in Germany and auto makers in France declined. RWE reported fourth quarter loss on shutdowns. |
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| RWE AG, second largest utility in Germany reported fourth quarter loss of 168 million euro compared to net income of 1.76 billion euros on nuclar reactors shutdown. RWE stock fell 6% on the news. Worldwide sales at Volkwagen rose 11% in January on higher demand in Europe and Asia. Lagardere agreed to acquire majority stake in web publishing company Doctissimo for 138 million euros. The publisher Elle wants to exapnd content focused on women and health issues. |
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Talk of Ambac Rescue Lifts Stocks
Feb 22, 9:55 AM EST |
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| Rally in stocks in the final thirty minutes of trading on $3 billon rescue investment in Ambac Financial reversed nearly 1% loss in indexes. |
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| U.S. stocks reversed their earlier losses and managed to close higher on a rebound in the final thirty minutes. The news first reported on CNBC suggested that a group of eight banks are in the final stages of negotiaion to invest $3 billion in Ambac and help it to retain its AAA rating. Ambac surged 16%. U.S. dollar reached a nine-year low against Brazilian real and traded only 1 cent lower from its record low against euro at $1.4863. |
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Pret A Manger Sells for £345 Million
Feb 22, 2:42 PM EST |
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| Private equity fund acquired the chaiin operator from its founder and McDonalds. Goldman Sachs will take a minority stake in the company. |
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| Sandwich chain operator, after putting it up for a sale one year ago was sold for £345 million pounds to Bridgepoint Capital. The London focused food chain has 200 locations and plans to expand in the U.S. and other countries. The chain also plans to open 30 new locations in 2008 and expand into other cities in the UK. |
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Lloyds TSB Profit Up 10%, UK Stocks Fall
Feb 22, 2:34 PM EST |
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| Lloyds TSB reported better than expected profit increase in the second half despite a turbulent credit markets. |
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| Stocks in London declined, led by commodity stocks and retailers after brokerages downgraded their ratings on the industry as the outlook on both the domestic and global market continue to deteriorate. In London trading FTSE 100 fell 0.74% to 5,888.50 but rose 1.7% for the week. Lloyd TSB reported second half proit increase of 10% to £1.75 billion or 30.8p. Stock rose 5% on the news. |
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U.S. Stocks: Heading Lower
Feb 22, 1:47 PM EST |
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| Financial stocks traded lower after a round of cautious notes and comments from financial analysts. |
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| U.S. stocks fell in the morning trading and declined further in the afternoon as nervous investors faced cautious comments from bank and brokerage analysts. Sanforn Bernstein brokerage analyst said that earnings at Goldman Sachs and Bear Stearns could fall 40%. Lower investment banking fees played a significant parts in estimates revision. Comments from Merrill Lynch analyst suggested that earnings at Fannie Mae and Freddie Mac may remain depressed through 2011. |
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PBoC Bonds to Soak Liquidity
Feb 22, 7:53 PM EST |
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| Hong Kong stocks struggle on the weak financial stocks. People's Bank of China issued Rmb102 billion to mop up excess liquidity. |
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| Asian stocks fell sharply as U.S. recession evidence mounted. Asian markets fearful of slump in exports from the region, decline in foreign direct investment from the U.S., and rising inflation. A sharp and sustained rise in energy and commodities prices such as copper, zinc, aluminum, and steel has put investors on the defensive. India, Japan, and Hong Kong led the decliners in the region. |
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U.S. Worries Hurt Asian Markets
Feb 22, 8:22 AM EST |
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| Asian markets fell for the fifth week on the persisten worries on the U.S. economy. Japan, India, and Australia led the decliners in the region. |
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| Asian stocks fell sharply as U.S. recession evidence mounted. Asian markets fearful of slump in exports from the region, decline in foreign direct investment from the U.S., and rising inflation. A sharp and sustained rise in energy and commodities prices such as copper, zinc, aluminum, and steel has put investors on the defensive. India, Japan, and Hong Kong led the decliners in the region. |
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Nikkei Falls 1.4% in Asian Markets Decline
Feb 22, 7:48 AM EST |
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| U.S. market sell-off in the overnight trading on recession worries hurt market indexes across Asia. Steel companies in Japan raised prices. |
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| KDDI plan to sell free domestic calls between familiy members sparked a telecom wars that may lower prices immediately for the most carriers. The paln will allow registered members to talk free any hour may lower revenue of KDDI by 25 billion yen. Softbank and NTT DoCoMo fell after the new rate plan. Steel companies raised sheep prices by 31% lifting steel stocks but stoked fears of rising inflation. U.S. market remained volatile as investors worried that the U.S. may be in recession. |
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