|
|
|
European Markets Struggle on Weak Earnings
Feb 28, 5:06 PM EST |
|
| Societe General jumped 2% after BNP sought approval from France for a merger proposal. Pernod Ricard jumped 2% after first half profit jumped 18%. |
|
| European markets fell between 1.5% and 2% after U.S. economy grew at 0.6% in the fourth quarter. The sharp decline in growth prompted worries that European economies may lose its gowth momentum. Euro rose to a record high agaist dollar, third record in a row and oil closed at near record high. Gold, silver, and copper rose. Rhodia tumbled 20% after it reported lower than revised earnings. Bayer fell as well. InBev surged 9% on fourth quarter profit of 900 million euros. |
|
|
Full Story... |
Oil Above $102, Record Low in Dollar
Feb 28, 4:47 PM EST |
|
| U.S. stock averages dropped 0.9% after fourth quarter GDP rose at 0.6%. For 2007 growth fell to 2.2%, lower than 2.9% in 2006. |
|
| U.S. stock indexes lost nearly 1% after the latest read on GDP showed a sharply lower growth in the fourth qaurter. Dollar fell to a record low for the third day in a row against euro and fell against Swiss Franc, British Pound and Brazilian Real. Oil jumped 3% to $102.53 on weak dollar and continued violence in Nigeria. Separately, Sprint reported a huge loss after it wrote-off $30 billion for its recent purchase of Nextel. Sears earnings declined on weak consumer spending. |
|
|
Full Story... |
FTSE Down, Whitbred, RBS Earnings Rise
Feb 28, 2:26 PM EST |
|
| UK and other European markets fell after a weak read on the U.S. economic growth in the U.S. Whitbred and Royal Bank of Scotland increased. |
|
| An of $85 billion offer for Xstata from Brazilina iron ore miner Valehas reached an impasse. Glencore, the largest shareholder of Xstrata is demanding marketing rights to sell commodities produced by Vale. Separatly, Royal Bank of Scotland reported first half profit increased 6% to £375 million. Rentokil Initial issued a profit warning. European markets closed down between 1.5% and 2%. |
|
|
Full Story... |
Rate Cut Hopes Lift HK Stocks
Feb 28, 11:59 AM EST |
|
| Hang Seng Index edged higher lifted by property and banking stocks. U.S. dollar fell to a record low against euro. |
|
| Hopes of yet another rate cut in the U.S. sparked a rally in Hong Kong stocks. The Fed chairman Ben Bernanke comments were interpreted as a possible rate cut if the economy remains weak. Property stocks and banks rallied on the prospect of lower interest rates. Separately, telecom fees fell 13.6% in 2007 and fell 53% in five years according to the Ministry of Telecom. Weak U.S. dollar lifted stocks of commodities companies. Dollar fell to a record low against euro and Asian currencies. |
|
|
Full Story... |
GDP, Jobless Reports; Sprint Falls
Feb 28, 11:00 AM EST |
|
| U.S. stocks struggled after the release of fourth quarter economic growth and jobless claims reports. Sprint books a loss and Sears earnings falls. |
|
| Fourth quarter GDP growth declined to 0.6% after the economy expanded at a brisk rate of 4.9% in the third quarter. Real GDP rose at 2.2% in 2007 sharply lower than 2.9% in 2006 according to the Commerce Department. Jobless claims rose 19,000 for the week ending on Feb 23. Separately, Sprint reported a large fourth quarter loss and wrote-off the entire purchase of Nextel, acquired only two years ago. |
|
|
Full Story... |
Factory Index Declines, Tokyo Stocks Down
Feb 28, 9:28 AM EST |
|
| Stocks in Japan fell afte the January manufacturing index fell. The dollar declined agaist euro and yen as recession worries mounted. |
|
| January factory index fell 2% from December but for the year the index rose 2.5%. The decline in manuafacturing prompted worries of economic slowdwn. Nikkei 225 index declined 0.75% or 105.79 to 13,925.51. Aeon Corp reported its net income for the year of 44 billion yen, lower than its estimate of 60 billion yen. |
|
|
Full Story... |
Gross Domestic Product Rises 0.6% in Q4
Feb 28, 9:51 AM EST |
|
| Real exports of goods and services increased 4.8% in the fourth quarter, compared with an increase of 19.1% in the third. |
|
| Real gross domestic product in the fourth quarter increased at annual rate of 0.6% in the fourth quarter of 2007, according to preliminary estimates released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.9%. Real GDP rose at 2.2% in 2007 sharply lower than 2.9% in 2006. |
|
|
Full Story... |
1
 |
|
