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Kisan Focus in Budget
Feb 29, 10:46 PM EST |
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| Short term captial gains tax will be increased to 15% from 10% and tax on derivative transaction will be revised higher. |
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| Indian government proposed fiscal 2008-09 budget to parliament with a populist touch. Largest ever debt forgiveness program will help 4 core farmers with the debt relief of 60,000 crore rupees. Finance Minister P. Chidambaram estimated that the current year fiscal deficit will be 3.1%, lower than earlier projection of 3.3%. He also forecasted that the next year fiscal deficit will be 2.5%, lower than 3% threshold to meet a fiscal responsibility law. |
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New Worries of Bank Losses; AIG Loss
Feb 29, 6:46 PM EST |
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| European markets fell after estimates of credit write-downs were lifted, worries of the U.S. slowsdown hovered, and rising inflation in the region. |
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| German retail sales adjusted for seasonality rose 1.6% in January and December estimates of sales were revised downwards to a loss of 0.2% from a loss of 0.1%. Inflation in February in Germany was reported at 2.9%, the same rate as in January. Volkswagen reported annual sales increase of 3.8% but earnings surged 50% to 4.12 billion euros or 10.43 euros per share. Dexia reported fourth quarter profit decline 25% to 587 million euros on invetment write-downs. |
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S&P 500 and Nasdaq Down 2.6%
Feb 29, 4:14 PM EST |
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| Sharp sell-off in the afternoon trading dragged U.S. averages, hurt European banks, and Latin American markets. |
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| U.S. stocks fell sharply in the aftenoon trading as worries related to credit market losses mounted. Dow, S&P 500, and Nasdaq fell nearly 3% after AIG reported sharply higher loss. AIG also forecasted more losses in 2008. UBS analyst revised his estimate for the credit market related to losses to $600 billion. Only $175 billion of losses have so far been reported. Gold and silver increased as did most agricultural commodites. Dell earnings fell 6.5% on 10% higher sales. |
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UK Home Prices Fell
Feb 29, 3:26 PM EST |
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| Nationwide Building Society reported a decline home prices, fourth monthly decline in a row. Banks fell on huge loss from AIG. |
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| UK stocks fell sharply after weak housing market report. Nationwide Building Society reported home prices fell in February by 0.5%, the fourth monthly decline in a row. Annual home price rise declined from 4.2% in January to 2.9% in February. HSBC bank received a bid for its French bank branch network for 2.1 billion euros. Yell Group fell on a broker downgrade. AIG reported a huge loss of $10 billion related to credit markets and Swiss Re reported a loss of $226 million on credit swaps. |
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U.S. Stocks Decline on Rising Credit Losses
Feb 29, 12:11 PM EST |
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| AIG reported its laregst loss in nine decades on losses in leveraged loans. AIG fourth quarter loss was $9.31 billion or $5.35 per share. |
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| U.S. stocks fell sharply at mid-day after UBS analyst raised his estimate for credit market related lossses to $600 billion. The current reported losses are $165 billion. Separately, the Commerce Department reported that personal consumption in January rose 0.4% in January from December, which was revised higher to 0.3% from 0.2%. AIG reported lts largest loss in nine decades. Dell fourth quarter revenue rose 10% and earnings per share were 31 cents. |
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Nervous HK Market, Banks Decline
Feb 29, 11:55 AM EST |
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| Stocks in Hong Kong fell after sharply slower economic growth in the U.S. kept investors on the sidelines. The U.S. dollar fell to a record low. |
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| Hong Kong stocks closed lower after the worries related to U.S. economic slowdown resurfaced. The U.S. economy grew at mere 0.6% in the fourth quarter after rising at 4.9% in third quarter left investors worried. Hang Seng fell 1.1% today but rose 3.7% for the week in a nervous trading. HSBC fell 2.1% as banks and property stocks fell. HSBC is likely to sell its French bank network to a regional bank in France for 2.1 billion euros. |
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CPI and Household Spending Rises in Japan
Feb 29, 8:33 AM EST |
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| For the fourth month in a row, core consumer price index in Japan rose. Household spending rose at a faster pace in January. Jobless rate at 3.8%. |
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| January core consumer price index rose at 0.8% from a year ago, the fourth monthly rise. Rising food and energy prices are lifting prices across Japan. The nationwide CPI which includes fresh food prices rose at slower pace by 0.7%. Monthly household spending in January rose 3.6%, at a slower pace in December rate of 2.2%. January jobless rate was 3.8%, same as in December month. |
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