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Producers Prices Rise Faster in December
Feb 04, 6:30 PM EST |
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| European inflation rose at a faster rate in December on the surging energy and crude oil prices. Infation worries kept indexes trading in a range. |
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| Faster rise in energy prices contributed to a rise of 4.3% in producers price index in December after gaining at a rate of 4.2% in November. energy prices surged 8.3% lifting the inflation above the comfort of most analysts. The index, excuding energy and construction, gained 0.1% as well. Theolia added 5% after rising 7.5% in the last week on bid speculation. Intensa Sanpaolo agreed to pay 504 million euro to acquire JSC Pravex. |
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U.S. Indexes Close Lower on Weak Financials
Feb 04, 6:07 PM EST |
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| U.S. stocks edged lower after a weakness in the consumer stocks. Gold fell but dollar hovered near record weakness against euro. |
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| The President Bush proposed fiscal 2008 budget of $3.1 trillion, first ever above $3 trillion mark, and projected a budget deficit of 2.9% in 2008 and 2.7% in 2009. Fiscal 2007 budget deficit is estimated at 1.8%.
U.S. stocks edged lower on the weakness in the financials. UBS downgraded banks and credit card companies and said that weak consumer spending will lower the earnings in the sector. Discover, American Express, and JP Morgan fell, but MasterCard rose. |
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Virgin Revises Northern Rock Bid, Stocks Down
Feb 04, 1:42 PM EST |
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| Virgin Group is likely to revise its bid for Northern Rock after Olivant decided to not go ahead with its bid. Ryanair profit declines. |
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| Royal Bank of Scotland jumped 4.3% on the talks that the company may sell a stake to China controlled bank or a fund. The talks of stake sale lifted other financial stocks as well. Alliance Leicester jumped 1.6% and Barclays added 1.9%. Investors appeared in no mood to take position ahead of the interest rate decision at the end of this week. Carphone Warehouse fell 7% on the worries that its sale of mobile phones may have slipped. |
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Mumbai Up 2.3%, Reliance Infratel IPO
Feb 04, 1:15 PM EST |
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| Tata Motors auto sales in January declined 10% from a year ago. Steel stocks gained on rising steel prices. |
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| Mumbai stocks rallied after a surge in Asian markets and strong close in the U.S. indexes on Friday. Cabinet meeting of ministers is likely to approve two rupees price rise in Petrol and one rupee price rise in diesel fuel. Reliance Communication filed to spin-off its infratel subsidiary. Sensex Index closed up 2.3% or 417 to 18,660. The combined trading turnover on two exchanges rose to 19,500 crore rupees. |
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Hong Kong Stocks Participate in China Surge
Feb 04, 12:13 PM EST |
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| Alibaba.comsurged 14% after the Microsoft $45 billion bid for Yahoo. Yahoo owns a minoritiy stake in Alibaba. |
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| Stocks in Hong Kong rebounded after a surge of 8.1% in Shanghai market. Financials, metals, and banks rallied. In Hong Kong trading Hang Seng Index rose 3.8% or 908.50 to 25,032.08, and China Enterprises Index gained 6.29% to 14,120.84. The indexes gained after China Composite rebounded to 8.13% or 351.4 to 4,672.17. The World Bank lowered its growth estimate for China to 9.6% from its previous forecast of 10.8%. |
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U.S. Stocks Edge Lower, $3.1 Trillion Budget
Feb 04, 11:44 AM EST |
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| Humana and Wendys fell after earnings. Microsoft may borrow to purchaase Yahoo. Dollar edged higher. |
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| U.S. stocks edged lower after the White House proposed a budget with rising deficit on the cost of war and fiscal stimulus. the budget deficit is projected to rise from 1.8% in 2007 to 2.9% in 2008 and 2.7% in 2009. The White House budget also projects a decline on receipt from lower tax revenues in 2008. |
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Higher Budget Deficit Proposed
Feb 04, 11:38 AM EST |
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| For 2006, tax receipts of $2.4 trillion were 11.8 percent greater than in 2005, and in 2005 receipts were 14.5% higher than in 2004. |
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| The President’s 2008 Budget addresses the Nation’s near-term and long-term fiscal challenges through pro-growth economic policies and spending restraint. Three years ago, the President set a goal to cut the deficit in half by 2009 from its projected peak in 2004. The President’s fiscal approach succeeded, and the results—including two consecutive years of double-digit revenue growth—allowed the President to achieve that goal in 2006, three years ahead of schedule. |
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China Investments Lead Australia Higher
Feb 04, 9:32 AM EST |
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| Talks of China investment in Australian mining companies made rounds, lifting loca mining comanies stocks. BHP, Rio, and Fortesecue advacned. |
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| Australian stocks eded higher as metal prices stayed at elevated levels. Chinalco and Alcoa 9% stake in Rio Tinto lifted stocks of other mining companies. Rio Tinto added 5%. Fortescue added 10% as talks of investment from China made rounds. Separrately BHP said that it has approved a plan to invest $1.2 billion in the Western Australian mining faciity.
ASX 200 index gained 0.67% or 39.40 to close at 5,921.70. Mitsubishi facing difficult sales of a new model may shut its Australian plant down. |
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Japan Rises 2.6% in Asia Rally
Feb 04, 7:58 AM EST |
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| Stocks in Japan closed higher on the Microsoft bid for Yahoo. Softbank soared 18% on the news. Takeda and Amgen are in a deal worth $1.2 billion. |
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| Asian markets rallied across the region led by a sharp rebound in Shanghai, Hong Kong, and Japan. Japanese stocks advanced after the offer of $45 billion from Microsoft for Yahoo. Softbank soared 18% on the news. Softbank owns 52 million shares in Yahoo and owns 41% of Yahoo Japan. Financial stocks in Japan closed higher on the news that a group of eight large banks are working on a plan to provide financing to MBIA and Ambac, two large bond insurers in the U.S. |
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