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Retail, Service Sector Indexes Decline
Feb 05, 5:11 PM EST |
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| Purchasing managers index across europe fell to 50.6 in Januare from 53.1 in December. Euro fell against dollar. |
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| Retail sales index in euro area in December fell 2.0% from a year ago but rose 0.7% for 2007 from a year ago. Only yesterday, Eurostat reported industrial producer price index rose 4.3% in December from a year ago and added 2.8% in 2007. Third largest truck maker in Europe, MAN AG reported third quarter earnings rise of 33% on revenue gain of 38%. Veolia profit rose 18% on 14% rise in sales in the fourth quarter. |
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Global Markets Decline On U.S. Worries
Feb 05, 4:52 PM EST |
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| Global markets fell after the index on service sector showed a decline in activity in the U.S.Worried investors sold stocksk in Europe and Americas. |
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| U.S. stocks fell in the morning after the release of survey on the service sector. The indexes traded lower and in the last hours fell sharply to close 3% lower. S&P 500 led the decliners with a fall of 3.2% followed by a loss of 3.1% in Nasdaq, and 2.93% in Dow Jones. Of the 500 members in S&P 500 index, 481 fell and 17 gained. All the 30 members in the Dow declined. European and Latin markets fell between 2% and 3%. Oil and gold declined. |
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Software Exporters Decline, Refiners Rise
Feb 05, 3:56 PM EST |
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| Software exporters fell and reached a new low after worries related to their business growth in the U.S. resurfaced. |
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| Stocks in India rested after two days of volatile trading. Sensec added 2.84 to 18,663.16 after a fall in the early hours of trading. Financials, metals, and software exporters declined. Hero Honda fell 6% and HDFC Bank declined 2.1%. Maruti Suzuki is expected to launch new car to compete with Nano made by Tata Motor and sell it at 150,000 rupees. Indian Oil, Hindustan Petroleum, and Bharat Petroleum gained on the expected fuel price increae at the end of this week. |
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Home Builders Lead UK Decliners
Feb 05, 3:00 PM EST |
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| BHP Billiton fell 3.2% one day before its final dead-line to make an offer for Rio Tinto. |
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| UK stocks fell after the new worries related to the U.S. economic growth hobbled the markets in the U.S. and Europe. Home builders and retailers fell with the market. Of the 102 FTSE 100 stocks Shire Plc led advancers with a rise of 0.85% followed by rises in Scottish & Newcastle of 0.19% and in BP Plc of 0.18%. Net income at British Petroleum in 2007 fell 5.5% on 6.2% rise in revenue. Taylor Wimpey led the decliners in the index with a fall of 8.1%. |
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Service Sector Index Worries Market
Feb 05, 11:48 AM EST |
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| U.S. stocks declined on the worries that service sector may be in a sharp decline. The surprised decline left traders worried and confused. |
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| U.S.stocks edged lower after a read on the service economy in January declined sharply, sparking worries of economic recession. ISM index for non-manufacturing ssector declined to 41.90 in January from 54.4 in December. A sudden and sharp reversal failed to meet projections from most economist for an index between 51 and 53. Whirlpool surged 9% after reporting better than expected earnings on higher international sales. Church & Dwight added 3% on higher earnings. |
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Yuan Rises, Stocks Fall
Feb 05, 9:29 AM EST |
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| Financials, realty, and metal stocks declined ahead of the holiday closure in Hong Kong. Chinese currency yuan rose to a record high against dollar. |
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| Stocks in Hong Kong edged lower on a shorter trading session ahead a week of holiday for Lunar New Year. Hang Seng fell 0.9% or 223.38 to close at 24,808.70 and China Enterprises index of H-shares slumped 0.57% to 14,040.68.ICBC Bank has gained approval of shareholders and South African regulators for its stake in Standard Bank. |
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Australian Rates Rise to 7%
Feb 05, 9:07 AM EST |
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| Reserve Bank of Australia raised its rates by 0.25% to 7% on the worries that the inflation is above target and is likely to remain high. |
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| The Reserve Bank of Australia raised interest rate by 0.25% to 7% citing inflationary pressures and fragility of the global financial markets. The bank said that the underlying inflation is running above its target between 2% and 3%. Commonwealth, BankWest and ANZ passed the revised rate to borrowers immediately. News Corp reported second quarter net income of $832 million on 9% rise in revenue. |
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Slow Earnings Gains in Tokyo
Feb 05, 7:47 AM EST |
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| Stocks in Japan fell after corporations reported slower rise in earnings. Toyota and Mitsubishi Estate fell after earnings. |
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| Stocks in Japan closed lower after a string of weak earnings. Toyota reported sales rise of 9.2% and earnings gain of 7.5% in the third quarter and forecasted that the profit may decline in the current quarter on weak sales in the U.S. Toyota fell 1.8%. Mitsubishi Estate declined 4% after it reported third quarter revenue decline of 26% and income fall of 18%. Camera company Nikon reported third quarter sales increase of 14% and net income gain of 13%. |
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