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Weak But Robust Growth in India
Feb 07, 5:36 PM EST |
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| Economic growth in India is estimated to slow to 8.7% in the current fiscal year from 9.6% in the previous year. |
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| The Central Statistics Office reported weaker but strong fiscal outlook for the rest of the year, indicating that the current global financial market turmoil will have minimal impact on the economy of India. CSO lowered its annual economic growth estimate to 8.7% from 9.6% on lower service and manufacturing performance. Manufacturing is estimated to grow at 9.4% slower than 12% from a year ago, service to grow at 10.7% from 11.1%, and agriculture to growth at 2.6% from 3.8%. |
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Weak Earnings from Unibail, Unilever, Glaxo
Feb 07, 5:15 PM EST |
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| Investors shunned stocks after a string of weak earnings from consumer products and technology companies. The ECB left the rates unchaged. |
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| European markets fell across the region after the talks of rising inflation and weakening economic prospects unnerved the market. The ECB left its key rates unchaged to 4% and indicated that rising food and energy prices may protract short term inflation. The Bank of England lowered rates by 0.25% to 5.25%. Unibail Rodamco dropped 55% on $2 billion asset write down. Unilever reported weak earnings and indicated that outlook in Europe and the U.S. is soft. |
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Higher Close in U.S. Stocks, Prudential Down
Feb 07, 5:01 PM EST |
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| U.S. stocks traded sideways searching for a suppport in the market that lacked conviction. Weak January retail sales and December home sales. |
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| U.S. stocks traded in a volatile manner with a lack of direction. Weak Januar retail sales, December existing home sales, and unemployment claims hurt trading sentiment. Prundetial Financial dropped 10% after it missed its earnings guidance and reported unrealized losses fromt the subprime and other credit related securities if $1.97 billion. European Central Bank left its rate unchanged and the Bank of England lowered its rate by 0.25%. Gold and oil advanced. |
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BoE Lowers Rates, Stocks Fall
Feb 07, 4:10 PM EST |
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| The Bank of England lowered its rate by 0.25% to 5.25%. Investors widely believe that further rate cuts may be necessary to sustain economy. |
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| The Bank of England lowered the rate by 0.25% to 5.25%, still the highest among group of seven wealthiest nation. Investors are now looking for the rates to be below 4.75% by the end of the year. The ECB also led its rates firm, but indicated a shift in stance and showed its willingness to lower rates. Stocks in UK fell sharply after a string of weak earnings, rate cut, and worries related to economic slowdown and rising inflation. |
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ECB Holds, UK Cuts 0.25%
Feb 07, 1:15 PM EST |
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| The ECB left the rates unchanged at 4% but cited that the rising prices of food and energy are worrisome. |
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| The ECB President Jean Claude Trichet cited rising inflation in the region and global market weakness and left the rates unchanged at 4%. The Bank of England lowered its rate by 0.25% to 5.25% on the weakening UK economy, declining housing market, and falling retail sales. Trichet in the accompanying statement said that corporate borrowing remains robust and there appears to be no credit impairment to coroporate borrowers from the current ongoing financial market turmoil. |
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U.S. Stocks Drop on Weak Retailers
Feb 07, 11:38 AM EST |
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| Stocks traded in a tight range in the morning hours after weak same stores sales report in January. Moody's rise after reporting lower earnings. |
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| U.S. stocks fell in the morning after weak January retail sales, rising unemployment claims at the end of last week, and rate decisions in Europe. Retail sales in January showed grwoing economic anxities faced by consumers. Widespread discounts failed to attract consumers to retailers. Unemployment claims rose at the end of last week as construction and financial industries reduce staff. Oil dropped. |
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January Retail Sales Weak on Leveraged Consumers
Feb 07, 10:48 AM EST |
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| Same store sales in January at most retailers fell as consumers held back visits to stores and did not respond to discounts. |
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| Retailers reported weaker than anticipated same store sales rise in January. Discounts at several department stores failed to attract customers to stores as they grapple with economic anxities. Falling home values, tight credit conditions, and rising energy and gasoline prices have sapped consumers appetite for retail goods. Wal-Mart reported lowest same store sales rise in thirty years and most apparel retailers sales in January declined. Costco reported 3% rise at domestic locations. |
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Australian Banks Raise Rates
Feb 07, 9:11 AM EST |
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| St George, Commonwealth Bank, and other smaller banks raised rates following a rate hike by RAB. Nationla Australian Bank is expected to hike as well. |
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| Rio Tinto boards in the UK an Australia rejected the revised offer from BHP Billiton. The revised offer valued the comany at 3.4 shares to one share of Rio Tinto fell short of Rio Tinto expectations. Commonwealth Bank increased interest rates by 0.3% and Westpac and St George hiked rtes by 0.25% following a recent rate hike from the RBA. Agro-business company Futuris fell 6.5% after earnings fell 17% in the first half. IOOF stock plunged 10% after its lowered earnings outlook. |
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BoJ Reserves Rise to Record $996 B
Feb 07, 8:19 AM EST |
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| The BoJ reported a rise of $22 billion in foreign exchange reserves to a record high of $996.04 billion. Gold is less than 3% of the holdings. |
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| Foreign exchange reserves of Japan reached to a new high after adding $22.7 billion in January to $996.04 billion. The Bank of Japan holds several currencies in the reserves but its exact breakdown is not known. The BoJ holds less the 3% of its reserve in gold. As the pressure on dollar mounts the BoJ and other central banks may lower its exposure to dollar and increase its euro and other currencies holdings. |
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