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Euro Down 2%, German Production Up
Feb 08, 5:00 PM EST |
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| Euro fell 2% during the week on the expectations of rate decline in the Euro-region. Biffa agrees to a leveraged buyout. |
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| West LB, German regional bank controlled by State of Nord-Rhein Westphalia received a gurantee to cover losses up to 5 billion euros. The regional bank faltered after its international expansion in the UK and US led to a massive subprime losses. Dusseldorf based bank also agreed to elimiate nearly 25% of its staff to save 300 million euros by 2010. German industrial production in December rose 0.8% from November. Alcatel writes down assets worth 2.58 billion euros. |
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Commodities Rise, Stocks Fall
Feb 08, 4:26 PM EST |
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| U.S. stocks rebounded from a loss of 1% in the afternoon but market enthusiam appear tentative. Wheat rose for the fifthe session in a row. |
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| Fears of recession were in the air as market opened and by mid-day fell 1% across the three major indexes, Dow, S&P 500, and Nasdaq. Broader indexes recovered but techs failed to regain the footing as the week closed. European markets edged higher. Oil and gold gained ground lifting energy and mining stocks. Banks, financials, and real estate stocks fell as investors dumped economy sensitive stocks. Wheat rallied to the daily limit and sugar surged nearly 7%. |
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NAB Hikes by 0.29%, Stocks Fall
Feb 08, 3:02 PM EST |
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| The National Australia Bank raised its interest rate for variable home loans by 0.29%, larger increase then the recent rate hike by RBA. |
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| Australian stocks declined as investors in Asia and Europe sold-off. Investors worried that possibilities of U.S. recession are rising and the world markets may decline in steps with a fall in the U.S. markets. ASX 200 index lost 1.1% or 61.3 to close at 5,658. The Preliminary market turnover was 1.4 billion shares worth $4.5 billion, with 698 stocks moving up, 496 moving down and 317 unchanged. Coles Group, retailer, has now sixth chief executive in the last four years. |
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U.S. Stocks Battle Recession Worries
Feb 08, 1:54 PM EST |
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| Stocks declined in the afternoon trading on the rising wholesale inventories. Earnings from Cott, Weyerhaeuser, and Beckman Coulter disapponited. |
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| U.S. stocks fell in the afternoon trading as European markets fell and more than expected rise in wholesale inventories put investors in defensive mood. Dow and S&P 500 fell more than 1% and Nasdaq declined 0.3%. Industrial, consumer driven, real estate, and energy stocks fell. Tech stock retreated from their highs reached in the morning, as Google, RIM, and Apple lost most of the early gains. Gold surged. |
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Record Increase in Wheat, Stocks Struggle
Feb 08, 12:22 PM EST |
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| Wheat prices rose to the daily limit and reached $10.93 per bushel in Chicago trading on sharply lowered inventory projection. |
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| U.S. stocks traded in a tight range in the morning after the release of wholesales inventories report. Inventories rose 1.1% in December and sales at wholesalers fell 0.7%. Autos inventories rose 3.5%. wheat prices rose to the daily record limit for the fifth session in a row after the USDA projected 40% less inventories from a year ago or 7% lower than its latest projection in the last month. Gold and oil jumped higher as well. |
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More IPOs Pulled
Feb 08, 10:48 AM EST |
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| Stocks in India fell as retail investors were cautious on the rising inflation and worries related to the health of the global financial markets. |
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| Wholesales inflation in India at the end of two weeks ago rose as expectations of higher fuel price were baked in the prices. Investors mood was subdued as several IPOs were pulled. Emmar and Wockhardt were two latest casualties. India markets closed flat on Friday with the benchmark index Sensex declining 0.4% or 62.04 to 17,464.89. In the broader market, Nifty was down 0.3% or 12.9 at 5,120.35. |
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Weekly Loss of 3.6% in Nikkei
Feb 08, 8:43 AM EST |
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| Tokyo stocks fell nearly 4% in the week after private sector machinery orders fell and a batch of mixed earnings report. |
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| The Tokyo Stock Exchage suffered another computer malfunction. This time, an resolved error, on the recently launched new system caused failed to process and price March Topix Index futures. All trades in this futures were cancelled by the exchange. Nikkei 225 index fell 1.44% or 189.91 to 13,017.24, and the broader Topix Index shed 1.4% or 17.94 to 1,287.14. Nikkei lost 3.6% and Topix declined 3.7% for the week. Japan Tobacco, Isuzu Motors, and Japan Airlines rose but Sumitomo Realty fell. |
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