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HK Stocks Gain 1%, Down 28% from Oct
Mar 10, 7:24 PM EDT |
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| Stocks in Hong Kong trading reversed from earlier losses of 2% to close up 1%. Hang Seng Index for the year is still down 17% and down 28% from Oct. |
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| China''s trade surplus in February fell to $8.6 billion from $23.7 billion in 2007, a 63% decline. Difficult weather conditions played a key role in lowering production at many manufaturing plants across the country. Exports from China rose 6.5% to $87.4 billion and imports increased 35% to $78.8 billion. Exports to the U.S., second largest trading partner, fell 5% to $16.4 billion and imports from the U.S. surged 33% to $6.1 billion. The trade surplus with 27-nations EU rose 15% to $10billion. |
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Japan Machinery Orders Rise
Mar 10, 6:52 PM EDT |
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| Machinery orders in Japan rose in January after declining in December. Stocks in Tokyo fell on the ongoing worries related to exports to the U.S. |
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| January machinery orders received by the 280 manufacturers operating in Japan rose by 26.5% to 3.1 trillion yen in January from a 6.8% decline or 2.4 trillion yen in December. Domestic machinery orders, excluding from ships and power companies rose 19.6% to 1.2 trillion. Stocks in Japan fell despite a rise in orders on the ongoing worries related to the health of the U.S. economy. Sumitomo Metal Mining led decliners in the Nikkei 225 index shares with a drop of 10.61%. |
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Australian Stocks Fall
Mar 10, 6:29 PM EDT |
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| Australian stocks fell on the worries that the demand from China will decline if the U.S. enters in a recession. CBA lifted its mortgage rates. |
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| The largest mortgage lender in Australia raised its rate on the mortgage loans by 35 basis points, more than 25 basis points raised by RBA last week. Several other banks have raised rates more than the increase from the RBA. AED Oil soared 19.5% after it agreed to sell its Timor Sea based oil field unit to Sinopec. The field delivered far lower than expected output. Heral Resources accepted $2.50 per share bid from a group of companies based in Indonesia and China. |
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Third Day Decline in Banks
Mar 10, 5:29 PM EDT |
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| German exports rose 9% in January and imports advanced 10.2%. International trade surplus in January was 17.1 billion euros. |
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| The ongoing U.S. credit market turmoil may force Carlyle Capital to face liquidation of $16 billion portfolio if lenders and the company do not reach an agreement. Bovis Homes plunged after it reported 17% decline in second half profit. Havas, Paris based ad agency, reported 4% rise in 2007 revenue of 1.5 billion and net income of 83 million euros compared to 46 million euros a year ago. Hypo Real Estate plunged 14% on the worries related to earnings. |
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Nasdaq Down 2%; Plunges 24% in Six Months
Mar 10, 12:35 AM EDT |
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| Nasdaq declined nearly 2% and is now down 24% from its peak in October. S&P 500 fell 1.5% and Dow Jones fell 1.3%. |
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| Financial and insurance companies fell sharply as investors worried that the current quarter earnings may be lower than estimated. Bear Stearns led the decline after several of its uderwritten bonds were downgraded by a rating agency. Fannie Mae and Freddie Mac fell on the worries that they may need to raise capital in the face of rising losses. Merrill, Morgan Stanley, Bear Stearns, and Wachovia traded at several-year lows. Oil closed at a record high near $108 a barrel. |
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A Sharp Rise in PPI, Home Builders Fall
Mar 10, 4:06 PM EDT |
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| UK stocks fell after weak mining and financial services stocks dragged braoder indexes lower. Producer Price Index rose 5.7%. |
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| Familiar worries of the U.S. economic malaise dragged mining and banks lower. Rio Tinto and BHP Billiton declined 6% after the weak trading in the U.S. and in the European region. Copper, zinc, and nickel, tin, and led prices in London declined. HSBC fell on the persisten uncertainty related to credit markets. Bovis Homes Group plunged 12% and led the home builder lower after it reported lower earnings and said that home prices may not rise in 2008. Persimmons dropped 4%, Taylor Wimpey lost 6%. |
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Bear Stearns Plunges; Banks at Decade Lows
Mar 10, 5:31 PM EDT |
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| A sharp pull back in the banks left many banks trading at levels last seen ten year ago. Citi, Wachovia, and Washington Mututal are the hardest hit. |
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| Bear Stearns plunged 10% after rumors circulated that it faces liquidity crunch. The company denied the rumors. Banks, brokers and insurance companies are trading at their lows last seen five to ten years ago. Fears of more credit market losses dragged stocks in the banking sector to their seven year lows. Bear Stearns is trading at a level last seen in 2002, Fannie Mae is trading at 1993 level, Citigroup at 1998, Lehman Brothers at 2004 level, and Merrill reached 2000 level. |
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Crude Above $107, U.S. Stocks Down
Mar 10, 12:16 PM EDT |
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| U.S. stocks fell after oil rose to a new record and worries of the economic conditions dragged stocks. Malaysia after the election results fell 10%. |
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| U.S. stocks fell after two hours of trading as market worried about the weak economic conditions. Oil fell at the opening but quickly recovered from its loss of 1% to trade at intra-day record high. McDonalds reported a rise in same store sales in February on systemwide sales rise. |
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Nationwide Surges 26%
Mar 10, 4:08 PM EDT |
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| Nationwide Financial Services rose after a bid that valued the company at $47.20 per share. |
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| Nationwide received $47.20 per share or $2.2 billion buyout bid from a controlling group of shareholder. The group consists of Nationwide insurance companies and Nationwide Corp. The stock rallied after the news and traded above the offer price. The Nationwide stock traded as high as $65.50 last year and as low as $32 in the last five years. The company offer may be revised above $52 per share according to our estimate. |
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