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Central Banks Pump Liquiditiy
Mar 11, 5:18 PM EDT |
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| European Central banks offered to add $20 billion in London, $30 billion in euro zone, and $6 billion in Switzerland for the U.S. loans. |
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| European financial markets advanced more than 1% on the Central banks adding liquidity. German investor confidence in March rose as companies cope with the rising euro. Dubai controlled fund agreed to pay 1.19 euros per share to acquire a controlling interest in Spanish construction company Colonial SA. EADS fell 7% in Paris trading after it reported a loss in 2007 of 446 million euros or 56 cents per share on sales decline of 0.8%. The company earned 99 million euros or 12 cents per share. |
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Nasdaq Surges 4%, Fannie Mae Rallies
Mar 11, 5:24 PM EDT |
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| Of the S&P 500 stocks, 23 soared more than 10% and 303 closed above 3%. Of the Dow Jones Index 29 gained and 16 added more than 3%. |
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| U.S. stocks surged after a coordinated move among central bankers led by the U.S. Fed. Nasdaq surged 4%, S&P 500 soared 3.7%, and Dow Jones jumped 3.6%. The Fed led move to add $200 billion in liquidity to credit market was widely seen as a move to improve the health of the financial systems and encourage lending. American Express led the gainers in Dow Jones index and Washington Mutual led the S&P 500 stocks. Talks of investment from Goldman or Buffett lifted Wamu. Bear Stearns soared. |
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BoE Move Lifts Financial Stocks
Mar 11, 4:36 PM EDT |
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| The BoE in a coordinated move with other central banks led by the U.S. Federal Reserve offered to inject £10 billion to credit markets. |
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| The Bank of England in a coordinated move along with central banks in Europe, Canada, and Australia offered to inject liquidity and accept wider collateral. Markets in Europe, Canada, and U.S. rallied. In London trading FTSE 100 stocks rose 1.09% or 61.3 to 5,690.40. Of the FTSE 100 stocks 67 rose, 33 declined and 2 were unchanged. Cairn Energy led advancers in the FTSE 100 index shares with a rise of 8.06% followed by Standard Life adding 5.42%. |
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Volatile Tokyo Stocks
Mar 11, 4:41 PM EDT |
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| Tokyo stocks edged higher after a volatile trading. Government asked NTT DoCoMo to lower its connection fee. |
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| Stock averages in Japan rebounded after investors looked for bargains in commodity-related stocks that have traded lower in the recent weeks. In Tokyo trading Nikkei 225 gained 0.05% or 6.54 to 12,538.67, and the broader Topix Index rose 0.9% or 10.76 to 1,235.15. Sky Perfect JSAT led advancers in the Nikkei 225 index shares with a rise of 10.93%. Ajinomoto Co. Inc led decliners with a fall of 4.61%. |
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China Inflation Surges to 12-year High
Mar 11, 4:37 PM EDT |
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| February consumer price inflation rose to a 12-year high to 8.7% on a surge in food prices. Vegetable prices soared 46%. |
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| February consumer price inflation in China surged to 8.7%,the highest in 12 years. Severe weather conditions played a key role in lifting food price surge above 25%. Hong Kong stocks recovered from a 2% dip in the morning session to close up 1.3% as bargain hunters braved in. Utilities, insurance, and telecom stocks added. Sinopec fell after a government imposed price freeze on refined products. |
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Sensex Rebounds, GAIL Bonus
Mar 11, 12:43 PM EDT |
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| Realty and industrial stocks led the gainers in the trading in Mumbai. DLF surged 10%, GAIL surged 7%, and ACC jumped 6%. |
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| Stocks in India rebounded ahead of U.S. Fed and European central banks plan to add liquidity to the credit markets. DLF led the surge in realty stocks. GAIL India surged 7% after it increased spending on pipeline projects and it said it plans to issue bonus shares. ACC jumped 6% on the sale of a unit to HNG Group for 400 crore rupees. Tata Motors plan to raise $1 billion in international markets to pay for the Jaguar and Land Rover from Ford. |
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Fed Leads Liquidity Injection
Mar 11, 11:38 AM EDT |
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| The coordinated move among six central banks, led by the U.S. Fed plans to inject up to $200 billion by accepting wider collateral. |
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| The Federal Reserve Bank in coordination with other central banks offered to add liquidity of $200 billion to credit markets and accept wider securities as collateral. The second coordinated move in four months is designed to increase the willingness among traders to boost confidence and provide incentives to trade. The ECB will offer up to $30 billion in short term auction and the Swiss National Bank will offer up to $6 billion. The Reserve Bank of Australia added $721 million in liquidity. |
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