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Budget: Lower Growth, Higher Borrowings
Mar 12, 7:16 PM EDT |
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| UK lowered its target of economic grwoth rate and increased its estimate of inflation in the fiscal 2008-09 and plans to increase borrowings. |
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| UK Finance Minister Chancellor of Exchequer Alistair Darling proposed financial budget that lowered UK economic growth rate estimate in the year 2008-09. The government proposes to increase borrowing to sustain spending in healthcare, transportation, and education. Darling also proposed to tax domiciled foreign residents and simplify corporate taxes. Capital gains tax will be relaxed. |
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Standard Life, UBS, BNP Rise
Mar 12, 6:19 PM EDT |
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| European stock markets advanced for the second day in a row after Central banks offered more liquidity. UK lowered its growth forecast. |
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| European markets advanced 1.5%, a second day of rise after the Fed and European central banks coordinated a liquidity injection plan. UK in the fiscal 2008 budget lowered its economic growth target and propose to borrow funds. UK budget is expected to have a deficit of £43 billion and economic growth is estimated between 1.75% and 2.25%. Standard Life operating profit jumped 29%. Societe Generale surged 7% on BNP bid speculation. |
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Dollar, Stocks Down; Oil Above $110
Mar 12, 5:05 PM EDT |
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| Investors questions the effectiveness of the Fed liquidity move. The dollar fell to a record low against euro as crude oil futures rose above $110. |
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| U.S. stocks fell in the final hour of trading as investors worried that the recent plan from the Fed may not save the economy from slipping into a recession. Banks and brokerage stocks fell in the final hour of trading. Crude oil jumped to a new high above $110 as dollar reached a new low against euro. Humana lowered its earnings estimate but Caterpillar guided the annual earnings higher. Airlines stock reached a new low on the rise in crude oil and analyst downgrade. |
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Australian Stocks Rise on Liquidity Move
Mar 12, 4:43 PM EDT |
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| Financial and realty stocks in Australia rose after the coordinated move among six central banks. The news lifted markets around the world. |
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| The Reserve Bank of Australia in conjunction with the Federal Reserve Bank in the U.S. and other Central banks in Europe and Canada indicated a plan to add liquidity to the credit markets. The news sent stocks in the U.S., Hong Kong, Europe, Canada, and Australia higher. The plan is expected to bolster market confidence and encourage mortgage lending and stem the rising mortgage rates denominated in the U.S. dollar. |
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Realty, Financials Rise on Fed Move
Mar 12, 3:05 PM EDT |
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| Realty and financial stocks advacned on the hopes that credit markets will return to normalcy soon. |
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| In Hong Kong trading Hang Seng Index rose 2% or 427.41 to 23,422.76, and the China Enterprises index of H shares, or Hong Kong-listed shares in mainland companies, advanced 2.3%, or 288.61 to 12,877.35. The U.S. Fed led liquidity move to encourage trading in mortgage markets lifted stocks in the U.S, Canada, Europe, Japan, Australia, and Hong Kong. However, the HK government indicated that rate reduction in tandem with the U.S. action at the end of this month is not likely. |
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Japan GDP Up 3.5%, Stocks Rise 2.3%
Mar 12, 4:48 PM EDT |
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| Fourth quarter GDP in Japan rose at 3.5% and for the year 2007, Real GDP rose at 2.1%. GDP in 2006 rose at 2.4% and in 2005 at 1.9%. |
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| Fourth quarter economic growth in Japan was reported by the Cabinet office at 3.5% beating the estimates of 2.2% or more. The sharp rise in GDP was driven by consumption and growing exports. Separately, The Bank of Japan reported domestic corporate goods price index rose 3.4% in February and export price index fell 5.2%. Nikkei 225 index gained 2.29% or 259.6 at 12,947.88, and the broader Topix Index rose 1.6% or 19.98 to 1,255.13. |
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Weak Industrial Production
Mar 12, 1:04 PM EDT |
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| a sharp fall in January industrial production growth limited the rise in stocks. Earlier stocks rallied on the back of gains in global indexes. |
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| Morning rally on the back of a rise in global stocks quickly faded on the release of weaker than expected industrial prodution data. January industrial production growth declined to 5.3% from 11.6% a year ago on weak growth in manufacturing, mining, and utilities. Rural Electrification priced its IPO at 125 rupees and closed at 121.30 rupees. |
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Humana, Immucor Plunge; Caterpillar Rises
Mar 12, 4:50 PM EDT |
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| U.S. stocks advance for the second day in a row after Caterpillar reaffirmed its earnings guidance. Financial and European markets edge higher. |
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| U.S. stock averages traded 1% higher, a second day advance on the positive earnings guidance. Caterpillar reaffirmed its earnings rise in 2008 between 15% and 20% and sales gain between 5% and 15% on the strength in the global demand. Immucor, blood transfusion systems developer fell 31% after making a cash acquisition for $117 million. Financial stocks gained for the second day after the Fed plan to pump liquidity. Humana plunged 27% on the lowered earnings forecast. |
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Humana Plunges 27%
Mar 12, 4:51 PM EDT |
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| Humana fell sharply after it lowered earnings for the first quarter and full year fiscal 2008 on higher operating costs. |
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| Humana, health insurance provider lowered its earnings estimate for the first quarter by half between 44 and 46 cents. For the full year Humana estimated earnings between $4.00 and $4.25 from $5.35 and $5.55 per share. The company lowered its operating margins, cash flow and gave a cautious guidance on revenue. |
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