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Sensex Plunges 5%
Mar 13, 1:19 AM EDT |
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| Stocks in India plunged on the rising inflation worries and record prices in crude oil. |
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| Indian stocks declined a day after industrial production fell January data and a weak global markets. Sensex plunged 4.8% or 770.63 to close at 15,357.35. The Sensex index is now down 29% from its peak in the first week in January 2008. Record crude oil above $110 lifted worries related to inflation. DLF plunged 13% after the reports that the company may dealy its offering in Singapore. ICICI Bank dropped 5.7% and State Bank of India declined 7%. |
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Hang Seng Plunged 5%
Mar 13, 12:41 AM EDT |
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| Retail sales in China jumped 20% in the first two months. China added 8.5 million new mobile subscribers in January totaling 550 million. |
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| Hang Seng index plunged 4.8% to 22,301 on the weakness in global markets, rising inflation in China and worries related to corporate profits. China reported 75% rise in foreing direct investment in the first two months of 2008 from 2007. Capital inflows from U.S. companies rose 43.7% in the first two months, while inflows from the European Union advanced 110%. |
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Consumer Confidence Declines
Mar 13, 11:52 PM EDT |
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| Stocks in Japan fell after consumer confidence fell in February to a five year low sparking worries of economic slowdown. |
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| Stocks in Japan fell in Thursday trading after the consumer confidence declined and crude oil price reached another record. The dollar also fell to a 12-year low against yen after it dipped below 100 yen mark. In Tokyo trading Nikkei 225 plunged 3.33% or 427.69 to 12,433.44, and the broader Topix Index fell 3.1% or 39.26 to 1,215.87. |
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European Stocks Waver on U.S. Worries
Mar 13, 6:48 PM EDT |
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| European banks and brokers fell for the third day this week on the new worries related to mortgage losses. BMW, AdP and UniCredit report earnings. |
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| European markets fell after February retail sales declined in the U.S. and new worries related to martgage securities defaults. Carlyle Capital Corp and a group of 13 lenders failed to agree on refinancing of $17 billion in debt. Carlyle Capital is expected to a default on margin call tomorrow and may lose all of its assets to lenders. UBS and Credit Suisse fell 4%. Unicredit fourth quarter profit declined 0.8%.. BMW 2007 net income increased 9% and boosted dividend by 51%. |
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Hope and S&P Report Lift Stocks
Mar 13, 6:37 PM EDT |
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| Market, at least for today, put its faith in latest research report findings. The report indicated that most of the subprime loan losses are reported. |
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| Stocks in the morning fell sharply after the release of February retail sales, import and export prices and weekly unemployment data. Dow, S&P 500 and Nasdaq fell quickly 1%. The market reversed its direction after a S&P research report. The credit analyst revised his estimate of sub-prime loan losses by $20 billion to $285 billion and added that most of the losses are already reported. The relatively positive note lifted market sentiment. European markets closed lower. |
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Market Puts Faith in S&P Subprime Estimate
Mar 13, 3:24 PM EDT |
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| S&P research note indicated that majority of subprime loan losses may have been released by the financial institutions. |
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| U.S. stocks rebounded from earlier losses after S&P credit analyst estimated total losses related to subprime loans of $285 billion. The statement further added that nearly 65% of these losses are already announced. The relatively positive tone in the note lifted mood in trading and financial and consumer stocks rebounded. S&P and other agencies are at the heart of the credit market malaise as they rated 85% of subprime loans issued between 2005 and 2007 as AAA, many of these are now worthless. |
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Retail Sales, Dollar Drag U.S. Stocks Lower
Mar 13, 10:39 AM EDT |
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| U.S. stocks pulled back after one hour of opening on fresh worries of inflation and mortgage securities defaults. The dollar fell below 100 yen. |
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| U.S. stocks pulled back at the opening after the release of retail sales, weekly unemployment and import and export prices. February retail sales declined 0.6% from a revised rise of 0.4% in January. Sales of furniture, auto and parts, and building materials declined the most. Import prices in February rose 0.2% from January and 13.6% from a year ago prompting inflation worries. European markets are trending lower and in Asia, Japan, China, and India fell sharply. |
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Carlyle Capital Default, Record Low in Dollar
Mar 13, 5:53 PM EDT |
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| Carlyle Capital is likely to lose control of most of its leveraged assets to a group of 13 lenders on fresh margin calls of $98 million. |
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| Carlyle Capital Corporation may lose all of its remaining assets as early as next week after the company and lenders failed to agree on refinancing terms. The fund assets may be liquidated adding more strains to already volatile credit markets and dragging dollar to a record low against euro. The recent decline in mortgage securities prices prompted margin calls of $98 million due tomorrow. Carlyle will not meet these margin calls and is forced to surrender its collateral assets of $17 billion. |
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