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Australia Fell on Bear Stearns Fire Sale
Mar 17, 9:26 PM EDT |
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| Financial stocks in Australia and Japan fell afer the demise of the fifth largest bank in the U.S. Zinifex gets 45% of Allegiance stock. |
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| Australian stocks fell after markets in Asia fell on the more troubling news from the U.S. financial markets. Bear Stearns, the fifth largest investment broker was sold 90% below its Friday closing price to JP Morgan. The fire sale of the bankers ar $2 per share sent shock waves around the world as investors turned cautious. ASX 200 index shed 2.3% or 119.9 to close at 5,087. Babcock Brown Power dropped 10% as investors worried that the company may not be able to refinance its debt. |
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UBS and Tukish Stocks Fall
Mar 17, 7:41 PM EDT |
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| Banks in the European region fell after the Bank of England offered emergency funding and UBS decided to eliminate 8,000 positions. |
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| European stock markets plunged after the fire sale of Bear Stearns at 90% below its Friday closing price to JP Morgan. The news sent shock waves in the banking cirlces in the region and all leading banks, brokerages, and insurance companies fell. UBS plunged nearly 11% in New York and Swiss trading after the company decided to eliminate 8,000 positions. The Bak of England auction for emergency debt attracted five times the size of auction. Turkish lira and stocks plunge. |
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Nervous Investors Sell Lehman, Goldman
Mar 17, 7:26 PM EDT |
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| Financial brokers faced heavy selling pressure as investors worried that growing credit markets may erase more capital at these companies. |
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| Investors sold stocks of financial brokerage firms after the fire sale of Bear Stearns to JP Morgan. The four largest brokers Goldman Sachs, Merrill Lynch, Morgan Stanley, and Lehman dropped. Investors worried that rising margin call requirements and rapidly declining mortgage securities values may erase equity capital of these companies. European markets, Japan, India, and Brazil fell sharply. |
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Lehman Faces the Bear
Mar 17, 6:32 PM EDT |
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| Lehman Brothers today plunged as much as 50% after a statement fom the chief executive failed to calm investors. |
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| U.S. financial stocks dropped as investors pulled money from the sector. The collapse in Bear Stearns stock shocked investors and left them worried of the fate of Merrill Lynch, Lehman Brothers, Goldman Sachs, and Morgan Stanley. Lehman plunged 50% after its chief executive said the added liquidity from the Fed will help the financial system. The vague statement concerned investors that Lehman may be facing liquidity crunch, which the company denied. |
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Hong Kong Stocks Down 5.2%
Mar 17, 1:49 PM EDT |
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| Bear Stearns, the fifith largest U.S. investment bank was forced to sell the firm to JP Morgan at $2 per share, 90% below its Friday closing price. |
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| Stocks in Hong Kong fell sharply after the rescue of Bear Stearns at a fire sale price. Hang Seng index dropped 5.2% or 1,152 to 21,084. The news of the fifth largest bank liquidation in the U.S. over the weekend kept investors guessing for the next victims and impact on the exports from the region. Separately Hong Kong reported 2007 real GDP rose 11.4% and fourth quarter growth of 11.7%. Banks, properties, and telecom stocks fell sharply. Japan, India, and China indexes declined. |
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Tokyo Down 3.7% On Bear Fire Sale
Mar 17, 6:34 PM EDT |
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| Dazed investors in Japan sold stocks as the news of fire sale of Bear Stearns made rounds in the region. |
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| Stocks in Japan and in Asia plunged after the fire sale of Bear Stearns, the fifth largest investment bank in the U.S. to JP Morgan. The news sent shock waves in the financial markets in Asia with Mumbai, Shanghai, Hong Kong, and Tokyo declining sharply. In Tokyo trading Nikkei 225 declined 3.71% or 454.09 to 11,787.51, and the broader Topix Index fell 3.7% or 43.58 at 1,149.65. |
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Bear Rescue Price Shocks Investors
Mar 17, 11:02 AM EDT |
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| JP Morgan, with a guarantee from the Fed, agreed to rescue Bear Stearns for $2 a share sending shockwaves in the global financial markets. |
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| Bear Stearns facing bankruptcy and under heavy supervision from the Fed, agreed to a purchase price of $2 per share or $235 million from JP Morgan. The fifth largest broker was essentially liquidated, wiping out the company that only a year ago had a market value of $40 billion. The fire sale price of Bear Stearns sent shock waves around the world. Global markets plunged as investors worried that the U.S. regulators and politicians appear to lack effective tools to stem the recession. |
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