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Earnings and Rate Cut Lift HK Stocks
Mar 19, 6:38 PM EDT |
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| Hong Kong cut its lendig rate matching the rate decline in the U.S. Ping An agrees to acquire 50% stake in Fortis Investment for 2.15 billion euros. |
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| Stocks in Hong Kong rallied tracking gains in the U.S. Realty and financial stocks led the gainers. Hang Seng added 2.3% to 21,866.94, China Enterprise Index gained 3.3% to 11,438.75, and CSI 300 index increased 3.3% to 3,888.86. China Mobile jumped 3% after it reported full year profit rise of 37% and it added 7 million new subscribers in January. Petro China reported 21% rise in 2007 revenue and earnings gain of 2.4%. |
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European Telecom, Mining Stocks Fall
Mar 19, 5:41 PM EDT |
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| Markets across the European region declined as investors worried a slowdown in metals and commodities demand. |
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| European stock averages edged lower on weak metal prices and decline in telecom and banking stocks. Sony Ericsson fell after it lowered its profit expectations dragging Nokia lower as well. Deutsche Telekom declined after a similar forecast. Telecom Italia fell on media speculation that the company may have to raise capital. Metals and minig stocks fell on the speculation of demand slack. HBOS, British lender plunged 17% on liquidity rumors. |
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Metals and Oil Drop 5%
Mar 19, 5:02 PM EDT |
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| Crude oil and gold decline more than 5% after investors focused on economic worries in the U.S. Silver plunges 8%. |
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| A sharp pullback in metals and commodities put stocks on the defensive. Front month futures of crude oil and gold dropped more than 5%, silver lost 8%, and copper declined 3%. Futures of the next month wheat led the agricultural with a decline of 7% followed by losses in Soybean and Cocoa of 6%. Dow, S&P 500, and Nasdaq lost more than 2.3%. Brazil plunged 5% and European markets edged 0.5% lower across the region. |
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Japan Leads Asia Rally
Mar 19, 4:48 PM EDT |
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| The Bank of Japan is likely to be without a governor for the first time since the World War II. |
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| Stocks in Japan rallied tracking the gains in the U.S. Other Asian markets gained as well. The Federal Reserve Bank lowered its benchmark rate 0.75% to 2.25%, lowest in the last three years. The decision lifted financial stocks in Japan and across Asia. In Tokyo trading Nikkei 225 increased 2.48% or 296.28 to 12,260.44, and the broader Topix Index gained 2.8% or 32.67 to 1,196.30. |
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