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Lihir and Equigold Merge, ASX Down 3%
Mar 20, 3:07 PM EDT |
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| Australian stocks fell 3% after a shapr pull back in gold and silver prices in international markets. |
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| Lihir Gold agreed to merge with Equigold to create leading independent gold producer in the world with a market capitalization of $9 billion and 25 million ounces of proven reserves. The comdined company plans to mine 1.2 million ounces of gold in 2009. The merger will exchange 33 Lihir shares for every 25 Equigold stocks. |
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Credit Suisse Credibility Gap, IKB Loss
Mar 20, 6:00 PM EDT |
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| European markets declined on sharp fall in silver, gold, copper and crude oil prices. More losses are expected at IKB and Credit Suisse. |
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| European markets were on the decline with gold, silver, oil, and agricultural commodities trading lower. Credit Suisse loss forecast unnerved investors. Credit Suisse blamed fired employees to misprice bonds to hide losses. The string of unforeseen losses at the bank has put the management credibility in question. German state controlled bank IKB received the fourth capital injection to cover 450 million asset write-down. Silver and oil dragged the commodities markets lower. |
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Fannie Rally Lifts Wal-Mart, Visa
Mar 20, 5:14 PM EDT |
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| U.S. stocks rallied after positive commnets of Fannie and Freddie Mac lifted financial sector stocks. Wal-Mart reached a 3-year high. |
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| U.S. stocks rallied on positive analyst comments covering Fannie Mae and Freddie Mac. KBW analyst suggested that the recent Fed actions and wider latitude in mortgage lending will help the two largest mortgage lenders. Financials, home builders, and brokerage stocks rallied. Dow, Nasdaq and S&P 500 rose above 2%. Credit Suisse surprised estimate in the current quarter loss kept European banks and markets in check. General Motors closed near record low. Visa and MasterCard surge. |
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UK Retail Sales Rise, Stocks Decline
Mar 20, 4:09 PM EDT |
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| British public sector net debt as a share of GDP was 36% at the end of February compared to 35.5% in the month in the previous year. |
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| UK retail sales in three months ending in February rose 1% from previous three months and jumped 4.7% from a year ago. The rise in sales was recorded in food stores, non-store retailing and repair services. February current budget surplus rose to £2 billion compared to £700 million in the month a year ago. Net UK debt increased to £516.4 billion. |
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Lower Oil,Gold; Visa Rises, Borders Falls
Mar 20, 10:50 AM EDT |
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| Credit Suisse, Swiss investment banker, fell 10% after it found more irregularities in risky bond pricings and forecasted a loss. |
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| U.S. stocks edged higher in the morning on continued weakness in crude oil and metals prices. Crude oil, gold, and natural gas fell more than 3% in the morning trading. FedEx reported lower earnings and guided current quarter earnings to decline. Borders Group fell 12% after reporting earnings decline and financing from activist investor Pershing Square. Visa stock rose 6% on the second day of trading. |
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Weak Metals, Oil Drag Asia Lower
Mar 20, 9:54 AM EDT |
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| Asian markets fell ahead of long weekend on weak prices of metals and crude oil. |
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| Asian markets fell in the region on weak metals and crude oil prices. Gold fell 3%, crude oil declined 2% and copper dropped 4% in the regional trading. The sharp drop in metal prices dragged mining companies in Australia, China, and Hong Kong trading. Japan, Markets in India, Indonesia, Malaysia, Pakistan, and Philippines were closed. China Mobile and PetroChina fell after the release of earnings. BHP and Rio Tinto plunged 7%. |
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