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Deutsche Bank Earnings Miss
Mar 26, 6:16 PM EDT |
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| European markets declined as new worries on bank earnings resurfaced. Barclays hiked pay for its executives when stock declined by a third in 2007. |
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| European markets closed lower after earning worries for banks and a downgrade on drug stocks. Deutsche Bank chief said that the assset write downs and loan losses may make it harder to achieve profit estimate for the year. Morgan Stanley lowered its price target for Sanofi-Aventis and GlaxoSmithKline. Bureau Veritas in Paris reported earnings rise of 3% on 12% rise in sales. |
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U.S. Stocks Down; Citi, Clear Channel Plunge
Mar 26, 5:49 PM EDT |
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| U.S. stocks edged lower on falling home sales and a decline in durable goods orders. Ford sells Jaguar and Land Rover to Tata Group of India. |
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| U.S. stocks edged lower after rising steadily in the last three sessions. Market averages fell after new home sales declined in February. Home sales plunged 30% from a year ago and durable goods orders fell 1.7% from January and declined 1.4% from a year ago. Crude oil inventories at the end of last week were unchanged. Citigroup led the decliners in Dow after an analyst projected a loss for the year. Clear Channel fell after the deal to go private collapsed. |
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Perilya and CBH Merge, ASX Up 1.2%
Mar 26, 1:26 PM EDT |
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| Perilya and CBH have agreed to merge and form the ninth-largest zinc producer. |
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| Australian stocks rallied as prices of base and precious metals and oil jumped in the international markets. ASX 200 gained 1.2% to 5,381.40. Perilya and CBH agreed to merge and create ninth-largest zinc manufacturer. Three CBH shares will be exchanged for one Perilya shares and a stake in Kimberly Metals. IMF Australia plans to finance litigation against Centro, MFS and Allco. Xstrata in London trading fell 12% after Vale said that it is no longer negotiating with the company. |
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Tata Buys Jaguar, Sensex Down
Mar 26, 5:05 PM EDT |
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| Finance minister Chidambaram projects 9% economic grwoth in the current year despite a volatility in the global financial markets. |
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| Tata Group agreed to purchase Jaguar and Land Rover brands from Ford Motor company for $2.3 billion. The deal financed with short term debt may challenge the management at Tata. Jaguar despite receiving more than $10 billion in investment from Ford in the last fifteen years has failed to generate consistent profit and lost sales. In January of 2007, Tata purchased Corus for $11.3 billion. Tata Group generates more than third of its revenue from international sales. |
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Wharf, BoChina Earnings Lift HK Stocks
Mar 26, 5:06 PM EDT |
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| Hang Seng index added 0.7% after earnings from Bank of China rose 14% and at Wharf increased 22%. |
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| Hong Kong surplus in the fourth quarter 2007 jumped to 78.3 billion and in the year rose to 114.5 billion or 7.1% of GDP. Higher tax receipts and rising property values played a key role in the surge. Hong Kong, earlier had proposed to lower personal taxes on low income families on the rising government receipts. ICBC net income surged 65% to Rmb 82.3 billion lifting bank stocks. Jiangxi Copper declied 2% after reporting 12% drop in 2007 profit. |
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Japan Trade Surplus Up 0.9%
Mar 26, 5:08 PM EDT |
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| Japan stock market indexes edged lower but metals and trading companies gained. Japan trade surplus edged up on rising exports to emerging markets. |
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| Trade surplus of Japan in February increased 0.9% from a year ago on rising exports to emerging markets and China. Imports increased 10.1% and exports rose 8.7%. Trade with the U.S. generated 70% of total trade surplus. Exports to the U.S. fell 6% and imports increased 3.7% generating a surplus of nearly $7 billion in the month, underscoring its dependence on the U.S. demand. |
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