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Record Libor Rate, Kingfisher Down
Mar 27, 6:19 PM EDT |
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| Crude oil traded above $107 a barrel as a fire in Iraq prevented oil to export terminal. Iraq exports |
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| Money markets remained tight as interbank interest rare rose to near record high for the year. Banks remain unwilling to extend loans to other banks despite several auctions by central banks in the UK and Europe to ease the liquidity. Separately, Man Group said earnings will be higher than expected and Compass Group reported better than expected earnings. Kingfisher, home supplies retailer reported 20% decline in earnings. |
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Money Markets Remain Tight
Mar 27, 5:49 PM EDT |
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| Money markets rate for borrowing in pound and euro remain at elevated levels, despite liquity measures from central banks. |
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| European stocks closed higher led by a rise in financials, banks, and insurance stokcks. Money markets continue to struggle as banks show unwillingness to lend each other. Interbank loan rates reached near record high for the year for lending in euro and pound. The recent liquidity measures from the Bank of England and ECB have failed to ease the money markets. Separately, Swiss Life reported higher than expected earnings on sale of two units and a private bank. |
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Oil Above $107, Lehman Down 9%
Mar 27, 10:32 PM EDT |
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| Crude oil jumps above $107 a barrel after a fire at Iraqi pipeline prevented fuel for exports. Iraq sells 2 million barrels a day. |
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| Tech stocks led the decliners in the U.S. trading led by a fall in Intel, Google and Oracle. Oracle fell 7% after sales were below expectations, Google fell after click through estimate in February were 3% lower than last year. Lehman fell 9% on persisten rumors of liquity crunch at the firm. McCormick jumped after predicting higher sales in the year. Clear Channel rose after the company and buyout groups sued banks for refusing loans to fund the deal. |
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Barrick and Allied Gold, Spotless Offers $556 M
Mar 27, 4:19 PM EDT |
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| Barrick Gold has agreed to pay Allied Gold $20 million for 70% stake in Papua New Guinea. |
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| January domestic traffic at Qantas increased to 1.35 million and international traffic fell 4.6% to 731,000. Overall traffic in January increased to 3.23 million, up 5.6% from a year ago in the month. AWB Ltd gained 6% after U.S. court dismissed a case against it. Asset manager Babcock & Brown and a consortium of banks agreed to extend $2.8 billion in debt to 2011. Spotless Gold made a $556 million hostile offer for Programmed Maintenance Services Ltd. |
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Oracle and Lennar Earnings Drag Stocks
Mar 27, 4:56 PM EDT |
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| ConAgra sold its trading unit to a hedge fund manager for $2.1 billion. Fourth quarter GDP was reported at 0.6% annual rate. |
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| U.S. stocks at the opening traded lower after another round of lowered earnings estimates, loss at home builder Lennar, and Oracle reported lower than estimated earnings. Nasdaq and S&P 500 tracked lower on weak technology stocks. Lennar swung to a quarterly loss on 64% decline in revenue. Fourth quarter GDP rose at a seasonally adjusted annual rate of 0.6%. Stocks in Shanghai fell 4% but better than expected earnings in Hong Kong reversed earlier losses. European markets are trading up. |
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HK Stocks Close Up on Earnings
Mar 27, 8:57 AM EDT |
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| Earnings from Cheung Kong, Citic Bank, CNOOC and Hutchison surprised the market and lifted trading sentiment. |
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| Hong Kong closed higher after it reversed earlier losses on better than expected earnings from several companies. Banks and property companies led the gainers. In Hong Kong trading Hang Seng Index regained from a 0.21% slump in the morning session to close up 0.21% or 47.21 to 22,664.22. In Shanghai trading, the CSI Index fell 4.23% or 165.45 to 3,748.92. Cheung Kong, Citic Bank, CNOOC and Hutchison beat market expectations. |
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Interest Rate Talk Clouds Tokyo Stocks
Mar 27, 4:57 PM EDT |
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| Stocks in Japan fell after a member of policy board at the Bank of Japan suggested a rate hike. Mitsui takes 20% stake in Qatar city project. |
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| Stocks in Japan and Asia fell on a lowered earnings expectations at four largest U.S. banks and talks of a hike interest rate in Japan dominated the news. In Tokyo trading Nikkei 225 fell 0.8% or 102.05 to 12,604.58, and the broader Topix Index declined 0.9% or 11.11 to 1,226.44. The Bank of Japan board member in a speech suggested that rate should be lifted to cover easy credit conditions. Mitsui will take 20% in a joint venture with Qatar to develop a city project for $3.9. |
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