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Banks Lead European Markets Lower
Mar 03, 5:28 PM EST |
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| EADS surged 9% after its U.S. partner Northrop Grumman won a contract from the U.S. Air Force for airborne refueling contract woth $35 billion. |
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| Fraport AG 2007 revenue rose 8.6% and net income fell 9% to 208 million euros on 2.5% increase in traffic. The airport operator released a dividend of 1.15 euro. Freenet AG, the German mobile telecom operator, reported 2007 sales decline of 9% and reported a loss of 50.6 million euros compared to profit of 181.3 million euros. Consumer prices in euro zone rose 3.2% in February according to EU statistics office. |
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U.S. Stocks Struggle; Records in Oil and Gold
Mar 03, 5:13 PM EST |
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| Oil reached to a record high and gold traded at a new 3-decade high on weakening dollar. U.S. stocks struggled. |
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| U.S. stocks recovered in the late afternoon after the markets in Europe closed lower. Resurgent oil, metal, and agriculture commodities lifted select stocks. In the morning, manufacturing index showed a decline in February. ATM Network operator Diebold rejected a hostile offer from United Technologies. Thornburg Mortgage plunged 53% after it failed to meet its margin call on reverse mortgage securities. |
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UK Stocks Fall, Xstrata Net Up 13%
Mar 03, 3:19 PM EST |
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| UK stocks declined as financials and mining stocks fell. Weak markets in Europe and declining indexes in the U.S. contrinuted to market jitters. |
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| UK stocks fell on the weakness in European trading and economic worries. HSBC reported 21% rise in earnings but issued a cautious outlook for 2008. Several brokers lowered earnings outlook for Goldman Sachs, Merrill Lynch, Bear Stearns, and Lehman. HSBC reported 2007 earnings rise of 21% to $19.2 billion. Xstrata reported 2007 earnings rise of 13% to $5.54 billion on sales rise of 12% to $28.5 billion. |
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Sensex Plunges 5%, Trade Deficit Surges
Mar 03, 2:49 PM EST |
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| Trade deficit in January surged to a whopping 350% from a year ago. Sensex plunged on the worries related to budget and U.S. economic slowdown. |
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| Sensex plunged 5% after the indexes in Asia fell on the persistent worries related to the U.S. economy. India led the declining markets in Asia. Budget provisions also contributed to the nervousness in trading. Separately, trade deficit in January rose sharply $9.3 billion from $2.8 billion a year ago. For the nine month period ending in the month, trade deficit increased to $67 billion from $45 billion a year ago. Realty and banking stocks fell sharply. |
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Australia Falls 3%; Zinifex, Oxiana Merger
Mar 03, 1:19 PM EST |
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| Australian manufacturing index in February rose 2.2% fom January. Asciano reported first half loss of $71.1 million. |
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| Australian stocks fell sharply on the weakness in the U.S. trading on Friday and persistent worries related the slowdown in the U.S. ASX 200 fell 3% as the index in Hong Kong, Japan, India, and China fell. After a long and protracted negotiations, Oxiana and Zinifex finalized their merger of $6.2 billion and create second largest zinc producer. Allco Finance today reported a resignation of its chairman. |
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Weak Dollar Drags Stocks, Thornburg Plunges
Mar 03, 10:49 AM EST |
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| United Technologies made a hostile offer for Diebold at $40 per share of $2.63 billion. |
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| U.S. stocks declined in the morning trading on the persistent credit market weakness and growing evindence of spreading weakness in mortgage market. Thornburg Mortgage plunged 53% after it failed to meet its additional margin call of $270 million. Separately HSBC Bank reported 21% rise in earnings and for the year 2007 reported a loan impairement charges of $17.2 billion. |
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Hang Seng Declines 3%, Yuan Record high
Mar 03, 9:08 AM EST |
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| Iinvestors in Hong and Kong and Asia were cautious after steep losses in the U.S. and a growing concerns that the U.S. economy may slip further. |
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| Stocks in Hong Kong and in Asia fell sharply on the persistent worries related to the U.S. economy. Hang Seng index declined 3% following 2.6% losses in Friday trading in the U.S. Japan fell 4% and India plunged 5%. Yuan rose against dollar to a record for the 19th time this year. HSBC reported 10% below forecasted 2007 earnings. |
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Asian Markets Plunge
Mar 03, 8:21 AM EST |
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| Weak trading in the U.S. markets and continued decline in the U.S. dollar plunged the Asian markets to a new low for the year. |
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| Asian markets fell sharply across the region tracking the losses in Friday trading in New York. The U.S. dollar reached new low against Indian rupee, Japanese yen, and Australian dollar. The weakness in dollar is a growing concern in the region that its fall will spark inflation and will also contribute to the slowdown of the economy in the region. India plunged 5% followed by declins in Japan of 4%, and in Hong Kong and Australia of 3%. |
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Stocks in Tokyo Fall 4.5%
Mar 03, 8:12 AM EST |
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| Stocks in Japan fell sharply tracking losses in the U.S. Dollar reached recent decades low against several currencies in Asia. |
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| Stocks in Japan fell sharply on widening credit market losses as Takefuji Corp became the first Japanese consumer lender to be caught up in the credit market turmoil. Fears that the U.S. will fall into a recession and a sharp decline of dollar against Asian currencies sparked worries of slowing exports and rising inflation. |
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