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Germany Leads Decliners in Europe
Mar 31, 5:18 PM EDT |
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| European markets lost between 10% and 18% in the first quarter of 2008. Widening banking crisis and rising inflation played a key role in market loss. |
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| European markets traded sideways after a surge in inflation, lower energy prices and higher metals prices in the region. Euro area inflation in March rose to 3.5%, a 15-year high. Banks fell in the region after Merrill Lynch lowered profit forecast for Swiss banks. Northern Rock hopes to repay loans to the Bank of England by 2011. Pernod Ricard agrees to buy Vin & Spirit from Swedish government for 5.3 billion euros. German stock index lost 18% in the first quarter. |
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U.S. Stocks Rise as Oil Declines 4%
Mar 31, 4:43 PM EDT |
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| Oil drops nearly 4% after traders estimated lower demand and faltering economy. Paulson plan to revamp the regulatory framework faces skepticism. |
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| U.S. stocks edged higher after a sharp decline in energy and gold prices. USDA report showed that farmers planted more than expected level of soybeans and wheat and less than expected cotton and corn crops. Soybean fell in Chicago trading. Schering Plough and Merck declined sharply after a group of cardiologist said that the expensive drugs for cholesterol treatment are no better than generic drugs. Housing Secretary Jackson quits after a criminal probe investigating contract awards. |
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Home Prices Decline, Friends Provident Up
Mar 31, 3:50 PM EDT |
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| European inflation in March rose to a 15-year high as food and energy prices climb. |
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| Northern Rock unveiled a plan to repay the Bank of England by the year 2011 and shrink its balance sheet by more than half. Stocks in London trading recovered after a steady rise in copper and other metal prices lifted mining stocks. Friends Provident gained 3% after it rejected $7 billion takeover offer. Home prices fell 0.2% in March and for the year home sales volume is expected to decline. |
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Just Group Bid, Rio Rate Benefits
Mar 31, 2:59 PM EDT |
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| Woodside approved $5 billion investment in an off-shore natural gas project. |
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| St George, raised its rate on variable home loans by 0.1% to 9.47%. The bank blamed a rise in interest to an increase in costs in the wholesale markets. Australian billionaire retailer and former Coles Group Ltd Chairman Solomon Lew today launch unsolicited $900 million takeover offer for Just Group Ltd. Sinosteel unveiled its formal offer for Midwest at $1.19 billion, lower than expected offer of $1.49 billion. |
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More Soybeans, Wheat; Less Cotton,Corn
Mar 31, 2:04 PM EDT |
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| Income from the farms may be at the record levels in 2008, as more farmers take advantage of rising prices of soybeans and wheat. |
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| U.S. farmers are expected to improve their net income in the current year as commodities prices are expected to trade near record levels. In the latest plating report from the USDA, more farmers are expected to plant soybeans to take advantage of higher prices and battle rising costs of fertilizers. Corn planting will be lower but still near record levels as demand for the largest grain production by value, as demand for ethanol drives the economics. |
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Schering, Merck Decline; Exchanges Fall
Mar 31, 4:28 PM EDT |
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| Farmers are expected to plant more soybeans and wheat and lower cotton and corn. Soybean prices hit the record level in March. |
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| U.S. stocks edged higher in the morning trading. Pharmaceuticals and exchanges stocks declined. A committee of cardiologist warned that two drugs jointly marketed by Schering Plough and Merck with total sales of $5 billion were no better than their generic version Zocor. Schering and Merck plunged after the report. |
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Banks in HK Decline
Mar 31, 9:26 AM EDT |
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| Dongfang Electrical lost 7% as company plans to offer 65 million class A new shares to fund its investment in 4 billion yuan power projects. |
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| Hang Seng fell 1.9% in Monday trading and declined 18% in the first quarter on rising inflation, falling dollar and worries related to global economic slowdown. Chinese Coking Industry Association forecasted higher coke price for the year as supply lags the rising demand. Financial stocks declined after analysts suggested that UBS may need to raise $16 billion in capital. |
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Marubeni Declines 6%, Nikkei Down 18%
Mar 31, 9:26 AM EDT |
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| Nikkei 225 declined 2.3% on Monday and lost 18.2% in the first quarter, largest decline in the last fifteen years. |
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| Marubeni will close an investment fund that invested in structured investment vehicles. Separately Lehman is likely to sue Marubeni to recover $350 loss. Marubeni fell 6%. Stocks in Japan and Asia closed lower. In Tokyo trading Nikkei 225 dropped 2.3% or 294.93 at 12,525.54 and the broader Topix Index fell 2.5% or 30.85 at 1.212.96. |
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