|
|
|
Consumer Spending Declines
Mar 04, 4:50 PM EST |
|
| European market closed lower on the persistent worries related to credit markets, rising euro, and U.S. economic slowdown. |
|
| Consumer spending in the fourth quarter in the euro area fell 0.1% after rising 0.5% in the third quarter of 2007.Porsce SE reported first half earnings rose to 1.3 billion euros from 897 million euros from a year ago. Bayer fell after a U.S. eliminated patent protection on its birth control pill, Yasmin. TUI AG reported 2007 income increased 47% to 616 million euro on 7% rise in sales. Vallourec, tube maker, reported fourth quarter profit rise of 7% on 13% rise in sales. |
|
|
Full Story... |
U.S. Stocks Recover on Cisco, Ambac
Mar 04, 4:54 PM EST |
|
| Banks and Citigroup fell sharply after Merrill Lynch analyst estimated $18 billion in loan losses at Citi in the current quarter. |
|
| U.S. stocks staged a reversal in the last hour of trading after a comment from Cisco and rescue financing for Ambac. Cisco indicated that it expects any economic slowdown to be shallow. Media report suggested that rescue financing for Ambac is on track. The Fed Chairman earlier indicated that banks should be prepared to forgive some of the late mortgage loans. Oil and gold fell ahead the OPEC meeting. Citigroup fell to a 9-year low after comments in Middle East and $18 billion loss estimate. |
|
|
Full Story... |
Hong Kong Stocks Retreat
Mar 04, 3:16 PM EST |
|
| China National Petroleum approved feasibility to duble its refining capacity at Huludao location. |
|
| Hong Kong stocks fell on the rising inflation worries. Hang Seng Index declined 2% to 23,119.87 nearly 25% loss from its peak in October 2007. Hong kong Exchanges & Clearing fell 35% from its peak this year after losing 3% today. HSBC Bank added 1% after reporting 21% rise in earnings a day ago. |
|
|
Full Story... |
Mortgage Worries, BP Hikes Reserves
Mar 04, 2:36 PM EST |
|
| FSA report on mortgage affordability put investors on defensive. Metals gained in London trading. Cable & Wirelss plunges 10%. |
|
| FSA survey indicated that nearly 20% of mortgage holders are concerned about meeting their monthly payments. Separately, a survey of construction industry showed a decline in growth in construction activity in February. The two reports dragged stocks lower. BP increased its reserves to cover claims from 2005 Texas refinery explosion to $2.1 billion from $1.6 billion. Cable & Wireless fell after company projected growth rate that analyts found ambitious. |
|
|
Full Story... |
Rates at 7.25%, Trade Deficit Jumps
Mar 04, 1:26 PM EST |
|
| The Reserve Bank of Australia lifted interest rates by 0.25% to 7.25% to stem the rising inflation. Rising dollar contributed to trade deficit. |
|
| The Reserve Bank of Australia increased rates by 0.25% to 7.25%, 12-year high to stem the rising inflation. Food and energy prices have jumped on the falling U.S. dollar and strong economic growth. Separately, Australian retail sales in January rose 0.4% after rising 0.4% in December and 0.5% in November 2007. Fourth quarter traded deficit increased to a record level on rising Australian dollar. |
|
|
Full Story... |
Citigroup Loss Drives Stocks Lower
Mar 04, 10:50 AM EST |
|
| Merrill Lynch analyst estimated $18 billion loan write-off for the current quarter and Dubai controlled fund said that Citi will need more capital. |
|
| U.S. stocks fell at the opening after new worries related to Citigroup dragged banks. Citigroup fell 5% after a comment from Dubai controlled fund suggested that the bank will need more capital. Merrill Lynch estimated $18 billion in loan losses for Citi in the current quarter. Sanford Bernstein analysts lowered earnings estimates for several borkerage and banks. |
|
|
Full Story... |
Surprise Loan Loss at ICICI
Mar 04, 9:44 AM EST |
|
| A surprise loan loss at ICICI related to international loans and 60,000 crore loan write-off for the domestic banks dragged market averages lower. |
|
| Stocks in Mumbai trading fell on the worries related to 60,000 crore rupees of farmer loans write-off and new worries related to surprise loan loss from ICICI Bank. The reported a surpise write-off of $264 million related to credit derivatives linked to the U.S. risky loans. The bank is likely to take as much as $70 million of charge in the current quarter. |
|
|
Full Story... |
Japan Worries Sudden Rise in Yen
Mar 04, 9:02 AM EST |
|
| Stocks in Japan struggled on the rising yen. Pioneer Corp surged 11.5% after it decided to exit flat panel production. |
|
| Stocks in Japan closed unchaged after volatile trading. Yen rose against dollar as oil, commodities, and precious and base metals rallied. Economic and Fiscal Policy Minister Ota that a sudden rise in yen will lower corporate profits. Worldwide declared lossed related to subprime loans are now estimated at $200 billion. |
|
|
Full Story... |
1
 |
|
