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Stocks Decline on Rate Decisions
Mar 06, 5:55 PM EST |
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| E.On, German utility reported 2007 sales rose 4.6% to 70.8 billion euros and net income rose to 7.2 billion euros. |
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| The ECB left its key rate at 4% and lowered the growth rate for this and the next year. It also increased its inflation estimate on the rising food and energy prices. The Bank of England also left its key rate at 5.25%. On the rate news, dollar reached a new low against euro to $1.53. Royal Ahold reported fourth quarter profit increase of 9% to 260 million euros on unchanged sales of 6.6 billion euros. |
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Foreclosure Fears, Default Notices
Mar 06, 5:06 PM EST |
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| Nasdaq dropped 2.3% to close with a loss of 20% from its peak in October and S&P 500 fell 2.2% and down 17% from its peak in November 2007. |
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| U.S. stocks closed lower after credit market worries and rising home foreclosures dominated trading sentiment. Home foreclosures nearly doubled in the last quarter as homeowners struggled with rising monthly payments. Thornburg fell 51% after it received loan default notice from JP Morgan. February same stores sales at JC Penney, Chicos, Limited, Kohls and Gap fell. Wal-Mart sales rose 2.6%. Jobless claims fell 24,000. |
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Defaults at Carlyle Capital, Thornburg
Mar 06, 11:37 AM EST |
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| Credit market fears and worries related to economic slowdown kept stock in check. Thornburg stock plunges 50% again on the fears of bankruptcy. |
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| U.S. stocks edged lower as mortgage securities related defaults fears spread to stocks. Thornburg received a default notice from JP Morgan which triggered other defaults of $320 million. Thornburg stock is now down 95% from its recent peak in July 2007. Carlyle Capital, a listed investment management company in London, controlled by Carlyle Group in Washington, received mortgage debt related default from one of its 13 lenders. |
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ECB and BoE keep Rates Unchanged
Mar 06, 10:12 AM EST |
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| The European Central Bank left its rate at 4% and the Bank of England kept its rate at 5.25% as higher food and energy prices drive inflation higher. |
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| The European Central Bank and the Bank of England left their key rates unchaged as both central banks fight rising inflation in the region. The ECB left rates at 4% and the BoE left its rates at 5.25%, highest among the G7 nations. Pound and euro rallied against the dollar after the rate decision. Euro has increased nearly 20% against dollar in the last fourteen months and continues to reach new highs on rate disparities. |
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HK Exchange Profit Surges, Stocks Rise
Mar 06, 9:10 AM EST |
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| Ping An added 4.6% after it obtained approval from its shareholders to raise as much as 122 billion yuan in public offering. |
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| Hong Kong Clearing and Exchanges net income in 2007 jumped 145% to HK$6.2 billion from HK$2.52 billion in 2006. Media reports suggest that Bank of China has sold 500 million of its $7.95 billion of subprime loans linked to the international markets. Hong Kong stocks rose 1% tracking higher closings in the U.S. and Europe. |
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Nufarm Raises $200 M, NAB Hikes Rates
Mar 06, 4:52 PM EST |
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| Margin lenders including NAB took control of 14% of outstanding shares of Allco Financial after it failed to pay for the loans. |
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| National Australia Bank led other banks in hiking its interest rates after it raised its variable home loan rate by 0.29% to 9.27%. St George is likely to follow the NAB lead with a rate hike. The Reserve Bank of Australia raised its lending rate to a 12-year high of 7.25%. Fertilizer maker, Nufarm Ltd today raised $200 million to pay for its recent acquisitions. The company placed 13.25 million shares at $15.10 per share. |
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Leading Indicators Index Declines
Mar 06, 4:51 PM EST |
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| Economic index declined to 30% in Japan indicating a sharp slowdown in economic growth as manufacturers curtail exports to the U.S. |
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| Leading indicators index of the Japan economy in January declined indicating economic slowdown. Only a day ago the government had reported a decline in capital spending and consumer confidence is on the decline. Despite the gloomy economic statistics, stocks rose tracking the gains in the U.S. markets. Amgen will pay $100 million to Kyowa Hakko for the rights to inflammation in non-oncology setting. The license may be expanded with the additional payment of $420 million. |
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