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Weak Copper Prices, UBS Worries
Mar 07, 6:21 PM EST |
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| Mining and banking stocks led the decliners in the UK stock market. LSE added 4% and British Air rose 3.5%. |
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| UK stocks fell after base metal prices declined. China reported a decline in copper inventories, prompting a decline in mining stocks. Broader market fell on probable fire sale of mortgage securities of 25 billion francs at UBS. JD Wetherspoon, pub operator reported 0.4% decline in sales to £440 million and same store sales declined 2%. The company blamed poor results on smoking ban in public places. The pub operator hiked its dividend by 10% to 4.4 pence. |
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Hong Kong Stocks Plunge
Mar 07, 5:43 PM EST |
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| Sinopec agreed to pay A$600 million for an offshore oil venture in Timor Sea from AED Oil. |
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| Hang Seng fell 3.6% and closed down 7.5% for the week after the weakness in global markets dragged banks and energy companies. China Enterprise Index fell 9.5% for the week. China Netcom and Sun Hung Kai fell after brokers lowered their ratings on stocks. |
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Euro Strength Worries Markets
Mar 07, 5:17 PM EST |
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| Czech economy in the fourth quarter grew at 6.6% and annualized inflation in Estonia rose to a 10-year high of 11.3% in February. |
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| European marekts closed lower, dragged by a weakness in the U.S. stocks, rising euro, and worries related to the U.S. economic recession. Veolia Environment fell 10% after its earnings disappointed analysts. Mediobanca second quarter profit rose 57%. Telecom Italia dropped 9% after it forecasted 2008 revenue to match that of 2007. Piaggio, Vespa scooter maker, dropped after 2007 earnings dropped to 59.6 million euros. |
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Payroll Decline Heralds U.S. Recession
Mar 07, 6:24 PM EST |
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| Surprise decline in February payroll data of 63,000 put many economists wondering if we are already in recession. |
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| The Fed acted to bolster the liquidity in the credit market by increasing the size of the next two auctions to $50 billion each and also extended facility to lend $100 billion in the short term. The news helped to limit the declines in banks and brokerage stocks. The February payroll declined 63,000 after the revised employment in January fell 22,000. The sharpest decline in five years prompted economists to predict the arrival of recession. Thornburg Mortgage has margin call of $610 million. |
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Fed Boosts TAF Auctions, Payroll Declines
Mar 07, 11:48 AM EST |
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| Fed releases two initatives to add liquidity to the credit markets. Two TAF auctions will have a total of $100 billion funding. |
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| U.S. stocks reversed earlier losses after the Fed raised its limits and acceptance of wider collateral. The Fed now plans to provide $100 billion in TAF auction and also accepts agency debt for its collateral for the repurchase of short term debt for up to $100 billion. February payroll declined by 63,000. Ciena led the gainers in S&P 500 with a rise of more than 10%. |
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Nikkei Down 6%, Rate at 0.5%, Reserves at $1 T
Mar 07, 9:43 AM EST |
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| Government today forwarded the name of Toshiro Muto to the Diet as its nomination to replace Toshihiko Fukui as the Bank of Japan Governor. |
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| Stocks in Tokyo declined as financial markets worried that the ongoing U.S. economic slowdown will impact exports from Japan. The new foreclosure data in the U.S. suggested record rise in filings and outlook for the rest of the year is gloomy. Nikkei 225 fell 3.27% or 432.62 to 12,782.80 down 6% for the week, and the broader Topix Index tumbled 3.1% or 39.78 to 1,247.77. |
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