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Industrial Stocks Decline in Europe
Apr 11, 4:38 PM EDT |
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| European markets fell after industrials and financials pulled back on earnings miss from General Electric. |
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| European industrial stocks including Siemens and Philips fell after General Electric in the U.S. missed its earnings target. Stock market averages in the region fell more than 1% before the U.S. market close. U.S. averages fell 2% at close. Crude oil and base metals traded at elevated levels. Ahead of G7 meeting in Washington politicians worried about the strength in euro. |
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U.S. Stocks Decline on Weak GE, Sentiment
Apr 11, 4:16 PM EDT |
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| U.S. stock averages fell more than 2% after General Electric reported lower than expected earnings and lowered its expectations. |
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| U.S. stocks fell sharply after General Electric surprised investors with an earnings miss and lowered expectations for the second quarter. The sharp fall in investments in finance unit in the last two weeks in March hurt the earnings. Frontier Air filed for bankruptcy protection. Consumer sentiment fell to 63.2 in April, weakest read since 1982, higher energy and food prices. Genentech reported first quarter profit rise of 2% but sales of Avastin missed the target. |
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Industrial Production, Inflation Up
Apr 11, 3:28 PM EDT |
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| Stocks rebounded after losing ground in the week on rising industrial production. Inflation reached another high at the end of March. |
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| Industrial production in India in February increased 8.6% after revised production in January gained 5.8%. The better than expected production data overshadowed the rise in inflation at the end of March. Wholesale inflation increased 7.4% for a year ending in the last week in March, forced the government to remove export incentives for sugar, rice and steel. Sensex edged higher by 0.7% or 112 to 15,807 and CNX Nifty added 0.95% to 4,777.80. |
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Mortgage Worries Drag UK Lower
Apr 11, 4:02 PM EDT |
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| Stocks in UK fell after mortgage lenders association forecasted sharply lower volume of loans if additional liquity is not provided by the BoE. |
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| Stocks in London fell after General Electric in the U.S. reported its profit decline in five years. The news sent markets in New York and Europe lower. In addition, mortgage lender trade associations forecasted tougher outlook for mortgage lending and asked the Bank of England to add more liquidity to the system. UK lenders group forecasted that mortgage volume may fall as much as 50%. A private equity group said that it will withdraw its offer for Friends and Provident at the end of the month. |
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Frontier Air Files for Protection
Apr 11, 4:01 PM EDT |
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| Frontier Airlines blamed credit card processor on unexpected increase in credit card sales holdback and filed bankruptcy protection. |
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| Frontier Airlines stock plunged 71% after it filed for protection from creditors. The company blamed the decision on its principal credit processor on unexpected increase in hold on cash from sale of airline tickets. The airline said it plans to operate full schedule and honor all tickets and reservations and will pay wages and suppliers. |
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