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Weak Nokia Haunts European Stocks
Apr 17, 4:55 PM EDT |
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| European markets close mixed as crude oil and metals trade near record levels. Nokia fell sharply on weak outlook. |
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| European stocks closed mixed after earnings report from Nokia and strong interest in weekly auction at the Bank of England. The weekly auction attracted three times bid to nearly 49 billion pounds as interbank loan market remains seized. Societe Generale replaces its chief executive but keeps him as chairman for now. Nokia drops 14% after it offered weak earnings outlook on strong euro. |
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IBM Lifts Techs, Global Stocks Rest
Apr 17, 5:22 PM EDT |
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| Google reported 47% rise in sales and 30% rise in earnings on higher international revenues. |
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| U.S. stocks recovered from the morning losses after Merrill reported $9 billion asset write down and expects to eliminate 4,000 positions. Airlines report weak results. Pfizer fell 4% after its net income declined but IBM earnings rose 26% on the strength in Europe and Asia. NY Attorney General opens investigation in auction rate securities. Nokia fell after it offered weak outlook. New York Times and Media General report quarterly losses. |
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Taylor Wimpey Caution, BoE Auction
Apr 17, 3:52 PM EDT |
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| Stocks in London trading edged lower after the successful BoE auction failed to ease credit markets. |
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| The Bank of England weekly auction received more than three times bids for its offer of 13.7 billion pounds as interbank credit market remain seized. The Libor rate declined a fraction, but still hovered near 5.9%, significantly above the BoE target. Separately, Taylor Wimpey issued cautionary earnings guidance for the rest of the year. Of the FTSE 100 stocks, 31 rose and 70 declined on weak trading sentiment. |
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IT and Banks Edge Higher
Apr 17, 3:08 PM EDT |
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| software exporters and banks continue to rise for the second day in a row. Crude oil surged to record high for the third day in a row. |
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| Stocks in Mumbai trading rebounded 1.5% to 16,481 and CNX Nifty rose same to 4,958. Software exporters rose for the second day in a row. Annual wholesale inflation for the year ending on April 5 edged lower to 7.14%. Banks gained after the inflation report. Orchid Chemicals was the most active stock for the second day in a row on the BSE. |
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U.S. Stocks Fall on Airlines, Merrill
Apr 17, 11:38 AM EDT |
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| U.S. stocks fell after Merrill reported a large asset write down and reported its third quarterly loss. Airlines report weak operating results. |
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| Merrill Lynch large loss and asset write down surprised the market and U.S. stocks edged lower as new worries related to credit market emerged. Separately, American Airlines reported quarterly loss of $1.32 as its fuel bill surged 48%. Southwest earnings declined on higher operating and fuel costs. However, IBM reported better than expected earnings. TD Ameritrade earnings increased but the stock declined. |
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Shanghai Fell 3%, Hong Kong Up 1.6%
Apr 17, 10:16 AM EDT |
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| Peoples Bank of China raised its reserve requirements for commercial banks to 16% to prevent economy from overheating. PoB may take additional steps. |
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| China increased its reserve ratio requirements for banks to 16% and may increase again if economy does not slow down. Economists are expecting central bank to authorize additional tightening measures after a surge in inflation and rapid rise in property prices and food and energy costs. In Hong Kong trading, Hang Seng rose 1.6% to 24,258 but in Shanghai CSI 300 index fell 3% to 3,386. China reported a total international investment of $92 billion at the end of 2007. |
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Merrill Lynch Loss, Layoffs
Apr 17, 9:48 AM EDT |
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| Merrill Lynch, after denying for months ,reported a sharp loss related to subprime and leveraged loans and said it will lay off 4,000 people. |
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| Merrill Lynch continues to suffer from lack of appropriate risk control, lethargic management structure and falling market values of securities for which it has no insurers. Merrill Lynch reported first quarter revenue decline of 69% to $2.94 billion and net loss of $2.14 billion. Loss per share in the quarter was $2.19 compared to net income of $2.50. Merrill still suffers from high asset leverage and elevated compensation costs. Merrill wrote down $9 billion of assets. |
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Banks, Shippers Advance in Tokyo
Apr 17, 3:50 PM EDT |
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| Stocks recovered on the hope that current credit markets turmoil and housing market decline in the U.S. may stabilize by the end of the year. |
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| Stocks in Japan and Asia rose after earnings from several U.S. banks and large multinational companies met expectations. In Tokyo trading Nikkei 225 rose 1.92% at 13,398.30, and the broader Topix Index gained 1.7% to 1,293.32. METI reported that industrial production in February rose 1.6% and shipment increased 1.2% and inventories added 0.19%. Asahi Glass will close several factories in the U.S. and Canada as demand for glass products decline on the slump in the U.S. housing market. |
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