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Financials Lift European Markets
Apr 18, 5:35 PM EDT |
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| Financials in the region lifted market averages after Citigroup reported lower than expected loss of $5 billion. |
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| European markets surged after a rally in the U.S. lifted financial stocks. Banks in Europe took advantage of recovering financial markets and offered bonds wirth 12 billion euro. The Spanish government passed fiscal stimulus package of 18 billion euros to bolster the falling economy on weak housing market. Every Spanish tax payers and pensioners will receive 400 euros this year and 8 billion euros are earmarked to distribute next year. |
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Shanghai Falls Again, HK Recovers
Apr 18, 5:13 PM EDT |
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| China Mobile rose 1.9% ahead of its earnings but PetroChina fell below its recently listed Shanghia IPO price. |
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| February exports rose 5.5% on rising exports to mainland China and Germany. Petro China fell below its offer price in Shanghai on the worries that refining margins will hurt earnings. In Hong Kong trading the benchmark Hang Seng Index declined 0.3% to 24,197.78, down 1.91% for the week, and the China Enterprises Index of H-shares, fell 1.7% to 12,675.43, declining 5.10% for the week. In Shanghai trading, CSI 300 Index dropped 3.4% to 3,272.50. |
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Nasdaq Rallies 2.6%, Dow Up 1.8%
Apr 18, 4:42 PM EDT |
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| Google surged 20% or $90 after it reported earnings rise of 30% on revenue gain of 46%. The earnings report lifted tech stocks. |
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| Goolge earnings rise of 30% lifted trading sentiment. Tech stocks surged with Nasdaq climbing 2.6%. S&P 500 index and Dow Jones added 1.8%. Caterpillar earnings lifted export sensitive stocks. Citigroup reported a loss of $5 billion, second in a row and asset write-down of $13 billion. Lower than expected loss from the bank helped financial and brokerage stocks to rebound. European markets closed higher, led by Switzerland. Royal Bank of Scotland to raise 10 billion pounds. |
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Exporters, Shippers Rebound in Tokyo
Apr 18, 4:29 PM EDT |
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| Regional economic survey from the Bank of Japan noted that eight of the nine regions reported sluggish or declining economic activites. |
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| Stocks in Japan edged higher on the optimism that global economy may not weaken further. Nikkei 225 rose 0.6% to 13,476.45, a 1.2% gain for the week, and the broader Topix Index increased 0.8% to 1,304.06. The yen weakened further to close at 102.36 yen to a dollar. Shipping lines, banks and export sensitive stocks close higher. The Bank of Japan in its region survey noted that eight of the nine regions are experiencing sluggish economic activities. |
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Public Deficit Widens, RBS to Raise £10 B
Apr 18, 3:43 PM EDT |
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| Royal Bank of Scotland is expected to release a plan to raise £10 billion and replenish its balance sheet. |
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| The ONS reported that March public sector budget deficit rose to £3.6 billion and net borrowings rose to £10.2 billion. Royal Bank of Scotland is expected to announce a plan to raise £10 billion to bolster its balance sheet. Council of Mortgage lenders reported mortgage lending in March fell 17% from a year ago and rose 5% from February. Kazakhmys and Eurasian Natural fell after Kazakhstan said it may impose a customs duty on exporters of metals and other mining industry. |
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Google, Citi, Caterpillar Lift U.S. Stocks
Apr 18, 4:28 PM EDT |
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| Nasdaq, S&P 500 and Dow surged neearly 2% after barrage of positive earnings. Citigroup plans to layoff 9,000 people. |
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| U.S. stocks advance after solid earnings from Google, Caterpillar, Honeywell and BB&T. Citigroup reported a loss of $1.02 per share and wrote down $13 billion in assets and credit losses of $2 billion. Google surged 20% after its revenue rose 46% and earnings increased 30% in the first quarter. Honeywell and Caterpillar gain 6% and Citigroup soars 7%. |
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Citigroup Writes Down $13 B
Apr 18, 4:27 PM EDT |
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| Citigroup reported second quarterly loss in a row and asset write down of $13 billion related to leveraged and subprime loans. |
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| Citigroup, exactly after a deacade of mega merger put together between Citibank and Travelers reported its second quarterly loss in a row. Citi reported a loss of $1.02 per share compared to net income of $1.01 a year ago after revenue plunged 48% to $13.2 billion in the first quarter. Citigroup, sprawling conglomerate of international banking, insurance and investment broker employs 300,000 people. The bank has still not announced plans to reduce its payroll and high cut operating costs. |
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