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UK Banks Rise, Home Builders Fall
Apr 02, 2:03 PM EDT |
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| Old Mutual led gainers in the FTSE 100 index with a rise of 6% followed by increases in Royal Bank of Scotland 5.7%, in Barclays of 5.6%. |
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| UK stocks rose after markets in the U.S. traded higher. In London trading FTSE 100 stocks advanced 1.08% or 63.3 at 5,915.90. The Bank of England reported that 73,000 mortgage loans were approved compared to 74,000 in January. Separately, the Building Societies Association said the value of mortgage approvals by customer-owned lenders fell 31% from a year earlier to £3.6 billion pounds. |
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Second Day Rally in Financials
Apr 02, 5:22 PM EDT |
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| Alitalia Chairman Prato resigned after the carrier and AirFranceKLM failed to agree on deamands of labor leader. |
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| European financial stocks rallied for the second day on the hopes that the regional banks are strong to withstand the ongoing credit market crisis in the U.s. Banks, insurance and brokers rallied. WestLB, third largest state controlled bank in Germany reported 2.1 billion assset write down in subprime loan portfolio. French caterer Sodex first half revenue rose 4% and earnings. AirFrance KLM and Alitalia broke off talks after they failed to agree on union proposal. |
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Oil Rebounds, Global Markets Rise
Apr 02, 4:59 PM EDT |
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| Venezuela and Mexico led a rise in global markets and in the overnight trading Asian markets surged. |
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| The Fed Chairman Bernanke comments raised a prospect of recession. He cautioned that the in the first half the economy will struggle and conditions for the U.S. economy will improve on fiscal stimulus. He hoped that inflation will moderate in the later part of the year. Crude oil and gasoline jumped after the inventory report showed a more than expected decline. Research in Motion jumped 4% after the close on earnings. |
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Macquarie Leads Financial Stocks Surge
Apr 02, 3:31 PM EDT |
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| Financial stocks surged after $19 billion capital plan from Lehman and UBS was well received. Hopeful investors bid up financial stocks. |
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| Financial stocks surged in Australia after a rally in the U.S. and European markets. Enthusiastic investors showed appetite for risk when Lehman and UBS offered to raise $19 billion. Macquarie Group surged 10% and National Australia Bank Ltd added 5.2% while Commonwealth Bank of Australia gained 4%. ANZ added 5% and Westpac was up 6.5%. Gindalbie Metals largest investor placed injunction on the sale of stock to cover margin call at a failed broker. |
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Rising Auto Sales, Sensex Up
Apr 02, 4:37 PM EDT |
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| Stocks in India rose after global markets surged led by a rally in financial markets. |
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| Vehicle sales in March rose despite a rise in interest rate. Mahindra sales in March surged 20% and sales at Tata rose 6%. However, Bajaj sales of motorbikes fell 10% on stiff competition in the segment. Maruti earlier reported flat sales from a year ago. Tata Motors rose 1.5% and Mahindra gained 2.6%. Indiabull Securities fell to a new low today. |
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U.S. Stocks Rise on Bernanke Outlook
Apr 02, 4:40 PM EDT |
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| U.S. stocks traded in a tight range after a sharp rally in the previous session. Bernanke said that economic conditions may improve later in the year. |
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| The Fed Chairman Bernanke said that conditions for economy will improve later in the year. He added that the economy may not grow and may even shrink for the first half of this year. The remarks kept stock market in check in the morning trading. Weekly crude oil inventories rose but that of gasoline fell sharply. CarMax rose after reporting lower than expected decline in earnings. Best Buy edged higher after its net income dropped 3.4%. |
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Global Rally Lifts Stocks in HK; Shanghai Falls
Apr 02, 8:16 AM EDT |
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| Hong Kong stocks track a rally in the US and European markets but trim some of its advances at close. Investors continue to sell stocks in Shanghai. |
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| Stocks in Hong Kong surged after a steep rise in the U.S. indexes and an increase in European stock markets. Hang Seng Index retreated from a 4.6% increase in the morning to close up 3.20% or 734.97 at 23,872.43, and the China Enterprises Index rose 4.7% to 12,807.35. In Shanghai, CSI 300 fell 1% to 3.547.98. Investors in China continue to dump stocks. Net redemptions in investment funds in China fell by Rmb 17 billion. |
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Nikkei Surges 4%
Apr 02, 7:53 AM EDT |
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| NTT sold its stake in Sri Lanka Telecom, the single largest Japanese investment in the country, to a Malaysian company. |
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| Japanese stocks surged after tracking gains in the U.S. and Europe. More than 70% of trading on Tokyo Stock Exchange originates with foreign investors. Nikkei 225 rose 4.21% or 532.95 to 13,189.36, and the broader Topix Index gained 1.5% or 17.5 at 1,230.49. Of the Nikkei 225 index shares 214 gained, 8 declined and 3 were unchanged. Shinko Securities led advancers in the Nikkei 225 index shares with a surge of 14%. |
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