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Euro Rises, Stocks Decline
Apr 22, 6:41 PM EDT |
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| Euro rose to a record high against dollar and crude oil edged to a record level on continued supply disruptions in Nigeria. |
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| European markets were cautious after a surprise plan by Royal Bank of Scotland to raise 12 billion. On the news banks traded lower. Euro reached another record high against dollar as talks of inflation fight circulated. Havas jumped 2.5% in Paris trading after it reported sales rise. Saint Gobain, building materials maker reported a decline in sales on the weakness in the North America. |
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Records in Dollar and Oil, Yahoo Falls
Apr 22, 5:41 PM EDT |
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| Yahoo falls in the after market trading on earnings that fell below expectations. The dolllar fell to a record low against euro. |
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| U.S. stocks fell in the final hours of trading on rising oil and falling dollar. Crude oil jumped above $119 in the session on Nigerian oil supply disruption. The dollar fell agaist euro on talks of firm interest rates in Europ. The euro rose above $1.60 to a dollar. Gold rebounded to $925 per ounce. Yahoo after the market hours reported its quarterly net income jumped to 37 cents from 10 cents a year ago on Alibaba.com stake sale. |
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Home Builders, RBS Drag UK Stocks
Apr 22, 2:35 PM EDT |
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| Royal Bank of Scotland, in a sharp reversal of its earlier statement, issued a plan to raise £12 billion and maintained its dividend payout ratio. |
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| Royal Bank of Scotland announced a plan to raise £12 billion pounds to improve its faltering capital adequacy ratio. The bank has been rumored for months to raise between £4 and £8 billion but its chairman insisted that the bank does not need additional capital. Home builders slumped after Merrill Lynch lowered its estimate of unit sales for 2008 and 2009. In the trading session, energy and mining stocks rose and banks and home builders declined. |
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Stocks in HK and Shanghai Rebound
Apr 22, 11:52 AM EDT |
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| Stocks in China region rose on the speculation that the government will take additional steps to reimburse losses at oil refining companies. |
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| Hong Kong stock indexes advanced after a surge in afternoon trading on rising speculation that Beijing will take additional steps to protect oil companies from rising crude oil prices. In Shanghai trading CSI 300 Index rose 0.9% to 3,296.28 and in Hong Kong trading Hang Seng added the same to 24,939. PetroChina advanced 6.5% and Sinopec increased 5.1%. |
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Stocks in Japan Fall
Apr 22, 5:32 PM EDT |
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| International companies are looking to issue more bonds in Japan to take advantage of low interest rate. |
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| Stocks in Japan continue to trade volatile and in the shadow of the U.S. market average trading. Nikkei 225 fell 1.1% to 13,547 after earnings from Bank of America and Texas Instruments dragged tech and financial stocks. Analysts also lowered outlook on Sony on the ongoing volatility in yen. More international companies are looking to issue bonds in yen. Bank of Canada was the latest in its samurai bonds. For the year nearly 1 trillion in yen bonds were issues by foreign companies. |
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Sixth Gains in Stocks, Reliance, TCS Earnings
Apr 22, 5:31 PM EDT |
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| Reliance industries reported healthy earnings gain but missed the analysts expectations. TCS fell 10% after weak earnings and sales. |
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| Reliance Industries fell after it reported 24% rise in earnings to 3,912 crore rupees. The earnings rose on higher crude oil refining margins and higher sale across various chemical segments. Tata Consultancy reported sequential profit decline on a marginal rise in revenue. The information services provider also issued a cautious guidance. TCS fell 10% and led decliners in the Sensex index. |
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Stocks Decline on Fifth Third, Sun Trust
Apr 22, 10:31 AM EDT |
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| Earnings at Fifth Third bank and Sun Trust declined after both banks increased their provisions for loan losses. |
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| U.S. stocks traded sideways after more banks report losses from risky loans and growing worries related to losses from the consumer banking. For now, banks are taking losses only in the residential mortgage loans but rising charges in the consumer and retail loans are expected to be just as bad. Fifth Third and Sun Trust reported sharp rise in net charge offs and loans loss provisions. Royal Bank of Scotland is forced to raise $24 billion in UK. |
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RBS to Raise £12 billion
Apr 22, 5:30 PM EDT |
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| Royal Bank of Scotland will issue 11 new shares for every 18 existing shares and maintain its dividend for now to raise £12 billion. |
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| Royal Bank of Scotland today announced its plan to sell assets, raise capital and cut costs. The battered bank vastly overpaid for its recent acquisition of investment banking and Asian operations of ABN Amro. The bank now suffering from losses in mortgage loans and slow down in investment banking business has seen its Tier 1 capital ratio as low as 6%. RBS plan to raise £12 billion in the largest rights issue ever in London, but will not cut its dividend for now. |
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