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Credit Suisse Up, Business index Declines
Apr 24, 5:32 PM EDT |
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| European markets rallied lifted by financials and insurance companies. Credit Suisse reported a loss of Sfr 2.14 billion. Gaz de France gains 2%. |
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| European stocks market averages gained on a rally in financial stocks. Credit Suisse statement that for now it has adequate capital despite a large loss at the end of the first quarter lifted stocks in the sector. Futures of metals, energy and commodities generally declined. Gold fell below $900 per ounce. European business climate index fell on the rising worries related to global economic conditions and inflation in raw material prices. |
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Apple, Credit Suisse Spark Broad Rally
Apr 24, 4:43 PM EDT |
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| Stcoks rallied after techs, consumers, financials and insurance companies edged higher. Apple, Credit Suisse and Merrill Lynch jumped more than 5%. |
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| U.S. stock market averages rose after a rally in financials, insurance and select tech stocks. Apple lifted tech stocks after it reported sharply higher sales and earnings. Credit Suisse reported higher than expected loss but said for now it does not need to reaise capital. Merrill Lynch is not planning to cut its dividend. T Rowe Price, Aflac and Travelers rose after earnings. In Asia China surged 9% and Switzerland led gainers in Europe. |
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Persimmons, Home Builders Decline
Apr 24, 4:35 PM EDT |
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| In London trading FTSE 100 fell 0.54% or 32.9 to 6,050.70. UK home prices fell in March and are likely to fall furhter on tight lending conditions. |
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| UK home prices declined by 2.5% in March from February but were 1.1% higher than a year ago. For the month, the standardised house price was at £191,556. UK prices have increased 171% over the past ten years and 51% over the last five years and the average UK home price has risen by £120,860 during the past decade from £70,696 to £191,556. Separately, home builder Persimmons reported in its interim report that tight mortgage lending has affected sales and a rise in cancellations. |
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Financials Lift Dow and S&P 500
Apr 24, 4:33 PM EDT |
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| Insurance companies and investment bankers edged higher after Credit Suisse reported a loss. Aflac and Travelers earnings lifted the sector. |
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| U.S. stock averages advanced after a steady rise in financials and insurance stocks. Merrill Lynch surged 10% after it said that it will not cut dividend. Credit Suisse edged 5% higher after it swung to $2.2 billion loss and said that for now it may not need to raise capital. Stocks of T. Rowe Price and Aflac gained on better than expected earnings. |
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ACC and Maruti Fall on Earnings
Apr 24, 4:32 PM EDT |
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| Maruti, on the rising demand for small car Swift reported rise in sales in the fourth quarter and fiscal 2008 ended in March. |
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| Maruti unit sales in fiscal 2008 increased 13% on 18% rise in sales. Earnings in the year increased 11% depsite tighter depreciation policies. In the fourth quarter, earnings plunged 33% on higher depreciation expenses. Maruti exported 7% of its vehicles in the fiscal year. Separately cement maker, ACC reported slight gain in profit on 8% rise in sales to 1,861 crore rupees. |
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Starbucks Plunges 10%, Stocks Decline
Apr 24, 9:57 AM EDT |
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| Stocks declined at the opening on mixed earnings, a fall in durable goods orders and weekly jobless claims. |
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| U.S. stocks edged lower after durable goods order fell 0.3% in March. Mixed earnings from several companies also weighed on the market. Amazon.com fell after earnings rose 30% to 34 cents per share. Apple edged lower after earnings missed the analysts target and Starbucks plunged 11% on weak same store sales and weaker earnings outlook for the year. FMC declined after it reported earnings surged to $1.23. Fidelity National Title fell on weak housing market and earnings slide. |
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Shanghai Surges 9%, PetroChina Up 10%
Apr 24, 4:30 PM EDT |
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| Stocks in Shanghai and Hong Kong surged after China lowered stamp duty on trading. Property prices are expected to rise in the second quarter. |
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| China, in a move to improve sagging sentiment among investors lowered its stamp duty tax on trading to 0.1% from 0.3%. Stock averages in China surged 9% on the move but stocks may sag again on rising inflation and growing disillusion among investors. Major indexes in China have lost at least 30% before gains of today. In Hong Kong stocks edged higher as well. Property prices are expected to rise in the second quarter as investors shift their focus away from stocks. |
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JFE, Fanuc Earnings Drive Stocks Lower
Apr 24, 8:42 AM EDT |
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| Nippon Sheet Glass, Daiwa House, and Osaka Gas led the gainers in Nikkei 225 index shares. |
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| Stocks in Japan edged lower after JFE Holdings reported revenue rise of 8.6% and earnings decline of 12.6%. The company also hinted that a sharp rise in raw materials costs from Australia will force it to revise prices of steel products higher and did not give earnings guidance for the rest of the year. Fanuc also estimated 4.6% decline in operating income. The BOJ reported March corporate services price index rose 0.4% after rising 0.7% in February. |
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