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Deutsche Bank, Michelin Declines; BP Shell Rise
Apr 29, 5:55 PM EDT |
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| Deutsche Bank reported its first quarterly loss in twenty quarters after it wrote down leveraged loans. |
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| European markets fell after a drop in commodities prices. BP and Royal Dutch Shell edged higher after they reported better than expected earnings. Deutsche Bank reported its first quarterly loss of 131 million after it wrote down loan values of 2.7 billion euros. Tire maker Michelin fell 9% after it reported first quarter sales decline of 2.6% and cut its full year earnings forecast. Eurotunnel will issue rights offering to raise 915 million euros and buy back convertible debt. |
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Stocks Decline on Confidence, Home Prices
Apr 29, 5:06 PM EDT |
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| Merck led decniers in Dow Jones Index and S&P 500 with a loss of 10% after FDA rejected its cholesterol treatment drug. |
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| U.S. stocks fell ahead of rate decision, a decline in consumer confidence and falling home prices. Home prices in February fell 12.7% after falling 10.7% in January. Consumer confidence in April fell on rising commodities and food prices and falling home values. On the earnings front MasterCard surged 13% and Visa increased 7% after they reported surge in earnings. Countrywide Financial reported first quarter loss but loan origination and deposit base rose. Brazil stocks fell 2.8%. |
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HBOS Rights Offering, Fewer Mortgages in March
Apr 29, 4:49 PM EDT |
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| BP reported its quarterly profit increased 63% to $7.2 billion and profit at Royal Dutch Shell increased 25% to $9.08 billion. |
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| Governor Mervyn King was reappointed to the Bank of England by the Treasury Committee in the UK. During the hearing King said that inflation in 2009 may be above 3%. Separately, the Bank of England reported that UK banks issued 64,000 mortgage loans in March compared to 72,000 in February. Mortgage lender HBOS said that it will launch £4 billion rights issue to meet capital requirements. |
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Energy Stocks Rise on Rebates
Apr 29, 4:46 PM EDT |
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| Oil refiners surged after China appeared to give tentative approval for a rebate to oil refiners, prompting demand of rebate from power companies. |
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| China is expected to offer most of the value added tax as a rebate to oil refining companies to cover losses from the price control. Stock in Shanghai and Hong Kong edged higher on the news. Power generating companies surged on the hopes that similar rebate may be extended to the sector. Bank of China reported 85% rise in earnings. The earnings news lifted financial stocks but the gains were muted ahead of the U.S. Fed rate decision. China Coal surged on strong earnings. |
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RBI Hikes CRR, Realty and Banks Surge
Apr 29, 4:45 PM EDT |
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| Stocks in the realty and banking sector surged after the RBI left its key rate unchanged and hiked cash reserve requirements for banks. |
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| The Reserve Bank of India left its key rate unchanged at 6% and issued a guideline to fight inflation and control liquidity. The central bank hiked cash reserve ratio by 25 basis points to 7.75%. The RBI also said that the inflation for the current fiscal year should be brought down to 5% and in the longer term to 3%. The central bank also estimated the economic growth rate in the current fiscal year between 8% and 8.5%. |
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