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Centro Soars, ANZ Sells Opes Collateral
Apr 03, 11:18 PM EDT |
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| Stocks in Australia gained on a rise in commodities prices and a gain in financial stocks. Centro Properties soared on a possible sale at a premium. |
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| Steady rise in commodities prices and a gain in financial stocks lifted sentiment in trading in Australia. ASX 200 index gained 1.9% or 106 to close at 5,608.90. An interest from more than six bidders in Centro group at 100% premium also improved mood in trading. Centro Properties rose 100% before stock was halted for trading. Citadel Resource stock rose 13% after Goldman Sachs sold 8% stake held by collapsed Opes Prime. Separately ANZ won a court ruling to sell assets of Opes on margin loan. |
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Banks in Europe Decline
Apr 03, 8:03 PM EDT |
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| European banks fell on fresh write off linked to subprime loans in the U.S. and UK bank downgrades. |
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| BayernLB, the largest German state controlled bank, reported 4.3 billion euro write-off in its asset back securties portfolio. The bank also plans to separate at least 20 billion euro securities in a special unit with its backing. The sharply higher loss left most banks in the region lower. At the beginning of the week, banks rallied on the hopes that banks are strong enough to withstand the current credit market crisis. |
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Stocks Gain Despite Rising Jobless Claims
Apr 03, 9:22 AM EDT |
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| Jobless claims at the end of last week rose as financial and construction industries reduced employees. Investors looked forward to second half. |
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| Rising jobless claims was one more evidence that economic slowdown is speeding. Sharp decline in housing market has now spread to a slowdown in financial services and consumer spending. In another report from ABA, more consumers fell behind on their loans, lifting delinquencies to 15-year high. Metals, oil, and agricultural commodities remained at elevated levels. |
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IT Stocks Rise, Indian Oil Bonds
Apr 03, 6:38 PM EDT |
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| IT stocks rebounded on the hopes of higher earnings, after losing more than 30% in the last six months of trading. |
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| An advance in IT stocks in India lifted Sensex in the session. Infosys, Wipro, Satyam and Tata Consultancy gained between 3% and 5%. Bharat Heavy fell after it reported net income for the year rose 17% to 2,815 crore rupees. Indian Oil is expected to issue bonds of 31 billion rupees backed by Indian government to fund the losses generated from selling oil below market price. Separately, Reliance Industries plans to close 1,600 petrol stations. |
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Lloyds Leads UK Stocks Decline
Apr 03, 2:39 PM EDT |
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| Tight interbank lending and weak economic conditions in UK are expected to force banks to curtail their lending. |
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| Lenders of home and corporate loans are likely to curtail their lending activities in the near future as credit markets remain tight, according to a report published on the Bank of England Web site. The interbank lending in UK and in the European region still remains tight. International Power led advancers in the FTSE 100 index shares with a rise of 3.73% followed by increases in BG Group Plc of 3.47%, in Severn Trent of 2.76%, in Anglo American Plc of 2.29%, and Lonmin Plc of 2.13%. |
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Jobless Claims Rise, Consumers Fall Behind
Apr 03, 6:37 PM EDT |
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| Index of consumer loan delinquencies rose to a 15-year high as labor market remain weak and home prices decline. |
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| For months economists and Fed regulators have denied that the U.S. economy is in recession, but evidence is mounting that weakness in housing market and in financial services is spreading into the broader economy. Jobless claims at the end of the last week rose by 38,000 and now nearly 3 million people are receiving weekly unemployment benefits according to the Labor Department. Separately ABA quarterly report showed more consumers are falling behind on their loans. |
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Shanghai and HK Gain
Apr 03, 9:55 AM EDT |
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| Stocks in Shanghai and Hong Kong gained on a rally in commodities and financial stocks. |
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| Rising commodities prices in the region and a second-day rally in financial stocks lifted Hang Seng index 1.6% to 24,264. Stocks in Shanghai rose 3%. ADB, Asian Development Bank estimated Hong Kong growth of 4.5% and inflation of 3.4% in 2008. Apartment sales in shanghai were healthy in March and are expected to remain strong in the first half of the year. |
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Nikkei Rises 1.5%
Apr 03, 9:23 AM EDT |
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| Commodities and oil prices rise in Japan and Asia. Toshiba Corp wins orders to build nuclear plants in the U.S. |
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| A rally in commodities and trading companies lifted stocks in Japan. Financial and property stocks gained for the second day in a row. Nikkei 225 rose 1.52% or 200.54 to 13,389.90, while the broader Topix Index increased 1.4% or 17.57 at 1,299.64. Nippon Suisan led gainers in the Nikkei 225 index with a rise of 8.8% followed by rises in Sojitz Corp. of 7.40%, in Mitsui Sumitomo Insurance Group Holdings of 7%, in Obayashi Corp. of 6.8%, and T&D Holdings Inc of 6.6%. |
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