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Earnings at Sanofi and Orders at Siemens Up
Apr 30, 6:01 PM EDT |
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| Alcatel fell after it reported wider loss on higher restructuring charges. Consumer confidence in the euro zone declined on rising inflation. |
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| Stocks in Europe rose despite a fall in consumer sentiment. The index declined for the eleventh month in a row on rising commodities prices and worries related to strong euro. German cabinet office approved the sale of 24.9% in Deutsche Bahn. On the earnings front, Siemens earnings fell nearly 70% on 0.5% rise in revenue. Alcatel widened its quarterly loss on higher restructuring charge. Sanofi-Aventis reported earnings rise of 12% to 1.9 billion on revenue loss of 3.3%. |
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Fed Signals Pause, Stocks Fall, Brazil Record
Apr 30, 7:54 AM EDT |
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| The Fed signal of future rate cut after 0.25% cut today dragged stocks lower. Brazil real and stock market surges on rating revision. |
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| The Federal Reserve lowered its key interest rate by 0.25% to 2% and indicated that it may pausse for a while, however, the Bank of Japan left its key rate at 0.5%. China reported a surge in its crude oil imports and consumption as production rose only 2% in the first quarter. Hong Kong retail sales surged in March and in the first quarter. Brazil debt rating was raised to investment grade by S&P as it improves its balance of payment situation lifting Real and Bovespa stock index. |
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BoJ Left Rate at 0.5%, March Production Declines
Apr 30, 4:42 PM EDT |
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| Industrial production in March declined from February and from a year ago and is expected to decline in April before it recovers in May. |
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| The Bank of Japan left its key rate unchanged at 0.5% as economy continues to remain sluggish. Inflationary pressures are on the rise but retail sales remain weak. Japan, in a near 11 year economic slump is now facing inflation from the outside world as commodities and food prices rise. March industrial production declined compared to February and from a year ago. Production is likely to fall further in April. Matsushita surged 14% after it forecasted 10% rise in the current year profit. |
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HK Retail Sales Rise, China Oil Demand Up
Apr 30, 3:44 PM EDT |
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| Ping An earnings rose 24% in the first quarter and profit at ICBC rose 77%. TCL Multimedia turned profitable. |
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| Hong Kong retail sales in March surge 20% and in the first quarter rose 17%, lifted by a 29% surge in auto related sales. Separately China reported crude oil consumption in the first quarter rose 8% to 91.8 million tons and consumption of petrol, diesel and kerosene rose 16.5%. Crude oil production in China rose only 2.2%. |
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Nestle, HDFC, Reliance Comm Earnings Rise
Apr 30, 3:19 PM EDT |
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| Stocks in Mumbai trading fell ahead of the rate decision in the U.S. Reliance Communication earnings surged. |
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| Stocks in India closed lower ahead of the rate decision in the U.S. The U.S. Fed lowered its key rate by 0.25% to 2% and signaled that future cuts may not be necessary. Reliance Communication earnings surged 71% on 32% rise sales. HDFC declined after it reported 40% rise in income on 33% rise in revenue. Nestle India earnings gained 48% and Videocon Industries profit gained 8%. |
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UK Home Prices Fall, Weak Confidence
Apr 30, 2:13 PM EDT |
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| BG Group led decliners in the FTSE 100 index shares with a drop of 6% followed by losses in Vedanta Resources of 4.5%. |
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| UK consumer confidence falls to the lowest level in the last sixteen years on worries related to general economic conditions and weak housing market. Nationwide Building Society reported today that U.K house prices declined 1% to £178,555 in April from a year earlier as the credit crunch affect new home purchases. The mortgage lender also forecasts prices may decline as much as 5% this year. Home Retail Group led advancers in the FTSE 100 index shares with a rise of 8.75%. |
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GDP 0.6%, GM and PG Earnings; Stocks Up
Apr 30, 9:25 AM EDT |
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| U.S. stocks edged higher after the release of better than expected economic growth in the first quarter. GM and P&G trade up on earnings. |
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| U.S. stocks edged higher on the release of first quarter GDP data. The economy in the quarter rose at annual rate of 0.6%, same rate as in the fourth quarter of 2007. Higher investment in inventory contributed to the mild gain. Citigroup revised its stock offering plan to $4.5 billion from $3 billion. General Motors reported narrower than expected loss. Procter & Gamble earnings rose 7.9% on rising demand in China, India and Latin America. |
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