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UBS Rallies, Miners Rise
Apr 04, 6:37 PM EDT |
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| SAP hopes to improve marrgins and plans to reduce reseach and development costs. |
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| European markets staged a tentative rebound on rising energy and metals prices. However, ongoing credit market problems persisted. Banks and financials were volatile and are likely to face more losses in the second quarter. UBS faced a critical shareholder and a former executive who plans to separate its investment banking from its wealth management unit. The move only reflects shareholders displeasure with the company performance. |
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U.S. Job Losses May Rise, MBIA Lowered
Apr 04, 7:26 PM EDT |
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| MBIA, bond insurer rating was lowered by Fitch below its highest rating. Wamu led the decliners in S&P 500 index with a loss of 12%. |
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| For the fourth month private employers cut payroll in the U.S., as weak conditions prevail in the economy. Financial services, construction and manufacturing sectors cut staff. Employers in services and government payroll rose. The latest data is yet another evidence that the economy is rapidly faltering. March unemployment rose to 5.1%. Energy stocks gained as oil and gasoline rebounded. |
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Golden West Surges, Wesfarmers Refinances
Apr 04, 5:07 PM EDT |
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| Property insurance company QBE rose 3% after it reaffirmed its profit margin target of 20%. Wesfarmers will refinance its $710 million debt. |
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| Tax authorities in Australia have disputed $317 million in tax relief to BHP. The mining company intends to defend its position in the dispute involving a plant in Venezuela. Separately, Wesfarmers raised $710 million in the U.S. to refinance its short-term loans to acquire Coles Group. Portman, third largest iron ore exporter from Australia, acquired 10% stake in Golden West Resources to fend off an offer from Fairstar. |
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British Energy Surges. UK Stocks Rise
Apr 04, 5:05 PM EDT |
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| British Energy rose 7.2% after media reports that France based EdF may bid for the company. |
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| Stocks in UK rose as investors braved to buy stocks of utilities and mining companies. FTSE 100 index increased 0.95% or 55.8 to 5,947.10 and of the 102 in the FTSE 100 stocks, 67 rose, 28 declined and 7 were unchanged. The IMF report cautioned that UK and Ireland may be the next to face a housing market correction after the U.S. residential market collapse. |
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Daiwa Securities Profit Declines, Nikkei Down
Apr 04, 5:04 PM EDT |
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| Deputy Governor Shirakawa is likely to be appointed as the BOJ governor. Opposition party signaled its approval, if he is nominated. |
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| Japan stocks fell on Friday but for the week rose on global markets recovery. Financial stocks are still under the pressure and banks and securities companies are focus of intense speculation. Daiwa Securities annual profit fell 51% and reported a loss in the fourth quarter. |
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Inflation at 7%, Sensex Down 3%
Apr 04, 1:31 PM EDT |
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| Inflation continues to reach new highs as food and energy prices rise. Weak agriculture productivity and sharp wage gains are lifting inflaiton. |
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| Inflation in March surged to a 4-year high on rising food and energy prices. Investors sold bank stocks and dragged market averages lower and worried that RBI many be forced to act and reduce liquidity in the system. Sensex fell 3.1% or 489 to 15,343.HDFC, ICICI and State Bank of India led the decliners in the Sensex index. |
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Unemployment Reaches 5.1%
Apr 04, 12:09 PM EDT |
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| For the fourth month in a row private sector has lowered payroll as deeper economic recession takes a hold. |
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| The latest payroll data offered another evidence of the U.S. economic recession. Non-farm payroll in March fell 80,000 after falling revised 76,000 in February and January. Private sector losses would have been higher had it not been the government payroll rising. Private sector lowered the payroll by 98,000 in the month but the government payroll increased by 18,000. |
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