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World Markets On Decline, WaMu to Raise $7 B
Apr 08, 4:44 PM EDT |
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| World markets were on the decline after markets in Europe, Asia, and Americas edged lower. Elevated commodities prices fuel inflation fears. |
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| Global markets were on the decline after the IMF quarterly report estimated $1 trillion in U.S. loan related losses. The estimate put investors on the defensive and urged banks and world financial regualtors to act quickly to improve health of lenders. Separately, Washington Mutual announced a plan to raise $7 billion, including $2 billion from a private equity group TPG Capital led investors. Home builders declined sharply. Coal and other mineral miners surged. |
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UK Home Prices Decline, Stocks Follow
Apr 08, 3:18 PM EDT |
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| UK stocks fell after worries related to domestic housing market and international credit market crisis linked to the U.S. loans resurfaced. |
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| London stock averages fell after a report by mortgage lender HBOS said house prices fell 2.5% in March from the previous month. However, gains by commodity stocks helped trim losses. In London trading FTSE 100 fell 0.41% or 24.6 to 5,990.20. The International Monetary Fund said today that banks and governments should be prepared for rising losses related to U.S. credit markets and estimated that total losses can reach to $1 trillion. |
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IMF Estimates Loan Loss to Reach $1 T
Apr 08, 4:39 PM EDT |
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| The IMF estimate, revised sharply higher from its earlier projection dragged the U.S. and Europe markets lower. |
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| European markets were on the decline after the IMF report suggested that total losses related to U.S. riskly loans could reach $1 trillion. The report predicted dire consequences for banks and financial systems if financial regulators and banks do not act quickly. Banks and brokerage stocks across the region fell. |
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Inflation and Regional Declines Drag Sensex
Apr 08, 4:41 PM EDT |
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| Stocks in India fell after credit market worries dragged other Asian markets lower. |
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| Stocks in India fell after a sell-off in the region on persistent worries related to credit markets. Sensex declined 1.1% or 169 to close at 5,587.62 and CNX Nifty fell 1.1% or 51 to close at 4,709.65. Larsen & Toubro fell 5.1% to 2,581.30 rupees despite the company receiving four orders worth 1,687 crore rupees. Wipro lost 4% and led the decliners among software exporters. |
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Inflation Worries Drives HK Trading
Apr 08, 9:24 AM EDT |
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| Commodities and energy related stocks gained in Hong Kong and Shanghai trading |
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| Hong Kong Stock indexes fell on resurgent fears of credit market losses that led financial stocks lower. Hang Seng Index fell 1.9% or 267.07 at 24,311.69, and China Enterprises Index fell 1.67% or 223.66 to 13,196.22. Rising commodities prices and weak dollar fueled the inflation worries in the region. China business climate index fell on severe weather condition in the first quarter. |
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Fukoka Financial Plunge, Tokyo Stocks Down
Apr 08, 4:40 PM EDT |
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| Commodities and energy stocks gained in Tokyo trading but the market indexes declined. |
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| In Tokyo trading Nikkei 225 plummeted 1.49% or 199.8 at 13,250.43, and the broader Topix Index fell 1.8% or 22.94 at 1,282.69. Diet in Japan is expected to vote on the appointment of Masaaki Shirakawa as the BOJ governor. The post had been vacant for the first time in eighty years. Separately, private report showed that corporate bankruptcies rose 7.7% in fiscal 2007, for the second year in a row. |
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