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Banks, Insurers Decline; Escada Down 10%
Apr 09, 4:38 PM EDT |
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| Airbus expects to sell less than 750 planes in 2008, lowest in 4 years on rising fule costs and tough credit conditions. |
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| European bank closed lower after worries on credit market dragged the sector and broader markets lower. German regulators ordered Weserbank, local bank to close on worsening financials. Escada dropped 10% after private equity group declined to invest in the retailer. Nordex, wind turbine maker, jumped 4% on fourfould rise in earnings. Media reports in France suggest that Sacyr agreed to sell its 33% stake in Eiffage for 1.96 billion euros. |
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Earnings Worries; Records in Copper, Oil
Apr 09, 4:07 PM EDT |
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| U.S. stocks edged lower after UPS lowered its earnings estimate and crude oil surged above $112 a barrel. Copper closed at $4. |
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| U.S. stocks edged lower on negative news on earnings and rising crude oil and metal prices. Crude oil traded above $112 a barrel after weekly inventories report showed higher than expected decline. UPS lowered its earnings estimate on higher oil price and softer domestic shipment volumes. AMR cancelled 500 flights after several planes were grounded for inspections. Goldman Sachs reported a rise in hard to value level-3 assests and reported 35% decline in revenue. |
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UK Output increases, Confidence Dips
Apr 09, 3:05 PM EDT |
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| Stocks in UK dipped after consumer confidence fell but manufacturing in the first quarter rose. Commodities led miners higher. |
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| UK manufacturing index rose in the first quarter but consumer confidence in March fell. The International Monetary Fund lowered the growth estimate for UK to 1.6% from 1.8% for the current year. ONS reported first quarter total output rose 0.4% on the rise of 0.3% in manufacturing. Cairn Energy led gainers in the FTSE 100 index shares with a rise of 4.5% followed by increases in BG Group of 3.4%, in Vedanta Resources of 3%, in BHP Billiton of 2.4%, and Anglo American of 2.3%. |
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Yes Bank Earnings Lift Sensex
Apr 09, 3:42 PM EDT |
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| Stocks in Mumbai trading rose on better than expected earnings from Yes Bank and the bank said it ha no exposure to subprime loans in the U.S. |
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| Stock in Mumbai edged higher on better than expected earnings from Yes Bank. The bank also said that it has no exposure to derivatives and risky loans linked to the U.S. loans. The news sent stocks in the banking sector higher. Sensex added 1.3% or 203 to 15,790. On the National Stock Exchange CNX Nifty advanced 0.8% or 37 at 4,747. Tata Power got a loan of $450 million to build a power plant in Mundra, Gujarat with a capacity of 4,000 MW. |
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AMR, UPS and Goldman Down
Apr 09, 1:03 PM EDT |
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| U.S. stocks edged lower on weak tech, retail and financial stocks. AMR grounded 1,000 flights and UPS lowered its earnings estimates. |
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| U.S. stocks fell sharply in the morning trading after string of negative news. Crude oil surpassed $111 a barrel, UPS lowered its earnings estimates for the first quarter and Goldman Sachs reported higher level of level-3 assets and 35% decline in revenue at the end of the first quarter. American Airlines grounded 1,000 flights for inspections. |
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Shanghai Plunges 5%, HK Stocks Down 1.4%
Apr 09, 3:42 PM EDT |
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| Stocks in Hong Kong and Shanghai declined on rising inflation and worries related to earnings. |
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| China reported a decline in consumer confidence in the first quarter on rising food and energy prices. However, real estate sales continue to surge in March after falling for two months in a row. Stocks in Shanghai plunged 5% as investors worried that earnings in the first quarter will be lower than expected. Hang Seng index fell 1.4% but recovered from larger losses on rising energy and commodities stocks. |
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BOJ Left Rates at 0.5%, Coal Price Surges
Apr 09, 8:52 AM EDT |
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| The BOJ left key rate unchanged at 0.5%. Australian miners jacked up prices of coal by 200% to steel makers. |
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| The new governor at the Bank of Japan left key interest rate unchaged at 0.5% and warned that economy is sluggish and private investment from businesses is declining. Japanese steelmakers agreed to pay nearly three times for the coking coal from Australia. Coal miners in Australia have raised prices for the last five years to take advantage of economic boom in China and India. Earlier South Korea agreed with a similar price hike. |
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