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inflation Worries Drag China Stocks
May 15, 7:36 PM EDT |
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| Hang Seng index fell 0.08% or 19.77 to 25,513 and CSI 300 index in Shanghai dropped 0.7% to 3,948.10. |
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| Stocks in Shanghai and Hong Kong fell on the continued worries related to elevated inflation in the region. However, China reported that non-performing loans fell to 5.8% of all assets, lower than 6.2% at the end of the last year. Fixed asset investment increased 26% in the first four months compared to a year ago period. Separately, software services outsourcing from China rose to $10 billion in 2007. |
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Realty, IT, Capital Goods Stocks Surge
May 15, 7:18 PM EDT |
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| The goverment ruled out the relief in import duty on crude oil. Steel export duty is still under review. Sensex surged 2.2% or 375. |
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| Stocks in Mumbai trading surged higher, led by a sustained gains in capital goods, real estate and software export companies. Rupee continue to hover near 42.60 to a one U.S. dollar level. Rising crude prices and worries related to slower growth in the exports kept the ruppee in check. The Indian rupee has now dropped 10% from its peak in the late December. Larsen Toubro led the gainers in the Sensex with a rise of 5.4% to 2,983 and Reliance Industries added 3.5% to 2,619 rupees. |
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Sony, Nippon Steel Up; Ebara Down
May 15, 6:37 PM EDT |
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| In Tokyo trading stocks edged higher on the optimism that the current economic slow down in the U.S. may not have a material impact on exporters. |
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| Sony estimated operating profit in the current fiscal year to be at 450 billion yen, 20% higher than a year ago. The better than expected forecast lifted sentiment in trading. Nikkei 225 index increased 0.9% or 133.2 to 14,251. Separately, private sector machinery orders received in March fell 8%. Steel prices paid by Japanese automakers may reach 100,000 yen per ton this year. Sony and Nippon Steel led the gaiers in the Nikkei 225 index and Ebara and Shimizu led the decliners in the index. |
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Parmalat Falls, Cadbury, SABMiller Rise
May 15, 6:20 PM EDT |
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| Parmalat SpA stock fell after it reported lower earnings on 13% rise in raw milk costs. Cadbury, SAB Miller gained but Barclays reported a loss. |
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| European nations registered 0.7% growth in the first quarter after growing at 0.5% in the fourth quarter of 2007. Sustained exports to the Middle East and Asian nations have helped companies in the region despite a sharp rise in energy prices. Reflecting a similar demand from Asian nations, Baltic Dry Index retraced its 50% loss from the peak in November of 2007 in the last three months. Ocean freight rates for commodities are now priced at a record high seen in the fourth quarter of last year. |
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Rally in Tech and Energy Stocks
May 15, 5:37 PM EDT |
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| CNET agreed to be acquired by CBS for $1.8 billion in cash. GE decided to put its appliance division on the market. |
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| Tech and energy stocks advacned in the session. Cisco, Intel, Yahoo, Apple, Google and Research in Motion closed higher and lifted Nasdaq up 1.4%. Energy stocks gained as well, after crude traded at elevated level. Oil drillers, explorers and services providers closed higher. Metals and mining companies gained on the weakness in dollar and sustained demands from China and other Asian nations. |
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Tech Stocks Rebound; Yahoo, Intel, RiM Up
May 15, 5:24 PM EDT |
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| Tech stocks rallied as agressive investors acquire stake in Yahoo in the hope of a possible deal with Microsoft. |
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| Tech stocks rally lifted broader market indexes. Nasdaq index gained 1.2% in the late afternoon on a steady rise in Apple, Research in Motion, Intel, Cisco and Google. Carl Ichan and Paulson & Company acquire a stake in Yahoo hoping to elect board that favors a deal with Microsoft. Retailers also rallied after JC Penney reported lower than expected fall in earnings. Barclays reported a large loss related to credit market assets. |
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Cadbury, SABMiller Rise, Barclays Loss
May 15, 5:23 PM EDT |
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| UK stocks edged higher but financial stocks fell after Barclays reported a loss on charges related to credit market assets. |
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| Cadbury indicated that profit margin will be 1.5% higher than a year ago and BT Group reported fourth quarter sales increased 2.5%. SABMiller second half profit rose 24% to $1.07 billion and for the year profit rose $2.02 billion. However, Barclays reported a loss of £1.1 billion in the quarter on the charge of £1.7 billion related to credit market losses and still has exposure to £14 billion pounds to subprime and other asset backed loans at the end of the first quarter. |
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U.S. Stocks Struggle; Barclays, Ctrip Fall
May 15, 5:22 PM EDT |
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| Initial claims of jobless rose 6,000 at the end of the last week to 371,000 and insured unemployment was recorded at 2.3%. |
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| U.S. stocks opened modestly higher. Barclays in its interim report suggested that the first quarter earnings will be lower than in the quarter a year ago and took a charge of £1.1 billion related to losses in the credit market. Tier 1 ratios of capital and equity declined as well in the quarter. The bank has one of the weakest capital ratios in the industry and has no plans to raise capital. CNET agreed to be acquired by CBS for $1.8 billion. |
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CBS Acquires CNET for $1.8 B
May 15, 5:21 PM EDT |
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| CBS with the acquisition of CNET hopes to attract 54 million monthly unique visitors. |
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| CNET Networks, Inc agreed to be acquired by CBS at $11.50 per share or $1.8 billion. The technology and tech news publisher had regained its footing after the tech bubble in the late nineties. In the year 2007 the company had reported revenue of $406 million and earnings of $177 million. CBS locked in a competitive struggle with News Corp has been acquiring Internet properties to increase its audience reach. |
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