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World Markets Decline
May 30, 4:32 PM EDT |
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| Nasdaq market lost 2.1% and averages in Europe declined more than 2%. Brazil lost 4% and Japan and HK lost a fraction. |
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| Worries of inflation, interest rate uncertainty and rising prices of oil and commodities took market averages down around the world. In the overnight trading Asia declined led by a fall in Thailand and Korea. In Europe averages closed lower across the region as eight of the twelve major markets declined. Latin American markets closed lower led by a sharp decline of 4% in Brazil. Russia closed 1% lower. |
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Brazil Down 4%
May 30, 4:11 PM EDT |
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| Emerging market around world declined and markets in Latin America were no exceptions. Argentina and Mexico Down. |
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| Markets declined in Latin America for the third day in a row afte steadily rising in the first four months of the year. Bovespa index in Sao paolo lost 4% on worries that rising interst rates in the U.S. will force investors to pull capital from its market. Index has gained 90% in the last 12 months but is now up less than 10% since the beginning of the year. Argentina and Mexico lost 3.4% and 3.1%. |
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Nasdaq Declines 1.5%
May 30, 2:59 PM EDT |
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| Market avearges maintained negative bias in the last two hours of trading. Gold and crude oil rose. |
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| Market averages maintained their negative bias as Nasdqaq lost 1.5% and Down and S&P 500 lost 1.3% in the afternoon trading. Tribune, publishing company plans to acquire 25% of its outstanding shares. Gold rose as much as $12. Crude oil rose 2% before settling 1% higher. General Motors sotck trades 5% lower on a downgrade from Deutsche Bank. Freddie Mac to report earnings after the close. |
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European Markets Plunge 2%
May 30, 12:58 PM EDT |
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| British mobile-phone giant Vodafone rose 3.5% in London after it said that it will return 9 billion pounds ($16.7 billion) to shareholders in August. |
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| European markets closed steeply down on speculations about interest-rate increases and lower economic growth. Weakness on Wall Street contributed by sliding dollar, resurgent oil prices, and disappointing corporate news also weighed. European auto stocks like Volkswagen and BMW notably declined on the weaker dollar. EADS showed a significant loss of 4.5%. The German DAX 30 dropped 2.3%, the French CAC 40 slid 2.4%, and London FTSE 100 tumbled 2.4%. |
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Paulson to Succeed Snow
May 30, 11:50 AM EDT |
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| Consumer confidence index fell to 103.2 in May from a revised 109.8 in April. Economists had expected the index to fall to a reading of 101.0 in May. |
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| U.S. stocks extended losses Tuesday, dragged by disappointing same-store sales from Wal-Mart and climbing oil prices. The Nasdaq dropped 1% and the Dow industrials fell more than 100 points. Shares of Goldman Sachs fell 1.5% on the heels of news that the company''s Chairman and CEO Henry Paulson was nominated to replace John Snow as Treasury Secretary. |
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Cement, Autos Drag India Down
May 30, 10:47 AM EDT |
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| Market averages were caught in a fight between growth and value investors and averages see-sawed for the most day on low volume. |
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| The market experienced another streak of volatile trade. The benchmark plummeted 100 points, following a gain of as much as 100 points earlier in the trading. Market averages traded in a volatile fashion on a declining trading volume. Cement maker Madras Cement released expansion plans and Jindal Steel emerged as sole bidder for a steel manufacturing plan in Bolivia. |
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Kinder Morgan up 21% on Bid Offer
May 30, 10:29 AM EDT |
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| Crude oil jumped 96 cents to $72.25 on expectations of a spike in motor fuel demand during the summer driving season. |
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| Stocks opened sharply lower Tuesday as investors locked in recent profits. Dow component Wal-Mart declined 2% after the retailer said its May same-store sales are expected to be near the low end of its previous guidance. General Motors fell 3% after Deutsche Bank downgraded its rating on the auto maker. Kinder Morgan climbed 21% after an investor group led by its management offered to acquire the company for $100 per share in cash. |
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Wal-Mart Sales Disappoint
May 30, 9:18 AM EDT |
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| The dollar declined on news that Don Evans, a possible successor to U.S. Treasury Secretary John Snow, was likely to favor a weaker dollar. |
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| U.S. stock futures seemed poised to a weaker start after the long holiday weekend and ahead the minutes of the FOMC meeting. Disappointing news on Wal-Mart same-store sales also generated negative sentiment, sending the stock down 2%. Wal-Mart reported May comparable store sales growth of 2.3%, the low-end of the 2 to 4% range that the retailer forecast earlier this month. General Motors declined 3% on brokerage downgrade. |
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Europe Falls On Oil And Banks
May 30, 6:47 AM EDT |
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| European stocks widened their losses on Tuesday on banks and oil stocks while the Arcelor and Mittal fight led to some profit taking. |
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| Rising money supply and credit growth in the eurozone provoked worries of tighter monetary conditions, although there are talks that a 25-basis-point rate increase at the next European Central Bank meeting next week was a done deal. London’s FTSE 100 fell 1.3%, Frankfurt’s Xetra Dax declined 1.1% and in Paris, the CAC 40 shed 1.1%. |
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