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Refiners, Airlines Fall
May 06, 5:39 PM EDT |
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| Rising crude oil prices hurt stocks of refineries and airlines. Prices of copper, zinc and aluminum fell on falling imports from China. |
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| Hong Kong stock indexes ended fractionally up in volatile trading as rising oil prices dragged stocks of airlines and oil refiners. Hang Seng Index rose 0.30% to 26,262.13, and the China Enterprises Index of Hong Kong-listed mainland companies, or H shares, increased 0.18% to 14,651.29. In Shanghai trade, CSI 300 Index fell 1.1% to 4,010.89. Crude oil futures reached a record high in Shanghai and Hong Kong trading dragging stocks of refineries and airlines. |
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Swiss Re, UBS Lead Stocks Lower
May 06, 5:12 PM EDT |
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| European markets closed lower across the region on the weakness in financial stocks. UBS fell as much as 4.5%. |
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| Stocks in Europe closed lower after UBS reported a loss of 11.5 billion francs and Swiss Re missed its target. UBS also decided to elimiate 5,500 positions and raise caiptal to bolster its weak tier-1 capital ratio. NYSE Euronext earnings rose sharply on higher derivative revenues. Adidas first quarter earnings rose after the purchase of rival Reebok. |
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Fannie Mae Lifts Stocks; Cisco Sales Up 10%
May 06, 4:40 PM EDT |
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| Crude oil jumped above $122 a barrel as China and the U.S. demand remains high. Cisco net sales rose 10% to $9.8 billion and earnings were $1.8 b. |
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| U.S. stocks reversed their earlier losses and traded higher. Fannie Mae reported sharply higher than expected losses, trimmed its dividend and plans to raise $6 billion. The largest lender will also be allowed to operate with only 10% of restricted capital by the end of the second quarter. separately, the Swiss bank UBS reported a larger than expected loss and said it will elimiate 5,500 jobs. Crude oil traded at a new record above $122 a barrel. |
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Tullow Oil Surges, Service Index Falls
May 06, 3:48 PM EDT |
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| Tullow Oil and other mining and energy stocks gained as crude oil crossed $122 per barrel. |
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| UK stocks closed nearly unchanged after the service index in April fell to a five year low. Of the 102 FTSE 100 stocks 26 gained, 74 declined and 2 were unchanged. Tullow Oil led advancers in the index shares with a rise of 24% after crude oil prices jumped to $122 per barrel, boosted by further supply disruptions. British Land fell after Morgan Stanley lowered its rating on the company. |
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U.S. Stocks Rebound, Fannie Up, Oil at $122
May 06, 2:07 PM EDT |
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| U.S. stocks rebounded from morning slump on rising crude oil and natural gas prices. Financial stocks rebounded as stocks of Fannie Mae and NYSE rise. |
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| U.S. stocks rebounded from the morning slump after investors focused on reduced capital requirement for Fannie Mae and a steady rise in crude oil and natural gas prices. Fannie Mae will be allowed to operate with capital control ratio of as low as 10% by the third quarter of this year. Crude oil traded above $122. NYSE Euronext Group reported a sharp rise in revenue and earnings on higher revenues in derivative products. D R Horton revenue slumped 65%. |
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Losses at UBS and Fannie Mae
May 06, 4:40 PM EDT |
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| The loss at UBS and Fannie Mae dragged financial stocks and broader market averages lower. Stocks in coal, energy, and metals sector rose. |
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| U.S. stocks fell in the morning trading after the release of earnings from Fannie Mae and UBS. Fannie Mae swung to first quarter 2008 loss of $2.2 billion compared to profit of $961 million. The mortgage lender also cut its dividend to 25 cents per share and announced a plan to raise $6 billion to meet capital requirements. Separately, Swiss bank UBS reported a loss of SFr 11.54 billion and a plan to eliminate 5,500 jobs. |
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