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Commonwealth, David Jones Rise
May 08, 6:21 PM EDT |
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| David Jones reported third quarter sales rise 3.8% and same store sales in the period rose 2.3% from a year ago. |
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| Commonwealth Bank of Australia surged 4% after the bank said it no longer needs additional capital. Recently the bank completed the $15.6 billion of wholesale funding. The news lifted stocks of other banks and helped ASX 200 to close higher. National Australia Bank Ltd, which reports its interim results on Friday, gained 1.6%, ANZ stock shed 0.6% and Westpac rose 3.6%. The troubled mall real estate operator Centro Retail obtained debt extension till the end of the year on additonal guarantees. |
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ECB, BoE on Hold; InBev Falls
May 08, 5:39 PM EDT |
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| European stocks declined after the central banks in the region left rates unchaged. Rising inflation in the region may have affected rate decision. |
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| The European Central Bank and the Bank of England left rates unchanged as inflation hovers near or above target level. Unlike the Federal Reserve in the U.S., central banks are hawkish in Europe when it comes to inflation. Recent surge in crude oil price and worldwide food price surge have fueled inflation and fears of wage inflation. InBev, UniCredit and Raiffeisen International fell on earnings. Barclays, Royal Bank of Scotland and Commezbank fell after the rate decision. |
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Alcoa, U.S. Steel Lead Global Metals Rally
May 08, 5:08 PM EDT |
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| Mining and metals stocks in Europe, Asia and Americas trading rose and U.S. same store retail sales in April were better than expected. |
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| U.S. stocks rose in the hope that a rise in April retail same store sales may continue for the rest of the year. Jobless claims at the end of last week dropped by 18,000. In Europe, the ECB left its key rate unchaged at 4% and the Bank of England left its rate at 5%. Both central banks appear to combat rising inflation. April housing starts in Canda fell 12%. Toyota fell after it offered gloomy earnings and sales outlook. News Corp earnings surged on asset swap. |
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Miners and Steel Stocks Rise, Toyota Falls
May 08, 4:22 PM EDT |
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| U.S. stocks rebounded after mining and metal sector stocks gained. Vale, U.S. Steel, Freeport McMoran surged. |
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| U.S. stocks rebounded on the strength in retail, mining and metals and select financials. BHP Billiton, Vale, Cleveland Cliff, ArcelorMittal and Freeport McMoran led the gainers. Gold resurged after the ECB and the Bank of England left rates unchanged. Crude oil edged lower. Toyota Motor fell 4% after it offered gloomy outlook on sales and earnings for the current year but increased its dividend 20% on 4.5% rise in fiscal year 2008 earnings. |
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Ping An Falls; HK Reserves Decline
May 08, 4:21 PM EDT |
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| Ping An Insurance fell 3.5% on the worries that the company will issue local curency class A share in China. |
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| Hong Kong reported 0.9% decline in foreign reserves in April to $160 billion and China will issue Rmb 28 billion or $4 billion of government bonds with 30 year maturity that will trade next week. Hang Seng fell 0.6% to 25,449 and CSI 300 in Shanghai trading lost 2.7% to 3,921. Refiners and airlines continue to decline as crude oil trades at a record high in the international markets. |
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Tokyo Stocks Fall, Weak Toyota Outlook
May 08, 4:20 PM EDT |
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| Stocks in Japan fell as financial stocks closed lower. Toyota Motor guided 5% lower sales in the current year. |
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| Stocks in Japan tracked weakness in the U.S. and closed lower. Financial stocks fell the most on the worries that more losses may have to be taken on the new disclosure requirements from the U.S. regulatory agency SEC. Nikkei 225 index fell 1.3% to 13,943. Toyota Motor reported 9.8% rise in sales and 4.5% in earnings but offered lower sales and earnings outlook for the current year. |
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Retail Sales, Jobless Claims Lift Stocks
May 08, 4:19 PM EDT |
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| U.S. stocks traded higher after the release of April same store sales data. Retailers reported better than expected sales gains. |
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| U.S. stocks opened higher after the release of jobless data and same store retail sales. Discount retailers led gains in sales in April as families look for ways to save money. Costco, for the twelve months in a row reported same store sales rise above 5%. In April sales rose 6%, excluding gasoline sales. Wal-Mart sales rose 3.2%. The ECB and the Bank of England left rates unchanged at 4% and 5% respectively. |
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