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European Stocks Struggle, Linde Falls
May 09, 5:26 PM EDT |
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| Linde Group, industrial gas maker fell 4% after it reported only 2% rise in sales and 64% decline in net income. |
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| European markets in the region fell after financials and insurance companies declined. AIG, one of the world’s largest insurance company based in New York reported quarterly loss after it took a charge of $9.1 billion in its credit derivative portfolio. The news of loss sent the stocks of Alliaz, AXA, ING and Prudential lower. Crude oil above $126 a barrel, fifth new record this week also fanned inflation fears. Petroplus Holding, the largest independent crude oil refinery in Europe fell 6%. |
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Record Crude; Valero, Tesoro, Stocks Decline
May 09, 5:01 PM EDT |
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| Crude oil surges above $126 a barrel but energy stocks fell. Tesoro and Valero fell as rising oil price crimp refining margins. |
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| AIG swung to a loss in the first quarter after it took a charge of $9 billion in its credit derivative portfolio. The insurance comapany also plans to raise $12.5 billion through stock offering to bolster its capital base. AIG stock fell nearly 9%, as it raced to 10-year low. UK home repossessions rose to a 10-year high. European markets fell more than 1% in the region. Inflation in India and China surged on rising food and energy costs. |
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UK Home Possessions Surge
May 09, 4:40 PM EDT |
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| UK home repossessions surge to a ten-year high as more consumers face rising debts. |
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| UK stocks fell after home repossessions surged, but from a low level in many parts of the island nation. The FTSE 100 index fell 1.05% to 6,204 on weakness in mining, financials and home builder stocks. Crude oil in London and New York trading rose to new intra-day high above $126 a barrel. Experian Group led gainers in the FTSE 100 index with a rise of 3.5% and Carphone Warehouse led decliners with a fall of 7.3%. |
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Sensex Falls 2%, Elevated Inflation
May 09, 3:14 PM EDT |
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| Stocks in Mumbai trading fall for the second day in a row after the weekly measure of wholesale inflation stayed above the RBI target. |
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| Wholesale price index in India fell in the latest period measured two weeks ago. Rising energy and food prices continue to fuel inflation above the target set by the Reserve Bank of India. Sensex index fell 2% to 16,737. Trading on two largest stocks exchanged was 20,000 crore rupees or $5 billion. ICICI Bank, HDFC Bank and State Bank of India fell in trading. Reliance Industries fell 5.2%. |
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PPI in China Surges; Stocks Decline
May 09, 2:50 PM EDT |
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| Stocks in Hong Kong and Shanghai trading fell after the inflation index for April surged. Fule and metals prices lifted PPI in April. |
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| Hong Kong stocks fell on mounting concern over the health of the global economy after Vice Premier Wang Qishan said inflation has evolved as the country’s biggest economic problem, adding that Beijing will further tighten its monetary policy. Hang Seng fell 1.5% today and dropped 4.5% for the week. CSI 300 index in Shanghai trading lost 1.2% in the session. Producers Price index in April rose at 8.1% in China from a year ago and factory cost of raw materials gained 11.8% in the period. |
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Tokyo Falls 2%; Bridgestone, Toyota Decline
May 09, 4:41 PM EDT |
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| Stocks in Japan fell on rising crude oil prices, fears of rising inflation and weak profit outlook from Toyota, Olympus and other companies. |
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| Nikkei 225 index in Tokyo trading fell 2.1% after weak earnings from Bridgestone and weaker outlook from Olympus and Toyota rattled investors. Toyota lowered its net sales and income for the current fiscal year. Bridgestone reported 1% decline in profit. Takeda Pharmaceuticals and Olympus lowered its outlook for the current fiscal year. In stock trading, utilities declined on record crude oil prices. Yokogawa Electric plunged 10% and led decliners in the index. |
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AIG Loss Drags Averages; Crude Reaches $125
May 09, 10:21 AM EDT |
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| Airlines and transportations stocks fell as crude oil surged above $125 a barrel. March trade deficit declines. |
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| U.S. stocks fell in the morning trading after AIG reported a large loss and a plan to raise $12.5 billion. AG took a pre-tax charge of $9.5 billion in the quarter on credit market related losses. Crude oil surged to another record high and traded above $125 a barrel. March trade deficit fell to $58.2 billion as imports of oil and automobiles declined. But, deficit for the first quarter remained at elevated level. AIG stock traded near its 10-year low. |
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