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Shaghain Stocks Decline 2%
Jun 11, 4:24 PM EDT |
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| Stocks in Shanghai fell after investors worried of rising inflation. Crude oil prices fell but traded at elevated levels. |
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| Hong Kong market averages declined following the market trends in mainland trading after banks extended losses as Beijing increased its cash reserve requirement ratio for banks. Airlines and telecommunication stocks limited losses. In Shanghai trading, CSI 300 Index fell 2.07% or 6.26 at 3,150.30. In Hong Kong trading Hang Seng Index fell 0.20% or 47.92 at 23,327.60. China Netcom rose 2.2% and China Unicom increased 1.3%. However China Mobile plummeted 1.4%. |
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Oil, Corn, Soy Surge; Lehman Plunges 13%
Jun 11, 4:13 PM EDT |
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| Crude oil surged to a record high and agricutural commodities gained. Lehman plunged 11% and Citigroup fell below $20. |
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| Crude oil futures shot up $6 at peak before settling with a rise of 4% or $5.40. The sharp rise in oil dragged stocks lower led by losses in financial and tech stocks. Lehman Brothers fell 13% and Goldman Sachs dropped $4.80 or 3%. The chief executive of Royal Bank of Scotland estimated more credit market problems in the next fifteen months. |
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Weak Banks, France, Germany Fall 1.7%
Jun 11, 2:46 PM EDT |
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| Banks and mortgage lenders fell after the CEO of RBS suggested that the bank may have a difficult road ahead for the next 15 months. |
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| The weakness in financial stocks dragged European market indexes lower. Germany, France, UK and Switzerland dropped nearly 1.7%. Royal Bank of Scotland fell 9% and HBOS, the mortgage lender dropped 12% after the RBS CEO cautioned that more bad news may be ahead in the next fifteen months. The cautionary talk dragged banking stocks sharply lower in the region. |
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Lenders HBOS, RBS Plunge
Jun 11, 2:13 PM EDT |
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| Financial stocks fell sharply in London trading. HBOS and Royal Bank of Scotland lost 12% and 9% respectively. |
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| UK stocks declined after unemployment rate increased in May to 5.3%. The statistical office, ONS noted that the working age employment rate was 74.9% in the three months to April 2008, unchanged from the three months to January 2008 but up 0.5 percentage points from a year earlier. HBOS Plc led decliners in the FTSE 100 index shares with a drop of 12% followed by losses in Royal Bank of Scotland of 9%. |
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Japan Q1 GDP Up 4%, Record Wholesale Inflation
Jun 11, 1:52 PM EDT |
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| First quarter GDP rose at annual rate of 4%, 1% faster than in the previous quarter. |
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| Stocks in Japan rose after the yen climbed to a three-month high on speculation that U.S. interest rates may head higher. Automakers also rose on investor upgrades. Daiichi Sankyo agreed to acquire controllng stake in India based generic pharmaceutical company Ranbaxy from the fouding family and may seek to aquire a majority stake at a price of at least $3.6 billion. The producer price index which measures wholesale inflation increased the most in 27 years to 4.7% from 3.9% in April. |
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Daiichi Acquires Ranbaxy Control
Jun 11, 2:16 PM EDT |
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| The Reserve Bank of India increased its key lending rate by 25 basis points to 8%. The surprise rate was announced after the close. |
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| Ranbaxy controlling shareholder Malvinder Singh and his family agreed to sell their entire stake to Japan based Daiichi Sankyo for 737 rupees per share at 31% premium to the closing price on Tuesday. The deal values the company at 34,000 crore rupees or $8.5 billion. Sensex recovered after declining for three days. Tata Group is looking to raise $1 billion to finance additional acqusitions. |
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Corporate Express Accepts Staples Offer
Jun 11, 1:02 PM EDT |
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| Staples lifts its offer to acquire catalog retailer Corporate Express based in Holland. The revised offer is 28% higher from the initial bid. |
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| Staples, the office supplies leader revised its offer to purchase Dutch company Corporate Express for cash €1.7 billion or €9.25 per share. Staples will also pay €300 million euros to preferred shareholders and assume €1 billio of debt. Staples revised its offer price by 28% from its initial offer in March. Staples will also pay a termination fee to break a deal that the Corporate Express signed with France based Lyreco. |
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Reserve Bank of India Lifts Rates
Jun 11, 10:18 AM EDT |
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| The Reserve Bank of India lifted interest rate by 25 basis points to curb the rising inflation rate. |
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| The Reserve Bank of India raised its key interest rate by 0.25% to 8%. The RBI noted in its release a sharp rise in inflation to 8.9% in April from 4.4% in January of this year. The sharp increase in energy and food prices has lifted inflation to a record high. |
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Stocks Struggle, Oil and Energy Stocks Up
Jun 11, 9:33 AM EDT |
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| Energy and agriculture related stocks rebounded led by a rise in Agrium, Potash, Terra Industries and Patriot Coal. |
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| U.S. stocks opened weak ahead of the weekly petroleum inventory report. The Asian markets closed higher and European markets traded sideways. The activist investor Carl Ichan questioned the Yahoo executives severance pay plan but failed to disclose his payment that most investors find excessive. |
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EU Deficit, French CPI Up
Jun 11, 9:08 AM EDT |
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| Inflation in France perked up on the rising prices of food and energy. The EU 27 nations current account deficit rose to 23.7 billion euros. |
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| European stocks diverged in the late evening trading. Inflation in France in May rose 0.5% from April and 3.3% from a year ago on rising food and energy prices. The EU27 external current account recorded a deficit of 23.7 billion euro in the first quarter of 2008, compared with a deficit of 30.4 billion in the first quarter of 2007 and a deficit of 2.8 billion in the fourth quarter of 2007. |
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