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BOJ Holds Rate, Tokyo Stocks Fall
Jun 13, 8:19 PM EDT |
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| The Bank of Japan left its interest rate at 0.5% and issued a cautionary note on corporate profit growth. |
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| The Bank of Japan left its key rate at 0.5% and issued a cautionary note on the corporate profit growth. The central bank also noted that exporters are facing deteriorating trade terms. Furukawa led advancers in the Nikkei 225 index shares with a gain of 5.80% followed by rises in Fujikura Ltd. of 5.34%. Mitsubishi Paper led decliners in the Nikkei 225 index shares with a drop of 5.40% followed by losses in Hokuetsu Paper of 5%. |
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Nasdaq Surges 2%, Fifth Third Plunges 13%
Jun 13, 7:55 PM EDT |
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| Lehman surged 14% after Black Rock purchased in the recent offering of $6 billion. |
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| U.S. stocks surged at close led by a surge in tech stocks. The Nasdaq index closed up 2% as Google, Apple, and Research in Motion closed higher. Crude oil edged lower, but only by a fraction and airlines closed higher. Fifth Third Bancorp plunged 13% after analyst comments that the bank may need to raise capital. |
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Stocks in Shanghai, HK Plunge Again
Jun 13, 3:20 PM EDT |
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| Retail sales advance 21.6% in May. Hang Seng plunges 1.87 in today’s trading and 7.4% for the week. |
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| Hong Kong stock indexes fell despite strong rise in retail sales in May after rising oil prices reinforced the uncertainty over the health of global market. The National Bureau of Statistics said retail sales jumped 21.6% to Rmb870 billion from the same month a year earlier. Also in the first five months of the year sales rose 21.1% year-on-year to Rmb4.24 trillion. Foreign investment climbed 38% to Rmb7.76 billion in May. |
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Expro Higher Bid, More Disclosure Short Sales
Jun 13, 7:35 PM EDT |
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| UK stocks traded in a tight range. The regulatory agency FSA tightened the lending rules for rights short selling. |
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| UK stocks closed nearly unchanged. The regulatory agency FSA tightened the lending standards for short selling and increased the disclosure requirements for short sellers. The recent market volatility in the rights issue of several banks was exploited by short sellers to their advantage. Candover Partners and Goldman Sachs revised their offer for Expro International. The new offer at 1,615 pence per share values the deep oil well testing company at 1.8 billion pounds. |
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European Stocks, Auto Sales Decline
Jun 13, 2:28 PM EDT |
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| Michelin led the gainers in CAC 40 index stocks with a rise of 7% and EDF topped the decliners in the index with a loss of 5%. |
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| European stocks traded in a tight range. European auto sales fell 7.8% in May on higher fuel cost and weak economies in Italy and Spain. Only in France sales rose in May from April and from the same month in the previous year. Sales in Germany fell 6% in the month but rose 4.2% from a year ago. Total sales in first five months in Europe declined 0.7%. |
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CPI at 0.6% Lift Stocks
Jun 13, 9:33 AM EDT |
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| U.S. stocks edged higher led by lower than expected rise in inflation and a drop in crude oil prices. Lehman Brothers rebounded but Yahoo lost 3%. |
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| U.S. stocks edge higher after the release of inflation data. May CPI rose at 0.6% and increased at 3.6% for the same month in the previous year. The inflation measure in May without the season adjustment rose 0.8% in the month and increased 4.5% from a year ago. Stocks in the morning trading rose after the inflation data and a drop in crude oil prices. Saudi Arabia is likely to increase fuel production. German inflation reached at the upper level of the target range. |
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German Inflation Rises, Stocks Drops
Jun 13, 8:42 AM EDT |
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| German inflation surged to the upper limit of the inflation target set by the central bank lowering the prospect of the interest rate cut. |
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| German inflation rose above the target range of the central bank for the second time this year. The CPI in May rose to 3% from a year ago, a rise at or above the target range after rising at 3.1% in March. The inflation index in April rose at 2.4% from a year ago. The sharp rise in energy prices and food prices are stoking inflation that is likely to spill over in the wage rates. Separately Eurostat reported that employment rates across the 27 nations rose in the first quarter. |
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