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RBA Holds Rates; Macarthur Talks Merger
Jun 17, 1:28 AM EDT |
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| Orica, explosives and chemicals maker approves $586 million investment in Indonesia. |
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| The Australian Reserve Bank board today left its key cash rate unchanged at 7.25%. The board members noted that most economic indicators in the past month continued to suggest moderation in the growth of domestic demand. The board anticipats economic growth to slow in months to come. Allco Group surged after it arranged a sale of its wind power subsidiary in California. Macarthur Coal and ArcelorMittal continue their merger talks. |
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Banks Fall, Energy Stocks Rise; CME Up 5%
Jun 17, 4:54 PM EDT |
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| Goldman Sachs joined others today and projected that U.S. banks may need to raise as much as $65 billion. European banks may need $60 billion. |
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| The familiar pattern of energy and financial stocks was in display during trading in New York. Financial stocks fell sharply and in the S&P 500 index 67 stocks fell more than 3% and 13 gained more than 3%. Financial stocks were the leading decliners with 9 out of the top 10 losers in the index. 123jump.com research indicated European banks may need additional $60 billion before the end of the year 2009. |
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Service Sector Gains, Tokyo Stocks Fall
Jun 17, 4:16 PM EDT |
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| Tokyo stocks traded in a tight range after traders took profit after a week of gains and crude oil prices fell a fraction. |
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| The service sector rose 1.8% according to an index tracked by the MITE. The Ministry of Industry Trade and Economy said that the Indices of Tertiary Industrial Activity rose 1.8% in April to a seasonally adjusted 110.4. Information and communication segment surged by 9.6% and retail trade rose at 1.5%. Tokyo Dome Corp. led advancers in the Nikkei 225 index shares with a rise of 15.13% followed by rises in Denki Kagaku Kogyo KK of 6.9% and in Chiyoda Corp. of 4.9%. |
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Fixed Investment in China Up 26%
Jun 17, 4:01 PM EDT |
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| Fixed investment in China in the first five months rose 26% and real estate investment increased 32% from a year ago period. |
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| Stocks in Hong Kong gained but in Shanghai continue to fall. In Shanghai trading CSI 300 Index fell 3.71% or 109.57 at 2,842.68. Hong Kong Monetary Authority reported yesterday that foreign assets of Hong Kong’s Exchange Fund declined by HK$6.3 billion from April to HK$1.19 trillion in May. Total investment in the first five months increased 26% to 4 trillion yen and real estate investment rose 32% to 951 billion yen. |
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Sensex Surge 2%, Higher Advance Tax Payments
Jun 17, 3:39 PM EDT |
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| Stocks in Mumbai trading rose after HDFC rose 6% after it paid 40% more taxes than a year ago. Excise duty collection rose 4.4%, below 8% target. |
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| Stocks in India rose after leading companies pre-paid higher taxes, lifting optimism for earnings for the current quarter. Banks, realty and industrial companies led the rally. In Mumbai trading, the 30-share BSE Sensex gained 2% or 301.08 at 15,696.90. On the National Stock Exchange CNX Nifty rose 1.8% or 80.5 to 4653. |
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Stocks in Europe Rise; Banks, Autos Lead
Jun 17, 4:25 PM EDT |
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| Market indexes in Europe gained after a surge in banking sector in the region and oil declined. German confidence declined. |
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| Stocks in Europe closed higher on the optimism that a rise in earnings bodes well for the credit market. After the close Goldman Sachs joined other banks and said that banks in the U.S. may need to raise as much as $65 billion in capital. 123jump.com estimates that European banks will have to raise another $60 billion in capital to cover mounting losses in credit markets and in loans related to housing market. |
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CPI in UK Rise to 3.3%, Stocks Gain
Jun 17, 2:25 PM EDT |
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| Rio Tinto gaied nearly 4% after the comments from Chalco sugeested that the company may buy more stake. |
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| UK stocks edged higher despite a rise in CPI index and expectations of higher inflation towards the end of the year. CPI in May rose to nearly 10-year high to 3.3% and the Bank of England Governor King suggested higher inflation in the months to come. UK prices have risen 8% as retail fuel prices have increased 20% in the last five months. |
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Zions, Banks Lead S&P Decliners
Jun 17, 4:24 PM EDT |
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| U.S. stocks declined on the prospect of stagflation and more losses at banks. Crude oil fell. |
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| U.S. stocks edged lower after an increase in producer price index and a continued weakness in new home construction dragged market indexes lower. Shipping lines and ocean freight companies led the gainers in trading as Baltic Dry Index rebounded. Crude oil traded lower. Zions Bancorp led the decliners in S&P 500 index after it estimated additional losses related to home loans. Goldman Sachs joined a chorus of bankers that suggest that the U.S. banks will need $65 billion to cover losses. |
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Goldman, Best Buy Earnings Lift Stocks
Jun 17, 4:24 PM EDT |
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| Goldman Sachs, Best Buy and Adobe earnings lift stocks in the early trading. Producer Price Index rose 1.4% in May. Housing starts falls. |
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| U.S. stocks edged higher after Goldman Sachs reported 12% rise in earnings to $2.09 billion or $4.58 per share on 11% fall in revenue. May producer price index rose 1.4% and housing starts fell in May. The starts fell 32% from a year ago or declined 3.3% from April. Housing completion rose 11% from April but fell 26% from a year ago. |
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