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Smaller Price Increase Drags Power Stocks
Jun 20, 4:46 PM EDT |
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| Petroleum refiners rose after China increased the price of fuel by 18% however power companies like Huaneng Power and Datang Power fell. |
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| Hong Kong stocks fell as the decision by the government to raise electricity and oil prices affected mainland airlines. Commodity stocks and power companies were active after China imposed a price freeze on thermal coal prices. In Shanghai trading, CSI 300 Index advanced 2.8% to 2,849.67. In Hong Kong trading Hang Seng Index edged down 0.23% to 22,745.60, rising 0.7% for the week. |
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Nikkei Declines, Sumitomo to Invest in Barclays
Jun 20, 4:35 PM EDT |
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| Sumitomo Mitsui Banking is expected to inject 100 billion yen in Barclays PLC. |
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| Stocks in Japan fell after weakness in financial stocks kept broader averages lower. China hiked its fuel prices by as much as 18% inflation in India surged to 13-year high. In Tokyo trading Nikkei 225 declined 1.33% or 188.09 to 13,942.08, falling 0.2% for the week, and the broader Topix Index fell 1.4% to 1,356.74. |
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Crude Oil Rises, UK Financials Decline
Jun 20, 4:17 PM EDT |
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| The mortgage lender HBOS fell after Merrill Lynch, Lehman Brothers and Credit Suisse lowered their target price for the company. |
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| UK stocks fell after yet another day of weak financial stocks. Sumitomo Bank is reported to agree to inject 100 billion yen in Barclays Bank. The bank has denied that it needs to raise capital to strengthen its capital base and has sufficient capital to cover the losses in its risky loans. Crude oil surged 3% as Israel conducted military exercises in preparation of possible strikes to Iranian nuclear installation. |
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Nasdaq, S&P 500 Indexes Down 2%
Jun 20, 11:45 PM EDT |
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| Crude oil surged after Israel carried out military exercises, what most analysts believe ahead of a possible strike on Iran. |
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| U.S. stocks dropped sharply on a weakness in financial, techs and consumer discretionary sectors. Banks led the decliners after Wachovia Bank drifted to as low as 12-year low on the mounting worries that banks will have to eliminate dividend and raise more capital. SanDisk fell after Citigroup analyst said that the company may miss the earnings for the current quarter on slower sales. Regional banks rose after Huntington Bancshares reaffirmed its loan loss estimate. |
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Inflation Surges, Sensex Drops 3.5%
Jun 20, 3:20 PM EDT |
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| Sensex index closed 3.4% or 516.70 lower as investors feared a rise in interest rate and further credit tightening by the central bank. |
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| Latest wholesales inflation index at the surged to a 13-year high to 11.11%. The sharp rise in inflation was fueled by the rising costs of fuel, food and materials. Higher inflation numbers has sparked fears of tighter monetary policy by the central bank, stocks fell sharply. Last week, the Reserve Bank of India made a surprise interest rate rise last week. |
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Deutsche Boerse Falls on Weaker Trading
Jun 20, 12:00 PM EDT |
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| Stocks in the European region trading declined after worries related to inflation and credit market losses dominated trading desks. |
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| European indexes drifted lower on persistent worries in the credit markets and rising inflation in the region. Germany reported a sharp rise in producer price index in May. The index increased at a rate of 6% from a year ago. Separately, Deutsche Boerse reported earnings per share increase of 61% in the first quarter but trading volume so far in the quarter has declined 33% from a year ago. |
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Wachovia Drifts to 12-Year Low; Stocks Fall
Jun 20, 11:12 AM EDT |
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| Inflation worries, falling home prices and weak capital structure at banks dragged the U.S. market indexes lower. |
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| U.S. stocks fell sharply as financial stocks decline. Rating agency Moodys removed bond insurance companies MBIA and Ambac Financial Group from its top rating. Mortgage lenders Fannie Mae and Freddie Mac declined and leading banks traded lower. Wachovia Bank fell to a 12-year low. Latest read on inflation in India showed annual rate of 11.5%, a 13-year high. Sensex in India plunged 3.5%. |
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