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Rio Doubles Ore Prices, BHP Raises Reserves
Jun 24, 12:56 AM EDT |
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| Australian stocks edge higher after BHP lifted its estimate of mineral reserves at its mines in Western Australia. |
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| Australian stocks edged higher after Rio Tinto and Chinese and Japanese steel companies agreed to a price hike of 100% for iron ore shipments. Separately, BHP increased its estimate of mineral reserves in Western Australia. Perilya rejects merger proposal with CBH after the company revised its estimate at Broken Hill mine and lack of support from note holders. |
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Iron Ore Prices Soar, Steelmakers Decline
Jun 24, 5:07 PM EDT |
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| Stocks in Japan fell after steelmakers agreed to a sharply higher iron ore prices from Australia. |
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| Rio Tinto and steelmakers in Japan and China agreed on iron ore price increase of as much as 100%. The iron ore, which is not actively traded on any exchange and prices are reviewed on annual basis by customers with miners. Rio Tinto hopes to sell between 320 and 420 million tons at a revised price from the current production of 200 million tons. Nippon Steel, Kobe Steel and JFE Holdings fell between 2% and 3%. |
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Weak Stocks in HK, Shanghai
Jun 24, 4:54 PM EDT |
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| Stocks in Shanghai fell again and traded near 55% low from its peak in November. Investors worry that rising inflation may hurt profits. |
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| Stocks in Hong Kong and Shanghai fell as inflation worries hobbled investors. Shanghai based CSI 300 index fell 2.2% and Han Seng Index in Hong Kong dropped 1.1%. Baosteel, representing Chinese steel companies agree to iron ore price increase between 80% and 96% for shipments from Rio Tinto in Australia. The sharp rise in commodity price reflects a strong demand for the iron ore and steel in China. Rio Tinto hope to ship between 320 and 420 million tons of ore. |
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UK Home Loans Plunge
Jun 24, 4:34 PM EDT |
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| Mortgage loans for home purchases fell sharply in May as conditions in the credit market tighten. |
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| UK mortgage loans in May fell 56% from a year ago and 20% from April. The sharp decline comes after credit markets and conditions for mortgages are tightened. The report from the BBA also suggested that credit card borrowing increased 7.4%, as spending rose at a faster rate then loan repayment rate. BG Group took its offer directly to shareholders of Origin Energy Limited and offered A$15.50 or A$13.8 billion. Earlier management rejected the same offer from BG. |
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CenturyTel Rises, U.S. Stocks Struggle
Jun 24, 4:36 PM EDT |
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| U.S. stocks fell as markets closed on weakness in financials, techs and consumer stocks ahead of rate decision tomorrow. |
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| U.S. stocks turned lower in the afternoon after UPS lowered its earnings estimate, metropolitan home prices fell and gasoline demand declined. Crude oil edged higher at closed but fell from its near record intra-day high. Kroger reported higher sales and earnings. CentruTel rose after it raised its dividend ten-fold and accelerated its stock buyback. Markets in Europe closed lower, led by a shap fall in Spain and Sweden. |
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RBI Hikes Rates, Jet Air Loss, Stocks Down
Jun 24, 1:26 PM EDT |
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| Jet Airways reported a loss in the fourth quarter of 2.21 billion rupees compared to gain of 880 million on 37% rise in revenue to 27 billion rupees. |
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| The Rerserve Bank of India increased repo rate to 8.5% from 8% and increaesd the bank deposits requirements to 8.75% from 8.5%. The decision was taken ahead of the scheduled meeting on June 29 after a sudden surge in iflation this week. Earlier in the trading stocks lost ground for the fifth days in a row and the Sensex index declined 1.3% and also dipped below 14,000 lelvel before closing at 14,106.58. |
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UPS Falls 4%, Kroger Rises 8%
Jun 24, 11:29 AM EDT |
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| UPS falls to a four-year low after it lowered second quarter earnings estimate. Kroger rises 8% after earnings increase 13%. |
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| UPS lowered second quarter ernings guidance as fuel prices rise and shipping volumes in the domestic and international markets decline. Separately, largest grocery chain Kroger reported first quarter revenue rose 11.5% to $23.1 and net income increased 13% to $386 million. |
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Home Price Index Falls, Record Decline
Jun 24, 10:28 AM EDT |
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| Metropolitan home prices declined in each of the twenty cities tracked by the index. The index has falled in every month since Jan 2007. |
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| Metropolitan home price index fell as 13 of the 20 cities show record annual lows on prices. The S&P/Case-Shiller index fell in May 15.3% from a year ago as prices fell in all of the 20 cities that the index tracks. The home prices in Las Vegas and Miami fell 27%. The prices are likely to decline further as inventory of unsold homes continue to build. |
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