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European Indexes: First Half Loss of 20%
Jun 27, 7:59 PM EDT |
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| German IPO SMA Solar Technology soared 17% on its first day of trading in Frankfurt, despite jittery market conditions. |
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| European markets fall as worries related to losses at banks, rising inflation and stagnating corporate profits take hold in the region. The DAX 30 index in Germany closed down 19% in the first half of the year and FTSE 100 index is down 16% in the period. Ericsson fell after its mobile unit in partnership with Sony lowered its earnings outlook. Separately, Nokia declined after a broker lowered its rating and price target. Carrefour SA dropped 8% after it lowered its profit outlook. |
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U.S. Stocks Fall 20% in 9 Months
Jun 27, 6:53 PM EDT |
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| The Dow, S&P 500 and Nasdaq approach near 20% decline from their peaks in October last year. Dollar edges lower. |
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| U.S. stocks declined for the second day in a row as Dow Jones, S&P 500 and Nasdaq dropped to near 20% loss from its peak in October last year. The decline in stocks is likely to continue with rising inflation, falling home values, and tighter lending standards. Second quarter earnings at the U.S. corporation are liklely to decline more than the current estimate of loss of between 9% and 11%. Asian markets in the overnight trading fell sharply. |
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Stocks on the Defensive, Personal Income Rises
Jun 27, 10:29 AM EDT |
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| Personal income and expenditure increase in May on federal tax rebates. Private and government payroll payments increase. |
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| U.S. stocks traded in a tight range with no direction after losing 3% in the previous session. The U.S. decline set-off a worldwide sell-off with India and China losing nearly 5% and Brazil declining 3%. Higher losses and charges at banks, rising inflation and stagnating economies are dragging stocks in the U.S. and around the world. Lehman increased estimate of losses at Merrill Lynch. Crude oil traded above $140 a barrel. |
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Shanghai, India Plunge 4%
Jun 27, 4:10 AM EDT |
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| Stocks in Asia traded sharply lower with markets in India, Japan and Hong Kong droping more than 2%. |
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| Stocks in India and Shanghai lead a sharp decline in the region. Stocks in Asia fell after crude oil futures rose another $2 and crossed $141 a barrel. Market indexes in Hong Kong, Japan and Australia lost more than 2%. Sensex in India dropped as much as 4% at mid-day trading on rising crude oil prices and worries that ruling coalition may break after Congress Party leader decided to finalize the nuclear power deal with the U.S. Shanghai CSI 300 index dropped 5%. |
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