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TNS, GfK Merge; RBS Offering
Jun 03, 12:50 AM EDT |
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| Two market research companies TNS and GfK agreed to merge. Royal Bank of Scotland rights offering draws strong interest. |
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| Stocks in London trading manage to close higher after a day of volatile trading led by Royal Bank of Scotland. Bankers estimate strong demand for recent rights offering from RBS. The lender also advanced on market speculation that the Children’s Investment Fund, one of the largest hedge funds will take a sizable stake in the offering. Imperial Tobacco led advancers in the index shares with a rise of 13% followed by a rise of 8% in Royal Bank of Scotland ahead of the issue. |
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Financials Drag Nikkei Index Lower
Jun 03, 12:20 AM EDT |
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| Total losses at financial institution in Japan from subprime lending are estimated at 1.8 trillion, the recent downgrades may increase losses. |
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| Japan stock indexes traded in negative territory after a rising yen affected exporters and realty stocks plummeted on signs of tightening credit markets. In Tokyo trading Nikkei 225 declined 1.6% or 230.97 at 14,209.17, and the broader Topix Index fell 1.2% or 17.66 at 1,407.44. Subprime losses from the US loans at Japanese financial companies total 1.8 trillion yen at the end of March 2008 quarter. |
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Telecom Stocks, Hang Seng Fall
Jun 03, 12:00 AM EDT |
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| Chinese telecom stocks fall more than 10% after a three-day deal among China Netcom, China Telecom and China Unicom. |
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| Chinese telecom stocks fall after a three-way deal among China Netcom, China Unicom and China Telecom for $56 billion. Yuan gains to a record high. In Hong Kong trading Hang Seng Index declined 1.83% or 455.60 at 24,375.76, and the China Enterprises Index of Hong Kong-listed mainland companies, or H shares, dropped 2.88% or 404.39 at 13,621.98. In Shanghai trading CSI 300 Index shed 0.32% or 11.72 to 3,614.11. |
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Satyam Faces $1 Billion Case, Sensex Falls
Jun 03, 9:17 PM EDT |
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| Satyam Computer Services fell 3% after its appeal to a court in London to block a trial in Texas was rejected. |
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| Satyam, software services provider, lost its appeal in London to block a trial in Texas court against a former client that fell behind payment. The client, UK based Upaid Systmes, hopes to recover $1 billion in damages and the case will be tried in Texas to settle the claims of forgery while transfering the technology to Upaid. Separately, Tata Motors completed its purchase of two luxury brands Jaguar and Land Rover from Ford Motor Company. |
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U.S. Stocks, Brazil Down; Europe GDP Up
Jun 03, 7:34 PM EDT |
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| Financial stocks faced another day of sell-off on intense speculation that Lehman may face liquidity crunch. First quarter GDP in Europe rose 0.8%. |
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| U.S. stocks declined as investors worried that credit market losses may increased. Lehman Brothers, the subject of intense investor speculation said that it did not access Fed discount window and it has sufficient liquidty. Lehman dropped 9% after losing 8% in the previous session. Fed Chairman Bernanke in his comments talked tough on inflation and defending dollar, however investors remain skeptical. Brazil lost 2.6%. European markets recovered on 0.8% rise in GDP in the first quarter. |
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GDP Up 0.8%, German Auto Sales Fall
Jun 03, 3:16 PM EDT |
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| Economic growth in the euro zone rose as a rise in investment and construction spending dampened the effect of higher crude oil prices. |
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| European retailers lifted the market indices in the region higher while declining oil price added the positive market sentiment. The European Statistics office Eurostat reported economic growth in the region rose 0.8% in the first quarter of 2008. Investment and construction spending in Germany helped the region. German auto sales, exports and production fell in May but for the first five months in the year registered gains. |
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Lehman Falls Again, Stocks Slide
Jun 03, 7:20 PM EDT |
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| U.S. stocks declined as financial stocks dropped on asset write-down worries. Lehman faces intense investors and analyst speculate quarterly loss. |
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| U.S. stocks struggle as worries of new credit market losses make rounds. Recent downgrade of bonds from Moodys and warnings of possible asset write downs at financial brokers left market on the defensive. Especially, Lehman Brothers is facing intense investors scrutiny. Lehman at the end of the quarter reported financial leverage of 27 to 1 and remains vulnerable to weakness in the housing market and leveraged loan after-market. |
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Fed Inflation Talk; Skeptical Investors
Jun 03, 7:17 PM EDT |
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| Chairman Bernanke commented that containing inflation and its expectations are important and showed a new vigor to defend the dollar. |
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| Chairman Bernanke in his latest speech appears to stress the importance of controlling inflation expectations and protecting U.S. dollar. The renewed stress on dollar and focus on inflation lifted dollar. However, investors remain skeptical. In the past, the Fed has talked tough on inflation and seen the Fed lower inflation to a historic low. Food and energy inflation in the last five years and rising home prices in the last ten years have only ravaged consumer purchasing power. |
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