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Telecom Worries Drag HK Indexes
Jun 04, 8:42 PM EDT |
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| Inflation worries in the short tem and lower earnings at the recently proposed merged telecom companies dragged indexes lower. |
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| Hong stocks fell after investors worried that recent proposal to merge telecom companies may reduce earnings in the short term. Analysts wonder that the three-way deal among China Unicom, China Netcom and China Telecom may reduce earnings on higher operating costs in the short term. The Hang Seng Index fell 1.04% or 252.51 to 24,123.25 and in Shanghai trading CSI 300 Index fell 1.86% or 67.20 to 3,546.92. |
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Tokyo Stocks Rebound; Automakers Rise
Jun 04, 7:43 PM EDT |
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| Fast Retailing revised higher its operating profit for the year target to 83 billion yen from 80.1 billion yen. |
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| Stocks in Tokyo gained ground after yen fell and metals and crude oil prices fell. Nikkei 225 rose 1.59% or 226.4 at 14,435.57, while the broader Topix Index increased 1.6% or 23.03 at 1.430.47. Capital spending declined for the fourth straight quarter by 5.3% in the three months ending March. The decline was smaller than estimated by economists. |
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U.S. and Emerging Markets Fall; MBIA Plunges
Jun 04, 5:08 PM EDT |
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| Emerging markets plunge with a decline in crude oil prices. India, Brazil and Argentina led the losers. MBIA and Ambac plunge on a rating loss. |
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| U.S. stocks traded sideways after Moody removed the top bond insurance rating from MBIA and Ambac Financial. Ambac plunged 17% and MBIA lost 16%. Two companies have lost more than 70% of their market value in the last one year of trading. Crude oil futures declined as India joined Malaysia and Indonesia and passed on higher fuel prices to consumers. Brazil fell for the second day more than 1.5% in Latin markets trading. India lost 2.8%. |
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UK Stocks Fall, Credit Worries
Jun 04, 4:58 PM EDT |
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| UK stocks fall after rating agency commented that Barclays and other banks need to raise capital. |
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| Stocks in UK dropped after a business activity index showed a decline in activities in May. Businesses are battling tight credit conditions and low consumer confidence. Luxury home prices are expected to fall 5% by the end of the year. Kingfisher, home renovation retailer reported first quarter earnings jumped 9% to £96 million. Vodafone led decliners in the FTSE 100 index stocks with a fall of 5% followed by losses in London Stock Exchange of 4.5%, in Vedanta Resources of 4% and in BP of 4%. |
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Sensex Drops 2.8%, Fuel Price Hike
Jun 04, 1:17 PM EDT |
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| Sensex index declined sharply on the worries that fule price hike will stoke already high inflation furhter. |
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| After a heated debate the government approved price increase for petrol, diesel and cooking gas. The price increase of 5% and lower of import duties will help state controlled oil companies to reduce losses. Sensex index fell sharply after the price increase on the fears that record inflation will only rise. The 30-share BSE Sensex fell 2.8% or 447.77 at 15,514.79. On the National Stock Exchange, the S&P CNX Nifty declined 2.8% or 130.3 points at 4,585.60. |
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Financials Decline, Guess Surges 10%
Jun 04, 9:44 AM EDT |
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| Financial stocks fell on new worries that on going housing market correction will require more capital at banks and brokers. |
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| U.S. stocks were on the decline after another rating agency analyst voiced his concern on adequacy of the capital ratios at Barclays, BNP Paribas, Societe Generale and Lehman Brothers. Home builders Hovnanian and Toll Brothers fell after reported wider than estimated losses. Guess surged nearly 10% after it reported sharply higher earnings. European markets fell more than 1% and in Asian trading India dropped 2.8%. |
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