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Yuan at Record High, Energy Stocks Rise
Jun 06, 7:24 PM EDT |
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| Stocks in Shanghai and in Hong Kong trading rose as energy prices in the region increased. |
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| Yuan rose to a record high against the U.S. dollar. Yuan rose to 6.923 to a dollar. The chinese currency gaied 5.5% so far this year after rising 6.9% in 2007. Rising crude oil price lifted stocks in the energy sector and dragged airlines stocks lower. China''s fiscal revenue rose 29.4% from the year ago and corporate income tax revenue declined 12%. |
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Inflation at 8.4%, Sensex Drops 1.3%
Jun 06, 6:57 PM EDT |
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| The latest read on the inflation showed a rise to 8.4% on rising food and energy costs. The RBI is likely to issue measures to curb lending. |
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| Inflation fears hovered on the trading sentiment as the latest read on the inflation showed a surge to 8.4%. The RBI Governor Reddy hinted that a higher bank reserves may be requied to curb lending. Recent rise in fuel prices are only going to add to the inflation as 14% of the conumer price index consist of fuel. Widespread consumer protests were seen in Kolkatta and Hyderabad. The Sensex index fell 1.3% or 197.54 to 15,572.18 and CNX Nifty dropped 1.1% to 4,627. |
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Exporters Lift Tokyo Stocks 1%
Jun 06, 6:11 PM EDT |
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| Japanese financial institution report losses of 850 billion yen at the end of the first quarter linked to the U.S. sub-prime loans. |
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| Japan stock averages rose after a weakening yen spurred exporters and steel makers rose after the U.S. steel maker Nucor said its earnings will be higher than the previous estimate. In Tokyo trading Nikkei 225 rose 1% or 148.32 at 14,489.44, rising 1.1% for the week, and the broader Topix Index increased 0.3% to 1,428.11. |
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U.S. Stocks Drop 3%; Gold Up 3%, Oil Up $10.75
Jun 06, 6:30 PM EDT |
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| S&P 500, Dow and Nasdaq dropped 3% after May unemployment rincreased to 5.5%. Crude oil surged 14% in two days and gold surged $24 today. |
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| The indexes S&P 500, Dow and Nasdaq dropped 3% on unemployment report, record surge in oil and gold prices and worries of economic slow-down. WaMu Inc led the decliners in the S&P 500 index with a loss of 12.5% followed by losses in MGIC Investment Corp of 11.3%, in Ambac Financial of 10.3% and in Pulte Homes of 10%. AIG led the decliners in the Dow Jones Index with a loss of 6.8% followed by losses in American Express of 5.8%. Of the S&P 500 stocks, 286 lost more than 3%. |
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European Stocks Fall on 10% Oil surge
Jun 06, 4:03 PM EDT |
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| European markets fell sharply after crude oi surged 10% on top of 5% rise in the previous session. |
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| European stocks fell across the region as crude oil jumped 9% in London trading. The sustained imports from Asia and the U.S., falling dollar and the use of oil as a hedge and worries related to supply are contributing to the crude oil rise. Every member of the CAC-40 index in Paris fell and only of DAX 30 index stocks in Germany closed higher. Switzerland, Germany and France dropped more than 2%. |
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Brent, Texas Crude Surge 9%
Jun 06, 2:53 PM EDT |
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| UK and European stocks fell after the U.S. unemployment report. Crude oil surged as speculators see rising demand with no new supply in the market. |
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| UK and European stocks fell after May unemployment rose in the U.S. Crude oil surged 9% in London and New York trading on sustained imports from Asia and the U.S. Crude oil surged to a record high $137 in trading in London and New York. Energy stocks led FTSE 100 index stocks. Lloyds TSB Group said in regulatory filing yesterday that it will make a provision of £180 million pounds in the wake of a U.S. probe. |
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U.S. Stocks Fall, Unemployment at 5.5%
Jun 06, 1:43 PM EDT |
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| U.S. Stocks fall after a rise in May unemployment to 5.5%. For the second month employers cut the staff. |
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| U.S. stocks fell sharply after the unemployment in May rose to 5.5% from 5% in April and from 4.5% in May of 2007. The monthly payrolls declined for the second month in a row and sparked the fears of economic slow down. Market indexes, Dow, Nasdaq and S&P 500 fell more than 1.7%. National Semiconductor gained after earnings rose 8% and earnings per share increased to 28 cents. Crude oil traded 4% higher on a sustained rise in demand. |
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Oil Rises 4%, Second Day Surge
Jun 06, 5:26 PM EDT |
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| Crude oil traded near its peak price as dollar falls in international trading and Chevron employees in Nigeria threaten a strike. |
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| U.S. stocks traded lower in the morning trading as oil surged more than 4% in London and in New York trading. Chevron oil operations in Nigeria are looking to strike if higher pay demands are not met. Weak dollar also contributed to the rise in oil price. And, a steady rise in demand from the U.S. and accelerating demand from Asia has kept crude oil demand higher in the first five months of the year. |
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