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RBA Left Rates Unchanged, Stocks Decline
Jul 01, 8:09 PM EDT |
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| Rio Tinto doubles its price of iron ore to Japanese customers and rival BHP is seeking similar price increase from its customers. |
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| The Reserve Bank of Australia left its key rate at 7.25% but noted that inflationary pressures are building in the economy. The CPI index for the year ending in March was at 4.2% and since then the inflation has been buidling. Australian stocks fell nearly 18% in the first half as global credit market worries dragged financials lower. Of the ASX 200 index stocks, Connecteast Group led the gainers with a rise of 11.1% and ABC Learning led the decliners with a fall of 16%. |
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UK Stock Fall 2.6%, Weak Home Prices
Jul 01, 7:09 PM EDT |
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| Weakness in banks and financials dragged market indexes lower in UK. Home prices in June fell, but at a lower rate in May. |
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| The stocks in UK fell sharply after home prices fell 0.9% in June and home sales remained weak across the country. The weakness in the U.S. trading at the UK close also contributed to the weak sentiment in London trading. Record crude oil prices, rising inflation fears and worries related to further write downs at UK banks dragged market indexes lower. Barclays shed 3.4%, Royal Bank of Scotland declined 5% and Standard Chartered fell 2%. |
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Business Confidence Declines
Jul 01, 6:47 PM EDT |
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| The latest survey in Japan indicated a fall in sentiment across all manufacturers. Auto compaies sharply lower sales in the U.S. |
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| Stocks in Japan fell for the eighth trading session in a row as rising oil prices and continue credit market worries keep investors away. Separately Tankan business survey showed a decline in sentiment across large and small manufacturers for the three months to June. Separately wages in May rose 0.2% an cash earnings rose 0.1%. U.S. auto sales in June declined and Toyota sales fell 21% from a year ago. |
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Shanghai Drops 3%
Jul 01, 6:08 PM EDT |
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| Stocks in Shanghai fall after sharp losses in bank, telecom and oil refiners. Hong Kong markets were closed. |
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| Shanghai Composite Index fell 3% as investors specluate rising interest rates in China and possible slowdown in the economy. Hong Kong stock market were close to celebrate the handover of the island from Britain. Banks and oil refiners led the decline in trading in Shanghai. Chinese foreign exchange reserve rose 18% from a year ago in the first five months to $1.8 trillion at the end of May. The steady rise in foreign exchange has contributed to the elevated inflation. |
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May Deficit Widens, Sensex Falls
Jul 01, 5:48 PM EDT |
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| Stocks fell as investors brace for rising oil prices, widening trade deficit and growing rift in ruling coalition on the nuclear deal with the U.S. |
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| Stocks in India fell 2.5% after record crude oil price in the region soured the trading sentiment. Rupee fell against dollar as rising oil price lift trade deficit for the country. Separately May trade deficit surged to $10.8 billion on 13% rise in exports and 27% rise in imports. Oil import cost surged 51% from a year ago. Rupee fell to 43.56 a dollar. |
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GM Sales Lift Indexes
Jul 01, 4:59 PM EDT |
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| U.S. stocks staged a rally after General Motor June sales fell less than estimated. GM sales fell 19% and Hummer division declined 56%. |
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| U.S. stocks staged a turnaround in the afternoon after the release of June auto sales. Sales declined in the months on three fewer selling days compared to a year ago and consumers held back on large vehicles. The annualized sales decline represent nearly 16% drop from a year ago. Stocks staged a rally, led by a rise in General Motors after it reported a decline of 19% less than estimated. chrysler led the industry with a loss of 36% and Ford sales fell 28%. |
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Transportation Stocks Lead Decliners
Jul 01, 12:57 PM EDT |
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| U.S. stocks fell sharply on another increase in crude oil prices. Airlines, package shippers and freight companies fell. |
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| U.S. stocks declined sharply by the early afternoon as crude oil hovered near record level and talks of a military strike against Iran dampened the moood. Dow, S&P 500 and Nasdaq dropped 1%. Transportation stocks declined, led by a sharp fall in AMR Corp, UAL and Delta Airlines. UPS and FedEx declined 3% on a rise in crude oil prices. |
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CIT Soars 24%, Oil Surges $3, Stocks Down
Jul 01, 10:15 AM EDT |
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| U.S. stocks trade lower as crude oil reached $3 a barrel and financials decline. Banks, brokerages and transportation decline. |
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| U.S. stocks struggle in the morning trading after crude oil increases $3 to $143 a barrel. The talks of possible military strike on Iranian installation lifted prices of oil and gold. U.S. stock fell as talks of lower than estimated earnings for the second quarter dominate trading. CIT soars 24% after it agreed to sell its home lending unit and record a pre-tax loss of $2.5 billion. Asian markets closed lower with India losing 3.7%. |
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