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Carrefour, Retailers Lead Europe Decline
Jul 10, 6:54 PM EDT |
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| European markets closed sharply lower on corporate profit and economic slowdown worries. Carrefour plunged after weak sales gains. |
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| European markets closed sharply lower as investors faced falling corporate sales and profit. Hypermarket retailer Carrefour reported smaller than expected rise in sales and plans to curtail its remodeling in France and accelerate expansion in Brazil. Clay tile and brick maker Wienerberger estimated decline in sales and operating profit. UK retailers Burberry and Kingfisher dropped on negative comments from Goldman Sachs. UK left its key lending rate unchanged. |
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Financials Drag U.S., European Stocks
Jul 10, 5:28 PM EDT |
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| Stocks in Europe and financial stocks in the U.S. closed sharply lower after more questions on the financial health of Fannie Mae and Freddie Mac. |
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| Dow Chemical offer to buy Rohm & Haas at 75% premium lifted U.S. market averages but financial stocks continued drift lower. The comments from the former Fed President took another toll on Fannie Mae and Freddie Mac as both declined to near 15-year lows. European markets closed lower on the weakness in financial stocks. Rising tensions in the Middle East lifted crude oil $5 a barrel. |
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Tokyo Wholesale Price at 3-Decade High
Jul 10, 4:02 PM EDT |
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| Tokyo wholesale prices rose at the fastest pace in 27 years on rising fuel and energy prices. |
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| Japan wholesale prices rose at a faster pace in June than in May on rising fuel and energy prices. The price index rose 5.6% in the month. The index rose sharpest in nearly three decades. Tokyo stocks rose marginally after BNP Paribas SA agreed to purchase 30 billion yen convertible bonds from realtor Urban Corp. The deal lifted the real estate developers. Financial stocks rebounded after speculators returned to the sector. |
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BoE Holds Rates, Home Prices Fall
Jul 10, 4:14 PM EDT |
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| The Bank of England left its key rate unchanged at 5% and cited worries related to inflation forces. |
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| UK home prices fell 6.1% in June from a year ago and fell 2% from May. Home prices declined to 15-year low on tighter credit, falling disposable income and stagnant wages. Separately, FTSE 100 index dropped 2.2% as investors worried that record fuel prices and falling home values will drag economy in recession. In addition, the Bank of England left its key lending rate unchanged at 5%. Retailers fell after Goldman Sachs lowered outlook on leading retailers. |
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Fannie, Freddie Plunge to 15-Year Low
Jul 10, 4:13 PM EDT |
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| Comments from the former Fed president on Fannie and Freddie Mac dragged lenders to two-decade low. |
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| U.S. market averages scaled higher on the back of deal between two large chemical companies. Dow offered $15.3 billion to Rohm & Haas in all cash deal. Financial stocks declined again on comments from former Fed President Poole that questioned financial health of two government chartered agencies Fannie and Freddie. Freddie Mac plunged 19% and Fannie plummeted 11%. Lehman lost 8% to 80% loss from its peak in 2005. |
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Dow Buys Rohm & Haas for $15.3 B
Jul 10, 4:12 PM EDT |
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| Dow Chemical will acquires Rohm & Haas in all cash deal funded by investment from Berkshire Hathaway and sovereign fund of Kuwait. |
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| Dow Chemical agreed to pay 74% premium to acquire specialty chemical maker Rohm & Haas valued at $18.8 billion. Berkshire Hathaway will invest $3 billion and Kuwait Investment Authority will purchase $1 billion of convertible preferred securities. The rest of the deal will be funded with debt arranged by Merrill, Citigroup and Morgan Stanley. Rohm & Haas will operate as an independent division with sale of $13 billion after the merger. |
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