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UK Deficit Jumps to 38% of GDP
Jul 18, 7:56 PM ET |
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| UK stocks rose as a fall in energy prices dragged commoditiy stocks and optimism in financial stocks lifted broader averages. |
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| UK budget deficit at the end of June soared to 38.3% of GDP. The debt does not iclude loans to the BoE and Northern Rock. The sharp rise in debt is fueled by rising public expenses and rapidly slowing economic expansion. The government hopes to keep debt below 40% of the GDP and lowe than 43 billion pounds, which increasingly looks difficult to achieve. Aberdeen asssets under management rose nearly 5% at the end of June quarter. |
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Tokyo Stocks Fall for the Fourth Week
Jul 18, 7:20 PM ET |
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| Stocks in Japan struggle as financials, exporters and energy related stocks fall. Primary budget deficit of Japan may rise sharply. |
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| Stocks in Japan fell on Friday and dropped 1.8% for the week. The fourth monthly declined was led by persistent weakness in financials, exporters and energy related stocks. Japan estimates its primary budget deficit to rise to 4 trillion by the end of fiscal 2011 from the previous estimate of 700 billion yen. Fall in crude oil futures for the third day in a row prompted a rise in chemical and tire manufacturers and a drops in refiners and oil importing companies. |
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Drop in Oil, Shanghai Surges 3.6%
Jul 18, 6:40 PM ET |
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| Auto sector stocks continue to fall as inventories of unsold vehicles rise at the end of the firrst half. |
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| A drop in oil prices lifted stocks in Shanghai and in Hong Kong. Airlines and realty stocks closed higher. Yuan continue to surge and for the week gained 0.25% to 6.82 to a dollar. For the year yuan has gained 7% and likely to gain at least 1% more in the rest of the year. China yesterday reported gross domestic product surged 10.1% in the second quarter ending in June. |
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Turbulent Week, Gloomy Outlook
Jul 18, 6:18 PM ET |
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| Tech stocks fell after Google and Microsoft reported lower than expected earnings gains. Gloomier outlook in the financial sector dragged banks lower. |
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| Tech benchmarks fell after investors sold Google, Microsoft and AMD stocks. Google dropped 8% after earnings and click through rates declined. AMD reported wider than expected loss. Citigroup rose it reported a loss of $2.5 billion, smaller than estimated and wrote down $12 billion in assets. Merrill Lynch traded weak on higher than expected loss. European markets edged higher on interest in financial stocks. |
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Google, Microsoft Fall, Citi Rises
Jul 18, 5:17 PM ET |
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| Citigroup reported loss of $2.5 billion on $12 billion asset write down. Merrill Lynch fell after it reported higher than expected loss. |
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| U.S. stocks traded mixed with tech stocks trending lower and select financials rising. Google fell 8% after it reported 39% rise in sales and 35% increase in earnings. Microsoft fell 7% after it reported sales rise of 18% and earnings gain of 40% to $17.7 billion from a year ago. For the fiscal year earnings rose 26% to $17.7 billion or $1.87 per share. European markets closed up 1.5%. |
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