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Qatnas Rises, Just Group Drops 12%
Jul 02, 12:03 AM EDT |
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| Australian stocks closed lower after a drop in retail and mining stocks. Qantas may sell a minority strike in its frequent flyer program. |
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| Stocks in Australia fell tracking global market weakness. Mining and retailers declined. Just Group lowered its earnings 10% and cited weaker than expected consumer spending. Separately, the company rejected buy ot offer from Premier Group and its stock fell 13%. mining stocks fell as metals prices declined. Fligh engineers at Qantas suspended the strike threat nor now as its union negotiates with the airline. Australian benchmark is the fourth worst performer in Asia. |
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Hong Kong Stocks Fall 1.8%, Ping An Down 10%
Jul 02, 7:59 PM EDT |
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| Stocks in Hong Kong fell on earnings warning from Cathay Pacific. In Shanghai trading, Ping An Insurance dropped 10% on market rumors. |
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| Ping An Insurance fell daily limit of 10% after talks of potential loss of 12 billion yuan at one of the funds managed by the company sparked sell-off and dragged China Life down 5%. Stocks in Shanghai were unchaged but hovered near 49% loss for the year as investors shied away from the market. Hong Kong stocks fell 1.8% after Cathay Pacific suggested that first half profit will be lower than market estimate. |
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Dow, Nasdaq Down 20%
Jul 02, 7:16 PM EDT |
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| U.S. stocks fell sharply after fears of recession and rising crude oil prices turned investors cautious. Popular indexes are down 20% for the year. |
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| U.S. stocks fell shaprly as investors feared recession, higher fuel and energy prices and weakening corporate profits. Cyclical stocks of miners, steel makers and industrial companies fell. Coal miners, Peabody and Massey Energy plunged. Transportation stocks fell on record price in crude oil and a prospect of higher energy prices in the near future. Airlines, railroads and freight companies declined. European markets closed lower. Brazil, Canda and Argentina closed down 3% or more. |
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Tokyo Slumps, Tenth Decline in a Row
Jul 02, 4:03 PM EDT |
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| A weakness in automakers and shipping lines draggedmarket indexes lower for the tenth day in a row. Nikkei 225 is in its longest spell of decline. |
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| Stocks in Japan are now in the longest losing streak in the last four decades. The bench market index Nikkei 225 has lost ground for the last trading days in a row. Continued worries related to the health of the U.S. and European banks and a sharp rise in crude oil prices and a fall in auto sales in the U.S., Japan and India dragged auto stocks lower. A 2.5% decline in Baltic Dry Index that tracks ocean freight rates dragged shipping companies lower. Toyota, Honda, Nissan and Suzuki fell. |
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Taylor Wimpey, Marks & Spencer Plunge
Jul 02, 4:51 PM EDT |
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| UK stocks declined after Marks & Spencer issued earnings warning and home builder Taylor Wimpey suspended its dividend and forecasted gloomy outlook. |
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| Marks & Spencer dropped 24% after it reported same store sales declined 5.3% in the UK. The company warned that earnings will be revised on the lower sales in the UK. Other retailers fell sharply and dragged benchmark index lower. Taylor Wimpey, home builder announced that it will cut its dividend and take a write-off of £660 million. The home builder forecasts weak housing market till 2009 and also failed to attract new capital. Taylor stock dropped as much as 46%. |
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GM Down 12%, Deutsche Bank Rises 4%
Jul 02, 3:06 PM EDT |
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| General Motors dragged market averages for the second day, but lower today after comments from Merrill Lynch. |
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| U.S. stocks took a negative turn after the new worries resurfaced about General Motors. Merrill Lynch analyst estimated that the company may need more capital than previously estimated as it burns cash and sales decline and did not rule out the bankruptcy alternative. General Motors dropped 12% on the comments and dragged market indexes lower. In Europe, banks rallied after Deutsche Bank affirmed its guidance of profitability and UBS said that for now it has sufficient capital. |
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Sensex Soars 5% on Political Hopes
Jul 02, 4:52 PM EDT |
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| The stocks in India rallied after the possible working coalition between Congress and a regional party may save the current government from falling. |
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| Stocks in India rebounded sharply on the hopes that a political settlement can be reached between Congress led UPA ruling coalition and a regional party. The prospect of alliance between Congress and Samajwadi Party lifted Sensex index up 5.4%. Banks, real estate and industrial companies participated in the rally. DLF rallied 15% after the company will decide to buy back stocks next week. Software services exporters rebounded as rupee has declined nearly 9% in the last two months. |
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Yahoo Rebounds, European Stocks Higher
Jul 02, 9:23 AM EDT |
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| U.S. stocks are expcted to open higher. Yahoo rebounds 5% after Microsoft, Time Warner and News Corp consider another bid to divide the company. |
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| U.S. stocks are expected to open higher in the morning trading and European stocks are advancing. Banks and pharmaceuticals lifted the market indexes in Europe. A private survey of private employers suggested a loss of 79,000 jobs in the U.S. in June. Yahoo deal appears to be in focus again after Microsoft, Time Warner and News Corp may make a second run at the company. India soared 5% in the overnight trading. |
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