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IMF Estimate Drags Indexes Down 2%
Jul 28, 5:21 PM ET |
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| Merrill Lynch dropped to a 10-year low and Fannie Mae and Lehman Brothers fell more than 10%. Citigroup led the decline in banks. |
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| Another day another sell-off in financial stocks. IMF report warned that the U.S. housing market has yet to reach a bottom and estimated nearly $1 trillion in losses for global banks. The report put investors on the defensive and stocks in financial, home builders and banking sectors fell. Merrill Lynch dropped to a new low in the last ten years. Toyota lowered its outlook for annual unit sales and Honda lowered its earnings estimate for the quarter. UK home prices fell in June. |
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Banks Fall in HK, Miners Rise in Shanghai
Jul 28, 4:58 PM ET |
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| In the third quarter, economists estimate economic growth in China of 10% and consumer price index gain of 6%. |
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| Stocks in Hong Kong trading fell but in Shanghai rose. Banks and telecom services companies declined in Hong Kong led by a decline in HSBC and China Mobile. Shipping companies, China Cosco, Pacific Basin and China Shipping Container Lines fell on weak global outlook. China trade with Asean member nations increased 27% in the first five months of the year. |
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Yahoo Japan, NTT DoCoMo Rise
Jul 28, 4:58 PM ET |
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| Stocks in Japan rose on higher commoditiy prices. Yahoo Japan gained more than 4% on 18% rise in net income. |
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| Stocks in Japan edged higher on a rise in commodities related stocks. Yahoo Japan reported 18% rise in earnings and gained 4% in trading. Honda lowered its earnings outlook on higher raw materials costs and Toyota Motor Corp lowered its annual sales outlook by 3.6% to 9.85 million units and production estimate by 4.5% to 9.5 million vehicles. Tokyo Electric Power estimated annual loss of 280 billion yen and increase rates by 12%. |
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UK Stocks Lower, Home Prices Fall
Jul 28, 4:57 PM ET |
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| Financials led the decline in London trading. Royal Bank of Scotland sells its stake in a joint venture to the retailer Tesco. |
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| Stocks in London fell after weak housing market data and lack of interest in financial stocks. Two separate surveys showed a decline in home prices in June and indicated further declines are likely as credit markets remain tight. Financial stocks fell after Australia and New Zealand Banking Group tripled its loan delinquencies rate. Royal Bank of Scotland sold its stake in a joint venture with Tesco to the retailer. |
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U.S. Stocks Slide Intensifies
Jul 28, 1:33 PM ET |
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| Kraft rose after it reported better than expected earnings as it passed on higher raw materials costs to customers. |
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| U.S. stocks intensified their decline in the early afternoon. Benchmarke indexes, Dow Jones, S&P 500 and Nasdaq fell nearly 1%. Investors sold financial stocks after the passage of housing bill and braced for more losses at the banks. Crude oil traded flat and gold edged lower. Germany, France and Italy closed down 1% or more. Amgen rose 12% after it reported positive results from its experimental drug to treat bone loss. |
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Verizon Gains, Financials Fall
Jul 28, 11:23 AM ET |
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| Financial stocks traded mix. The U.S. passed housing bill to inject capital in troubled mortgage lender Fannie Mae and Freddie Mac. |
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| U.S. stocks traded lower as investors avoided financial stocks in the morning trading. Fannie Mae and Freddie Mac traded mix after the passage of housing bill over the weekend. Verizon Communications second quarter net income rose 12% on less than 4% rise in revenue. The wirelss carrier added 1.2 million net new subscribers. One of the largest buyout firms, KKR plans to sell a stake in a public offering. |
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