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Bearish Sentiment Persists in HK
Jul 03, 11:03 PM EDT |
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| Stocks in Shanghai and Hong Kong continue to struggle as bearish sentiment extends in the ninth month. Refiners and oil companies decline. |
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| Hong Kong market averages declined for the fourth day in a row led by weak financial stocks on fears of widening credit market losses. Hang Seng reached its peak in November of 31,638.22 and since then has steadily declined in the last seven months of trading but the index is still trading above August low of 20,387.13. |
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Longest Losing Streak in Japan
Jul 03, 9:55 PM EDT |
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| Stocks in Tokyo continue to fall for eleven trading days in a row. Investors fear rising inflation and falling corporate profits. |
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| Stocks in Japan continue to slide for the eleventh session in a row. Rising crude oil prices, persistent worries related to credit markets and weakening consumption is keeping investors on the sidelines. Steelmakers fell after weak global auto demand for Japanese makers dragged stocks lower. Nikkei 225 index, as tracked by Nikkei News report the longest losing streak in the last five decades. |
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Rising Oil Dents Stocks, Rupee
Jul 03, 8:32 PM EDT |
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| Rising international oil prices put another dent into values of stocks and rupee. Inflation may accelerate if oil trades higher. |
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| Rupee hovered near fifteen months low as rising crude oil price take a bite out of stocks in India. As India pass on rising international prices of oil to consumers, inflation is expected to reach further in record zone hurting corporate profits and economic growth prospects. Stocks in Mumbai trading fell as investors feared slow down in consumer spending. Automakers, banks and real estate stocks fell sharply. Rupee edged lower and is likely to drop below 43.50. |
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U.S. Techs Struggle, Crude Oil at $145
Jul 03, 7:51 PM EDT |
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| U.S. Stocks struggled, European markets closed higher and Latin Amercan markets closed lower led by a sharp decline in Peu and Brazil. |
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| U.S. stocks edged higher but tech stocks remain weak as they have been in the past one month of trading. Crude oil traded at record level as specluators, weak dollar and steady demand drive oil prices. Tech stocks fell, led by weak semiconductor stocks after Nvidia cut its revenue and gross margin guidance. ECB in Europe, raised its key rate by 0.25% to 4.25%. Vodafone agreed to acquire 70% stake in Ghana Telecom to tap into one of the fastest growing wireless markets. |
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Penn National Deal Falls, Yahoo Talks
Jul 03, 2:20 PM EDT |
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| Talks to convince Yahoo to break the company and sell different businesses to Microsoft, AOL and News Corp appear to be back on track. |
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| Tech stocks fell for the second day on the weak chip makers and tech services companies. Nvidia plunged 30% after it issued lower revenue and gross margin guidance. The chipmaker will also take a charge of $150 millino in the second quarter. Citigroup, Cowen and Goldman Sachs lowered pricce traget and investment rating on the stock. European markets closed higher on the hopes that latest interest rate increase may not be followed by another rate hike in the near future. |
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June Job Loss, ECB Raise Rates
Jul 03, 12:16 PM EDT |
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| U.S. lost 62,000 jobs in June and unemployment rate in the month was 5.5%. European Central Bank lifted its key rate. |
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| U.S. payrolls declined in June 62,000 totaling to job losses of 438,000 for te first six months of the year. Economy has been losing jobs as construction, banking and retail industries have been laying off people. Separately the European Central Bank raised its key rate by 25 basis points to 4.25%. |
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