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UK, Europe Indexes Near 20% Loss
Jul 08, 6:57 PM EDT |
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| Stocks in UK and Europe fell as banks fell in the region on the worries that more write downs are likely in the latest earnings results. |
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| UK stocks fell as credit market worries linger. Business survey predict business recession in the near term. The FTSE 100 index is down 20% from its peak in the last one year of trading. The stock of LSE led the decliners in FTSE 100 index after an analyst estimated a revenue decline of 4% ahead of annual meeting tomorrow. Standard Chartered Bank dropped 2.2%, HBOS fell 1.6% and Barclays declined 1%. European markets declined led by a fall in banks across the region. |
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Financials, Realtors Rise; Oil, Copper Drop
Jul 08, 5:47 PM EDT |
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| After the close of the U.S. markets Alcoa reported better than expected earnings. |
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| Financials, home builders and real estate trust stocks rose sharply after the regulator statement on Fannie Mae and Freddie Mac. Energy and mining stocks declined as crude oil, natural gas and precious and base metal prices fell. Airlines, freight transportation and railroads rallied on falling oil. European markets closed lower on the continued worries related to the health of U.S. banks. Copper, corn, gasoline and crude oil futures drope between 3% and 4%. |
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HK Stocks Fall on Renewed Economy Concerns
Jul 08, 2:34 PM EDT |
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| Hong Kong shares slid 3.2%, with all stocks in the main index recording losses on worries of more losses at US financials. |
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| Hong Kong''s stock market plummeted as U.S. credit concerns and regional declines affected investor sentiment. Most Asian markets also lost ground Tuesday. Aluminum Corp. lost 5.6% on reports that it may see lower output at two of its mainland plants. China Petroleum & Chemical Corp. fell 2.7% despite lower crude prices, while CNOOC lost 3.4%. In export-related stocks, Foxconn International, handset manufacture, was downgraded and shed 10.3%. |
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Nikkei Drops 2.5% on Credit Worries
Jul 08, 5:29 PM EDT |
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| The Cabinet Office reported that Japan merchant’s sentiment dropped to a six-year low from 32.1 in May to 29.5 in June. |
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| Japan market indexes traded in the negative territory led by financial stocks on resurgent credit worries after Lehman Brothers noted that the new accounting rule in the U.S. may force Freddie Mac and Fannie Mae to raise an additional $75 billion to meet capital requirements. Sumitomo Realty led decliners in the Nikkei 225 with a drop of 6.21% followed by losses in Mizuho Trust & Banking and Nissan Chemical Industries. |
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Sensex Falls 1.3% on Regional Decline
Jul 08, 5:22 PM EDT |
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| G-8 meeting issues a statement that ignores the need to conserve energy and curb wasteful use and did not comments on speculation food commodities. |
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| Stocks in India declined tracking losses in Asia and other global markets. Communist and other regional parties withdrew their support to the ruling coalition led by Congress Party. The Congress Party has sought and secured support from a regional party and is likely to complete its full term. Tata Motors dropped 4% and has falled nearly 60% from its peak seven months ago. Reliance Industries fell below 2,000 rupees. |
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Goodrich, VMWare, Office Depot Plunge
Jul 08, 12:14 PM EDT |
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| Goodrich Petroleum, Office Depot and VMWare lead decliners in the U.S. stocks and Fifth Third, Huntington and MBIA lead gainers. |
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| U.S. stocks struggle as investors face higher write-offs from banks and financial brokerages. Fannie Mae and Freddie Mac were the focus of investors for the second day, after the top regulator said that it will not seek the two lenders to seek additional capital on accounting change. Office Depot plunged 32% after same store sales fell 10% in the second quarter. VMWare dropped 26% after it lowered its sales outlook and replaced its chief executive. Goodrich Petroleum commenced offering. |
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Stocks, Oil, Gold Fall, Fed Wants Bigger Role
Jul 08, 5:20 PM EDT |
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| The regulator that oversees two mortgage lenders Fannie and Freddi said that it may not ask two lenders to seek new capital. |
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| tU.S. stocks edge higher in the trading afer wholesale sales rise in May. Commodities prices fell for the second day with a sharp decline in crude oil, natural gas and base metal prices. The Federal Reserve chief Bernanke proposes to widen the Fed role and increase lending to financial brokerage firms. Fannie Mae and Freddie Mac may not have to seek additional capital according to the regulator that regulates two mortgage lenders. Asian markets fell sharply in the overnight trading. |
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