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Hang Seng 1-Year, Shanghai 18-Month Lows
Aug 18, 7:27 PM ET |
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| Coal miners in China fell after China increased export tax on coke, coking and thermal coal. |
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| Hong Kong stock indexes dropped to its low for the year as financial stocks declined after the China Securities and Regulatory Commission’s pledge to stabilize the market failed to appease investors. Hang Seng index fell 1.1% to 20,930 and in Shanghai CSI 300 index plunged 5.5% to 2,313, an eighteen month low. National real estate climate index dropped 0.72 points from a month earlier and declined 1.64 points from a year ago to 102.36 in July. |
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Wages Edge Higher, Realtors Rebound
Aug 18, 7:00 PM ET |
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| Central Japan Railway is offering to pay 370 yen per share to increase its stake in Nippon Sharyo to 50.1% from 1.8%. |
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| Japan benchmark index increased on rising commodity stocks after Mitsubishi UFJ Securities upgraded rating on Sumitomo Metal Industries. Investors sought property developers stocks after a recent sell-off sparked by Urban Corp bankruptcy last week. In Tokyo trading Nikkei 225 rose 1.12% to 13,165.45, and the broader Topix Index jumped 1.3% to 1,263.75. Total wages increased 0.4% to 467,938 yen in June, and contractual cash earnings gained 0.2% to 270,712 yen. |
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Financials, Home Builders Fall; Mexico Down 2%
Aug 18, 6:00 PM ET |
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| U.S. stocks fell on the renewed worries related to financial sector. Hershey may slow sales growth after recent price hike of 10%. |
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| U.S. stocks fell sharply on more than 23% decline in Freddie Mac and 21% loss in Fannie Mae. Benchmark indexes fell 1.5% after financials, home builders and consumer stocks fell. A prospect of the U.S. bailout of Fannie and Freddie may happen at the expense of shareholders. Of the S&P 500 index stocks, 90% fell. Home improvement retailer Lowes earnings declined 8% but at mining giant BHP Billiton annual earnings rose 15%. |
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Stocks Fall; Fannie, Freddie Worries
Aug 18, 3:30 PM ET |
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| The Hershey Company said that recent price hike of 10% may lower sales growth in the coming quarters. |
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| U.S. stocks fell on the worries that the two mortgage lending government agencies, Fannie and Freddie may need capital infusion and may wipe out shareholders. Merrill Lynch lowered its price target on Freddie Mac below $6. Financials and home builders fell sharply. Fannie and Freddie dropped more than 18%. Lennar, DR Horton and Toll Brothers declined more than 5%. Musharraf, the former dictator of Pakistan resigned to avoid impeachment charges. |
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Home Prices Fall; Weak Economic Forecast
Aug 18, 5:38 PM ET |
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| The British trade association forecasted weak economy till the end of the year 2009. UK home prices fell in August. |
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| Stocks in London fell sharply after house prices fell 4.8% in August and a report by the British Chambers of Commerce indicated that economic growth will fall to negative or zero in the next three quarters. Bradford & Bingley said 72% of its shareholders rejected offer to participate in rights offering and appointed new chief executive. Woolworths rejected bid from Iceland Foods that involved complex restructuring. |
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Rupee Falls, Musharraf Forced Out
Aug 18, 2:01 PM ET |
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| Former dictator of Pakistan, President Musharraf was forced to resign to avoid impeachment charges. |
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| Stocks in Mumbai fell as investors face tighter monetary policy in the country on the prospect of elevated inflation for the rest of the year. Rupee declined against dollar as the U.S. currency climbed from its low on the expectations of interest cuts in the euro zone. Mahindra & Mahindra acquired a majority stake in the third largest tractor company in China. Former dictator of Pakistan, President Musharraf was forced to resign to avoid impeachment charges. |
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BHP Hikes Dividend, Lowe's Net Falls 8%
Aug 18, 9:29 AM ET |
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| Lowes, the second largest home-improvement retailer net quarterly income declined 8% and sales rose 2.4%. |
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| U.S. stocks opened higher tracking fractional gains in the European markets. Markets in overnight trading in Asia closed mixed with Japan index trading up 1% but index in Hong Kong fell more than 1%. In the UK trading, commodities and energy stocks traded higher with a slight pick up in crude oil and metals prices. BHP Billiton increased its dividend by 49% after it reported annual earnings rise of 15% and revenue gain of 25%. Lowes, home improvement |
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