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AIG Loss Sparks Credit Fears; Indexes Fall
Aug 07, 9:08 PM ET |
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| Stock benchmarks in the U.S., Canada and Latin America fell sharply on the worries of more losses at financial companies. |
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| U.S. stock benchmarks fell on large loss at AIG and other financial companies, weaker than expected earnings from consumer related stocks and mixed same store U.S. retail sales. Global financial companies exceeded $500 billion cumulative losses. Same store sales in July fell but sales at discounters rose. Barclays rose after it reported 35% drop in profit. In Japan, Toyota and Kubota reported profit declines. Shipping lines in China fell on the fourth weekly decline in freight rate index. |
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Commodities Drag China Stocks Lower
Aug 07, 5:00 PM ET |
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| Commodities, shipping and air lines dropped as manufacturing comes to a halt near Beijing. Financials traded mixed. |
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| Stocks Hong Kong edged higher but in Shanghai fell a fraction. Financial stocks were mixed after a sharp loss at AIG but better than expected earnings at Standard & Chartered. Airlines, commodities and shipping lines fell. Shipping lines fell after Baltic Dry Index fell for the fourth week in a row. China Cosco, CSCL and CSD dropped nearly 6%. |
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Kubota Rises, Tokyo Stocks Fall
Aug 07, 5:00 PM ET |
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| Stocks in Japan fell after financial companies report a decline in profit. Chuo Mitsui Trust porfit fell 52%. JAL loss declined. |
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| Stocks in Japan fell as worries related to banking sector earnings rose. Losses at financial institutions in Japan increased above 1 trillion yen and are likely to climb higher. Chuo Mitsui Trust Holding first quarter profit fell 52%. Machinery order in June rose. Kubota first quarter revenue fell 2.5% and earnings declined 16.5%. JAL net loss in the quarter shrank to 3.4 billion yen. |
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BoE, ECB on Hold; Barclays Profit Decline 35%
Aug 07, 4:59 PM ET |
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| Barclays reported 35% decline in profit after it reported twice the amount of write downs than a year ago. |
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| The Bank of England left its key rate unchanged at 5% and ECB left its key rate at 4.25%. UK is facing slowing housing market and manufacturing and service sectors and retail sales are falling as well. However, food and energy prices are rising. The economies in Europe and UK are slowing down but inflation pressures are expected to rise. The comments of the ECB chief were interpreted as further hikes in the rates are less likely and may be lowered by the end of the year. |
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AIG, Allianz Weak, Retailers Fall
Aug 07, 1:13 PM ET |
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| Nationwide Financial Services rose 9% after its parent agreed to buy part of the company to simplify its ownership structure. |
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| U.S. stocks fell on further weakness in financial companies and a drop in earnings from Toyota, Martin Marietta Materials, Cardinal Health, Atlas Air Worldwide, Fortress Investments Group. Retailers reported mixed same store sales with Target sales declining and Wal-Mart issuing a conservative outlook for August. |
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AIG Loss, Wal-Mart Cautious
Aug 07, 10:28 AM ET |
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| Stocks fell after weak results from AIG, Allanz, Toyota Motor. Wal-Mart Stores offered cautious sales outlook. the BoE left its rate unchanged. |
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| Stocks traded sharply lower after a loss at AIG, weak retail sales outlook and Toyota Motor and Allianz earnings drop. AIG, the largest insurer reported wider than expected loss and may be forced to raise capital as its portfolio losses mount. Earlier, Allianz SE, the largest insurer in Europe reported lower earnings on losses at its banking unit Dresdner Bank. Wal-Mart Stores fell after it offered a cautious outlook for August sales. |
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