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BHP Miners Return in Colombia, Just Rejects Bid
Apr 01, 2:29 PM EDT |
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| Just Group chairman refused to be participate in the bid from Premier Investments. SinoSteel bid of $1.2 billion for Midwest may need to be revised. |
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| Mine workers at BHP mine in Colombia return after a month long strike but it may take one month to reach normal production. The mine will lose nearly 20% of its production in the current fiscal year. Roc Oil Company''s share fell 14% today after disclosing that a well drilled in the area may fail to produce oil. Iron ore miner Midwest Corp blamed its operating loss in the fiscal 2007 year on costs incurred in defending a failed $900 million takeover bid by Murchison. |
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Trade Deficit Surges, Rupee Rises
Apr 01, 9:07 PM EDT |
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| The Reserve Bank of India is likely to let rupee rise to fight the rising inflation. Food and energy prices have surged in the last three months. |
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| Export from India in February rose 35% to $14 billion and imports gained 30% $18.5 billion lifting the traded deficit to $4.2 billion. The trade deficit in the first eleven months increased to $72.5 billion. Wholesale inflation, in the latest data, rose to 6.7%. Sensex index fell 0.11% or 17.8 to 15,626 and CNX Nifty gained 5 to 4,739. |
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UBS Capital Plan Lifts European Markets
Apr 01, 7:11 PM EDT |
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| UBS pre-announced $12 billion first quarter loss and proposed to raise $15 billion in the next sixty days. The plan lifted regional indexes. |
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| European markets rallied after $15 billion capital infusion plan from UBS lifted investor mood. UBS also said that its long time chairman has been replaced by its general counsel Peter Kurer. However, Deutsche Bank wrote down 2.5 billion of asset backed securities. Switzerland index led the region with a rise of 3.7% followed by more than 3% rise in Spain and France.
Stora Enso and Astra Zeneca jumped more than 7% after brokers lifted their ratings on the companies. |
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U.S. Indexes Rise on Investors Enthusiasm
Apr 01, 6:37 PM EDT |
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| of the S&P 500 index, 486 stocks rose and 308 gained above 3%. Of the 30 stocks in Dow, all components gained. |
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| U.S. stocks surged across market capitalization and industry sectors on rising optimism and investor appetite for risk. Gold and oil fell. Lehman Brothers raised its convetible preferred share offering to 4 million shares.UBS reported $12 billion in first quarter losses and proposed to raise $15 billion. Nasdaq surged 3.7% followed by a gain of 3.6% in S&P 500 and 3.2% in Dow Jones. Brazil, Mexico and European markets surged as well. |
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HK Stocks Advance, Shanghai Plunges
Apr 01, 9:20 AM EDT |
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| UBS said it plans to write-down $12 billion and is looking for a shareholder approval to raise at least $14 billion. |
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| Stocks in Hong Kong advanced tracking gains in international markets but stocks in Shanghai continue to fall. Shanghai stocks have suffered the most in the last five months of trading and retail investors are bearing most of the losses. Mainland investors are worried that Chinese government will not support the stock market. Fear of more declines is driving Shanghai stocks lower. |
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Tokyo Stocks Gain, Confidence Falls
Apr 01, 6:14 PM EDT |
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| Stocks in Japan rose despite a weak outlook in business confidence survey among large manufacturers. Utility companies rallied on a fall in oil price. |
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| Business confidence in Japan fell to a 4-year low as large and small manufacturers worry about the U.S. market for their products. Rising exports to Asia, Europe, and Middle East is helping businesses to cope with the expected decline in sales in the U.S. In Tokyo trading Nikkei 225 gained 1.04% or 130.88 to 12,656.42, and the broader Topix Index increased 1.5% or 17.53 to 1,230.49. |
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