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Nikkei Down 2.2%, Banks Decline
Jun 19, 11:22 PM EDT |
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| IHI is likely to face fines of 1.6 billion yen from the Japanese financial regulatory agency for declaring lower than actual losses. |
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| Stocks in Japan fell on the rising estimate of losses relatd to the U.S. credit market and elevated crude oil prices. Hedge fund manager John Paulson estimated credit market related losses at $1.3 trillion and expects the second half to be tougher for investors. In addition, Citigroup and JP Morgan estimated that the U.S. car sales will decline to a 15-year low. The new estimated lowered the stocks of Japanese auto makers and exporters. Banks, brokers and realty companies fell. |
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Hong Kong Down 2%, Shanghai Plunges 7%
Jun 19, 10:50 PM EDT |
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| Stocks in Hong Kong and Shanghai fell on the expectations of rising losses at banks, elevated crude oil prices and worries related to interest rates. |
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| Stocks in Hong Kong fell 2.3% and in Shanghai plunged 7.3%. After the close China increased the retail gasoline price by 16% and diesel oil price by 18%. Electricity price will increase 4.7% from July 1. The World Bank lifted the estimate of Chinese economic growth rate to 9.8% from 9.4% on the strength in service sector and steady world wide exports. |
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Semis Rally, Nasdaq Up 1.3%, Citi Warns
Jun 19, 4:50 PM EDT |
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| Semiconductor stocks rallied and an analyst recommendation of Broadcom fueled sustained rise in the sector. Citi wanred of more losses. |
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| Weekly jobless claims at the end of the last week fell. U.S. stocks rose at close after a drop in crude oil prices lifted stocks in transportation sector. Tech stocks rallied on a rise of more than 2% in semiconductor stocks. Broadcom led the sector after an analyst recommendation. Coventry Health Care plunged 22% after it lowered earnings forecast. European stocks closed lower on higher loss estimates at UBS, Credit Suisse and Deutsche Bank. Brazil and Colombia fell for the second day. |
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Higher Losses at Banks, Indexes Decline
Jun 19, 4:31 PM EDT |
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| European markets generally declined after banks declined on higher losses in the current quarter. |
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| European stocks traded lower on the rising worries on the losses in credit market. Goldman Sachs estimated higher losses at UBS than at Credit Suisse and Deutsche Bank. UBS is likely to report $4 billion asset write downs linked to the risky loans. In addition, BASF decided to cancel its 3 billion euros program to repurchase shares. France Telecom is likely to walk away from its bid for TeliaSonera if it fails to raise funds. |
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Higher Retails Sales, Stocks Fall
Jun 19, 4:29 PM EDT |
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| Trade information and conference company Informa is expected to receive an indication of interst from Providence Equity Partners at 550 p per share. |
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| UK stocks fell after May retail sales rose. The surprise rise in the monthly sales on non-food sales increase helped retailers. However, stocks in London trading declined after a gloomy outlook from the Bank of England governor. UK government proposed to give additional powers to FSA and the BOE to improve speed of response in the times of financial crisis. Anglo America led advancers in the FTSE 100 index shares with a rise of 3.50%. |
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Sensex Drops 2%, Tax Collection Surge
Jun 19, 1:55 PM EDT |
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| Banks and realty stocks fell sharply in a wide sell-off in stocks. The disagreement in ruling coalition on the nuclear talks with the U.S. dominated. |
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| Indian stocks fell on Thursday for the second day in a row on political concerns and weak Asian markets. The division in the ruling coalition on a deal with the U.S. for the nuclear energy continues to put parties on a collision course. The key meeting on the agreement was delayed two one more week again. Stocks declined on the worries that lack of stability in the ruling coalition may hurt the economic agenda. However, income tax collection for the first two months of this fiscal year surged. |
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European Stocks Decline
Jun 19, 10:48 AM EDT |
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| European leaders are bracing for wider protests from union workers across the region. |
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| European stocks declined in the late afternoon trading. Italy reported a slight decline in current account deficit but the foreign reserves remain stable at the end of April. Retail sales in the month of May in the UK rise, surprising most observers. Rising non-food stores contributed to gains. Dollar trades lower and oil trades at elevated level. Vallourec falls 4% in Paris and E.On AG in Frankfurt gained 2%. |
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Circuit City, Pier 1 Struggle; Indexes Mixed
Jun 19, 4:27 PM EDT |
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| Retailers Circuit City and Pier 1 reevenue declined in the latest quarter and loss at Circuit surged. |
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| U.S. stocks opened with a negative bias after the release of weekly jobless claims. The claims at the end of last week fell 5,000 to 381,000 and unemployment rate fell to 2.3%. Oil traded at elevated level and European markets edge lower at mid-day trading. Protests from union workers across Europe are on the rise as workers demand higher wages. Food and energy prices are on the rise in the region reflecting worldwide trends. Stocks in Japan, Hong Kong and India closed sharply lower. |
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Fortescue, Rio Race for Pilbara Mines
Jun 18, 1:38 AM EDT |
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| Flight Cenre Ltd stock surged 6.5% after it said its pre-tax profit for the current year to exceed to $210 million. |
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| Fortescue and Rio Tinto race to develope Pilbara region rich in iron ore and unexplored. Fortescue Metals Group and Cazaly agreed on revenue split arragement if the Cazaly succeeds in gaining exploration and development rights. Rio Tinto approved expansion funding in the region to increase its annual capacity to 320 million tons by 2012. |
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Banks Fall in U.S. and Europe
Jun 18, 5:05 PM EDT |
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| Fear of more losses in credit markets, surprise capital raising from Fifth Third Banc and rising crude oil price dragges stocks lower. |
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| Stocks in the final hours accelerated their losses as banks, transportation and tech stocks fell. Crude oil rebounded after the release if weekly inventory report. Fifth Third Bancorp plunged 27% after it announced a plan to raise $1 billion and sell assets to cover its rising losses. Morgan Stanley reported 61% fall in earnings. FedEx plunged to a one-year low after it reported loss and projected sharply lower earnings in the current quarter. European stocks fell. |
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