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Sensex Surge 2%, Higher Advance Tax Payments
Jun 17, 3:39 PM EDT |
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| Stocks in Mumbai trading rose after HDFC rose 6% after it paid 40% more taxes than a year ago. Excise duty collection rose 4.4%, below 8% target. |
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| Stocks in India rose after leading companies pre-paid higher taxes, lifting optimism for earnings for the current quarter. Banks, realty and industrial companies led the rally. In Mumbai trading, the 30-share BSE Sensex gained 2% or 301.08 at 15,696.90. On the National Stock Exchange CNX Nifty rose 1.8% or 80.5 to 4653. |
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Stocks in Europe Rise; Banks, Autos Lead
Jun 17, 4:25 PM EDT |
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| Market indexes in Europe gained after a surge in banking sector in the region and oil declined. German confidence declined. |
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| Stocks in Europe closed higher on the optimism that a rise in earnings bodes well for the credit market. After the close Goldman Sachs joined other banks and said that banks in the U.S. may need to raise as much as $65 billion in capital. 123jump.com estimates that European banks will have to raise another $60 billion in capital to cover mounting losses in credit markets and in loans related to housing market. |
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CPI in UK Rise to 3.3%, Stocks Gain
Jun 17, 2:25 PM EDT |
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| Rio Tinto gaied nearly 4% after the comments from Chalco sugeested that the company may buy more stake. |
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| UK stocks edged higher despite a rise in CPI index and expectations of higher inflation towards the end of the year. CPI in May rose to nearly 10-year high to 3.3% and the Bank of England Governor King suggested higher inflation in the months to come. UK prices have risen 8% as retail fuel prices have increased 20% in the last five months. |
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Zions, Banks Lead S&P Decliners
Jun 17, 4:24 PM EDT |
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| U.S. stocks declined on the prospect of stagflation and more losses at banks. Crude oil fell. |
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| U.S. stocks edged lower after an increase in producer price index and a continued weakness in new home construction dragged market indexes lower. Shipping lines and ocean freight companies led the gainers in trading as Baltic Dry Index rebounded. Crude oil traded lower. Zions Bancorp led the decliners in S&P 500 index after it estimated additional losses related to home loans. Goldman Sachs joined a chorus of bankers that suggest that the U.S. banks will need $65 billion to cover losses. |
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Goldman, Best Buy Earnings Lift Stocks
Jun 17, 4:24 PM EDT |
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| Goldman Sachs, Best Buy and Adobe earnings lift stocks in the early trading. Producer Price Index rose 1.4% in May. Housing starts falls. |
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| U.S. stocks edged higher after Goldman Sachs reported 12% rise in earnings to $2.09 billion or $4.58 per share on 11% fall in revenue. May producer price index rose 1.4% and housing starts fell in May. The starts fell 32% from a year ago or declined 3.3% from April. Housing completion rose 11% from April but fell 26% from a year ago. |
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DoCoMo Acquires a Stake in Bangladesh
Jun 16, 5:12 PM EDT |
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| Exporters advanced as the yen plummeted to 108.27 against the dollar. |
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| Stocks in Japan advanced as worries over inflation eased after crude oil prices slumped on speculation that Saudi Arabia will increase oil output. A weakening yen also helped buoy exporters. NTT acquires a minority stake of 30% in Bangladesh based mobile carrier with nearly 7 million subscribers. GS Yuasa Corp. led advancers in the Nikkei 225 index shares with a rise of 10.60% followed by increases in Mitsumi Electric Co. of 7.3%. |
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U.S. Techs Rebound; Record Inflation in Europe
Jun 16, 12:44 AM EDT |
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| U.S. stocks struggled but tech stocks rose higher. European inflation in May rose to 3.7% from 3.3% in April rate, a 16-year record. |
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| The U.S. dollar continued to drift lower in currency market as world leaders discuss the fate of the global economy. The dollar has lost nearly 60% of its value in the last three years. Crude oil traded at a intra-day record as investors looked for hedge against weak dollar. Inflation in the euro area rose to 3.7% in May from 3.3% in April on rising food and energy prices, a 16-year record. Lehman rebounded after it reaffirmed its reported a loss of $2.8 billion as estimated previously. |
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Hong Kong Production Falls, in China Rises
Jun 16, 3:44 PM EDT |
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| Industrial production in China rises on the back of a sustained rise in exports and strong domestic retail sales. |
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| Industrial production in China rose at 16% in May after rising at a rate of 15.7% in April. Producer price jumped 8.2% in the month and consumer prices rose 7.7% during the period. Hong Kong reported first quarter growth in the GDP of 9.6% and after adjusting for inflation increased at 7.1%. Hong Kong industrial production fell 4.4% in the quarter. |
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McClatchy Staff Layoff; Chiquita Plunges
Jun 16, 4:33 PM EDT |
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| Chiquita Brands stock plunged 29% after it reported its monthly price and volume statistics. |
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| McClatchy Company stock fell to a 10-year low after it reported a sharp decline in revenue and announced a layoff of 1,400 staff. The local newspaper publisher has struggled as advertisers spend less in the print media and prefer lower cost alternative on the Internet. McClatchy consolidated revenue in May fell 15.1% and advertising revenue declined 16.6% compared to a year ago. For the year-to-date revenue declined 14.2% to $833 million from $972 million a year ago. |
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Crude Oil Surges, Lehman Rebounds
Jun 16, 4:32 PM EDT |
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| Lehman Brothers rose after it sold assets of $147 billion and reiterated its loss estimate of $2.8 billion. |
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| Crude oil surged to another intra-day record high after a small fire at StatoilHydro curtailed production at its North Sea location for nine hours. The persistent weakness in the U.S. dollar also helped crude oil to trade near record level. Gold jumped $13 an ounce and natural gas rose 2%. AIG stock fell after its board removed Sullivan from the top position. European market indexes closed lower, led by 1.4% decline in Spain index. |
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