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Stocks in Shanghai, HK Plunge Again
Jun 13, 3:20 PM EDT |
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| Retail sales advance 21.6% in May. Hang Seng plunges 1.87 in today’s trading and 7.4% for the week. |
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| Hong Kong stock indexes fell despite strong rise in retail sales in May after rising oil prices reinforced the uncertainty over the health of global market. The National Bureau of Statistics said retail sales jumped 21.6% to Rmb870 billion from the same month a year earlier. Also in the first five months of the year sales rose 21.1% year-on-year to Rmb4.24 trillion. Foreign investment climbed 38% to Rmb7.76 billion in May. |
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Expro Higher Bid, More Disclosure Short Sales
Jun 13, 7:35 PM EDT |
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| UK stocks traded in a tight range. The regulatory agency FSA tightened the lending rules for rights short selling. |
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| UK stocks closed nearly unchanged. The regulatory agency FSA tightened the lending standards for short selling and increased the disclosure requirements for short sellers. The recent market volatility in the rights issue of several banks was exploited by short sellers to their advantage. Candover Partners and Goldman Sachs revised their offer for Expro International. The new offer at 1,615 pence per share values the deep oil well testing company at 1.8 billion pounds. |
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European Stocks, Auto Sales Decline
Jun 13, 2:28 PM EDT |
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| Michelin led the gainers in CAC 40 index stocks with a rise of 7% and EDF topped the decliners in the index with a loss of 5%. |
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| European stocks traded in a tight range. European auto sales fell 7.8% in May on higher fuel cost and weak economies in Italy and Spain. Only in France sales rose in May from April and from the same month in the previous year. Sales in Germany fell 6% in the month but rose 4.2% from a year ago. Total sales in first five months in Europe declined 0.7%. |
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CPI at 0.6% Lift Stocks
Jun 13, 9:33 AM EDT |
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| U.S. stocks edged higher led by lower than expected rise in inflation and a drop in crude oil prices. Lehman Brothers rebounded but Yahoo lost 3%. |
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| U.S. stocks edge higher after the release of inflation data. May CPI rose at 0.6% and increased at 3.6% for the same month in the previous year. The inflation measure in May without the season adjustment rose 0.8% in the month and increased 4.5% from a year ago. Stocks in the morning trading rose after the inflation data and a drop in crude oil prices. Saudi Arabia is likely to increase fuel production. German inflation reached at the upper level of the target range. |
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German Inflation Rises, Stocks Drops
Jun 13, 8:42 AM EDT |
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| German inflation surged to the upper limit of the inflation target set by the central bank lowering the prospect of the interest rate cut. |
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| German inflation rose above the target range of the central bank for the second time this year. The CPI in May rose to 3% from a year ago, a rise at or above the target range after rising at 3.1% in March. The inflation index in April rose at 2.4% from a year ago. The sharp rise in energy prices and food prices are stoking inflation that is likely to spill over in the wage rates. Separately Eurostat reported that employment rates across the 27 nations rose in the first quarter. |
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Australian Stocks Decline on Global Worries
Jun 12, 6:19 PM EDT |
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| Leighton secures $385 million contract to build a 62 story tower in Palm island, Dubai. |
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| Global weakness in financial stocks and a rise in inflation stoked by sharp rise in crude and food prices dragging the index lower. ASX 200 index lost 2.5% or 138.1 to close at 5,329.20. The Preliminary market turnover was 1.93 billion shares worth $6.46 billion, with 965 stocks down, 322 up and 328 unchanged. BHP dropped 4% after it advanced the rebuild schedule for a nickle smleter in Kalgoorlie. |
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Stocks in Japan Fall, Global Inflation Worries
Jun 12, 5:43 PM EDT |
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| Stocks in Japan closed lower on the worldwide rise in inflation and central banks increase rates. Exporters declined. |
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| Japan market averages dropped led by exporters and steelmakers on mounting concerns over the health of the global economy as India and South Africa increased its key rate and oil prices rebounded to a record high. In Tokyo trading Nikkei 225 fell 2% to 13,888.60. JFE Holdings led decliners in the Nikkei 225 index shares with a drop of 6.70% followed by losses in Nikon Corp. of 5.60%, in Kawasaki Kisen of 5.57%, in Daiwa House Industries of 5.51%, and Sompo Japan Insurance of 5.28%. |
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Stocks Rise on Retail Sales, China Surplus Falls
Jun 12, 5:28 PM EDT |
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| Yahoo and Microsoft formally ended talks after Microsoft withdrew its offer of $33 per share. Yahoo plunged 12% on heavy volume. |
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| U.S. stocks closed higher after May reail sales rose at 1% from April and 2.5% from a year ago. The better than expected gains lifted the moood on Wall Street and market indexes rebounded after mid-day losses in Europe. Lehman Brothers replaces its chiefs of finance and operations, the stock falls on heavy volume to recent low in March. South Africa raised its interest rate by 0.5% to 12%. InBev made an unsolicited offer for $46 billion for Anheuser-Busch. china trade surplus falls. |
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Banks Rebound in European Trading
Jun 12, 5:21 PM EDT |
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| European market indexes gained after a rise in stocks in the U.S. Better than expected retail sales in the U.S. lifted the indexes. |
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| European stocks recovered from the mid-day losses after a rise in the U.S. market indexes. UK, Swiss and German market indexes rose 0.7% and led the trading in the region. InBev surged 6% after it offered to buy U.S. based Anhreuser-Busch for $46.3 billion. Anheuser gained 5% but closed 10% below the offered price. Banks in Germany and France closed higher. |
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Yahoo Plunges 13% on Heavy Volume
Jun 12, 5:20 PM EDT |
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| Yahoo plunges 13% on a sharply higher volume after it ended merger talks with Microsoft which lasted five months. |
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| Yahoo! Inc ended its formal talks with Microsoft after both parties could not decide on a price. Microsoft has withdrawn its offer of $33 per share. Both parties also could not agree on using Microsoft search technology on Yahoo website network. Yahoo and Google are likely to announce a search pact that will facilitate search on Yahoo websites as early as today. |
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