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Inflation Rise in China, Trade Surplus Declines
Jun 12, 3:12 PM EDT |
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| Stocks in Hong Kong and Shanghai fell after the release of consumer price index for May. Trade surplus in May declined. |
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| Hong Kong and Shanghai stocks fell as inflation remain at elevated levels and trade surplus declined. China reported consumer price index rose 7.7% in May from 8.5% in April. The National Bureau of Statistics also noted that the producer price index advanced 8.2% from a year ago in May from 8.1% in April. Total trade surplus for the first five months ending in May for China fell 8.6% to $78.02 billion from a year earlier, and the trade surplus dropped 9.9% in May to $20.21 billion. |
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Stocks Rise on 1% Gain in Retail Sales
Jun 12, 5:19 PM EDT |
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| U.S. stocks gained after the retail sales rose 1% in May, beating the expectations of 0.5% rise. |
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| U.S. stocks advanced in the morning trading after a better than expected rise in retail sales in May. Sales rose 1% in May and increased 2.5% from a year ago. Weekly claims of unemployment rose 25,000 at the end of last week. The news of better than expected rise in retail sales lifted the U.S. stocks higher. Lehman replaces its finance and operating chiefs, the stocks falls. European stocks edged higher after an unsolicited bid from InBev for Anheuser Busch. |
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InBev Offers $46.6 B for Anhesuer Busch
Jun 12, 9:14 AM EDT |
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| Mining stocks and oil shares advanced in London. HBOS, the U.K.'s biggest mortgage lender, climbed 5.3% to 271.75 pence. |
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| InBev, the Belgian-Brazil beer giant offered $46.6 billion for Anheuser Busch. The deal values the company at $65 per share, a premium of 14% from the closing price on Wednesday. Oil advanced more than $5 a barrel yesterday and boosted energy producers. European markets edged higher, led by 0.6% rise in the UK stock index. |
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Shaghain Stocks Decline 2%
Jun 11, 4:24 PM EDT |
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| Stocks in Shanghai fell after investors worried of rising inflation. Crude oil prices fell but traded at elevated levels. |
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| Hong Kong market averages declined following the market trends in mainland trading after banks extended losses as Beijing increased its cash reserve requirement ratio for banks. Airlines and telecommunication stocks limited losses. In Shanghai trading, CSI 300 Index fell 2.07% or 6.26 at 3,150.30. In Hong Kong trading Hang Seng Index fell 0.20% or 47.92 at 23,327.60. China Netcom rose 2.2% and China Unicom increased 1.3%. However China Mobile plummeted 1.4%. |
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Oil, Corn, Soy Surge; Lehman Plunges 13%
Jun 11, 4:13 PM EDT |
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| Crude oil surged to a record high and agricutural commodities gained. Lehman plunged 11% and Citigroup fell below $20. |
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| Crude oil futures shot up $6 at peak before settling with a rise of 4% or $5.40. The sharp rise in oil dragged stocks lower led by losses in financial and tech stocks. Lehman Brothers fell 13% and Goldman Sachs dropped $4.80 or 3%. The chief executive of Royal Bank of Scotland estimated more credit market problems in the next fifteen months. |
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Weak Banks, France, Germany Fall 1.7%
Jun 11, 2:46 PM EDT |
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| Banks and mortgage lenders fell after the CEO of RBS suggested that the bank may have a difficult road ahead for the next 15 months. |
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| The weakness in financial stocks dragged European market indexes lower. Germany, France, UK and Switzerland dropped nearly 1.7%. Royal Bank of Scotland fell 9% and HBOS, the mortgage lender dropped 12% after the RBS CEO cautioned that more bad news may be ahead in the next fifteen months. The cautionary talk dragged banking stocks sharply lower in the region. |
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Lenders HBOS, RBS Plunge
Jun 11, 2:13 PM EDT |
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| Financial stocks fell sharply in London trading. HBOS and Royal Bank of Scotland lost 12% and 9% respectively. |
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| UK stocks declined after unemployment rate increased in May to 5.3%. The statistical office, ONS noted that the working age employment rate was 74.9% in the three months to April 2008, unchanged from the three months to January 2008 but up 0.5 percentage points from a year earlier. HBOS Plc led decliners in the FTSE 100 index shares with a drop of 12% followed by losses in Royal Bank of Scotland of 9%. |
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Japan Q1 GDP Up 4%, Record Wholesale Inflation
Jun 11, 1:52 PM EDT |
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| First quarter GDP rose at annual rate of 4%, 1% faster than in the previous quarter. |
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| Stocks in Japan rose after the yen climbed to a three-month high on speculation that U.S. interest rates may head higher. Automakers also rose on investor upgrades. Daiichi Sankyo agreed to acquire controllng stake in India based generic pharmaceutical company Ranbaxy from the fouding family and may seek to aquire a majority stake at a price of at least $3.6 billion. The producer price index which measures wholesale inflation increased the most in 27 years to 4.7% from 3.9% in April. |
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Daiichi Acquires Ranbaxy Control
Jun 11, 2:16 PM EDT |
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| The Reserve Bank of India increased its key lending rate by 25 basis points to 8%. The surprise rate was announced after the close. |
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| Ranbaxy controlling shareholder Malvinder Singh and his family agreed to sell their entire stake to Japan based Daiichi Sankyo for 737 rupees per share at 31% premium to the closing price on Tuesday. The deal values the company at 34,000 crore rupees or $8.5 billion. Sensex recovered after declining for three days. Tata Group is looking to raise $1 billion to finance additional acqusitions. |
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Corporate Express Accepts Staples Offer
Jun 11, 1:02 PM EDT |
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| Staples lifts its offer to acquire catalog retailer Corporate Express based in Holland. The revised offer is 28% higher from the initial bid. |
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| Staples, the office supplies leader revised its offer to purchase Dutch company Corporate Express for cash €1.7 billion or €9.25 per share. Staples will also pay €300 million euros to preferred shareholders and assume €1 billio of debt. Staples revised its offer price by 28% from its initial offer in March. Staples will also pay a termination fee to break a deal that the Corporate Express signed with France based Lyreco. |
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