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Reserve Bank of India Lifts Rates
Jun 11, 10:18 AM EDT |
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| The Reserve Bank of India lifted interest rate by 25 basis points to curb the rising inflation rate. |
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| The Reserve Bank of India raised its key interest rate by 0.25% to 8%. The RBI noted in its release a sharp rise in inflation to 8.9% in April from 4.4% in January of this year. The sharp increase in energy and food prices has lifted inflation to a record high. |
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Stocks Struggle, Oil and Energy Stocks Up
Jun 11, 9:33 AM EDT |
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| Energy and agriculture related stocks rebounded led by a rise in Agrium, Potash, Terra Industries and Patriot Coal. |
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| U.S. stocks opened weak ahead of the weekly petroleum inventory report. The Asian markets closed higher and European markets traded sideways. The activist investor Carl Ichan questioned the Yahoo executives severance pay plan but failed to disclose his payment that most investors find excessive. |
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EU Deficit, French CPI Up
Jun 11, 9:08 AM EDT |
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| Inflation in France perked up on the rising prices of food and energy. The EU 27 nations current account deficit rose to 23.7 billion euros. |
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| European stocks diverged in the late evening trading. Inflation in France in May rose 0.5% from April and 3.3% from a year ago on rising food and energy prices. The EU27 external current account recorded a deficit of 23.7 billion euro in the first quarter of 2008, compared with a deficit of 30.4 billion in the first quarter of 2007 and a deficit of 2.8 billion in the fourth quarter of 2007. |
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Australian Dollar and Stocks Fall
Jun 10, 7:20 PM EDT |
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| ABC Learning Centres completed its $82.2 million offering and sells stocks to Morgan Stanley and Lazard. |
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| Australian stocks dropped nearly 3% after the local dollar fell against the U.S. currency. The prospect of currency market intervention from the U.S. to defend the dollar dragged Australian currency lower. PT Bumi revised its offer higher for Herald Resources. The wine and beer maker Fosters rose after its CEO resigned and estimated earnings between $700 and $715 million. Queensland Gas bids for Roma. |
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Nikkei Declines, Machinery Orders Rise
Jun 10, 6:36 PM EDT |
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| Stocks in Japan fell despite a rise in machinery orders in April and higher order forecast for the current quarter. |
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| Stocks in Japan fell despite a government report that showed that machinery orders rose in April as worries on inflation and rising interest rates took their toll on the market. Nikkei 225 fell 1.13% or 160.21 at 14,021.17, and the broader Topix Index dropped 1% or 14.34 at 1,383.20. |
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UK Home Prices Fall, Stocks Follow
Jun 10, 5:40 PM EDT |
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| Gazprom in Russia suggested that crude oil prices may rise to $250 a barrel. Home prices edged lower for the third month in a row. |
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| UK stocks fell after home prices declined in May and output index rose in April. Home prices fell marginally according to the chartered surveyors and number of transactions per surveyors fell. In London trading FTSE 100 index fell 0.86% or 50.3 at 5,827.30. The statistics office also observed that manufacturing output increased by 0.3%, while mining and quarrying output fell by 3.2%. |
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Gold Plunges 3%, Fed Worries Inflation
Jun 10, 5:00 PM EDT |
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| U.S. stocks closed lower after the Fed talk of fighting inflation, which lacks credibility, dragged metals prices lower. Gold Plunges 3%. |
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| U.S. dollar rebounded, metal prices fell with a sharp drop in gold and crude oil inched lower. The Fed Chairman Bernanke observed that the current rise in commodities should not be allowed to increase general inflation. While the Fed talk, inflation for most consumer is shrinking their purchasing power. The Fed talk of inflation lifted dollar and dragged most commodities prices and stocks lower. |
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Stocks Plunge in China on Tighter Credit
Jun 10, 2:41 PM EDT |
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| Stocks in Shanghai and Hong Kong fell on a surprise tightening of credit requirements from the central bank. |
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| Stocks in Hong Kong and Shanghai plunged after the central bank increased cash deposit requirements for banks. The surprise decision caught investors on the wrong footing. Banks, energy and mobile telecom stocks fell. In Shanghai trading CSI 300 Index plunged 8.11% or 282.94 at 3,206.56. In Hong Kong trading Hang Seng declined 4.21% or 1,026.66 at 23,375.52. Yuan traded at a record high against dollar. |
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Sensex Drops 1.2%
Jun 10, 4:48 PM EDT |
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| The Sensex index dropped 1.2% on the worries of rising crude oil prices and record inflation. |
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| Stocks in Mumbai trading fell 1.2% after inflation worries dominated trading. Sensex dropped 1.2% and has lost 6% in the last five sessions. Rising crude oil prices and jittery investors in the U.S. and Europe have sold nearly $300 million of stocks in India in the last two weeks. The Sensex index now is at a three month low. Rising crude oil and food prices are stocking inflation. BHEL, the engineering company won an order to build a power plant in New Delhi. |
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EU Trade Surplus, German Prices Up
Jun 10, 4:47 PM EDT |
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| The trade surplus of of EU 27 nations rose to 80 billion euros in goods with the US and 11 billion in services in 2007. |
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| European stocks edged lower and rising crude oil prices and a rise in wholesale price index in Germany. Price of goods at wholesale level surged 8.1% in May a record gain since February 1982. EU 27 nations registered a trade surplus with US of 80 billion euros in goods and service surplus increased to 11 billion euros. The dollar rose against euro as the prospect of interest rate hike and currency market intervention intensified. |
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