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Builder Bankruptcy Drives Nikkei Lower
Aug 27, 6:14 PM ET |
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| Realty and banking stocks fell after the news of home builder bankruptcy. Sumitomo Realty dropped 2.9% and Tokyu Land lost 2.5%. |
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| Stocks in Japan fell as fourth home builder filed for bankruptcy protection in as many months. Tight lending standards and revised and tougher building code pushed several home builders into financial distress. Tokyo office rent fell in August from July, a first monthly decline in three decades. The news of the bankruptcy dragged stocks lower. |
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Sensex Falls, Thomas Cook Surges
Aug 27, 6:13 PM ET |
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| Thomas Cook India surged 15% after it approved Rs 200 crore equity rights issue. |
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| Indian stocks fell despite the expectations of lower inflation in the next fiscal year. Tighter monetary policy from the Reserve Bank of India is expected to bring inflation under control. Financial and realtors fell in the trading session. Airlines declined as oil price in the region rose. FirstSource Solution rose 9% after ICICI Bank and two other shareholders sold their combined stake in the outsourcing company. |
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Durable Orders Rise, China Mobile Earnings Soar
Aug 27, 6:11 PM ET |
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| Crude oil jumps as oil installations in the Gulf of Mexico area are threatened by the slow moving storm. |
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| Durable goods orders rose 1.3% in July matching the rise in June. The better than expected increase in orders lifted stocks in the morning trading. Tropical storm Gustav, after dropping rain in Haiti appears to heading towards Gulf of Mexico. In earnings news, China Mobile earnings rose sharply as it adds more than 20 million subscribers. PetroChina earnings fell on losses in its refining business. |
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Weak Home Sales, Metals; Dollar Rises
Aug 26, 5:30 PM ET |
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| Stocks in the U.S. trading look for a direction from energy and metals markets. Retailers and restaurant stocks fell. |
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| U.S. stocks edged higher as crude oil and natural gas futures rose and industrial metals fell but precious metals closed higher. New home sales in July fell compared to a year ago as tight lending conditions and falling confidence in the economy kept buyers away. The U.S. dollar rose against most major currencies. Stocks and ruble in Russia fell sharply as stand-off with NATO continues as Russia declared two regions independent from Georgia. German business and consumer confidence declines. |
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UK Falls, Europe Rises
Aug 26, 5:16 PM ET |
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| The IMF lowered the economic growth target for the euro zone for 2008 and 2009. IMF may be behind curve in adjusting its outlook. |
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| Stocks in London fell marginally and tracked the volatility in crude oil futures and metals markets. A weak reading on German business and consumer confidence weighed on the trading in the European region. Home mortgage approval in UK in July fell 65% as lenders kept tighter control. Home equity loans hovered around 50% of total loans issued. Mortgage lending in the month rose £4.3 billion, the same rate as in June. |
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HCL, ONGC Videsh Acquire
Aug 26, 5:15 PM ET |
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| Indian companies acquire companies in the IT and energy sector as they search for new markets and technologies around the globe. |
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| Stocks in Mumbai edged higher despite a weakness in global and regional trading. ONGC Videsh is preparing a bid to acquire Imperial Oil for £1.4 billion. Imperial has oil exploration rights in Russian Siberia region. HCL Technologies acquired telecom expense management company Control Point Solutions. Only a day ago Infosys agreed to acquire Axon Systems for £407 million. For the second calendar quarter economy is expected to grow at annual rate of 8.1%, slower than a year ago period. |
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Shanghai Falls 2.9%, Profit Growth Declines
Aug 26, 2:56 PM ET |
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| Profit growth at Shaghai listed companies declined to half in the first half of this year compared to a year ago in the same period. |
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| Stocks in Hong Kong edged lower but in Shanghai dropped 2.9% and dragged the CSI 300 index to a new low in the last fifteen months. Stocks struggled as companies battle a decline in revenue and earnings growth and tighter lending conditions. Chinalco received Australian government approval to increase its stake to 11% from 9%. |
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Japan Stocks Follow Global Slow Down
Aug 26, 5:07 PM ET |
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| Stocks in Japan fell as construction industry takes one more large bankruptcy. Domestic economy related stock are increasingly favored by investors. |
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| Stock market indexes in Japan fell as more evidence emerged of a global economic slowdown. Investors sought stocks linked to the domestic economy and sold stocks linked to exports to the U.S. and Europe. The U.S. dollar also strengthened against yen. Construction sector in Japan continue to take more casualties as more companies face tighter lending standards. Sebon Corp filed for bankruptcy protection with 62 billion yen in liabilities. |
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Retailers, Restaurants Decline; Dollar Rises
Aug 26, 1:34 PM ET |
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| The U.S. dollar rose as investors increasingly take a view that European economies are likely to weaken sooner than expected. |
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| U.S. stocks edge higher after dollar gained in the international trading and new home sales rose. The home sales rose 2.4% to 515,000 units but declined 35% from a year ago. The dollar rose against all major currencies as economies around the world are expected to falter. The dollar rose sharply against the British pound, euro and Australian dollar. Restaurant stocks fell after Darden reported lower than expected earnings. |
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Weak German Confidence, Russian Stocks Fall
Aug 26, 9:27 AM ET |
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| Mining and industrial stocks dropped as much as 7% in Russia after Russia's recognition of provinces may prolong standoff with NATO. |
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| European stock market indexes fell as German consumer and business confidence declined in August. The rising oil and food prices lowered the propensity to spend by consumers. Businesses battle rising wages, struggling exports and elevated euro in the international markets. Russian ruble dropped more than 1% and stocks dropped sharply after Russia recognized two breakaway provinces from Georgia. The oil and gas heavy RTS index dropped 5% and has now lost 25% in two months. |
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