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AIG Worries Spark a Broad Sell-off
Aug 25, 5:21 PM ET |
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| Fearful investors sell stocks in most sectors after estimate of asset write down at AIG cause a concern. |
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| Wide spread pessimism was evident in a broad decline in stocks and in the S&P 500 index 447 stocks declined. Existing home sales in July rose 3.1% from June but fell 13% from a year ago. The home sales rose but so did inventories of unsold homes and Median home prices fell 7% from a year ago. Freddie Mac led gainers in the S&P 500 index after it placed $2 billion in debt at significantly higher yield than similar maturities of the U.S. Treasuries. |
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Kirin Acquires Dairy Farmers, Realtors Fall
Aug 25, 5:03 PM ET |
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| Kirin Holdings, the largest beverage and brewing company in Japan agreed to pay 12.8 times operating earnings for Dairy Farmers of Japan. |
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| Kirin acquired Australia''s second largest dairy farm operations known as Dairy Farmers after ten months it acquired National Foods from San Miguel of Philippines. The brewer agree to pay A$910 million for the dairy and had paid A$2.7 billion for National Foods. Australia, the third largest dairy exporter in the world is expected to increase its milk production less than 2% and exports more than 10% in the fiscal 2009. |
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Hang Seng Recovers, Yanzhou Earnings Soar
Aug 25, 1:11 PM ET |
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| Stocks rebound in Hong Kong but in Shanghai edged a fraction higher. Earnings from Yanzhou Coal and China Construction surged. |
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| Stocks in Hong Kong surged 3.5% after investors raced to cover recent short sales. Profits from Yanzhou Coal and China Construction helped the sentiment in Hong Kong and in Shanghai. Market index in Shanghai edged up a fraction. China Construction profit soared 71% and net at Yanzhou Coal surged 160% on higher coal prices in export sales. Corporate income tax collection in Chia fell 4.2% in July. |
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Weak Rupee, Tata Motors Protests
Aug 25, 12:46 AM ET |
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| Protesters at Tata Motors plant in West Bengal hope Tata to return the land where world's cheapest car is expected to me built. |
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| Stocks in Mumbai recovered a fraction as markets in the region rallied. Rupee continued its slide against the dollar as importers increase the demand for dollar and crude oil imports hover above $8 billion a month. The 60% rise in fuel price has kept the trade deficit higher. Gold in rupee is expected to edge higher. |
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Home Inventories Rise; Financials Struggle
Aug 25, 11:25 AM ET |
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| U.S. closed down ninth bank for the year as banks continue to face mounting losses from real estate loans. |
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| U.S. stocks fell in the morning trading as investors face more asset write downs in financial sector. AIG may write down $2.4 billion in mortgage related assets according to a latest estimate. Existing homes sales rose 3.1% in July from June but fell 13% from a year ago and median home prices declined 7%. Crude oil edged higher and European markets edged higher as markets near closure. Asian markets closed up with Hong Kong surging 3.5% and Japan adding 1.7%. |
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Economic Growth Pauses; AON, Benfield Merge
Aug 22, 11:40 PM ET |
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| UK economic growth came to a halt in the second quarter according to the latest data released by the ONS. |
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| The UK economic growth was flat in the second quarter compared to the first quarter and rose only at 1.4% from a year ago. The manufacturing sector declined for the second quarter in a row as manufcturers battle rising value of pound in international markets. Conumers are battling rising inflation driven by higher energy and food prices. Separately Aon agreed to acquire Benfield Group for 840 million pounds. |
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Brokers May Write Down More Asssets
Aug 22, 10:43 PM ET |
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| The Nikkei 225 index dropped 2.7% for the week as crude oil prices fell in the region but weakness in financials persisted. |
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| U.S. brokers may be forced to write down more mortgage related assets in the latest quarterly results. Three largest brokerages collectively have $3 trillion of assets on their balance sheets. Even 3% decline in asset values can wipe out the entire equity base of these companies. Citigrop estimates Goldman Sachs, Morgan Stanley and Lehman Brothers may write down $6.4 billion of mortgage related assets. |
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Sensex Rebounds, Oil Drops
Aug 22, 9:24 PM ET |
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| Investor sold shares worth 1,101 crore rupees in August and a total of 28, 412 crore rupees for the year so far in August. |
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| Stocks gained a day after falling sharply on a sustained rise in inflation. Stocks rose as crude oil prices fell in the region and generally good monsoon season in the country. Normal rainfall in the most part of the nation has raised hopes of a rise in farm income and spending. |
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Oil Drops 5%; Stocks Rise
Aug 22, 8:52 PM ET |
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| Of the stocks in S&P 500 index, 411 increased, 86 declined and 3 were unchanged. Of the index stocks, 86 rose more than 3% and 14 fell more than 3%. |
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| U.S. and European stocks rallied after a sharp drop in crude oil prices and a rebound in the dollar. Talks of possible interest in acquiring Lehman Brothers by Korea Development Bank lifted financials. European markets rallied more than 1.5%. UK market index rallied on a drop in oil price but the UK economic growth in the second quarter was flat or 1.4% form a year ago. The express delivery carrier, TNT surged on the speculation of talks with UPS. |
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Lehman, Aon Takeover Talks Lift Stocks
Aug 22, 9:38 AM ET |
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| Stocks edged higher on takeover talks and a drop in oil prices. UK second quarter GDP was flat. |
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| Talks of takeover in the U.S. and UK lifted stocks in the two regions. Korea Development Bank may bid for Lehman Brothers and Dutch insurance broker Aon Corp agreed to purchase UK reinsurer Benfield Group Ltd for 844 million pounds. The takeover talks bolstered optimisim in trading but shareholders of Fannie and Freddie may face siginficant loss even from the current depressed price levels. Crude oil futures fell and lifsted transportation stocks in Europe and New York trading. |
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