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Deutsche Boerse Falls on Weaker Trading
Jun 20, 12:00 PM EDT |
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| Stocks in the European region trading declined after worries related to inflation and credit market losses dominated trading desks. |
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| European indexes drifted lower on persistent worries in the credit markets and rising inflation in the region. Germany reported a sharp rise in producer price index in May. The index increased at a rate of 6% from a year ago. Separately, Deutsche Boerse reported earnings per share increase of 61% in the first quarter but trading volume so far in the quarter has declined 33% from a year ago. |
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Wachovia Drifts to 12-Year Low; Stocks Fall
Jun 20, 11:12 AM EDT |
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| Inflation worries, falling home prices and weak capital structure at banks dragged the U.S. market indexes lower. |
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| U.S. stocks fell sharply as financial stocks decline. Rating agency Moodys removed bond insurance companies MBIA and Ambac Financial Group from its top rating. Mortgage lenders Fannie Mae and Freddie Mac declined and leading banks traded lower. Wachovia Bank fell to a 12-year low. Latest read on inflation in India showed annual rate of 11.5%, a 13-year high. Sensex in India plunged 3.5%. |
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Financials Decline, Woodside Gains
Jun 19, 2:11 AM EDT |
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| Queensland Gas Company increased its estimate of reserves of coal seam gas by 80%. |
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| Australian stocks fell after the worries related to credit market rises. Hedge fund manager Paul Johnson estimated credit market related losses to increase to $1.3 trillion. In additon, Morgan Stanley reported 61% decline in earnings. On the news, stocks of five retail banks in Australia fell between 2% and 4%. Babcok Brown Power cancels dividend for the six month period to lower its debt. |
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Nikkei Down 2.2%, Banks Decline
Jun 19, 11:22 PM EDT |
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| IHI is likely to face fines of 1.6 billion yen from the Japanese financial regulatory agency for declaring lower than actual losses. |
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| Stocks in Japan fell on the rising estimate of losses relatd to the U.S. credit market and elevated crude oil prices. Hedge fund manager John Paulson estimated credit market related losses at $1.3 trillion and expects the second half to be tougher for investors. In addition, Citigroup and JP Morgan estimated that the U.S. car sales will decline to a 15-year low. The new estimated lowered the stocks of Japanese auto makers and exporters. Banks, brokers and realty companies fell. |
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Hong Kong Down 2%, Shanghai Plunges 7%
Jun 19, 10:50 PM EDT |
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| Stocks in Hong Kong and Shanghai fell on the expectations of rising losses at banks, elevated crude oil prices and worries related to interest rates. |
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| Stocks in Hong Kong fell 2.3% and in Shanghai plunged 7.3%. After the close China increased the retail gasoline price by 16% and diesel oil price by 18%. Electricity price will increase 4.7% from July 1. The World Bank lifted the estimate of Chinese economic growth rate to 9.8% from 9.4% on the strength in service sector and steady world wide exports. |
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Semis Rally, Nasdaq Up 1.3%, Citi Warns
Jun 19, 4:50 PM EDT |
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| Semiconductor stocks rallied and an analyst recommendation of Broadcom fueled sustained rise in the sector. Citi wanred of more losses. |
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| Weekly jobless claims at the end of the last week fell. U.S. stocks rose at close after a drop in crude oil prices lifted stocks in transportation sector. Tech stocks rallied on a rise of more than 2% in semiconductor stocks. Broadcom led the sector after an analyst recommendation. Coventry Health Care plunged 22% after it lowered earnings forecast. European stocks closed lower on higher loss estimates at UBS, Credit Suisse and Deutsche Bank. Brazil and Colombia fell for the second day. |
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Higher Losses at Banks, Indexes Decline
Jun 19, 4:31 PM EDT |
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| European markets generally declined after banks declined on higher losses in the current quarter. |
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| European stocks traded lower on the rising worries on the losses in credit market. Goldman Sachs estimated higher losses at UBS than at Credit Suisse and Deutsche Bank. UBS is likely to report $4 billion asset write downs linked to the risky loans. In addition, BASF decided to cancel its 3 billion euros program to repurchase shares. France Telecom is likely to walk away from its bid for TeliaSonera if it fails to raise funds. |
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Higher Retails Sales, Stocks Fall
Jun 19, 4:29 PM EDT |
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| Trade information and conference company Informa is expected to receive an indication of interst from Providence Equity Partners at 550 p per share. |
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| UK stocks fell after May retail sales rose. The surprise rise in the monthly sales on non-food sales increase helped retailers. However, stocks in London trading declined after a gloomy outlook from the Bank of England governor. UK government proposed to give additional powers to FSA and the BOE to improve speed of response in the times of financial crisis. Anglo America led advancers in the FTSE 100 index shares with a rise of 3.50%. |
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Sensex Drops 2%, Tax Collection Surge
Jun 19, 1:55 PM EDT |
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| Banks and realty stocks fell sharply in a wide sell-off in stocks. The disagreement in ruling coalition on the nuclear talks with the U.S. dominated. |
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| Indian stocks fell on Thursday for the second day in a row on political concerns and weak Asian markets. The division in the ruling coalition on a deal with the U.S. for the nuclear energy continues to put parties on a collision course. The key meeting on the agreement was delayed two one more week again. Stocks declined on the worries that lack of stability in the ruling coalition may hurt the economic agenda. However, income tax collection for the first two months of this fiscal year surged. |
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European Stocks Decline
Jun 19, 10:48 AM EDT |
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| European leaders are bracing for wider protests from union workers across the region. |
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| European stocks declined in the late afternoon trading. Italy reported a slight decline in current account deficit but the foreign reserves remain stable at the end of April. Retail sales in the month of May in the UK rise, surprising most observers. Rising non-food stores contributed to gains. Dollar trades lower and oil trades at elevated level. Vallourec falls 4% in Paris and E.On AG in Frankfurt gained 2%. |
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