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Oil Drops 4.5%, Stocks Rise 2.5%
Aug 08, 5:23 PM ET |
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| Euro declines against dollar after future interest hikes are not likely for the rest of the year in Europe. |
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| Stocks in the U.S. rallied and in Europe edged higher after a steady decline in crude oil prices. Oil dropped 4.5% today and down 20% from its peak of $147 a barrel. Agriculture commodities, gold, silver and copper declined as well. Fannie Mae reported a loss on asset write down and cut its dividend by 80%. Royal Bank of Scotland reported a loss in the first half. Schroder profit declined 28%. Peru led the decliners in Latin markets. Telecom Italia profit fell 12% in the second quarter. |
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Schroders Profit Falls, RBS Loss
Aug 08, 5:23 PM ET |
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| UK stocks edged higher after a steady drop in crude oil prices. The decline lifted airlines and consumer stocks. Miners fell. |
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| Stocks in London rose fractionally after a steady decline in crude oil prices lifted airlines, retailers and transportations companies. However, miners fell after commodities prices declined. Of the 102 FTSE 100 stocks 72 rose, and 30 declined. British Airways led advancers in the index shares with a rise of 8.14% after crude oil prices for September delivery plunged 3.3% to $116.10 a barrel. Schroder profit fell 28% and RBS reported its first quarterly loss in four decades. |
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Oil Drop Sparks a Rally
Aug 08, 2:32 PM ET |
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| U.S. stocks rallied after a sharp drop in crude oil prices. The drop lifted consumer and transportation related stocks. |
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| U.S. stocks rallied after crude future fell 3% and gold declined. The drop in oil sparked a rally in transportation and consumer stocks. U.S. stocks rose after crude oil futures fell 3.2% or $3.69 to $116.33 and gold declined $12.70 to $865.20. Domtar Corp, the second largest paper producer reported better than expected earnings and forecasted higher profit margins. Hertz Global Holdings fell as much as 8% after it reported lower and earnings forecasted weak results for the rest of the year. |
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Fannie Mae Cuts Dividend, Metals Down
Aug 08, 9:55 AM ET |
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| Fannie Mae reported a loss of $2.3 billion and cut its dividend to 5 cents a share from 25 cents. In metals trading, gold, silver and copper declined. |
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| Fannie Mae, the troubled housing agency reported worst than expected results and indicated deepening problems in the housing market and for the company. The lender reported a loss of $2.3 billion or $2.54 a share compared to net income of $1.95 billion or $1.88 a share. Fannie also slashed its dividend 80% to 5 cents from 25 cents a share. In the UK, Royal Bank of Scotland reported its first loss in four decades after it wrote down £5.9 billion in assets. |
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AIG Loss Sparks Credit Fears; Indexes Fall
Aug 07, 9:08 PM ET |
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| Stock benchmarks in the U.S., Canada and Latin America fell sharply on the worries of more losses at financial companies. |
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| U.S. stock benchmarks fell on large loss at AIG and other financial companies, weaker than expected earnings from consumer related stocks and mixed same store U.S. retail sales. Global financial companies exceeded $500 billion cumulative losses. Same store sales in July fell but sales at discounters rose. Barclays rose after it reported 35% drop in profit. In Japan, Toyota and Kubota reported profit declines. Shipping lines in China fell on the fourth weekly decline in freight rate index. |
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Commodities Drag China Stocks Lower
Aug 07, 5:00 PM ET |
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| Commodities, shipping and air lines dropped as manufacturing comes to a halt near Beijing. Financials traded mixed. |
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| Stocks Hong Kong edged higher but in Shanghai fell a fraction. Financial stocks were mixed after a sharp loss at AIG but better than expected earnings at Standard & Chartered. Airlines, commodities and shipping lines fell. Shipping lines fell after Baltic Dry Index fell for the fourth week in a row. China Cosco, CSCL and CSD dropped nearly 6%. |
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Kubota Rises, Tokyo Stocks Fall
Aug 07, 5:00 PM ET |
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| Stocks in Japan fell after financial companies report a decline in profit. Chuo Mitsui Trust porfit fell 52%. JAL loss declined. |
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| Stocks in Japan fell as worries related to banking sector earnings rose. Losses at financial institutions in Japan increased above 1 trillion yen and are likely to climb higher. Chuo Mitsui Trust Holding first quarter profit fell 52%. Machinery order in June rose. Kubota first quarter revenue fell 2.5% and earnings declined 16.5%. JAL net loss in the quarter shrank to 3.4 billion yen. |
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BoE, ECB on Hold; Barclays Profit Decline 35%
Aug 07, 4:59 PM ET |
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| Barclays reported 35% decline in profit after it reported twice the amount of write downs than a year ago. |
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| The Bank of England left its key rate unchanged at 5% and ECB left its key rate at 4.25%. UK is facing slowing housing market and manufacturing and service sectors and retail sales are falling as well. However, food and energy prices are rising. The economies in Europe and UK are slowing down but inflation pressures are expected to rise. The comments of the ECB chief were interpreted as further hikes in the rates are less likely and may be lowered by the end of the year. |
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AIG, Allianz Weak, Retailers Fall
Aug 07, 1:13 PM ET |
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| Nationwide Financial Services rose 9% after its parent agreed to buy part of the company to simplify its ownership structure. |
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| U.S. stocks fell on further weakness in financial companies and a drop in earnings from Toyota, Martin Marietta Materials, Cardinal Health, Atlas Air Worldwide, Fortress Investments Group. Retailers reported mixed same store sales with Target sales declining and Wal-Mart issuing a conservative outlook for August. |
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AIG Loss, Wal-Mart Cautious
Aug 07, 10:28 AM ET |
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| Stocks fell after weak results from AIG, Allanz, Toyota Motor. Wal-Mart Stores offered cautious sales outlook. the BoE left its rate unchanged. |
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| Stocks traded sharply lower after a loss at AIG, weak retail sales outlook and Toyota Motor and Allianz earnings drop. AIG, the largest insurer reported wider than expected loss and may be forced to raise capital as its portfolio losses mount. Earlier, Allianz SE, the largest insurer in Europe reported lower earnings on losses at its banking unit Dresdner Bank. Wal-Mart Stores fell after it offered a cautious outlook for August sales. |
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