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Turbulent Trading in New York
Oct 10, 4:49 PM ET |
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| Stocks recovered from near 6% loss two times in the trading today. In the late afternoon regulators suggested that settlement for Lehman bonds insurance went ahead with no apparent damage to the financial system. Banks recovered after the news and led the rebound in the indexes. |
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World Leaders Discuss Regional Approaches
Oct 10, 4:47 PM ET |
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| The finance ministers gather in Washington to discuss current financial markets and banking system health and look for a global solution. The European political leaders are meeting in Paris this weekend to find their own solution but are likely to focus on banking system. |
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Chevron Falls; AIG, Cemex Plunge
Oct 10, 4:46 PM ET |
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| AIG fell after media reports suggested another need for capital infusion. Wachovia rose after Citigroup abandoned the takeover plan, clearing path for Wells Fargo. BHP Billiton, Rio Tinto and Brazil based Vale plunged 10%. Macys fell on sales warning. Chevron fell after the company raised q3 views. |
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Stocks Fall 4%, GM Worries, GE Net Falls
Oct 10, 11:51 AM ET |
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| Stocks in New York trading continue to slide despite another round of assurances from regulators and President Bush. The Dow and S&P 500 indexes dropped more than 5%. Crude oil plunges more than $5 a barrel. Lehman credit default swap settlement indicates a price of near 90 cents for insurance. |
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Asian Markets Plunge, Record Low in Rupee
Oct 10, 4:46 PM ET |
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| Asian markets plunge as global credit markets remain seized. Yamato Life in Japan filed for bankruptcy protection on sharp losses in investment portfolio. Markets in India plunge to as low as 9.6%, rupee drops to a record low and the RBI lowered the cash reserve ratio for banks. |
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Prudential, Lincoln, Horace Mann Plunge
Oct 10, 1:33 AM ET |
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| Prudential Financial reported after the close a loss in investment portfolio and suspended stock buyback. Horace Mann, another insurer tapped bank credit line to cover losses related to investments and hurricanes. Lincon Financial dropped ahead of earnings at the end of the month. |
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UK Banks Fall, Home Prices Decline
Oct 09, 11:53 PM ET |
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| Banks in UK are likely to tap as much as £18 billion to raise their capital requirements. Lloyds TSB, HBOS, RBS and Barclays are expected to sell preference shares to the government. In trading, Barclays led the decline in banking sector but HBOS surged. UK home prices fall 12.4% in September. |
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Hong Kong Rate Cut Fails to Lift Sentiment
Oct 09, 10:47 PM ET |
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| Hong Kong market averages rebounded from sharp declines on Wednesday as financial and realty stocks advanced on interest rate cuts in the region. Gains were limited as the interbank rates remained steady but near its record level, despite a rate cut by Hong Kong and China. |
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Australian Unemployment Rises
Oct 09, 10:24 PM ET |
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| Stocks in Australia shrugged of a series of interest rate cuts in the region and closed lower after unemployment rate increased in September and global economic worries dominate the economy. The Reserve Bank of Australia injected A$3.49 billion into the money markets today. |
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Weak Machinery Orders in Japan
Oct 09, 10:21 PM ET |
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| Japan stocks trade lower despite interest rate cuts by central banks in the region. China lowered rates and bank cash reserve requirements, Korea lowered rates and India relaxed bank reserve ratio. Australia few days ago lowered days by full one percentage point. Machinery orders in Japan fell. |
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