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China’s Economic Growth to Ease to 9.9% in 2008
Jul 23, 12:16 AM ET |
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| Stocks in Hong Kong traded in positive territory after a drop in oil prices had a positive impact on airlines and oil refiners. |
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| The Asia Development Bank reported on its web site that China’s economic growth is forecast to ease to 9.9% this year and 9.7% next year due to the global economic slowdown, rising food and energy prices as well as the volatile financial markets. |
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Boeing, PepsiCo Drop; Dollar Up, Oil Down
Jul 23, 10:08 AM ET |
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| U.S. stocks drifted in the morning but financials rose, energy stocks fell. Asian markets closed higher with India surging 6%. |
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| Crude oil continues its slide from the record high and dropped 1.6% to below $126 a barrel. The U.S. dollar edged higher after lawmakers passed a resolution to inject funds in Fannie Mae and Freddie Mac. In the earnings news, Boeing earnings fell 14% to $1.16 per share on flat revenues. AT&T second quarter revenue rose 4.7% and net income increased 23% to $3.8 billion or 63 cents per share. Pfizer revenue increased 9% and net income surged 54% to $2.8 billion or 41 cents per share. |
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Tokyo Indexes Retrace Regional Gains
Jul 22, 7:25 PM ET |
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| Chugai Pharmaceuticals fell after it reported lower earnings as sale of anti viral drug Tamiflu. |
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| Japan stock indexes, a day after closure of markets, rose catching up with global markets rise in the U.S. and in the region. Financials rallied, despite continued string of losses at U.S. banks. However, lower than expected losses at banks bolstered enthusiasm for financial stocks. Tech stocks fell after weaker than expected earnings outlook at Texas Instruments and Apple Inc. |
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Subdued Stocks in China Region
Jul 22, 7:11 PM ET |
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| Bank asset held in the domestic and international currencie rose 19% to 57.7 trillion yuan in June. |
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| Stocks in Hong Kong and China edhed lower as cautious investors stayed on the sidelines. Oil prices traded at elevated level as a storm in Gulf of Mexico headed in the direction of oil installations. In the first half ending in June, China tax revenues tose 30.5% to 3.3 trillion yuans on rising corporate profits. Home prices in seventy largest citie rose 8.2% in June from a year ago but declined 1% from May. |
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Vodafone Drops 14%, UK Stocks Struggle
Jul 22, 6:49 PM ET |
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| The UK Treasury and the Bank of England look for ways to expand their regulatory powers in times of financial crisis. |
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| After choppy trading, stocks in UK closed lower on a weakness in energy, mining and financial sectors. Crude oil futures dropped for the second week in a row and is now nearly $20 a barrel lower from its record $147 level. Vodafone Group dropped 14% after it indicated annual revenue at the low end of its estimate. Cairn Energy led the FTSE 100 index gainer with a rise of 6% and Vodafone led the decliner. |
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Late Rally Lifts U.S. Stocks
Jul 22, 6:29 PM ET |
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| Of the S&P 500 index stocks, 156 gained more than 3% and 20 urged more than 10% with 366 closing higher. |
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| Early struggle in U.S. market indexes turned into a late rally with financials and airlines closing higher and crude oil futures losing another 2%. Investors set aside recent losses at banks and other financial companies and bid up stocks. Tech stocks closed higher despite disappointment to some investors on 31% increase in earnings at Apple Inc. SanDisk plunged after it reported 1% decline in sales and a quarterly loss. Yahoo after the close reported lower earnings. |
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Assured Guaranty and SanDisk Plunge
Jul 22, 6:17 PM ET |
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| SanDisk plunged 25% after it reported 1% decline in sales and a quarterly loss. Assured Guarantee plunged 47% on credit review. |
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| U.S. stocks struggled in the early afternoon as investors digest a barrage of earnings. American Express second quarter earnings fell 38% on 8% rise in sales. SanDisk plunged 25% after it reported second quarter revenue decline and a loss in the quarter. The company will also delay start of new fabrication facility to lower the supply of storage products in the market. Assured Guaranty plunged 47% after Moodys may review its credit rating. |
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Wachovia, Amex, Apple Drag Indexes Lower
Jul 22, 9:23 AM ET |
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| U.S. market averages traded lower after a large loss at Wachovia Bank and surprise drop in earnings at American Express. |
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| U.S. stock futures edged lower in the pre-market trading after a large loss at Wachovia Bank, surprise fall in earnings at American Express and 31% earnings rise at Apple Inc. the troubled bank also cut its dividend by 87% and proposed to eliminate nearly 6,400 jobs. In addition, American Express, the credit card lender reported 8% rise in sales and 38% fall in earnings. Canadian National Railway second quarter revenue rose 4% but net income declined 11%. |
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Financials Rally on Bank Earnings
Jul 21, 6:12 PM ET |
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| Financial stocks in Shanghai and HK closed higher on optimistic outlook after better than expected earnings at Citigroup. |
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| Stocks in Hong Kong and Shanghai rallied after three of the five leading banks in the U.S. reported better than expected earnings. Benchmark indexes rose 3% in Shanghai and Hong Kong after media speculation that China Investment Corp may inject capital in HSBC. Four leading brokerage houses reported a surge in profit at the end of the first half according to industry reports. HSBC, ICBC, Bank of Communications and Bank of China closed higher. |
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Financials Gyrate, Crude Rebounds
Jul 21, 5:42 PM ET |
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| Financial stocks rose after better than expected earnings from Bank of America. After the close American Express and Apple fell. |
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| Stocks in New York and Europe closed higher on rising crude oil prices, strength in financial stocks and an offer to acquire Genentech at a premium. Bank of America reported 41% decline in earnings but higher than what most analysts had estimated, lifting stocks in the sector. Fannie Mae and Freddie Mac rose after investors put faith in comments from Treasury Secretary. Merck and Schering Plough fell on Vytorin research study. Crude oil rebounded on impending storm in the Gulf of Mexico. |
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