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Fannie, Freddie Nationalized; Stocks Rally
Sep 08, 12:17 AM ET |
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| The U.S. Treasury nationalied the two largest mortgage lenders and promised to provide capital support of $200 billion. |
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| The U.S. government seized control of the two largest mortgage lenders and effectively nationalized Fannie Mae and Freddie Mac with shareholders fate unkonwn. The weekend nationalization of the two lenders is not likely to solve current financial mess and home prices are expected to fall during the rest of the year and in 2009. The U.S. Treasury will be forced to inject more than $200 billion to support the debt markets and values of the securities held by foreign investors and central banks. |
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Late Rally in Financials, Metals Fall
Sep 05, 5:21 PM ET |
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| Commodities and crude oil continue to decline with the most metal prices falling between 2% and 3%. |
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| U.S. stocks recovered at close on a strength in financial stocks. Unemployment rose in August to 6.1%, a five-year high. European markets closed lower and Russia declined the most with a loss of 4%. Brazil, the lone gainer in the Latin markets closed higher after the benchmark index fell for four days in a row. A sharp drop in metals and commodities prices dragged Peru, Chile and UK. Nokia fell as much as 12% after it guided lower third quarter market share. |
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Unemployment at 6.1%, Oil, Metals, Stocks Fall
Sep 05, 11:24 AM ET |
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| U.S. stocks fell for the second day in a row dragging indexes lower in Europe and South America. Copper, soybean and wheat drop more than 3%. |
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| U.S. benchmark indexes fell between 1% and 2% after the release of August unemployment data. The jobless rate increased to 6.1% from 5.7% and number of people unemployed increased by 84,000. Stocks fell quickly as crude oil and metals declined. Stock indexes around the world fell, as investors showed aversion to risk. Russian market and currency fell sharply after investors flee Russia on continued fall in commodities prices and an ongoing conflict with Georgia. |
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U.S. Indexes Fall 3%, World Markets Follow
Sep 04, 5:13 PM ET |
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| The weakness in the U.S. benchmarks quickly spread to markets in Europe and in Latin America. Most markets fell between 3% and 4%. |
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| The U.S. benchmark indexes fell 3% on weaker than expected retail stores and a surprise increase in unemployment claims. Of the stocks in the S&P 500 index, 475 declined and 22 increased. Nearly 50% of the stocks in the index dropped more than 3%. Markets in Europe, South America and Canada dropped sharply as well. The ECB and BoE left key lending rates unchanged but Sweden increased its rate. Brazil led the decliners in Latin markets for the fourth day in a row and fell 4%. |
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Weak Employment Data, Retail Sales; Stocks Down
Sep 04, 5:00 PM ET |
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| Unemployed people claiming benefits rose to a 5-year high to 3.44 million and initial claims rose 15,000 at the end of last week. |
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| U.S. stocks fell sharply in the morning trading after retailers reported mixed same store sales. Non-farm productivity rose at 4.3% in the second quarter compared to 3.4% rise in the quarter a year ago. Discounters reported rising same store sale in August but at apparel retailers sales declined. Ciena fell 20% after it forecasted weak sales growth for the year. |
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Volatile Oil, Metals Drive Global Stocks
Sep 03, 11:48 PM ET |
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| Sentiments and volatility in crude oil and metals market continue to domiate trading in stocks around the world. |
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| U.S. stocks closed lower led by a decline in energy, mining and technology stocks. The Bank of Canada left its key rate unchanged at 3% and Australia reported weak economic data for the second quarter. Euro zone economy in the second quarter shrank at 0.2% from the first quarter and retail sale in July fell 0.4%. Coca-Cola Company agreed to acquire China Huiyuan Juice Group for HK$19.6 billion or $2.5 billion. For the third day in a row, Brazil fell more than 1% and led decliners in the region. |
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Coca Cola Bids $2.5 B for Huiyuan Juice
Sep 03, 3:16 PM ET |
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| China Huiyuan Juice rose 164% to HK$10.94 on news of a $2.5 billion takeover by Coca-Cola. |
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| Coca-Cola Company agreed to acquire China Huiyuan Juice Group for HK$19.6 billion or $2.5 billion including convertible bonds and diluted shares. The agreement values the juice maker at HK12.20 a share, nearly three times is most recently traded price near HK$4.10 a share. The offer values the company at 17 times operating earnings of 2007. |
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U.S. Orders Rise; Weak Europe Economy
Sep 03, 4:51 PM ET |
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| U.S. factory orders in July rose 1.3%, fifth monthly increase. After excluding transportation segment, orders rose 1%. |
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| U.S. stocks edged lower as crude oil prices fell below $108 a barrel. Base and precious metals prices declined dragging stock benchmarks in Canada and UK lower. The Bank of Canada left its key rate unchanged at 3% and Australia reported weak economic data for the second quarter. Euro zone economy in the second quarter shrank at 0.2% from the first quarter and retail sale in July fell 0.4%. |
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Oil Down 4.5%, Gas Drops 9%, Gold Falls 3.5%
Sep 02, 4:41 PM ET |
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| Stocks failed to hold on to early gains as worries related to financial stocks kept investors on the edge. Oil complex and coal miners led decliners. |
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| U.S. stocks failed to follow on early gains after a 2-day drop in oil of 10%. Weak energy and commodities sector stocks dragged benchmark indexes lower. The commodities linked economies and stock markets in Canada, Brazil and UK fell sharply. Indian stocks rallied on a sustained drop in oil as expectations of lower inflation drove indexes higher. Most banks in China reported 50% or better earnings gain in the first half, but further earnings gains are likely to be modest. |
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Oil, Gold Drop; Stocks Rally
Sep 02, 12:05 AM ET |
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| Crude oil futures dropped more than 6% after declining 4% yesterday. Transportation stocks rallied. Gold dropped 3%. |
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| U.S. stocks edged more than 1% after a drop in crude oil price. The oil prices fell more than 6% after dropping 4% yesterday. Other commodities prices fell as well dragging stocks of oil and metals mining companies. Transportation stocks rose. UAL, AMR, Delta and railroad companies reached higher. The Reserve Bank of Australia cut its key lending rate by 25 basis points for the first time in seven years. |
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