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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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Gustav Weakens; Oil, Pound Drops
Sep 01, 6:15 PM ET |
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| German retail sales fell 1.5% in July after dropping at a rate of 1.4% in June. However, retail sales in Hong Kong surged above 13%. |
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| Crude oil futures fell after the slow moving storm Gustav in the Gulf of Mexico was estimated to cause less damage than feared. The British pound fell to a two-year low to below $1.80 after mortgage approvals fell and manufacturing index showed a contraction. India exports in July increased 31.2% from a year ago to $16.3 billion after increasing at 23.5% in June. Japan auto sales in August declined and are likely to fall for the year, Toyota and Nissan sales fell but Honda sales increased. |
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