Oil, Gold, Stocks Up
Aug 31, 6:30 PM EDT |
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| Gold closed up $8, oil jumped 68 cents or 1%, and stocks in the U.S, Europe, and south america closed higher. Rate cut hopes played a key role. |
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| At least for today New York markets rallied and lifted averages in Europe and South America. Two speeches from the Fed and President Bush shifted the focus from the crdit market crunch to the need for rate cut. Investors remianed optimistic and hoped that rates cut is more likely on Sept 18 meeting. what market fails to accept that how can three mortgage lending binge can be cured by one rate cut. Market is setting itself up for a fall in the coming weeks. |
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FTSE 100 Lost 0.9% in August
Aug 31, 2:03 PM EDT |
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| London stocks rallied for the second day on the homes that sub-prime crisis will be contained with lower interest rates in the U.S. |
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| Stocks in London closed higher for the second day in a row. Investors hoped that the Fed is likley to lower rates for the rest of the year. FTSE 100 index gained 1.5% led by miners and financial companies. Rolls Royce jumped on $400 million order for engines. Thomas Cook warned tough market conditions in the UK and plans to eliminate 3,000 jobs. Higher metal prices led 2% increase in BHP, Antofagasta, and Anglo American. Barclays $1.6 billion of credit to troubled hedge fund Cairn Capital. |
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Commodities Stocks Lead European Gainers
Aug 31, 1:43 PM EDT |
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| Infineon Technologies climbed 3.7% after the semiconductor maker agreed to sell its stake in a joint venture. |
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| European stock markets closed sharply higher Friday on optimism about global economic growth, with the U.S. Fed Reserve promising to help deal with problems in the mortgage and credit markets. The gains were broad based, led by companies related to the commodities sector, like steelmaker ArcelorMittal, mining giant Rio Tinto and oil producer Royal Dutch Shell. Across the region, Germany climbed 1.6%, followed by the U.K. with an advance of 1.5% and France, rising 1.3%. |
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Mortgage Lenders Gain on Bush's Plan
Aug 31, 12:19 PM EDT |
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| The Commerce Department said factory orders surged 3.7% in July, higher than the 3.3% increase that had been expected. |
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| U.S. market averages posted solid gains Friday, as comments from President Bush and Fed Reserve Chairman Ben Bernanke reassured investors that Wall Street would not be left to cope with mortgage and credit market problems on its own. President Bush proposed a change in the Federal Housing Administration mortgage insurance program to let more people get federally insured mortgages. Shares of Accredited Home Lenders surged 40%, Countrywide rose 1%, while Impac Mortgage Holdings climbed 1.8% |
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Indian Economy Grows at 9.3%
Aug 31, 11:50 AM EDT |
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| Second quarter economic exceeded the central bank target of 8.5%. Wholesale price index declined to 3.94%. Senesx jumps 8% for the month. |
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| Sensex in India trading rebounded on the second quarter economic growth report. The GDP in the quarter jumped 9.3% lifted by strong growth above 10% in manufacturing and service sectors. Agriculture lagged with a growth of 3.6%. Wholesale price index, a measure of inflation, declined at the end of last week to 3.94%. First read in the last 20 months below 4%. Essar Oil is planning to raise $750 million in the international markets. Wipro has agreed to pay $160 milion for marketrx. |
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Accredited Home Soars 36% before Bush's Speech
Aug 31, 10:14 AM EDT |
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| Light, sweet crude rose 89 cents to $74.25 per barrel. The dollar fell vs. most other major currencies, while gold prices rose. |
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| Wall Street rallied at opening, lifted by news that President Bush will announce a plan to support subprime mortgage borrowers and loosen credit conditions. Market sentiment was further boosted by optimism that Federal Reserve Chairman Ben Bernanke might hint an interest-rate cut in his speech. Accredited Home Lenders soared 36% after Lone Star Funds said it will offer $214 million for the firm, which is 44% less than it first offered for the troubled lender. |
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Tokyo Soars 2.6%, Drops 4% in August
Aug 31, 9:22 AM EDT |
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| Tokyo stocks closed up sharply on weak yen and rebound in export sensitive stocks. |
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| Tokyo stocks rallied on the back of rise in New York trading. Exporters including Sony, Canon, and Fujifilm gained more than 5%. The Nikkei 225 index surged 2.6%, the strongest rebound in the last two weeks of trading. Nikkei 225 for the month fell 3.9% and broader index Topix dropped 5.7%. |
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U.S. Stock Futures Rally on Rate Optimism
Aug 31, 9:16 AM EDT |
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| The Commerce Department reported that personal incomes and spending in July rose 0.5% and 0.3%, respectively, while core PCE remained at 1.9%. |
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| U.S. stock futures pointed to a sharply higher opening Friday, boosted by optimism that Chairman Ben Bernanke will give a clue about interest rate cuts in his speech. Investors were also optimistic because President Bush is expected to announce strategy to aid borrowers struck by the housing market slump to keep their homes. Mortgage lender Countrywide Financial surged 6.3% in the pre-open. Traders also digested data on personal income and spending. |
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Dell Earnings Beat Forecast
Aug 31, 8:17 AM EDT |
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| Dell Inc. advanced 2.4% in pre-market trading after the computer maker reported positive Q2 financial results. |
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| According to preliminary results released after the closing bell Thursday, Dell’s quarterly earnings jumped 46% to $733 million, or 32 cents per share, compared with $502 million, or 22 cents per share a year ago. The profit increase was attributed to stronger sales of business products and services, improved average selling prices and lower component costs. |
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Retail, Financials Lower; Low Trading Volumes
Aug 30, 6:12 PM EDT |
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| Retail and financial sector stocks declined. Sears, Chico's, and Coldwater Creek fell sharply. Dell reports higher sales. |
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| Volatility is driving away investors around the globe. U.S. market inflicted volatility has driven investors away from trading in the U.S., Japan, Germany, India, and Australia. In New York, investors sought refuge in tech stocks lifting Cisco, Dell, AMD, and Intel. Brokerage stocks fell after Lehman lowered earnings on Goldman, Morgan Stanley, and Merrill Lynch. Freddie Mac earnings plunged 45%. Thornburg Mortgage sells $500 million of convertible stocks. European markets closed higher. |
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