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Miners Lift London Stocks, Wolseley Trims
Nov 18, 3:04 PM ET |
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| UK inflation rate fell to 4.5% in October after rising to 5.2% in September. The drops in fuel and other consumer goods prices helped the index to drop. The inflation is likely to fall further in the rest of the year. Wolseley, the materials distributor plans to eliminate 2,000 staff positions. |
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Weak Property Sector Drags Tokyo; MUF Net Down
Nov 18, 8:38 AM ET |
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| Stocks in Japan dropped after proprty developrs cut supply to lower inventories of unsold apartment units. Nearly 450 developers have been closed in the last one year on tighter lending and weak demand. Mitsubishi UFJ interim profit plunges 64%. Sony Financial Holdings net drops 27%. |
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Hong Kong Down 4.5%, Shanghai Drop 7.4%
Nov 18, 4:20 PM ET |
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| Stocks in Hong Kong dropped 4.5% and in Shanghai plunged 7.4%. Investors are increasingly factoring longer and deeper economic recession in the Western economies and lower exports from China. Broker comments forced Hong Kong Exchange down 8% and HSBC lower by 4%. Automakers gained on speculation. |
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Sensex in Mumbai Drops 4%
Nov 18, 3:52 PM ET |
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| Stocks in India dropped on global economic worries, falling exports, weak local demand and recent regional elections results.Rupee flirted near 50 to a dollar. Finance minister Chidambaram estimated that the economy will rebound in the next fiscal year to 9% on the rise in domestic demand. |
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Sydney Stocks Fall 3.6%, Macquarie Net Drops 43%
Nov 18, 4:40 PM ET |
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| Stocks in Australia dropped on the weak global financial markets and declining economic growths in EU, Japan, China and the U.S. Citi Australia will cut its staff from the current 2,500. Australian stocks fall on recession worries. Macquarie Group profit in the first half dropped 43%. |
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General Motors Q3 Earnings Call Transcript
Nov 18, 8:47 AM ET |
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| General Motors, the struggling automaker reported third quaarter loss of $2.5 billion or $4.45 a share. The company plans to cut capital spending, lower production and reduce staff to improve the liquidity by $15 billion. GM is seeking federal help that can only help the company in the short term. |
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Insurers, Financials Lead U.S. Indexes Lower
Nov 17, 5:58 PM ET |
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| U.S. stocks closed down 2.6%. Financial companies lead the decliners on the worries that more companies will need to raise capital. Citigroup lowered its head count by 53,000 and Goldman Sachs executives forego bonuses. Japan reported second quarterly economic growth decline. UK economy to shrink. |
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Citigroup Cuts; Earning Worries in Europe
Nov 17, 12:50 PM ET |
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| World markets declined after meeting of 20 nations failed to send a clear message. Japan slides into recession as third quarter GDP declined 0.4%. European stocks fell after UK industry group estimated longer and deeper recession. Citigroup to cut 50,000 staff and trim expenses by 20% from peak. |
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Las Vegas Sands Raises $2.1 B; Hartford Plunges
Nov 17, 7:28 PM ET |
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| Financial stocks led the decliners in the U.S. trading. Hartford Financial plunged after negative views from Barclays. Prudential and MetLife declined as well. Las Vegas Sands completed $2.1 billion in public offering. Walt Disney declined on broker commments. Net earnings at Target and Lowes fell. |
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London Stocks Drop 2.7%, GDP, Barclays Worries
Nov 17, 5:39 PM ET |
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| The UK industry group lowered its GDP forecast for this year and a higher decline in GDP next year with the estimate of contraction of 1.7% in 2009. UK home prices in November fell 7.1%. London stock index dropped 2.7%. A growing number of investors voice concerns for Barclays capital plan. |
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