Nasdaq Leads U.S., China Leads the Globe
Dec 31, 5:25 PM EST |
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| Nasdaq led the three popular indexes with a rise of 9.8% followed by increases of 6.4% in Dow Jones and 3.5% in S&P 500. |
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| U.S. market index closed lower on the last day of trading in 2007, but for the year managed to rise. Nasdaq led the U.S. market averages with a rise of 9.8% followed by 6.4% rise in Dow and 3.5% in S&P 500. Brazil led the South American markets with a rise of 43%. China led the world indexes with a rise of 120% followed by 52% rise in Indonesia and 47% gain in India. Hong Kong surged 39%, its best year since 1999. Oil gained 60% and gold rose 31% in 2007. |
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FTSE Up 3.8% in 2007
Dec 31, 3:50 PM EST |
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| FTSE 100 index in London closed up 3.8% for the year while the main index in Ireland declined 26%. |
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| FTSE 100 index in London fell on the last day of trading but rose for the year. FTSE 100 lost 0.3% or 20 to close at 6,456.90 and for the year rose 3.8%. Banks, retailers, energy, and financial stocks declined in the session. Germany led the Western europe with a rise of 22% on a rise in industrial stocks. France edged 1.3% higher. The main index in Ireland fell 26% after rising on the back of ten year long economic expansion. |
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Merrill, Citi Look for Capital in Middle East
Dec 31, 11:41 AM EST |
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| U.S. stocks fell in the morning on weak tech and financial stocks. November existing home sales rose from October but fell from a year ago. |
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| U.S. stocks declined in the morning trading after the existing home sales report, rising oil prices, and weak financial stocks. Nasdaq and S&P 500 fell nearly 0.8%. Tracinda controlled by Kirkorian agreed to invest $684 million in Delta Petroleum. Merill Lynch and Citigroup are likely to accept another capital infusion from Middle East controlled funds. |
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Australian Index Up 12%
Dec 31, 10:34 AM EST |
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| Rising metal prices and insatiable demand from China helped Australian stocks to gain in 2007. Banks lost most of the gains in the second half. |
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| Australian stocks on the last day of trading closed nearly unchaged. in 2007, ASX 200 gained 12% in local dollar and added 25% in the U.S. dollar on rising mining and metals companies. Banks in Australia fell after the credit market turbulence in the second half of the year. Rio Tinto, BHP, and Fortescue were leading gainers in the ASX 200 Index. Australian dollar crossed 88 cents to one U.S. dollar and solid private sector credit data. |
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Hong Kong Rises, Karachi Plunges 4.7%
Dec 31, 9:57 AM EST |
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| China led the region and word markets in 2007 followed by increases in Indonesia, India, and Hong Kong. |
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| Hong Kong Stocks advanced on the last day of trading on the hopes that the U.S. will furhter cut its interest rates at the end of January. Hang Seng index increased 1.6% or 442.05 to close at 27,812.65. For the year 2007 the index surged 39%, fourth best performing market in the region. Property and bankk stocks closed higher. Markets in mainland China, Indonesia, South Korea, and Japan were closed. Karachi Stock Market Index fell 4.7% on its first day of trading after Bhutto was killed. |
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Metals Rise, Housing and Stocks Fall
Dec 28, 6:34 PM EST |
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| New home sales plunged 9%, lowest in more than a decade as home prices fell and lending standards tightened. |
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| U.S.market averages traded sideways in the session after new home sales plunged 9% in November. Home prices declined as well. Dow Jones and S&P 500 closed up a fraction but Nasdaq declined a fraction. Oil and gold rose as commodities prices advanced in international markets. Former Prime Minister of Pakistan, Bhutto was laid to rest in her hometown. Nikkei 225 Index in Japan fell 1.6%. Germany led the European markets with a rise of 22% in 2007. Brazil led Latin manrkets with 43% gains. |
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UK Stocks Up 4%
Dec 28, 2:04 PM EST |
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| UK stocks declined in the session on weak financial stocks. Energy stocks led the gainers. FTSE 100 Index added 4% in 2007 after rising 11% in 2006. |
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| UK stocks edged lower after a week of volatile trading. FTSE 100 Index declined 0.3% to 6,476.90 and gained 4% in 2007 after rising 11% in 2006. Germany led the western Europe with a rise of 22% and Russia gained 27% in 2007. UK home prices fell 0.5% in December to 182,000 pounds but still manage to gain 4.8% for the year. tighter mortgage conditions are likely to slow the home sales and values in 2008. St.Albans is the most expensive area in UK with average home price of 350,000 pounds. |
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Germany Up 22%, Russia Up 27%
Dec 28, 1:44 PM EST |
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| European markets traded as Germany traded for the last time in 2007. DAX index added 22% leading all western European markets. |
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| Stocks in Europe were little changed ahead of the holiday weekend and as Germany traded for the last time in 2007. RTS Index of Russia led the European markets with a rise of 27% leading other markets in the western Europe followed by increase of 22% in Germany. France reported its third quarter economic growth of 0.8% on rising consumer spending and corporate investments. UK home prices fell for the secod month in a row but are still nearly 5% higher from a year ago. |
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Air France-KLM Selected for Alitalia Sale
Dec 28, 12:38 PM EST |
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| Air France-KLM is selected as the preferred carrier for Alitalia stake sale by the Finance Ministry in Italy. |
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| Italian Finance Minister Tomaaso Padoa indicated that Air France-KLM will be selected as the preferred bidder for the sale of the national carrier Alitalia. After months of dragged bidding and lost investors interest the sale is likely to be completed in the second half of 2008. Air France -KLM valued the troubled and loss making carrier at half the current market cap. |
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ING Sells Reinsurance Unit to Berkshire
Dec 28, 12:16 PM EST |
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| Berkshire Hathaway has agreed to purchase reinsurance subsidiary of ING Group for 300 million euros. |
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| Holland based ING has agreed to sell its U.S. based re-insurance unit for 300 million euros or $440 million to an insurance subsidiary of Berkshire Hathaway. The sale will free capital for ING from possible long term liabilites from tobacco and asbestos claims. The sale will result in 100 million euro capital loss at ING but will improve its debt to capital ratio. |
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