Fed Cuts Rates; Records in Oil, Gold, Dollar
Oct 31, 5:51 PM EDT |
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| U.S. stocks advacned after the Fed lowered rates by 0.5%. Dollar fell to a record low and oil and gold surged. |
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| The Federal Reserve in the U.S. lowered the target rate by 0.5% to 4.5% ahead on economic slow-down. The Bank of Japan left its interest rates unchaged at 0.5% and lowered its estimates of 2007 economic grwoth to 1.8% from 2.1%. U.S. third quarter GDP grwoth rate was reported at 3.9% and lower rates helped market averages to close higher. European stocks closed higher led by banks. Asian markets closed mixed. MasterCard surged on 63% rise in net income. |
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Fed Cuts by 0.25%, Dollar Falls
Oct 31, 2:47 PM EDT |
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| The Fed lowered the rate for the second time this year, after the mortgage market seized up. The Fed acted ahead of any economic slow-down. |
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| The Fed lowered its target rate to 4.5% for. Of the ten voting members of the Open Market Committee, only one dissented to keep the rate same. The expectations of lower rate was widely expected by the market. Dollar traded weak in the morning and fell to another record low against euro on the decision. Oil surged above $94 after the rate cut. The Fed signaled that while the economic grwoth in the third quarter was strong, the growth is liklely to fall in the coming quarters. |
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U.S, Stocks Edge Higher, MasterCard Soars
Oct 31, 10:15 AM EDT |
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| Stocks in New York edged higher on solid economic growth in the third quarter. Oil traded above $91. Dollar fell against euro. |
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| In the morning trading U.S. stocks edged higher. Third quarter GDP grwoth rate was reported at 3.9% higher than estimated by most economists. The Federal Reserve is expected to release is interest rate decision this afternoon. Investors and Wall Street is forecasting a rate cut between 25 and 50 basis points. Overnight, the Bank of Japan left its rate unchaged at 0.5%. MasterCard soared after reporting a sharply higher earnings of $2.31 per share. |
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BoJ Left Rates at 0.5%, Tokyo Stocks Rise
Oct 31, 9:07 AM EDT |
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| Stocks in Japan edged higher after the Bank of Japan left the interest rates unchaged. Wages declined in September. |
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| The Bank of Japan left the interest rates unchanged at 0.5% by 8 to 1 vote. The Central bank also lowered its annual economic outlook for fiscal 2007 to 1.8% from 2.1% and widened the range for the fiscal 2008. Stocks in Japan rose after the bank decision. Separately wage survey showed that September wages fell 0.5% and monthly hhours worked per person declined 2.3%. Auto parts maker, Denso rose after predicting higher net income. |
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Stocks Decline on Housing Worries
Oct 30, 5:23 PM EDT |
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| U.S. stocks fell after weaker than expcted outlook from Procter & Gamble . Oil and gold fell. Dollar fell to a record low against euro. |
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| U.S. stocks fell ahead of rate decision by the Fed and weaker than expected outlook from Procter & Gamble. Three popular averages declined in the afternoon trading as oil and gold declined. Liz Claiborne earnings fell 65%. Merrill replaced its chief executive ater reporting subprime mortgage loss of $8.5 billion. European markets fell across the region. UBS reported quarterly loss of 830 million swiss francs. Dassaut Systems, Michelin, Statoil, and Norsk Hydro fell after reporting earning. |
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U.S. Stocks Open Lower, Oil Declines
Oct 30, 9:30 AM EDT |
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| U.S. markets open lower ahed of the Fed meeting. Oil declines as tropical storm weaknes on its approach to Florida. European and Asian markets fall. |
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| U.S. stocks open lower ahead of the Fed meeting to decide rate direction by tomorrow. Procter & Gamble reported fourth quarter earnings increased 14% and Colgate Palmolive earnings increased 22%. Liz Claiborne earnings plunged 65%. European markets are on the decline across the region on weaker than expected earnings from Norsk Hydro, Dassault, and Michelin. Asian markets declined. Shanghai soared for the second day of this week. |
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Markets in Tokyo and Asia Decline
Oct 30, 8:45 AM EDT |
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| Markets across Asia fell ahead of rate decision from several countries in the region. Takeda fell 13%. Construction stocks rallied. |
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| Stocks in Tokyo edged lower after a sharp rally on Monday. The government reported that monthly household expenditure increased 3.2%, income rose 0.8%, and disposable income increased at 0.4%. The Labor Force Survey reported that the number of people not employed declined 3.9% to 2.69 million. Takeda, largest pharmaceutical company in Japan, fell 13% after it halted trials on cholesterol lowering drug and delayed filing for the memory-loss treatment drugs with the U.S. |
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World Markets Advance on Rate Cut Hopes
Oct 29, 4:47 PM EDT |
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| Stocks in the U.S. and Asia advance on the rate cut expectations. Gold edged near $793 per ounce and oil crossed $93 per barrel. |
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| U.S. stocks edged higher in anticipation of a rate cut this week. Markets in Europe gained as well. Asian markets surged on a rate cut expectations in Japan, Australia, and India. Central banks in Australia, India, Japan, and the U.S. are likely to lower rates or leave them unchaged. Last week Mexico increased the rate by 0.25%. Gold and oil reached new highs as dollar fell to a record low against euro. |
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Sensex Soars in India
Oct 29, 1:47 PM EDT |
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| Annual wholesale inflation in india was reported unchanged at the end of the last week. Sensex surges 42% in the last five weeks. |
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| Stocks in India surged agains reflecting a trend prevalent in the market for the last weeks. Sensex added 3.8% or 734.50 to close at 19,977.67 and reaching an intra-day high of 20,024. Sensex in the last five weeks has surged a whopping 42% standing at the second best performing market in Asia. State Bank of India, Maruti Suziki, and BHEL reported sharply higher earnings lifting the trading sentiment in the morning. |
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U.S. Stocks Open Higher, Merrill in Focus
Oct 29, 10:04 AM EDT |
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| U.S. stocks opened higher on the strength in the European and Asian markets. Oil crossed above $93 per barrel and gold approached $794. |
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| Stocks after thirty minutes of trading retained a positive bias in New York. European markets at mid-day are trading nearly 0.7% higher acorss the region. In Asian trading India, Hong Kong, Korea, and Thailand surged. Oil traded above $93 per barrel and dollar fell to a record low against euro. Merrill Lynch fell a fraction after news report suggested that its chief executive may be forced out as early as today. |
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