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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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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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Japan in Recession
Nov 17, 5:37 PM ET |
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| Economy in Japan fell for the second quarter in a row. Economy in the third quarter fell 0.4% after dropping 0.1% in the second quarter. Two quarterly declines in GDP generally augur a recession. A rise in utilities stocks lifted market index from the fall of 3% to close up 0.7%. |
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Hong Kong Trading and Index Declines
Nov 17, 5:38 PM ET |
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| Stocks in Hong Kong fell in shrinking trading on the worries that exports from the region are likely to remain low for this and next year. Stocks in Shanghai gained 2% on the expectations that China will provide financial assistance. Bank of East Asia and Sumitomo Mitsui in a regional venture. |
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Mumbai Stocks Fall; Kingfisher Talks
Nov 17, 5:40 PM ET |
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| Stocks in India fell 1% in weak trading. Reserve Bank of India lowered the risk exposure for banks to commercial sector loans. RBI also added liquidity. Exporters are worried that falling economies in the U.S., Europe and Japan will drag sales. Airline Kingfisher may sell stake. |
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Australia Down 2.5%, Lion Nathan Bid Rejected
Nov 17, 12:28 PM ET |
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| Stocks in Australia fell 2.5% following declines in New York trading. Commodities and energy stocks led the fall. Australia retail sales in September rose 0.1%, less than expected as consumers tighten their wallets. Money market rates in Sydney trading after RBA pumped A$1.7 billion in liquidity. |
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