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Prudential, Hartford, MetLife Plunge
Oct 01, 4:01 PM ET |
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| U.S. stocks traded lower after General Electric rating was lowered on weak earnings outlook in its financial services. GE dropped more than 7% and dragged market indexes lower with it. MetLife, Prudential and Hartford Life plunged on the earnings worries. Peabody Energy, Freeport McMoran drop 10%. |
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Xstrata Raises Lonmin Stake, Abandons Takeover
Oct 01, 9:41 PM ET |
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| Xstrata after facing difficult financing conditions abandons its Lonmin takeover offer at £33 or $60 a share. The coal and copper miner increased its stake in the third largest platinum maker to 25% and arranged a debt facility of $5 billion. |
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UK Manufacturing Declines; Pound Falls
Oct 01, 4:02 PM ET |
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| Manufacturing index suggested that the UK manufacturing has declined and service industry has lost its growth drive as consumer spent less and business face tighter lending. Xstrata Plc abandoned its hostile bid for Lonmin Plc and raised its stake to 25% in the company. Pound fell. |
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Full Story... |
India Trade Deficit Surges; Weak Rupee
Oct 01, 3:27 PM ET |
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| Sensex in Mumbai trading gained on hopes that the U.S. will pass its bailout plan. Trade deficit for the first five months surged 44% on crude oil import bill rise of 77%. The sharp rise in oil prices lifted the trade deficit to $49 billion in the period. Software exporters gained on weak rupee. |
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Japan Wages Decline, Auto Sales Fall
Oct 01, 4:03 PM ET |
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| Japan stocks closed marginally higher ahead of the U.S. Senate vote but business sentiment continues to weaken. Wages in August fell 0.3% and auto sales for the first six months of the fiscal year declined 3%. Shipping lines fell as freight index drops. |
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U.S. Stocks Rebound on Bill Expectations
Sep 30, 9:20 PM ET |
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| The benchmark indexes surged 5% in the U.S. and 2% in Europe on the hopes that the historic U.S. intervention of $700 billion will be approved before the end of the week. Crude oil gained but in the third quarter dropped nearly 30%. The dollar fell but rebounded and closed higher on a late surge. |
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Reliant, Hartford Financial Plunge; Google Reset
Sep 30, 7:33 PM ET |
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| Google dropped on erroneous trading and Nasdaq reset its price near $400. Hartford Financial Services plunged after Fitch puts its life insurance division related debt on a negative watch. Genworth Financial surged on the hopes that company will sell or spin off its mortgage unit. |
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Dexia Rescue, Euro Falls
Sep 30, 12:03 AM ET |
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| U.S. Stocks recover at mid-day trading on the hopes that the Congress will pass a revised bailout plan. European markets closed higher. Dexia SA, the Belgian bank will receive an emergency financing of 6.6 billion euros after Fortis needed 11.2 billion from the government. |
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UK Rebounds; Tesco Earnings Rise 11%
Sep 30, 5:46 PM ET |
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| UK stocks rebounded after a record one-day loss in trading on Monday in recent times. The financial stocks rebounded on the hopes that the U.S. will act soon on the troubled bailout plan. Tesco reported 13% rise in sales in the first half and 11% increase in earnings. |
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Japan Stocks Down 4%, Mitsubishi Invests $9 B
Sep 30, 5:45 PM ET |
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| Stocks in Japan and Asia fell after U.S. benchmarks suffered one of the sharpest declines in the recent decades. The Japan stock benchmark dropped 4% as financials fell. Mitsubishi UFJ invests $9 billion in Morgan Stanley. The investment of $3 billion in common stock is down 20% from the purchase. |
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