WaMu Seized, Sold to JP Morgan
Sep 25, 12:12 PM ET |
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| Washington Mutual, the battered bank was seized by the Federal regulators and sold all of its assets to JP Morgan. The WaMu failure is the largest bank failure in the U.S. history and the bank had $188 billion in deposits but had faced withdrawals of $16.7 billion in the last ten days. |
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Stocks Rally, Broad Agreement o Bailout Plan
Sep 25, 5:46 PM ET |
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| U.S. stocks rallied after lawmakers appear to agree on the broad framework of the bailout plan. The plan may release $250 billion immediately but will have the authority to invest up to $700 billion unless the Congress imposes limits at a later date. Markets in Europe and Brazil rise. |
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GE Lowered Earnings Outlook
Sep 25, 5:27 PM ET |
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| General Electric lowered its earnings outlook for the quarter and the year and said the current difficult conditions in the financial services business are not likely to improve in the near future. The company left its dividend unchanged and suspended its stock buyback plan. |
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Capital One Drops 6%, Nike Surges
Sep 25, 11:45 AM ET |
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| Capital One drops after it completed stock offering at a lower price. Bed Bath & Beyond matched the earnings views but predicted lower earnings for the quarter and the rest of the year. General Electric lowered its earnings outlook. McCormick edged higher after third quarter earnings rose. |
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Japan Trade Deficit, First in 26 Years
Sep 25, 12:57 AM ET |
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| Japan recorded its first monthly trade deficit in 26 years. Rising energy and coal imports and a decline in exports to the U.S. and Europe contributed to the deficit. The Bank of Japan added liquidity to the market and will carry out four more auctions in the rest of the year. |
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Shanghai Surges, Bank of East Asia Recovers
Sep 25, 5:47 PM ET |
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| Stocks in Shanghai rose as China controlled investment arm stepped up its purchase of bank stocks. Bank of East Asia in Hong Kong faced a temporary run after rumors of collapse swept markets. Central bank denied the rumors and added HK$500 million in liquidity and Li Ka-shing purchased its stock. |
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Weak Rupee, India Inflation Near Peak
Sep 25, 5:28 PM ET |
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| Stocks in India fell after financial markets in the region declined. Financials, realty, software exporters and industrials fell. Inflation at the end of last week stabilized but hovered near its peak level. Rupee traded volatile and hovered near 46 rupee to a dollar. |
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Australian Banks Curb Lending
Sep 25, 8:32 PM ET |
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| Stocks in Australia fell after commodities and metal prices declined. Australian banks have less than 1% exposure to the sub-prime loans issued in the country, according to the latest report from the RBA. Australian dollar gained. China based Shagan acquired 45% stake in Australian iron ore company. |
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More Skepticism on U.S. Bailout Plan
Sep 24, 6:12 PM ET |
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| U.S. lawmakers voiced more skepticism and frustration with the Treasury and the Fed plan to bailout banks. The U.S. lawmakers also passed $25 billion rescue package for the auto industry. AIG fell sharply after it signed punitive loan terms with the Fed. |
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Goldman to Raise $10 Billion, AIG Falls
Sep 24, 5:28 PM ET |
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| U.S. stocks trade sideways in the morning as financials got a boost after Warren Buffett purchased $5 billion preferred stock. AIG signed $85 billion loan that pays interest even when the credit facility is not used. The Fed offered $30 billion of liquidity to Australia, Norway, Sweden and Denmark. |
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