Paulson Warns on Housing
Jan 07, 4:34 PM EST |
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| Paulson comments suggested that the indications of weaker U.S. economy will emerge in near future. |
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| U.S. stocks traded sideways as tempers rose with a near altercation between Iranian and the U.S. Navy. Three popular averages closed with fractional changes. Jeffries reported that it may have lost as much as $24 million in two trading accounts using funds. The Treasury Secretary Henry Paulson comments suggested that housing market slowdown may prompt a correction in economic grwoth. He stressed that the economy is still resilient. Crude oil fell on global economic worries. |
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Jeffries Plunge 10%, U.S. Stocks Weak
Jan 07, 12:02 PM EST |
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| Jeffries plunged 10% after it disclosed a quarterly loss and a estimated loss of $24 million in its own trading account. MasterCard and MSCI decline. |
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| U.S. stocks traded sideways by mid-afternoon. Consumer sensitive stocks were weak in the morning trading hours. The three popular averages edged fractionally higher. Jeffries Group plunged 10% after it disclosed a loss of $24 million from two trading accounts involving its own capital. Jeffries also said that executives in the company will forgo bonuses and have closed two accounts. MasterCard fell for the fifth tradig day in a row. MSCI stock fell for the fourth trading day in a row. |
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Hong Kong and Asia Declined
Jan 07, 9:30 AM EST |
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| Hong Kong stocks declined on the U.S. economic slow down worries. Shanghai High-Speed Railway awards contracts to four bidders. |
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| In Hong Kong trading Hang Seng dropped 1.2% or 340.20 to 27,179.49, while the China Enterprises index of H shares declined 2% or 312.66 to 15,590.74.Daily turnover on the main board was recorded at HK$113.5 billion compared to HK$99.8 billion on January 4.Construction companies stocks rose on the hope that the interest rates will be lowered in the U.S. at the end of this month. |
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Topix Index in Japan at 2-Year Low
Jan 07, 8:38 AM EST |
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| Broader market in Japan closed lower after the December U.S. employment report, falling commodities prices, and weak economic climate in Japan. |
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| Stocks in Japan declined as investors worried that the U.S. economy may slow down considerably. The U.S. market averages tumbled on Friday after the release of employment report. Today Nikkei 225 dropped 1.3% and broaer Topix index lost 1.4% and closed below 1,400 for the first time in two years. Copper prices fell 0.9%, nickel slipped 2.6% and zinc tumbled 3.1%. Nippon Mining Holdings declined 1.34%, Sumitomo Metal Industries edged down 1% and Nippon Steel shed 2.84%. |
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Nasdaq Tumbles 3.8% on Employment Report
Jan 04, 11:20 AM EST |
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| Nasdaq declined 3.8%, S&P 500 lost 2.5%, and Dow Jones Industrial Average dropped 1.96%. |
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| U.S. stocks fell sharply after weaker than expected employment report for the month of December. Economy created only 18,000 new jobs in the month and for the year generated 1.3 million new jobs, far less than the 2 million target set by the current U.S. administration. Intel lost nearly 10% after UBS cut its rating on the company. Crude oil and gold retreated after the jobs report. Retailers, technology, and consumer sensitive stocks fell sharply. Apple, RIM, Master Card, and Google declined. |
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Weak Retailers Drag UK Stocks
Jan 04, 2:25 PM EST |
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| UK stocks fell sharply after more retailers issued sales warnings. AIM listed companies raised more than 15 billion punds in 2007 matching 2006. |
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| UK stocks declined sharply after retailers issued same store sales warning. FTSE 100 index fell 2.02% or 130.90 to 6,348.50. The accounting firm Grant Thornton reported that 22% of retailers listed in London gave negative sentiments in the fourth quarter of 2007 up from 7% from the third quarter. Kingfisher declined 7% and Next dropped 5.7%. New issues droppe by 35% in 2007 on the AIM market but the secondary issues volume rose by 50%. In 200 AIM listed compaies £15 billion matching the 2006. |
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Domestic Automakers Lose Ground
Jan 04, 2:34 PM EST |
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| Domestic automakers lost ground to Japanese rivals in 2007. Toyota replaced Ford as the second largest U.S. seller. |
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| U.S. autosales declined in 2007 after consumers held back on trucks and large cars on rising gasoline prices and worries of economic slowdown. Domestic automakers lost ground to their Japanese rivals. For the year 2007, GM sales declined 6%, Ford lost 12%, and Chrysler edged 3.1%. Toyota sale gained 3.1% in 2007, Nissan sales edged 4.8%, and Honda sales edged higher 2.8%. |
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Nasdaq Falls 3%, Leads Other Decliners
Jan 04, 2:27 PM EST |
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| U.S. stocks fell sharply after the employment report. Economy created 1.3 million jobs in 2007 after adding 2.3 million jobs in 2006. |
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| U.S. stocks turned negative at the opening after the employment report. The Labor Department reported that payroll in December increased 18,000. For the year 2007 the economy added 1.3 million jobs after adding 2.3 million in 2006. The monthly average fell to 111,000 in 2007 from 189,000 in 2006. consumer sensitive stocks dropped sharply. Retailers, restaurants, and banking sector stocks fell sharply. |
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Hang Seng in HK Up 2.4%
Jan 04, 9:23 AM EST |
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| Hang Seng index snapped back after two days of decline. Rising gold and oil prices lifted mainland gold and coal producers. |
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| Stocks in Hong Kong surged after a slump in the last two days of trading. Hang Seng Index gained 2.4% or 632.41 to 27,519.69 and gained 0.5% for the the week.Hang Seng China Enterprises index gained 2.8% to 15,903.40. Commodities miners rose after CLAS research said investors should buy shares of Chinese gold and coal miners. China coal rose 3.5% and Zhaojin mining climbed 7.1%. Zijin Mining jumped 7.2% after Goldman Sachs raised a target on the stock. |
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Nikkei in Japan Plunges 4%
Jan 04, 9:01 AM EST |
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| Stocks in Japan on the first day of trading in 2008, plunged 4% on the weakness in automakers, shipping lines, and exporteres. |
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| Nikkei 225 Index in Tokyo trading fell 4.03% or 616.37 to close at 14,691.41. Broader index Topix fell 4.3% or 63.77 to 1,411.91. Both indexes fell for the first time with a such a large measure on the first trading day of a new year. After the release of weak auto sales in December month in the U.S. Nissan fell 9% and Toyota dropped 3%. Shipping lines fell after the Baltic Dry Index, which gauges prices, slumped for the ninth day in a row by 1.5% as China scaled back its iron ore imports. |
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