Asian stocks snapped a week-long rally. Sony Corp. and Honda Motor Co. led Japanese exporters lower after the yen gained against the dollar, reducing the value of U.S. sales.
Read more at Bloomberg.com
Monday, March 12, 2007
European Stocks Snap Four-Day Rally; UBS, Total, Sainsbury Drop
European stocks fell, snapping four days of gains, after U.S. subprime lender New Century Financial Corp. said it doesn't have the cash to pay creditors, rattling investor confidence in equities.
UBS AG, Switzerland's biggest bank, and Societe Generale SA, the third-largest in France, paced declines by financial companies. Total SA led by energy producers lower as oil prices fell for a third day. J Sainsbury Plc dropped the most in almost 10 months on speculation a group of buyout firms may scrap takeover plans for the third-largest U.K. supermarket chain.
Read more at Bloomberg.com
UBS AG, Switzerland's biggest bank, and Societe Generale SA, the third-largest in France, paced declines by financial companies. Total SA led by energy producers lower as oil prices fell for a third day. J Sainsbury Plc dropped the most in almost 10 months on speculation a group of buyout firms may scrap takeover plans for the third-largest U.K. supermarket chain.
Read more at Bloomberg.com
U.S. Stocks Climb on Acquisitions, Oil Decline; Intel Surges
U.S. stocks extended a week of gains, buoyed by $31.7 billion of acquisitions, falling oil prices and an analyst's prediction that demand for mobile-phone chips will grow.
Dollar General Corp. rose the most ever and led the Standard & Poor's 500 Index to its third gain in three days after it agreed be acquired by Kohlberg Kravis Roberts & Co. Intel Corp. drove technology shares to their highest level this month, lifting the Dow Jones Industrial Average and Nasdaq Composite Index.
Today's takeovers gave investors another reason to buy stocks after last week's unexpected drop in February unemployment and Treasury Secretary Henry Paulson's reassurances that the economy will avoid recession. The S&P 500 now has recovered almost half its losses since the global rout in equities Feb. 27.
Read more at Bloomberg.com
Dollar General Corp. rose the most ever and led the Standard & Poor's 500 Index to its third gain in three days after it agreed be acquired by Kohlberg Kravis Roberts & Co. Intel Corp. drove technology shares to their highest level this month, lifting the Dow Jones Industrial Average and Nasdaq Composite Index.
Today's takeovers gave investors another reason to buy stocks after last week's unexpected drop in February unemployment and Treasury Secretary Henry Paulson's reassurances that the economy will avoid recession. The S&P 500 now has recovered almost half its losses since the global rout in equities Feb. 27.
Read more at Bloomberg.com
S.African stocks tick higher, telecoms in favour
South African stocks finished barely firmer on Monday as investors bought up telecoms firms like MTN, but jitters returned about the so-called yen carry trade.
The Johannesburg Top-40 index of blue-chip stocks edged 0.31 percent higher to 23,406.70 points, well off its intraday peak, and the wider All-share index added 0.34 percent to 26,012.12 points.
The Top-40 index has gained 3.5 percent so far this year, but is 3.6 percent off a record peak touched last month.
Read more at Reuters South Africa
The Johannesburg Top-40 index of blue-chip stocks edged 0.31 percent higher to 23,406.70 points, well off its intraday peak, and the wider All-share index added 0.34 percent to 26,012.12 points.
The Top-40 index has gained 3.5 percent so far this year, but is 3.6 percent off a record peak touched last month.
Read more at Reuters South Africa
Rand little changed, seen rangebound
South Africa's rand was little changed against the dollar in late Monday trade and expected to hold in ranges while eyeing sentiment towards emerging markets and developments in crisis-torn neighbouring Zimbabwe.
At around 1515 GMT the local currency was at 7.3540, just a touch weaker from its New York close of 7.3525 on Friday.
Read more at Reuters South Africa
At around 1515 GMT the local currency was at 7.3540, just a touch weaker from its New York close of 7.3525 on Friday.
Read more at Reuters South Africa
China defends oil trade with Africa
China defended its booming oil trade with Africa on Monday, and said Europe and the United States should look at their own engagement on the continent before criticising Beijing.
China has huge oil investments in Sudan, and rights groups say its engagement there is frustrating international efforts to stop the civil war and atrocities in Darfur.
Africa as a whole accounts for more than one-third of China's crude imports, with Angola its biggest source on the continent.
Read more at Reuters South Africa
China has huge oil investments in Sudan, and rights groups say its engagement there is frustrating international efforts to stop the civil war and atrocities in Darfur.
Africa as a whole accounts for more than one-third of China's crude imports, with Angola its biggest source on the continent.
Read more at Reuters South Africa
Seven of SA's priciest properties
Castles and beach houses are at the top of the list. Photos included.
With property prices like R60m not being unusual for a beach bungalow or a family home, estate agents say the extreme upper end of the residential property market is always buoyant.
They point out that mortgages, interest rates and transfer duties just don't affect these buyers with deep pockets.
According to Jan Minnie of Fine & Country, there are literally hundreds of luxurious top-end properties being bought and sold at the moment but because they aren't advertised, most people don't know about them.
Usually, interested buyers contact estate agencies, explaining what type of property they're looking for and the amount of money they'd be prepared to spend and these requests are then matched with available properties on a database, explained Siobhan O'Shea of Engel & Volkers.
Read more at MoneyWeb.co.za
With property prices like R60m not being unusual for a beach bungalow or a family home, estate agents say the extreme upper end of the residential property market is always buoyant.
They point out that mortgages, interest rates and transfer duties just don't affect these buyers with deep pockets.
According to Jan Minnie of Fine & Country, there are literally hundreds of luxurious top-end properties being bought and sold at the moment but because they aren't advertised, most people don't know about them.
Usually, interested buyers contact estate agencies, explaining what type of property they're looking for and the amount of money they'd be prepared to spend and these requests are then matched with available properties on a database, explained Siobhan O'Shea of Engel & Volkers.
Read more at MoneyWeb.co.za
Oil slumps to below $59
Oil fell more than a dollar to below $59/barrel on Monday, pressured by expectations Opec will not reduce production when it meets this week in Vienna.
US crude was $1.24 lower at $58.78 /barrel by 14:49 GMT. London Brent crude was down 84c at $60.33.
Read more at FIN24.co.za
US crude was $1.24 lower at $58.78 /barrel by 14:49 GMT. London Brent crude was down 84c at $60.33.
Read more at FIN24.co.za
China's trade surplus soars
China posted its second-highest monthly trade surplus ever in February, hitting $23.8bn, or nearly 10 times the level of a year earlier, the government said on Monday.
Read more at FIN24.co.za
Read more at FIN24.co.za
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