Asian stocks rebounded from the biggest drop in more than a week on speculation rising U.S. mortgage delinquencies won't derail demand in the region's biggest export market. Canon Inc. and Hyundai Motor Co. gained.
Read more at Bloomberg.com
Wednesday, March 14, 2007
European Stocks Slide on U.S. Growth Concern; UBS, RBS Decline
European stocks had the biggest decline since last month's global equity sell-off on increasing concern loan delinquencies will hurt growth in the U.S., the world's largest economy.
UBS AG, Europe's largest bank by assets, fell to a seven- month low and Royal Bank of Scotland Group Plc had the largest loss in almost three years. Legal & General Group Plc declined after saying profit margins are likely to narrow.
Read more at Bloomberg.com
UBS AG, Europe's largest bank by assets, fell to a seven- month low and Royal Bank of Scotland Group Plc had the largest loss in almost three years. Legal & General Group Plc declined after saying profit margins are likely to narrow.
Read more at Bloomberg.com
U.S. Stocks Advance as Banks, Homebuilders Help Spark a Rebound
U.S. banks and homebuilders carried stocks to their second gain this week after Lehman Brothers Holdings Inc. said bad home loans won't curtail earnings, helping erase a 136-point tumble in the Dow Jones Industrial Average.
Countrywide Financial Corp., the biggest U.S. mortgage lender, posted its first advance in five days as investors gained confidence mortgage delinquencies pose less of a risk to the financial system than previously thought. All 16 homebuilders in Standard & Poor's 500 indexes advanced.
Lehman's assessment pared a decline in its shares and helped ease concern mounting defaults among the riskiest borrowers will slow economic growth. Energy and technology companies also helped the Dow and S&P 500 recover today from earlier declines of more than 1 percent after oil prices climbed and JPMorgan upgraded Qualcomm Inc.
Read more at Bloomberg.com
Countrywide Financial Corp., the biggest U.S. mortgage lender, posted its first advance in five days as investors gained confidence mortgage delinquencies pose less of a risk to the financial system than previously thought. All 16 homebuilders in Standard & Poor's 500 indexes advanced.
Lehman's assessment pared a decline in its shares and helped ease concern mounting defaults among the riskiest borrowers will slow economic growth. Energy and technology companies also helped the Dow and S&P 500 recover today from earlier declines of more than 1 percent after oil prices climbed and JPMorgan upgraded Qualcomm Inc.
Read more at Bloomberg.com
Nikkei up 1.3 pct, exporters rebound on weaker yen
The Nikkei average rose 1.29 percent on Thursday, led by exporters such as Sony Corp. ,as concerns about their earnings receded following a recovery in U.S. stocks and the yen's retreat against the dollar.
Relieved by a halt to a slide in global share prices, investors resumed buying shares of companies with good earnings prospects such as property and steel firms including Nippon Steel Corp.
Read more at Reuters.com
Relieved by a halt to a slide in global share prices, investors resumed buying shares of companies with good earnings prospects such as property and steel firms including Nippon Steel Corp.
Read more at Reuters.com
Asian stocks rebound as Wall Street calms nerves
Asian stocks rebounded more than 1 percent on Thursday following a global sell-off, as a recovery on Wall Street and a falling yen encouraged investors to look for bargains and pick up shares in exporters.
The Japanese currency extended losses against the dollar and euro as the rebound in stock prices soothed fears of a broader crisis stemming from the U.S. mortgage sector.
Asian share indexes had dived on Wednesday -- most by between 2 percent and 3 percent -- after concern of rising defaults in U.S. mortgage lending prompted the second big wave of selling in global equity markets in recent weeks.
Read more at Reuters.com
The Japanese currency extended losses against the dollar and euro as the rebound in stock prices soothed fears of a broader crisis stemming from the U.S. mortgage sector.
Asian share indexes had dived on Wednesday -- most by between 2 percent and 3 percent -- after concern of rising defaults in U.S. mortgage lending prompted the second big wave of selling in global equity markets in recent weeks.
Read more at Reuters.com
Gold beaten down by stock market falls
Gold dropped to a one-week low on Wednesday as falling stock markets stoked fears about another global flight from risk, while industrial metals were supported by tight supply and oil markets awaited key U.S data.
Gold, traditionally seen as a safe investment in times of economic uncertainty, was hit by the Asia-led market plunge of early March, and took another knock after fears about U.S. banks' exposure to risky borrowers triggered sharp falls on bourses across the world.
Read more at Reuters South Africa
Gold, traditionally seen as a safe investment in times of economic uncertainty, was hit by the Asia-led market plunge of early March, and took another knock after fears about U.S. banks' exposure to risky borrowers triggered sharp falls on bourses across the world.
Read more at Reuters South Africa
Rand recovers vs dollar, eyes global trends
South Africa's rand recovered slightly versus the dollar on Wednesday after falling sharply overnight, and was likely to track global market trends as investors remained nervous about high risk currencies.
At around 1505 GMT the rand hovered around 7.4825 to the greenback after closing in New York on Tuesday at 7.5105, and having dipped to 7.5295 earlier in Wednesday's session.
Read more at Reuters South Africa
At around 1505 GMT the rand hovered around 7.4825 to the greenback after closing in New York on Tuesday at 7.5105, and having dipped to 7.5295 earlier in Wednesday's session.
Read more at Reuters South Africa
S.African stocks slide, Mittal biggest loser
South African stocks continued their slide on Wednesday, following on weaker global equities, with losses led by steel manufacturer Mittal, which fell over 4 percent.
"The sell off started yesterday and has continued today, across the globe there was a sell-off, it was nothing stock specific," a Cape Town-based trader said.
The Johannesburg Top-40 index of blue-chip stocks slid 2.46 percent to 22,674.28 points while the All-share index dropped 2.33 percent to 25,250.06 points.
Mittal -- a unit of the world's top steel group -- was the biggest decliner among the top 40 blue chips, down 4.78 percent to 109.50 rand.
Read more at Reuters South Africa
"The sell off started yesterday and has continued today, across the globe there was a sell-off, it was nothing stock specific," a Cape Town-based trader said.
The Johannesburg Top-40 index of blue-chip stocks slid 2.46 percent to 22,674.28 points while the All-share index dropped 2.33 percent to 25,250.06 points.
Mittal -- a unit of the world's top steel group -- was the biggest decliner among the top 40 blue chips, down 4.78 percent to 109.50 rand.
Read more at Reuters South Africa
Oil prices hit reverse gear
Oil prices hit reverse gear on Thursday as traders tracked fresh turmoil on global equity markets, rising US crude reserves and the build-up to this week's Opec output meeting.
The price of Brent North Sea crude for April delivery fell 17c to $60.73/barrel in electronic deals.
New York's main oil futures contract, light sweet crude for delivery in April, shed 43c to $58.03/barrel in floor trading, after spending much of the day in positive territory.
Read more at FIN24.co.za
The price of Brent North Sea crude for April delivery fell 17c to $60.73/barrel in electronic deals.
New York's main oil futures contract, light sweet crude for delivery in April, shed 43c to $58.03/barrel in floor trading, after spending much of the day in positive territory.
Read more at FIN24.co.za
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