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Doubts grow over US bank rescue plan
By Rob Lever
Agence France-Presse
September 23, 2008 07:39am
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A PROPOSED $US700 billion ($830 billion) bailout for the banking industry leaves many questions unanswered, but has prompted fears about giving the US government unprecedented power to intervene in the economy, analysts said Monday.
The plan would allow the US Treasury to sell new debt to purchase the vast amounts of mortgage securities and other "toxic'' assets that have caused a freezeup of the financial system.
Markets welcomed the announcement of the plan last week, but analysts say the sobering reality may make it highly complex to implement. Some critics say it gives unparalleled authority to the government in the finance system.
The plan is "three pages long'' and "asks for a staggering sum of money with wide-ranging powers to buy the broadest amount of mortgage-related securities with a minimal of oversight,'' said Andrew Busch at BMO Capital Markets.
"This is a huge leap of faith and I suspect that leaders of Congress and the presidential candidates will urge caution or act cautiously.''
One key question is how the government will value the dodgy mortgage-backed paper that the banking system refuses to buy.
"The Treasury did not provide much detail on how the assets will be priced, other than through market mechanisms where possible,'' said economist Brian Bethune at Global Insight.
NOTE: RECENT REPORT ON AIG HAS CAUSED MAJOR EFFECTS.
"We expect discounts on asset transactions will be anywhere from 20 per cent to 80 per cent, depending on the quality of the assets or the asset package involved.''
Some analysts point out that if the Treasury pays fair value -- Merrill Lynch, for example, sold some of its distressed securities for 22 cents on the dollar -- it could create fresh losses for banks and lead to more failures.
Mark Zandi at Economy.com said the idea was positive but may be hard to implement.
"In practice, a reverse auction for mortgage assets may be tricky to pull off,'' he said. "Auctioning mortgage-backed securities could prove especially problematic, since each security is so idiosyncratic.''
Beyond the technical questions, the plan dubbed by some as "the mother of all bailouts'' has raised hackles among some who fear it gives too much power to the government in the financial markets, especially with a clause providing immunity from lawsuits.
Robert Brusca at FAO Economics said the bailout plan "really isn't a plan and may not bail anything out ... The crux of it seems to be to dump the losses on taxpayers.'
"It gives the Treasury imperial power with respect to a simply huge amount of funds,'' said Yves Smith, a financial analyst with the website Naked Capitalism. "This is a financial coup d'etat, with the only limitation the 700-billion-dollar balance sheet figure.''
Some lawmakers also were sceptical about the carte blanche authority the proposal would give the government.
Texas Republican Representative Jeb Hensarling said lawmakers should carefully study options before approving the plan.
"Congress is being asked to support an uncertain entity, costing an uncertain amount of dollars, for an uncertain duration,'' he said.
"My fear is that taxpayers will be left with the mother of all debts, the federal government becomes the lender and guarantor of last resort, and our nation finds itself on the slippery slope to socialism.''
Despite the protests, many expect the plan to be approved to help stave off a further meltdown of the financial system with dire economic consequences.
"We were on the edge of the abyss last week,'' said Ed Yardeni at Yardeni Research.
"The question is whether so much government intervention will avert the most dreaded consequences of Wall Street's excesses, namely a financial meltdown and an economic depression .... The answer, I think is that it will work, and that the economy should grow next year.''
Economist Scott Anderson at Wells Fargo said the plan is needed even if it was imperfect.
"An economist's instincts are never in favor of a solution that puts taxpayer money and the US Treasury's finances at risk to correct the mistakes of a profit-driven industry,'' he said.
"Nevertheless, we are left with the realization today that this is a Great Depression-style financial crisis that requires a Great Depression-style solution.
"Indeed, the US government alone is the only institution uniquely equipped to deal with a problem of this magnitude. It is precisely for moments like this we have a government. Failure to act would be a failure of leadership.''
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Tuesday, September 23, 2008
DOLLAR FALLS AS BAILOUT PLAN ERODES CONFIDENCE IN U.S. FINANCES
PORTFOLIO TRACKERMARKET MONITORFUND CENTERBLOOMBERG DESKTOPCALCULATORSBLOOMBERG PRESSWIRELESSFINANCIAL GLOSSARY
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Dollar Falls as Bailout Plan Erodes Confidence in U.S. Finances
By Ron Harui and Ye Xie
Enlarge Image/Details
Sept. 23 (Bloomberg) -- The dollar fell for a second day against the yen on concern a U.S. government proposal to buy $700 billion of troubled assets will erode confidence in the nation's finances.
The greenback traded near a one-month low against the euro as Treasury Secretary Henry Paulson's plan would increase the nation's debt ceiling by 6.6 percent to $11.315 trillion. The currency also declined before U.S. reports this week that may show home sales slowed, adding to the case for the Federal Reserve to lower interest rates.
``Obviously there are genuine concerns over the sustainability of the U.S. fiscal position,'' said Tony Morriss, a senior currency strategist at Australia & New Zealand Banking Group in Sydney. ``The dollar will remain under pressure.''
The dollar declined to 105.26 yen as of 11:55 a.m. in Singapore from 105.51 yen late in New York yesterday, when it fell 1.8 percent. It traded at $1.4779 per euro from $1.4774 yesterday, when it touched $1.4866, the lowest since Aug. 22. The currency may weaken to 104.50 yen and $1.4900 in coming days, Morriss said. The euro dropped to 155.55 yen from 155.91 yen.
Foreign-exchange movements may be exaggerated because trading volumes are lower than normal due to a Japanese public holiday today, according to Morriss.
NOTE: MORRIS IS A WELL KNOWN CURRENCY STRATEGIST IN AUSTRALIA.
The U.S. currency has lost more than 6 percent versus the euro since touching a one-year high of $1.3882 on Sept. 11. The dollar reached $1.6038 per euro on July 15, the weakest since the European currency's 1999 inception.
Plotting Rescue
Paulson and Federal Reserve Chairman Ben S. Bernanke began plotting the rescue last week after New York-based Lehman Brothers Holdings Inc. filed for bankruptcy, the government seized control of American International Group Inc., and Merrill Lynch & Co. was forced into the arms of Bank of America Corp. Paulson and Bernanke testify before the Senate today on the banking crisis. The plan was sent to Congress Sept. 20.
The dollar also weakened on speculation that some U.S. politicians will oppose the passage of the government's plan, delaying the rescue of the beleaguered financial sector, according to UBS AG, the world's second-largest currency trader.
Republican presidential candidate John McCain called for limiting pay for executives of rescued firms, saying yesterday taxpayers shouldn't foot the bill for ``golden parachutes'' for officers of companies that have crumbled in the financial crisis.
The ``public is beginning to question why $700 billion in taxpayer's money is needed to bail out the banking sector,'' wrote Ashley Davies, a currency strategist at UBS in Singapore, in a client note today. ``Uncertainty over the implementation of Paulson's plan will keep the dollar on the back foot for now and clearly euro-dollar at $1.50 is in sight.''
The euro will end the year at $1.43, according to the median forecast of 42 analysts surveyed by Bloomberg News.
Carry Trades
The yen rose against 15 of the 16 most-active currencies on speculation investors will reduce so-called carry trades, in which traders get funds in a country with low borrowing costs and invest where returns are higher.
The benchmark interest rate of 0.5 percent in Japan compares with 5.25 percent in South Korea, 7 percent in Australia and 8.25 percent in Mexico, making the yen a favorite funding currency for the carry trade.
``I really like the Japanese yen,'' said Kathy Lien, director of currency research at GFT Forex in New York, in a Bloomberg television interview. ``We'll probably see the most profound weakness in the dollar against the yen just because it's a carry trade currency and a carry trade play.''
Japan's currency rose 0.9 percent to 10.91793 against the Korean won, gained 1 percent to 88.21 yen versus Australia's dollar and advanced 0.3 percent to 9.904 per Mexican peso from late in New York yesterday.
Economic Reports
Implied volatility on one-month dollar-yen options rose to 17.48 percent from 16.55 percent yesterday. Higher volatility may discourage carry trades as it suggests a larger risk of exchange-rate fluctuations that can erode profits.
The dollar also fell as home resales declined to 4.94 million last month from 5 million in July, according to a Bloomberg News survey of economists. The National Association of Realtors' report is scheduled for release tomorrow. The Commerce Department will report the next day that sales of new houses dropped to 510,000 from 515,000, a separate survey indicated.
The chance of the Fed cutting its 2 percent benchmark rate by a quarter-percentage point at its Oct. 29 policy meeting was 34 percent yesterday, compared with zero a month ago, futures contracts on the Chicago Board of Trade showed. The European Central Bank's main refinancing rate is 4.25 percent.
To contact the reporters on this story: Ron Harui in Singapore at rharui@bloomberg.net
Last Updated: September 23, 2008 00:31 EDT
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Dollar Falls as Bailout Plan Erodes Confidence in U.S. Finances
By Ron Harui and Ye Xie
Enlarge Image/Details
Sept. 23 (Bloomberg) -- The dollar fell for a second day against the yen on concern a U.S. government proposal to buy $700 billion of troubled assets will erode confidence in the nation's finances.
The greenback traded near a one-month low against the euro as Treasury Secretary Henry Paulson's plan would increase the nation's debt ceiling by 6.6 percent to $11.315 trillion. The currency also declined before U.S. reports this week that may show home sales slowed, adding to the case for the Federal Reserve to lower interest rates.
``Obviously there are genuine concerns over the sustainability of the U.S. fiscal position,'' said Tony Morriss, a senior currency strategist at Australia & New Zealand Banking Group in Sydney. ``The dollar will remain under pressure.''
The dollar declined to 105.26 yen as of 11:55 a.m. in Singapore from 105.51 yen late in New York yesterday, when it fell 1.8 percent. It traded at $1.4779 per euro from $1.4774 yesterday, when it touched $1.4866, the lowest since Aug. 22. The currency may weaken to 104.50 yen and $1.4900 in coming days, Morriss said. The euro dropped to 155.55 yen from 155.91 yen.
Foreign-exchange movements may be exaggerated because trading volumes are lower than normal due to a Japanese public holiday today, according to Morriss.
NOTE: MORRIS IS A WELL KNOWN CURRENCY STRATEGIST IN AUSTRALIA.
The U.S. currency has lost more than 6 percent versus the euro since touching a one-year high of $1.3882 on Sept. 11. The dollar reached $1.6038 per euro on July 15, the weakest since the European currency's 1999 inception.
Plotting Rescue
Paulson and Federal Reserve Chairman Ben S. Bernanke began plotting the rescue last week after New York-based Lehman Brothers Holdings Inc. filed for bankruptcy, the government seized control of American International Group Inc., and Merrill Lynch & Co. was forced into the arms of Bank of America Corp. Paulson and Bernanke testify before the Senate today on the banking crisis. The plan was sent to Congress Sept. 20.
The dollar also weakened on speculation that some U.S. politicians will oppose the passage of the government's plan, delaying the rescue of the beleaguered financial sector, according to UBS AG, the world's second-largest currency trader.
Republican presidential candidate John McCain called for limiting pay for executives of rescued firms, saying yesterday taxpayers shouldn't foot the bill for ``golden parachutes'' for officers of companies that have crumbled in the financial crisis.
The ``public is beginning to question why $700 billion in taxpayer's money is needed to bail out the banking sector,'' wrote Ashley Davies, a currency strategist at UBS in Singapore, in a client note today. ``Uncertainty over the implementation of Paulson's plan will keep the dollar on the back foot for now and clearly euro-dollar at $1.50 is in sight.''
The euro will end the year at $1.43, according to the median forecast of 42 analysts surveyed by Bloomberg News.
Carry Trades
The yen rose against 15 of the 16 most-active currencies on speculation investors will reduce so-called carry trades, in which traders get funds in a country with low borrowing costs and invest where returns are higher.
The benchmark interest rate of 0.5 percent in Japan compares with 5.25 percent in South Korea, 7 percent in Australia and 8.25 percent in Mexico, making the yen a favorite funding currency for the carry trade.
``I really like the Japanese yen,'' said Kathy Lien, director of currency research at GFT Forex in New York, in a Bloomberg television interview. ``We'll probably see the most profound weakness in the dollar against the yen just because it's a carry trade currency and a carry trade play.''
Japan's currency rose 0.9 percent to 10.91793 against the Korean won, gained 1 percent to 88.21 yen versus Australia's dollar and advanced 0.3 percent to 9.904 per Mexican peso from late in New York yesterday.
Economic Reports
Implied volatility on one-month dollar-yen options rose to 17.48 percent from 16.55 percent yesterday. Higher volatility may discourage carry trades as it suggests a larger risk of exchange-rate fluctuations that can erode profits.
The dollar also fell as home resales declined to 4.94 million last month from 5 million in July, according to a Bloomberg News survey of economists. The National Association of Realtors' report is scheduled for release tomorrow. The Commerce Department will report the next day that sales of new houses dropped to 510,000 from 515,000, a separate survey indicated.
The chance of the Fed cutting its 2 percent benchmark rate by a quarter-percentage point at its Oct. 29 policy meeting was 34 percent yesterday, compared with zero a month ago, futures contracts on the Chicago Board of Trade showed. The European Central Bank's main refinancing rate is 4.25 percent.
To contact the reporters on this story: Ron Harui in Singapore at rharui@bloomberg.net
Last Updated: September 23, 2008 00:31 EDT
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Disclosure of Shareholdings in Accordance with Stock Market Rules
Last update: 12:16 p.m. EDT Aug. 7, 2008
GENEVA, SWITZERLAND, Aug 07, 2008 (MARKET WIRE via COMTEX) -- Addex Pharmaceuticals (SWISS: ADXN) announced today that on August 6, 2008, Varuma AG, Aeschenvorstadt 55, 4051 Basel, Switzerland, has informed of exceeding the threshold of 3% in the shareholding of Addex Pharmaceuticals Ltd., holding a total of 231,425 registered shares, corresponding to 3.95% of the voting rights. The beneficiary of the shareholdings of Varuma AG is Mr. Rudolf Maag, at Neuhofweg 11, 4102 Binningen, Switzerland.
NOTE: ADDEX IS A WELL KNOWN PHARMACEUTICAL COMPANY.
About Addex
Addex Pharmaceuticals discovers and develops allosteric modulators for human health. Allosteric modulators are an emerging class of orally available small molecule therapeutic agents that we believe will offer patients better results than classical drugs. Most marketed drugs bind receptors where the body's own natural molecular activators (i.e. endogenous ligands) bind, specifically to a key part of each receptor's anatomy called the "active site". In short, most drugs must out-compete endogenous ligands for the active site. By contrast, allosteric modulators are non-competitive because they bind receptors and modify their function even if the endogenous ligand also is binding it. In addition, because of this, allosteric modulators aren't limited to simply turning a receptor on or off, the way most drugs are. Instead, they act more like a dimmer switch, offering control over the degree of activation or deactivation, while offering the body the ability to maintain control over initiating receptor activation. Furthermore, the allosteric approach generally affords freedom to operate - even on well-known, clinically validated targets - because the intellectual property surrounding allosteric chemistry and the allosteric sites on receptors is most often un-exploited.
ADX10059, our most advanced product, is an mGluR5 NAM (metabotropic glutamate receptor 5 negative allosteric modulator). It has demonstrated clinically and statistically significant efficacy in separate Phase IIa clinical trials in gastroesophageal reflux disease (GERD) patients and migraine headache patients and has potential in additional indications.
The Addex allosteric modulation discovery and development platform have been additionally validated through three seperatate product license or collaboration agreements with Merck & Co., Inc. and Johnson & Johnson as well as investments by Roche Ventures and SR One, the venture investment arm of GlaxoSmithKline. Contacts
Disclaimer
The foregoing release contains forward-looking statements that can be identified by terminology such as "not approvable", "continue", "believes", "believe", "will", "remained open to exploring", "would", "could", or similar expressions, or by express or implied discussions regarding Addex Pharmaceuticals Ltd, its business, the potential approval of its products by regulatory authorities, or regarding potential future revenues from such products. Such forward- looking statements reflect the current views of Addex Pharmaceuticals Ltd regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results with allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that allosteric modulators of mGluR4, mGluR2 or mGluR5 will be approved for sale in any market or by any regulatory authority. Nor can there be any guarantee that allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets will achieve any particular levels of revenue (if any) in the future. In particular, management's expectations regarding allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets could be affected by, among other things, unexpected actions by our partners, unexpected regulatory actions or delays or government regulation generally; unexpected clinical trial results, including unexpected new clinical data and unexpected additional analysis of existing clinical data; competition in general; government, industry and general public pricing pressures; the company's ability to obtain or maintain patent or other proprietary intellectual property protection. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Addex Pharmaceuticals is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Copyright Copyright Hugin AS 2008. All rights reserved.
Chris Maggos
Head of IR & Communications
Addex Pharmaceuticals
+41 22 884 15 11
Email Contact
SOURCE: Addex Pharmaceuticals
http://www2.marketwire.com/mw/emailprcntct?id=07E63FA2DB9FD852
Copyright 2008 Market Wire, All rights reserved.
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Why McCain would be a mediocre president
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Supply and demand turned upside down as commodities plunge
Media's self-censorship over Edwards is bigger scandal
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Global coal demand is swelling and these companies will benefit
AIG shares drop by record 18% after 'horrific' results
Decoding the latest business buzzwords
Shanghai stocks drop ahead of Olympics ceremony
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Disclosure of Shareholdings in Accordance with Stock Market Rules
Last update: 12:16 p.m. EDT Aug. 7, 2008
GENEVA, SWITZERLAND, Aug 07, 2008 (MARKET WIRE via COMTEX) -- Addex Pharmaceuticals (SWISS: ADXN) announced today that on August 6, 2008, Varuma AG, Aeschenvorstadt 55, 4051 Basel, Switzerland, has informed of exceeding the threshold of 3% in the shareholding of Addex Pharmaceuticals Ltd., holding a total of 231,425 registered shares, corresponding to 3.95% of the voting rights. The beneficiary of the shareholdings of Varuma AG is Mr. Rudolf Maag, at Neuhofweg 11, 4102 Binningen, Switzerland.
NOTE: ADDEX IS A WELL KNOWN PHARMACEUTICAL COMPANY.
About Addex
Addex Pharmaceuticals discovers and develops allosteric modulators for human health. Allosteric modulators are an emerging class of orally available small molecule therapeutic agents that we believe will offer patients better results than classical drugs. Most marketed drugs bind receptors where the body's own natural molecular activators (i.e. endogenous ligands) bind, specifically to a key part of each receptor's anatomy called the "active site". In short, most drugs must out-compete endogenous ligands for the active site. By contrast, allosteric modulators are non-competitive because they bind receptors and modify their function even if the endogenous ligand also is binding it. In addition, because of this, allosteric modulators aren't limited to simply turning a receptor on or off, the way most drugs are. Instead, they act more like a dimmer switch, offering control over the degree of activation or deactivation, while offering the body the ability to maintain control over initiating receptor activation. Furthermore, the allosteric approach generally affords freedom to operate - even on well-known, clinically validated targets - because the intellectual property surrounding allosteric chemistry and the allosteric sites on receptors is most often un-exploited.
ADX10059, our most advanced product, is an mGluR5 NAM (metabotropic glutamate receptor 5 negative allosteric modulator). It has demonstrated clinically and statistically significant efficacy in separate Phase IIa clinical trials in gastroesophageal reflux disease (GERD) patients and migraine headache patients and has potential in additional indications.
The Addex allosteric modulation discovery and development platform have been additionally validated through three seperatate product license or collaboration agreements with Merck & Co., Inc. and Johnson & Johnson as well as investments by Roche Ventures and SR One, the venture investment arm of GlaxoSmithKline. Contacts
Disclaimer
The foregoing release contains forward-looking statements that can be identified by terminology such as "not approvable", "continue", "believes", "believe", "will", "remained open to exploring", "would", "could", or similar expressions, or by express or implied discussions regarding Addex Pharmaceuticals Ltd, its business, the potential approval of its products by regulatory authorities, or regarding potential future revenues from such products. Such forward- looking statements reflect the current views of Addex Pharmaceuticals Ltd regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results with allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that allosteric modulators of mGluR4, mGluR2 or mGluR5 will be approved for sale in any market or by any regulatory authority. Nor can there be any guarantee that allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets will achieve any particular levels of revenue (if any) in the future. In particular, management's expectations regarding allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets could be affected by, among other things, unexpected actions by our partners, unexpected regulatory actions or delays or government regulation generally; unexpected clinical trial results, including unexpected new clinical data and unexpected additional analysis of existing clinical data; competition in general; government, industry and general public pricing pressures; the company's ability to obtain or maintain patent or other proprietary intellectual property protection. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Addex Pharmaceuticals is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Copyright Copyright Hugin AS 2008. All rights reserved.
Chris Maggos
Head of IR & Communications
Addex Pharmaceuticals
+41 22 884 15 11
Email Contact
SOURCE: Addex Pharmaceuticals
http://www2.marketwire.com/mw/emailprcntct?id=07E63FA2DB9FD852
Copyright 2008 Market Wire, All rights reserved.
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21 minutes ago Shanghai stocks drop ahead of Olympics ceremony
10:30 PM 8/7/08 Rackspace prices IPO at $12.50 a share
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Long-time Bear Granville turns bullish
U.S. stocks end steeply down as financials shake up market
U.S. workers must unite to protect their 401(k) savings
Supply and demand turned upside down as commodities plunge
U.S. stock futures drops on AIG loss, Wal-Mart view
Oil futures end losing streak on pipeline shutdown
AIG shares drop by record 18% after 'horrific' results
CORRECT: Pending home sales index rises 5.3% in June: NAR
Citi to settle charges on auction-rate securities
Media's self-censorship over Edwards is bigger scandal
Why McCain would be a mediocre president
U.S. workers must unite to protect their 401(k) savings
Supply and demand turned upside down as commodities plunge
Media's self-censorship over Edwards is bigger scandal
CORRECT: Pending home sales index rises 5.3% in June: NAR
Long-time Bear Granville turns bullish
Citi to settle charges on auction-rate securities
Global coal demand is swelling and these companies will benefit
AIG shares drop by record 18% after 'horrific' results
Decoding the latest business buzzwords
Shanghai stocks drop ahead of Olympics ceremony
Rackspace prices IPO at $12.50 a share
General obligation bonds have edge over other tax-free munis
Why McCain would be a mediocre president
Cathay Pacific posts loss on high fuel prices
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Sunday, August 10, 2008
AIG, WAL-MART KNOCK STOCK MARKET LOWER
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Updated from 4:06 p.m. EDT
Stocks in the U.S. slid Thursday following two days of gains in New York, as shares in AIG (AIG - Cramer's Take - Stockpickr) and Wal-Mart (WMT - Cramer's Take - Stockpickr) were weak throughout the session.
The Dow Jones Industrial Average sank 224.64 points, or 1.9%, to 11,431.43, and the S&P 500 lost 23.13 points, or 1.8%, to 1266.06. The Nasdaq was off 22.64 points, or almost 1%, at 2355.73.
While the market was in the red all day, selling picked up late after Moody's said it has placed the long-term ratings for American Express (AXP - Cramer's Take - Stockpickr) on review for a possible downgrade. Shares of American Express shed 4.2%.
One of the primary factors weighing on equities from the outset was insurer AIG, who lost $5.36 billion in the second quarter as the continuation of the weak U.S. housing market and disruption in the credit markets dragged down its results. The stock plunged 18%.
NOTE: AIG IS A BIG PLAYER IN THE STOCKMARKET.
Retailers also reported their monthly sales results, and many of them fell short of estimates, including Wal-Mart, the largest chain-store operator in the world.
Wal-Mart's U.S. same-store sales, excluding fuel, were up 3% last month, but that missed expectations. Additionally, the company offered cautious comments for spending in August, and its stock fell more than 6%.
Competitor Target (TGT - Cramer's Take - Stockpickr) had a steeper-than-expected decline of 1.2% in its July comps, while Kohl's (KSS - Cramer's Take - Stockpickr) disappointed analysts with a 10.4% pullback.
However, Costco (COST - Cramer's Take - Stockpickr) exceeded forecasts with a 10% increase in same-store sales, and BJ's Wholesale (BJ - Cramer's Take - Stockpickr) had strong numbers.
Previous « 1 2 » Next This article was written by a staff member of TheStreet.com.
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Article Tools Email this Article Print this Article Rss Feed Editor's Picks Cell-Phone Market Stuck in the Muck Is Apple's Mobile Me Really a Mobile Mess? Karmazin Sees Synergies at Sirius These Florida Banks Could Be in Danger TSC Ratings' Updates: ImClone Del.icio.us Digg Facebook StumbleUpon Twitter Yahoo! Buzz
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Updated from 4:06 p.m. EDT
Stocks in the U.S. slid Thursday following two days of gains in New York, as shares in AIG (AIG - Cramer's Take - Stockpickr) and Wal-Mart (WMT - Cramer's Take - Stockpickr) were weak throughout the session.
The Dow Jones Industrial Average sank 224.64 points, or 1.9%, to 11,431.43, and the S&P 500 lost 23.13 points, or 1.8%, to 1266.06. The Nasdaq was off 22.64 points, or almost 1%, at 2355.73.
While the market was in the red all day, selling picked up late after Moody's said it has placed the long-term ratings for American Express (AXP - Cramer's Take - Stockpickr) on review for a possible downgrade. Shares of American Express shed 4.2%.
One of the primary factors weighing on equities from the outset was insurer AIG, who lost $5.36 billion in the second quarter as the continuation of the weak U.S. housing market and disruption in the credit markets dragged down its results. The stock plunged 18%.
NOTE: AIG IS A BIG PLAYER IN THE STOCKMARKET.
Retailers also reported their monthly sales results, and many of them fell short of estimates, including Wal-Mart, the largest chain-store operator in the world.
Wal-Mart's U.S. same-store sales, excluding fuel, were up 3% last month, but that missed expectations. Additionally, the company offered cautious comments for spending in August, and its stock fell more than 6%.
Competitor Target (TGT - Cramer's Take - Stockpickr) had a steeper-than-expected decline of 1.2% in its July comps, while Kohl's (KSS - Cramer's Take - Stockpickr) disappointed analysts with a 10.4% pullback.
However, Costco (COST - Cramer's Take - Stockpickr) exceeded forecasts with a 10% increase in same-store sales, and BJ's Wholesale (BJ - Cramer's Take - Stockpickr) had strong numbers.
Previous « 1 2 » Next This article was written by a staff member of TheStreet.com.
--------------------------------------------------------------------------------
Previous Story
These Florida Banks Could Be in Danger
Headlines & Perspectives
Bonds/Economy
Go To Section Home
--------------------------------------------------------------------------------
related articles related topics editor's picks 2008-08-07 07:07:52.0 These Florida Banks Could Be in Danger
TheStreet.com Ratings identifies 12 banks in the Sunshine State with the weakest asset quality.
2008-08-05 13:30:58.0 Crescenzi: The Fed's Big Chance
It should employ a strategy of "opportunistic disinflation."
2008-08-04 17:11:01.0 Stocks Trip Ahead of Fed Gathering
Oil prices fall despite word of a fire at a Valero refinery and a large storm in the Gulf of Mexico. Frank Curzio reviews the day in The Real Story (above).
Bonds/Economy RSS
05/19/08 Cramer on Top Searched Stocks: Yahoo!
Yahoo! is among the most searched stocks on TheStreet.com. Here's what Cramer had to say about the stock recently.
05/17/08 Jim Cramer's Best Blogs
Catch up on his thinking on the hottest topics of the past week.
04/26/08 Coming Week: Make or Break
Investors will have to deal with a Fed meeting and another flood of earnings and economic data.
05/19/08 Top Rocket Stocks: Ensco
Ensco International and Echelon have the potential to move higher in coming days.
04/28/08 Monday's Analysts' Upgrades, Downgrades
See who made what calls.
05/19/08 Telecom Giants See a Savior in Video
The addition of video is helping telecom companies compete against cable and satellite companies.
05/19/08 Contract Expiration Tempers Oil's Rise
The June West Texas Intermediate contract reflects selling pressure ahead of Tuesday's expiration. But stocks in the sector are generally trading higher.
05/19/08 Analysts' Upgrades, Downgrades: Amazon
See who made what calls.
Scottrade
TD AMERITRADE
E*TRADE FINANCIAL
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Your Recent Quotes: 0 | 0 Dow S&P 500 NASDAQ Oil*117.49
11,431.43 1,266.06 2,355.73 Gold871.20
DOWN224.64 DOWN23.12 DOWN22.64 10 Yr3.94%
-1.93% -1.79% -0.95% Data delayed 20 min
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top articles top tickers most emailed Cramer's Take on Top-Searched Stocks
Three Internet Stocks That Could Double
T. Boone Pickens Loves These Stocks
Top 10 Stocks George Soros Loves
Why Buffett Loves Obama
More popular tickers are indicated by scale.
F GE FRE C XOM WMT INTC GOOG NOK YHOO T JPM MSFT AAPL SIRI BUD MER AXP COP LEH BAC WFC WM MS WB GS RIMM GM AIG CVX FNM VZ
Cramer's 'Mad Money' Recap: Mad Money's Rally Playbook
The Polycarbonate Price Cut
CalPERS Pushes for Clean House at Standard Pacific
Investing in China: What You Need to Know
Coming Week: 'Glimmer of Hope'
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Saturday, August 9, 2008
STOCKMARKET MAINTAINS UPWAD JOURNEY AHEAD IF UNFLATION NOs
Analyst View Company Results US Edition Banking Sector Forex Update Stock Watch Recent Polls Home
Stock Market Maintains Upward Journey Ahead Of Inflation Nos
Posted August 8th, 2008 by Shalini KakkadStock Markets Stock Trading Featured Indian stock markets closed on a positive note, on Thursday (August 7), touching an intraday high of 15,280.06 and an intraday low of 14,992.97 ahead of inflation numbers for the week ended July 26.
Buying and selling action was witnessed in some of the selected stocks. Consumer durables, realty, auto, IT, banking traded positively, whereas capital goods, power and oil stocks went down.
BSE Midcap and Smallcap index closed positively after gaining 0.45% and 0.32% respectively.
Finally, the Sensex closed the day after gaining 43.71 points at 15,117.25, whilst the broad-based NSE Nifty surged 6.3 points at 4,523.85.
Asian stocks fell following lower earnings reported by banking institutions, airline businesses and shipping companies, owing to sluggish economic process and increase in raw-material costs.
The market saw 1,406 advancements as against 1,284 declinations.
All sectoral indices traded in positive excluding Capital Goods, Power and Oil & Gas index.
The gainers' list in the 30-share index included Sterlite Industries (4.43%), Tata Motors (4.10%), HDFC (3.37%), HDFC Bank (3.03%), Grasim (2.49%) and M&M (2.48%).
The major losers' at the BSE Sensex were BHEL and Bharti Airtel, which fell over 2% each followed by RComm (1.78%), Ranbaxy (1.68%) and Wipro (1.09%).
For the week ended Jul. 26, 2008, inflation reached a new double digit high, in over a decade at 12.01% being the highest in more than 13 years, primarily because of higher prices of pulses, spices, egg, fish and meat.
Stock market analyst Vishwas Agarwal said that BSE 15,150 is a vital level to sustain for further upward movement of the stock market. Inflation is normal and hopefully market will also take it in a positive manner.
note: Agarwal is a known analyst in the stockmarket.
He further added, "Current correction is mainly due to sharp rise in the stock prices, but the market will trade with volatility as market is giving signs of investment buying, coming for 6 months to 1 year horizon, which is helping market maintain current levels. Overall market is in good trading zone with super midcap also participating in the rally."
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Stock Market Maintains Upward Journey Ahead Of Inflation Nos
Posted August 8th, 2008 by Shalini KakkadStock Markets Stock Trading Featured Indian stock markets closed on a positive note, on Thursday (August 7), touching an intraday high of 15,280.06 and an intraday low of 14,992.97 ahead of inflation numbers for the week ended July 26.
Buying and selling action was witnessed in some of the selected stocks. Consumer durables, realty, auto, IT, banking traded positively, whereas capital goods, power and oil stocks went down.
BSE Midcap and Smallcap index closed positively after gaining 0.45% and 0.32% respectively.
Finally, the Sensex closed the day after gaining 43.71 points at 15,117.25, whilst the broad-based NSE Nifty surged 6.3 points at 4,523.85.
Asian stocks fell following lower earnings reported by banking institutions, airline businesses and shipping companies, owing to sluggish economic process and increase in raw-material costs.
The market saw 1,406 advancements as against 1,284 declinations.
All sectoral indices traded in positive excluding Capital Goods, Power and Oil & Gas index.
The gainers' list in the 30-share index included Sterlite Industries (4.43%), Tata Motors (4.10%), HDFC (3.37%), HDFC Bank (3.03%), Grasim (2.49%) and M&M (2.48%).
The major losers' at the BSE Sensex were BHEL and Bharti Airtel, which fell over 2% each followed by RComm (1.78%), Ranbaxy (1.68%) and Wipro (1.09%).
For the week ended Jul. 26, 2008, inflation reached a new double digit high, in over a decade at 12.01% being the highest in more than 13 years, primarily because of higher prices of pulses, spices, egg, fish and meat.
Stock market analyst Vishwas Agarwal said that BSE 15,150 is a vital level to sustain for further upward movement of the stock market. Inflation is normal and hopefully market will also take it in a positive manner.
note: Agarwal is a known analyst in the stockmarket.
He further added, "Current correction is mainly due to sharp rise in the stock prices, but the market will trade with volatility as market is giving signs of investment buying, coming for 6 months to 1 year horizon, which is helping market maintain current levels. Overall market is in good trading zone with super midcap also participating in the rally."
Login or register to post comments
Join Friends on TopNews
Similar entries
Sensex Maintains Upward Journey; Up 112.47 Pts
Stock Markets Still In Safety Zone, Says Vishwas Agarwal
Buy In Dips And Book Profit, Says Vishwas Agarwal
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Sensex Ends Week On A Positive Note
Sensex Plunges 456 Pts On Dismal IIP Nos, Rising Inflation
Stock Markets Close Higher; BSE Sensex Gains 495 Pts
April Editions
. . . .
Subscribe to Print Edition
March Editions
Technical View on Stocks
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About TopNews
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Random Acidfree items
Shar Jackson at Grand Opening Celebration at The Bank in Las Vegas
Ricki Lake at "Business of Being Born" New York Premiere - Outside Arrival
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"Trinny-Woodhall" at The Golden Compass" World Premiere - Inside Arrivals
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Reliance Money offers lowest brokerage for Day Traders
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EURO USD Technical Forex Analysis for Forex Traders
Stock Markets trading flat on Monday
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more
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Whom to blame for Rising Commodity Prices ?:
Rising Oil Prices
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Friday, August 8, 2008
RUSSIAN STOCKMARKET IN DOLDRUMS
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Contact usHistoryAdvertisingVacancy
07/08/2008 | Moscow News №31 2008
Russian stock market in doldrums
> print version
August is the most crisis prone month of the year. On August 9, the world will mark the first anniversary of the credit crunch and on August 17, Russia will mark the 10th anniversary of Russia's financial meltdown, popularly referred to as the default on state treasury bonds.
NOTE: ERATIC MOVEMTNT OF STOCKMARKET CREATED MAJOR LOSSES.
The Russian stock market closed in July with significant losses. During the reporting period, the MICEX Index fell by 14.68 percent. The RTS Index, which is more representative for nonresidents, was down 15 percent. The Russian stock market, which last week took a short break in its five-week fall, is so far showing the worst dynamics among the emerging markets. Nor were investors particularly impressed by Russian President Dmitry Medvedev's call on Russian government officials, state security and law enforcement agencies to stop harassing small and medium sized businesses. Thus far nonresidents generally prefer to give the Russian market a wide berth, despite the 50-70 percent growth potential of Russia's business majors. Whereas Western corporate shares vigorously responded to the emerging "buy" incentives, Russian company quotes gloomily followed the baton of an unseen conductor who was directing the Russian stock market to move further and further down.
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20:32 07/08/2008 |Russian Prime Minister Vladimir Putin arrived in Beijing on Thursday as the Chinese capital prepared for Friday's Olympic Games opening ceremony.
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18:12 07/08/2008 |The Indian Air Force said on Thursday that India will soon sign a contract with Russia to receive 80 Mi-17 Hip-H multirole helicopters.
Two dead, 15 injured in explosion in south Russia's Sochi - 3
18:02 07/08/2008 | Two people were killed and 15 injured when an explosive device went off Thursday morning on a beach in Russia's Black Sea resort of Sochi, investigators said.
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An upbeat report by Arcelor Mittal, the world's largest steelmaker, as well as U.S. Steel's good performance in 2Q08, only stimulated significant growth in Russian company quotes for two days, after which cash-outs resumed. Ditto for oil company stocks. For instance, in the middle of last week, Lukoil and Rosneft shares reacted to a 2 percent growth on the oil market with a 2 percent drop in quotes.
Recession brings down the price of raw materials: This is an immutable law of the global economy. Brent crude oil prices fell 11.85 percent in July, reflecting a slowing of global economic growth, a trend that has been observed throughout the current year. Furthermore, the majority of leading indicators on the United States, Germany, Japan and Great Britain suggest that the economic situation in these countries will remain rather tense until the end of the year.
Nevertheless, U.S. and European stock market indexes did not record such a sharp fall as was observed on the trading floors in Russia and Brazil (the Bovespa index was down 9 percent in July). India's BSE Sensex index even added 5 percent last month.
It seems that the big speculative capital of such behemoths as JPMorgan Chase, Lehman Brothers, and Merrill Lynch influences the situation not only on securities and commodities exchanges, but also on raw materials markets. A couple of weeks ago, Russian investors were overwhelmed by the slump on the domestic stock market amid a generally positive external environment. That was followed by media reports of a major cash-out on Russian shares by a global Western player. Needless to say, all attempts by domestic investors to buy falling shares with an eye to their high growth potential come up against new waves of cash-outs by nonresidents. This game is won by the party that has more money.
The hopes that Russia will become a safe haven for foreign capital amid a deepening global economic crisis are fading. The entire history of world crises shows that at such moments, investors pull out money from emerging markets and reinvest it in U.S. treasury bills. In this case, Russian market players just need patience and hope that the falling prices of raw materials will increase their consumption, which, with low interest rates in developed economies, will help restore economic growth, consumer confidence, and investors' trust in the Russian stock market. In August, we are likely to see RTS and MICEX indexes tumble to the spring of 2006 lows.
By Alexander Potavin
Analyst, AntantaPioglobal Investment Group
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Moscow News №31 2008 (7th of August, 2008)
Guus Hiddink beat Vladimir Putin Lavrov sees new Cold War
Peacekeepers given permission to fight Russian airlines feel fuel costs
© 2007 Moscow News
08:2908/08/2008
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Foretellers: Russia will dominate the world
Russia 'Had Laser Cannons Before U.S.'
US, Russia, China in Dogfight Over Jet Sales
Russian Bombers Patrol Over Atlantic Ocean
Su-34 Fighter-bomber: Russia's New Rearmament Program
Contact usHistoryAdvertisingVacancy
07/08/2008 | Moscow News №31 2008
Russian stock market in doldrums
> print version
August is the most crisis prone month of the year. On August 9, the world will mark the first anniversary of the credit crunch and on August 17, Russia will mark the 10th anniversary of Russia's financial meltdown, popularly referred to as the default on state treasury bonds.
NOTE: ERATIC MOVEMTNT OF STOCKMARKET CREATED MAJOR LOSSES.
The Russian stock market closed in July with significant losses. During the reporting period, the MICEX Index fell by 14.68 percent. The RTS Index, which is more representative for nonresidents, was down 15 percent. The Russian stock market, which last week took a short break in its five-week fall, is so far showing the worst dynamics among the emerging markets. Nor were investors particularly impressed by Russian President Dmitry Medvedev's call on Russian government officials, state security and law enforcement agencies to stop harassing small and medium sized businesses. Thus far nonresidents generally prefer to give the Russian market a wide berth, despite the 50-70 percent growth potential of Russia's business majors. Whereas Western corporate shares vigorously responded to the emerging "buy" incentives, Russian company quotes gloomily followed the baton of an unseen conductor who was directing the Russian stock market to move further and further down.
LATEST NEWS
Georgian president seeks talks with South Ossetia
22:07 07/08/2008 |Georgian President Mikheil Saakashvili said on Thursday he was prepared to enter into "any kind of talks," in order to find a solution to the current Georgian-South Ossetian conflict.
Russian PM Putin arrives in China for Olympics opening ceremony
20:32 07/08/2008 |Russian Prime Minister Vladimir Putin arrived in Beijing on Thursday as the Chinese capital prepared for Friday's Olympic Games opening ceremony.
India says $1bln helicopter deal to be signed with Russia soon
18:12 07/08/2008 |The Indian Air Force said on Thursday that India will soon sign a contract with Russia to receive 80 Mi-17 Hip-H multirole helicopters.
Two dead, 15 injured in explosion in south Russia's Sochi - 3
18:02 07/08/2008 | Two people were killed and 15 injured when an explosive device went off Thursday morning on a beach in Russia's Black Sea resort of Sochi, investigators said.
more news
An upbeat report by Arcelor Mittal, the world's largest steelmaker, as well as U.S. Steel's good performance in 2Q08, only stimulated significant growth in Russian company quotes for two days, after which cash-outs resumed. Ditto for oil company stocks. For instance, in the middle of last week, Lukoil and Rosneft shares reacted to a 2 percent growth on the oil market with a 2 percent drop in quotes.
Recession brings down the price of raw materials: This is an immutable law of the global economy. Brent crude oil prices fell 11.85 percent in July, reflecting a slowing of global economic growth, a trend that has been observed throughout the current year. Furthermore, the majority of leading indicators on the United States, Germany, Japan and Great Britain suggest that the economic situation in these countries will remain rather tense until the end of the year.
Nevertheless, U.S. and European stock market indexes did not record such a sharp fall as was observed on the trading floors in Russia and Brazil (the Bovespa index was down 9 percent in July). India's BSE Sensex index even added 5 percent last month.
It seems that the big speculative capital of such behemoths as JPMorgan Chase, Lehman Brothers, and Merrill Lynch influences the situation not only on securities and commodities exchanges, but also on raw materials markets. A couple of weeks ago, Russian investors were overwhelmed by the slump on the domestic stock market amid a generally positive external environment. That was followed by media reports of a major cash-out on Russian shares by a global Western player. Needless to say, all attempts by domestic investors to buy falling shares with an eye to their high growth potential come up against new waves of cash-outs by nonresidents. This game is won by the party that has more money.
The hopes that Russia will become a safe haven for foreign capital amid a deepening global economic crisis are fading. The entire history of world crises shows that at such moments, investors pull out money from emerging markets and reinvest it in U.S. treasury bills. In this case, Russian market players just need patience and hope that the falling prices of raw materials will increase their consumption, which, with low interest rates in developed economies, will help restore economic growth, consumer confidence, and investors' trust in the Russian stock market. In August, we are likely to see RTS and MICEX indexes tumble to the spring of 2006 lows.
By Alexander Potavin
Analyst, AntantaPioglobal Investment Group
back to main page
send by e-mail
other articles of this issue >
Moscow News №31 2008 (7th of August, 2008)
Guus Hiddink beat Vladimir Putin Lavrov sees new Cold War
Peacekeepers given permission to fight Russian airlines feel fuel costs
© 2007 Moscow News
Thursday, August 7, 2008
AUSTRALIAN STOCK MARKET FALLS AFTER WALL STREET
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Australian stock market falls after Wall Street slideFont Size: Decrease Increase Print Page: Print Staff writers | August 08, 2008
THE Australian stock market was sharply lower in early trading, dragged down by the big banks after Wall Street tumbled overnight.
The benchmark S&P/ASX 200 Index dropped 68.4 points, or 1.37 per cent, 4914.9, while the broader All Ordinaries slipped 62.8 points, or 1.25 per cent, to 4967.2.
The Dow Jones Industrial Average nearly wiped out its gains for the week as US jobless claims at a six-year high and staggering credit losses at American International Group put an abrupt end to the recovery for banks and lenders and the broad stock market.
NOTE: DOW JONES IS KNOWN PLAYER IN THE STOCK MARKET.
The Dow fell 224.64 points, or 1.93 per cent, to 11,431.43, and was now up only about 0.9 per cent on the week despite a rally of more than 300 points on Tuesday.
The financial sector was leading the local bourse lower.
Commonwealth Bank fell $1.02, or 2.32 per cent, to $42.93, National Australia Bank slid 70c, or 2.72 per cent, to $25.07 and ANZ lost 60c, or 3.34 per cent, to $17.39.
Westpac did not fall as steeply as its rival banks.
The bank said in a market update today that its overall asset quality remained good and it was on track to deliver full-year earnings growth of up to 8 per cent.
Its shares were down 27c, or 1.17 per cent, at $22.88. Westpac's agreed takeover target, St George Bank, was down 44c, or 1.5 per cent, at $28.85.
Additional reporting by Dow Jones Newswires, AAP
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The AustralianAugust 08, 2008 11:19am AEST | Make this site your homepage
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Australian stock market falls after Wall Street slideFont Size: Decrease Increase Print Page: Print Staff writers | August 08, 2008
THE Australian stock market was sharply lower in early trading, dragged down by the big banks after Wall Street tumbled overnight.
The benchmark S&P/ASX 200 Index dropped 68.4 points, or 1.37 per cent, 4914.9, while the broader All Ordinaries slipped 62.8 points, or 1.25 per cent, to 4967.2.
The Dow Jones Industrial Average nearly wiped out its gains for the week as US jobless claims at a six-year high and staggering credit losses at American International Group put an abrupt end to the recovery for banks and lenders and the broad stock market.
NOTE: DOW JONES IS KNOWN PLAYER IN THE STOCK MARKET.
The Dow fell 224.64 points, or 1.93 per cent, to 11,431.43, and was now up only about 0.9 per cent on the week despite a rally of more than 300 points on Tuesday.
The financial sector was leading the local bourse lower.
Commonwealth Bank fell $1.02, or 2.32 per cent, to $42.93, National Australia Bank slid 70c, or 2.72 per cent, to $25.07 and ANZ lost 60c, or 3.34 per cent, to $17.39.
Westpac did not fall as steeply as its rival banks.
The bank said in a market update today that its overall asset quality remained good and it was on track to deliver full-year earnings growth of up to 8 per cent.
Its shares were down 27c, or 1.17 per cent, at $22.88. Westpac's agreed takeover target, St George Bank, was down 44c, or 1.5 per cent, at $28.85.
Additional reporting by Dow Jones Newswires, AAP
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The New Qantas Frequent Flyer
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Pelican Waters Caloundra
Offering the only remaining ocean access waterfront home sites on the Sunshine Coast
Letting Go With LeasePlan
Find out how to 'let go' and be smarter with your cars and your business.
The Australian News Bites
Bite sized news all in one place brought to you by the new Holden Caprice
The New Jaguar XF is here.
Find out more
Sofico Services
Software solutions for Automotive Finance, Leasing & Fleet Management
VANUATU CRUISE - FLY FREE!
Join Coral Princess Cruises on the ultimate 5-night cruise discovering Vanuatu
James Halliday 09 Online
New tasting notes and more from Australia's leading authority on wine
Thinking of selling your business?
For professional advice regarding your exit options, talk to Miles Pty Limited
Toyota Great '08 Event
With Toyota vehicles you always win on safety, fuel and servicing.
RSS Feeds
Opinion The Nation Business Sport Media Travel Higher Ed Defence The Arts Aviation Property Editor's Choice
More Feeds | What is this?
In The Australian Today
Business
Westpac shares up on 'robust' outlook
Staff writers SHARES of Westpac defied a gloomy market today after the bank said it expected full-year earnings growth of up to 8 per cent.
Commander appoints administrators
Japan insurer buys GPG stake in Tower
Australian IT
Commander in receivership
Mahesh Sharma COMMANDER Communications is in deeper trouble than expected with receivers being appointed to address the telco's woes.
Broadband: Telstra lifts gates on ADSL2+
NBN: Deadline set for Telstra on broadband
Media
News banks $52m on health of newsprint
Jane Schulze NEWS Limited has rebuffed pessimism in the newspaper industry by announcing a $52 million printing plant for Townsville.
Fairfax's west website in flying start
News to weather storm: Murdoch
Higher Education
Free market no place for unis: IRU
Stephen Matchett LOBBY group Innovative Research Universities has warned against allowing increased competition from private providers in the sector.
Boom in private sector revealed
Stephen Matchett: Singing separate songs at Sydney
Also in The Australian
The World
UN to hold crisis talks on Georgia
THE UN Security Council will hold an emergency meeting today into escalating violence in Georgia's breakaway region of South Ossetia.
Bin Laden's driver gets lenient term
Shriver files for divorce from Lazenby
The Nation
Court papers thrown over fence to SBW
SONNY Bill Williams has been served court documents after they were thrown over a fence as he trained with his French rugby club.
Hospital sued by former surgeon
Carpenter in Olympic poll vault
Opinion
Render unto Caesar
WHY is the commercial revenue of our religious organisations tax-exempt?
David Bandurski: Failing the real Olympic test
Simon Crean: Business pockets gold in Beijing
Lifestyle
It's better the denim you know
Georgina Safe A MELBOURNE designer's bespoke jeans have caught the eye of the alternative market.
Sex (and simplicity) sells
No secrets for Miranda Kerr
Register | Subscribe | Online Archive | Mobile/PDA | Digital Edition | Our Staff | Contact Us | Advertise With Us | Sponsorship | Terms & Conditions | Privacy Policy | Accessibility | Help | Sitemap
Copyright 2008 News Limited. All times AEST (GMT +10).
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