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Overnight Market News – June 5, 2009

admin — Fri, 05 Jun 2009 15:28:53 +0000

General Motors Corp Reaches Preliminary Agreement to Sell Saturn to Penske Automotive Group
Apple Inc Chief Executive, Steve Jobs On-Track to Return to Company as it Unveils New iPhone
US Unemployment Report for May to be Released at 7:30 am, Unemployment Rate Forecasted at 9.2%
US Regulators Dismiss Objections from JPMorgan Chase & Co, American Express Co Insisting the Companies Raise Equity before Repaying TARP Money
UK Manufacturing Output Prices Fall 0.3% in May, Biggest Annual Decline Since June 2002
Crude Oil Stands at USD 68.83 per Barrel
Ethanol Stands at USD 1.87 per Gallon
Natural Gas Stands at USD 3.83 per British Thermal Unit (Btu)
Dow Jones Industrial Average Rises 74.96 Points (0.86%)
London FTSE Index Rises 70.13 Points (1.60%)
Japan Nikkei Index Rises 99.05 Points (1.02%)
Hong Kong Hang Seng Index Rises 176.76 Points (0.96%)
Brazil Bovespa Index Rises 1,377.27 Points (2.64%)

Financial News Summary – May 19, 2009

admin — Tue, 19 May 2009 23:36:15 +0000

- American Express to Slash 6% of Global Workforce
- US Housing Starts, Building Permits Sink to Record Lows
- Home Depot Sees Better-than-Expected First Quarter

Overnight Market News – May 19, 2009

admin — Tue, 19 May 2009 14:59:19 +0000

US Banks Including Goldman Sachs Group Inc, Morgan Stanley Apply to Repay TARP Funds
American Express Co to Cut 4,000 Jobs or 6% of Workforce As More Customers Default in Slumping Economy
World Bank Says Pace of Global Economic Contraction Slowing, Recovery Could Begin at End of 2009
Mobile Phone Company Vodafone to Accelerate GBP 1B Cost-Cutting Plan
Mitsubishi UFJ Financial Group, Inc Forecasts Rebound to Profit of JPY 300B for Year-Ended March 31 (YE 2009/2010) Following JPY 257B Loss yoy
The Home Depot Inc Posts Better-than-Expected First-Quarter Profit of USD 0.30 per Share vs USD 0.21 per Share yoy
Crude Oil Stands at USD 59.99 per Barrel
Ethanol Stands at USD 1.79 per Gallon
Natural Gas Stands at USD 4.173 per British Thermal Unit (Btu)
Dow Jones Industrial Average Rises 235.44 Points (2.85%)
London FTSE Index Rises 43.50 Points (0.98%)
Japan Nikkei Index Rises 251.60 Points (2.78%)
Hong Kong Hang Seng Index Rises 521.12 Points (3.06%)
Brazil Bovespa Index Rises 2,455.81 Points (5.01%)

AMEX Looks To Repay TARP funds

admin — Sat, 09 May 2009 22:47:21 +0000

After acing the U.S. Government’s stress tests, American Express (AMEX) gave investors more good news yesterday – while many of its rivals scramble to raise fresh capital, AMEX became the first major financial institution to make a formal request to repay US$ 3.4B in TARP (Troubled Asset Relief Program) funds.

Though AMEX is not sure when its request will be approved, the company’s Chief Financial Officer said “it will take whatever action [it] needs to take” to return taxpayers money. AMEX shares gained 9.36%, closing at US$28.40 yesterday.

Overnight Market News – May 8, 2009

admin — Fri, 08 May 2009 12:52:34 +0000

US “Stress Tests” Show 10 of 19 Largest Banks to Need USD 74.6B Cushion to Withstand a Deeper Recession
Toyota Motor Corp Posts Net Loss of USD 6.9B for Q04 2008/2009 through March, Cuts Dividend
American Express Co Requests Permission to Repay USD 3.4B in Troubled Asset Relief Programme (TARP) Funds After Stress Tests
Royal Bank of Scotland (RBS) Posts First Quarter Loss of GBP 44mm, Compared with GBP 479mm Profit Yoy
Chairman of the Federal Reserve Bank of New York Resigns After Controversy Arises About Involvement with His Former Firm, Goldman Sachs Group Inc
Australia’s Central Bank Says Economy to Contract 1.25% in Year Through June before Recovering Gradually
Crude Oil Stands at USD 57.99 per Barrel
Ethanol Stands at USD 1.75 per Gallon
Natural Gas Stands at USD 4.18 per British Thermal Unit (Btu)
Dow Jones Industrial Average Falls 102.43 Points (-1.20%)
London FTSE Index Rises 2.19 Points (0.05%)
Japan Nikkei Index Rises 47.13 Points (0.50%)
Hong Kong Hang Seng Index Falls 110.15 Points (-0.64%)
Brazil Bovespa Index Falls 1,441.42 Points (-2.80%)