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Overnight Market News – July 15, 2010

admin — Thu, 15 Jul 2010 16:33:57 +0000

Economic Expansion in China Slows Moderately in Second Quarter to 10.3% After Credit Cuts
Jeffrey Immelt Announces General Electric Co’s Plan to Spend USD 20B on Technology to Increase Future Growth Prospects
JPMorgan Chase & Co Second-Quarter Net Profit Surges to USD 1.09 per Share from USD 0.28 per Share a Year Earlier as Loan Loss Reserves Eased
American International Group Inc Chairman Harvey Golub Resigns Over Dispute with Group CEO Robert Benmosche
BP Plc Repairs New Cap Leak in Preparation for Gulf Well Test to Entirely Stop Oil Flow
Agricultural Bank of China Ltd’s World Record USD 22B IPO Makes Lackluster Debut in Shangai as Investors View Shares as Overpriced
Crude Oil Stands at USD 77.52 per Barrel
Ethanol Stands at USD 1.57 per Gallon
Natural Gas Stands at USD 4.31 per British Thermal Unit (Btu)
Gold Stands at USD 1,209.40 per Troy Ounce
Dow Jones Industrial Average Rises 3.70 Points (0.04%) to 10,366.72
London FTSE Index Falls 1.79 Points (0.03%) to 5,251.73
Japan Nikkei Index Falls 109.71 Points (1.12%) to 9,685.53
Hong Kong Hang Seng Index Falls 305.19 Points (1.48%) to 20,255.62
Brazil Bovespa Index Falls 206.10 Points (0.32%) to 63,479.46

Overnight Market News – April 14, 2010

admin — Wed, 14 Apr 2010 13:14:43 +0000

JPMorgan Chase & Co First Quarter Earnings Rise 55% to USD 3.33B or USD 0.74 per Share on Higher Trading Revenue
American International Group Inc’s Aircraft Leasing Division Sells 53 Aircrafts to Macquarie Group Ltd for USD 1.99B
Intel Corp Profit Nearly Quadruples to USD 2.4B or USD 0.43 per Share in its Best First Quarter Performance on Record
Toyota Motor Corp Suspends Sales of its 2010 Lexus GX 460 After the Sport Utility Vehicle was Labeled a “Safety Risk” by Consumer Reports Magazine
Daimler AG Reaffirms its 2010 Operating Profit Forecast of EUR 2.3B or US D3.14B, Allowing it to Pay a Dividend Again
Singapore Unexpectedly Revalues its Currency After Raising Inflation Outlook and GDP Growth Forecast for 2010 to 9% up From the Previous Estimate of 6.5%
Crude Oil Stands at USD 84.89 per Barrel
Ethanol Stands at USD 1.54 per Gallon
Natural Gas Stands at USD 4.15 per British Thermal Unit (Btu)
Gold Stands at USD 1,158.30 per Troy Ounce
Dow Jones Industrial Average Rises 13.45 Points (0.12%)
London FTSE Index Rises 32.35 Points (0.56%)
Japan Nikkei Index Rises 43.67 Points (0.39%)
Hong Kong Hang Seng Index Rises 17.90 Points (0.08%)
Brazil Bovespa Index Rises 178.04 Points (0.25%)

Overnight Market News – March 8, 2010

admin — Mon, 08 Mar 2010 11:23:55 +0000

Royal Dutch Shell PLC and PetroChina Co Offer USD 3B to Acquire Australia’s Arrow Energy Ltd
American International Group Inc (AIG) Closes in on Deal to Sell Foreign Life Insurance Unit to MetLife for USD 15B in Cash and Stock
Kraft Foods Inc Faces UK Probe over Plans to Close a Cadbury PLC Factory it Said it Would Keep Open
India’s Essar Group Plans to Raise USD 3B Overseas to Finance Acquisitions, Expand Oil, Power and Steel Businesses
France’s President, Nicolas Sarkozy Says Eurozone Ready to Rescue Greece if Necessary
Warren Buffet-Backed Automaker, BYD Co to Begin Selling Electric and Hybrid Cars in Western Europe Next Year
Crude Oil Stands at USD 82.09 per Barrel
Ethanol Stands at USD 1.62 per Gallon
Natural Gas Stands at USD 4.52 per British Thermal Unit (Btu)
Gold Stands at USD 1,137.50 per Troy Ounce
Dow Jones Industrial Average Rises 122.06 Points (1.17%)
London FTSE Index Falls 10.29 Points (-0.18%)
Japan Nikkei Index Rises 216.96 Points (2.09%)
Hong Kong Hang Seng Index Rises 408.90 Points (1.97%)
Brazil Bovespa Index Rises 1,031.79 Points (1.52%)

Overnight Market News – December 17, 2009

admin — Thu, 17 Dec 2009 19:55:12 +0000

Bank of America Corp Appoints Brian T Moynihan as Chief Executive Officer to Replace Kenneth D Lewis
Citigroup Inc Prices Share Issue to Repay TARP Funds at USD 3.15 per Share, Prompts US Government to Delay Offloading Stake
UK Retail Sales Decline for First Time in Six Months Falling 0.3% in November from October, but Rise 3.1% Year-Over-Year (yoy)
American International Group Inc (AIG) Near IPO for Asia Life Insurance Unit, Set to Raise USD 20B
US Federal Reserve Keeps Interest Rates on Hold between 0% and 0.25%, In-Line with Economists’ Expectations
National Australia Bank Ltd Offers AUD 6.43 a Share for Axa Asia Pacific Holdings Ltd, Beating the AUD 6.22 per Share Joint Bid by AMP Ltd and Axa SA
Crude Oil Stands at USD 71.75 per Barrel
Ethanol Stands at USD 1.85 per Gallon
Natural Gas Stands at USD 5.48 per British Thermal Unit (Btu)
Gold Stands at USD 1,125.00 per Troy Ounce
Dow Jones Industrial Average Falls 10.88 Points (-0.10%)
London FTSE Index Falls 30.34 Points (-0.57%)
Japan Nikkei Index Falls 13.61 Points (-0.13%)
Hong Kong Hang Seng Index Falls 264.11 Points (-1.22%)
Brazil Bovespa Index Falls 688.41 Points (-0.99%)

Overnight Market News – November 25, 2009

admin — Thu, 26 Nov 2009 02:58:47 +0000

UK Economy Contracts at a Slower Pace Than Originally Reported in the Third Quarter, Shrinking 0.3% Versus 0.4% Initially Estimated
US Commerce Department is Expected to Report This Morning New Home Sales in October Rises 2% from the Prior Month
Japan Exports Fall at its Slowest Annual Rate in a Year in October, Declining 23.2% from a Year Ago, Indicating Further the Country’s Emergence from Recession
American International Group Inc’s (AIG) Chief Executive Officer, Robert Benmosche Agrees to Stay With Company After Board Approves USD 7mm Compensation Package
Facebook Inc Creates Dual-Class Share Structure, a Move Taken by Google Inc Before its Initial Public Offering (IPO)
Crude Oil Stands at USD 76.17 per Barrel
Ethanol Stands at USD 2.18 per Gallon
Natural Gas Stands at USD 4.81 per British Thermal Unit (Btu)
Gold Stands at USD 1,181.00 per Troy Ounce
Dow Jones Industrial Average Falls 17.24 Points (-0.16%)
London FTSE Index Rises 28.74 Points (0.54%)
Japan Nikkei Index Rises 40.06 Points (0.43%)
Hong Kong Hang Seng Index Rises 188.66 Points (0.84 %)
Brazil Bovespa Index Rises 507.60 Points (0.76%)

Overnight Market News – October 13, 2009

admin — Tue, 13 Oct 2009 12:11:21 +0000

American International Group (AIG) Inc Agrees to Sell Taiwan Life Insurance Unit to Investor Group Led by Primus Financial Holdings Ltd for USD 2.15B
Bank of America Corp to Waive Attorney-Client Privilege and Turn Over Merill Lynch & Co Legal Advice Documentation to New York Attorney General
Vanda Pharmaceuticals Inc to Partner with Novartis AG to Develop and Market its Schizophrenia Drug in a Deal Worth up to USD 465mm
Germany’s Investor Confidence Index Unexpectedly Falls to 56 Points in October from 57.5 Points in September, First Decline in Three Months
Royal Bank of Scotland Group PLC Says Seventy Employees or About One-Third of its Staff at the Singapore Office of its Private Bank Have Stepped Down
Crude Oil Stands at USD 73.27 per Barrel
Ethanol Stands at USD 1.96 per Gallon
Natural Gas Stands at USD 4.88 per British Thermal Unit (Btu)
Gold Stands at USD 1,056.70 per Troy Ounce
Dow Jones Industrial Average Rises 20.86 Points (0.21%)
London FTSE Index Falls 15.98 Points (-0.31%)
Japan Nikkei Index Rises 60.17 Points (0.60%)
Hong Kong Hang Seng Index Rises 168.01 Points (0.79%)
Brazil Bovespa Index Rises 311.14 Points (0.49%)

More Ratings Cuts For AIG

admin — Sat, 12 Sep 2009 16:56:35 +0000

American International Group (AIG) Inc. has had its ratings cut left, right and center after its recent rally. AIG, which recently closed above US$50 for the first time after plunging to a low of US$7 in March 2009 (from over US$400 back in September, 2008), was slammed with back-to-back downgrades this week.

Yesterday, Wells Fargo & Co. cut AIG’s ratings to “underperform” from “perform”, saying it has “virtually no book value” and the stock price is overvalued. Earlier this week, Credit Suisse acted similarly, downgrading the insurer to “underperform” from “perform”.

Overnight Market News – August 10, 2009

admin — Mon, 10 Aug 2009 12:52:18 +0000

UK Life Insurer, Friends Provident Plc, to Enter Discussions with Resolution Ltd after Receiving Revised Offer that Values the Group at GBP 1.86B (USD 3.1B)
British-Australian Mining Giant Rio Tinto’s Shares Drop on China’s Accusation that it Engaged in Commercial Espionage for 6 Years, Costing the Country USD 102B
New CEO of American International Group Inc (AIG) Steps Down from Credit Suisse Group’s Board with Immediate Effect
Japanese Machinery Orders Rise 9.7% in June from May, More than Expected and the First Increase in Four Months
Publicis Groupe SA to Acquire Microsoft Corp’s Digital Advertising Agency Razorfish for USD 530mm
Crude Oil Stands at USD 70.51 per Barrel
Ethanol Stands at USD 1.64 per Gallon
Natural Gas Stands at USD 3.76 per British Thermal Unit (Btu)
Gold Stands at USD 956.20 per Troy Ounce
Dow Jones Industrial Average Rises 113.81 Points (1.23%)
London FTSE Index Falls 34.64 Points (-0.73%)
Japan Nikkei Index Rises 112.17 Points (1.08%)
Hong Kong Hang Seng Index Rises 544.15 Points (2.72%)
Brazil Bovespa Index Rises 574.63 Points (1.03%)

American International Group Seems Back On Track

admin — Sat, 08 Aug 2009 19:31:51 +0000

After surviving a tough few years, American International Group (AIG) seems to be back on the right track. The U.S. insurer reported second quarter net income of US$1.82B or US$2.30 per share, its first profit following six back-to-back quarterly losses.

The results are a stark improvement from the net loss of US$5.36B or an adjusted US$41.13 per share reported a year ago. Adjusted earnings came in at US$2.57 per share, trumping analysts’ estimates by US$1.50! AIG shares surged 66% in the week through Thursday on hopes of a return to profitability.

Overnight Market News – July 9, 2009

admin — Thu, 09 Jul 2009 12:26:02 +0000

Bank of England Holds Benchmark Interest Rate at 0.5% for Fourth Consecutive Month
American International Group Inc (AIG) Revives Talks with Rival MetLife Inc Over Sale of American Life Insurance Co (Alico)
China’s Passenger Car Vehicle Sales Jump 48% to 873k Units in June from May on More Government Stimulus Spending, Biggest Increase Since February 2006
Costco Wholesale Corp Reports 6% Decline in Same-Store Sales Open at Least a Year in June from May, in Line with Market Expectations
Australia’s Unemployment Rate Hits Six Year HI of 5.8% in June Up from 5.7% in May, Beating Analysts’ Forecast of 5.9%
Crude Oil Stands at USD 61.26 per Barrel
Ethanol Stands at USD 1.58 per Gallon
Natural Gas Stands at USD 3.43 per British Thermal Unit (Btu)
Gold Stands at USD 915.20 per Troy Ounce
Dow Jones Industrial Average Rises 14.81 Points (0.18%)
London FTSE Index Rises 29.63 Points (0.72%)
Japan Nikkei Index Falls 129.69 Points (-1.38%)
Hong Kong Hang Seng Index Rises 69.52 Points (0.39%)
Brazil Bovespa Index Falls 279.15 Points (-0.56%)