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Mar 16, 2010, 05:16 AM (GMT+8) |
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Evening Wrap
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Morning Call |
Afternoon Update |
Evening Wrap
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| Last Updated: 15-Mar-2010
6:00 pm
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| GlobalScan |
- Bank of China, Temasek Said to Plan to Invest $2.9 Billion in Rural Bank
- Google Advertisers in China Told to Switch on Speculation Site Will Shut
- Standard Chartered Seeks India, South Korea Equity Hires in Asia Expansion
- BC Partners's Brenntag Said to Seek Up to $1.15 Billion in Public Offering
- UBS Pays Out $51.8 Million in Bonuses, Awards to Executive Board Members
- Phillips-Van Heusen Said to Be Close to Deal With Apax for Tommy Hilfiger
- Vestas Wind Systems Says It Sells Bonds for First Time to Expand Financing
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| LocalScan |
- Astro shares suspended amid talk of privatisation
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| FeaturedHeadline |
European, Asian Stocks Decline; BHP, Deutsche Telekom Retreat
European and Asian stocks dropped and U.S. index futures fell on concern China will take more steps to cool its economy and as Moody's Investors Service said the U.S. and U.K. are closer to losing their AAA credit ratings. BHP Billiton Ltd. led mining companies lower as metals fell. Deutsche Telekom AG, Europe's biggest phone company, and Scor SE, France's largest reinsurer, declined as analyst downgraded the shares. The Stoxx Europe 600 Index slipped 0.5 percent to 257.23 at 9:29 a.m. in London. The measure has risen for the past two weeks, reaching the highest level in more than seven weeks, as concern eased that Greece will fail to contain the euro region's biggest budget deficit. European finance ministers will work on still-secret plans to help Greece overcome its debt crisis today, while counting on the country's belt-tightening steps to make a bailout unnecessary. Options for shoring up the nation's finances include selling bonds guaranteed by euro-region governments or having individual governments grant Greece loans, three people briefed on preparations for European Union meetings taking place today and tomorrow in Brussels said on March 12.
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Asian Stocks Drop for First Time in Three Days on China Concern
Asian stocks fell for the first time in three days, led by energy and commodity producers, on concern China will boost measures to cool economic growth that has been driving a global recovery. PetroChina Co., China's biggest oil company, and China Shenhua Energy Co., the nation's largest coal producer, dropped more than 2 percent. China Southern Airlines Co. fell 3 percent in Shanghai, pacing declines by airlines, after Chinese Premier Wen Jiabao said the country will keep the yuan's exchange rate "basically stable." Newcrest Mining Ltd., Australia's biggest gold producer, slumped 1.5 percent after prices of the precious metal dropped last week in New York. The MSCI Asia Pacific Index fell 0.4 percent to 122.69 as of 5:25 p.m. in Tokyo, with about twice as many stocks dropping as advancing. The index has retreated 3.2 percent since reaching a 17-month high on Jan. 15 amid concern governments from China to India will withdraw economic-stimulus measures and that Greece will struggle to curb its budget deficit. Asia-Pacific equity benchmarks pared or reversed gains after trading opened in China, and the Shanghai Composite Index slumped 1.2 percent. Hong Kong's Hang Seng Index dropped 0.6 percent and Taiwan's Taiex index lost 1.5 percent. Japan's Nikkei 225 Stock Average was little changed at 10,751.98.
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