Archive for the ‘Merrill Lynch’ Category

Asian, International Stocks Slip as Global Recession Fears Rise

October 15, 2008

By Kevin Plumberg

HONG KONG (Reuters) – Most Asian stock markets fell 1-3 percent while gold rose on Wednesday on investor worries of lower corporate earnings in a weakening global economy, even as money markets continued to heal gradually.

Major European share markets were expected to open as much as 2 percent down , according to financial bookmakers, after the FTSEurofirst 300 index rose nearly 14 percent in the last two days.

A stock trader negotiates in the iBovespa future index pit in ... 
A stock trader negotiates in the iBovespa future index pit in Sao Paulo, Brazil. Across the world, leading central banks have slashed interest rates in a coordinated effort to bring calm to global financial markets, amid dire warnings of economic pain ahead.(AFP/Mauricio Lima)

Oil prices were not far from a 12-month low hit on Friday while the yen and U.S. Treasuries climbed, reflecting fears the damage that the financial crisis inflicted on the global economy is still working its way through the system.

Quarterly reports have begun to trickle in, with JPMorgan Chase & Co and Merrill Lynch set to post their results this week. Investors will be focused on the outlook and whether most expectations for a rebound in 2009 will have to be reined in.

“While the financial system crisis appears to be heading in a positive direction, the economy appears to be increasingly bad, and this is raising worries about company earnings. We still don’t know how much these might be hit,” said Hiroaki Osakabe, a fund manager at Chibagin Asset Management in Tokyo.

The MSCI index of Asia-Pacific stocks outside of Japan fell 2.2 percent and is down 12.5 percent so far in October.

Hong Kong’s Hang Seng index…

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http://news.yahoo.com/s/nm/20081015/ts_nm/us_mar
kets_global;_ylt=Ap9Ao2IQwtYON9r_wAfVKNas0NUE

Economy: Housing Market Plunges Deeper

October 25, 2007

By Patrice Hill
The Washington Times
October 25, 2007

The fallout from the mortgage crunch worsened substantially yesterday, with single-family home sales plummeting to the lowest level since 1998 and Merrill Lynch reporting an unprecedented $7.9 billion write-down for bad loans — the latest in a weeklong series of setbacks for the economy and the markets.

The news drove down the Dow Jones Industrial Average by as much as 200 points, but the index regained all the ground it lost after economists said the dire straits facing financial and housing companies — and the unknown effect it will have on consumers — will prompt the Federal Reserve to cut interest rates again next week to rescue the faltering economy.

The news from Merrill Lynch — which reported the biggest quarterly loss in its 93 years of existence — was particularly “startling” and “staggering,” said Standard & Poor’s Corp., as the world’s largest brokerage had been considered healthy and relatively immune to the mortgage virus infecting other big banks on Wall Street.

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http://www.washingtontimes.com/apps/pbcs.dll/article?AID=/20071025/BUSINESS/110250036/1001

China Cuts Asia Imports as Korea, Malaysia, Singapore Lose Jobs

October 21, 2007

By Michael Dwyer

Oct. 22 (Bloomberg) — The U.S. isn’t the only country watching jobs and manufacturing migrate to China. Increasingly, so are China’s closest neighbors.

The nation is reducing its reliance on imports from Southeast Asia as it makes more of the higher-value-added intermediate and capital goods it previously bought from abroad. That is threatening growth in countries whose export sales are already in danger of erosion from the U.S. slowdown.

More than 13,500 electronics-product workers in Singapore have lost their jobs since 2004, according to Ministry of Manpower statistics. An International Monetary Fund forecast released last week calls for weaker expansion there next year and in the Philippines, Malaysia, Taiwan and South Korea.

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http://www.bloomberg.com/apps/news?pid=20601101&sid=aYunkUdq8bmE