Daily Archives: May 5, 2010

Americas markets wrap: Greek contagion rules the day

May 5, 2010 9:59 pm by Shannon Bond

Latin American markets were hit hard again on Wednesday as continuing fears that the Greek debt crisis would spread drove investors away from higher-yielding, riskier assets.

“The markets continue to be very concerned about the situation in Europe and in Greece generally,” said Geoff Dennis, Latin America equity analyst at Citi. “But the most important thing for Latin America, and indeed for markets generally around the world, is that there’s nothing fundamentally going wrong anywhere else. This is entirely contagion effect from the events in Europe.”

Continue reading: “Americas markets wrap: Greek contagion rules the day”

Posted in Global, LatAm | Permalink

Mexican remittance hopes could go sour

May 5, 2010 6:12 pm by Adam Thomson

There was bittersweet news this week for the millions of Mexican households that receive remittances from family members working in the US.

These funds, which topped an astonishing $26bn in 2007, have become a vital source of income over the last couple of decades. And they have helped fund everything from garish Disneyland-inspired family homes in the remote Mexican countryside simply to ensuring that there is food on the table each day.

Continue reading: “Mexican remittance hopes could go sour”

Tags: migration, remittances
Posted in LatAm, Mexico | Permalink

Greek crisis shakes central and east European markets

May 5, 2010 6:05 pm by Alexandra Stevenson

Central and east European markets yesterday felt the full force of the latest storms in the Greek crisis, aggravated today by the deaths of three people in riots in Athens. With the euro falling by as much as 1.4 per cent (before recovering slightly later), CEE currencies all fell, and stock markets plunged, notably in Prague, where equities ended down 4.9 per cent.

Contagion fears were exacerbated by international rating agency Moody’s threat to downgrade Portuguese government bonds in the next three months. Meanwhile, the political arguments about the European Union’s role in the rescue continued with Slovakia voicing its frustration at having to bail out a richer euro zone country, the FT reports. It was not for this that Bratislava joined the common currency.

Continue reading: “Greek crisis shakes central and east European markets”

Tags: currencies, equities
Posted in Europe, Global | Permalink

Czech equities hit as high-flying media group is laid low

May 5, 2010 5:04 pm by Jan Cienski

Central Europe’s economies may be showing signs of revival, but the improvements have not yet percolated through to the media sector, where corporate results have been held back by a continuing lull in advertising.

The latest evidence comes with first quarter numbers for Central European Media Enterprises, the Czech-based broadcaster, which posted surprisingly bad results – earnings before interest, tax, depreciation and amortisation (EBITDA) of only $800,000, down from $27m in the same period a year earlier and far below market forecasts of $18m. The shock pummelled the shares which plunged 11.5 per cent in Prague, helping drive the PX index down by a full 4.9 per cent. With the Greek crisis in full spate, equities fell almost everywhere – but the Czech bourse was the worst in Europe today.

Continue reading: “Czech equities hit as high-flying media group is laid low”

Tags: equities
Posted in Czech Republic, Europe | Permalink

Fund managers warm to Saudi Arabia

May 5, 2010 3:52 pm by Robin Wigglesworth

Saudi Arabia might not be everyone’s cup of tea, but, unsurprisingly, fund managers can’t help but love a country that sits on top of the world’s largest pool of oil.

According to a report today by Kuwait Financial Centre – an investment bank popularly known as Markaz – interest in most other Gulf markets has waned but allocations to the conservative kingdom have increased over the past six months.

Continue reading: “Fund managers warm to Saudi Arabia”

Tags: fund management
Posted in Middle East, Saudi Arabia, Uncategorized | Permalink

China sales soar for BMW, Daimler and Audi

May 5, 2010 12:38 pm by Financial Times

By Daniel Schäfer in Frankfurt

Asia is rapidly pulling German carmakers out of their worst crisis in decades. That’s the main message from BMW’s quarterly results today – and from soaring monthly sales numbers from China for both BMW and its great rival Daimler. With markets like these little wonder that BMW already sells almost 20 per cent of all its cars in Asia.

Continue reading: “China sales soar for BMW, Daimler and Audi”

Tags: China car market, luxury, vehicles
Posted in Asia, China | Permalink

CEE market snapshot: Greek contagion fear spreads to eastern Europe

May 5, 2010 12:22 pm by Neil Dennis

Central and eastern European markets recovered a little poise on Wednesday, but equities in Bucharest tumbled after the International Monetary Fund looked set to allow a larger budget deficit for the country under the terms of its €20bn aid deal.

Continue reading: “CEE market snapshot: Greek contagion fear spreads to eastern Europe”

Posted in Global | Permalink

Ukraine: what’s happened to economic reform?

May 5, 2010 12:15 pm by Roman Olearchyk

Western business people in Ukraine are watching president Viktor Yanukovich closely. Three months ago, when he won power in the presidential election, many were happy enough to see him elected. They brushed aside concerns that Yanukovich would break with the pro-west policies of his predecessor Viktor Yushchenko and take Kiev back into Russia’s orbit. They hoped that, whatever his foreign policy preferences, he would focus on reviving and reforming the recession-hit economy.

Now they are disturbed to see that for Yanukovich geopolitics has come first. He has rushed into Russia’s embrace with deals over cheap energy and a Black Sea naval base – but not much progress on reform.

Continue reading: “Ukraine: what’s happened to economic reform?”

Tags: energy, IMF
Posted in Europe, Ukraine, Uncategorized | Permalink

New York headlines

May 5, 2010 11:56 am by Alexandra Stevenson

*Pork hits record high as production dwindles
*China’s New Century pulls S$666m listing
*StanChart hails strong first quarter
*Goldman Sachs, Morgan Stanley Among Banks Vying to Manage Coal India IPO
*Indonesia’s Indrawati named World Bank managing director
*South Africa targets emerging markets for $16bn of foreign investment
*Surging Brazil and China beer sales lift Anheuser-Busch InBev
*Hewlett-Packard’s India unit under investigation
*Russian investors open first Ugandan gold refiner
*Philippines tumbles on fears of election delay

Continue reading: “New York headlines”

Posted in Global | Permalink

Asia markets wrap: equities follow Wall Street’s declines

May 5, 2010 11:11 am by Michael Hunter

Mainland Chinese equities markets bounced back, curtailing the miserable run that has seen the Chinese benchmark fall 10 per cent in 3 weeks on worries that Beijing was proving too draconian in
its attempts to curb property speculation. Elsewhere in the region, indices tracked Wall Street’s sharp overnight declines. Overall, the MSCI Asia-Pacific index fell 1.7 per cent to 752.30. Markets in South Korea and Thailand were all closed for public holidays.

Continue reading: “Asia markets wrap: equities follow Wall Street’s declines”

Posted in Asia, Global | Permalink

Surging Brazil and China beer sales lift Anheuser-Busch InBev

May 5, 2010 11:05 am by Stefan Wagstyl

Anheuser-Busch Inbev, the world’s biggest brewer, today beat profit forecasts with strong sales in emerging markets boosted by pre-World Cup marketing campaigns, offsetting a disappointing performance in the US, the company’s largest market. The maker of Stella Artois and Budweiser reported first quarter EBITDA profits of $3.09bn, up 10.7 per cent on the same period last year on sales of $8.33bn, up 1.9 per cent. The striking line was the contrast between the US – volumes down 6.8 per cent – and Brazil – up 15.9 per cent.

Continue reading: “Surging Brazil and China beer sales lift Anheuser-Busch InBev”

Posted in Brazil, China, Global, India, Indonesia | Permalink

World Bank’s newest director under scrutiny in Indonesia

May 5, 2010 9:45 am by Joe Cochrane

The appointment of Indonesia’s former finance minister Sri Mulyani Indrawati begs the question: is she a sacrificial pawn, has she fallen on her sword, or is she just fed up with Indonesia’s political intrigues? Whatever the reason, the internationally-lauded finance minister appears more than ready to leave the cabinet and jump to the World Bank.

Continue reading: “World Bank’s newest director under scrutiny in Indonesia”

Tags: World Bank
Posted in Indonesia | Permalink

Asian flotations washed away in the storm

May 5, 2010 9:17 am by Stefan Wagstyl

The turmoil in financial markets is putting Asian companies’ finance-raising plans into a spin. The Essar Energy IPO has got off to a rotten start in London; in Singapore, China’s New Century Shipbuilding today pulled a S$666m flotation and in China, banks, including Industrial and Commercial Bank of China, the world’s largest, are revising cash-raising plans.

The markets are unlikely to settle any time soon with the Greek crisis still in full swing, contagion rife, and uncertainty hanging over China’s efforts to cool its red-hot economy. To make matters worse, Prudential, the British insurer, postponed the $20bn rights issue needed to help finance its planned purchase of AIA, the Asian arm of AIG. The reason – unresolved issues with the UK regulator – may be unrelated to the market. But it does nothing for investor confidence. This is a sweaty palms day.

Continue reading: “Asian flotations washed away in the storm”

Tags: equities, IMF, IPOs
Posted in Asia, China | Permalink

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Daily Archives: May 5, 2010

Americas markets wrap: Greek contagion rules the day

Mexican remittance hopes could go sour

Greek crisis shakes central and east European markets

Czech equities hit as high-flying media group is laid low

Fund managers warm to Saudi Arabia

China sales soar for BMW, Daimler and Audi

CEE market snapshot: Greek contagion fear spreads to eastern Europe

Ukraine: what’s happened to economic reform?

New York headlines

Asia markets wrap: equities follow Wall Street’s declines

Surging Brazil and China beer sales lift Anheuser-Busch InBev

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World Bank’s newest director under scrutiny in Indonesia

Asian flotations washed away in the storm

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