Stock market fixing:
Nikkei 225 -326.94 -2.50%
13,033.10
Topix -29.29 -2.20% 1,283.51
FTSE -72.20 -1.31%
5,440.50
DAX -91.34 -1.43%
6,304.41
CAC -66.98 -1.54%
4,275.61
Dow +152.25 +1.36%
11,384.21
NASDAQ +51.10 +2.28%
2,294.42
S&P +21.39 +1.71%
1,273.70
10yr Note -0.5000 -0.127%
3.880%
NYMEX Crude Oil -5.33
-3.77% 136.04
Gold -5.50 -0.59% 923.30
Japan's stocks fell to the lowest in almost three months on concern asset writedowns will
cause credit markets to tighten and as a drop in oil prices dimmed earnings
prospects for commodities-related companies.
Mizuho Financial Group Inc. fell the
most in seven weeks after analysts said the two largest U.S. mortgage lenders will need to
raise capital and Merrill Lynch & Co. may report a loss. Nomura Holdings
Inc. dropped to the lowest in three months. Inpex Holdings Inc. plunged to a
one- month low after crude prices sank the most in almost three weeks.
Freddie Mac and Fannie
Mae fell to the lowest in 13 years in New York
after Lehman Brothers Holdings Inc. analysts said yesterday the mortgage lenders
may need to raise a combined $75 billion to overcome further writedowns.
Merrill Lynch may report a second-quarter loss after $6 billion of writedowns,
Citigroup Inc. analysts said the same day.
Mizuho, the Japanese bank most
heavily hit by the collapse in the U.S. mortgage market, dropped 3.7% and
was the most actively traded stock by value on the Topix. Orix Corp., Japan's largest
non-bank financial company, tumbled 6.3%. Nomura fell 4.6%, the lowest since
April 14.
European stocks fell, sending the Dow Jones Stoxx 600 Index to the lowest in three years, as
concern deepened financial firms will need more capital and slumping commodity
prices weighed on energy and basic-resource shares.
Credit Suisse Group AG and Deutsche
Bank AG retreated as analysts said the two largest U.S. mortgage finance companies may
have to raise a combined $75 billion. Bank of Ireland Plc tumbled after the
lender said slowing economic growth is ``adversely impacting'' earnings. Royal
Dutch Shell Plc and Anglo American Plc followed crude oil and metals lower.
Stocks extended
declines as a
report showed U.S.
home sales slumped more than forecast. Contracts to buy previously owned U.S. homes
slipped 4.7% in May, the National Association of Realtors said.
Credit Suisse,
Switzerland's
second-largest bank, fell 3.2%. Deutsche Bank, Germany's largest bank, slipped 2.6%.
Shell, Europe's
largest oil producer, declined 2.3%, while Total SA, the region's third
biggest, lost 2%.
Wall Street closed
higher, despite the
report showed May pending home sales fell 4.7%, compared to the expected
decline of 3%. Separately, wholesale inventories rose 0.8%, which is
slightly more than the consensus estimate that called for growth of 0.6%.
VMware (-13.12) plunged 24% to its lowest level since its August 2007
IPO after announcing the departure of its president and CEO. The
tech-company also said it expects fiscal year 2008 revenue growth to be mostly
below prior guidance that called for more than 50% growth.