Australian Stocks Slide to 5-Month Low as Credit Rout Spreads(页 1) - 房地产贷款投资专区 -
2007-8-16 00:23
zwilliam
Australian Stocks Slide to 5-Month Low as Credit Rout Spreads
Aug. 15 (Bloomberg) -- Australian stocks fell to the lowest in five months, led by Westfield Group after Wal-Mart Stores Inc. cut its profit forecast on concerns the U.S. economy is slowing.
Macquarie Bank Ltd. slid after U.S. money managers suspended investor redemptions as losses stemming from the mortgage market spread. BHP Billiton Ltd. declined on lower metals prices.
The S&P/ASX 200 Index lost 176.80, or 3 percent, to 5,788 in Sydney as just eight of its 201 members rose. It has dropped 9.9 percent from its July 24 record high and closed at its lowest since March 14. In the past month the index has posted its four biggest declines since the days following the September 2001 terror attacks in New York and Washington.
The sell-off deepened in afternoon trade today after Basis Capital Fund Management Ltd. said losses in one of its funds may exceed 80 percent as the rout in the U.S. subprime market prompted its creditors to force the sale of some assets.
``We're pretty much in correction territory,'' said Jason Teh, who helps manage about $6.5 billion at Investors Mutual Ltd. in Sydney. ``What scares people with the global liquidity crunch in credit markets is if companies can't raise money to expand, then there's a flow-on effect for the economy.''
Westfield, which owns 59 shopping malls in the U.S., dropped 57 cents, or 3 percent, to A$18.62. CSL Ltd., an Australian drugmaker that made 46 percent of its sales in North America last year, slipped A$2.12, or 2.3 percent, to A$88.94.
U.S. stocks tumbled after Wal-Mart cut its profit forecast, money managers suspended investor redemptions, and the Fortress Investment Group LLC hedge fund said takeovers have dried up.
U.S. Declines
The Standard & Poor's 500 Index fell to the lowest level since April and trimmed its 2007 gain to less than 1 percent as concern grew mortgage losses will squeeze credit and strain consumer spending. Wal-Mart, the world's biggest retailer, fell the most since 2002 after Chief Executive H. Lee Scott said Americans face ``difficult pressure economically.''
Sydney-based Basis Capital is the first Australian hedge fund to announce losses from its exposure to U.S. subprime loans. The company has been unable to ``accurately estimate'' the net asset value of units in its Yield Fund because of ``further deterioration of market conditions,'' it said today in a letter sent to investors and obtained by Bloomberg News.
``The situation in global structured credit markets remains fluid and uncertain,'' Basis said in the letter.
Macquarie Bank, Australia's biggest securities firm, dropped A$3.55, or 5.1 percent, to A$66.68. It has lost 31 percent since its May 18 high of A$97.10. Macquarie said July 31 that investors in two of its leveraged credit funds may lose 25 percent of their money because of turmoil in credit markets.
Babcock, Allco
Babcock & Brown Ltd., Australia's second largest investment bank, tumbled A$1.90, or 8.3 percent, to A$21. It has fallen 39 percent since its June 19 high of A$34.63. Allco Finance Group Ltd., an investment manager, slumped 99 cents, or 11 percent, to A$7.69, 42 percent below its Feb. 9 high.
Sentinel Management Group contacted the Commodity Futures Trading Commission for approval to halt redemptions ``until we can honor them in an orderly fashion,'' according to an Aug. 13 letter to clients.
BHP, the world's largest mining company, dropped A$1.86, or 5.3 percent, to A$33.20. Rio Tinto Group, the third-biggest, slid A$3.05, or 3.5 percent, to A$83.
A measure of six metals traded on the London Metal Exchange fell 1.7 percent yesterday. Copper lost 1.9 percent and zinc decreased 1.8 percent.
The S&P/ASX 200 Index's futures contract for September slipped 3.3 percent to 5,769. The broader All Ordinaries Index lost 3 percent to 5,801.50.
The following shares also rose or fell. The stock symbols are in brackets after the company names.
Ansell Ltd. (ANN AU), the world's biggest maker of surgical gloves, lost 5 cents, or 0.4 percent, to A$11.35. The company had a 15 percent fall in second-half earnings as higher costs for latex curbed profit margins. Net income fell to A$55.6 million ($46 million) in the six months ended June 30, from A$65.1 million a year earlier.
Boral Ltd. (BLD AU), Australia's biggest seller of building materials, slid 12 cents, or 1.7 percent, to A$7.15. Boral posted a 21 percent drop in second-half profit on waning demand for new homes and a drop in sales of bricks, roof tiles and lumber in the U.S. Net income fell to A$150.4 million in the six months ended June 30, from A$190 million, a year earlier.
James Hardie Industries NV (JHX AU), the biggest seller of home siding in the U.S., rose 17 cents, or 2.3 percent, to A$7.67 after the company said it plans to buy back as much as 10 percent of its stock.
The company said first-quarter earnings rose 9 percent to $68.6 million as higher selling prices for fiber-cement limited the impact of the construction slowdown.
Aug. 15 (Bloomberg) -- Australian stocks fell to the lowest in five months, led by Westfield Group after Wal-Mart Stores Inc. cut its profit forecast on concerns the U.S. economy is slowing.
Macquarie Bank Ltd. slid after U.S. money managers suspended investor redemptions as losses stemming from the mortgage market spread. BHP Billiton Ltd. declined on lower metals prices.
The S&P/ASX 200 Index lost 176.80, or 3 percent, to 5,788 in Sydney as just eight of its 201 members rose. It has dropped 9.9 percent from its July 24 record high and closed at its lowest since March 14. In the past month the index has posted its four biggest declines since the days following the September 2001 terror attacks in New York and Washington.
The sell-off deepened in afternoon trade today after Basis Capital Fund Management Ltd. said losses in one of its funds may exceed 80 percent as the rout in the U.S. subprime market prompted its creditors to force the sale of some assets.
``We're pretty much in correction territory,'' said Jason Teh, who helps manage about $6.5 billion at Investors Mutual Ltd. in Sydney. ``What scares people with the global liquidity crunch in credit markets is if companies can't raise money to expand, then there's a flow-on effect for the economy.''
Westfield, which owns 59 shopping malls in the U.S., dropped 57 cents, or 3 percent, to A$18.62. CSL Ltd., an Australian drugmaker that made 46 percent of its sales in North America last year, slipped A$2.12, or 2.3 percent, to A$88.94.
U.S. stocks tumbled after Wal-Mart cut its profit forecast, money managers suspended investor redemptions, and the Fortress Investment Group LLC hedge fund said takeovers have dried up.
U.S. Declines
The Standard & Poor's 500 Index fell to the lowest level since April and trimmed its 2007 gain to less than 1 percent as concern grew mortgage losses will squeeze credit and strain consumer spending. Wal-Mart, the world's biggest retailer, fell the most since 2002 after Chief Executive H. Lee Scott said Americans face ``difficult pressure economically.''
Sydney-based Basis Capital is the first Australian hedge fund to announce losses from its exposure to U.S. subprime loans. The company has been unable to ``accurately estimate'' the net asset value of units in its Yield Fund because of ``further deterioration of market conditions,'' it said today in a letter sent to investors and obtained by Bloomberg News.
``The situation in global structured credit markets remains fluid and uncertain,'' Basis said in the letter.
Macquarie Bank, Australia's biggest securities firm, dropped A$3.55, or 5.1 percent, to A$66.68. It has lost 31 percent since its May 18 high of A$97.10. Macquarie said July 31 that investors in two of its leveraged credit funds may lose 25 percent of their money because of turmoil in credit markets.
Babcock, Allco
Babcock & Brown Ltd., Australia's second largest investment bank, tumbled A$1.90, or 8.3 percent, to A$21. It has fallen 39 percent since its June 19 high of A$34.63. Allco Finance Group Ltd., an investment manager, slumped 99 cents, or 11 percent, to A$7.69, 42 percent below its Feb. 9 high.
Sentinel Management Group contacted the Commodity Futures Trading Commission for approval to halt redemptions ``until we can honor them in an orderly fashion,'' according to an Aug. 13 letter to clients.
BHP, the world's largest mining company, dropped A$1.86, or 5.3 percent, to A$33.20. Rio Tinto Group, the third-biggest, slid A$3.05, or 3.5 percent, to A$83.
A measure of six metals traded on the London Metal Exchange fell 1.7 percent yesterday. Copper lost 1.9 percent and zinc decreased 1.8 percent.
The S&P/ASX 200 Index's futures contract for September slipped 3.3 percent to 5,769. The broader All Ordinaries Index lost 3 percent to 5,801.50.
The following shares also rose or fell. The stock symbols are in brackets after the company names.
Ansell Ltd. (ANN AU), the world's biggest maker of surgical gloves, lost 5 cents, or 0.4 percent, to A$11.35. The company had a 15 percent fall in second-half earnings as higher costs for latex curbed profit margins. Net income fell to A$55.6 million ($46 million) in the six months ended June 30, from A$65.1 million a year earlier.
Boral Ltd. (BLD AU), Australia's biggest seller of building materials, slid 12 cents, or 1.7 percent, to A$7.15. Boral posted a 21 percent drop in second-half profit on waning demand for new homes and a drop in sales of bricks, roof tiles and lumber in the U.S. Net income fell to A$150.4 million in the six months ended June 30, from A$190 million, a year earlier.
James Hardie Industries NV (JHX AU), the biggest seller of home siding in the U.S., rose 17 cents, or 2.3 percent, to A$7.67 after the company said it plans to buy back as much as 10 percent of its stock.
The company said first-quarter earnings rose 9 percent to $68.6 million as higher selling prices for fiber-cement limited the impact of the construction slowdown.
2007-8-16 00:24
zwilliam
过了这段时间...
就应该会升起来的..
就应该会升起来的..
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