Morgan Stanley, which reported the first loss in its history three months ago, said earnings fell 42 percent, less than analysts estimated, as investment banking fees dwindled and loan values declined.
First-quarter net income dropped to $1.55 billion, or $1.45 a share, from $2.67 billion, or $2.51, a year earlier, the second-biggest U.S. securities firm said today in a statement. The average estimate for the three-month period ended Feb. 29 was $1.01 a share.
Wednesday, March 19, 2008
YEN PAIN
The Japanese Yen has appreciated against the US Dollar (USD) all the way to the 97 level. It has appreciated by about 6% during this month alone and is ~21% up from the last year's low touched in June 2007. Against the rupee also the yen has appreciated by 6.4% in the current month till date.In the past, Japanese authorities had sold yen on all the occasions when the yen-USD rate had approached the 100 mark, with a view to supporting exporters such as Toyota
Motors and Sony Corporation. However, charting a different line this time around, Japanese Finance Minister Fukushiro Nukaga stopped short of signaling concerns when the yen- USD rate inched closer to the 100 level and simply stated that the government needs to watch currency moves
Motors and Sony Corporation. However, charting a different line this time around, Japanese Finance Minister Fukushiro Nukaga stopped short of signaling concerns when the yen- USD rate inched closer to the 100 level and simply stated that the government needs to watch currency moves
MARKET OUTLOOK
GLOBAL MARKET IS SHOOT UP AFTER FED CUT RATE TO 75 BPS TO 2.25%,INDIA WILL ALSO FOLLOW THE PHASE,NIFTY LEVEL 4600-4670-4750-4800.BANKING AND OILGAS CAN ASSUME IN LONG SIDE.IF NIFTY SUSTAIN ABOVE 4800 FRESH LONG CAN ASSUME.
HAVE A NICE TRADING
HAVE A NICE TRADING
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