| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : International Last Updated: Apr 24, 2009 - 5:31:05 PM


Markets News Afternoon: General Motors' market cap plunges to 1929 level; Stocks fall in Europe and US
By Finfacts Team
Oct 9, 2008 - 5:18:14 PM

Email this article
 Printer friendly page

US stocks fell on Thursday as bank and insurance stocks were again hit by investors worried about credit conditions and recession fears.

The value of credit default swaps backed by defaulted Lehman Brothers bonds will be set on Friday, with protection sellers expected to face massive losses of around 90% of the insurance they sold.

The Dow Jones Industrial Average posted a triple-digit gain after the opening bell but fell to a loss of 49 points, or 0.53%, at 9221.

General Motors shares have fallen 13% and the market capitalisation is down to the level it was at in March 1929 - at about $4 billion. It had  a market cap of $52 billion in 2000. The stock has fallen 45% in the last month.

In today's dollars, the 1929 valuation would be $48 billion.

General Motors lost the top rank in global sales to Japanese rival Toyota Motors when the US carmaker reported a slight fall in first-quarter 2008 sales because of weakness in its home market. Fortune Report

GM narrowly held onto their 76-year title of world's largest carmaker by sales by a margin of just a few thousand vehicles in 2007.

"We were also behind Toyota in the first quarter last year," Michael DiGiovanni, GM's director of industry and market analysis, said in a conference call.

GM's January-through-March sales fell 0.6% to 2.25 million vehicles while Toyota's sales hit 2.41 million despite a 4.2% drop in Japanese sales.

The Dow hit a record high one year ago but has now fallen 35% from that mark. It has fallen 15% over the past six trading days.

Dow Jones Milestones- General Electric is the only survivor of the 12-company index that was launched in 1896

The S&P 500 fell 0.47% and the Nasdaq Composite Index rose 0.67%.

The credit markets remained under stress. According to data from the British Bankers' Association, overnight US dollar Libor fell to 5.09375%, against Wednesday's fixing of 5.375%.

The European Banking Federation in Brussels reported that 3-month Euribor remained steady at 5.393% despite a cut in the ECB's benchmark interest rate to 3.75% on Wednesday.

Euribor Rates

Live US Indices

In Europe, the Dow Jones Stoxx 600 Index dropped Thursday 2.1% and the Pan-European index lost 13% in the previous three days - -  the biggest such drop since October 1987.

The Dow Jones Stoxx 600 Index slid 2.1 percent to 221.62 as of 4:30 p.m. in London. The index sank 13 percent in the previous three days, the biggest such drop since October 1987

National benchmarks fell in 11 of the 17 open Western European markets. Germany's DAX fell 2.5%; the FTSE 100 lost 1.2% and France's CAC 40 dropped 1.6%.

In Dublin, the iSEQ Index gave up earlier gains and fell 0.54%

IL&P gained 11% and Anglo Irish 8%.

 

Europe -benchmarks

Irish Share Prices

Oil

On the New York Mercantile Exchange, oil for November delivery is trading at $87.00 down $1.95 from Wednesday's close. In London, Brent crude is trading at $82.51 a barrel down $2.15 from Wednesday.

Currencies

The euro is trading at $1.3650 and £0.7929.

The dollar traded at a record low $1.6038 per euro on July 15th.

For live currency updates, check the right-hand column of the Finfacts home page.


© Copyright 2009 by Finfacts.com

Top of Page

International
Latest Headlines
Wednesday Newspaper Review - Irish Business News and International Stories - - September 17, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - September 16, 2014
Monday Newspaper Review - Irish Business News and International Stories - - September 15, 2014
Friday Newspaper Review - Irish Business News and International Stories - - September 12, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - September 11, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - September 10, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - September 09, 2014
Monday Newspaper Review - Irish Business News and International Stories - - September 08, 2014
Friday Newspaper Review - Irish Business News and International Stories - - September 05, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - September 04, 2014
Monday Newspaper Review - Irish Business News and International Stories - - September 01, 2014
Friday Newspaper Review - Irish Business News and International Stories - - August 29, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - August 28, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - August 27, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - August 26, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - August 20, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - August 19, 2014
Monday Newspaper Review - Irish Business News and International Stories - - August 18, 2014
Friday Newspaper Review - Irish Business News and International Stories - - August 15, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - August 14, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - August 13, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - August 12, 2014
Monday Newspaper Review - Irish Business News and International Stories - - August 11, 2014
Friday Newspaper Review - Irish Business News and International Stories - - August 08, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - August 07, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - July 31, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - July 30, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - July 29, 2014
Monday Newspaper Review - Irish Business News and International Stories - - July 28, 2014
Friday Newspaper Review - Irish Business News and International Stories - - July 25, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - July 23, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - July 22, 2014
Monday Newspaper Review - Irish Business News and International Stories - - July 21, 2014
Friday Newspaper Review - Irish Business News and International Stories - - July 18, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - July 17, 2014
Wednesday Newspaper Review - Irish Business News and International Stories - - July 16, 2014
Tuesday Newspaper Review - Irish Business News and International Stories - - July 15, 2014
Monday Newspaper Review - Irish Business News and International Stories - - July 14, 2014
Friday Newspaper Review - Irish Business News and International Stories - - July 11, 2014
Thursday Newspaper Review - Irish Business News and International Stories - - July 10, 2014