US, Asian and European markets were mixed to firmer overnight, pointing to a more modest start for Australian market. The surge in US market confidence faded as shares tried to build on the gains of the pre and post Easter trading.
The American Stock Exchange(R) (Amex(R)) today launched trading in the Bear Stearns Current Yield Fund (Amex: YYY) managed by Bar Stearns Asset Management (BSAM). YYY is the first actively-managed exchange traded fund (ETF) to become available to investors.
Based on information received from members and member organizations, short interest increased to 16,009,687,994 from 14,956,961,052 on February 29, 2008.
NYSE Euronext (NYX) announced today that its board of directors has authorized the repurchase of up to $1 billion of NYSE Euronext’s common stock. The Board of NYSE Euronext also approved a 20% increase in its annual dividend to $1.20 from $1.00 per common share as part of a new dividend policy to grow the dividend to its shareholders, with a target payout ratio of 35% to 45 % of net income, while maintaining high investment grade credit ratings.
The futures market was pointing to a lower opening when trading resumes here today after Wall Street's big fall off the back of the rescue of investment bank, Bear Stearns.
JPMorgan Chase & Co. announced it is acquiring The Bear Stearns Companies Inc.. The Boards of Directors of both companies have unanimously approved the transaction.
Stockmarkets fell, the US dollar did likewise and interest rates on US Government securities were mixed as more problems emerged in markets around the world.
Well, judging by the fall on Friday on Wall Street, Australia will take the brunt of today's selling as trading resumes in Asia. Australian market finished nervy and with the worst weekly loss since 1987 on Friday and after the 146 point drop in the Dow, the futures market is signalling a 90 point fall at the opening here .
Fixed mortgage rates posted a slight decrease in a wild up-and-down week, with the average conforming 30- year fixed mortgage rate now 6.32 percent. According to Bankrate.com's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.39 discount and origination points.
