General News:
– Oil prices fell, extending a decline prompted at the close of last week by news of a cooling U.S. job market. Light, sweet crude for September delivery fell $1.17 to $74.31 a barrel in electronic trading on the New York Mercantile Exchange, afternoon in Europe.
– A gauge of energy producers in the S&P 500 retreated 2.6 percent and contributed the most to the decline in the overall index.
– Chrysler LLC named former Home Depot Inc. Chief Executive Officer Robert Nardelli as CEO, demoting Tom LaSorda, as new owner Cerberus Capital Management LP takes control of the automaker.
– Bear Stearns Cos. (BSC) ousted Co-President Warren Spector after credit-market losses and eroding investor confidence at the second-largest underwriter of securities tied to the slumping U.S. housing market.
– The dollar fell to the weakest in four months against the yen and traded near a record low versus the euro on concern losses on subprime mortgages will slow the economy and prompt the Federal Reserve to cut interest rates.
– Half of American homeowners do not expect their house to gain in value in the coming year although those who said the value of their property was declining appeared stable, according to a survey.
Asia/Europe:
Asia:
– Asian stocks fell, extending a rout that wiped $2.66 trillion from global equities, on concern losses in the U.S. subprime mortgage market will slow economic growth and drive up financing costs.
– Honda Motor Co., Japan’s second- largest automaker, may miss its domestic sales target this business year after demand for its models plunged a more-than- expected 13 percent in the first four months.
– China’s stocks rose to a record for a second day. Baoshan Iron & Steel Co. led metal producers higher on speculation accelerating growth in the world’s fourth-largest economy will spur demand for their products, boosting profits.
Europe:
– European stocks fell, following declines in Asia and the U.S., on mounting concern that losses in the U.S. mortgage market will erode economic growth and raise financing costs for companies.
– Akzo Nobel NV, the world’s largest maker of paints and coatings, raised its bid for Imperial Chemical Industries Plc to 8 billion pounds ($16 billion) and won access to the U.K. company’s books.
– Fortis, Belgium’s largest financial- services company, moved a step closer to buying part of ABN Amro Holding NV after shareholders backed a plan to raise as much as 13 billion euros ($17.9 billion) to pay for the deal.
– Munich Re, the world’s second-biggest re-insurer, reported profit that beat analysts’ estimates because of a lower tax bill and raised its earnings forecast.
Corporate News:
– Cooper Tire & Rubber Co. (CTB) said that it swung to a profit in the second quarter as the company continued to benefit from cost cuts introduced nearly a year ago and also enjoyed higher prices in North America and increasing sales overseas.
– Delphi Corp. (DPHIQ.PK) said it tentatively agreed to contracts with four more unions, including one that recently warned a strike was possible if talks stalled.
– American Home Mortgage Corp. (AHM) filed for bankruptcy protection, the latest casualty of a mortgage industry that has plunged into distress.
