* US: Dow: 13189.30 (-0.38%), S&P 500: 1405.39 (-0.31%), NASDAQ: 3069.62 (-0.28%)
* Europe: CAC: 3530.83 (-1.33%), DAX: 7054.94 (-1.41%), FTSE: 5891.41 (-1.18%).
* Asia-Pacific: Australia: 4275.00 (-0.37%), China: 2376.84 (-1.40%), Hong Kong: 20888.24 (-1.09%), India: 5274.85 (0.34%), Japan: 10141.99 (0.12%).
* Metals: Gold: 1647.50 (-1.19%), Silver: 31.95 (-3.03%), Copper: 3.83 (-1.85%)
* Energy: Crude Oil: 105.44 (-2.45%), Natural Gas: 2.34 (-0.09%)
* Commodities: Corn: 6.48 (-2.34%), Soya Bean: 13.46 (-1.48%), Wheat: 6.41 (-1.65%)
* Currency: EUR/USD: 1.3228 (-0.0790%), GBP/USD: 1.5865 (-0.1826%), USD/JPY: 83.6870 (0.4073%)
* 10 year US Treasury: 2.381% (0.004)
Market and Economy News Update
U.S. markets tumble: An upbeat report on the U.S. housing market failed to lift the spirits at Wall Street, as concerns about slowing growth in China snapped a three-day rally for the S&P 500 (INDEXSP:.INX). The Dow Jones Industrial Average (INDEXDJX:.DJI) and the NASDAQ (INDEXNASDAQ:.IXIC) were both down over 0.2 percent.
Oil slides after Saudi comments: Oil dropped from three-week high on comments from Saudi Arabia’s oil minister Ali al-Naimi suggesting the world’s largest crude exporter will work to cool rising prices. Light, sweet crude for April delivery fell 2.2% on the New York Mercantile Exchange, while the Brent crude fell $2.11.
Dollar rises: Dollar gained against most major currencies after concern about China’s economic growth outlook saw a spurt in the demand for the currency of the world’s largest economy.
Gold falls: Hampered by the strength in the dollar, gold fell for the first time in four days, as recent data from the U.S. suggests the country is recovering faster than
previously anticipated. Spot gold fell 0.8 percent to $1,647.26 an ounce. Gold futures were fell $20.30 to $1,647 per ounce.
Company News Update
* Bank of America Corp (NYSE:BAC) jumped 2.6 percent after the company said that, contrary to rumors, it won’t issue additional equity in a secondary offering.
* HP (NYSE:HPQ) was down close to a percent after a report said that the tech giant is planning a reorganization of its imaging and printing divisions and intended to place it under its PC-making personal systems group.
* Adobe (NASDAQ:ADBE) slumped 4 percent after it reported fiscal first-quarter profit that missed some estimates.
* Jefferies Group Inc. (NYSE:JEF) climbed 2.5 percent after posting quarterly earnings that topped analyst estimates.
* Walt Disney Co. (NYSE:DIS) dropped 0.4 percent owing to a record loss of $200 million from the box-office disappointment “John Carter”.
* Lions Gate Entertainment Corp (NYSE:LGF) hit a life-time high of $14.78 ahead of the highly anticipated release of the movie, “Hunger Games”.
* Pluristem Therapeutics (NASDAQ:PSTI) soared 7 percent after the company announced positive trial results of its treatment for myocardial infarction.
* The biggest U.S. life insurer owned by policyholders, New York Life Insurance Co., in an attempt to reshape management, is planning to eliminate about 200 jobs nationwide.
* According to data from the research firm Kantar Retail, Wal-Mart Stores Inc. (NYSE:WMT) has seen large scale customer defection to online shopping major Amazon.com Inc. (NASDAQ:AMZN).
Hedge Fund News Update
* Luke Halestrap, has joined BlueCrest Capital, as a portfolio manager on the BlueCrest Capital International fund. Halestrap was one of the founders of the London-based hedge fund firm Northbay Investment Management in 2002, which was later shut down.
* London-based hedge fund manager Met Capital Management is planning to launch an Asia-Pacific focused fund, Met Pacific Fund, which would be a equity
long/short strategy and would try to capitalize on short-term momentum in large-cap stocks following corporate announcements such as earnings statements.
* Commodity hedge fund, Taylor Woods Capital Management, founded by George Taylor, the former Credit Suisse natural gas trader, will close to new investment on March 31 with more than $1 billion in assets.
* Adding to the growing list of hedge funds to shut shop is TIG Global Emerging Markets Fund, the 15-year-old long/short equities hedge fund that had managed assets of about $1.5 billion during its peak in 2008.
* Arcapita Bank BSC, the Bahrain investment house, filed for Chapter 11 bankruptcy protection in the United States, after it was threatened with legal action by Fortelus Capital Management, which holds 6 percent of a $1.1 billion facility which matures on March 28.
* Former JPMorgan vice president, Anuj Sehgal, has launched the Manas Asian Equities Value Fund launched on March 1. The fund will invest across asset classes and will focus on companies in Hong Kong, India, Singapore and Taiwan.
* Passport Capital LLC failed in its attempt to offload the almost 3 percent it holds in Indian commodity bourse Multi-Commodity Exchange (NSE:MCX) has hit a regulatory roadblock after the buyer, Bajaj Holdings & Investment, failed to provide the Forward Markets Commission (FMC) with documentation required for approval of the stake transfer.
* Barton Biggs, the founder of the Traxis Partners LP, said that his net-long position is up to 90 percent now.