Market Overview: Feb 19 – Feb 24

Fed's ratUS stock market had a weak week. Consumer Price Index in January jumped 0.2%, which exceeded economists’ estimate of 0.1%, dampening the hope for a near-term rate cut.....

YT Kum, CFA 26.02.2007
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US stock market had a weak week. Consumer Price Index in January jumped 0.2%, which exceeded economists’ estimate of 0.1%, dampening the hope for a near-term rate cut. HSBC announced an unprecedented profit warning, saying that the profit would be reduced by huge non-performing US home loans. The market regarded this rare warning as an alert to the mortgage market in US, leading to weakness in financials such as Countrywide Financial last week. The merger plan of Sirius Satellite Radio and XM Satellite Radio Holdings went under the spotlight, but it failed to boost major indexes. Wal-mart and HP reported better-than-expectation quarterly earnings last week, but HP’s stock price did not ride on the positive result

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About Author

YT Kum, CFA  YT Kum is a consultant for Morningstar, contributing to manager selection and asset allocation activities in Asia, and is responsible for providing investment thought leadership on topics relevent to investors in Asia.  

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