British Airways after denying for months it needs additional capital raised £600 million to cover the mounting losses. Miners closed higher after the rise in copper and other base metal prices. In the third year, more shareholders voted against the controversial bonus plan at Cable & Wireless.
Stocks in Australia closed higher as metals and media stocks edged up. The price indexes for exports and imports declined by record amounts since the data have been collected in 1974. Macquarie Countrywide Trust surged 20% after it sold its 75% stake in a portfolio of U.S. properties.
Investors in Hong Kong and Shanghai took optimistic views on the earnings after China estimated second quarter economic expansion at 7.9%. Your-Mart initial public offering in Shenzhen Stock Exchange surged 94% following in the footsteps of two other IPOs last week.
Bank of America Corporation second quarter revenues rose 61% to $32.8 billion and net income fell 25% to $2.42 billion or 33 cents a share. General Electric Company second quarter revenues fell 17% to $39.1 billion and net income fell 49% to $2.7 billion or 24 cents a share.
Stocks in Mumbai surged after the government suggested that it will reform financial services industry to attract more investors in the infrastructure development and insurance industry. Air India will receive $510 million in equity infusion from the government.
Electrocomponents plc first quarter sales fell 17%.
Swedbank AB second quarter net interest income fell 2% to SEK5.2 billion and net loss was SEK2.01 billion or SEK2.61 a share.
Colgate-Palmolive (India) Limited first quarter sales rose 14.8% to Rs.468 crore and net profit rose 43% to Rs.103 crore. Exide Industries Limited first quarter total income fell 0.5% to Rs.903.46 crore and net profit rose 49% to Rs.122.40 crore.
Japanese investors focused on domestic stocks after the prospect global recovery looks dim in the near term. Real estate and retail stocks closed up. Consumer lenders Aiful and Promise dropped on the worries that opposition party DPJ may curb lending practices.
Google Inc second quarter revenues rose 3% to $5.52 billion and net income rose 19% to $1.48 billion or $4.66 a share. International Business Machines Corporation second quarter sales fell 13% to $23.3 billion and net income rose 12% to $3.1 billion or $2.32 a share.
CIT rebounded as the company and its creditors are in advanced stages of discussion to avert bankruptcy filing. A.O. Smith increased after earnings surged. Bank of American earnings declined 25%. Citigroup returned to profitability. General Electric revenues and earnings declined.
Earnings were in world markets as investors digest earnings from banks, technology companies. Nokia and Marriott declined on weak outlook and banks dropped ahead of earnings. CIT plunged 75% as the century old lender failed to gain additional financial support from the U.S.
CIT, the lender to small businesses and retail trade for more than a century is struggling to negotiate debt workout with its major lender after its negotiations with the government agencies failed. The lender may need more than $4 billion to avoid bankruptcy.
JPMorgan Chase & Co second quarter revenues rose 39% to $25.6 billion and net income rose 36% to $2.72 billion or 28 cents a share. Novartis AG second quarter revenues fell 2% to $10.55 billion and net income fell 10% to $2.04 billion or 89 cents a share.
Autonomy Corporation plc second quarter revenues rose 55% to $195.2 million and net profit rose 67% to $50.9 million or 21 cents a share. Mothercare PLC first quarter total sales rose 9.4%.
Bajaj Auto Limited first quarter sales rose 1.6% to Rs.2,259 crore and net profit rose 67% to Rs.293 crore or Rs.20.3 a share. Larsen & Toubro Limited first quarter sales rose 6.7% to Rs.7,362.7 crore and net profit rose 218% to Rs.1,598.2 crore or Rs.26.83 a share.
Casino Guichard Perrachon SA second quarter sales fell 1.9% to 6.82 billion. Remy Cointreau SA first quarter group sales fell 7.5% to 138.6 million.
Kinder Morgan Energy Partners, L.P. second quarter revenues fell 54.3% to $1.6 billion and net income fell 10.6% to $323.8 million or 33 cents a share. Xilinx, Inc first quarter revenues fell 23% to $376.2 million and net income fell 56% to $38 million or 14 cents a share.