Indexes slip as HSBC, New Century warn on bad loans
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U.S. stocks fell on Thursday as warnings of losses stemming from bad home loans by two of the top three U.S. subprime mortgage lenders hurt shares of home loan companies and banks like Citigroup Inc.
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Shares of HSBC Holdings  fell more than 2 percent in Hong Kong on Thursday, after the British lender announced a larger-than-expected 2006 bad debt charge.
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Investment bank HSBC has revised   downward its forecast for 2007 economic growth and cautioned   that the risk of an outright recession is growing as a retreat   in housing threatens household balance sheets.
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The meltdown among U.S. subprime mortgage lenders broadened on Tuesday, as shares of Accredited Home Lenders Holding Co. lost two-thirds of their value and New Century Financial Corp. sank, with investors fearing both would run out of cash.
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Brokerage announces weaker-than-expected results dragged lower by a writedown in the value of some of its assets.
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New Century Financial Corp.   shares fell 17.1 percent to an eight-year low on Friday after  analysts said the largest independent U.S. subprime mortgage  lender, which faces a criminal probe and has stopped making new  loans, may soon seek bankruptcy protection.
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Stocks looked set to follow European  and Asian markets lower on Wednesday after a British lender  took a write-down and an arm of KKR private equity group said  it had to delay debt repayments, sparking new worries for  financial shares.
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Shares of US mortgage lender New Century are suspended amid fears it may be close to bankruptcy.
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Asian and European stocks fell on Monday while sterling hit a one-year low as concerns over financing for banks grew after UK mortgage lender Northern Rock  tapped the Bank of England for an emergency loan last week.
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Stocks halved their gains on Thursday as market rumors that subprime mortgage lender New Century Financial Corp.  may file for bankruptcy revived some of the risk aversion that sent global equities tumbling last week.
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Shares of Wall Street's investment banks slipped at the opening bell Monday ahead of the brokerages' third-quarter earnings reports, as a J.P. Morgan Securities analyst said investors might be more comfortable if they reported lower profits.
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S&P 500 and Dow Jones industrial futures slipped on Friday as worries about the impact of the credit squeeze on financial services companies tempered optimism about Google Inc's  solid profit.
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HSBC Holdings PLC, one of the world's largest banks, said Tuesday that its underlying revenue growth slowed in the third quarter on a weaker performance in investment banking and an increase in bad loans.
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U.S. and European banks including Citigroup Inc  and HSBC Holdings PLC  are considering selling off parts of their businesses as they prepare for tough times ahead, the Wall Street Journal reported.
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NEW YORK, Aug. 30 -- The Dow Jones industrial average slipped Thursday as investors looked past an upbeat report on the economy and instead focused on data showing weakness in a crucial corner of the corporate-lending market.
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U.S. stocks took a beating yesterday largely because poor earnings from one of the nation's largest mortgage lenders renewed concerns about whether the housing downturn could damage the broader economy.
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Tighter lending and higher rates push market closer to the biggest crash since the early 1990s