1 to buy back the 34% of Nationwide Financial Services Inc.(NYSE: NFS) that it doesn't currently own.
Investors once again brushed aside dismal economic data. According to Conference Board, consumer confidence plunged to a record low of 38 from a downwardly revised 44.7 in November. Economists on an average had projected a December reading of 45.5.
Separately, S&P/Case-Shiller said on Monday that the prices of homes in 20 major cities in the U.S. declined at the fastest pace due to rising number of foreclosures and declining sales of homes. S&P/Case-Shiller home-price indexes, a closely watched gauge of U.S. home prices, skidded 18% from a year earlier.
Meanwhile, a release by the Institute for Supply Management-Chicago showed its business index rose marginally to 34.1 in December from a 26-year low of 33.8 in November. Economists had expected Chicago PMI to drop to 33.0.
The International Council of Shopping Centers (ICSC) said on Tuesday that the 2008 holiday season was the weakest since at least 1970.In their weekly summary of chain store sales, ISCS and Goldman Sachs, reported that sales fell 1.8 percent in the week ending December 27, 2008, compared to one year ago.
Wall Street Journal reported on Tuesday that U.S. banks and savings institutions are heading for their first overall quarterly loss since 1990.
The world’s largest gas company OAO Gazprom (UK:OGZD) announced on Tuesday that its net profit for the six months ended June 30 rose 83% to 573.8 billion rubles ($19.4 billion) from 313.2 billion rubles. Net sales grew 52% to 1.74 trillion rubles.
According to Japanese daily Sankei Shimbun, government and central bank of world's second largest economy are mulling a $110 billion scheme to buy bad assets from banks.
European stocks advanced. The U.K. FTSE rose 73.33 points or 1.70% to 4,392.68. The German DAX and French CAC increased 2.24% and 2.78% respectively.
Asian stocks settled mixed. The Nikkei 225 advanced 112.39 points or 1.28% to close at 8,859.56. Hong Kong's Hang Seng Index fell 92.98 points or 0.65% to 14,235.50.
NYMEX crude oil for February delivery declined 84 cents, or 2.1%, to settle at $39.18 a barrel.
Disclosure: Author does not own any of the stocks discussed here.
