The BSE Auto Index fell 1.4 percent and was the top sectoral loser, with stocks like Hero Honda and Tata Motors slipping.
A fairly unheralded 44-year-old Chinese-American hedge fund manager, with a strong background as a human rights activist, has become a leading candidate to replace Warren Buffett, should he retire as founder and CEO of the $100-billion Berkshire Hathaway fund, according to the Wall Street Journal.
Check out the latest batch of quarterly earnings to parse in the consumer world.
Fortune Brands and Newell Rubbermaid both posted a stronger-than-expected quarterly profit and raised their full-year forecasts despite talk of “headwinds” in the second half of the year by the former and a “lackluster economy” by the latter.
News and views on the asset management industry from Reuters and elsewhere:
Madoff trustee sues family entities – Reuters
Eurozone managers rocked by crisis, says S&P – Fund Strategy
As if RAB Special Situations’ woes weren’t enough already (investing in Northern Rock before its collapse, putting a high percentage into illiquid assets, 70 percent loss in 2008, locking up investors), the company told me yesterday of more bad news.
News and views on the funds industry from Reuters and elsewhere:
SLI makes Japan debut – Reuters
Short the banks – Reuters
Are the replicants shining brightly? – ETF Database