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24.09.2012 06:42

Stocks: Friday’s review



Asian stocks rose, paring the regional benchmark index’s first weekly decline in three weeks, as Apple Inc.’s iPhone 5 debut boosted information technology shares and energy companies advanced on higher crude prices.

Nikkei 225 9,110 +23.02 +0.25%

S&P/ASX 200 4,408.3 +11.07 +0.25%

Shanghai Composite 2,026.69 +1.85 +0.09%

Samsung Electronics Co., a smartphone maker that gets 9 percent of its sales from Apple, gained 1.2 percent in Seoul as the new iPhone went on sale.

Inpex Corp., Japan’s No.1 energy explorer, advanced 2 percent as crude oil rebounded from a 7.2 percent drop in the past four days.

GrainCorp Ltd. rose 1.2 percent as JPMorgan Chase & Co. advised buying shares of eastern Australia’s largest grain handler.


European stocks rose to a one-week high after a report said that policy makers will next week unveil an economic reform program for Spain that will allow the country to seek a bailout.

Spanish Economy Minister Luis de Guindos is in talks with European Commission authorities to facilitate a new bailout program that will be presented Sept. 27, the Financial Times reported, citing unidentified officials involved in the discussions. The plan will focus on structural measures sought by the EU and not on new taxes or spending cuts, the FT said.

The yield on Spain’s 10-year bonds fell two basis points this week to 5.76 percent. It rose above the 6 percent mark in intraday trading earlier in the week.

National benchmark indexes advanced in 13 of the 18 western-European markets. Germany’s DAX gained 0.8 percent, France’s CAC 40 added 0.6 percent and the U.K.’s FTSE 100 was little changed.

Novo Nordisk climbed 1.3 percent to 917 kroner after UBS raised the rating on the shares to buy from neutral.

Devgen NV soared 69 percent to 15.89 euros, the biggest rally since it sold shares to the public in June 2005, after Syngenta AG offered to buy the company for 16 euros per share. That’s a 70 percent-premium to yesterday’s closing price of 9.43 euros.

Mediobanca SpA, Italy’s biggest publicly traded investment bank, gained 3.3 percent to 4.21 euros after UBS AG raised its share-price target to 4.1 euros from 3.5 euros and kept a neutral rating.

Major U.S. stock indexes could not hold scored on the opening.

Indexes rose in early trading amid reports that Spain was discussing a new plan to overcome the crisis and unlimited bond buying by the ECB in the negotiations with the European Union. Reported by the publication Financial Times.

It is expected that the plan will be announced on September 27 and will focus on structural reforms in the economy of Spain, at the request of the EU, not the new taxes and spending cuts.

However, later the deputy prime minister has denied the information which part: for example, Spain has no plans to freeze pensions, as stated in the source. In addition, German Finance Minister Wolfgang Schaeuble said that Spain does not need financial assistance to support in excess of the approved amount of its banks, as it is to the return of investor confidence.

Of the indices in the green could only stay Nasdaq, sponsored by the stock Apple Inc (AAPL, +0.20%). In turn, support the shares of AAPL has started selling iPhone 5.

In the composition of the index DOW components were mixed. Maximum loss suffered shares The Coca-Cola Company (KO, -1,58%).

Also showed mixed trends and key economic sectors. Sector showed the largest drop conglomerates (-0.6%). The leader is the health sector (+0.5%).

Biopharmaceutical company Vivus have fallen by 11.5%, after its representatives said that the European regulatory authorities may approve a new drug for the treatment of obesity.

Research in Motion fell 6.6%. According to the Vodafone Group, some BlackBerry users in Europe, the Middle East and Africa have lost access to email and the Internet, but the problem has been corrected.

24.09.2012 07:04

Forex: Friday’s review

Market Focus

  • U.S.: Industrial Production (MoM), September 0.1% (forecast 0.2%)
  • Britain can't get full single market access with free movement concessions - Merkel
  • Earnings Season in U.S.. Major Reports of the Week
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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