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11.10.2012 07:21

Stocks: Wednesday’s review



Asian stocks fell, with the regional benchmark index heading for a one-month low, on concern China’s economic slowdown and its territorial dispute with Japan are weighing on corporate earnings.

Nikkei 225 8,596.23 -173.36 -1.98%

S&P/ASX 200 4,490.7 -14.65 -0.33%

Shanghai Composite 2,117.46 +2.23 +0.11%

Toyota Motor Corp. slipped 2.3 percent, pacing declines among Japanese carmakers that reported a slump in China sales.

Steel & Tube Holdings Ltd. tumbled 8.3 percent in Wellington after iron-ore producer Arrium Ltd. sold its entire 50.3 percent stake in its New Zealand unit at a discount.

Korea Electric Power Corp. sank 3.3 percent after Yonhap News agency said the utility’s chief executive officer forecast a loss.


European stocks declined for a third day as investors speculated that economic fundamentals don’t justify current stock valuations and Alcoa Inc. (AA) cut its forecast for global aluminum demand.

Anheuser-Busch InBev NV slipped 1.2 percent after a report that the U.S. may block its $20 billion takeover of Grupo Modelo SAB. BAE Systems Plc (BA/) fell after abandoning plans to merge with European Aeronautic, Defence & Space Co. Imagination Technologies Group Plc (IMG) lost 9.4 percent as analysts recommended selling the shares.

The Stoxx Europe 600 Index (SXXP) dropped 0.6 percent to 268.71 at the close of trading, the lowest level since Sept. 28.

Alcoa, the largest American aluminum producer, kicked off the U.S. earnings season by cutting its forecast for global consumption of the metal by 1 percentage point on slowing Chinese demand. The company reported third-quarter profit and sales that exceeded estimates.

The International Monetary Fund yesterday cut its global growth forecasts and warned of even slower expansion if European officials don’t address threats to their economies.

National benchmark indexes fell in all 18 western European markets.

FTSE 100 5,787.21 -23.04 -0.40% CAC 40 3,369.79 -12.99 -0.38% DAX 7,212.46 -22.07 -0.31%

AB InBev (ABI) dropped 1.2 percent to 67.31 euros after The Capitol Forum reported that the U.S. Department of Justice may want to block the company’s purchase of Mexico’s Modelo, which brews Corona beer. The department may not approve the deal in its current form, the news service that tracks antitrust events said.

BAE fell 1.4 percent to 320.9 pence after the arms company and EADS confirmed they are no longer pursuing a merger. It had become clear that the interests of the “government stakeholders” could not be adequately reconciled, the two companies said. EADS jumped 5.3 percent to 27.48 euros.

Imagination Technologies tumbled 9.4 percent to 455.5 pence for the biggest decline in the Stoxx 600. Credit Suisse Group AG started coverage of the U.K. chip designer with an underperform rating, similar to a sell recommendation.

Elsewhere, Publicis Groupe SA (PUB), the world’s third-largest advertising company, declined 2.6 percent to 43.16 euros after Exane BNP Paribas said third-quarter revenue growth may miss forecasts as the advertisement market worsened since July.

Capita Plc (CPI) fell 1.8 percent to 727 pence. RBC Capital Markets downgraded the supplier of services for the British army to sector perform, a recommendation similar to hold, from outperform, a rating equivalent to buy.

Bankia SA (BKIA) paced advancing shares, climbing 4 percent to 1.02 euros, the first advance in 13 days. Bankia said it sold 126 million euros of written-off car loans to Norway’s Aktiv Kapital. Since July, the bank has sold 926 million euros of soured loans.

Man Group Plc (EMG) rose 3.8 percent to 93.4 pence, the highest price in five months, after the Daily Mail reported BlackRock Inc. may buy the company. The firm may head a group of bidders in a 140 pence-a-share offer, the Daily Mail reported, without saying where it got the information.

Royal Bank of Scotland Group Plc advanced 2.1 percent to 262.7 pence after agreeing to sell two buildings in Frankfurt and Berlin to Axa Investment Managers SA in the biggest German commercial real estate transaction this year, according to two people with knowledge of the matter.

Lloyds Banking Group Plc (LLOY), the U.K.’s second-biggest government-aided bank, gained 4 percent to 38.48 pence.


Started the session on zero, major U.S. stock indexes were unable to return to positive territory and closed with a significant disadvantage.

The pressure on the index has investors' concerns about reporting season, which unofficially opened yesterday the company Alcoa, which presented its financial results for the third quarter.

As noted earlier, earnings per share and revenue of Alcoa was even better than expected, but as a whole the report was negative.

Not pleased with the market participants as statements of Chevron (CVX), the shares of which as well as Alcoa shares are included in the index DOW. In Chevron said they expect a significant decline in profits in the third quarter compared with the second quarter.

Published data on stocks in warehouses wholesale significant impact on the dynamics of trade did not have. Reserves at the end of August rose 0.5%, expected to grow by 0.4% from a revised value of 0.6% in July (revised from 0.7%).

Also the focus of the market was a published report the Fed "Beige Book"

As a part of most of the components of the index DOW reduced in price. Maximum growth stocks show Wal-Mart Stores Inc. (WMT, +1.86%), which against the annual meeting of the shareholders of the company updated the historical maximum. More than others have dropped in price news Alcoa, (AA, -4.71%) and Chevron (CVX, -4.17%)

All major sectors are in the red zone. Maximum loss is conglomerates sector (-1.2%).

At the close:

Dow 13,345.05 -128.48 -0.95%

Nasdaq 3,051.78 -13.24 -0.43%

S & P 500 1,432.59 -8.89 -0.62%


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