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25.10.2012 06:42

Stocks: Wednesday’s review



Asian stocks dropped, with the regional benchmark index heading for its fourth straight loss, as the global economic slowdown crimps corporate earnings and after commodities erased this year’s gains.

Nikkei 225 8,954.3 -59.95 -0.67%

S&P/ASX 200 4,505.8 -37.27 -0.82%

Shanghai Composite 2,113.26 -1.19 -0.06%

BHP Billiton Ltd., the world’s largest mining company, declined 1.4 percent in Sydney.

Kawasaki Heavy Industries Ltd. sank 5.7 percent Tokyo after the gas-turbine maker said first- half earnings missed its forecasts.

Esprit Holdings Ltd. slumped 11 percent as the clothier resumed trading in Hong Kong after saying first-quarter sales plummeted and it plans to raise HK$5.2 billion ($671 million) in a rights offer.


European stocks advanced, after yesterday tumbling the most in four weeks, as technology companies rallied, outweighing worsening economic data from the euro area.

SAP AG (SAP) gained 4.2 percent after the world’s biggest maker of business-management software raised its full-year revenue target as license sales beat estimates. STMicroelectronics NV (STM) climbed 4.2 percent on plans to cut costs. Volvo AB and Nordea Bank AB (NDA) retreated more than 1.5 percent after the companies reported third-quarter earnings that missed projections.

The Stoxx Europe 600 Index (SXXP) rose 0.4 percent to 269.52 at the close in London, after earlier falling as much as 0.4 percent.

Stocks slid earlier as separate reports showed euro-area services and manufacturing output have contracted more than economists had forecast, while German business confidence unexpectedly declined.

In Munich, the Ifo institute said its business-climate index, based on a survey of 7,000 executives, dropped to 100 from 101.4 in September. That’s the sixth straight decline and the lowest reading since February 2010. Economists had predicted an increase to 101.6.

National benchmark indexes climbed in 15 of the 18 western- European markets.

FTSE 100 5,804.78 +6.87 +0.12% CAC 40 3,426.49 +19.99 +0.59% DAX 7,192.85 +19.16 +0.27%

Stocks also advanced today after a report in China showed a measure of manufacturing in the world’s second-largest economy rose for October. The preliminary reading of a purchasing managers’ index from HSBC Holdings Plc and Markit increased to 49.1. The final level in September was 47.9.

SAP rallied 4.2 percent to 55.07 euros after the company said sales of new licenses, an indicator of future revenue, increased 12 percent to 1.03 billion euros ($1.3 billion), excluding currency swings. That exceeded the average analyst estimate of 980 million euros. The company also forecast that growth in software and related services sales, based on non-IFRS accounting rules, will reach the upper end of a range of 10.5 percent to 12.5 percent this year, because of contributions from Ariba Inc. and

STMicroelectronics gained 4.2 percent to 4.85 euros after Europe’s largest chipmaker said it will cut costs by $150 million a year by the end of 2013 and will temporarily close plants. The company forecast that fourth-quarter revenue may fall as much as 5 percent amid weakening demand in Europe.

ASML Holding NV (ASML), Europe’s largest semiconductor-equipment supplier, advanced 2.7 percent to 41.58 euros. ARM Holdings Plc (ARM) climbed 5.6 percent to 675.5 pence, extending yesterday’s 7.7 percent rally.

Volkswagen AG climbed 3.1 percent to 151 euros after Europe’s largest carmaker reported earnings that met analysts’ estimates and sales that increased. Operating profit fell 19 percent in the third quarter to 2.34 billion euros, in line with the 2.39 billion-euro average analyst estimate. Sales rose 27 percent to 48.8 billion euros.

Reckitt Benckiser Group Plc (RB/) gained 3.7 percent to 3,768 pence, the highest price since at least 1988, after the maker of Nurofen reported revenue that beat estimates.

Telenor ASA (TEL) jumped 6.1 percent to 110.70 kroner after Norway’s largest phone operator reported a 41 percent surge in third-quarter net income to 3.65 billion kroner ($634 million) helped by increasing sales in markets such as Thailand and Malaysia. Analysts had predicted profit of 3.4 billion kroner, the average of estimates compiled by Bloomberg. Sales advanced 2.5 percent to 25.3 billion kroner.

PSA Peugeot Citroen dropped 4.6 percent to 5.56 euros after the French government guaranteed as much as 7 billion euros of new bonds for Europe’s second-largest carmaker in exchange for greater influence over its strategy.

Growth indexes started the session, but failed to keep the levels achieved, and finished the session below zero.

Support indices had no published data on home sales in the primary market, which were slightly better than expected (389 vs. 386 thousand thousand).

After announcement of the outcome of the meeting of the Committee on the Federal Open Market optimism among investors has decreased, causing a decrease in the major U.S. stock indexes.

As expected, the Federal Reserve's meeting itself did not bring anything new, and was voiced readiness to continue to hold non-standard measures to stimulate the economy.

DOW index components exhibit predominantly negative dynamics. More than others in the share price fell Cisco Systems (CSCO, -3.50%). Shares have risen above the rest United Technologies Corp. (UTX, +1,12%), JP Morgan Chase & Co (JP, +0,90) and Procter & Gamble (PG, +0.87%).

Most of the sectors are in the red. More rest down the service sector (-0.5%). Significantly above the rest is the sector conglomerates (0.7%). Zero growth shows the financial sector.

At the close:

Dow -25.11 13,077.42 -0.19%

Nasdaq -8.76 2,981.70 -0.29%

S & P -4.35 1,408.76 -0.31%

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