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01.11.2012 08:00

Stocks: Wednesday’s review

 

 

Asian stocks rose, with the regional benchmark index heading for its first advance in four days and paring its loss for the month, after U.S. home prices increased and South Korea’s industrial production expanded.

Nikkei 225 8,928.29 +86.31 +0.98%

S&P/ASX 200 4,517 +31.31 +0.70%

Shanghai Composite 2,068.88 +6.53 +0.32%

Canon Inc., a Japanese camera maker that gets 27 percent of its sales in the Americas, gained 1.5 percent.

Fuji Heavy Industries Ltd. surged 6.7 percent after the maker of Subaru cars raised its profit forecast.

Industrial & Commercial Bank of China Ltd. paced gains among mainland lenders listed in Hong Kong after earnings at the world’s largest bank by market value beat analyst estimates.


European stocks fell, paring the Stoxx Europe 600 Index’s fifth straight monthly gain, as ArcelorMittal and BG Group Plc reported disappointing results and euro-area governments pressured Greece to increase spending cuts in return for aid.

Euro-area governments pressed Greece to make deeper spending cuts to keep aid flowing. With Greece pleading for a 31 billion-euro ($40 billion) aid payout in November and facing a sixth year of recession in 2013, euro finance ministers said unfreezing loans for the country required more efforts in Athens to rein in the budget deficit and deregulate the economy.

National benchmark indexes fell in 15 of the 18 western- European markets. The U.K.’s FTSE 100 lost 1.2 percent, France’s CAC 40 slid 0.9 percent and Germany’s DAX slipped 0.3 percent.

ArcelorMittal lost 6.4 percent to 11.43 euros after it said earnings before interest, taxes, depreciation and amortization dropped 44 percent to $1.34 billion, in line with the median analyst estimate of $1.3 billion. The steelmaker also cut its 2013 dividend to save $1 billion as slowing Asian demand drags down prices and it attempts to cut debt. Next year’s payout will drop to 20 cents a share from the 75 cents planned for 2012.

Air France jumped 8.4 percent to 6.45 euros. Europe’s largest airline reported a 27 percent increase in third-quarter operating profit to 506 million euros as job cuts and improved summer traffic offset higher fuel costs. Analysts had predicted earnings of 434 million euros, based on the average of nine estimates.

Lufthansa rose 7.3 percent to 11.79 euros after Europe’s second-biggest airline posted a 6.2 percent increase in third- quarter operating profit to 648 million euros as a cost-savings program helped boost earnings. Analysts had estimated earnings of 522 million euros, based on nine estimates.

Fiat Industrial SpA climbed 3 percent to 8.36 euros. The truck and tractor manufacturer raised its 2012 sales target after reporting a 19 percent increase in third-quarter earnings before interest, taxes and one-time gains to 575 million euros. That beat the 505 million-euro average analyst estimate, amid higher demand for CNH farm equipment.


Started the session mostly in positive territory, the major U.S. stock indexes later retreated.

The pressure on the index has increased worries about the situation in Europe. Indices declined after Germany's finance minister expressed doubts that Greece will be able to decide on the issuance of the next tranche of financial aid to 12 November.

Today was the budget for Greece in 2013, which laid the weaker outlook for key indicators than previously expected. In particular, in 2013, GDP is expected to contract by 4.5% against the previous forecast of 3.8%. The budget deficit is laid at the level of 5.2% of GDP against 4.2% previously voiced. It is expected that the level of government debt in the next year will leave 189.1% of GDP versus previous expectations on the level of 179.3%.

Against the background of these targets Athens will be very difficult to get the next tranche from international lenders.

Negative impact on the major U.S. stock indexes also had not met expectations data on the index of purchasing managers in Chicago, which at the end of October was at 49.9 vs. 51.5 and 49.7 values ​​for September, the second consecutive month, remaining below 50 points.

Most of the components of the index DOW dropped in price. More than others in the share price fell Walt Disney Co. (DIS, -2.16%), which at the beginning of today's session were among the leaders. Apparently, buying a studio Lucasfilm, as has been announced today, from the point of view of investors is rather risky idea. Rose above the rest of the shares trading network The Home Depot, Inc. (HD, +2.51%), which is the largest in the world for the sale of tools for repairing and building materials. Market participants expect sales growth amid HD eliminate the effects of the hurricane "Sandy."

Main sectors show a mixed trend. More than the others dropped the health sector (-0.8%). Above the rest is the sector of industrial goods (+0.9%).

Automaker General Motors jumped 9.6% after it reported a quarterly profit was well above analysts' forecasts. In the third quarter, net income decreased from $ 2.1 billion a year earlier to $ 1.83 billion, excluding one-time items, were 93 cents per share, on average Wall Street forecast of 60 cents.

Another automaker Ford Motor advanced 7.5% - Net income in the third quarter was $ 1.63 billion, or 41 cents a share, compared with $ 1.65 billion, or 41 cents a share, a year earlier, and net of certain items to 40 cents per share, versus the median estimate of 30 cents per share.

Giant tech sector Apple retreated 1.6% on news of a major reshuffle in the company - CEO Tim Cook decided to dismiss the two heads of key departments.

At the close:

Dow 13,096.39 -10.82 -0.08%

Nasdaq 2,977.23 -10.72 -0.36%

S&P 500 1,412.15 +0.21 +0.01%

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