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13.11.2012 08:01

Stocks: Monday’s review



Asian stocks fell, with the regional benchmark index headed for its lowest close in a month, after Japan’s economy shrank at the fastest pace since last year’s earthquake, overshadowing an acceleration in China’s exports.

Nikkei 225 8,676.44 -81.16 -0.93%

S&P/ASX 200 4,448.03 -13.99 -0.31%

Shanghai Composite 2,079.27 +10.21 +0.49%

Yokohama Rubber Co. sank 6.3 percent after posting quarterly earnings that missed analysts’ estimates and as the price of rubber fell to a two-month low following the Japanese data.

QBE Insurance Group Ltd. sank 8.3 percent, the most in 11 months, after Australia’s No. 1 insurer by market value said it will issue debt due to losses from U.S. super storm Sandy.

Li & Fung Ltd., a supplier of clothes and toys to Wal-Mart Stores Inc., climbed 1.3 percent as China’s exports grew at the fastest rate since May.


European stocks fell to a two-week low as euro-area finance ministers met to discuss Greek aid and concern grew that impending U.S. tax increases and spending cuts will harm the world’s biggest economy.

National benchmark indexes fell in 12 of the 18 western- European markets today. France’s CAC 40 dropped 0.4 percent, while Germany’s DAX and the U.K.’s FTSE 100 were little changed.

Greece’s ASE sank 3.6 percent as Alpha Bank tumbled 14 percent to 1.56 euros. National Bank of Greece SA, the nation’s largest lender, lost 14 percent to 1.51 euros.

Plans to give Greece extra time to meet deficit-cutting targets would open up a financing gap of about 15 billion euros through 2014 and 17.6 billion euros in the two following years, the country’s creditors said. The so-called troika of the European Commission, ECB and International Monetary Fund supplied the estimates for tonight’s meeting of euro-area finance ministers in Brussels, according to a document obtained by Bloomberg News.

Telecom Italia climbed 4.2 percent to 72 euro cents. Italy’s former phone monopoly received interest from Sawiris, founder of Orascom Telecom Holding SAE, about an investment “through underwriting of new stock,” the Milan-based company said today. The offer is valued at more than 2 billion euros, said a person familiar with the matter, asking not to be identified because the discussions are confidential.

Banco Popular Espanol SA surged 4.6 percent to 1.17 euros as the Spanish bank said it plans to sell as much as 2.5 billion euros of discounted shares to close a capital shortfall.

After a positive start major U.S. stock indices fell into the red zone, the middle of trading were able to recover and finished the session in flet line.

Against the background of the celebration of Veterans Day today reduced trading activity.

The focus of the market there are two problems: the "budget break" in the U.S. and a possible Greek default.

In the U.S., it has been mentioned that this week should pass a meeting of U.S. President Obama and the leaders of the Republican and Democratic parties.

As for Greece, the Eurogroup summit is taking place today, where finance ministers could reach a preliminary agreement on the allocation of Athens next tranche of financial aid. Media published a draft report "troika" of Greece. Despite the fact that the report argues for an additional 15 billion euros to Athens until the end of 2014 and refers to the "high risk" program exit of Greece from the crisis, also noted "significant growth" performance agreements that countries receive international financial assistance.

Media also reported that the "troika" can give Greece an additional 2 years to reach the goals. This will reduce the impact of painful austerity measures.

DOW index components were mixed. Maximum loss incurred stock Microsoft (MSFT, -2.12%). Shares rose more than other United Technologies (UTX, +1.46%).

The main sectors of the S & P also showed a mixed trend. The maximum decrease in the sector and utilities (-0.8%). Lead the health sector (+0.2%).

American manufacturer of components for the aviation industry Precision Castparts has agreed to buy the company Titanium Metals, owned by billionaire Harold Simmons, for $ 2.9 billion at the news Precision Castparts shares rose by 4.9%, while Titanium Metals went into plus 42.6%.

At the close:

Dow 12,815.16 -0.23 -0.00%

Nasdaq 2,904.26 -0.61 -0.02%

S&P 500 1,380.00 +0.15 +0.01%

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