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03.12.2012 07:40

Stocks: Friday’s review



Asian stocks rose, with the benchmark regional index heading for its second weekly advance, as Japan’s cabinet approved an economic stimulus package and the country’s industrial production unexpectedly increased.

Nikkei 225 9,446.01 +45.13 +0.48%

S&P/ASX 200 4,506.04 +28.31 +0.63%

Shanghai Composite 1,979.41 +15.92 +0.81%

Nissan Motor Co., which gets 79 percent of its sales outside Japan, gained 0.9 percent as the yen dropped to a seven- month low against the euro.

Rio Tinto Group rose 2.8 percent in Sydney as JPMorgan Chase & Co. said the mining company’s plan to cut costs by $5 billion may boost shareholder returns.

Mitsubishi Heavy Industries Ltd. and Hitachi Ltd. rose after agreeing to merge thermal-energy businesses.

European stocks posted their biggest weekly rally of the year as speculation rose that Congress will agree on a U.S. budget that avoids the so-called fiscal cliff and China’s manufacturing expanded.

Obama said at a press conference in Bangkok on Nov. 18 that he is “confident” of striking a deal over a new budget. House Speaker John Boehner, a Republican, said after the close of European trading on Nov. 16 that he held constructive talks with the president and would accept increased government revenue and spending cuts. Congress returns on Nov. 26 after the Thanksgiving recess.

Euro-area factory output contracted less than economists had estimated in November, a Markit Economics report on Nov. 22 showed. The index based on a purchase managers’ survey climbed to 46.2 from 45.4 in October, beating the average economist estimate of 45.6.

In Germany, the Ifo institute said its business climate index, based on a survey of 7,000 executives, increased to 101.4 from 100 in October, the first gain in eight months. Economists predicted a drop to 99.5, according to the median estimate of economists.

National benchmark indexes increased in all of the 18 western European markets this week, except Iceland. The U.K.’s FTSE 100 rose 3.8 percent, France’s CAC 40 added 5.6 percent and Germany’s DAX Index climbed 5.2 percent.

Nokia soared 31 percent, the biggest weekly gain since 1992. The Finnish mobile-phone maker said Nov. 19 it received reports that its Lumia 920 model had sold out in Germany. Danske Bank A/S analyst Ilkka Rauvola advised investors to buy the shares, saying in a note dated Nov. 22 that Nokia will sell 36 million smartphones that use Microsoft Corp.’s Windows software in 2013, higher than an earlier estimate of 23 million.

Alcatel-Lucent jumped 13 percent after people familiar with the matter said Nov. 22 the network equipment vendor is in talks with Goldman Sachs to get a loan to strengthen its balance sheet. Before this week, the company’s shares had declined 35 percent from the beginning of the year to trade near the lowest price since at least 1992.

Swiss Life Holding AG surged 15 percent, the largest increase since March 2009. Analysts estimated before its investor day on Nov. 28 that the life insurer may write down almost half the value of its German broker unit AWD Holding AG.

Fugro NV tumbled 12 percent after the world’s biggest surveyor of deepwater oilfields cut its full-year profit forecast and said Chairman Arnold Steenbakker will step down.

U.S. stocks were little changed, sending the Standard & Poor’s 500 Index to a second straight weekly gain, as investors weighed comments by lawmakers on budget talks.
President Barack Obama warned of “prolonged negotiations” ahead as congressional Republicans dug in on their opposition to his plan to avert the fiscal cliff. House Speaker John Boehner, an Ohio Republican, told reporters in Washington “right now we’re almost nowhere” on talks.
Yesterday, Speaker of the U.S. House John Boehner said that until there is significant progress in these negotiations, chided the Democrats is that they have yet to seriously come to the question of the real cost reductions.
Yesterday Obama gave little specific information on the negotiations, saying that he was in favor of a tax increase, which will increase budget revenues by $ 1.6 trillion, and the reduction of budget expenditures, including in the direction of health care, $ 400 billion There is no information, concessions to the Republicans can go, but the amount of tax revenue increase of $ 1.6 trillion they obviously do not like it.
Published statistics, in turn, was worse than expected. Americans spending unexpectedly fell in October by 0.2%, while revenues remained at the same level. The growth of the Chicago PMI was below economists' forecasts.
DOW index components were mixed. More than the others fell in the share price Microsoft (MSFT, -1.24%). Shares lead Wal-Mart (WMT, +1.68%).
Among the sectors of the S & P also is mixed dynamics. Maximum growth was utilities sector (+0.8%). More than other sector conglomerates decreased (-0.2%).
Shares of biotechnology company Enzon Pharmaceuticals jumped 7.9% to $ 6.98 on news of the payment of a special dividend of $ 2. The record date of December 10.
Shares developer Zynga virtual games fell 6.1% on news that the company has reduced the possibility of promoting your site on Facebook after a review of the contract with the latter. Facebook, in turn, will be able to develop your own game. Quotes of the last auction ended with a 2.5% increase.
At the close:
Dow 13,025.58 +3.76 +0.03%
Nasdaq 3,010.24 -1.79 -0.06%
S & P 500 1,416.18 +0.23 +0.02%

03.12.2012 08:02

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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