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17.01.2013 08:42

Stocks: Wednesday’s review

Asian stocks dropped, with the regional benchmark index heading for its biggest loss since November, amid signs markets are overbought. The Nikkei 225 Stock Average slid by the most in eight months, while Chinese shares fell for the first time in three days.

Nikkei 225 10,600.44 -278.64 -2.56%

Hang Seng 23,356.99 -24.52 -0.10%

S&P/ASX 200 4,738.44 +21.89 +0.46%

Shanghai Composite 2,309.5 -16.18 -0.70%

Honda Motor Co., an automaker that gets 81 percent of its sales overseas, sank 3 percent in Tokyo as a stronger yen dimmed the outlook for exporters.

GS Yuasa Corp., a supplier of lithium batteries to Boeing Co., slumped 4.5 percent after All Nippon Airways Co. grounded its fleet of Boeing Dreamliners.

Industrial & Commercial Bank Ltd., the world’s No. 1 lender, fell 1.2 percent in Hong Kong after Premier Wen Jiabao said China should “gradually” establish a property tax system.

European stocks were little changed, erasing an earlier retreat for the region’s benchmark Stoxx Europe 600 Index, as U.S. industrial production climbed and Goldman Sachs Group Inc.’s earnings topped estimates.

TUI Travel Plc (TT/) gained 3.9 percent after Europe’s largest tour operator said it received an approach from its German majority owner. Anglo American Plc (AAL) dropped 3.1 percent as the African National Congress said South Africa’s government should withdraw the company’s platinum licenses. Societe Generale SA (GLE) lost 2.8 percent as CA Cheuvreux downgraded the French lender.

The Stoxx 600 rose less than 0.1 percent to 286.03 at the close of trading, after earlier falling as much as 0.4 percent.

FTSE 100 6,103.98 -13.33 -0.22% CAC 40 3,708.49 +11.14 +0.30% DAX 7,691.13 +15.22 +0.20%

Economic data today showed U.S. industrial production climbed 0.3 percent in December, for a second month of gains, as demand picked up for capital equipment. That matched the median forecast, after a revised 1 percent November gain, the Federal Reserve report showed.

Confidence among U.S. homebuilders held at the highest level in more than six years in January, adding to evidence that residential real estate will help spur economic growth. The National Association of Home Builders/Wells Fargo index remained at 47.

Stocks fell earlier as the World Bank cut its global growth forecast for this year to 2.4 percent as austerity measures, high unemployment and low business confidence weigh on economies in developed nations. That’s down from a June forecast of 3 percent, after growth of 2.3 percent in 2012.

TUI Travel rallied 3.9 percent to 292.5 pence after the company said its in early stage talks with TUI AG (TUI1) that “may or may not result in a combination of the two companies.” Shares of TUI AG surged 8.8 percent to 8.05 euros in Frankfurt.

Anglo American, the world’s largest platinum producer, dropped 3.1 percent to 1,901 pence after the ANC called on the South African government to withdraw mining licenses from Anglo’s Amplats unit.

Lonmin Plc (LMI), the third-largest platinum producer, tumbled 5.7 percent to 326.3 pence.

KappAhl AB (KAHL) jumped 17 percent to 5.10 kronor after Sweden’s second-biggest publicly traded clothing retailer reported first- quarter net profit of 115 million kronor ($17.7 million), exceeding analyst estimates of 70.4 million kronor. Sales also topped forecasts.

Societe Generale slid 2.8 percent to 32.54 euros, a second day of losses. Cheuvreux downgraded the French bank to underperform, the equivalent of sell, from outperform.

Major U.S. stock indexes were unable to determine the direction of movement, and ended the session mixed.

Today, market participants have a lot of important messages, some of which were positive (data on industrial production in the U.S., quarterly reports of the financial sector), some were quite negative (new problems with the aircraft at Boeing, reduced economic growth forecast by the World Bank). Oversupply of news does not allow the index of the specified direction, market participants continue to assess the information received.

Note that the publication of the report the Fed "Beige Book," which was prepared for the next meeting of the Federal Open Market Committee, greatly influenced the trading was not there.

The focus of the market has the publication of quarterly reports. Today, after the markets closed publish their data company eBay (EBAY), which owns the eponymous online auction. Tomorrow before the auction will publish their reports Bank of America (BAC) and Citigroup (C), and UnitedHealth (UNH).

DOW index components traded mixed. Currently, the shares are news leader Hewlett-Packard (HPQ, +4.05%). Maximum loss carry stock Boeing (BA, -3.51%), pressure that have reported problems with the 787 series.

All sectors of the index S & P, except technological (+0,1%), bear the losses. Support the technology sector has a recovery stock Apple Inc (AAPL), which returned above $ 500 and is currently showing an increase of more than 4%. More than other sectors of manufactured goods decreased (-0.7%), which includes shares of Boeing (BA).

At the close:

Dow -23.66 13,511.23 -0.17%

Nasdaq +6.76 3,117.54 +0.22%

S & P +0.29 1,472.63 +0.02%

17.01.2013 09:00

Forex: Wednesday’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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