Stocks: Monday's review
Japanese stocks rose from a three- month low as power companies climbed on signs the government may allow atomic reactors to be restarted following the worst nuclear accident in 25 years.
Chubu Electric Power Co., ordered last month to shut operations at its Hamaoka nuclear plant to address safety concerns, surged 7.9 percent.
Kansai Electric Power Co., Japan’s second- largest utility by sales, rising 7.7 percent to 1,420 yen.
Mazda Motor Corp. (7261) jumped 2.1 percent after the automaker said it will return to profit this year and Citigroup Inc. raised its rating to “hold,” citing a recovery in production after Japan’s March earthquake.
Mitsubishi Corp. (8058), the country’s largest commodities trader, dropped 0.8 percent after oil prices fell on a decision by European officials to delay money to help Greece avoid default.
Olympus Corp. (7733), an optical-equipment maker, increased 4.3 percent to 2,787 yen and was the biggest single support for the Nikkei. The company said net income will probably jump to 18 billion yen in the year ending March 31 from 7.38 billion yen a year earlier.
European stocks fell, with the Stoxx Europe 600 Index extending losses into an eighth week, as the region’s governments failed to agree on a payment to spare Greece from default.
Barclays Plc (BARC) dropped 1.8 percent and Lloyds Banking Group Plc (LLOY) fell 2.6 percent as banks accounted for some of the largest losses on the Stoxx 600.
Royal Bank of Scotland Group Plc (RBS) slumped 4.4 percent to 38.5 pence.
Gamesa Corp Tecnologica SA (GAM) dropped 7.1 percent after ING Groep NV recommended selling the shares.
Banca Popolare di Milano Scrl tumbled 7.4 percent to 1.63 euros. Banca Popolare dell’Emilia Romagna Scrl said it’s not planning a combination with Popolare di Milano.
Charter International Plc (CHTR) sank 25 percent to 538.5 pence, for the biggest drop on the Stoxx 600. The industrial-equipment manufacturer fell after forecasting that 2011 profit will miss its previous estimates.
U.S. stocks managed decent gains Monday, even as investors remained cautious about Greece's debt crisis.
Financial stocks JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500) were the biggest laggards, while DuPont (DD, Fortune 500) and Caterpillar (CAT, Fortune 500) led the gains.
Companies: Ford Motor Co. (F, Fortune 500) plans to invest $1 billion to revamp its struggling Lincoln brand, the Wall Street Journal reported Sunday, citing dealers briefed on the plan. Shares of the automaker rose 1.3%.
PNC Financial Services Group (PNC, Fortune 500) said early Monday that it will buy the U.S. retail banking division of Royal Bank of Canada (RY) for $3.45 billion. Shares of PNC were down 2%, while share of Royal Bank edged up 0.2%.
Shares of land driller Nabors Industries (NBR) fell 1.8%, after the company trimmed its second-quarter outlook.
Chinese social networking site Renren (RENN) is slated to report results after the market close. Shares of Renren, which went public last month, rose 8%. The stock has declined 50% from its IPO price.