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23.08.2011 07:01

STOCKS: Monday's review

Majors close
Nikkei 225 -91.11 -1.04% 8,628.13
FTSE 100 +54.54     +1.08%     5,095.30
CAC 40     +34.37     +1.14%     3,051.36
DAX     -6.22     -0.11%     5,473.78
Dow     +37.00     +0.34% 10,854.65
Nasdaq     +3.54     +0.15% 2,345.38
S&P 500 +0.29     +0.03% 1,123.82
10 Year Yield     2.09%     +0.02     --
Commodities Oil     $84.30     +0.18     +0.21%
Gold     $1,894.70     +2.80     +0.15%

The Nikkei 225 (NKY) Stock Average slipped 1%, erasing earlier gains. The exporter-heavy index advanced briefly after Japanese Finance Minister Yoshihiko Noda said today he’s prepared to take decisive steps to curb the yen’s appreciation after it rose last week to a post-World War II high against the dollar.
Exporters slid on concern global economic growth is slowing.
Toyota Motor Corp. dropped 2.5%.
Fanuc Corp. fell 4.1%.
Hino Motors Ltd. slumped 4.8% after Deutsche Bank AG. cut its investment rating on the truckmaker.
The Topix slipped 1.2%, falling to the lowest since March 2009. The gauge lost 12% this month amid concern that U.S. growth is sputtering and Europe’s debt crisis will damage the banking system, damping demand in two of Japan’s biggest export markets.

European stocks rebounded from a two-year low amid speculation the Federal Reserve may this week signal additional stimulus measures and as prospects for an end to the war in Libya boosted energy companies.
Eni SpA (ENI) and Petrofac Ltd. (PFC) led a rally in oil companies, both rising more than 3%.
Petropavlovsk Plc (POG) jumped 6.2% as Citigroup Inc. upgraded the gold producer and the precious metal advanced to an all-time high.
Jyske Bank A/S dropped 7.6% as earnings missed estimates.
The benchmark Stoxx Europe 600 Index rose 0.8% to 224.9, having earlier lost the same amount. The gauge retreated 6.1% last week, extending its decline from this year’s high to 23%.
Gains in European stocks were limited as German Chancellor Angela Merkel resisted calls for common euro-area borrowing. Speaking in an interview with ZDF television from the chancellery in Berlin yesterday, she said bringing in euro bonds at this time would further undermine economic stability.

U.S. stocks rose modestly Monday as investors grappled with an uncertain economic outlook ahead of a key speech by Fed chairman Ben Bernanke.
Hewlett-Packard (HPQ, Fortune 500) was the strongest performer on the Dow, with shares rising over 3.5%. HP's stock plunged 20% on Friday amid concerns about the company's turnaround plan.
Shares of big financial institutions were among the biggest decliners. Bank of America (BAC, Fortune 500) sank 7%, near its 52-week low, and JPMorgan (JPM, Fortune 500) slid 2.3%.
Investors are also looking ahead to Friday, when Bernanke will give his keynote speech.
At last year's annual meeting, the Fed chief prepared the market for QE2, a bond-buying program that is widely credited for supporting stocks earlier this year.
Meanwhile, shares of oil companies Exxon (XOM, Fortune 500) and Chevron (CVX, Fortune 500) were in focus as rebel forces swept the Libyan capital of Tripoli, poised to topple Moammar Gadhafi's 42-year rule following six months of civil war.
On Friday, U.S. stocks capped a difficult week, with the S&P 500 posting its biggest four-week drop since March 2009. The Dow, S&P 500 and Nasdaq fell between 4% and 6% last week.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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