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31.10.2011 08:03

Stocks: Weekly’s review

Asian stocks rose as the fastest U.S. economic growth in a year and Europe’s debt deal boosted the outlook for exporters. U.S. economy grew in the third quarter at the fastest pace in a year as gains in consumer spending and business investment helped support a recovery that had been on the brink of faltering. Household purchases, the biggest part of the economy, rose at a 2.4 percent pace, beating estimates. Global stocks rallied yesterday after European leaders talked bondholders into accepting 50 percent writedowns on Greek debt and boosted their rescue fund’s capacity to 1 trillion euros ($1.4 trillion) in a crisis-fighting package intended to shield the euro area.

Nikkei 225 9,050 +123.93 +1.39%, Hang Seng 20,019  +330.54 +1.68%, S&P/ASX 200 4,353 +5.09 +0.12%, Shanghai Composite 2,473   +37.80 +1.55%

Asian exporters advanced. Honda Motor Co., Japan’s second-largest carmaker by market value that gets 83 percent of its revenue abroad, rose 4.4 percent after U.S. household purchases beat estimates. Samsung Electronics Co., South Korea’s biggest exporter of consumer electronics, rose 2.3 percent to 945,000 won. Li & Fung Ltd., a supplier of toys and clothes to Wal-Mart Stores Inc., jumped 5.4 percent to HK$15.56. Nintendo Co., Japan’s maker of video-game players that gets 39 percent of its sales in the Americas, jumped 6 percent to 11,780 yen.
Banks rose. HSBC Holdings Plc, Europe’s biggest lender, advanced 4.2 percent as Europe’s announcements eased concerns about the global financial system. Sumitomo Mitsui Financial Group Inc., Japan’s second-biggest lender, added 0.9 percent to 2,253 yen.
Industrial & Commercial Bank of China Ltd., the world’s biggest lender by market value, rose 2 percent to HK$5.02 after saying third-quarter profit climbed 28 percent. China Construction Bank Corp., the nation’s second-largest lender that reports earnings today, gained 3 percent to HK$5.85.
Mining companies advanced after copper in London jumped as much as 1.7 percent to $8,280 a metric ton. Three-month copper on the London Metal Exchange has increased about 14 percent this week. BHP Billiton Ltd., Australia’s No. 1 mining company, added 0.9 percent to A$38.69. Jiangxi Copper Co., China’s No. 1 producer of the metal by market value, increased 1.4 percent after metal prices gained.
American depositary receipts of Baidu Inc., China’s biggest Internet company by market value, soared 11 percent to $150 in Singapore after saying third-quarter profit rose 80 percent, beating analysts’ estimates, as revenue from search-engine advertising surged.

European stocks declined from a 12- week high as investors waited to discover how the euro area plans to fund its enlarged bailout facility. In the U.S., a report showed that consumer confidence unexpectedly rose in October from September. The Thomson Reuters/University of Michigan final index of consumer sentiment climbed to 60.9 from 59.4 the previous month. The preliminary reading for the month was 57.5.

National benchmark indexes declined in 13 of the 17 western-European markets that were open today. The U.K.’s FTSE 100 Index slipped 0.2 percent and France’s CAC 40 Index retreated 0.6 percent. Germany’s DAX Index gained 0.1 percent.

Petroleum Geo-Services fell 14 percent to 61.25 kroner, after reporting third-quarter net income of $13.5 million, compared with a loss of $40.4 million a year earlier. That missed the $32.6 million average of analysts’ estimates compiled by Bloomberg.

Wacker Chemie sank 9.8 percent to 76 euros. The Munich- based chemicals company reported third-quarter sales that trailed analysts’ estimates and forecast lower revenue in the fourth quarter.

YIT Oyj, Finland’s biggest builder, plunged 12 percent to 12.45 euros after posting third-quarter net income of 18.6 million euros. That missed the 38.1 million-euro mean estimate of eight analysts surveyed by Bloomberg.

Renault jumped 4.5 percent to 31.67 euros. The carmaker said revenue increased to 9.75 billion euros from 8.71 billion euros a year earlier. That beat the 9.63 billion-euro average of four analyst estimates compiled by Bloomberg. Societe Generale SA upgraded its stance on the shares to “buy” from “hold.”

Electrolux AB rallied 6.8 percent to 126.50 kronor. The Swedish maker of household appliances said third-quarter net income fell to 826 million kronor ($130 million) from 1.38 billion kronor a year earlier. Sales dropped to 25.65 billion kronor from 26.33 billion kronor. Both profit and sales exceeded analysts’ estimates in a Bloomberg survey.

SSAB AB surged 7.4 percent to 67.50 kronor after posting third-quarter net income and sales that topped estimates. The stock has rallied 28 percent this week, its largest advance since 1992.

Most U.S. stocks fell as data on consumer confidence and spending failed to boost equities a day after European leaders expanded the region’s bailout plan. Stocks rose yesterday as European leaders agreed to expand a bailout fund and U.S. economic growth accelerated. German Chancellor Angela Merkel said that the debt crisis won’t be over “in a year.” Italy’s borrowing costs rose to a euro-era record at a sale of three-year bonds, driving yields higher amid concern that efforts to contain the sovereign crisis won’t be enough to safeguard the region’s third-largest economy. Fitch Ratings said part of the plan to contain debt turmoil amounts to a Greek default. European leaders may struggle to maintain the euphoria that drove the euro to its biggest one-day gain in more than a year as scrutiny deepens on their latest attempt to stem the region’s turmoil.
Consumer confidence unexpectedly rose in October from the previous month, indicating the biggest part of the economy will help keep the U.S. recovery intact. The Thomson Reuters/University of Michigan final index of consumer sentiment climbed to 60.9 from 59.4 in September. The preliminary reading for the month was 57.5. A separate report showed that consumer spending in the U.S. accelerated in September. Still, incomes rose less than projected, sending the savings rate down to the lowest level in almost four years.
Dow 12,231.11 +22.56 +0.18%, Nasdaq 2,737.15 -1.48 -0.05%, S&P 500 1,285.09 +0.50 +0.04%
Hewlett-Packard Co. (HPQ) rallied 3.5 percent, the most in the Dow, to $27.94. Chief Executive Officer Meg Whitman is backing away from a spinoff proposal made by former CEO Leo Apotheker, who raised the idea in August as part of a sweeping overhaul. Moody’s Investors Service placed the company’s credit ratings on review for possible downgrade.
Whirlpool Corp., the world’s largest maker of household appliances, slumped 14 percent after saying it will cut more than 5,000 jobs. Profit this year will be in a range of $4.75 to $5.25 a share, down from a previous forecast of $7.25 to $8.25, the company said.
Cablevision Systems Corp. tumbled 13 percent to $15.14 after the fifth-largest U.S. cable-TV provider by subscribers said profit declined 65 percent. The company said it boosted spending on programming and on promoting its video, phone and broadband services.

31.10.2011 08:19

Forex: Weekly’s review

31.10.2011 07:43

Tech on USD/JPY

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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