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09.11.2011 08:09

Stocks: Tuesday’s review

Asian stocks closed in different directions as investors are cautious in anticipation of the vote in Italy on the reporting of budgetary expenditures, which, in turn, is closely connected with the vote of confidence to the Government of Berlusconi, and if the latter will not gain a majority, then in Italy can take a snap election. The political instability in Italy adversely affect the investment climate.

Japan's Nikkei 225 closed down 1.3%. The stock price of the investment bank Nomura Holdings fell by 15% in anticipation of the vote in Italy. According to estimates of management, the bank's exposure to European risk is $ 3.55 billion, while investments in Italian assets represent 80% of this amount. Shares of rival Daiwa Securities declined by 7%.
Hong Kong's Hang Seng index has not changed and China's Shanghai Composite eased 0.2%. On the eve of the vote in Italy and the release of statistics on inflation in China were trading on low volumes.
Australia's ASX / 200 rose 0.5% mainly due to winnings of the banking and mining sectors. Quotes of the banks Commonwealth Bank of Australia and Westpac Banking rose by 0.7% and 0.8% respectively, while the market capitalization of Australia and New Zealand Banking Group rose by 1.8%.
Steel companies Rio Tinto and Oz Minerals, in turn, added 1.4% and 1.9% respectively.

European stocks rose, with the Stoxx Europe 600 Index rebounding from two days of losses, as Italy’s Prime Minister Silvio Berlusconi won a parliamentary vote on the budget yet still lost his absolute majority.

Berlusconi won 308 votes out of 630 on a routine report on Italy’s 2010 budget, Speaker Gianfranco Fini said in Rome. The yield on 10-year Italian bonds rose to 6.7 percent today after yesterday climbing to a euro-era record. European stocks dropped over the past two days, as two Berlusconi allies defected to the opposition and a third one quit.

In Greece, Prime Minister George Papandreou said a Greek national-unity government will be named “soon” and told his ministers to prepare to resign, spokesman Elias Mosialos said.

In Germany, a report from the Federal Statistics Office in Wiesbaden showed that the country’s exports unexpectedly rose for a second month in September, helping Europe’s largest economy weather the sovereign-debt crisis. Exports, adjusted for work days and seasonal changes, increased 0.9 percent, the report said. Economists had forecast a drop of 0.8 percent, according to the median of 14 estimates.

National benchmark indexes gained in every western-European market except Luxembourg and Portugal. France’s CAC 40 Index advanced 1.3 percent, Germany’s DAX Index rose 0.6 percent and the U.K.’s FTSE 100 Index (UKX) added 1 percent.

Vodafone advanced 1.8 percent to 176 pence. Europe’s third- largest phone company by sales predicted full-year adjusted operating profit of 11.4 billion pounds ($18.3 billion) to 11.8 billion pounds, the upper half of the range indicated in May. First-half earnings before interest, taxes, depreciation and amortization gained 2.3 percent to 7.53 billion pounds in the six months through September. Analysts had predicted profit of 7.42 billion pounds.

Repsol surged 6.3 percent to 22.23 euros after its YPF SA unit in Argentina raised estimates for the Loma La Lata field in northern Patagonia to 927 million barrels of shale oil.

Lloyds jumped 4.4 percent to 28.9 pence after posting smaller-than-estimated provisions for bad loans in the third quarter and saying it may miss its income target for 2014.

Societe Generale SA shares advanced 7.3 percent to 18.77 euros after the bank said it won’t pay a dividend for 2011, a decision that will reduce its capital needs under European Banking Authority requirements.

U.S. stocks rose, sending the Standard & Poor’s 500 Index higher a second day, as Prime Minister Silvio Berlusconi’s offer to resign boosted optimism Italy will appoint a new leader who can tame the debt crisis. President Giorgio Napolitano said Berlusconi has agreed to quit after the parliament approves the country’s austerity plans next week. The government has yet to present the final text of the amendment to the budget law with the austerity measures. Berlusconi’s resignation came after he failed to muster an absolute majority on a routine parliamentary ballot, obtaining only 308 votes in the 630-seat Chamber of Deputies today.
All 10 groups in the S&P 500 advanced as financial, energy and technology companies rallied at least 1.1 percent. JPMorgan Chase & Co. (JPM) and Intel Corp. (INTC) added more than 1.9 percent.
Toll Brothers Inc. gained 7.4 percent after the luxury-home builder said revenue increased.
Homebuilding revenue for the three months ended Oct. 31 rose to $427.7 million from $402.6 million a year earlier, the Horsham, Pennsylvania-based company said today in a statement. Analysts expected Toll to have revenue of $414.2 million. Inc. surged 8.6 percent, the most in the S&P 500, to $552.85. The biggest U.S. online travel agency reported third-quarter profit and sales topped analyst estimates. Excluding some costs, profit was $9.95 a share, compared with the $9.30 average of 20 analyst estimates compiled by Bloomberg.
Rockwell Automation Inc. jumped 6.5 percent to $74.33 after the maker of factory-automation software projected 2012 sales growth that may exceed analysts’ estimates on demand from automobile, food and beverage producers.
DryShips Inc. advanced 9.9 percent to $2.99. The Greek owner of deep-water drilling rigs and vessels that haul iron ore and coal reported third-quarter earnings excluding some items of 16 cents a share, beating the average analyst estimate by 13 percent.
Activision Blizzard Inc. added 1.4 percent to $13.93. The world’s largest video-game maker released its eighth “Call of Duty” game, “Modern Warfare 3.” The game may sell as many as 6 million copies in the first day, according to Arvind Bhatia, an analyst at Sterne Agee & Leach Inc.

09.11.2011 07:41

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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