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02.12.2011 07:59

Stocks: Thursday’s review

Following the session, major stocks of Asian region has shown steady growth against a background of positive news flow. On the eve of a number of major central banks had reached an agreement on lowering interest rates on dollar swaps, and China has lowered the mandatory reserve for banks.

With regard to statistics in the Asian region, in Australia retail sales in October increased by 0.2%, while the expected retention rate of their growth at 0.4%. In China, it registered a decline in business activity index for November from 50.4 points to 49 points.

According to trade in the Japanese Nikkei 225 index rose 2%, China's Shanghai Composite was up 2.3%, and the Australian S & P / ASX 200 and Hong Kong's Hang Seng rose 2.6% and 5.6%.

Reducing mandatory reserve had a positive impact on the quotes of Chinese banks and insurers. For example, China Merchants shares have strengthened in the auction in Hong Kong at 14%, paper Industrial & Commercial Bank of China and China Overseas Land & Investment grew by 11% and 13% respectively.

Quotes of the Chinese real estate developers were also among the growth leaders. For example, Agile Property Holdings shares soared 15%, and paper Evergrande Real Estate Group went to plus 16%. Quotes of the manufacturer of building materials China National Building Material became heavier by 16%.

Shares of the Japanese manufacturer of excavators Hitachi Construction Machinery, about a quarter of sales accounting for the Chinese market, grew by 7.3%.

Rising commodity prices contributed to the fact that the papers were the world's largest mining company BHP Billiton rose at auction in Sydney by 4.1%, shares of Chinese copper producer Jiangxi Copper grew by 13%, but rates have gone Mitsubishi dealer in raw materials, plus a 4, 7%.

European stocks declined, snapping a four-day rally in the benchmark Stoxx Europe 600 Index, as China’s manufacturing contracted in November adding to concern global economic growth is slowing down.

China’s manufacturing recorded the weakest performance since the global recession eased in 2009, underscoring the case for monetary stimulus. A purchasing managers’ index compiled by the China Federation of Logistics and Purchasing slid to 49 in November, lower than all but two of 18 forecasts in a Bloomberg News survey. Readings below 50 signal a contraction.

Spain sold the maximum amount of debt planned at an auction. France sold 4.3 billion euros of securities, compared with a maximum 4.5 billion euros of debt available on offer as 10-year bonds sold were priced to yield 3.18 percent, less than at a previous auction on Nov. 3.

National benchmark equity indexes declined in every western-European market except Switzerland. The U.K.’s FTSE 100 Index dropped 0.3 percent, France’s CAC 40 Index fell 0.8 percent and Germany’s DAX Index fell 0.9 percent.

BNP Paribas SA and Societe Generale SA, the biggest French lenders, declined 2 percent to 28.88 euros and 3.2 percent to 17.50 euros, respectively. Goldman’s Chief Global Equity Strategist Peter Oppenheimer cut the European banking sector to ’underweight’ from ’sell’ as he expects sector to remain under pressure to shore up balance sheets.

Hochtief fell 1.5 percent to 41.78 euros and Vinci SA (DG), Europe’s biggest builder, slipped 2 percent to 32.44 euros. Vinci pulled out of bidding for the purchase of Hochtief’s airport-operating business, Societe Generale said in a research note today, citing Vinci’s chief financial officer.

Norsk Hydro, Europe’s third-largest aluminum maker, fell 2.9 percent to 26.86 kroner after forecasting lower global growth in demand for the metal. Goldman Sachs recommended selling the shares on low returns and near-term weakness.

Burberry Group Plc, the U.K.’s largest luxury-goods maker, rallied 3 percent to 1,308 pence. The company plans to add more stores in Paris after its opening on rue Saint Honore, Les Echos reported, citing Chief Executive Officer Angela Ahrendts.

U.S. stocks declined as better-than- forecast manufacturing growth and a rally in French and Spanish bonds were not enough to extend the biggest three-day gain in the Standard & Poor’s 500 Index since March 2009.

Stocks rose earlier today as Spain and France sold 8.1 billion euros ($10.9 billion) of bonds, sending yields lower across Europe. In the U.S., manufacturing expanded in November at the fastest pace in five months.

Stocks pared declines in the afternoon as investors awaited tomorrow’s jobs report. Payrolls may have climbed by 125,000 workers in November, after rising 80,000 the prior month, economists surveyed by Bloomberg projected ahead of the Labor Department report.

Dow 12,020.03 -25.65 -0.21%, Nasdaq 2,626.20 +5.86 +0.22%, S&P 500 1,244.58 -2.38 -0.19%

Financial stocks fell the most in the S&P 500 among 10 industries, dropping 1 percent, as Massachusetts sued some of the largest lenders over foreclosure practices. JPMorgan decreased 1.7 percent to $30.46. Citigroup slipped 1.8 percent to $26.99. Bank of America added 1.7 percent to $5.53, reversing an earlier decline.

Gauges of commodity shares in the S&P 500 fell at least 0.6 percent after a contraction in China’s manufacturing fueled concern Europe’s crisis is damaging the global economy as yesterday’s moves by central banks were viewed as only a temporary fix. Alcoa, the largest U.S. aluminum producer, dropped 2.1 percent to $9.81.

Kohl’s fell the most in the S&P 500, erasing 6.4 percent to $50.37. The department-store chain said sales at stores open at least one year decreased 6.2 percent in November. Analysts on average estimated an increase of 2.1 percent.

Clearwire Corp. rallied 14 percent to $2.03. The money- losing wireless carrier paid creditors $237 million in interest after striking a new network-sharing agreement with partner Sprint Nextel Corp.

02.12.2011 07:44

Tech on USD/JPY

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