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10.05.2012 07:39

Stocks: Wednesday’s review

Asian stocks dropped, with the regional benchmark index heading for its lowest close in more than three months, as political tension in Greece heightened concern Europe’s debt crisis may worsen, weakening the outlook for exporters in Asia.

Nikkei 225 9,045.06 -136.59 -1.49%

Hang Seng 20,321.64 -163.11 -0.80%

S&P/ASX 200 4,275.1 -39.25 -0.91%

Shanghai Composite 2,408.59 -40.30 -1.65%

Mitsubishi Motors Corp., an automaker that gets 27 percent of its sales from Europe, dropped 2.3 percent in Tokyo.

Qantas Airways Ltd., Australia’s largest carrier, slid 2.3 percent in Sydney after the government boosted imposts on airfares and scrapped a planned corporate tax cut to end four years of budget deficits.

Cosco Corp. Singapore Ltd. fell 3.5 percent after the shipbuilding unit of China’s biggest shipping company posted first-quarter earnings that missed analysts’ estimates.


European stocks dropped for a second day, to the lowest level in almost four months, as investors awaited a resolution to the political impasse in Greece and as Spanish credit risk surged.

The stand-off since the inconclusive May 6 election has reignited concerns over Greece’s ability to comply with the terms of its two bailouts negotiated since May 2010. The country is again facing the risk of an exit from the euro.

Spanish 10-year government bonds extended a decline, pushing the yield on the securities above 6 percent for the first time since April 27. The yield climbed 20 basis points, or 0.17 percentage points, to 6.04 percent.

National benchmark indexes fell in 15 of the 18 western- European markets. France’s CAC 40 lost 0.2 percent and the U.K.’s FTSE 100 declined 0.4 percent, while Germany’s DAX added 0.5 percent. Spain’s IBEX 35 Index sank 2.8 percent, its lowest close since October, 2003.

The cost of insuring against a Spanish default surged to a record on concern a bailout of Bankia won’t fend of a banking crisis triggered by bad real-estate loans. Bankia tumbled 5.4 percent to 2.14 euros, the lowest since it listed its shares in July 2011, as JPMorgan Chase & Co. downgraded the Spanish lender to underweight, the equivalent of a sell recommendation.

Banco Santander SA, Spain’s largest lender, dropped 4.6 percent to 4.64 euros and Banco Bilbao Vizcaya Argentaria SA retreated 4.7 percent to 5.01 euros.

ING paced advancing shares, climbing 1.8 percent to 5.09 euros. The biggest Dutch financial-services company reported earnings excluding one-time gains and losses of 705 million euros, surpassing the 632 million-euro estimate of analysts.

Carlsberg jumped 3.8 percent to 490 kroner as the world’s fourth-biggest brewer confirmed its full-year outlook. The company reported a 43 percent drop in first-quarter operating profit, excluding some items, to 574 million kroner ($100 million) as it sold less beer in Russia. That missed the average analyst projection for 845 million kroner.


The Dow Jones Industrial Average declined for a sixth straight day, the longest losing streak since August, amid concern Greece’s debt crisis is worsening as the nation struggles to form a coalition government.

Global stocks fell as Greece’s political turmoil looks set to enter a fourth day with coalition talks deadlocked. The standoff has reignited concerns over its ability to hold to the terms of its two bailouts negotiated since May 2010. With Parliament split and policy makers in Berlin and Brussels urging Greece to stay the course, the country at the epicenter of the debt crisis is again facing the risk of an exit from the euro.

Equities pared declines as the European Financial Stability Facility’s Board of Directors confirmed the release of 5.2 billion euros ($6.7 billion) from a first installment of 39.4 billion euros by the end of June.

MetroPCS Communications Inc. surged 14 percent, the biggest gain in the S&P 500, to $7.50. Deutsche Telekom AG is discussing a merger of its T-Mobile USA unit with MetroPCS as it reviews options for the customer-losing business, according to people familiar with the matter.

Dean Foods Co. rose 11 percent to $14.15. The biggest U.S. dairy processor boosted its full-year forecast, saying it now expects to earn at least $1.10 a share. Analysts, on average, estimated 95 cents.

Walt Disney Co. (DIS) rose 1.6 percent, the most in the Dow, to $45.02. The record weekend opening of “Marvel’s The Avengers,” while not a factor in the second quarter ended March 31, was a focus of yesterday’s conference call with analysts.

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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