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30.05.2012 07:46

Stocks: Tuesday’s review

 

Asian stocks rose amid speculation China will do more to boost growth in the world’s second-largest economy, tempering concern about Europe’s debt crisis.

Nikkei 225 8,657.08 +63.93 +0.74%

S&P/ASX 200 4,114.4 +46.37 +1.14%

Shanghai Composite 2,390.68 +29.31 +1.24%

Chinese automakers Geely Automobile Holdings Ltd. and Dongfeng Motor Group Co. rose at least 2.4 percent after BNP Paribas SA said they may benefit from government subsidies.

Komatsu Ltd., a Japanese construction machinery maker that gets 14 percent of sales from China, gained 3.2 percent.

Shui On Land Ltd. jumped 7 percent in Hong Kong after the developer controlled by billionaire Vincent Lo said it plans to spin off its Xintiandi entertainment complex unit.


European stocks advanced for the third time in four days as data showing the U.S. housing market is stabilizing outweighed a report that China has no intention of introducing large-scale stimulus.

Home values in 20 U.S. cities fell in the 12 months ended March at the slowest pace in more than a year. The S&P/Case- Shiller index of property values fell 2.6 percent from a year earlier after a 3.5 percent drop in February.

China has no intention of starting a large-scale economic stimulus program like it did during the global financial crisis, the official Xinhua News Agency said today.

National benchmark indexes rose in all of the 18 western European markets today, except Spain and Portugal. The U.K.’s FTSE 100 increased 0.7 percent, Germany’s DAX gained 1.2 percent and France’s CAC 40 advanced 1.4 percent. Spain’s IBEX 35 slid 2.3 percent to the lowest level in nine years.

CGGVeritas added 5.7 percent to 19.65 euros as UBS upgraded the shares to buy from neutral. That was the biggest jump this year.

Spanish lender Bankia sank 16 percent to 1.14 euros after dropping 13 percent yesterday. Banco Popular Espanol SA fell 3.3 percent to 1.66 euros, a fourth day of losses. Banco de Sabadell SA dropped 4.3 percent to 1.34 euros and Banco Bilbao Vizcaya Argentaria SA declined 2.6 percent to 4.64 euros.

Repsol sank 7.2 percent to 12.83 euros, the biggest drop since November 2008. The oil company said it will cut its dividend payout ratio to increase production outside Argentina after its YPF SA unit was seized.

Wolseley Plc retreated 1 percent to 2,277 pence as the world’s largest supplier of heating and plumbing products reported a decline in third-quarter revenue.


U.S. stocks rose, after the first weekly gain since April in the Standard & Poor’s 500 Index, as Greek opinion polls eased concern the country will leave the euro and data signaled the American housing market stabilized.

American equities joined a global rally. Greece’s New Democracy, which supports the austerity plan negotiated with international lenders, placed first in all six polls published on May 26 as campaigning continued for June’s election. The U.S. market was closed yesterday for a holiday. Home values in 20 U.S. cities fell in the 12 months ended March at the slowest pace in more than a year.

All 10 industries in the S&P 500 advanced as commodity and technology companies had the biggest gains.

Coal producers gained after Goldman Sachs Group Inc. raised its recommendation for the industry to attractive from neutral. Peabody Energy Corp., the largest U.S. coal producer, jumped 5.6 percent to $25.22 as Goldman recommended buying the shares. Consol Energy Inc. added 1.8 percent to $30.13.

Facebook lost 9.6 percent to $28.84. The company’s options trading began today. Facebook debuted on May 18 after underwriters sold shares at $38.

Vertex Pharmaceuticals Inc. tumbled 11 percent, the most since 2008, to $57.80. The company revised results reported three weeks ago from a study of two cystic fibrosis drugs, saying the combination showed less of a benefit.

30.05.2012 07:20

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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