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19.06.2012 06:52

Stocks: Monday’s review


Asian stocks and the euro rose to the highest levels in a month as gains by pro-bailout parties in Greek elections eased concern the nation would be forced out of the 17-member currency bloc. Commodities advanced while bond risk in Asia declined.

S&P/ASX 200 Australia 4,136.9 +79.57 +1.96%

TOPIX Japan 738.81 +12.24 +1.68%

SHANGHAI COMP China 2,312.57 +5.72 +0.25%

The MSCI Asia Pacific Index climbed 1.7 percent to the highest since May 16 at 12:39 p.m. in Tokyo. The euro strengthened 0.5 percent to the highest since May 22, and the yen fell against most of its major counterparts. The Standard & Poor’s GSCI Index of 24 commodities gained 0.8 percent while bond risk in Asia dropped to the lowest since May 8. S&P 500 Index futures added 0.5 percent.

European stocks were little changed as the yield on Spain’s benchmark 10-year bond climbed above 7 percent, amid fading optimism that Greece’s election will calm the euro area’s sovereign-debt crisis.

Spain’s 10-year government bond yields rose as much as 41 basis points to 7.29 percent, the most since the country started using the euro in 1999.

The New Democracy and Pasok parties won enough seats to form a majority in the 300-member parliament, according to the Greek parliament’s speaker, easing concern that the country’s voters would reject the austerity measures needed to qualify for international aid.

National benchmark indexes declined in 10 of the 18 western-European (SXXP) markets. The U.K.’s FTSE 100 Index added 0.2 percent, while Germany’s DAX increased 0.3 percent. France’s CAC 40 slipped 0.7 percent.

Cable & Wireless Worldwide jumped 7.8 percent to 37.77 pence, its biggest rally in eight weeks. The company’s largest investor Orbis Holdings Ltd. said it will accept the 1.04 billion-pound ($1.6 billion) takeover offer from Vodafone.

Swatch Group AG, the world’s biggest watchmaker, added 2.3 percent to 369.60 Swiss francs. Berenberg Bank AG initiated the stock with a buy recommendation, saying that the shares will climb to 475 francs and that Swatch may increase its earnings per share and dividend growth at a double-digit pace over the next five years.

U.S. stocks fluctuated as Spain’s bond yields rose to a euro-era record and German Chancellor Angela Merkel said the new Greek government should not be granted additional leeway on the terms of its bailout.

Spain’s 10-year bond yields rose above 7 percent, sparking concern that the nation will need external funding. The European Union isn’t considering a full-fledged economic bailout for Spain and remains focused on a more limited banking-sector rescue, an EU official said. Greek election winner Antonis Samaras raced to build a coalition to keep bailout aid flowing.

Companies that are most-tied to the economy fell the most in the S&P 500 today. Halliburton Co. (HAL), the world’s largest provider of hydraulic-fracturing services, declined 2.3 percent to $28.76. Alcoa Inc. (AA), the biggest U.S. aluminum producer, lost 1.9 percent to $8.65.

DSW Inc. slumped 12 percent to $52 after the shoe retailer’s second-quarter profit forecast trailed estimates.

Facebook, which last week had the first weekly advance since its initial public offering, rose 5.2 percent to $31.57. The shares have jumped 17 percent in three days.

Groupon Inc. rallied 11 percent to $11.12. The largest daily coupon website advanced after Morgan Stanley analysts upgraded the stock to overweight from equalweight, citing international sales opportunities.

19.06.2012 06:34

Forex: Monday’s review

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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