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09.07.2012 07:02

Stocks: Friday’s review


Asian stocks fell for a second day, paring this week’s gain, as sales at Samsung Electronics Co. missed analysts’ estimates and interest-rate cuts in Europe and China failed to boost confidence in the global economy.

Nikkei 225 9,020.75 -59.05 -0.65%

S&P/ASX 200 4,157.81 -11.39 -0.27%

Shanghai Composite 2,223.58 +22.23 +1.01%

Canon Inc., a Japanese camera maker that gets 31 percent of its sales in Europe, slid 2.5 percent.

Australian miner BHP Billiton Ltd., whose biggest market is China, fell 1 percent as investors sold shares of companies with earnings tied to economic growth.

Agricultural Bank of China Ltd. led a slide among Chinese banks, dropping 2.8 percent.

Parco Co. climbed 2.5 percent in Tokyo after J Front Retailing Co. said it will buy a majority stake in the rival department-store operator.

European stocks extended declines for a third day as payrolls in the world’s biggest economy increased less than forecast in June.

German industrial output rebounded more than economists forecast in May as construction buttressed Europe’s largest economy against the sovereign debt crisis.

Production rose 1.6 percent from April, when it dropped 2.1 percent, the Economy Ministry in Berlin said today. Economists forecast an increase of 0.2 percent. Production was unchanged from a year earlier when adjusted for working days.

Spanish industrial production fell for the ninth month in May as the recession in the euro area’s fourth-largest economy worsened amid rising borrowing costs.

Output at factories, refineries and mines adjusted for the number of working days fell 6.1 percent from a year earlier, after an 8.3 percent decline in April, the National Statistics Institute in Madrid said today.

National benchmark indexes fell in 16 of the 18 western- European markets. Germany’s DAX and France’s CAC 40 each declined 1.9 percent. The U.K.’s FTSE 100 lost 0.5 percent.

Peugeot, Europe’s second-largest carmaker, slid 7.7 percent, the most since November, to 7.08 euros. The company said first-half sales declined to 1.62 million trucks from 1.86 million a year earlier as demand slumped in European markets.

BBVA tumbled 5.1 percent to 5.18 euros after HSBC downgraded the stock to neutral from overweight, meaning investors shouldn’t buy more of the shares.

Air France-KLM gained 4.4 percent to 4.06 euros after it reported a 4.6 percent increase in June passenger traffic and unions said an agreement had been reached on cutting ground- staff positions.

Arkema SA, a French maker of industrial chemicals, surged 11 percent to 59.28 euros. The company may have received “multiple takeover approaches” valuing the business at 5.5 billion euros ($6.8 billion) or more, FT Alphaville reported.

U.S. stocks declined, erasing a weekly gain for the Standard & Poor’s 500 Index, as slower-than- forecast growth in payrolls fueled concern that the economic recovery is slowing.

Equities fell as Labor Department figures showed payrolls rose 80,000 last month after a 77,000 increase in May. Economists projected a 100,000 gain, according to the median estimate. The unemployment rate held at 8.2 percent. Private employment, which excludes government agencies, increased 84,000 in June, the weakest in 10 months.

Alcoa (АА), the largest U.S. aluminum producer, tumbled 2.2 percent to $8.73. Freeport- McMoRan, a copper and gold company, fell 1.3 percent to $35.01 while oilfield services company Schlumberger slid 1.4 percent to $65.17.

JPMorgan (JPM) slipped 1.4 percent to $33.90 while Bank of America (ВАС) lost 2.1 percent to $7.66.

Informatica plunged 28 percent to $31.39, the biggest loss since 2001. The provider of corporate data- integration software reported second-quarter earnings and revenue that unexpectedly dropped, missing analysts’ estimates. Informatica said it didn’t adapt as rapidly as it should have to a downturn in demand, especially in Europe.

Seagate declined 0.5 percent to $24.96. The world’s largest maker of computer disk drives said fiscal fourth-quarter sales and profit margin would miss the company’s previous forecast, citing reduced hard-drive shipments and a “supplier quality issue” that affected some products.

09.07.2012 07:21

Forex: Friday’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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