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13.07.2012 07:45

Stocks: Thursday’s review

Asian stocks fell for a sixth day as concern over a global slump overshadowed moves by central banks in Japan and South Korea to buoy economic growth. Hong Kong stocks slid ahead of a report from China expected to show the slowest expansion since the financial crisis.

Nikkei 225 8,720.01 -130.99 -1.48%

S&P/ASX 200 4,067.97 -28.57 -0.70%

Shanghai Composite 2,185.49 +10.11 +0.46%

Asahi Glass Co. led Japanese makers of the material lower after cutting its operating profit forecast by almost a third.

Hyundai Motor Co. fell 3.1 percent as its workers threatened to strike.

Infosys Ltd., India’s second-biggest exporter of software, slid 8.9 percent after cutting a sales forecast.

China Construction Bank Corp. paced declines among mainland lenders.

European stocks declined the most in more than two weeks as minutes released by the Federal Reserve disappointed investors seeking a more definitive signal for further quantitative-easing measures.

Temenos Group AG plunged 28 % to a three-year low after reducing its estimate for 2012 revenue growth and saying its chief executive officer quit. Ashmore Group Plc (ASHM) dropped 6.7 % after the fund manager reported a drop in assets. Aegis Group Plc surged 45 %, the most in 21 years, after Japan’s Dentsu Inc. agreed to buy the company.

The Stoxx Europe 600 Index (SXXP) fell 1.1 % to 252.89 at the close in London, the biggest retreat since June 25. The benchmark measure has retreated 0.6 % this week, after a five-week rally, as concern mounted the slowing economic growth will curb earnings in the U.S. and Europe.

National benchmark indexes fell in 16 of the 18 western European markets.

FTSE 100 5,608.25 -56.23 -0.99% CAC 40 3,135.18 -22.07 -0.70% DAX 6,419.35 -34.50 -0.53%

Temenos (TEMN) declined 28 % to 10.25 Swiss francs, the lowest price and the biggest decrease since the first quarter of 2009, after reducing its forecast for 2012 revenue growth to a range of minus 5 % to plus 1 %, compared with an earlier forecast of minus 5 % to plus 6 %. The company also said CEO Guy Dubois will step down for personal reasons and be replaced by David Arnott, who’s currently the chief financial officer.

Cap Gemini SA (CAP), France’s biggest computer-services company, declined 2.9 % to 26.23 euros.

Infosys Ltd. (INFY), India’s second-biggest software exporter, cut its sales forecast and reported fiscal first-quarter profit that missed estimates.

Ashmore tumbled 6.7 % to 307.8 pence, the lowest since October. The U.K. fund manager said assets under management fell 3.3 % to $63.7 billion in the fourth quarter.

A gauge of mining companies fell 2.8 % for the worst performance among the 19 industry groups on the

BHP Billiton, the world’s largest mining company, lost 3.3 % to 1,751 pence. The stock was cut to neutral from outperform at Credit Suisse Group AG.

Aegis Group surged 45 % to 235.3 pence, the biggest jump since at least January 1991. Dentsu, a Japanese advertising company agreed to buy Aegis in a deal valued at about 3.16 billion pounds ($4.9 billion).

SAP AG (SAP) advanced 2.7 % to 47.50 euros, erasing earlier losses, after the biggest maker of business-management software reported second-quarter software license sales that topped analysts estimates.

U.S. stock indexes ended the session in negative territory on the eve of the background of published minutes of the last meeting of the Fed's open market in which market participants could not find signal, indicating an increase chances for additional incentives from the Federal Reserve.
The pressure on the indices have concerns of market participants about slowing economic growth and expectations of poor results from the companies on the basis of reports of the season.
Warren Buffett, chairman of Berkshire Hathaway Inc, said today that "U.S. growth is slowing, even despite the fact that the housing market is showing signs of recovering." Buffett also said that the U.S. unemployment rate will remain above 8% in the next three years or more.
Analysts at Bank of America lowered its forecast for earnings of companies whose shares are included in the index S & P, up 1.4%. Reason for the decline is the fall in commodity prices and the worsening global growth prospects.
As part of DOW index most of the components are in red. The maximum loss of stocks demonstrate Intel (INTC, -2.36%) and Microsoft Corporation (MSFT, -2.05%), which had a pressure on the message from Gartner's isledovatelskoy of the fall in PC sales in the second quarter sales.
The substantial increase in the index stocks show DOW Merck & Co. Inc. (MRK, +4.39%) and Procter & Gamble Co. (PG, +4.15%).
Branches in the context of the S & P 500 most of the sectors show a negative trend. The maximum loss demonstrates the technology sector (-0.9%). The greatest growth shows the health sector (0.3%)
At the time of closure:
Dow 12,574.48 -30.05 -0.24%
Nasdaq 2,866.19 -21.79 -0.75%
S & P 500 1,334.86 -6.59 -0.49%

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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