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19.07.2012 07:43

Stocks: Wednesday’s review

Asian stocks declined after Chinese Premier Wen Jiabao warned of a “severe” jobs outlook and amid concern Asian companies’ profits are falling. Exporters to the U.S. gained as Federal Reserve Chairman Ben S. Bernanke said the central bank is prepared to act to spur growth.

Nikkei 225 8,726.74 -28.26 -0.32%

S&P/ASX 200 4,123.6 -17.20 -0.42%

Shanghai Composite 2,163.96 +2.78 +0.13%

Huaneng Renewables Corp Ltd., an alternative energy company, slumped 14 percent in Hong Kong after saying profit may fall more than 50 percent.

European stocks advanced for the third time in four days after lenders including Credit Suisse Group AG reported profits that beat estimates, while minutes showed the Bank of England may reconsider the case for an interest-rate cut.

In the U.K., minutes from the Bank of England’s recent July Monetary Policy meeting showed policy makers voted 7-2 to increase stimulus and said they may reconsider the case for an interest-rate cut after assessing the impact of new lending and liquidity measures on the economy.

U.K. Chancellor of the Exchequer George Osborne outlined plans to encourage as much as 51 billion pounds ($80 billion) of spending on infrastructure and exports in the latest effort pull the economy out of recession.

National benchmark indexes rose in all western European markets except Finland and Iceland. The U.K.’s FTSE 100 gained 1 percent. France’s CAC 40 climbed 1.8 percent and Germany’s DAX advanced 1.6 percent.

Credit Suisse advanced 4.5 percent to 17.91 Swiss francs. The bank announced measures to cut costs and boost capital by 8.7 billion francs ($8.9 billion) after a central bank report last month called for an increase in equity. The cost savings target was increased to 3 billion francs from 2 billion francs, the bank said.

ASML paced gains among European technology companies, rising 6.8 percent to 44.23 euros, as Chief Executive Officer Eric Meurice said on a conference call that he expects a “steady increase in profitability,” even as the producer of machines for chipmakers joined Applied Materials Inc. and Intel Corp. in predicted a weaker chip market.

Nordea rose 2.4 percent to 62.05 kronor after saying second-quarter profit jumped 17 percent as an increase in lending income outweighed higher loan losses. Net income rose to 820 million euros from 698 million euros a year earlier, the Stockholm-based lender said in a statement. That beat the 722 million-euro average estimate of analysts.

U.S. stocks rose for a second day after companies from Intel Corp. (INTC) to Honeywell International Inc. reported profit that beat estimates and housing starts increased to the fastest rate in almost four years.
Housing starts rose 6.9 percent last month to a 760,000 annual pace after a revised 711,000 rate in May that was faster than initially estimated, the Commerce Department reported.
Federal Reserve Chairman Ben S. Bernanke reiterated during his second day of testimony to Congress that the U.S. fiscal situation is “unsustainable.” The central bank said in its survey that is based on reports from its 12 district banks that the world’s largest economy expanded at a “modest to moderate” pace in June and early July, as retail sales and manufacturing cooled in some regions.
Intel rallied 3.3 percent to $26.21 after reporting second- quarter profit was 54 cents a share, exceeding the average analyst estimate by 2 cents. The world’s largest semiconductor maker also scaled back its annual sales forecast as personal- computer demand fails to rebound among consumers in the U.S. and Europe.
Honeywell gained 6.7 percent to $58.18. The company reported second-quarter profit that beat analysts’ estimates, driven by sales in its aerospace unit. The company, which sells airplane parts from navigational systems to brakes, is benefiting from an increase in aircraft production as Boeing Co., Airbus SAS and other plane makers seek to whittle down large backlogs of orders.

19.07.2012 07:24

Tech for USD / JPY

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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