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23.07.2012 07:08

Stocks: Friday’s review

Asian stocks fell, paring a weekly gain in the benchmark regional index, amid speculation China will keep property curbs in place and as U.S. economic reports missed estimates.

Nikkei 225 8,669.87 -125.68 -1.43%

S&P/ASX 200 4,199.1 -7.59 -0.18%

Shanghai Composite 2,165.01 -19.83 -0.91%

Toyota Motor Corp., Asia’s top carmaker by market value, fell 1.7 percent in Tokyo.

Shimao Property Holdings Ltd., a developer that makes all its revenue from China, slumped 2.1 percent in Hong Kong after Xinhua News Agency said the government won’t relax property control policies.

Taiwan Semiconductor Manufacturing Co., a contract manufacturer of chips, declined 1.3 percent in Taipei after saying revenue will “dip” in the fourth quarter because of a weak global economy.

European stocks dropped, paring their seventh successive weekly advance, as the yield premium for Spanish benchmark bonds over German bunds surged to a record, sparking concern the euro-area debt crisis is deepening.

Spanish bonds declined, pushing the extra yield investors demand to hold the nation’s 10-year securities instead of similar-maturity German bunds to the most on record. The similar spread for Italy surged above 5 percentage points for the first time since Jan. 16. Bunds, which serve as a haven for investors pulling money out of troubled economies, extended a third weekly gain.

Euro-area finance ministers gave the final approval for the bailout of Spanish banks for as much as 100 billion euros ($122 billion). Today’s decision, made on a conference call, paves the way for a first payment from the region’s temporary rescue fund, the European (SXXP) Financial Stability Facility.

National benchmark indexes dropped in all of the 18 western European markets today, except in Iceland and Greece. Germany’s DAX fell 1.9 percent, while the U.K.’s FTSE 100 lost 1.1 percent. France’s CAC 40 slid 2.1 percent. Spain’s IBEX 35 slumped 5.8 percent, the most since May 2010, and Italy’s FTSE MIB declined 4.4 percent.

Vodafone, Europe’s largest mobile-phone company, fell 1.7 percent to 180 pence after saying that its service revenue, excluding currency swings and the impact of acquisitions, gained 0.6 percent in the three months through June. Analysts had predicted growth of 0.8 percent, according to the average of estimates in a Bloomberg survey.

Scania rallied 3.9 percent to 120.10 kronor. The company said second-quarter orders rose from the first three months of 2012 because of Russian demand, and it predicted a growing need in Europe to replace vehicles.

U.S. stocks rose for the week, giving the Standard & Poor’s 500 Index its first back-to-back gain since June, as results from International Business Machines Corp. (IBM) to Baker Hughes Inc. beat forecasts and Federal Reserve Chairman Ben S. Bernanke said he’s prepared to add stimulus. Optimism about corporate earnings and monetary stimulus has sent the S&P 500 up 6.6 percent from a low on June 1. Profits (SPX) have exceeded analyst forecasts at about 73 percent of the 118 S&P 500 companies that have reported quarterly results so far, according to data compiled by Bloomberg. Apple Inc., Exxon Mobil Corp. and about 170 other S&P 500 companies are scheduled to announce earnings in the coming week.
The benchmark index snapped a three-day rally on the final day amid concern Europe’s crisis is intensifying. Baker Hughes surged 16 percent to lead energy shares to the biggest weekly gain among 10 S&P 500 groups. Technology stocks rose 1.9 percent as IBM climbed 3.5 percent and EBay Inc. (EBAY) jumped 12 percent amid better-than-expected earnings. Financial companies had the biggest retreat after Bank of America Corp. (BAC) and Morgan Stanley (MS) sank more than 9 percent amid disappointing results.

23.07.2012 07:23

Forex: Friday's rewiev

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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