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27.07.2012 07:38

Stocks: Thursday’s review

Asian stocks headed for the first advance in five days after a drop in U.S. new home sales fueled speculation the Federal Reserve may take new steps to spur growth, boosting demand for growth-sensitive shares.

Nikkei 225 8,443.1 +77.20 +0.92%

S&P/ASX 200 4,147.7 +23.75 +0.58%

Shanghai Composite 2,126 -10.15 -0.47%

Nomura Holdings Inc., Japan’s biggest brokerage by market value, advanced 5.7 percent, leading gains among financial firms, on a plan to name a new chief executive officer amid an insider-trading scandal.

Qantas Airways Ltd. rose 9.6 percent in Sydney on a report the carrier was close to forming a long-haul alliance.

Olympus Corp. jumped 9.6 percent after Terumo Corp., a Japanese medical device maker, proposed to invest 50 billion yen ($639 million) in the camera maker and merge with it.

European stocks climbed, halting a four-day selloff, after European Central Bank President Mario Draghi said policy makers will do whatever it takes to preserve the euro.

The Stoxx Europe 600 Index (SXXP) jumped 2.1 percent to 255.61 at 2:22 p.m. in London as all but 58 companies advanced. The gauge had dropped 4.4 percent the previous four sessions as a surge in Spanish bond yields above 7 percent reignited concern that Europe’s debt crisis is yet to be contained.

Stocks surged after Draghi signaled central bank officials are prepared to do whatever is needed to ensure the euro’s survival and act on surging bond yields. His comments came as Spanish policy makers called on the central bank to fight a renewed bout of financial turmoil that pushed the country’s bond yields to euro-area records this week.

Spanish and Italian bonds advanced for a second day. Spain’s two-year yields fell the most this month after Draghi said addressing high yields on sovereign debt was within the central bank’s mandate. German bunds declined as his comments damped demand for the region’s safest assets.

National benchmark indexes rose in 16 of the 18 western- European markets today. The U.K.’s FTSE 100 gained 1.4 percent, France’s CAC 40 jumped 3.1 percent and Germany’s DAX climbed 1.8 percent. Spain’s IBEX 35 jumped 4.3 percent, while Italy’s FTSE MIB surged 4.9 percent.

FTSE 100 5,573.16 +74.84 +1.36% CAC 40 3,207.12 +125.38 +4.07% DAX 6,582.96 +176.44 +2.75%

Banco Bilbao Vizcaya Argentaria, Spain’s largest bank, climbed 7.1 percent to 4.75 euros. UniCredit (UCG), Italy’s biggest lender, surged 7.4 percent to 2.54 euros in Milan.

Unilever rose 6.2 percent to 2,272 pence, the highest since at least September 1988, after the world’s second-biggest consumer-goods maker announced a 5.8 percent gain in underlying revenue in the second quarter, boosted by the growth of personal-care products in Asia. The average analyst estimate surveyed by the company was for a 4.8 percent increase.

France Telecom climbed 4.6 percent to 10.74 euros after the country’s largest phone company reported a 3.2 percent decline in first-half revenue to 21.8 billion euros as price cuts helped slow customer defections. That compares with the 21.7 billion- euro average analyst estimate.

ABB Ltd. (ABBN) gained 4.7 percent to 16.53 Swiss francs after the maker of power-transmission equipment said it’s more confident about its short-term outlook as orders increased in China in recent months and it experienced “sustained order growth” in the U.S. Net income for the second quarter still fell 27 percent to $656 million, missing analyst estimates.

Telefonica SA (TEF) rallied 0.8 percent to 8.73 euros. The shares had tumbled as much as 8.7 percent after Europe’s biggest phone company suspended its 1.50 euro-a-share dividend for 2012 and reduced a revenue forecast.

Alcatel-Lucent (ALU) sank 4.8 percent to 83.3 euro cents after France’s largest network-equipment supplier said it will cut 5,000 jobs as part of a plan to save an additional 750 million euros. The company’s net loss, its first in five quarters, was 254 million euros compared with net income of 43 million euros a year earlier.

Volkswagen AG (VOW) retreated 1.7 percent to 131.35 euros as Europe’s biggest carmaker reported a 3.4 percent rise in second- quarter operating profit to 3.28 billion euros, slower than the first quarter’s 10 percent increase. Second-quarter sales gains also slowed to 19 percent from 26 percent.

Royal Dutch Shell Plc (RDSA) slid 3 percent to 2,122 pence as Europe’s biggest oil company today reported a 13 percent drop in second-quarter profit, excluding one-time items and inventory changes, to $5.7 billion. That missed the average analyst estimate of $6.3 billion.

The indices rose today against the backdrop of concerns about reducing the debt crisis in Europe that resulted from comments ECB president Mario Draghi. In his speech, the head of the ECB noted that "the euro zone is much stronger than many believe." It was also stated that the European Central Bank is ready to do whatever is necessary to save the euro.
Support indices also have expectations of new measures by the Fed to stimulate the economy.
Yesterday the WSJ published an edition of the article, which noted that the Fed is ready to take measures aimed at stimulating economic growth and it may already occur in August or September meeting, the central bank. The possible actions are called buying mortgage bonds, promises to keep the federal funds rate for an even longer time or steps to reduce short-term rates even lower.
Statistics released today was mixed. Pleased with the data on the number of requests for unemployment benefits, which fell more than forecast. The data on orders for durable goods came mixed. Data on changes in the number of outstanding transactions for home sales came out worse than expected.
As part of DOW index all the components except one are in the black. The leaders are shares The Home Depot, Inc. (HD), General Electric Company (GE), American Express Company (AXP), which increased in price by more than 3%.
In red are only shares of Cisco System, Inc (CSCO, -0.26%).
Branches in the context of all sectors in positive territory. The leader is the sector of consumer goods (+2.4%).
At the time of closure:
Dow +211.35 12,887.40 +1.67%
Nasdaq +39.01 2,893.25 +1.37%
S & P +22.11 1,360.00 +1.65%

27.07.2012 07:27

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