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06.08.2012 07:23

Stocks: Friday’s review


Asian stocks fell for a third day after the European Central Bank failed to deliver immediate action to stem the debt crisis and amid speculation China’s monetary authorities will be slow to ease policy. Sharp  Corp. led technology shares lower after it forecast a wider loss.

Nikkei 225 8,555.11 -98.07 -1.13%

S&P/ASX 200 4,221.5 -48.04 -1.13%

Shanghai Composite 2,128.24 +17.06 +0.81%

Commonwealth Bank of Australia and Mitsubishi UFJ Financial Group Inc.  paced declines among banks after surging bond yields in Spain and Italy stoked concern Europe’s debt crisis may hamper the global financial system.

Sharp, Japan’s largest maker of liquid-crystal displays, plunged 28 percent after widening its full-year loss forecast and announcing job cuts.

ResMed Inc., the world’s second-biggest maker of machines to regulate breathing for people with sleep disorders, jumped 9.3 percent in Sydney after earnings beat analyst estimates.

European stocks rose for a ninth week as U.S. economic data surpassed estimates, outweighing comments by the Federal Reserve and the European Central Bank that disappointed investors looking for more definitive steps to support growth.

A U.S. report showed nonfarm payrolls in the world’s largest economy climbed more than forecast in July. Employers added 163,000 workers last month, according to the Labor Department. That exceeded the 100,000 median estimate of economists.

Confidence among American consumers unexpectedly rose for the first time in five months, a report on July 31 showed. The Confidence Board’s index increased to 65.9 last month from 62.7 in June. Economists projected a reading of 61.5.

National benchmark indexes rose in 16 of the 18 western European markets. France’s CAC 40 Index gained 2.9 percent, the U.K.’s FTSE 100 Index advanced 2.8 percent, while Germany’s DAX Index jumped 2.6 percent.

Vestas jumped 11 percent. The world’s biggest wind-turbine maker allayed investor concern that it may breach its loan covenants, leading to a default scenario. The company said its banks agreed to let it draw on credit lines and defer a test of the covenants.

Air France rallied 11 percent. The company’s operating loss narrowed to 66 million euros ($82 million) from 145 million euros a year earlier, helped by the introduction of a 2 billion- euro savings plan, Air France said on July 30. That beat the 163 million-euro average estimate of analysts.

Strong data on the U.S. labor market have supported the U.S. stock indices, which peaked in May.
Published data were mixed: the number of new jobs in the nonagricultural sectors of the economy grew more than forecast (163 thousand was created jobs vs. 101 thousand), while the unemployment rate rose to 8.3%.
Overall, it was good data, but no more. Against this backdrop, the market reaction is somewhat excessive. Not so long ago, the weak economic data, including the labor market, added certainty to market participants that the Fed will make a decision about the next round of quantitative easing, and it was positive for the market. Now, when the Fed did nothing and the next meeting will take place only in September, strong data, it seems, began to be perceived as positive.
Support was also provided data on the index of business activity in the service of the ISM, which in July rose to 52.6 vs. 52.2.
In the composition of all components of the DOW index, except two, are in black. More than 4% added shares Kraft Foods Inc. (KFT, +4,03%) and Hewlett-Packard (HPQ, +4,05%). Branches in the context of all the sectors are in positive territory. Over the rest of the financial sector increased (2.7%).
Shares of major U.S. media company CBS rose by 6.1% due to the increased profits by 8.1% in 2nd quarter, which was above the average market expectations.
One of the largest investment banks in the world, Morgan Stanley won 5.8% of the intention to realize about half of its risky assets, and send the proceeds to repurchase its shares.

06.08.2012 08:03

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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