Stocks: Monday’s review
Asian stocks rose, with the regional benchmark index headed for its highest close in a month, after better-than-forecast data for U.S. employment and the services industry eased investor concern that growth is slowing in the world’s largest economy.Li & Fung Ltd., which gets 60% of its sales from the U.S., climbed 3.9% in Hong Kong.
Asahi Glass Co. jumped 7.3% in Tokyo after Nomura Holdings Inc. raised its rating to buy from neutral on its profit outlook.
BHP Billiton Ltd., the world’s biggest miner, increased 2.2% in Sydney after commodity prices advanced.
Sharp Corp., a consumer electronics maker that widened its loss forecast last week, sank 5.7% in Tokyo.
European stocks rose as Greece and its creditors agreed on the need to strengthen policy efforts to support economic growth.
Greece and its international creditors have agreed on the need to strengthen policy efforts and comply with its bailout terms after more than a week of meetings.
Representatives from the so-called troika of the European Commission, European Central Bank and International Monetary Fund met with Greek Finance Minister Yannis Stournaras in Athens yesterday at the conclusion of the meetings. The talks will determine whether Greece continues receiving funds from the country’s 240 billion euros ($297 billion) of rescue packages.
BNP Paribas jumped 4.1% following Draghi’s push to set up a bond-buying plan. Credit Agricole climbed 5.0%, Societe Generale increased 2.8%.
Peugeot SA rallying 8.0% after Toyota, Asia’s largest automaker, reported profit that beat analysts’ estimates and raised its sales target. Renault SA climbed 4.5%, Fiat increased 4.0%.
U.S. stocks rose as German Chancellor Angela Merkel’s government backed the European Central Bank’s bond-buying plan and earnings beat forecasts.
U.S. stocks followed European shares higher as Merkel’s government backed the ECB’s bond-buying plan announced last week, her deputy spokesman Georg Streiter said today. About 73% of the S&P 500 companies which reported second-quarter results have beaten earnings estimates even as 59 percent missed sales projections, data compiled by Bloomberg show.
Hewlett-Packard Co. (HPQ), Bank of America Corp. (BAC) and Caterpillar Inc. (CAT) increased at least 1.5%.