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09.08.2012 07:08

Stocks: Wednesday’s review

Asian stocks rose, with the regional benchmark index trading near a three-month high, on speculation central banks from the U.S. to China will take steps to boost growth and after companies including Chimei Innolux Corp. beat estimates.

Nikkei 225 8,881.16 +77.85 +0.88%

S&P/ASX 200 4,312.56 +21.00 +0.49%

Shanghai Composite 2,160.99 +3.37 +0.16%

Kawasaki Kisen Kaisha Ltd. paced gains among Japanese shipping lines, rising 3.6 percent, before a report tomorrow expected to show inflation slowing in China, making room for policy easing in the world’s biggest commodities market.

Sumco Corp. and other chip-related companies advanced after Goldman Sachs Group Inc. boosted its outlook for the U.S. semiconductor industry.

Chimei Innolux gained 7 percent in Taiwan after the display maker reported a smaller-than-expected loss.

European stocks were little changed as mining companies advanced, offsetting worse-than-estimated financial results from companies such as ING Groep NV (INGA) and Securitas (SECUB) AB.

ING, the largest Dutch financial-services company, lost 1.3 %. Securitas, the world’s second-biggest guarding-services company, sank 8.8 %. Swisscom (SCMN) AG slid after it lowered its full-year sales forecast. Bankia SA (BKIA) surged 24 %.

The Stoxx Europe 600 Index rose 0.1 % at 269.06 as of 4:30 p.m. in London,

National benchmark indexes fell in 13 of the 18 western European markets today.

FTSE 100 5,845.92 +4.68 +0.08% CAC 40 3,438.26 -15.02 -0.43% DAX 6,966.15 -1.80 -0.03%

The outlook on Greece’s CCC rating, already eight levels below investment grade, was revised to negative from stable, S&P said yesterday in a statement. The change reflects the risk of a downgrade if Greece is unable to obtain the next disbursement from the European Union and International Monetary Fund rescue package, the rating company said.

ING slipped 1.3 % to 5.68 euros after reporting second-quarter net income of 1.17 billion euros ($1.45 billion), missing analyst estimates of 1.26 billion euros.

Securitas tumbled 8.8 % to 49.85 kronor after second- quarter net income of 337 million kronor ($50 million) trailed the average analyst estimate of 422 million kronor.

Swisscom dropped 0.4 % to 392.60 Swiss francs after Switzerland’s largest phone company said it now sees revenue declining to 11.3 billion francs ($11.7 billion) this year, compared with a February prediction of 11.4 billion francs. Second-quarter net income fell to 468 million francs from 485 million francs a year earlier, the Bern-based company said.

Nokian Renkaat Oyj (NRE1V), the Nordic region’s largest tire maker, retreated 4.8 % to 31.11 euros after second-quarter sales of 413.8 million euros missed estimates of 416.3 million euros.

Kloeckner & Co. SE, Europe’s biggest independent steel trader, slumped 4.6 % to 7.14 euros after reporting its fourth consecutive quarterly loss and increasing job cuts as the region’s debt crisis weakened demand.

SAS Group, the Nordic region’s largest airline, slipped 1.7 % to 5.85 kronor after reporting second-quarter profit that missed analysts’ estimates as fuel costs increased and European economies weakened.

Bankia, the lender Spain nationalized in May, jumped 24 % to 1.27 euros. The shares have more than doubled since sliding to a record low on July 17.

Major U.S. stock indexes finished trading with a slight increase, while still winning the series, which lasts for the fourth consecutive session.
Major U.S. stock indexes began the session in negative territory on a background of disappointing news of the Corporate Plan, as well as statements by the President of the Dallas Fed, Richard Fisher, who said that the Fed should not create the impression that she can solve all problems.
The pressure on the index at the beginning of the session had a mixed quarterly results from Walt Disney (DIS) and weak sales data for July reported by McDonald's Corp (MCD).
Reducing indices restrict market participants hope the new liquidity injections by the ECB and the Fed.
Above the rest at this time the index rose Dow, sponsored by the increase in shares HPQ. Today, the company raised its earnings forecast for the third quarter, which allowed its shares rise more than 2%, showing the best score in the index Dow.
As part of DOW index most of the components in the black. As already noted, the leader of the shares in Alcoa, Inc (AA, +2,33%). More than any other in the stock price declined McDonald's Corp (MCD, -1,69%).
Branches in the context of the major sectors of the index S & P demonstrate mixed performance. Most other basic materials sector rose (+0.2%). Here is the rest of the sector conglomerates (-0.3%).
At the time of closure:
Dow 13,175.94 +7.34 +0.06%
Nasdaq 3,011.25 -4.61 -0.15%
S & P 500 1,402.22 +0.87 +0.06%

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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