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10.08.2012 07:05

Stocks: Thursday’s review



Asian stocks rose, with the regional benchmark index extending a three-month high, as slowing gains in China’s inflation, industrial production and car sales boosted bets policy makers will add stimulus to support growth in the region’s biggest economy.

Nikkei 225 8,978.6 +97.44 +1.10%

S&P/ASX 200 4,308.3 -4.26 -0.10%

Shanghai Composite 2,174.1 +13.11 +0.61%

China Minsheng Banking Corp., the nation’s first non-state lender, rose 1.5 percent.

Rio Tinto (RIO) Group climbed 3.6 percent in Sydney after earnings beat estimates and the mining company said a plan to sell diamond assets is “well advanced.”

Oki Electric Industry Co., the best-performing stock in the Nikkei 225 Stock Average this year through yesterday, plunged 34 percent as the ATM maker was put on watch for possible delisting after a unit overstated accounts.

European stocks climbed for a fifth day as Nestle SA (NESN) posted sales growth that beat estimates and a report showed China’s inflation cooled, increasing speculation that policy makers will do more to stimulate the economy.

Nestle, which accounts for more than 3 % of the Stoxx Europe 600 Index (SXXP), advanced 2.4 % as higher prices helped to increase revenue. Novo Nordisk (NOVOB) A/S gained 1.3 % after the company raised its full-year sales and profit forecasts. Deutsche Telekom AG (DTE) slid 2 % after saying it has lost more customers in the U.S. than analysts had forecast.

The Stoxx 600 increased 0.3 % to 270.01, its highest level since March 19.

National benchmark indexes gained in 14 of the 18 western- European markets.

FTSE 100 5,851.51 +5.59 +0.10% CAC 40 3,456.71 +18.45 +0.54% DAX 6,964.99 -1.16 -0.02%

Nestle climbed 2.4 % to 61.05 Swiss francs after the world’s largest food company said sales increased 6.6 %, excluding acquisitions, divestments and currency shifts in the first half of the year.

Of the 261 companies listed on the Stoxx 600 that have reported half-yearly profit this earnings season, 155 have exceeded analysts’ projections, while 101 have missed them.

Novo Nordisk advanced 1.3 % to 938 kroner after the world’s largest insulin maker said 2012 revenue will jump 9 % to 12 % in local currencies, compared with a previous forecast for an increase of 8 % to 11 %. Operating profit in local currencies will climb 15 %, more than the previous prediction of 10 %.

Standard Chartered Plc (STAN) added 3.6 % to 1,363 pence as Chief Executive Officer Peter Sands said yesterday that a New York regulator had no grounds for revoking the lender’s license. The Department of Financial Services said that Standard Chartered had processed $250 billion of transactions with Iranian banks that were subject to sanctions.

Bankia SA (BKIA), the lender Spain nationalized in May, surged 19 % to 1.51 euros for the largest gain on the Stoxx 600. The shares have more than doubled in price since European Central Bank President Mario Draghi pledged on July 26 to do whatever it takes to preserve the euro.

Nokia Oyj (NOK1V), the smartphone maker that started using Microsoft Corp.’s operating system to revive its business, jumped 6.5 % to 2.28 euros after agreeing to sell its Qt app-tools unit to Digia Oyj.

Deutsche Telekom fell 2 % to 9.21 euros after Germany’s largest phone company said T-Mobile USA lost 557,000 contract customers in the second quarter, more than the 346,200 predicted by analysts.

Cable & Wireless Communications Plc (CWC) slid 2.2 % to 31.9 pence and BT Group Plc (BT/A) slipped 2.4 % to 216.3 pence.

Commerzbank AG (CBK) declined 4.2 % to 1.23 euros after projecting that net income in the second half of 2012 will fall below profit in the first half of the year. Germany’s second- largest lender also reported second-quarter net income that rose to 275 million euros from 24 million euros a year earlier. That topped the average analyst estimate of 270 million euros in a Bloomberg survey.

Major U.S. stock indexes closed with little change in the low trading volume
During the session, the consolidated, after rising against the backdrop of a lack of important messages that could set the direction of trading.
Support indices still have expectations for new injections of liquidity by the ECB, the Fed and the People's Bank of China. These expectations also hold sellers from taking action that would increase the depth of the correction after recent gains.
The focus of market participants are macro-economic data from China, which recorded a further slowing of inflation. This has increased expectations of market participants about the new measures to stimulate the economy by the PRC authorities.
Data from the U.S. though and came out better than expected (the number of initial claims of unemployment and the trade balance), but failed to provide substantial support indices.
As part of the index components DOW traded mixed. The leader shares in Cisco Systems (CSCO, +3,21%), which provides support to improve their rankings. More than any other in the share price dropped American Express (AXP, -2,64%).
Branches in the context of the major sectors of the index S & P demonstrate mixed performance. Most other basic materials sector rose (+0.6%). Here is the rest of the service sector (-0.2%).
At the time of closure:
Dow 13,165.19 -10.45 -0.08%
Nasdaq 3,018.64 +7.39 +0.25%
S & P 500 1,402.78 +0.56 +0.04%

Market Focus

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