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16.08.2012 06:43

Stocks: Wednesday’s review



Asian stocks fell a third time in four days as earnings at China Aerospace International Holdings Ltd. disappointed investors and steelmakers slid after the world’s biggest ore producer said China’s golden years of growth are over.

Nikkei 225 8,925.04 -4.84 -0.05%

S&P/ASX 200 4,281.2 -10.97 -0.26%

Shanghai Composite 2,118.94 -23.58 -1.10%

China Aerospace slumped 5.3 percent in Hong Kong after the maker of liquid-crystal displays said first-half profit probably dropped.

Kobe Steel Ltd. and other makers of industrial materials declined after an official at Vale SA said China’s growth is slowing.

Great Wall Motor Co. slid 3.7 percent after Australia’s consumer protection agency said asbestos was found in cars made by the Chinese automaker.

European (SXXP) stocks were little changed, after the Stoxx Europe 600 reached its highest level in almost five months yesterday, as a worse-than-expected manufacturing report for the New York area revived hopes the Federal Reserve will act to stimulate the economy.

The Stoxx 600 lost 0.1 percent to 270.35 at the close of trading.

European stocks rallied for the last 10 weeks amid better-than-expected company earnings and speculation policy makers from will do more to stimulate the economy. The Stoxx 600 climbed yesterday as a report showed German growth slowed less than forecast.

National benchmark indexes declined in eight of the western-European markets that were open today.

FTSE 100 5,833.04 -31.74 -0.54% CAC 40 3,449.2 -1.07 -0.03% DAX 6,946.8 -27.59 -0.40%

A gauge of European mining companies posted the worst performance of the 19 industry groups in the Stoxx 600.

Iron-ore prices dropped to the lowest since Dec. 2009 yesterday on slower growth in China, the biggest user of the raw material, and a weaker outlook for the global economy.

Rio Tinto lost 3.4 percent to 3,038 pence, contributing the most to the Stoxx 600’s decline, while BHP Billiton Plc fell 2.3 percent to 1,936.5 pence.

Eurasian Natural Resources (ENRC) slid 8.5 percent to 379.6 pence, its biggest decline since Sept. 22. First-half sales of $3.25 billion missed the average $3.4 billion analyst estimate, and the company said the market will remain volatile with uncertain pricing. Net income for the period fell 60 percent to $463 million.

Imperial Tobacco Group Plc (IMT) lost 1.7 percent to 2,489 pence. Australia will become the first country to require cigarettes to be sold in uniform packages after its top court rejected a challenge from tobacco companies, setting a precedent for other nations to follow.

Vodafone Group Plc (VOD) fell 1 percent to 188.75 pence after Bank of America Corp. cut the world’s second-biggest mobile- phone company to neutral, the equivalent of hold, from buy.

FirstGroup Plc (FGP) slumped 6.1 percent to 243.2 pence. The company won a U.K. Department for Transport contract to operate the new InterCity West Coast rail franchise, which links London with Scotland, until 2026. Shares had gained 7.6 percent in the last five sessions after reports that it may win the contract.

Standard Chartered increased 4.1 percent to 1,426.5 pence.

Nokia Oyj (NOK1V) rallied 3.4 percent to 2.08 euros. The company will keep Windows as its smartphone platform, citing Chief Executive Officer Stephen Elop.

After a multi-directional trading began major U.S. stock indices ended the session third consecutive session on the dynamics of a mixed background of concerns of investors about the U.S. and Europe.

Against the background of the holiday season volumes on the market are reduced. Published macroeconomic data were more negative than neutral. However, a significant impact on the dynamics of trading has not published statistics.

Among the published data it is worth noting the index of activity in the manufacturing sector from the Federal Reserve Bank of New York, which went up in August at -5.9 points vs. 6.7 points.

Investor's in no hurry to open positions, waiting for additional information that will determine what further actions by central banks, in particular the ECB and the Fed.

Inhibit the growth of the index did not meet expectations quarterly results from the manufacturer of agricultural machinery Deere (DE).

It is worth noting that despite the lack of fundamental reasons, which would have justified the August increase in the index, is very likely correct. Spoke in favor of this deterioration in the global economy against the background waiting position of central banks, as well as the relatively weak quarterly results of many companies.

As part of the index components DOW demonstrate mixed performance. Over the rest of the shares rose in price Cisco Systems (CSCO, +1,34%). Below are the remaining shares of Boeing Co. (BA, -1,06%).

Branches in the context of all major sectors of the index S & P show mostly positive momentum. Leading the service sector and health sector, which show an increase of 0.4%. Most of all public utilities sector fell (-0.3%).

At the time of closure:

Dow 13,164.78 -7.36 -0.06%

Nasdaq 3,030.93 +13.95 +0.46%

S & P 500 1,405.53 +1.60 +0.11%

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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