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22.08.2012 06:25

Stocks: Tuesday’s review



Asian stocks rose, with the regional benchmark index heading for a three-month high, as China moved to alleviate a cash crunch and ahead of U.S. reports that are expected to show the world’s biggest economy is improving.

Nikkei 225 9,156.92 -14.24 -0.16%

S&P/ASX 200 4,383.4 +19.11 +0.44%

Shanghai Composite 2,115.36 +8.40 +0.40%

Taiwan Semiconductor Manufacturing Co., the world’s biggest contract manufacturer of computer chips, gained 1.5 percent in Taipei.

Asia Pacific Breweries Ltd. jumped 4.8 percent in Singapore after Heineken NV raised its offer for a controlling stake in the maker of Tiger beer.

PICC Property & Casualty Co. advanced 6.1 percent in Hong Kong after China’s biggest non-life insurer posted higher first-half earnings.

European (SXXP) stocks advanced as Spain’s borrowing costs fell at a debt sale, while investors awaited bilateral meetings between the leaders of euro-area countries to gauge their progress in tackling the fiscal crisis.

The Stoxx 600 climbed 0.4 percent to 272.58 at the close of trading.

National benchmark indexes gained in every western-European market except Denmark.

FTSE 100 5,857.52 +33.15 +0.57% CAC 40 3,513.28 +32.70 +0.94% DAX 7,089.32 +55.64 +0.79%

In the U.S., house sales and durable-goods orders probably increased in July, economists said before reports this week.

Rio Tinto, the world’s third-largest mining company, gained 2.1 percent to 3,062.5 pence and BHP Billiton added 1.5 percent to 1,980 pence after copper prices climbed in London. A gauge of mining stocks listed on the Stoxx 600 rose 1.7 percent.

Julius Baer Group AG climbed 3.1 percent to 32.36 Swiss francs after the company said late yesterday it will reduce its rights offer to 500 million francs ($519 million) from 750 million francs.

Barclays Plc (BARC) gained 3.2 percent to 197.1 pence after saying it has started talks with South Africa’s Absa Group Ltd. to merge their African units. The combination would affect the banks’ assets in Kenya, Botswana, Zambia, Tanzania and Ghana, according to a statement. Barclays bought 54 percent of Absa in 2005 for $4.5 billion.

Straumann plunged 13 percent to 108.80 francs, its lowest price since April 2003. The world’s biggest maker of dental implants reported first-half Ebit of 53.3 million francs, missing the average analyst estimate of 59.3 million francs. The company said it does not expect demand to recover in Europe in the short term.

Nobel Biocare Holding AG (NOBN), the world’s second-largest maker of dental implants, slipped 1.1 percent to 9.17 francs.

Telekom Austria AG (TKA) slid 3.9 percent to 6.45 euros, its lowest price since May 2001.

Growth indexes started the session, with the S & P 500 update the maximum of 2012, but in the end could not hold its positions and closed in the red.

Support indices early in the session had expectations of market participants about the fact that at the meeting of leaders of the European Union, which will take place this week, there will be progress in resolving the debt crisis in the region.

However, against the background of the holiday season and a reduction of forces buyers was not enough to continue to grow and overcome important resistance levels as the highs of 2012.

The pressure on the index was technical factors: charts indices indicate overbought and some excessive recent growth, which was based on expectations and was not supported by fundamentals.

News background was limited.

In the composition of the index components DOW demonstrate predominantly negative dynamics. More than others and the share price rose JPMorgan Chase (JPM, +1.74%). Below are the remaining stock Verizon Communications (VZ, -1.76%).

Branches in the context of almost all major sectors of the index S & P is in the red. More rest down the technology sector (-0.6%) and the conglomerate sector (-0.6%). Growth shows only the financial sector (+0.2%).

To date:

Dow 13,203.58 -68.06 -0.51%

Nasdaq 3,067.26 -8.95 -0.29%

S & P 500 1,413.19 -4.94 -0.35%

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