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29.08.2012 06:22

Stocks: Tuesday’s review



Asian stocks fell, with the regional benchmark index heading for a three-week low, after Japan downgraded its assessment of the world’s third-biggest economy and as investors await indications of policy direction from the Federal Reserve.

Nikkei 225 9,033.29 -52.10 -0.57%

S&P/ASX 200 4,359.4 +15.70 +0.36%

Shanghai Composite 2,073.45 +17.74 +0.86%

China Southern Airlines Co. fell 3.6 percent in Hong Kong as Asia’s biggest carrier by passenger numbers reported first- half profit tumbled. Shikoku Electric Power Co. sank 10 percent in Tokyo after Credit Suisse Group AG rated the stock underperform. Aozora Bank Ltd. surged 14 percent after the Japanese lender unveiled a plan to repay a taxpayer bailout and buy back common stock.

European (SXXP) stocks declined to a three- week low, snapping two days of gains, as the Spanish region of Catalonia asked for a bailout from the central government and Japan lowered an assessment of its economy.

G4S Plc (GFS) dropped 2 percent after the security company said that first-half profit slumped 73 percent. Banco Santander SA (SAN) slipped. Vestas Wind Systems A/S (VWS) surged 19 percent after saying it has started talks with Mitsubishi Heavy Industries Ltd. over possible cooperation.

The Stoxx Europe 600 Index slid 0.7 percent to 267.32 at the close, its lowest level since Aug. 6.

Spain’s Catalonia region said it will ask for a 5 billion- euro ($6.3 billion) loan from the country’s central government. The Spanish cabinet approved a fund of as much as 18 billion euros on July 13 to help the most indebted regional governments manage their financial deficits.

Japan’s government downgraded its view on personal consumption, housebuilding, exports, imports and industrial output in the world’s third-largest economy. It also lowered its assessment of the global economy.

Of the 314 companies listed on the Stoxx 600 that have reported first-half net income, 183 have exceeded analysts’ estimates, while 125 have missed them, according to data compiled by Bloomberg.

National benchmark indexes retreated in every western- European market today, except for Iceland and Portugal.

FTSE 100 5,775.71 -0.89 -0.02% CAC 40 3,431.55 -31.28 -0.90% DAX 7,002.68 -44.77 -0.64%

G4S retreated 2 percent to 261 pence. Net income fell to 29 million pounds ($46 million) from 108 million pounds a year earlier after failing to fulfill a staffing contract for the London Olympic and Paralympic Games.

Spanish lenders dragged a gauge of European banks lower. Santander slipped 0.8 percent to 5.57 euros. Banco de Sabadell SA (SAB) fell 0.8 percent to 2.10 euros, while Bankia SA (BKIA), which was nationalized earlier this year, lost 4.2 percent to 1.17 euros.

Vestas jumped 19 percent to 40.19 kroner, its highest price in three months. Speculation that the world’s largest turbine maker may be a bid target rose after the Sunday Times said on July 1 that the company may put itself up for sale.

Ipsen SA (IPN) gained 5 percent to 19.49 euros after reporting first-half sales of 630 million euros, exceeding the average analyst estimate of 607 million euros.

CFAO SA (CFAO) advanced 1.5 percent to 37.45 euros after Toyota Tsusho Corp. offered to buy 70 percent of the French company’s shares for 1.62 billion euros. Toyota Tsusho, the trading arm of Japan’s largest carmaker, already owns 30 percent of CFAO.

Major U.S. stock indices ended the session with a slight change, and preferably with a negative background that the housing and consumer data is not generated much interest among investors.

The focus of market participants is an economic symposium in Jackson Hole, which will begin later this week. Especially market participants expect the performances at this annual event, Ben Bernanke, the Fed chairman, he will deliver on Friday, August 31.

Participants' expectations of what the Fed says the head diverge. In the market there is no certainty that they will obtain new signals about dopmer stimulate the economy, in particular on QE3.

Support indices during the session provided data on the index of housing prices from S & P / Case-Shiller, which is the first in November 2010 showed an increase, while no significant effect on the dynamics of trading.

Also worth noting is some growth hopes for new measures to support the economy by the Federal Reserve on the data on the index of consumer confidence, which in August fell to its lowest level since November 2011 goda.V composition of the index components DOW traded mixed. More than others in the share price rose Chevron Corporation (CVX, +0.69%). Fell more than the rest in the stock price Hewlett-Packard (HPQ, -1.77%).

Branches in the context of the basic sectors of the S & P traded mixed. Grew more than others the financial sector (+0.2%) and consumer goods sector (+0.2%). The greatest decrease shows conglomerates sector (-0.2%) and utilities sector (-0.2%).

At the close:

Dow 13,102.99 -21.68 -0.17%

Nasdaq 3,077.14 +3.95 +0.13%

S & P 500 1,409.30 -1.14 -0.08%

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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