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18.09.2012 06:39

Stocks: Monday’s review



Most Asian stocks outside Japan and China rose, led by mining companies, amid speculation U.S. stimulus measures will boost global demand. Shares in Shanghai and Hong Kong retreated as Citigroup Inc. cut its 2013 growth outlook for China.

Nikkei 225 closed

S&P/ASX 200 4,402.5 +12.54 +0.29%

Shanghai Composite 2,085.17 -38.67 -1.82%

BHP Billiton Ltd.  the world’s largest mining company, climbed 2.5 percent in Sydney as rising metals prices boosted raw-material companies.

Some Chinese car sellers dropped as anti-Japan protests turned violent over the weekend.

European stocks declined from a 15- month high as concern of a deepening economic slowdown in China overshadowed optimism resulting from the Federal Reserve’s third round of quantitative easing.

Citigroup Inc. cut its forecast for China’s 2013 growth to 7.6 percent from 8 percent on weakening external demand. Separately, the official Xinhua News Agency said China needs to be more cautious with its monetary policies as quantitative easing in the U.S. will create more pressure to control inflation.

National benchmark indexes fell in all of the 18 western European markets, except Belgium. Germany’s DAX slipped 0.1 percent, the U.K.’s FTSE 100 (UKX) declined 0.4 percent, while France’s CAC 40 dropped 0.8 percent.

SSAB (SSABA) tumbled 6.9 percent to 53.05 kronor, the biggest decline since February. The steelmaker said demand for strip products has been much weaker than expected in the third quarter and warned that falling iron ore prices are expected to hurt earnings in the first quarter of next year.

H&M (HMB) declined 1.6 percent to 243.20 kronor as Europe’s second-largest clothing retailer reported third-quarter sales that missed analysts’ estimates after an August heatwave in some parts of the region hurt business. Revenue excluding value-added tax rose to 28.8 billion kronor ($4.4 billion) through Aug. 31, the Stockholm-based company said, missing the 29.8 billion-kronor average estimate. Sales at stores open at least a year declined 4 percent in August.

Major U.S. stock indexes spent trading in negative territory in a small minus, consolidating after rising last week in the highs.

The pressure on the index was published index of activity in the manufacturing sector of the New York Fed, which in September unexpectedly fell to -10.4 vs. -5.85 in August and forecast -1.9.

However, the negative trend has more to do not with the weak data, and with a reduction in euphoria about to launch a new round of quantitative easing. Stock indexes are at multi-year highs - levels that are not very attractive to buy. Moreover, the recent increase in the indices was not caused by fundamental factors, and the actions of central banks of the U.S. and Europe. In the near future the focus of market participants will shift to the upcoming earnings season, which, given the further deterioration in the global economy, it may be weak. Against this background, markets may substantially adjusted to the levels achieved.

As a part of most of the components of the index DOW dropped in price. In the plus side there are only 9 components, among which more than other stocks rose Pfizer (PFE, +0.88%). More than the others fell in the share price Alcoa (AA, -2,54%) and Bank of America (BAC, -2.21%).

Most of the major economic sectors are reduced. The plus is just the health sector (+0.4%). More than the others fell in value conglomerates sector (-1.1%).

Iron ore miner Cliffs Natural Resources dipped 7.0% after analysts at JPMorgan downgraded the stock from "Outperform" to "neutral."

Shares of high-tech giant Apple gained 1.1% - orders for the new iPhone 5 has already exceeded 2 million.

Manufacturer of electric Tesla Motors rose by 7.0% on the news of increasing its stock investment rating analysts Morgan Stanley to "Underperform" to "Outperform."

18.09.2012 07:02

Forex: Monday’s review

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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