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20.09.2012 07:21

Stocks: Wednesday’s review



Asian stocks rose, with a regional benchmark index poised to close at the highest level since May, as the Bank of Japan boosted asset purchases, joining moves by the Federal Reserve last week to stimulate economic growth.

Nikkei 225 9,232.21 +108.44 +1.19%

S&P/ASX 200 4,418.4 +23.67 +0.54%

Shanghai Composite 2,060.13 +0.59 +0.03%

JFE Holdings Inc., Japan’s second-biggest steelmaker, climbed 2.1 percent after the BOJ moved to prevent a rising yen from undermining an economic recovery.

Nissan Motor Co. advanced 3.7 percent, recovering some of yesterday’s losses, as the carmaker resumed production in China after violent protests targeting Japanese companies in a dispute over control of a group of islands.

Japan Airlines Co. rose 1.1 percent on its first day of trading following the largest initial public offering since Facebook Inc.

European stocks climbed, halting a two-day decline, after the Bank of Japan joined the Federal Reserve in opting for further asset purchases to support the economy and housing starts climbed in the U.S.

European stocks climbed after Japan’s central bank unexpectedly expanded its asset-purchase target by 10 trillion yen ($128 billion) as it seeks to avoid a contraction in the world’s third-largest economy.

National benchmark indexes advanced in 14 of the 18 western-European markets. Germany’s DAX added 0.6 percent, France’s CAC 40 gained 0.5 percent, and the U.K.’s FTSE 100 rose 0.4 percent.

Porsche jumped 7.2 percent to 46.30 euros after the Braunschweig Regional Court dismissed the lawsuits. Porsche has faced multiple legal challenges since it disclosed on Oct. 26, 2008 that it controlled 74.1 percent of VW, partly through options, and was seeking to take over the company.

Inditex rose 3.7 percent to 95.31 euros after the owner of the Zara and Massimo Dutti chains reported a 32 percent jump in first-half net income to 944 million euros ($1.23 billion). The average estimate of 13 analysts compiled by Bloomberg had called for profit of 893.5 million euros. Sales for the six months through July gained 17 percent.

Major U.S. stock indexes rose, supported by data on the U.S. housing market and the Bank of Japan's decision to expand the asset repurchase program.

Published reports have shown that up to August the number of housing starts rose by 2.3% to 750,000 annualized. This was less than the average market forecast at 765,000, but the data on building permits were higher than projected at 803,000 annualized versus expectations of 795,000.

It should be noted that the volume of housing starts increased significantly compared to the level of the beginning of 2009 (575, 000), but are still very far from the values ​​of 2003-2007, which were in the region 2 million

Report on sales in the secondary market recorded sales growth to the level of 4.82 million units compared with an expected 4.58 million

Market participants have responded positively to the decision by the Bank of Japan meeting which ended today. The Japanese central bank left the main interest rate unchanged in the range 0.00% -0.10% while it was decided to expand the program of buying assets. The program of buying assets and loans has been increased by 10 trillion yen to 80 trillion yen. These funds are used to buy government bonds and treasury bills at a discount. Duration of the program extended to December 2013.

As a part of most of the components of the index DOW showed a positive trend. Leaders are stocks Walt Disney Co. (DIS, +1.77%). Most net trading Hewlett-Packard Company (HPQ, -0,89%).

All of the major economic sectors are in positive territory, with the exception of the commodity sector (-0.2%). More than other service sector grew (+0.8%).

Manufacturer of glass for flat-screen televisions Corning advanced 2.4% after analysts at Goldman Sachs recommended buying its shares.

Agricultural biotechnology Monsanto rose by 2.5% on news of its inclusion in the list of shares to "buy with prejudice" of the same analysts Goldman Sachs.

Pharmaceutical company Questcor Pharmaceutical fell 45% on news that the third-largest health insurer Aetna canceled coverage costs only drug of Acthar for most indications, except for one.

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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