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27.09.2012 07:01

Stocks: Wednesday’s review



Asian stocks fell amid concern stimulus measures by central banks from the U.S to Asia and Europe won’t be enough to boost global economic growth and as more than 900 companies in Japan’s Topix Index traded ex- dividend today.

Nikkei 225 8,906.7 -184.84 -2.03%

S&P/ASX 200 4,361.6 -11.26 -0.26%

Shanghai Composite 2,003.52 -25.77 -1.27%

BHP Billiton Ltd., the world’s biggest mining company, fell 1.3 percent in Sydney.

BYD Co., the Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., tumbled 9 percent in Hong Kong as CLSA Asia Pacific Markets cut its price target by 94 percent, citing a worsening outlook for its products.

Singapore Telecommunications Ltd. retreated 3.3 percent as Temasek Holdings Pte, a state-owned investment company, sells S$1.28 billion ($1 billion) of shares in Southeast Asia’s biggest phone company.

European stocks slid the most in two months as Spain prepared to present its budget and Federal Reserve Bank of Philadelphia President Charles Plosser said the third round of bond buying may fail to stimulate growth.

Acciona SA (ANA) sank 9.9 percent, leading Spanish builders lower a day before the government presents its budget for next year. Banco Santander SA (SAN), Spain’s largest lender, retreated 4.5 percent. Anglo American Plc (AAL) lost 3.7 percent after saying that it plans to reduce its production of coal.

The Stoxx Europe 600 Index plunged 1.7 percent to 271.09, its largest drop since July 23.

In Spain, Prime Minister Mariano Rajoy has struggled to persuade people to accept the deepest austerity measures on record. Unions and protest groups, spurred by the Portuguese government’s decision to drop a planned tax increase following demonstrations, have demanded a referendum on Rajoy’s cuts.

Economy Minister Luis de Guindos will present additional measures tomorrow that the European Commission requires as part of efforts to bring down Spain’s borrowing costs. Budget Minister Cristobal Montoro will unveil the 2013 budget.

In Greece today, public- and private-sector workers will hold a 24-hour general strike.

National benchmark indexes fell in every western-European market except for Greece.

FTSE 100 5,776.22 -83.49 -1.42% CAC 40 3,429.24 -84.57 -2.41% DAX 7,288.11 -137.00 -1.85%

Acciona slumped 9.9 percent to 45.10 euros, its biggest tumble since November 2008, while Actividades de Construccion & Servicios SA, Spain’s biggest construction company, lost 5.4 percent to 16.03 euros. Obrascon Huarte Lain SA (OHL) slid 5.3 percent to 18.49 euros. Ferrovial SA (FER) declined 4.8 percent to 9.72 euros.

BHP Billiton Ltd. (BHP), the world’s biggest mining company, retreated 2.4 percent to 1,908 pence. Rio Tinto Group, the third-largest, dropped 3.4 percent to 2,841 pence. Copper, lead, nickel and tin fell in

Infineon Technologies AG (IFX) slipped 3.4 percent to 4.94 euros, declining for an eighth day. Jefferies Group Inc. cut its recommendation on Europe’s second-biggest semiconductor maker to underperform from hold, meaning investors should sell the shares.

ICAP Plc (IAP) tumbled 3.3 percent to 332.5 pence. The world’s largest broker of transactions between banks predicted that fiscal first-half revenue will drop 14 percent from the previous year because of reduced activity on capital markets.

CGGVeritas (GA) decreased 1.9 percent to 24.93 euros. The company started a 414 million-euro ($532 million) rights offer to help finance its acquisition of Fugro NV’s seismic division. The largest seismic surveyor of oilfields said it will sell the new stock at 17 euros a share.

Technip SA (TEC), Europe’s second-largest oilfield-services provider, retreated 2.4 percent to 86.86

Statoil ASA (STL) dropped 2.8 percent to 149.20 kroner. Norway’s national oil company was cut to sell from buy at Nordea Bank AB.

Major U.S. stock indexes closed in negative territory on concerns about the European situation.

The reason for these concerns is Spain, where in the next few days will be announced on the budget, banking and structural reforms. Today, the Bank of Spain said that in Q3 GDP may be considerably reduced.

The market growing negative sentiment. Indices completely blocked the growth, which was the result of the announcement of the Committee on the Federal Open Market launch of a new round of QE. Decline in the market is not able to stop before the published U.S. data that came out better than expected (the index of housing prices, consumer confidence).

Added a negative current data on housing sales in the primary market in the U.S.. At the end of August sales totaled 373 thousand units per annum against 372 thousand in July. Expected to rise to the level of 381 thousand

In the composition of the index components DOW show predominantly negative dynamics. More than the others fell in the share price American Express Company (AXP, -1,75%). Maximum growth stocks exhibit Hewlett-Packard (HPQ, +2.15%).

Among the main economic sectors, all but one, show a negative trend. The plus is only utilities sector (+0.1%). More than the others dropped the financial sector (-1.0%)

At the close:

Dow -41.62 13,415.93 -0.31%

Nasdaq -24.03 3,093.70 -0.77%

S & P -8,26 1,433.59 -0.55%

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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