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01.10.2012 06:42

Stocks: Friday’s review


Asian stocks swung between gains and losses as signs of slowing global economic growth outweighed optimism Spain’s progress on deficit goals will help Europe contain its debt crisis. Asia’s regional benchmark index headed for its biggest monthly advance since June.

Nikkei 225 8,870.16 -79.71 -0.89%

S&P/ASX 200 4,387.02 +2.85 +0.06%

Shanghai Composite 2,086.17 +29.85 +1.45%

Hutchinson Whampoa Ltd., a Hong Kong-based operator ports in Europe, gained 1.2 percent as Spain proposed a fifth austerity budget that may allow it to meet deficit targets agreed to with the euro zone.

Korea Aerospace Industries Ltd. surged 15 percent after Hyundai Heavy Industries Co. made a bid for an $890 million stake in the planemaker.

Machinery-maker SMC Corp. slid 1.2 percent in Tokyo after Japan’s industrial production fell more than estimated.

European stocks fell to a three- week low, trimming a quarterly gain for the benchmark Stoxx Europe 600 Index, as investors awaited the results of stress tests on the Spanish banking system.

Hennes & Mauritz AB declined 1.7 percent after SEB AB and CA Cheuvreux SA advised investors to sell the shares. Electrocomponents Plc (ECM) plunged the most in more than seven years after saying full-year profit will miss projections. Cap Gemini SA (CAP) rose 0.8 percent after Accenture Plc forecast full-year earnings that topped analyst estimates. Air France-KLM gained 4.6 percent after UBS AG upgraded the shares.

The Stoxx 600 lost 1.2 percent to 268.48 at the close, the lowest since Sept. 5, as investors awaited the stress-test report. The gauge, which lost 2.7 percent this week, has still rallied 6.9 percent this quarter as global central banks expanded stimulus.

Prime Minister Mariano Rajoy’s Cabinet yesterday approved a new tax on lottery winnings and a cut in ministries’ spending to shrink the euro area’s third-biggest budget deficit. The government set a 2013 target of 4.5 percent of gross domestic product, compared with a 6.3 percent goal for this year.

The Cabinet also approved using a pension reserve fund to meet an increase in retirement payments, Deputy Prime Minister Soraya Saenz de Santamaria told reporters in Madrid before markets closed yesterday.

In France, President Francois Hollande’s first annual budget raised taxes by 20 billion euros ($26 billion), including a 75 percent levy on incomes above 1 million euros. He aims to reduce the deficit to 3 percent of GDP from 4.5 percent in 2012.

National benchmark indexes declined in 16 of the 18 western-European markets.

FTSE 100 5,740.93 -38.49 -0.67% CAC 40 3,363.6 -75.72 -2.20% DAX 7,226.81 -63.21 -0.87%

H&M (HMB) lost 1.7 percent to 228.20 kronor, falling for a third day. SEB and Cheuvreux downgraded the stock to sell or an equivalent recommendation, while Swedbank and Nordea Bank AB cut the shares to hold or a similar rating. Europe’s second-largest retailer reported on Sept. 27 third-quarter profit that missed analyst estimates.

Electrocomponents tumbled 8.8 percent to 200.30 pence, the sharpest decline since March 2005, after the company said full- year pretax profit will be “slightly below” the lower end of analyst estimates of between 110 million pounds ($179 million) and 120 million pounds.

London Stock Exchange Group Plc (LSE) plunged 8 percent to 943 pence, the sharpest decline since April 2009, after saying proposed European Union regulations will cut income at its Italian central counterparty and may require LCH.Clearnet Group Ltd. to boost capital.

Cap Gemini rose 0.8 percent to 32.93 euros, paring an earlier gain of as much as 2.9 percent. Accenture, the world’s second-largest technology-consulting company, said earnings for the fiscal year ending in August 2013 will be $4.22 to $4.30 a share, beating the median analyst estimate of $4.13.

Air France-KLM (AF) jumped 4.6 percent to 5.04 euros after UBS AG raised its rating on the shares to buy from neutral. The airlines has implemented some key restructuring measures that will help the “pricing environment” and reduce the number of loss-making flights.

Syngenta AG (SYNN) added 1.3 percent to 351.50 Swiss francs after HSBC raised its rating on the shares to overweight, the equivalent of buy, from neutral.

Major U.S. stock indices ended the session in the red amid weak statistics. For the week the index DOW fell 1,05%, Nasdaq fell 2%, S & P500 lost 1.33%.
After a negative start of today's session sales have increased amid the data has not met expectations, which recorded a worsening business sentiment USA.
Today's data recorded a decrease in the index of purchasing managers in Chicago in September to the level of 49.7 points vs. 52.9 and 53.0 value for August. Weaker than forecasts also proved the final index of consumer sentiment from Reuters / Michigan: 78.3 vs. 78.9 and 79.2 value for August.
Also, today presented the stress tests of Spanish banks, the results of which endorsed the European Commission.
As a part of most of the components of the index DOW down. The maximum losses are shares Bank of America Corporation (BAC, -1,90%). Demonstrate the greatest growth stocks Cisco Systems (CSCO, +1.65%).
All of the major economic sectors, except for one down. More than the others dropped the financial sector (-0.8%) and basic materials sector (-0.8%). Growth shows only public utilities sector (+0.2%)
At the close:
Dow 13,437.13 -48.84 -0.36%
Nasdaq 3,116.23 -20.37 -0.65%
S & P 500 1,440.67 -6.48 -0.45%

Market Focus

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  • 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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