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08.10.2012 07:03

Stocks: Friday’s review



Asian stocks rose, with the benchmark regional index set to gain for the first week in three, after European Central Bank President Mario Draghi said the bank stands ready to buy bonds to ease the region’s debt crisis and as U.S. economic data beat estimates. ECB PresidentDraghi said the central bank is ready to start buying government bonds of indebted euro nations as soon as the necessary conditions are fulfilled. The ECB yesterday kept its benchmark interest rate unchanged at a historic low of 0.75 percent.

Nikkei 225 8,863.3 +38.71 +0.44%

S&P/ASX 200 4,494.4 +42.05 +0.94%

Shanghai Composite 2,086.17 +29.85 +1.45%

Brother Industries Ltd., a Japanese office-equipment maker that gets 28 percent of sales in Europe, advanced 2.5 percent.

BHP Billiton Ltd., the world’s biggest mining company, rose 1 percent after a gauge of commodity prices yesterday climbed by the most in two months.

LG Display Co. slid 4.5 percent in Seoul after Korea Investment & Securities cut its rating on the stock, saying television and notebook panel prices may fall.

European stocks climbed, with the Stoxx Europe 600 posting its first weekly advance in three, after a report showed the U.S. jobless rate unexpectedly declined in September.

The economy added 114,000 workers last month after a revised 142,000 gain in August that was more than initially estimated, Labor Department figures showed today in Washington. The jobless rate dropped from 8.1 percent and hourly earnings climbed more than forecast.

ECB President Mario Draghi reiterated during a press conference in Slovenia yesterday that the central bank won’t start intervening in bond markets until governments like Spain request a bailout and agree to conditions. He also ruled out allowing the ECB to take losses in any further Greek debt restructuring and damped speculation of another interest-rate cut.

National benchmark indexes rose in all of the 18 western European markets except Iceland. France’s CAC 40 advanced 1.6 percent, Germany’s DAX climbed 1.3 percent and the U.K.’s FTSE 100 added 0.7 percent.

Gauges of banks and automakers on the Stoxx 600 were the best performers of the index’s 19 industry groups. BNP Paribas, France’s biggest bank, rallied 3.5 percent to 39.39 euros. BMW advanced 2.1 percent to 60.99 euros.

Burberry rallied 2.8 percent to 1,028 pence. Morgan Stanley raised its recommendation on the stock to overweight, the equivalent of a buy rating, from equal weight.

Major U.S. stock indexes lost scored the opening position and fell at the end of trading in negative territory. Above flat line could not keep only index DOW.

Support indices at the opening has published statistics on the U.S. labor market, which was better than expected, thereby strengthening investor confidence in the U.S. economy.

As shown by the published data, at the end of September in non-agricultural sectors of the U.S. economy has been created 114 thousand new jobs, which was higher than forecast at 111 thousand.

However, the main surprise was the data on the unemployment rate, which in the last reporting period fell to 7.8% vs. 8.1% and values ​​from 8.1% in August.

In the composition of the index DOW most components increased in price. Maximum growth was led by Home Depot (HD, +2.36%). Fell more than the rest in the stock price Hewlett-Packard (HPQ, -1.41%).

Most of the major economic sectors are in the green zone. Leading sector of industrial goods (+0.4%). Looks worse than all the tech sector (-0.4%).

Shares of American developer of popular games for social networks Zynga have fallen by 12.1% after the second time management has reduced profit forecast for 2012 due to the lack of popularity of its products and large write-downs related to recent acquisitions. Quotes of the social network Facebook, which gets about 10% of revenue from Zynga, slipped by 4.7%.

Shares of cosmetics company Avon Products jumped 7.2% on news of resignation CEO Andrea Jung from his post at the end of this year.

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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