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09.10.2012 07:02

Stocks: Monday’s review



Asian stocks outside Japan dropped as China resumed trading after a weeklong holiday and ahead of a meeting by European finance ministers today aimed at easing the region’s debt crisis. Companies that do business in Europe dropped as European finance ministers meet in Luxembourg today to discuss Spain’s overhaul effort and closer banking cooperation. Spanish Prime Minister Mariano Rajoy will travel to Paris on Oct. 10 for talks with French President Francois Hollande. German Chancellor Angela Merkel will visits Greece tomorrow for the first time since the sovereign-debt crisis erupted.

Nikkei 225 8,863.3 +38.71 +0.44%

S&P/ASX 200 4,481.9 -12.48 -0.28%

Shanghai Composite 2,067.58 -18.59 -0.89%

LG Display Co., the world’s second-largest maker of liquid- crystal displays that gets 18 percent of sales in Europe, fell 2.4 percent in Seoul.

CapitaLand Ltd. dropped 2.7 percent, pacing declines among Singapore property developers, after the central bank restricted home-loan maturities for residential properties.

ZTE Corp. decreased 3.7 percent in Hong Kong after a draft U.S. congressional report said China’s largest phone- equipment maker poses a security threat.


European stocks dropped the most this month as the World Bank cut its East Asian growth forecast and investors awaited a meeting of euro-area finance ministers for signs on how they will tackle the debt crisis.

Cookson Group Plc (CKSN) sank 12 percent as the world’s biggest maker of ceramic linings for metal smelters said annual results will miss its forecasts. KBC Groep NV (KBC) retreated 5.2 percent as the bank’s strategy update disappointed investors. Eurobank Ergasias SA advanced 5.1 percent after a takeover offer from National Bank of Greece SA. (ETE)

The Stoxx Europe 600 Index (SXXP) lost 1 percent to 271.43 at the close of trading, the largest decline since Sept. 28.

In China, the Shanghai Composite Index (SHCOMP) retreated 0.6 percent on the first day of trading after a weeklong holiday amid concern the deepening economic slowdown will hurt profits and as money-market rates rose the most in a month.

The World Bank said growth in developing East Asia, which excludes Japan and India, will probably ease to 7.2 percent this year from 8.3 percent in 2011. That is the slowest pace since 2001, according to World Bank data, and lower than a forecast in May of 7.6 percent.

National benchmark indexes declined in all of the 18 western European markets, except Iceland.

FTSE 100 5,840.16 -30.86 -0.53% CAC 40 3,407.88 -49.16 -1.42% DAX 7,292.27 -105.60 -1.43

German industrial production declined in August as the debt crisis damped economic growth and prompted companies to scale back investment. Production fell 0.5 percent from July, when it gained 1.2 percent, the Economy Ministry in Berlin said today.

Cookson tumbled 12 percent to 539 pence, the largest drop since February 2009. The company said full-year results will be “materially” lower than forecast after the Engineered Ceramics division’s third-quarter performance was weaker than expected.

KBC slid 5.2 percent to 19.61 euros as Belgium’s biggest bank and insurer by market value said it plans to reduce operating expenses as a proportion of revenue to 55 percent by 2015. The shares have still more than doubled this year.

Eurobank advanced 5.1 percent to 1.23 euros, the highest since February, after National Bank of Greece offered to acquire its domestic rival as Greece’s debt crisis forces a wave of mergers. National Bank rallied 5.7 percent to 2.21 euros.

Imperial Tobacco Group Plc (IMT) slipped 2.4 percent to 2,314 pence, the biggest drop in a month, as Nomura Holdings Inc. downgraded the maker of West and Davidoff cigarettes to reduce from neutral.

JCDecaux SA (DEC), a French outdoor advertising company, retreated 4.1 percent to 17.50 euros. Goldman Sachs Group Inc. cut its recommendation on the stock to sell from buy and added the shares to its “conviction sell” list.

Beginning of the session in negative territory, the major U.S. stock indexes were unable to rise above the zero mark, and finished the session in the red, slightly departing from session lows.

The reason for the negative index dynamics is the concern of market participants about slowing global economy, as well as expectations of a weak season of reports which unofficially kicks off tomorrow.

Negative impact on the index also provides lower prices for raw materials, which in turn are under pressure from the growth of the dollar index.

The trading volume of trading today below average against the celebration of Columbus Day, and therefore in the U.S. today is not working bond market and the credit market.

As a part of most of the components of the index DOW reduced in price. More than the others fell in the share price Home Depot (HD, -1.99%).

Maximum growth stocks show McDonald's Corp. (MCD, +0,56%).

All of the major economic sectors, except one, are in the red zone. Maximum loss is high-tech sector (-1.0%). Zero growth demonstrates the basic materials sector (+0.0%).

At the close:

Dow -26.27 13,583.88 -0.19%

Nasdaq -23.84 3,112.35 -0.76%

S & P -5.05 1,455.88 -0.35%

09.10.2012 07:43

Forex: Monday’s review

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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