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15.10.2012 06:40

Stocks: Friday’s review



Asian stocks rose, with the regional benchmark index headed for its first gain this week, after U.S. jobless claims fell more than estimated and China and Japan agreed to hold talks over a territorial dispute that has disrupted trade.

Nikkei 225 8,534.12 -12.66 -0.15%

S&P/ASX 200 4,486.6 +3.07 +0.07%

Shanghai Composite 2,104.93 +2.06 +0.10%

Toyota Motor Corp., a Japanese carmaker whose sales in China slumped last month after rioters torched dealerships in protests over disputed islands, added 1.3 percent.

China Cosco Holdings Co. climbed 5 percent, leading Chinese shipping companies higher, after haulage rates for commodities rose.

Softbank Corp. fell 16 percent after Japan’s third-largest phone operator said it’s in talks to invest in Sprint Nextel Corp.

European stocks declined for the fourth time in five days as International Monetary Fund Managing Director Christine Lagarde said global growth is not fast enough to curb unemployment, and Chinese new lending missed estimates, outweighing better-than-expected U.S. consumer confidence data.

Akzo Nobel NV (AKZA) slid 6.1 percent as Chief Executive Officer Ton Buechner extended his leave from the company. MAN SE (MAN) fell 3.3 percent after it said 2013 will be tougher than this year. Standard Chartered Plc and Axa SA (CS) climbed as Deutsche Bank AG raised its rating for the banking and insurance sectors.

The Stoxx Europe 600 Index fell 0.5 percent to 269.43 at the close of trading. The measure lost 1.7 percent this week as the International Monetary Fund cut its global growth forecasts and European Union leaders met to discuss the region’s debt crisis.

Stocks briefly pared losses after data showed confidence among U.S. consumers unexpectedly jumped in October to the highest level since before the recession began five years ago.

National benchmark indexes fell in 13 of the 18 western European (SXXP) markets.

FTSE 100 5,803.64 -26.11 -0.45% CAC 40 3,399.21 -14.51 -0.43% DAX 7,251.42 -30.28 -0.42%

Akzo Nobel, the world’s largest paint maker, fell 6.1 percent to 42.08 euros, its biggest drop in more than a year. The company’s supervisory board will meet on Oct. 17 to discuss the health situation of Buechner, who took leave last month, citing fatigue, and was expected to return in the first half of October.

MAN fell 3.3 percent to 75 euros. The truckmaker controlled by Volkswagen AG (VOW) said next year will be tougher than 2012 as orders in the third quarter fell more than normal for the season.

Spectris Plc (SXS), a maker of production-testing gears, slid the most in more than a year, falling 6.7 percent to 1,549 pence after sector peer Morgan Crucible Co. said it will shut down plants in Europe to offset a greater-than-expected drop in revenue.

Lanxess AG (LXS), a German chemical maker, retreated 4.4 percent to 60.21 euros. Credit Suisse Group AG downgraded the stock to underperform, similar to a sell rating, from neutral.

Saipem SpA (SPM), the Milan-based oil services contractor, declined 5.6 percent to 35.21 euros. The stock was cut to neutral from buy at Nomura Holdings Inc.

Swedbank AB (SWEDA) dropped 2.6 percent to 119.90 kronor. The stock was cut to hold from buy at Deutsche Bank.

Software AG (SOW), the German infrastructure software provider, surged 12 percent, the most in a year, to 30.35 euros after it confirmed its full-year forecast and said it expects growth in license sales to continue in the fourth-quarter.

Coca-Cola Hellenic Bottling Co. (EEEK) advanced 7 percent to 16.75 euros. The stock was upgraded to overweight, meaning investors should buy the shares, from neutral at JPMorgan after it announced plans yesterday to move its main stock listing from Athens to London.


Trading started in a small plus on positive quarterly report from JPMorgan (JPM), but in spite of this major U.S. stock indices ended the session slightly below zero. For the week the index DOW fell 2,07%, Nasdaq fell 2,94%, S & P500 lost 2.21%.

However, despite strong quarterly figures from JPM, the market remains negative expectations for the current season, reports in general.

Restrained growth indices fall on the eve of his company AMD forecast revenue for the third quarter, it is now expected to fall by 10% q / q, previously forecasted at 4% - 2% q / q.

Optimistic market participants did not pay the published data on the index of consumer confidence from the Reuters / Michigan. According to preliminary data, the value of the index in October reached the highest level since September 2007, well above the average forecast: 83.1 vs. 7739 and the value of 78.3 in August.

DOW index components exhibit predominantly negative dynamics. More than the others fell in the share price Bank of America (BAC, -2.36%). Maximum growth stocks show Boeing (BA, +1.38%).

Most of the sectors are in the red. The maximum loss is the financial sector (-1.0%). Consumer goods, industrial goods sector and the service sector are in the zero mark.

At the close:

Dow +2.38 13,328.77 +0.02%

Nasdaq -5.30 3,044.11 -0.17%

S & P -4.25 1,428.59 -0.30%

15.10.2012 07:03

Forex: Friday’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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