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16.10.2012 06:44

Stocks: Monday’s review


Asian stocks swung between gains and losses as concern that a global economic slowdown is weighing on earnings was offset by China reporting better-than-expected exports and the slowest inflation rate in two years.

Nikkei 225 8,577.93 +43.81 +0.51%

S&P/ASX 200 4,483.4 -3.18 -0.07%

Shanghai Composite 2,090.81 -14.12 -0.67%

ZTE Corp., China’s second-largest maker of telephone equipment, plunged 15 percent after saying it expects a third- quarter loss.

Samsung Electronics Co., which gets 28 percent of its revenue in China, added 1 percent in Seoul.

Renesas Electronics Corp., the world’s largest microcontroller maker, jumped 14 percent in Tokyo after people familiar with the matter said it may be acquired.

Softbank Corp. dropped 4.1 percent as three people familiar with the talks said Japan’s third-largest mobile-phone company is close to an agreement to buy a 70 percent stake in Sprint Nextel Corp.


European stocks climbed amid an increase in mergers-and-acquisition activity and as a U.S. report showed retail sales rose more than forecast in September.

Today’s U.S data showed retail sales climbed 1.1 percent in September, beating the median economist forecast for a 0.8 percent gain. That followed a revised 1.2 percent increase in August, the Commerce Department figures showed today

National benchmark indexes gained in 15 of the 18 western European markets. The U.K.’s FTSE 100 rose 0.2 percent, France’s CAC 40 climbed 0.9 percent, while Germany’s DAX advanced 0.4 percent.

Orkla gained 3.4 percent to 46.75 kroner after the company and Norsk Hydro agreed to combine units to provide aluminum profiles, building systems and tubing in North America and Europe.

Douglas jumped 8.1 percent to 37.62 euros, the biggest increase since Jan. 12, after Advent made an offer of 38 euros per share for the German cosmetics retailer via investment vehicle Beauty Holding Three AG.

Hennes & Mauritz AB gained 2 percent to 233.8 kronor after Europe’s second-largest clothing retailer reported a 15 percent increase in total sales for September. Like-for-like sales climbed 6 percent.

Rio Tinto Group, the world’s third-largest mining company, slipped 1.6 percent to 2,973.5 pence after Goldman Sachs Group Inc. cut its 12-month estimate on copper prices by 11 percent on concern demand from China will slow.

Anglo American Plc fell 2 percent to 1,788.5 pence, while Bumi Plc tumbled 12 percent to 245.3 pence.

U.S. stocks were up against published data on retail sales, which are up to September rose by 1.1% vs. 0.7%, and the value for August at 0.9%.

Investors reacted positively to the quarterly financial report published by Citigroup. According to the report, the bank's profit in the 3rd quarter fell to $ 468 million or $ 0.15 per share, compared to $ 3.77 billion, or $ 1.23 a year earlier. At the same time, except for the one-off balance sheet items, profit was $ 1.06 per share, versus the average forecast of $ 0.99. Citigroup shares gained 5.4%.

Indexes are supported Commissioner Olli Rehn, who said that "the negotiations with Greece should be completed by mid-November," and it was said that Athens could be given more time to implement reforms. Rehn also said that he is confident in the ability of Spain to reform.

Some support was also provided indices released today data on inflation in China that support investors' hopes for new stimulus measures from the authorities of the country to support the national economy. Data released today registered a decline inflation in China in September to a level 1.9% y / y vs. 2.0% in August values. Reduce inflationary pressure allows the PBOC to continue to pump up the economy with liquidity in order to stimulate economic growth. However, it is worth noting that the new measures are likely to be taken no earlier than a month, when there will be a planned change of power in China.

Temporary pressure on the index was published data on the change in inventories, which are up to August rose 0.6% against expectations of 0.5% and the value for July at 0.8%.

Most of the components of the index showed an increase DOW. Against the background of the quarterly report Citi in the DOW index leading shares Bank of America (BAC, +3.40%). Fell more than the rest in the stock price AT & T (T, -1.11%).

All major sectors are in positive territory. Maximum growth was the health sector (+1.2%).

Manufacturer of tires and wheels for Titan International jumped 5.4% after analysts at Jefferies & Co upgraded the stock from "hold" to "buy."

At the close:

Dow 13,424 +95 +0.71%

Nasdaq 3,064 +20 +0.65%

S & P 500 +0.80% 1.440 11

16.10.2012 07:06

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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