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31.10.2012 08:00

Stocks: Tuesday’s review



Most Asian stocks fell after the Bank of Japan’s expansion of its asset-purchase program failed to allay concern economic growth in the world’s third-largest economy is waning. Hurricane Sandy forced U.S. markets to shut for a second day.

Nikkei 225 8,841.98 -87.36 -0.98%

S&P/ASX 200 4,485.69 +8.83 +0.20%

Shanghai Composite 2,062.35 +3.40 +0.17%

Toyota Motor Corp. lost 0.5 percent, reversing earlier gains, after the central bank’s announcement. BYD Co., the Chinese automaker partially owned by Warren Buffett’s Berkshire Hathaway Inc., tumbled 5.5 percent after saying profit may fall as much as 98 percent this year.

Sharp Corp. surged 6.2 percent in Tokyo on a report the maker of liquid-crystal displays is in partnership talks with Apple Inc. and Google Inc.


European stocks rose the most in two weeks as companies from BP Plc to Deutsche Bank AG reported earnings that topped estimates and U.S. house prices climbed.

Teleconference was held today between the Ministry of Finance of the Eurogroup, in which officials discussed the situation in Greece and how to get the country back on the path of sustained recovery ahead of the meeting, scheduled for November 12. Another meeting will be held tomorrow, at which EU leaders are going to help the problem state by another reduction program.

The Bank of Japan on Tuesday expanded the program of buying up assets and lending by 11 trillion yen to 91 trillion yen, and launched a program of unlimited long-term loans to banks at low rates.

The September unemployment rate in Germany was revised from 6.8% to 6.9%, remained unchanged in October. Spanish GDP surprised annual decline, the data on consumer confidence, though the eurozone improved slightly, but still remained weak. Italy sold five-and 10-year bonds at a lower yield, and the balance of sales in the UK, according to research by CBI, was 30 in October.

National benchmark indexes advanced in 15 of the 18 western-European markets. Germany’s DAX climbed 1 percent, the U.K.’s FTSE 100 gained 0.8 percent and France’s CAC 40 rallied 1.4 percent.

BP jumped 4.4 percent to 443.7 pence, the largest jump in 11 months. The company said third-quarter net income rose to $5.4 billion from $5 billion in the same period of 2011 and raised its dividend by 12.5 percent to 9 cents a share. Profit adjusted for one-time items and changes in inventory was $5.2 billion, compared with the average estimate of $4 billion.

Eni SpA added 2.1 percent to 17.69 euros as Italy’s largest oil producer reported third-quarter adjusted net income from continuing operations of 1.78 billion euros ($2.3 billion). Analysts had forecast 1.56 billion euros.

Deutsche Bank increased 4.5 percent to 34.80 euros. The lender said third-quarter profit rose 3 percent after investment-banking revenue exceeded targets. Net income climbed to 747 million euros in the three months through September from 725 million euros a year earlier, the company said. That beat the 563.9 million-euro average estimate of analysts.

UBS climbed 5.9 percent to 13.89 Swiss francs, its highest price since July 2011. The bank said it plans to save about 3.4 billion francs ($3.7 billion) in additional annual costs by the end of 2015 as it reduces headcount by 10,000 to about 54,000. The company will target a return on equity of at least 15 percent starting in 2015, compared with a previous goal of 12 percent to 17 percent.

Danske Bank slumped 9.4 percent to 94 kroner, its biggest drop since February 2011. Denmark’s largest lender said it plans to sell 7 billion kroner ($1.2 billion) in new shares as part of an effort to achieve a core Tier 1 capital ratio in excess of 13 percent by the end of next year.

The main U.S. stock markets are closed due to weather conditions

Market Focus

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  • Canada unemployment rate falls to lowest level since October 2008
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