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02.11.2012 07:45

Stocks: Thursday’s review



Asian stocks fell as Panasonic Corp. led declines among Japanese electronics makers after forecasting a loss 30 times bigger than analysts estimated, overshadowing a report China’s manufacturing output expanded for the first time in three months.

Nikkei 225 8,946.87 +18.58 +0.21%

S&P/ASX 200 4,457.65 -59.35 -1.31%

Shanghai Composite 2,104.43 +35.55 +1.72%

Panasonic plunged 19 percent, the most since at least 1974, to lead declines on the MSCI Asia Pacific Index.

Arrium Ltd. tumbled 13 percent after a consortium that includes Noble Group Ltd. and Posco dropped an attempt to buy the Australian steelmaker.

Wipro Ltd. climbed 3.5 percent in Mumbai after India’s third-largest software exporter agreed to separate its consumer care and lighting businesses.


European (SXXP) stocks advanced the most in two weeks amid better-than-forecast U.S. economic reports and a rebound in Chinese manufacturing.

Etablissements Maurel & Prom led the rally, surging 8.3 percent after three people familiar with the matter said China Petrochemical Corp. is considering a takeover offer for the French oil explorer. British Sky Broadcasting Group Plc climbed 7.1 percent after first-quarter operating profit beat analyst estimates. Croda International Plc (CRDA), the world’s second-largest maker of cosmetic ingredients, dropped 1.3 percent.

The Stoxx Europe 600 Index rose 1.3 percent to 273.7 at the close in London, its biggest gain since Oct. 16.

Consumer confidence in the U.S. climbed in October to the highest in more than four years. The Conference Board’s index increased to 72.2, the highest since February 2008, from a revised 68.4 in September. The figure was projected to rise to 73, according to the median estimate of economists.

Another report showed manufacturing in the world’s largest economy expanded at a faster pace than forecast. The Institute for Supply Management’s factory index climbed to 51.7 last month from 51.5 in September. A reading of 50 is the dividing line between expansion and contraction.

National benchmark indexes rose in 13 of the 16 western European markets that were open today.

Lloyds Banking Group Plc (LLOY) jumped 8.3 percent to 43.94 pence, the highest price since July, 2011. Britain’s biggest mortgage lender said the amount it pays out each month to settle payment protection insurance claims fell to 250 million pounds in the third quarter from 300 million pounds in the second half.

Cie. Financiere Richemont SA, the owner of the Cartier brand, gained 4.9 percent to 63.35 Swiss francs after Bank of America Corp. raised the stock to buy from underperform.

Swatch Group AG (UHR), the world’s largest watchmaker, increased 4.8 percent to 403.90 francs. Christian Dior SA (CDI) rose 3.3 percent to 114.45 euros, while LVMH Moet Hennessy Louis Vuitton SA (MC) advanced 2.6 percent to 128.60 euros.

Croda declined 1.3 percent to 2,172 pence. The company posted a third-quarter continuing operating profit of 59.70 million pounds, missing the analyst estimate of 63.96 million.

Major U.S. stock indexes retreated from session highs, but still ended the session in a significant growth

Positive trend in the first of the month index provided the macroeconomic data, which were better than expected.

The session support indices had a strong employment data from ADP and the index of business activity in the industrial sector in China.

Later, the positive sentiment in the market supported by statistics ISM manufacturing index and the index of consumer confidence in the United States.

The manufacturing index of the Institute for Supply Management (ISM) for October rose to 51.7 vs. 51.2 points and values ​​for September 51.5. Consumer confidence was lower than forecast (72.2 vs. 72.4), but compared with September index increased significantly (the September value 70.3).

Be borne in mind that in spite of the current rise, many investors prefer to stay out of the market ahead of the U.S. presidential election to be held next week. Against this background, the probability of continuation of today's rally is low.

Most of the components of the index DOW surged in red are only three components: Wal-Mart (WMT, -2.36%), Pfizer (PFE, -1.25%) and The Travelers Companies Inc. (TRV, -1,21%). More than others in the share price rose Bank of America Corporation (BAC, +4.29%), Microsoft Corporation (MSFT, +3.36%) and Caterpillar Inc. (CAT, +3.28%).

All major sectors except one grow. More than other sectors of manufactured goods rose (+1.7%), and conglomerates sector (+1.7%). The fall shows only the utility sector (-0.4%)

At the close:

Dow +136.16 13,232.62 +1.04%

Nasdaq +42.83 3,020.06 +1.44%

S & P +15.43 1,427.59 +1.09%

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