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08.11.2012 08:00

Stocks: Wednesday review



Asian stocks advanced for a second day, with News Corp. and Nissan Motor Co. lifting the regional benchmark index on earnings that cheered investors, as U.S. President Barack Obama defeated Republican Mitt Romney to win a second term.

Nikkei 225 8,972.89 -2.26 -0.03%

Hang Seng 22,087.07 +142.64 +0.65%

S&P/ASX 200 4,516.46 +31.66 +0.71%

Shanghai Composite 2,105.73 -0.27 -0.01%

News Corp., the media company run by billionaire Rupert Murdoch, gained 3.2 percent in Sydney after reporting profit that topped estimates.

Nissan surged 4.1 percent after analysts said its earnings forecast was conservative and Chinese customers are returning to the carmaker’s dealerships.

Zijin Mining Group Co. climbed 3.6 percent in Hong Kong, pacing gains among gold producers as the precious metal rose on speculation the U.S. will continue monetary easing after Obama’s victory.


European stocks fell the most in two weeks as the European Commission cut its growth forecast for the region and concern over an impending fiscal crisis in the U.S. increased after the re-election of President Barack Obama.

Randgold Resources Ltd. (RRS) slumped the most in six months after predicting that its annual output will be at the bottom of its target. Holcim Ltd. (HOLN), the world’s largest cement maker, slid 2.4 percent as earnings missed analysts’ estimates. BNP Paribas SA jumped 1.1 percent after third-quarter net income more than doubled. Hochtief AG (HOT) advanced 3.1 percent after reiterating full-year profit targets.

The Stoxx Europe 600 Index (SXXP) declined 1.4 percent to 271.04 at the close of trading, erasing an earlier gain of as much as 0.7 percent.

Brussels-based European Commission projected the 17- nation euro economy will expand 0.1 percent in 2013, down from a May forecast of 1 percent. It cut the estimate for Germany, Europe’s largest economy, to 0.8 percent from 1.7 percent.

National benchmark indexes declined in all of the 18 western European markets today except Denmark.

FTSE 100 5,791.63 -93.27 -1.58% CAC 40 3,409.59 -69.07 -1.99% DAX 7,232.83 -144.93 -1.96%

In the euro area, September retail sales decreased more than economists estimated, a report showed. Sales fell 0.2 percent from August, when they rose 0.2 percent, the European Union’s statistics office in Luxembourg said. Economists had forecast a decline of 0.1 percent.

Rhoen-Klinikum AG (RHK) fell 5 percent to 14.53 euros after the hospital operator said profit this year will be hurt by lower revenue at two hospitals and costs from Fresenius SE’s failed takeover bid. The company already cut its earnings forecast in July.

William Demant Holding A/S (WDH) declined 5.1 percent to 468.80 kroner, the lowest price in nine months. The Nordic region’s largest maker of hearings aids cut its 2012 profit forecast. The company now sees earnings before interest and taxes “on par with or just short of” the 2011 level, compared with its earlier guidance for an increase.

Hochtief added 3.1 percent to 39.77 euros, its biggest gain in three weeks. Germany’s largest builder reiterated its full- year profit targets and reported a third-quarter pretax profit of 354.7 million euros, compared with a loss of 101.6 million euros a year earlier.

Alstom SA (ALO) advanced 1.4 percent to 27.98 euros. The French maker of power equipment and high-speed trains reported first- half earnings that beat analysts’ estimates on higher sales and orders for trains. Income from operations in the six months ended Sept. 30 rose 12 percent to 703 million euros, the company said. That exceeded the 689 million-euro average of six analyst estimates compiled by Bloomberg. Net income rose 11 percent to 403 million euros, also beating forecasts.

Starting session at a significant disadvantage, the indices continued to decline, resulting in a significant drop in the completed session

Note that in today's session, the Dow showed the greatest decline this year.

As already noted, the reason for the negative sentiment in the markets have concerns about the deteriorating situation in Europe, and brought no change to the U.S. Congress elections.

A share markets have given negative speculation about the "fiscal cliff" in the U.S. (automatic spending cuts and tax increases, if prior to 1 January, the U.S. Congress has reached agreement on the new parameters of the budget and the debt threshold before January 1, and in this case, the benefits will be canceled tax for a total of $ 600 billion).

This problem is not new, it has been in the field of view before, but after the elections sharpened attention on her stronger. Although the presidential election was won by Obama, who, unlike Romney, after the election, may soon begin to address this problem, the political divisions in Congress could significantly slow down the decision of the matter.

As market participants' attention was riveted to the middle of the session of the House, Rep. John Boehner of Ohio, who expressed an opinion on the "fiscal cliff."

All components of the index DOW are in the red zone. The maximum losses are bank stocks Bank of America (BAC, -6.54%), JPMorgan Chase (JPM, -5.43%). Smallest decline exhibit shares Walt Disney Co. (DIS, -0,50%) and Johnson & Johnson (JNJ, -0,52%)

All sectors of the S & P index fell. Maximum loss demonstrates the financial sector (-2.6%). The least declining service sector (-1.1%).

At the close:

Dow -312.95 12,932.73 -2.36%

Nasdaq -74.64 2,937.29 -2.48%

S & P -33.86 1,394.53 -2.37%

08.11.2012 08:20

Forex: Wednesday 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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