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09.11.2012 08:02

Stocks: Thursday review



Asian stocks fell, with the regional benchmark poised for its biggest drop in six weeks, as investors turned their attention to the U.S. budget debate and China’s Communist Party began a meeting to choose new leaders.

Nikkei 225 8,837.15 -135.74 -1.51%

S&P/ASX 200 4,483.82 -32.64 -0.72%

Shanghai Composite 2,071.51 -34.22 -1.63%

Li & Fung Ltd., a supplier of clothes and toys that gets 60 percent of sales in the U.S., lost 2.9 percent in Hong Kong.

Canon Inc., a camera manufacturer that depends on Europe for almost a third of its sales, sank 2.5 percent in Tokyo after the European Commission cut its growth forecast for the monetary union.

Komatsu Ltd. dropped 2.2 percent after Japan’s machinery orders fell more than expected.

European stocks were little changed, after sliding the most in two weeks, as a selloff in auto manufacturers overshadowed results from Swiss Re Ltd. and Hermes International (RMS) SCA that beat analysts’ estimates.

PSA Peugeot Citroen SA (UG) and Valeo SA both lost more than 4.5 percent as analysts downgraded their shares. Swiss Re gained 1.9 percent after saying smaller losses from natural disasters helped net income surge in the third quarter. Hermes advanced 2 percent as sales rose because of increased demand in Asia.

The Stoxx Europe 600 Index fell 0.1 percent to 270.8 at 4:30 p.m. in London, after earlier climbing as much as 0.6 percent.

National benchmark indexes fell in 15 of the 18 western- European (SXXP) markets.

FTSE 100 5,776.05 -15.58 -0.27% CAC 40 3,407.68 -1.91 -0.06% DAX 7,204.96 -27.87 -0.39%

Greece’s ASE slumped 3.8 percent even as Prime Minister Antonis Samaras obtained a parliamentary majority for a package of austerity measures needed to release further financial aid from the European Union.

Stocks briefly declined after euro-area finance ministers were said to delay a decision on whether to provide further financial aid to Greece.

The ECB left its benchmark interest rate at a record low of 0.75 percent. Draghi reiterated that the central bank will buy the debt of countries that ask it to intervene in their bond markets.

The Bank of England held its key interest rate at a record low of 0.5 percent.

Peugeot dropped 6 percent to 4.47 euros after Citigroup Inc. lowered its recommendation for Europe’s second-biggest carmaker to sell from neutral, citing the company’s struggles with cash.

Valeo declined 4.7 percent to 33.16 euros after UBS AG downgraded France’s second-largest car-parts maker to neutral from buy, saying consensus estimates for European auto suppliers remained too high and all companies will face earnings downgrades.

Pirelli & Cie. lost 2.8 percent to 8.50 euros after brokerages including Exane BNP Paribas said the tiremaker may lower its forecasts. Exane projected sales of 6.1 billion euros ($7.8 billion) in 2012, rather than the current guidance of 6.4 billion euros.

Hermes gained 2 percent to 223.60 euros after the French maker of Birkin bags and silk scarves said third-quarter sales advanced 24 percent from a year earlier to 848.6 million euros. The average analyst’s estimates had called for 803.8 million euros. Excluding currency swings, sales rose 16 percent.

Siemens AG (SIE) added 1.8 percent to 80.27 euros after Europe’s largest engineering company announced that it plans to cut costs by 5 billion euros as it prepares for lower profit in 2013.

BTG Plc (BTG) soared 7.6 percent to 352.4 pence after the drugmaker reported first-half adjusted earnings per share of 5.6 pence, compared with 3.9 pence a year earlier. It reiterated its 2013 revenue forecast.

Having started trading in positive territory, the major U.S. stock indexes fell later in the red zone, which eventually ended the session.

The pressure on the index has increased fears of market participants about Greece, the chances of a default and exit from the euro area remain high despite approval of its parliament of new measures to reduce budget expenditures.

There is a high probability that the decision to grant Athens next tranche of financial assistance may be made by the end of November. This puts pressure on the market as greatly increasing the chances of worsening debt crisis in the region.

McDonald shares fell 1.98% to $ 85.14 on the background of the fact that sales at stores open at least 13 months fell 1.8% in October, as the user traffic in the U.S. has decreased. Note that analysts have predicted that the drop of 1.1%.

Kohl's price decreased by 4.79% to $ 51.72, as it became known, the total annual earnings per share range of $ 4.52 to $ 4.60, although initially reported a profit in the range of $ 4.50 to $ 4 , 65 per share. At the same time, analysts had expected earnings of $ 4.62.

Shares of Autodesk Inc (ADSK) lost 2.25%, while reducing to $ 30.86, which was due to downgrade the rating by Jefferies Group shares to the software manufacturer to 'hold'.

Cost Monster Beverage Corp. (MNST) fell by 0.47% to $ 44.76 after the publication of the report, according to which the profit for the third quarter was below analysts' forecasts.

Shares of Bank of America Corp. rose by 2.55% to $ 9.46. According to the forecast, stock prices could rise by almost two times in three years as that improved capitalization, and lower operating costs. Analysts Najarian upgraded shares to 'buy'

The cost of JPMorgan Chase & Co (JPM) rose 0.22% to $ 40.57, as the Bank has reached an agreement with the regulators, and also said that the buy back shares worth 3 billion. dollars

DOW index components exhibit predominantly negative dynamics. The maximum losses are shares McDonald's Corp. (MCD, -2.03%), Cisco Systems Inc. (CSCO, -1.92%), and United Technologies Corp. (UTX, -1,67%). Shares rose more than other Bank of America (BAC, +2.55%), Boeing Co. (BA, +1.50%) and Hewlett-Packard Company (HPQ, +1,17%)

All sectors of the S & P is in the red. Maximum loss demonstrates sector conglomerates (-1.1%) and sector bazovіh materials (-0.2%)

At the close:

Dow -121.26 12,811.27 -0.94%

Nasdaq -41.71 2,895.58 -1.42%

S & P -17.01 1,377.52 -1.22%

09.11.2012 08:21

Forex: Thursday review

Market Focus

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