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19.11.2012 07:45

Stocks: Friday’s review



Asian equities rose, with Japan’s Nikkei 225 Stock Average surging the most since March, amid speculation an election next month will hand power to an opposition party that advocates more aggressive monetary easing in the world’s third-biggest economy.

Nikkei 225 9,024.16 +194.44 +2.20%

S&P/ASX 200 4,336.85 -12.40 -0.29%

Shanghai Composite 2,014.72 -15.57 -0.77%

Honda Motor Co., Japan’s third-largest carmaker, advanced 5.2 percent as the yen weakened, boosting the earnings outlook for the exporter.

Buru Energy Ltd. jumped 8.5 percent in Sydney after the oil and gas explorer said drilling results at its Ungani well are encourag

European stocks posted their biggest weekly drop since June amid concern President Barack Obama and Congress will fail to agree on a new budget, triggering $607 billion of automatic tax increases and spending cuts.

Obama began negotiations with Democrat and Republican congressional leaders today. The president said at a press conference on Nov. 12 that Bush-era tax cuts for high earners should expire at the start of 2013. House Speaker John Boehner’s colleagues refuse to raise tax rates.

A report from the EU’s statistics office on Nov. 15 showed the euro area slipped back into a recession in the third quarter as governments imposed tougher austerity measures to narrow their fiscal deficits. Gross domestic product slipped 0.1 percent, its second consecutive quarter of contraction.

Separate releases showed that industrial production in the currency zone dropped the most since 2009 in September, Greece’s economy contracted for a 17th straight quarter and jobless claims rose at the fastest pace in more than a year in the U.K.

National benchmark indexes fell in every western-European market except Greece and Iceland. France’s CAC 40 lost 2.4 percent, the U.K.’s FTSE 100 slid 2.8 percent and Germany’s DAX declined 3 percent. Spain’s IBEX 35 Index slipped 0.6 percent amid speculation the country will soon request a bailout from the European Union.

Vodafone slid 5.9 percent after the telecommunications operator also reported a 1.4 percent decline in service revenue in the second quarter, its first drop in 10 quarters.

Zurich Insurance Group AG lost 5.2 percent after Switzerland’s biggest insurer reported on Nov. 15 a 62 percent drop in third-quarter profit following a $550 million writedown. Net income missed analysts’ estimates.

Hennes & Mauritz AB retreated 4.7 percent after Europe’s second-largest clothing retailer said on Nov. 15 that sales at stores open a year or more slid 5 percent last month, missing some analysts’ estimates.

U.S. stocks in the middle of trading sharply departed from achieved today minuses against Congress leaders comments after the last meeting with President Obama, which was devoted to the problem of "fiscal cliff."
Participants described this meeting as "constructive" and "useful", without providing specific details of her.
Minority Leader Nancy Pelosi in Congress that, to reach agreement on the matter by Christmas, the minority leader in the Senate, Mitch McConnell and Speaker John Boehner of Congress noted that the Republicans are ready to make the subject of negotiations for income if it is accompanied by significant cuts in spending.
Meanwhile, Senate Majority Leader Harry Reid announced that is working on an action plan, and the talks were very constructive.
Statement by the participants improved market sentiment, prompting the closure of short positions after the recent decline in the indices.
In this case, the economic news in the U.S. was downbeat - Today it became known that industrial production unexpectedly fell in October by 0.4% despite the forecasts of 0.2% growth. Pressure on the market, and also has a conflict in the Middle East.
DOW index components showed predominantly positive trend. Maximum loss suffered shares Hewlett-Packard Company (HPQ, -1.76%). Shares rose more than other Alcoa (AA, +1.61%).
All sectors of the S & P are in positive territory. Maximum growth demonstrates utilities sector (+1.1%).
Dell shares fell by 7.3% on a reported 47% confidence falling profits in the third quarter, caused by lower sales of personal computers. The results for earnings and sales were below the average forecast of Wall Street. In addition, at least six brokerage houses have lowered the target price for the paper.
Shares of biotech company Dynavax Technologies collapsed by 47.3% after the Office of the Food and Drug Administration has expressed concerns about the safety of a drug company's vaccine against hepatitis B.
At the close:
Dow 12,588.31 +45.93 +0.37%
Nasdaq 2,853.13 +16.19 +0.57%
S & P 500 1,359.88 +6.55 +0.48%

19.11.2012 08:00

Forex: Friday’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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