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28.11.2012 08:04

Stocks: Tuesday’s review


Asian stocks gained for a fifth day after European finance ministers cut borrowing costs for Greece and gave the indebted nation more time to repay rescue loans. Shares also rose after profit growth at Chinese industrial companies accelerated last month.

Nikkei 225 9,423.3 +34.36 +0.37%

S&P/ASX 200 4,456.83 +32.64 +0.74%

Shanghai Composite 1,991.17 -26.30 -1.30%

CSL Ltd., Australia’s biggest drugmaker, surged 6.9 percent in Sydney to a record after saying it expects profit growth of about 20 percent.

BHP Billiton Ltd., the world’s largest mining company, paced gains among raw-material companies as copper prices rose.

China Railway Construction Corporation Ltd. advanced 1.1 percent in Hong Kong.

European stocks advanced after euro- region finance ministers eased the terms of aid for Greece and cleared the way for a loan instalment in December.

European finance ministers eased the terms on emergency aid for the Mediterranean nation. In the latest bid to keep the 17- nation euro-area intact, the ministers cut the rates on bailout loans, suspended interest payments for a decade on money from the temporary rescue fund, gave the country more time to repay, and engineered a Greek bond buyback. Greece was also cleared to get a 34.4 billion-euro ($44.7 billion) loan instalment in December.

In the U.K., consumer spending and exports propelled the economy to its fastest growth since 2007 in the third quarter. Gross domestic product rose 1 percent from the second quarter, the same as reported on Oct. 25, the Office for National Statistics said today in London.

National benchmark indexes rose in 13 of the 18 western European markets. France’s CAC 40 Index was little changed, while Germany’s DAX Index rose 0.6 percent. The U.K.’s FTSE 100 Index gained 0.2 percent.

Remy Cointreau surged 6.4 percent to 88.51 euros for the biggest gain in the Stoxx 600. The company said first-half adjusted operating profit from current operations rose to 141.5 million euros, beating analyst estimates for 137.3 million euros. Remy Cointreau said second-half growth will be more moderate than in the first half. Still, it confirmed its target to “substantially” lift annual earnings.

Galp lost 5.9 percent to 11.50 euros. Eni said late yesterday that it’s selling 49.8 million Galp shares. They are being offered at 11.48 euros to 11.73 euros apiece, according to the terms obtained.

Despite some optimistic messages (data on orders for durable goods and housing price index from S & P / Case-Shiller, and a report on the index of consumer confidence), the major U.S. stock indexes have failed to show a positive trend.
The lack of progress in addressing the "fiscal cliff" keeps investors from buying, causing them to ignore the positive macroeconomic reports.
Today, their concerns about the problem of "fiscal cliff" expressed the Organization for Economic Cooperation and Development (OECD), which warned that in the absence of solutions the U.S. economy will return to recession.
Time goes by, but on November 16, when a meeting of the leaders of Congress and President Obama did not receive any new information on a looming problem. This adds uncertainty and nervousness in the markets.
This week, Congress returns to Washington, the discussion and the search for a compromise between taxes and spending will continue.
Most of the components of the index remained in negative territory DOW (22 of 30). Fell more than the rest in the stock price Hewlett-Packard (HPQ, -2.86%), leading stock Intel (INTC, +0.60%).
Sector of the S & P declined mainly. Showed a small increase in the sector conglomerates (0.1%). Maximum loss showed basic materials sector (-0.9%).
The food industry Ralcorp Holdings jumped by 26.5% due to the news of his impending takeover industry giant ConAgra Foods.
Manufacturer of high-tech glass Corning went to plus 6.9% after raised its forecast for shipments of glass for LCD-screens.
At the close:
Dow 12,878.13 -89.24 -0.69%
Nasdaq 2,967.79 -8.99 -0.30%
S & P 500 1,398.94 -7.35 -0.52%

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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