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30.11.2012 08:20

Stocks: Thursday’s review



Asian stocks rose as U.S. lawmakers said they’re optimistic for an agreement to avoid automatic spending cuts and tax increases and as the leader of Japan’s opposition party called for unlimited monetary policy easing.

Nikkei 225 9,400.88 +92.53 +0.99%

S&P/ASX 200 4,477.73 +30.42 +0.68%

Shanghai Composite 1,963.49 -10.04 -0.51%

Honda Motor Co., a carmaker that gets 44 percent of its sales in North America, gained 2 percent in Tokyo.

Sky Network Television Ltd., New Zealand’s largest pay-TV operator, jumped the most in more than a year in Wellington after announcing a special dividend.

Starpharma Holdings Ltd. tumbled 29 percent in Sydney after the biotechnology company said it won’t file a application for a new drug in the U.S. after a disappointing clinical trial.

European stocks rallied to their highest in 17 months as optimism grew that U.S. President Barack Obama will reach an agreement with Congress on a new budget.

Obama said after European markets closed yesterday that the two political parties can agree on a framework for a budget deal to prevent $607 billion of automatic tax increases and spending cuts from coming into effect in January.

A European Commission report showed that economic confidence in the euro area climbed in November from a three- year low. The index of executive and consumer sentiment in the region increased to 85.7 from a revised 84.3 in October. Economists had forecast the gauge would be unchanged from an initial reading of 84.5.

Another release showed German unemployment rose less this month than economists had predicted. The number of people without jobs increased 5,000 to 2.94 million, the Federal Labor Agency said. Economists had forecast joblessness would climb by 16,000, according to the average estimate.

National benchmark indexes advanced in every western- European market except Greece. The U.K.’s FTSE 100 climbed 1.2 percent, France’s CAC 40 gained 1.5 percent and Germany’s DAX added 0.8 percent.

Rio Tinto jumped 5.1 percent to 3,090 pence after saying it will cut $5 billion from operating and support costs next year. The mining company also said that it will increase production at its iron ore, copper and alumina units.

Invensys Plc soared 8.9 percent to 305 pence. The maker of software for London Underground trains will probably be acquired after completing the sale of its rail-signaling division to Siemens AG, RBC said. After the close of European trading yesterday, Invensys said it agreed to sell the unit to Siemens for 1.74 billion pounds ($2.8 billion). Вarclays Plc and Bank of America Corp. also recommended buying the shares. Invensys posted its biggest two-day rally since at least 1988.

Volkswagen AG added 1.3 percent to 165.80 euros, its highest price in at least 20 years, after Europe’s largest carmaker said it will extend its partnership with China’s FAW Group beyond 2016, when the existing contract expires. The new joint venture will run for an additional 25 years. Both companies concluded that neither side has infringed on technology patents, Volkswagen said.

U.S. stocks started today's session growth, in the middle of trading lost recruited position, but later managed to recover.
The session support indices provided optimism of market participants about solving the problem of automatic tax increases and cost savings, the 'fiscal cliff. " Reason for optimism words yesterday became Speaker of the U.S. House John Boehner and President Obama, who expressed confidence in reaching a compromise on the looming problem.
However, like two weeks ago, no specific thesis was announced today and Boehner reported no significant progress on the issue of "fiscal cliff." Boehner words were voiced after a meeting with U.S. Treasury Secretary Timothy Geithner. The reason for such a contrast, compared with yesterday's comments, statements Boehner called the Democrats lack a serious approach to real cost savings. This cost reduction is a key condition in which the Republicans are willing to compromise with an increase in taxes. Despite this, Boehner said he hoped that the next talks will be more productive.
From the statistics today pleased housing data - the index of pending home sales rose more than expected in October to the highest level since April 2010 level. In other macro data was below economists' forecasts - according to revised data showed U.S. gross domestic product grew by 2.7% (+2.8% expected), and the number of initial claims for unemployment benefits fell to 393 thousand from a revised 416 thousand with an average forecast 390 thousand
Most of the components of the index surged DOW (20 of 30). More than the others fell in the share price Intel Corporation (INTC, -2.79%). The reason for selling shares of INTC is now reduced by Goldman their target price to $ 16 from $ 20. In Goldman pay attention to the fact that inventories at manufacturers Intel and AMD have reached record levels, indicating that the deterioration in demand for their products. Lead stocks Unitedhealth (UNH, +3.05%).
All sectors of the S & P showed moderate growth. Lead the health sector (+0.8%).
's Second-largest luxury jewelry retailer Tiffany & Co fell 6.2% after the publication of the quarterly results. Thus, in the third-quarter net income fell 30% to $ 63.2 million, while sales increased by 3.8% to $ 852.7 million in revenue results and profits were below analysts' expectations, and in addition, management has lowered forecasts current year.
Shares of smartphone Blackberry maker Research in Motion jumped by 4% on a rating increase shares to "buy" from neutral analysts Goldman Sachs.
At the close:
Dow 13,021.82 +36.71 +0.28%
Nasdaq 3,012.03 +20.25 +0.68%
S & P 500 1,415.95 +6.02 +0.43%

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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