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17.12.2012 07:43

Stocks: Friday’s review



Asian stocks swung between gains and losses after surveys showed China’s manufacturing may accelerate this month and pessimism among Japanese producers increased. Shares in China surged by the most since January.

Nikkei 225 9,737.56 -5.17 -0.05%

S&P/ASX 200 4,583.11 +0.32 +0.01%

Shanghai Composite 2,149.77 +88.30 +4.28%

Agricultural Bank of China Ltd., the nation’s No. 3 lender, climbed 1.9 percent in Hong Kong.

Gome Electrical Appliances Holding Ltd. jumped 7.2 percent after the Chinese retailer was rated new buy at Citigroup Inc.

Largan Precision Co., a supplier of camera lenses to Apple Inc., sank 6.9 percent in Taipei on speculation shipments will slow.


European stocks closed little changed as investors watched U.S. lawmakers debate a new budget agreement to avoid automatic tax increases and spending cuts in the world’s largest economy.

U.S. President Barack Obama and House Speaker John Boehner met yesterday to discuss averting more than $600 billion of spending cuts and tax increases before a year-end deadline, with no public announcement of progress.

Industrial production in the world’s largest economy increased 1.1 percent in November, after a revised 0.7 percent drop the previous month, the Federal Reserve said today. That beat the median forecast that called for a 0.3 percent gain.

In China, a report showed manufacturing may expand at a faster pace this month. The December preliminary reading was 50.9 for a purchasing managers’ index released today by HSBC Holdings Plc and Markit Economics. That compares with the 50.8 median projection. The Shanghai Composite Index jumped the most since October 2009 also on speculation that state-backed institutions were buying shares.

In the euro area, a preliminary report showed that a measure of manufacturing climbed to 46.3 in December, up from 46.2 in the previous month. A composite index that also includes services jumped to 47.3 this month, the highest since March, from 46.5 in November. A reading below 50 means contraction.

FTSE 100 5,921.76 -7.85 -0.13%, CAC 40 3,643.28 +0.15 0.00%, DAX 7,596.47 +14.49 +0.19%

Fiat SpA, which owns 58.5 percent in Chrysler Group LLC, dropped 1.9 percent to 3.63 euros. Il Messaggero reported that Chief Financial Officer Richard Palmer held meetings with banks on a possible capital increase to fund its acquisition of the remaining 41.5 percent of Chrysler.

Alcatel-Lucent rallied 7 percent to 91.3 euro cents after saying it will get a $2.1 billion multiyear financing commitment from Goldman Sachs and Credit Suisse. The deal “provides stabilization and enhances Alcatel-Lucent’s liquidity profile,” the company said.

Akzo Nobel advanced 7.1 percent to 48.70 euros, the biggest jump since September 2011, after PPG Industries agreed to buy its North American decorative-paints business for $1.05 billion.

ProSiebenSat.1 Media AG rallied 1.8 percent to 23.66 euros after Discovery Communications Inc. agreed to buy the German broadcaster’s northern European assets.

Major U.S. stock indexes spent almost all trading in negative territory due to the fact that the favorable regional statistics and encouraging economic data from China are not able to offset a significant drop in prices of high-tech giant Apple and lack of progress in the negotiations on the budget issue.

In the U.S., the White House and Congressional leaders are still unable to reach a compromise on the issue of a "budgetary cliff." If a solution is not found by January 1, 2013, there will be an automatic reduction of budget expenditures and raise taxes, which could send the world's largest economy into recession.

Released before the opening of U.S. stock markets data on industrial production recorded its U.S. growth of 1.1% with the expectation of 0.3% and a decline of 0.4% in October.

Apple shares fell to $ 509.79 at 3.76%. The reason for selling shares of the manufacturer of smart phones and other hi-tech products are reports that the company was found guilty of violating three patents MobileMedia Ideas LLC (MMI) - a licensed company, shares in which is owned by Nokia Corp. and Sony Corp. of America. These patents protect the technology used in the iPhone. Also, analysts at UBS today lowered its target price AAPL shares to $ 700 from $ 780.

DOW index components mainly decreased (19 of 30). Below are the shares of the remaining American Express (AXP, -1.85%). Leader shares were Alcoa (AA, +1.75%) and Hewlett-Packard (HPQ, +1.72%).

Sector of the S & P showed a mixed trend. Maximum loss demonstrated the technology sector (-0.5%), the leading sector of basic materials (+0.5%).

The world's biggest software maker for Graphic Design Adobe Systems rose 5.71% after reporting a 28% growth of profits in the fourth quarter of the fiscal year due to lower costs.

At the close:

Dow 13,135.01 -35.71 -0.27%

Nasdaq 2,971.34 -20.82 -0.70%

S & P 500 1,413.58 -5.87 -0.41%

17.12.2012 08:03

Forex: Friday’s review

Market Focus

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  • 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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