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18.12.2012 08:00

Stocks: Monday’s review



Asian stocks fell, with the regional benchmark index poised to snap its longest rally since 2004, as suppliers to Apple Inc. dropped. Losses were limited as Japanese shares jumped after a party that backs more economic stimulus returned to power.

Nikkei 225 9,828.88 +91.32 +0.94%

S&P/ASX 200 4,573.4 -9.71 -0.21%

Shanghai Composite 2,160.34 +9.72 +0.45%

Hon Hai Precision Industry Co. fell 4.7 percent in Taipei, pacing losses among suppliers to Apple Inc., which had its rating cut at Citigroup Inc.

Nissan Motor Co., Japan’s second- largest carmaker by revenue, rose 1.8 percent as the yen slid to the lowest level since April 2011 against the dollar.

Tokyo Electric Power Co. surged 33 percent on speculation Japan’s new government will allow the restart of nuclear reactors.


European stocks were little changed as concern U.S. lawmakers won’t agree on a budget before the holiday offset the election in Japan of a party that backs more economic stimulus.

Royal KPN NV slumped 15 percent as the Dutch phone company partly owned by Carlos Slim’s America Movil SAB scrapped its dividend. Aggreko Plc, the world’s largest provider of mobile power supplies, slumped the most in more than 10 years after saying earnings will be “slightly lower” next year. PSA Peugeot Citroen gained 6.4 percent as Europe’s second-biggest carmaker said it is close to finalizing a deal with lenders to refinance debt at its banking unit.

The Stoxx Europe 600 Index (SXXP) retreated 0.1 percent to 279.18 at the close of trading, after earlier falling as much as 0.5 percent.

National benchmark indexes rose in 10 of the 18 western European markets.

FTSE 100 5,912.15 -9.61 -0.16% CAC 40 3,638.1 -5.18 -0.14% DAX 7,604.94 +8.47 +0.11%

KPN (KPN) slumped 15 percent to 3.94 euros, its biggest decline in 11 years. The company cut its dividend as it spent 1.35 billion euros to buy frequencies for faster mobile networks. HSBC Holdings Plc. cut its recommendation on the stock to underweight, a rating similar to sell, from neutral, and forecast a target price of 4 euros for KPN’s shares.

Aggreko sank 22 percent to 1,664 pence, its steepest drop since June 2002. Chief Executive Officer Rupert Soames said the company is facing the same conditions as in 2008 when it suffered a “pretty sharp” drop-off in orders for four quarters.

Vodafone Group Plc (VOD) slipped 1.7 percent to 158.2 pence. Deutsche Telekom AG lost 0.3 percent to 8.52 euros. Tele2 AB retreated 1 percent to 117.40 kronor. All three companies participated in the Dutch government’s spectrum auction, with Vodafone paying 1.4 billion euros and T-Mobile paying 911 million euros, according to the government.

UBS AG (UBSN) lost 0.5 percent to 14.97 Swiss francs, after earlier dropping as much as 1.5 percent. The Zurich-based bank is set to pay as much as $1.6 billion to settle claims of Libor manipulation by the U.S. Justice Department, the Commodity Futures Trading Commission, the U.K. Financial Services Authority and the Swiss Financial Market Supervisory Authority, said a person familiar with the probes.

PSA Peugeot Citroen (UG) gained 6.4 percent to 5.60 euros as the carmaker said it is close to finalizing a deal with a pool of banks to refinance debt at its banking unit.

Centamin Plc (CEY) surged 22 percent to 42.14 pence after the gold producer said that exports from its Sukari mine in Egypt have resumed. Centamin said production will restart within the next few days.

Major U.S. stock indexes continued to rise in the last hour of trading, setting all new session high, around which and ended the session.

Optimism about progress on the question "budget cliff", as well as expectations of new measures to stimulate the economy from the authorities of China and Japan continue to provide support to the indices.

As noted earlier, the media reported that House Speaker John Boehner suggested raising the ceiling gosodolga in a deal to address the issue of "fiscal cliff." Also, Boehner agreed to increase tax rates for wealthy citizens, but only for those whose annual income is greater than or equal to $ 1 million recall that President Obama vystuaet for higher tax rates for those Americans whose annual income is more than $ 200 thousand or $ 250 for married pairs.

White House offers after Boehner said that this is not exactly what they want, but "that's progress."

Amid optimism regarding a decision on automatic spending cuts and tax increases, market participants did not attach much importance the macroeconomic data, which were worse than expected.

In particular, the December index of manufacturing activity Empire State weakened to -8.1 vs. -5.2 in November. Index remains in negative territory for the 5th consecutive month. In addition, in October, net long-term capital inflows to the U.S. TIC decreased to $ 1.3 billion from $ 3.2 billion a month earlier. The September figure was revised down from $ 3.3 billion

DOW index components show a mixed trend. Maximum loss show shares Hewlett-Packard Company (HPQ, -3.86%). Shares the lead Bank of America Corporation (BAC, +3.69%).

All sectors of the S & P show growth. The largest growth sector demonstrates utilities (+1.3%). Less all added sector of consumer goods (+0.2%).

At the close:

Dow +100.68 13,235.69 +0.77%

Nasdaq +39.27 3,010.60 +1.32%

S & P +16.85 1,430.43 +1.19%

18.12.2012 08:25

Forex: Monday’s review

Market Focus

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