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11.02.2013 08:46

Stocks: Friday’s review

Most Asian stocks fell, paring this week’s advance, after Sony Corp. posted an unexpected loss and the European Central Bank said the euro’s strength could hamper an economic recovery, damping the profit outlook for exporters.

Nikkei 225 11,153.16 -203.91 -1.80%

Hang Seng 23,215.16 +38.16 +0.16%

S&P/ASX 200 4,971.3 +35.59 +0.72%

Shanghai Composite 2,432.4 +13.87 +0.57%

Sony tumbled 10 percent after posting an eighth-straight quarterly loss and cutting sales targets for TVs, gaming devices and cameras.

GS Engineering & Construction Corp. lost 7 percent in Seoul, among the biggest declines on the Asian benchmark, after reporting a fourth-quarter loss.

Fujitsu Ltd., a Japanese maker of computers, network equipment and mobile phones, gained 5.1 percent after saying it will eliminate 5,000 jobs and merge its LSI chip business with Panasonic Corp.

European stocks advanced the most in a month, paring a weekly decline, as trade data from China exceeded estimates and European Union leaders agreed the first- ever cuts to the bloc’s budget.

China’s exports and imports rose more than estimated in a January that had five working days more than last year, a report showed. Exports increased 25 percent from a year earlier, the customs administration said, compared with economists’ projection of 17.5 percent. Imports climbed 28.8 percent, exceeding the 23.5 percent median estimate.

EU leaders agreed to a seven-year budget that cuts spending for the first time, bowing to U.K. Prime Minister David Cameron’s insistence on thrift. The deal was struck after 25 1/2 hours of talks in Brussels, according to a post on Twitter by EU PresidentHerman Van Rompuy today. While he didn’t disclose a figure, the final draft blueprint for 2014-2020 included a spending ceiling of 960 billion euros ($1.3 trillion), down from an original proposal of 1.047 trillion euros and less than the 994 billion euros spent in the current budget cycle.

National benchmark indexes advanced in all of the 18 western European markets except Greece. The U.K.’s FTSE 100 gained 0.6 percent, France’s CAC 40 rose 1.4 percent and Germany’s DAX added 0.8 percent.

Software AG advanced 76 cents to 29.23 euros. Germany’s second-biggest software maker said late yesterday it will spend as much as 180 million euros buying back shares.

Credit Agricole rallied 6.9 percent to 7.35 euros, the most since Oct. 1. BNP Paribas raised its recommendation on France’s third-largest bank to buy from hold, citing the improved credibility of management and higher solvency than estimated.

BNP Paribas added 2.4 percent to 44.60 euros after Bank of America advised buying the shares, saying the lender’s results should confirm it has enough capital to support growth.

Telecom Italia slipped 1.3 percent to 66 euro cents, its lowest price since August, after reporting 2012 earnings before interest, taxes, depreciation and amortization of 11.7 billion euros. Analysts on average had estimated 11.8 billion euros.

U.S. stocks rose, sending the Standard & Poor’s 500 Index to the highest level since November 2007, as corporate earnings topped estimates and European leaders reached a budget agreement.

The positive tone of trading data is set on the U.S. trade balance, the lack of which in December was the lowest since the beginning of 2010 ($ 38.5 billion versus $ 48.6 billion in November, and the average forecast $ 48.5 billion).

Positive on the index also reflected published this morning, the Chinese economic data, which recorded less significant than expected reduction of positive trade balance (with $ 31.6 billion in December to $ 29.2 billion in January, is expected to decline to $ 24.3 billion), and a reduction in inflationary pressures (index Consumer prices in January fell to 2.0% from 2.5% in December and 2.1% expected).

Also came out better than expected trade balance of Germany, whose economy is the largest in the eurozone (surplus rose to the level of 16.8 billion euros against 14.6 billion value of the November Euro and the average forecast of analysts of 13.7 billion euros).

Support indices have also had reports that the leaders of the European Union reached an agreement on the budget for 2014-2020 years. Belgian Prime Minister Herman Van Rompuy said the summit identified within budget before the end of the decade in the amount of € 960 billion initially it was about € 1,09 trillion. Contributions of the EU, which make up a large part of the budget, amount to € 908 billion

Most of the components of the index surged DOW (21 of 30). More than others in the share price fell Boeing Co. (BA, -1.12%). Leader was led Hewlett-Packard Company (HPQ, +2.62%).

All sectors of the S & P showed an increase. More than other technology sector rose (+0.7%).

Internet portal LinkedIn, uniting people on a professional basis, increased its market capitalization by 21.3% after reported a quarterly profit and sales that beat analysts' expectations. Thus, profit excluding some items was 35 cents per share, and revenue increased by 81% to $ 303.6 million, while the market on average forecast 19 cents per share and $ 279.7 million respectively.

Shares of the largest U.S. video game developer Activision Blizzard strengthened by 11.2% due to a more than threefold increase in net quarterly profit that beat analysts' average expectations of Wall Street because of the successful sales of the latest "Skylanders" and "Call of Duty".

At the close:

S & P 500 1,517.93 +8.54 +0.57%

NASDAQ 3,193.87 +28.74 +0.91%

Dow 13,992.97 +48.92 +0.35%

11.02.2013 09:22

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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