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24.12.2012 07:50

Stocks: Friday’s review



Asian stocks fell, with the regional benchmark index heading for the first two-day loss in five weeks, after U.S. House Republican leaders canceled a planned vote that would permit higher taxes amid stalled budget talks.

Nikkei 225 9,940.06 -99.27 -0.99%

S&P/ASX 200 4,623.58 -10.53 -0.23%

Shanghai Composite 2,153.31 -15.04 -0.69%

Techtronic Industries Co., a maker of power tools that gets 72 percent of its sales in North America, dropped 1.7 percent in Hong Kong.

Samsung Electronics Co. dropped 4.1 percent in Seoul after the European Union said its preparing an antitrust complaint against the maker of TVs and smartphones.

Mitsubishi Estate Co. rose 2.9 percent, pacing gains among Japanese realtors, on a report the Bank of Japan may reconsider its objectives for inflation.


European (SXXP) stocks fell from a 19-month high as U.S. House Republicans canceled a vote on higher taxes for top earners, fueling concern budget talks will fail.

The Stoxx Europe 600 Index dropped 0.3 percent to 280.95 at the close in London, paring its weekly gain to 0.6 percent.

Indexes pared earlier losses after a report showed orders for durable goods in the U.S. climbed 0.7 percent last month, beating the median forecast for a 0.3 percent increase in a Bloomberg survey. A separate release showed U.S. consumer confidence fell in December to a five-month low.

National benchmark indexes fell in 12 of the 18 western European markets.

FTSE 100 5,939.99 -18.35 -0.31% CAC 40 3,661.4 -5.33 -0.15% DAX 7,636.23 -35.87 -0.47%

Aeroports de Paris (ADP) slumped 5.4 percent to 58.62 euros, the biggest decline since August 2011, after cutting projections for earnings before interest, taxes, depreciation and amortization and for traffic growth. ADP now expects Ebitda growth of 25 percent to 35 percent between 2009 and 2015, compared with its previous forecast of 40 percent.

ArcelorMittal dropped 2.5 percent to 12.88 euros. The world’s biggest steelmaker will write down the goodwill in its European businesses by about $4.3 billion as the region’s weakening economy erodes demand.

Eurasian Natural Resources Corp., a producer of ferro alloys and iron ore in Kazakhstan, slid 1.4 percent to 276.9 pence. The stock was cut to neutral from buy at Goldman Sachs Group Inc. A measure of the shares of commodity companies declined for a third day.

Alcatel-Lucent SA (ALU) lost 3.8 percent to 1.02 euro. Standard & Poor’s may cut the French network-equipment vendor’s long-term rating.

Spectris Plc (SXS) fell 1.5 percent to 2,019 pence, for the largest drop in more than a month. the U.K.’s biggest maker of production-testing gear was downgraded to hold from buy at Investec.

Major stock indexes retreated from session lows, but still finished the session below zero. For the week DOW index rose 0,42%, Nasdaq rose 1,67%, S & P500 gained 1.17%

Note that the index held near the minimum values ​​on fears that the U.S. government will not be able to solve the Jan. 1 issue of "fiscal cliff."

Yesterday after the close of yesterday's trading on the major U.S. stock markets, it was reported that House Speaker John Boehner failed to promote his alternative plan on taxes and government spending through the lower house of Congress. Boehner could not get support from not only Democrats, but Republicans.

Yesterday's events have shown that some members of the Republican party is not willing to raise taxes, even for people whose income exceeds $ 1 million a year. It is this plan called for Boehner. Recall Obama conceded and now advocates a tax increase for people with incomes greater than $ 400 thousand a year.

So, after yesterday's events in a compromise solution to the looming problem became even more uncertain.

At a press conference today, John Boehner not announced any new information about the negotiations. Boehner said again today that the U.S. President does not solve the problem with respect to costs. Speaker also noted that Congress has passed a bill to prevent the budget cliff. Yesterday's failure has been said that "the desire of Congress was not to" plan B "".

All components of the index DOW, except one, are reduced. Below are the rest of the shares Bank of America (BAC, -2.00%). Currently showing only modest growth stocks American Express (AXP, +0.47%).

All sectors of the S & P is in the red. Maximum loss is conglomerates sector (-1.1%) and technology sector (-1.1%).

At the close:

Dow -119.11 13,192.61 -0.89%

Nasdaq -31.09 3,019.30 -1.02%

S & P -13.40 1,430.29 -0.93%

24.12.2012 08:25

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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