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28.12.2012 08:13

Stocks: Thursday’s review

Asian stocks rose, with the regional benchmark index headed for a second month of advance, as the yen touched a 27-month low on prospects for more stimulus and China’s industrial companies’ profit gained.

Nikkei 225 10,322.98 +92.62 +0.91%

S&P/ASX 200 4,647.96 +12.77 +0.28%

Shanghai Composite 2,205.9 -13.23 -0.60%

Mazda Motor Corp., an automaker that gets 28 percent of its sales in North America, advanced 7.1 percent in Tokyo as newly installed premier said “bold’ monetary policy is one of the three pillars of his economic measures.

Guangzhou R&F Properties Ltd., a builder in the southern Chinese city, rose 0.8 percent in Hong Kong, whose equity market reopened after a two-day holiday.

SK Telecom Co., the mobile telephone carrier among 119 companies trading without rights to year-end dividends on South Korea’s benchmark index, dropped 4.1 percent.

European stocks were little changed as U.S. jobless-benefit claims dropped and home sales climbed to a two-year high, offsetting Senate Majority Leader Harry Reid’s comments that a budget deal is unlikely.

President Barack Obama is pressing for U.S. lawmakers to craft an interim deal to avert more than $600 billion in tax increases and spending cuts, known as the fiscal cliff. Republican House leaders hold a conference call with their rank- and-file members today to discuss the path forward, according to a leadership aide who asked for anonymity.

A Labor Department report showed fewer Americans than forecast filed claims for unemployment insurance last week. Applications for jobless benefits decreased by 12,000 to 350,000 in the week ended Dec. 22. Economists forecast 360,000.

National benchmark indexes climbed in 13 of the 18 western European markets. France’s CAC 40 (CAC) rallied 0.6 percent, Germany’s DAX advanced 0.3 percent and the U.K.’s benchmark FTSE 100 was little changed.

Clariant rose 3 percent to 12.20 Swiss francs after selling units for 502 million francs ($550 million). The specialty chemicals maker said it will get approximately 460 million francs in cash for selling the textile chemicals, paper specialties and emulsions businesses to SK Capital Partners, a U.S. buyout company.

Bayerische Motoren Werke AG (BMW) gained 1.1 percent to 73.46 euros. Chief Financial Officer Friedrich Eichiner said he is confident the carmaker has surpassed its 2011 profit total, according to a report by Die Welt.

A gauge of mining shares on the Stoxx 600 advanced 0.7 percent. Rio Tinto Group and BHP Billiton Ltd. (BHP) rose 0.9 percent to 3,541.5 pence and 0.8 percent to 2,156.5 pence, respectively.

After the session, the major U.S. stock indexes began to decline under the pressure of the lack of progress in addressing the "fiscal cliff" and confounding expectations of macroeconomic data. But by the end of trading were able to recover their losses after House Speaker John Boehner said lawmakers will meet for talks on December 30.

Today to resume talks on the "fiscal cliff," but their start was not very successful: Majority Leader Harry Reid in the Congress, in particular, commented on the issue of "fiscal cliff" as follows - "it seems to be something that we're going."

Timothy Geithner also said yesterday that on 31 December the U.S. debt ceiling to reach, and he will have to take "extraordinary measures" to prevent default two months.

In addition, the index had a drop in consumer confidence in December - had dropped more than expected to 65.1 from 73.7 points. The rest statistics show evidence of: the number of initial claims for unemployment benefits fell to 350 thousand at an average 360 ​​thousand expectations, new home sales rose in November by 4.4% to 0.377 million, and the index of business activity in the industry Chicago Fed, which tracks the industry dynamics in the Midwest rose to 93.7 points from 92.1 points.

Most of the components of the index DOW dropped in price (24 of 30). Lost more than 1% shares Alcoa (AA, -1.26%) and Cisco Systems (CSCO, -1.36%).

Most sectors of the S & P is below the zero mark. Maximum losses in the sectors of Public Utilities (-0.3%) and conglomerates (-0.3%).

American developer of microchips Marvell Technology Group lost 3.5% of value of shares on news that the court found the company guilty of violating two patents owned by Carnegie Mellon University. It is also reported that the Marvell Technology Group would have to pay a fine of $ 1.17 billion

Quotes solar manufacturer Hanwha SolarOne soared by 7.4%, after it became aware of the opening of a credit line in the amount of about $ 475 million Bank of Bank of Beijing.

Shares of weapons of Smith & Wesson Holding rose 3.8% on reports of plans to repurchase shares for $ 15 million

At the close:

Dow 13,096.31 -18.28 -0.14%

Nasdaq 2,985.91 -4.25 -0.14%

S & P 500 1,418.10 -1.73 -0.12%

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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