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03.01.2013 08:15

Stocks: Wednesday’s review

Asian stocks rose, heading for their highest close since August 2011, as the U.S. House of Representatives passed legislation averting some of $600 billion in automatic tax increases and spending cuts.

Nikkei 225 Closed

S&P/ASX 200 4,705.94 +56.99 +1.23%

Shanghai Composite Closed

Australian gold producer Newcrest Mining Ltd. added 3.6 percent as the precious metal climbed.

BHP Billiton Ltd., the world’s biggest mining company, advanced 2 percent in Sydney, leading gains among raw-material producers, after China’s manufacturing expanded for a third month.

Techtronic Industries Co., a maker of power tools that counts North America as its biggest market, gained 3.6 percent in Hong Kong as the Hang Seng Index headed for its best first session of the year since 2009.

European stocks rallied to the highest in 22 months as U.S. lawmakers passed a budget bill that avoided most scheduled tax increases threatening a recovery in the world’s largest economy.

Rio Tinto Group and Volkswagen AG (VOW) climbed at least 4 percent each to lead mining companies and automakers higher as Chinese manufacturing grew. ArcelorMittal gained the most in 11 weeks after selling a stake in its Canadian unit for $1.1 billion. BAE Systems Plc (BA/) soared 4 percent as the U.S. budget deal delayed defense spending cuts.

The Stoxx Europe 600 Index (SXXP) jumped 2 percent to 285.33 at the close of trading, the highest level since Feb. 28, 2011.

The number of shares changing hands in Stoxx 600 companies today was 29 percent higher than the 30-day average, according to data compiled by Bloomberg. Germany’s DAX Index advanced 2.2 percent to a five-year high and the U.K.’s FTSE 100 (UKX) climbed above 6,000 for the first time since July 2011. The Swiss market was closed for a holiday.

Volkswagen, Europe’s biggest carmaker, climbed 4 percent to 179 euros. Porsche SE gained 3.1 percent to 63.61 euros and Bayerische Motoren Werke AG (BMW) added 4.1 percent to 75.93 euros.

ArcelorMittal (MT), the world’s biggest steelmaker, gained 4.5 percent to 13.51 euros, the largest increase since Oct. 17. China Steel Corp. and Posco led a group that agreed to pay $1.1 billion for a 15 percent stake in ArcelorMittal Mines Canada Inc. to secure supplies of iron ore.

BAE Systems climbed 4 percent to 350.5 pence. The U.K. military-aircraft manufacturer, which gets about 45 percent of revenue from the U.S., may benefit from the budget bill’s two- month delay to scheduled spending cuts to military programs.

A.P. Moeller-Maersk A/S advanced 4.4 percent to 44,480 kroner as the head of north Asia operations for its container shipping unit said trade between Asia and Europe will grow. Demand for trade on the Asia-Europe route is expected to grow until Lunar New Year in February as Chinese manufacturers produce and export more, Tim Smith said in a Bloomberg Television interview in Hong Kong today.

Beginning of the session significantly higher than the previous close of the trading day, the major stock indexes were able to continue their strengthening, thus ending the session near the maximum

Recall that the reason for today's optimism in the markets is the fact that the U.S. authorities were able to avoid the "budget cliff", taking on the eve of the relevant law.

However, the decision does not completely eliminate the problem, because it does not take into account the issue to reduce costs. To resolve the matter the ruling party of the USA, according to the agreements, have two more months. Against this background of uncertainty in the markets in the near future will continue.

Published statistics significant impact on the dynamics of trade was not there. Published data recorded growth of ISM manufacturing index in December to a level 50.7 points versus 49.5 points value of the November forecast and 50.2 points. In parallel to the data released by the cost of construction, which in November fell 0.3%. Expected growth rate of 0.6% after rising 1.4% in October.

All components of the index DOW grow. At the moment, the leader shares in Hewlett-Packard (HPQ, +5.19%) and Caterpillar (CAT, +4.16%).

Among the sectors of the S & P currently in the red is just the health sector (-0.9%). The maximum growth rate of 2.4% demonstrates the technology sector and the sector conglomerates.

At the close:

Dow +308.41 13,412.55 +2.35%

Nasdaq +92.75 3,112.26 +3.07%

S & P +36.23 1,462.42 +2.54%

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