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07.01.2013 07:43

Stocks: Friday’s review

Asian stocks outside Japan fell, paring the biggest weekly advance in more than a month, after Federal Reserve policy makers said they will probably end their $85 billion monthly bond-purchase program sometime this year. Japanese equities jumped as markets reopened from holidays.

Nikkei 225 10,688.11 +292.93 +2.82%

Hang Seng 23,331.09 -67.51 -0.29%

S&P/ASX 200 4,723.78 -16.90 -0.36%

Rio Tinto Group, the world’s second-largest mining company, dropped 1 percent in Sydney as metals prices fell.

Toyota Motor Corp. surged 6.4 percent as the yen weakened to the lowest level against the dollar since July 2010, boosting the earnings outlook for exporters.

Japan Exchange Group Inc. fell 9.7 percent in its Tokyo trading debut after the merger between Osaka Securities Exchange Co. and Tokyo Stock Exchange Group.

European (SXXP) stocks climbed to their highest in more than 22 months, as U.S. reports showed employers added more workers in December and the services industry expanded more than forecast.

ThromboGenics NV added 3.3 percent after confirming the launch date for its Jetrea vision restoration treatment. Fresnillo Plc (FRES), the world’s biggest primary silver producer, slid 4 percent after UBS AG downgraded the shares. Randgold Resources Ltd. (RRS) lost 4.1 percent as the price of the metal fell.

The Stoxx Europe 600 Index advanced 0.4 percent to 287.83 at the close of trading, its highest since February 2011. The gauge rose 3.3 percent this week.

National benchmark indexes rose in 14 of the 18 western European markets.

FTSE 100 6,089.84 +42.50 +0.70% CAC 40 3,730.02 +8.85 +0.24% DAX 7,776.37 +19.93 +0.26%

Bankia SA (BKIA), the lender that received the largest Spanish bailout, surged 49 percent to 61.5 euro cents, for the biggest gain on the Stoxx 600.

Sonova Holding AG (SOON) advanced 2.9 percent to 107.7 Swiss francs after Bank of America’s Merrill Lynch unit upgraded the maker of hearing health-care products to buy from neutral.

Fresnillo slid 4 percent to 1,810 pence after UBS downgraded the shares to neutral from buy, saying the stock has outperformed silver and its peers. The price of the metal today fell to its lowest since August.

Randgold Resources, a gold producer in West Africa, lost 4.1 percent to 5,975 pence as the price of metal dropped. A gauge of commodity-company shares fell 0.9 percent, for the worst performance of the 19 industry groups on the Stoxx 600.

Marks & Spencer Group Plc (MKS), the U.K.’s biggest clothing retailer, retreated 3.1 percent to 376.4 pence. Nomura Holdings Inc. lowered its 2013 pre-tax estimates for the retailer to 666 million pounds ($1.07 billion) from 694 million pounds, citing a fall in general merchandise sales.

Major U.S. stock indexes retreated from highs, but still ended the session in positive territory. For the week DOW index rose 3,78%, Nasdaq rose 4,76%, S & P500 gained 4.64%

Support markets have published data on the labor market, as well as report on the index of business activity in the non-manufacturing sector of the U.S. ISM.

Today's report on the labor market was generally positive. However, against the background of a published last minutes of the last meeting of the Federal Open Market Committee, it was perceived as an additional indication that this year the Fed will curtail economic stimulus programs and therefore its impact on the market was limited.

However, it is worth noting that the markets to some extent overestimated yesterday's publication of the Fed. Pay attention to the fact that key members of the Committee, namely, Fed Chairman Bernanke, Vice Chairman and President Yellen New York Fed Dudley, is unlikely to refer to those "some members of the committee, who believe that the end of 2013 would be appropriate to delay or stop the purchase of assets. " Moreover, less than a month ago, all but one member of the Federal Open Market Committee voted to expand the program of asset purchases and the establishment of economic guidance for determining time for completion of incentive programs. Since then, much has changed. Also worth noting is that the expectations of the majority of committee members of a relatively moderate economic growth in the next two years may not be the case when, as will be made pending a decision on the "budget cliff" - namely, reduction of budget expenditures.

Most of the components of the index rising DOW (23 of 30). At the moment, the leader shares in Walt Disney (DIS, +1.91%). Maximum loss carry stock Microsoft (MSFT, -1.87%), which has a pressure reducing their rating analysts Argus amid weak sales results of the new operating system Windows 8.

At the moment all sectors of the S & P are in positive territory. Leading financial sector (+1.0%). In the zero is just the technology sector.

At the close:

Dow +43.85 13,435.21 +0.33%

Nasdaq +1.09 3,101.66 +0.04%

S & P +7.1 1,466.47 +0.49%

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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