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15.01.2013 08:38

Stocks: Monday’s review

Asian stocks outside Japan advanced, with a regional gauge heading for its third gain in four days, as Chinese shares rallied after a regulator said China can boost by 10 times quotas for foreign investment in its financial markets.

Nikkei 225 10,801.57 +148.93 +1.40%

S&P/ASX 200 4,719.71 +10.22 +0.22%

Shanghai Composite 2,311.74 +68.74 +3.06%

Citic Securities Co., China’s biggest listed stock brokerage, jumped 5.4 percent in Hong Kong.

China Railway Group Ltd. added 1.2 percent after saying it won contracts worth 29.8 billion yuan ($4.8 billion).

Li & Fung Ltd., a supplier of clothes and toys to retailers, slumped 15 percent in Hong Kong after operating income dropped.

Developer CapitaLand Ltd. sank 4.4 percent in Singapore after the island’s government announced extra property cooling measures

European stock markets ended lower Monday as investors awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke, while shares of TNT Express NV plunged after United Parcel Service Inc. said European regulators would block its proposed acquisition of the Dutch package-delivery company.

The Stoxx Europe 600 index fell 0.4% to close at 286.01.

FTSE 100 6,107.86 -13.72 -0.22% CAC 40 3,708.25 +2.23 +0.06% DAX 7,729.52 +13.99 +0.18%

Shares of TNT Express plunged more than 41% and PostNL plummeted nearly 36%, upended as UPS said the European Commission would refuse to approve the U.S. logistics group’s proposed $6.8 billion buyout of TNT Express over competition concerns. PostNL has been attempting to dispose of its nearly 30% stake in TNT.

In Paris, shares of Société Générale SA rose 3.8% and Credit Agricole SA added 3%. Credit Suisse upgraded the French banks to overweight, citing positive effects of 2012 asset disposals and inexpensive valuations relative to peers.

Also higher in Paris, shares of Compagnie de Saint-Gobain SA rose 0.4%. The company said Ardagh Glass Ltd. has made a “binding and irrevocable” offer valued at $1.69 billion for the French conglomerate’s North American unit, which makes glass bottles and jars.

In other deal news, shares of Swatch Group AG rose 4.1% after the Swiss watch company said it paid $750 million for the jewelry and watch brand of Harry Winston Diamond Corp.

European stocks got an early boost after comments from Charles Evans, president of the Federal Reserve Bank of Chicago. Media reports said Evans predicted the U.S. economy will grow by 2.5% in 2013, improving to a 3.5% growth rate for gross domestic product in 2014. Read: Monetary policy needs to boost growth: Fed's Evans

Shares of Volkswagen AG gave up an earlier gain to lose 0.1%. Société Générale said it believes the auto maker will continue to outperform in all major markets, but it did reduce earnings forecasts on the group. Volkwagen’s 2013 earnings before interest and taxes forecast was cut to €14.4 billion from €15.8 billion.

Shares of Eurasian Natural Resources Corp. traded 3.5% higher. Credit Suisse analysts upgraded its rating to outperform from neutral, saying they believe that downside risks are now limited and that there are potential re-rating catalysts this year.

Indexes finished trading mixed, as market participants were awaiting appearances Fed Chairman Ben Bernanke.

The pressure on the indices, especially on the Nasdaq, shares continued to decline Apple (AAPL), which price temporarily fell below $ 500 a pressure reducing reported orders for spare parts.

Note that in his speech, U.S. President Barack Obama, as expected, raised the issue of increasing the debt ceiling, saying, "It is absurd to even think about, not to raise the debt limit." Obama also noted that "the U.S. economy is growing, it has to wait good in 2013. "Overall, Obama's speech a significant impact on the dynamics of trade did not have.

DOW index components traded mixed. Currently, the shares are news leader Hewlett-Packard (HPQ, +4.67%), which today has the support raising their rating analysts JP Morgan. Maximum loss carry stock Verizon Communications Inc. (VZ, -1,73%).

To date, the sector of the S & P demonstrate a mixed trend. The maximum loss is the technology sector (-0.5%). The leader is the sector conglomerates (0.4%).

At the close:

Dow +19.12 13,507.55 +0.14%

Nasdaq -8.14 3,117.50 -0.26%

S & P -1.35 1,470.70 -0.09%

15.01.2013 08:58

Forex: Monday’s review

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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