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Analytics, News, and Forecasts for CFD Markets: stock news — 03-12-2012.
European stocks pared their advance as a report showed U.S. manufacturing unexpectedly contracted, offsetting two measures of Chinese factory output that rose.
Cable & Wireless Communications Plc (CWC) jumped 4.2 percent after agreeing to sell its Monaco and Islands unit to Bahrain Telecommunications Co. for $680 million. Colruyt SA (COLR) slid 2 percent after first-half earnings before interest and taxes missed analysts’ estimates.
The Stoxx Europe 600 Index advanced 0.1 percent to 276.07 at 4:13 p.m. in London. The gauge earlier climbed as much as 0.8 percent after Greece offered to spend 10 billion euros ($13 billion) buying back bonds.
Chancellor Angela Merkel opened the possibility that Germany will ultimately accept a write-off of Greek debt.
Merkel told Bild newspaper yesterday that euro-area leaders might consider writing off debt once the country has a budget surplus. The chancellor had ruled out such a scenario as violating European (SXXP) Union treaties.
European equities will rally in 2013 with the Euro Stoxx 50 Index reaching 3,000, according to Bank of America Corp. The price-to-earnings ratio for the gauge of the 50 biggest stocks in the euro area will climb to 11.8 by the end of next year, strategist John Bilton wrote in a note. The companies were valued at 11.1 times estimated earnings on Nov. 30, according to data compiled by Bloomberg.
National benchmark indexes gained in 11 of the 18 western- European markets.
Greece’s ASE jumped 1.3 percent, as Piraeus Bank SA (TPEIR) soared 11 percent to 38.9 euro cents and National Bank of Greece SA (ETE), the country’s biggest lender, rose 3.8 percent to 1.37 euros.
Verizon (VZ) was upgraded from Neutral to Buy by Nomura
Intel (INTC) was reiterated at Neutral by Sterne Agee, target lowered from $19 to $18
European stocks climbed, following their longest stretch of monthly gains in six years, as two measures of Chinese manufacturing increased and Greece offered to spend 10 billion euros ($13 billion) buying back bonds.
China’s official Purchasing Managers’ Index, a gauge of the manufacturing industry, rose to 50.6 in November, the highest reading in seven months, the National Bureau of Statistics and China Federation of Logistics and Purchasing said on Dec. 1. A reading above 50 indicates expansion.
A separate survey by HSBC Holdings Plc and Markit Economics, which focuses on smaller businesses, also showed that activity increased last month.
Chancellor Angela Merkel opened the possibility that Germany will ultimately accept a write-off of Greek debt. Policy makers will this week attempt to engineer a buyback that’s crucial for Greece to receive more funding.
Euro-area finance ministers meet in Brussels today as Greece starts repurchase debt. The offer period ends on Dec. 7, though it could re-open for one or two days, according to Kathimerini newspaper. Euro ministers will evaluate the results of the measure on Dec. 10, it reported.
CWC surged 6.9 percent to 37.1 pence for the biggest rally on the Stoxx 600. Bahrain Telecommunications, the state- controlled company known as Batelco (BATELCO), agreed to buy CWC’s Monaco and Islands unit for $680 million.
Colruyt lost 2.5 percent to 34.49 euros after posting first-half Ebit of 230.8 million euros. The average analyst estimate had called for earnings of 236.9 million euros. Exane BNP cut its share-price forecast by 3 percent to 31 euros.
Schroders Plc gained 3.4 percent to 1,650 pence. The shares of the asset management company were raised to buy from neutral at Bank of America Corp.
FTSE 100 5,883.35 +16.53 +0.28%
CAC 40 3,580.76 +23.48 +0.66%
DAX 7,438.98 +33.48 +0.45%
Asian stocks swung between gains and losses as Chinese manufacturing data added to signs of recovery while U.S. lawmakers continue to debate over a budget compromise to avert a so-called fiscal cliff.
Nikkei 225 9,458.18 +12.17 +0.13%
S&P/ASX 200 4,531.51 +25.47 +0.57%
Shanghai Composite 1,959.77 -20.35 -1.03%
Metallurgical Corp. of China, an engineering contractor and equipment manufacturer, climbed 4.4 percent in Hong Kong.
Shimizu Corp., a construction company, advanced 4 percent in Tokyo on speculation a deadly highway-tunnel collapse will reduce opposition to more public works spending.
Li & Fung Ltd., a supplier of toys and clothing to retailers including Wal-Mart Stores Inc., slipped 3 percent.
Asian stocks rose, with the benchmark regional index heading for its second weekly advance, as Japan’s cabinet approved an economic stimulus package and the country’s industrial production unexpectedly increased.
Nikkei 225 9,446.01 +45.13 +0.48%
S&P/ASX 200 4,506.04 +28.31 +0.63%
Shanghai Composite 1,979.41 +15.92 +0.81%
Nissan Motor Co., which gets 79 percent of its sales outside Japan, gained 0.9 percent as the yen dropped to a seven- month low against the euro.
Rio Tinto Group rose 2.8 percent in Sydney as JPMorgan Chase & Co. said the mining company’s plan to cut costs by $5 billion may boost shareholder returns.
Mitsubishi Heavy Industries Ltd. and Hitachi Ltd. rose after agreeing to merge thermal-energy businesses.
European stocks posted their biggest weekly rally of the year as speculation rose that Congress will agree on a U.S. budget that avoids the so-called fiscal cliff and China’s manufacturing expanded.
Obama said at a press conference in Bangkok on Nov. 18 that he is “confident” of striking a deal over a new budget. House Speaker John Boehner, a Republican, said after the close of European trading on Nov. 16 that he held constructive talks with the president and would accept increased government revenue and spending cuts. Congress returns on Nov. 26 after the Thanksgiving recess.
Euro-area factory output contracted less than economists had estimated in November, a Markit Economics report on Nov. 22 showed. The index based on a purchase managers’ survey climbed to 46.2 from 45.4 in October, beating the average economist estimate of 45.6.
In Germany, the Ifo institute said its business climate index, based on a survey of 7,000 executives, increased to 101.4 from 100 in October, the first gain in eight months. Economists predicted a drop to 99.5, according to the median estimate of economists.
National benchmark indexes increased in all of the 18 western European markets this week, except Iceland. The U.K.’s FTSE 100 rose 3.8 percent, France’s CAC 40 added 5.6 percent and Germany’s DAX Index climbed 5.2 percent.
Nokia soared 31 percent, the biggest weekly gain since 1992. The Finnish mobile-phone maker said Nov. 19 it received reports that its Lumia 920 model had sold out in Germany. Danske Bank A/S analyst Ilkka Rauvola advised investors to buy the shares, saying in a note dated Nov. 22 that Nokia will sell 36 million smartphones that use Microsoft Corp.’s Windows software in 2013, higher than an earlier estimate of 23 million.
Alcatel-Lucent jumped 13 percent after people familiar with the matter said Nov. 22 the network equipment vendor is in talks with Goldman Sachs to get a loan to strengthen its balance sheet. Before this week, the company’s shares had declined 35 percent from the beginning of the year to trade near the lowest price since at least 1992.
Swiss Life Holding AG surged 15 percent, the largest increase since March 2009. Analysts estimated before its investor day on Nov. 28 that the life insurer may write down almost half the value of its German broker unit AWD Holding AG.
Fugro NV tumbled 12 percent after the world’s biggest surveyor of deepwater oilfields cut its full-year profit forecast and said Chairman Arnold Steenbakker will step down.
U.S. stocks were little changed, sending the Standard & Poor’s 500 Index to a second straight weekly gain, as investors weighed comments by lawmakers on budget talks.
President Barack Obama warned of “prolonged negotiations” ahead as congressional Republicans dug in on their opposition to his plan to avert the fiscal cliff. House Speaker John Boehner, an Ohio Republican, told reporters in Washington “right now we’re almost nowhere” on talks.
Yesterday, Speaker of the U.S. House John Boehner said that until there is significant progress in these negotiations, chided the Democrats is that they have yet to seriously come to the question of the real cost reductions.
Yesterday Obama gave little specific information on the negotiations, saying that he was in favor of a tax increase, which will increase budget revenues by $ 1.6 trillion, and the reduction of budget expenditures, including in the direction of health care, $ 400 billion There is no information, concessions to the Republicans can go, but the amount of tax revenue increase of $ 1.6 trillion they obviously do not like it.
Published statistics, in turn, was worse than expected. Americans spending unexpectedly fell in October by 0.2%, while revenues remained at the same level. The growth of the Chicago PMI was below economists' forecasts.
DOW index components were mixed. More than the others fell in the share price Microsoft (MSFT, -1.24%). Shares lead Wal-Mart (WMT, +1.68%).
Among the sectors of the S & P also is mixed dynamics. Maximum growth was utilities sector (+0.8%). More than other sector conglomerates decreased (-0.2%).
Shares of biotechnology company Enzon Pharmaceuticals jumped 7.9% to $ 6.98 on news of the payment of a special dividend of $ 2. The record date of December 10.
Shares developer Zynga virtual games fell 6.1% on news that the company has reduced the possibility of promoting your site on Facebook after a review of the contract with the latter. Facebook, in turn, will be able to develop your own game. Quotes of the last auction ended with a 2.5% increase.
At the close:
Dow 13,025.58 +3.76 +0.03%
Nasdaq 3,010.24 -1.79 -0.06%
S & P 500 1,416.18 +0.23 +0.02%
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