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Analytics, News, and Forecasts for CFD Markets: stock news — 08-10-2012.
European stocks dropped the most this month as the World Bank cut its East Asian growth forecast and investors awaited a meeting of euro-area finance ministers for signs on how they will tackle the debt crisis.
Cookson Group Plc (CKSN) sank 12 percent as the world’s biggest maker of ceramic linings for metal smelters said annual results will miss its forecasts. KBC Groep NV (KBC) retreated 5.2 percent as the bank’s strategy update disappointed investors. Eurobank Ergasias SA advanced 5.1 percent after a takeover offer from National Bank of Greece SA. (ETE)
The Stoxx Europe 600 Index (SXXP) lost 1 percent to 271.43 at the close of trading, the largest decline since Sept. 28.
In China, the Shanghai Composite Index (SHCOMP) retreated 0.6 percent on the first day of trading after a weeklong holiday amid concern the deepening economic slowdown will hurt profits and as money-market rates rose the most in a month.
The World Bank said growth in developing East Asia, which excludes Japan and India, will probably ease to 7.2 percent this year from 8.3 percent in 2011. That is the slowest pace since 2001, according to World Bank data, and lower than a forecast in May of 7.6 percent.
National benchmark indexes declined in all of the 18 western European markets, except Iceland.
FTSE 100 5,840.16 -30.86 -0.53% CAC 40 3,407.88 -49.16 -1.42% DAX 7,292.27 -105.60 -1.43
German industrial production declined in August as the debt crisis damped economic growth and prompted companies to scale back investment. Production fell 0.5 percent from July, when it gained 1.2 percent, the Economy Ministry in Berlin said today.
Cookson tumbled 12 percent to 539 pence, the largest drop since February 2009. The company said full-year results will be “materially” lower than forecast after the Engineered Ceramics division’s third-quarter performance was weaker than expected.
KBC slid 5.2 percent to 19.61 euros as Belgium’s biggest bank and insurer by market value said it plans to reduce operating expenses as a proportion of revenue to 55 percent by 2015. The shares have still more than doubled this year.
Eurobank advanced 5.1 percent to 1.23 euros, the highest since February, after National Bank of Greece offered to acquire its domestic rival as Greece’s debt crisis forces a wave of mergers. National Bank rallied 5.7 percent to 2.21 euros.
Imperial Tobacco Group Plc (IMT) slipped 2.4 percent to 2,314 pence, the biggest drop in a month, as Nomura Holdings Inc. downgraded the maker of West and Davidoff cigarettes to reduce from neutral.
JCDecaux SA (DEC), a French outdoor advertising company, retreated 4.1 percent to 17.50 euros. Goldman Sachs Group Inc. cut its recommendation on the stock to sell from buy and added the shares to its “conviction sell” list.
U.S. stock futures fell as European finance ministers prepared to meet to discuss the region’s debt crisis.
Global Stocks
Hang Seng 20,824.56 -187.82 -0.89%
Shanghai Composite 2,074.42 -11.75 -0.56%
FTSE 5,834.25 -36.77 -0.63%
CAC 3,421.99 -35.05 -1.01%
DAX 7,304.97 -92.90 -1.26%
Crude oil $88.54 -1,49%
Gold $1772.10 -0.49%
European stocks dropped the most this month as the World Bank cut its East Asian growth forecast and euro-area finance ministers meet to discuss the region’s debt crisis.
The World Bank said growth in developing East Asia, which excludes Japan and India, will probably ease to 7.2 percent this year from 8.3 percent in 2011. That is the slowest pace since 2001, according to World Bank data, and lower than a forecast in May of 7.6 percent.
European finance ministers meet in Luxembourg today to discuss Spain’s overhaul effort and closer banking cooperation. Tomorrow, German Chancellor Angela Merkel makes her first visit to Greece since the turmoil began in 2009. The next day, Spanish Prime Minister Mariano Rajoy travels for talks with French President Francois Hollande in Paris.
Finance ministers from the 17-member euro area will discuss issues including Spain at 5 p.m. in Luxembourg today and policy makers from all 27 nations in the European Union will meet tomorrow. EU leaders gather for a summit in Brussels on Oct. 18-19.
Cookson tumbled 14 percent to 531 pence, the largest drop since November. The company said full-year results will be “materially” lower than forecast after the Engineered Ceramics division’s third-quarter performance was weaker than expected.
Michael Page lost 3 percent to 354.2 pence after saying full-year operating profit will probably be “slightly below” analysts’ projections. Hays Plc, a rival recruiter, dropped 3.4 percent to 76 pence.
Eurobank jumped 10 percent to 1.29 euros, the highest since February, after National Bank of Greece offered to acquire its domestic rival as Greece’s debt crisis forces a wave of mergers. National Bank rallied 11 percent to 2.31 euros.
FTSE 100 5,830.89 -40.13 -0.68%
CAC 40 3,414.32 -42.72 -1.24%
DAX 7,294.99 -102.88 -1.39%
Asian stocks outside Japan dropped as China resumed trading after a weeklong holiday and ahead of a meeting by European finance ministers today aimed at easing the region’s debt crisis. Companies that do business in Europe dropped as European finance ministers meet in Luxembourg today to discuss Spain’s overhaul effort and closer banking cooperation. Spanish Prime Minister Mariano Rajoy will travel to Paris on Oct. 10 for talks with French President Francois Hollande. German Chancellor Angela Merkel will visits Greece tomorrow for the first time since the sovereign-debt crisis erupted.
Nikkei 225 8,863.3 +38.71 +0.44%
S&P/ASX 200 4,481.9 -12.48 -0.28%
Shanghai Composite 2,067.58 -18.59 -0.89%
LG Display Co., the world’s second-largest maker of liquid- crystal displays that gets 18 percent of sales in Europe, fell 2.4 percent in Seoul.
CapitaLand Ltd. dropped 2.7 percent, pacing declines among Singapore property developers, after the central bank restricted home-loan maturities for residential properties.
ZTE Corp. decreased 3.7 percent in Hong Kong after a draft U.S. congressional report said China’s largest phone- equipment maker poses a security threat.
Asian stocks rose, with the benchmark regional index set to gain for the first week in three, after European Central Bank President Mario Draghi said the bank stands ready to buy bonds to ease the region’s debt crisis and as U.S. economic data beat estimates. ECB PresidentDraghi said the central bank is ready to start buying government bonds of indebted euro nations as soon as the necessary conditions are fulfilled. The ECB yesterday kept its benchmark interest rate unchanged at a historic low of 0.75 percent.
Nikkei 225 8,863.3 +38.71 +0.44%
S&P/ASX 200 4,494.4 +42.05 +0.94%
Shanghai Composite 2,086.17 +29.85 +1.45%
Brother Industries Ltd., a Japanese office-equipment maker that gets 28 percent of sales in Europe, advanced 2.5 percent.
BHP Billiton Ltd., the world’s biggest mining company, rose 1 percent after a gauge of commodity prices yesterday climbed by the most in two months.
LG Display Co. slid 4.5 percent in Seoul after Korea Investment & Securities cut its rating on the stock, saying television and notebook panel prices may fall.
European stocks climbed, with the Stoxx Europe 600 posting its first weekly advance in three, after a report showed the U.S. jobless rate unexpectedly declined in September.
The economy added 114,000 workers last month after a revised 142,000 gain in August that was more than initially estimated, Labor Department figures showed today in Washington. The jobless rate dropped from 8.1 percent and hourly earnings climbed more than forecast.
ECB President Mario Draghi reiterated during a press conference in Slovenia yesterday that the central bank won’t start intervening in bond markets until governments like Spain request a bailout and agree to conditions. He also ruled out allowing the ECB to take losses in any further Greek debt restructuring and damped speculation of another interest-rate cut.
National benchmark indexes rose in all of the 18 western European markets except Iceland. France’s CAC 40 advanced 1.6 percent, Germany’s DAX climbed 1.3 percent and the U.K.’s FTSE 100 added 0.7 percent.
Gauges of banks and automakers on the Stoxx 600 were the best performers of the index’s 19 industry groups. BNP Paribas, France’s biggest bank, rallied 3.5 percent to 39.39 euros. BMW advanced 2.1 percent to 60.99 euros.
Burberry rallied 2.8 percent to 1,028 pence. Morgan Stanley raised its recommendation on the stock to overweight, the equivalent of a buy rating, from equal weight.
Major U.S. stock indexes lost scored the opening position and fell at the end of trading in negative territory. Above flat line could not keep only index DOW.
Support indices at the opening has published statistics on the U.S. labor market, which was better than expected, thereby strengthening investor confidence in the U.S. economy.
As shown by the published data, at the end of September in non-agricultural sectors of the U.S. economy has been created 114 thousand new jobs, which was higher than forecast at 111 thousand.
However, the main surprise was the data on the unemployment rate, which in the last reporting period fell to 7.8% vs. 8.1% and values from 8.1% in August.
In the composition of the index DOW most components increased in price. Maximum growth was led by Home Depot (HD, +2.36%). Fell more than the rest in the stock price Hewlett-Packard (HPQ, -1.41%).
Most of the major economic sectors are in the green zone. Leading sector of industrial goods (+0.4%). Looks worse than all the tech sector (-0.4%).
Shares of American developer of popular games for social networks Zynga have fallen by 12.1% after the second time management has reduced profit forecast for 2012 due to the lack of popularity of its products and large write-downs related to recent acquisitions. Quotes of the social network Facebook, which gets about 10% of revenue from Zynga, slipped by 4.7%.
Shares of cosmetics company Avon Products jumped 7.2% on news of resignation CEO Andrea Jung from his post at the end of this year.
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