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Analytics, News, and Forecasts for CFD Markets: stock news — 10-05-2012.
European stocks rose, erasing an earlier decline, as companies from Deutsche Telekom AG to Repsol YPF SA posted better-than-estimated quarterly profit.
Greece’s former finance minister, Evangelos Venizelos, received a three-day mandate from President Karolos Papoulias today to attempt to form a coalition government. Alexis Tsipras, the leader of the left-wing Syriza coalition, yesterday abandoned his attempt to form a government, forcing Papoulias to turn to Pasok, which came third in the elections.
In the U.K., the Bank of England’s nine-member Monetary Policy Committee halted its program of bond purchases at 325 billion pounds ($525 billion), ending a second round of stimulus, as predicted by 43 of 51 economists in a Bloomberg News survey.
National benchmark indexes rose in every western-European market except Switzerland and Iceland. France’s CAC 40 added 0.4 percent and the U.K.’s FTSE 100 rose 0.3 percent. Germany’s DAX gained 0.7 percent. Spain’s IBEX 35 Index surged 3.4 percent while Greece’s ASE Index rallied 4.2 percent.
Deutsche Telekom climbed 3 percent to 8.80 euros. Europe’s second-largest telephone company reported first-quarter earnings before interest, taxes and depreciation that slipped 0.1 percent to 4.48 billion euros ($5.8 billion).
Repsol YPF rallied 8.2 percent to 14.21 euros, its largest gain in two years. Spain’s biggest oil company beat analyst estimates for first-quarter earnings, posting profit of 792 million euros as higher oil prices buoyed income from its drilling and production operations.
UniCredit SpA gained 6.8 percent to 2.84 euros. Italy’s biggest bank said first-quarter profit rose 13 percent to 914 million euros as higher trading income more than offset a drop in fees and lending.
The Standard & Poor’s 500 Index rose, rebounding from the lowest level in two months, as Greece attempted to form a new government and a decline in American jobless claims helped allay concern of a labor market setback.
Equities rose as former Greece Finance Minister Evangelos Venizelos attempted to form a government that will ensure the nation remains in the euro area. In the U.S., first-time claims for jobless benefits fell last week to a one-month low. Global stocks slumped yesterday amid concern Greece’s debt crisis is worsening as the nation struggles to form a coalition government. The standoff has reignited concerns over its ability to hold to the terms of its two bailouts negotiated since May 2010. With Parliament split, the country at the epicenter of the debt crisis is again facing the risk of an exit from the euro.
Technology shares had the only decline in the S&P 500 among 10 industries. Cisco (CSCO), the biggest maker of computer-networking equipment, slumped 9.5 percent to $17. Chief Executive Officer John Chambers said orders from big companies fell in the third quarter, and it’s taking longer to sign large deals with corporate customers. Cisco is also concerned about demand from Europe, India and government agencies, he said.
MEMC Electronic Materials Inc. sank 22 percent to $2.54, the lowest on a closing basis since November 2001. The second- largest U.S. polysilicon maker, posted a first-quarter loss 20 times greater than a year earlier as solar sales declined by more than one-third.
Resistance 3:1402 (May 3 high)
Resistance 2:1388 (area of May 4 high)
Resistance 1:1370 (May 7-8 highs)
Current price: 1359,50
Support 1:1342/38 (area May 4, 8-9 lows)
Support 2:1330 (38,2 % FIBO 1197-1420)
Support 3:1300 (area of 50,0 % FIBO 1197-1420, psychological level)
U.S. stock futures rose as former Greece Finance Minister Evangelos Venizelos attempted to form a government that will ensure the nation remains in the euro area.
Global Stocks:
Nikkei 9,009.65 -35.41 -0.39%
Hang Seng 20,227.28 -103.36 -0.51%
Shanghai Composite 2,410.23 +1.64 +0.07%
FTSE 5,540.45 +10.40 +0.19%
CAC 3,126.67 +8.02 +0.26%
DAX 6,526.44 +51.13 +0.79%
Crude oil $97.26 (+0.46%)
Gold $1592.70 (-0.09%)
Asian stocks swung between gains and losses as forecasts for higher earnings by companies including Toyota Motor Corp. offset concern Greece will be forced out of the euro and signs China’s economy is slowing.
Nikkei 225 9,009.65 -35.41 -0.39%
Hang Seng 20,207.28 -123.36 -0.61%
S&P/ASX 200 4,295.6 +20.52 +0.48%
Shanghai Composite 2,410.62 +2.04 +0.08%
Bank of Communications Co. fell 1.3 percent in Hong Kong, pacing declines among Chinese lenders after a report mainland trade growth slowed.
LG Display Co., a maker of liquid-crystal displays that depends on Europe for about 18 percent of sales, slipped 2.4 percent in Seoul.
Toyota, Asia’s biggest carmaker, climbed 0.8 percent in Tokyo after saying profit this fiscal year may more than double.
Asian stocks dropped, with the regional benchmark index heading for its lowest close in more than three months, as political tension in Greece heightened concern Europe’s debt crisis may worsen, weakening the outlook for exporters in Asia.
Nikkei 225 9,045.06 -136.59 -1.49%
Hang Seng 20,321.64 -163.11 -0.80%
S&P/ASX 200 4,275.1 -39.25 -0.91%
Shanghai Composite 2,408.59 -40.30 -1.65%
Mitsubishi Motors Corp., an automaker that gets 27 percent of its sales from Europe, dropped 2.3 percent in Tokyo.
Qantas Airways Ltd., Australia’s largest carrier, slid 2.3 percent in Sydney after the government boosted imposts on airfares and scrapped a planned corporate tax cut to end four years of budget deficits.
Cosco Corp. Singapore Ltd. fell 3.5 percent after the shipbuilding unit of China’s biggest shipping company posted first-quarter earnings that missed analysts’ estimates.
European stocks dropped for a second day, to the lowest level in almost four months, as investors awaited a resolution to the political impasse in Greece and as Spanish credit risk surged.
The stand-off since the inconclusive May 6 election has reignited concerns over Greece’s ability to comply with the terms of its two bailouts negotiated since May 2010. The country is again facing the risk of an exit from the euro.
Spanish 10-year government bonds extended a decline, pushing the yield on the securities above 6 percent for the first time since April 27. The yield climbed 20 basis points, or 0.17 percentage points, to 6.04 percent.
National benchmark indexes fell in 15 of the 18 western- European markets. France’s CAC 40 lost 0.2 percent and the U.K.’s FTSE 100 declined 0.4 percent, while Germany’s DAX added 0.5 percent. Spain’s IBEX 35 Index sank 2.8 percent, its lowest close since October, 2003.
The cost of insuring against a Spanish default surged to a record on concern a bailout of Bankia won’t fend of a banking crisis triggered by bad real-estate loans. Bankia tumbled 5.4 percent to 2.14 euros, the lowest since it listed its shares in July 2011, as JPMorgan Chase & Co. downgraded the Spanish lender to underweight, the equivalent of a sell recommendation.
Banco Santander SA, Spain’s largest lender, dropped 4.6 percent to 4.64 euros and Banco Bilbao Vizcaya Argentaria SA retreated 4.7 percent to 5.01 euros.
ING paced advancing shares, climbing 1.8 percent to 5.09 euros. The biggest Dutch financial-services company reported earnings excluding one-time gains and losses of 705 million euros, surpassing the 632 million-euro estimate of analysts.
Carlsberg jumped 3.8 percent to 490 kroner as the world’s fourth-biggest brewer confirmed its full-year outlook. The company reported a 43 percent drop in first-quarter operating profit, excluding some items, to 574 million kroner ($100 million) as it sold less beer in Russia. That missed the average analyst projection for 845 million kroner.
The Dow Jones Industrial Average declined for a sixth straight day, the longest losing streak since August, amid concern Greece’s debt crisis is worsening as the nation struggles to form a coalition government.
Global stocks fell as Greece’s political turmoil looks set to enter a fourth day with coalition talks deadlocked. The standoff has reignited concerns over its ability to hold to the terms of its two bailouts negotiated since May 2010. With Parliament split and policy makers in Berlin and Brussels urging Greece to stay the course, the country at the epicenter of the debt crisis is again facing the risk of an exit from the euro.
Equities pared declines as the European Financial Stability Facility’s Board of Directors confirmed the release of 5.2 billion euros ($6.7 billion) from a first installment of 39.4 billion euros by the end of June.
MetroPCS Communications Inc. surged 14 percent, the biggest gain in the S&P 500, to $7.50. Deutsche Telekom AG is discussing a merger of its T-Mobile USA unit with MetroPCS as it reviews options for the customer-losing business, according to people familiar with the matter.
Dean Foods Co. rose 11 percent to $14.15. The biggest U.S. dairy processor boosted its full-year forecast, saying it now expects to earn at least $1.10 a share. Analysts, on average, estimated 95 cents.
Walt Disney Co. (DIS) rose 1.6 percent, the most in the Dow, to $45.02. The record weekend opening of “Marvel’s The Avengers,” while not a factor in the second quarter ended March 31, was a focus of yesterday’s conference call with analysts.
Change % Change Last
Nikkei 225 9,045.06 -136.59 -1.49%
Hang Seng 20,321.64 -163.11 -0.80%
S&P/ASX 200 4,275.1 -39.25 -0.91%
Shanghai Composite 2,408.59 -40.30 -1.65%
FTSE 100 5,530.05 -24.50 -0.44%CAC 40 3,118.65 -6.15 -0.20%
DAX 6,475.31 +30.57 +0.47%
Dow 12,835 -97 -0.75%
Nasdaq 2,935 -12 -0.39%
S&P 500 1,355 -9 -0.67%
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