Analytics, News, and Forecasts for CFD Markets: stock news — 11-05-2012.

European stocks gained for a second day, rallying from earlier losses, as U.S. consumer confidence rose to a four-year high in May and talks continued on forming a Greek government.

In the U.S., consumer confidence rose in May to the highest level in four years, indicating falling fuel costs are helping households look past weaker employment growth.

In Greece, Evangelos Venizelos, the socialist Pasok leader, will press counterparts on a proposal for a unity government that would avert a new election.

Stocks earlier fell after Spain said it will force the country’s banks to increase provisions against losses on real estate loans by 30 billion euros ($38 billion) and will hire two auditors to gauge all the assets of lenders in the government’s fourth attempt to clean up the financial system.

A gauge of European banks was the second-worst performer of the 19 industry groups in the Stoxx 600, with Barclays Plc dropping 2.9 percent to 202.8 pence.

Credit Agricole SA, France’s third-largest bank by market value, lost 1 percent to 3.46 euros after it said first-quarter profit fell to 252 million euros from 1 billion euros a year earlier, hurt by Greek losses.

Telefonica SA, Spain’s largest phone company, declined 1.3 percent to 11.17 euros. First-quarter operating income before depreciation and amortization was 5.08 billion euros, falling short of the 5.23 billion-euro analyst estimate. Revenue in the first quarter was 15.51 billion euros, more than the average analyst estimate of 15.43 billion euros. The company reiterated its full-year targets.

A gauge of European carmakers was the best performing group in the Stoxx 600. Renault SA and Pirelli & C SpA jumped 5 percent to 33.19 euros, and 4.3 percent to 8.90 euros, respectively. Nissan Motor Co., Japan’s second-biggest automaker, forecast profit will rise to the highest in five years, helped by rising demand for its vehicles in the U.S. and China.

U.S. stocks rose, rebounding from a slump driven by JPMorgan Chase & Co.’s $2 billion trading loss, after an unexpected increase in a gauge of consumer confidence.

Equities rebounded after data showed consumer confidence rose in May to the highest level in four years, indicating falling fuel costs are helping households look beyond a retreat in stocks and weaker employment growth. Earlier declines were led by JPMorgan. The firm’s chief investment office, run by Ina Drew, 55, took flawed positions on synthetic credit securities that remain volatile and may cost an additional $1 billion this quarter or next, Dimon told analysts yesterday.

Nine out of 10 groups in the S&P 500 rose today. Technology companies, which comprise 20 percent of the benchmark measure, added 0.6 percent, led by some of the world’s largest companies. Intel Corp. (INTC) advanced 2.4 percent, the most in the Dow, to $27.90. Microsoft Corp. (MSFT) increased 1.9 percent to $31.31.

A measure of diversified financial institutions in the S&P 500 tumbled 2 percent, for the biggest decline among 24 groups. JPMorgan (JPM) slumped 7.5 percent to $37.70. Citigroup retreated 3.2 percent to $29.69. Goldman Sachs slipped 2.5 percent to $103.64. Morgan Stanley (MS) slumped 2.7 percent to $15.18. Bank of America Corp. (BAC) rose 0.2 percent to $7.72, after falling as much as 3.8 percent earlier today.

Nvidia surged 8.6 percent to $13.49. Revenue for the period ending in July will reach $990 million to $1.05 billion, the Santa Clara, California-based company said today in a statement. Analysts had estimated $976.3 million.

Bed Bath & Beyond Inc. gained 4.8 percent to $72.02. The company was raised to the equivalent of buy at Credit Suisse Group AG. The share-price estimate is $91.

Nordstrom Inc. dropped 2.8 percent to $52.02. The U.S. chain with more than 100 namesake department stores posted first-quarter profit that trailed analysts’ estimates as expenses for e-commerce investments increased.

Resistance 3:1370 (May 7 high)

Resistance 2 : 1360/63 (area of May 9-10 high)

Resistance 1 : 1353 (session high)

The current price: 1346,25

Support 1:1344/45 (area of May 10-11 low)

Support 2:1339 (May 9 low)

Support 3:1333/34 (area of Feb 10-15 low)

U.S. stock index futures fell on Friday and were on track to extend the week's losses after JPMorgan Chase & Co revealed a shocking trading loss of at least $2 billion from a failed hedging strategy. The news sent shares of the Dow component down 7.2 percent to $37.80 in premarket trading, and is the latest hurdle for a

sector already besieged by the sovereign debt crisis in Europe and fears of slowing growth globally. While other gains partially offset the trading loss, JPMorgan Chase estimates the business unit with the portfolio will lose $800 million in the current quarter, excluding private equity results and litigation expenses. The bank had previously expected the unit to earn a profit of about $200 million.

Nikkei  8,953.31 -56.34 -0.63%

Hang Seng 19,964.63 -262.65 -1.30%

Shanghai Composite 2,394.98 -15.25 -0.63%

FTSE 100 5,509.58 -34.37 -0.62%

CAC 40 3,089.09 -41.08 -1.31%

Xetra DAX 6,476.85 -41.15 -0.63%

Oil 95.86 -1.22 -1.26%

Gold 1584.60 -10.90 -0.68%

European stocks resumed losses as company earnings missed estimates, talks on forming a Greek government entered a fifth day and JPMorgan Chase & Co. posted a $2 billion trading loss. Asian shares and U.S. futures fell. In Greece, Evangelos Venizelos, the socialist Pasok leader, will press counterparts on a proposal for a unity government that would avert a new election. Greece’s political impasse has raised the possibility another election will have to be held as early as next month, threatening the implementation of austerity pledges. The standoff has reignited European concern over Greece’s ability to hold to the terms of its two bailouts negotiated since May 2010 and sparked concerns about the country leaving the euro. JPMorgan Chase late yesterday reported a $2 billion surprise loss on synthetic credit securities. Chief Executive Officer Jamie Dimon said the loss occurred after an “egregious” failure in a unit managing risks.

FTSE 100 5,519.05 -24.90 -0.45%

CAC 40 3,105.34 -24.83 -0.79%

Xetra DAX 6,506.81 -11.19 -0.17%

Asian stocks dropped for a third day after JPMorgan Chase & Co. said it had a $2 billion trading loss and China’s industrial output grew at a slower pace, while production at Indian factories unexpectedly contracted.

Nikkei  8,953.31 -56.34 -0.63%

Hang Seng 19,964.63 -262.65 -1.30%

Shanghai Composite 2,394.98 -15.25 -0.63%

Industrial & Commercial Bank of China Ltd., the world’s biggest lender by market value, dropped 1.6 percent in Hong Kong. Sony Corp. tumbled 6.4 percent in Tokyo, heading for its lowest close since 1980, after the maker of Bravia televisions and PlayStation game consoles forecast half as much profit as analysts were expecting. Genting Singapore Plc sank 3.6 percent as the theme park and casino operator posted lower first-quarter net income.

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.

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.

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%

FTSE 100 5,543.95 +13.90 +0.25%
CAC 40 3,130.17 +11.52 +0.37%
DAX 6,518 +42.69 +0.66%
Dow 12,855 +20 +0.16%
Nasdaq 2,934 -1 -0.04%
S&P 500 1,358 +3 +0.25%