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Analytics, News, and Forecasts for CFD Markets: stock news — 11-09-2012.
European stocks climbed as Germany’s top constitutional court said it will proceed with a ruling on the country’s role in the euro-area bailout fund and speculation grew that the Federal Reserve will boost stimulus.
Fiat SpA (F) and Daimler AG (DAI) led a gauge of automakers higher. Burberry Group Plc plunged by a record after forecasting full- year profit will be at the lower end of analyst estimates. Rival luxury-goods companies Hugo Boss AG and Cie. Financiere Richemont SA retreated more than 5 percent.
The benchmark Stoxx Europe 600 Index (SXXP) added 0.3 percent.
The Fed will give its latest policy statement on Sept. 13, following a two-day Federal Open Market Committee meeting. On Aug. 31, Chairman Ben S. Bernanke said the U.S. central bank will provide further stimulus as needed to cement a recovery, citing his concern about the jobless rate.
Tomorrow, Germany’s Federal Constitutional Court in Karlsruhe will decide whether to halt the country’s participation in the 500 billion-euro ($640 billion) European Stability Mechanism, the euro area’s permanent bailout fund. A bid by German lawmaker Peter Gauweiler to get the hearing delayed after the ECB pledged unlimited funds to buy government debt failed today.
Parliamentary elections are due to be held in the Netherlands tomorrow, and euro-area finance ministers are meeting in Cyprus on Sept. 14.
National benchmark indexes rose in 15 of the 18 western European markets.
FTSE 100 5,790.46 -2.74 -0.05% CAC 40 3,537.08 +31.03 +0.89% DAX 7,311.42 +97.72 +1.35%
Billionaire investor George Soros said German-led austerity demands worsen the debt crisis and risk pushing Germany into a depression that’s already taking hold of the euro area’s rim.
A policy of fiscal retrenchment “is pushing Europe into a deeper and longer depression,” Soros said during a speech in Berlin yesterday. “The German public doesn’t yet feel it and doesn’t quite believe it, but it’s all too real in the periphery and it will reach Germany in the next six months or so. My message is that the looming depression is largely self-inflicted and the nightmare can be escaped.”
Fiat, Italy’s largest automaker, advanced 1.7 percent to 4.66 euros and Daimler gained 1.7 percent to 39.45 euros.
Burberry (BRBY) plummeted 21 percent to 1,082 pence, the largest decline since its initial public offering in July 2002. Britain’s biggest maker of luxury goods said adjusted pretax profit in the year through March will be at the lower end of analyst estimates, which range from 407 million pounds ($652 million) to 454 million pounds.
Hugo Boss sank 7.7 percent to 71.21 euros in Frankfurt and Richemont, the biggest maker of jewelry, lost 5.1 percent to 60.90 Swiss francs in Zurich. Christian Dior SA (CDI) and LVMH Moet Hennessy Louis Vuitton SA (MC) dropped 4.7 percent to 111.75 euros and 3.4 percent to 127.70 euros, respectively.
Vestas Wind Systems A/S (VWS), the biggest maker of wind turbines, dropped 6.2 percent to 43.80 kroner. Credit Suisse Group AG said the company may undertake a one-for-one rights offer with a 50 percent discount to the current share price.
Enagas SA (ENG) sank 7 percent to 14.63 euros, the biggest drop since March, as investor Sagane Inversiones sold a 5 percent stake in the operator of Spain’s natural-gas grid. The shares were sold for 14.70 euros apiece, according to a filing.
U.S. stock futures rose as Germany’s highest court said it won’t delay its ruling on the euro area’s permanent bailout fund.
Global Stocks:
Nikkei 8,807.38 -61.99 -0.70%
Hang Seng 19,857.88 +30.71 +0.15%
Shanghai Composite 2,120.55 -14.34 -0.67%
FTSE 5,780.56 -12.64 -0.22%
CAC 3,497.57 -8.48 -0.24%
DAX 7,227.49 +13.79 +0.19%
Crude oil $97.16 +0,64%
Gold $1738.00 +0.32%
European stocks fell for a second day amid concern developments in Spain or Germany will derail the European Central Bank’s bond-buying plan. Asian shares declined while U.S. index futures advanced.
Mariano Rajoy, Spain’s prime minister, said late yesterday he won’t allow the European Union or the ECB to stipulate how the nation narrows its budget deficit as a condition for buying the country’s bonds.
Tomorrow, Germany’s Federal Constitutional Court in Karlsruhe will decide whether to halt the country’s participation in the 500 billion-euro ($640 billion) European Stability Mechanism, the euro area’s permanent bailout fund.
Investors are also awaiting a policy statement on Sept. 13 from the Federal Reserve. On Aug. 31, Chairman Ben S. Bernanke said the U.S. central bank will provide further stimulus as needed to cement a recovery, citing his concern about the jobless rate.
Burberry plunged 18 percent to 1,123 pence, the largest decline since November 2008. Britain’s biggest maker of luxury goods said adjusted pretax profit in the year through March will be at the lower end of analyst estimates, which range from 407 million pounds ($652 million) to 454 million pounds.
PPR sank 3.8 percent to 123.05 euros in Paris and Richemont, the biggest maker of jewelry, lost 5.1 percent to 60.90 Swiss francs in Zurich.
FTSE 100 5,771.61 -21.59 -0.37%
CAC 40 3,496.01 -10.04 -0.29%
DAX 7,209.34 -4.36 -0.06%
Asian stocks fell, with the regional benchmark index poised for the first drop in four days, as concern grew Europe will fail to contain its debt crisis and as investors wait to see if the Federal Reserve will boost economic stimulus.
Nikkei 225 8,807.38 -61.99 -0.70%
S&P/ASX 200 4,325.8 -7.97 -0.18%
Shanghai Composite 2,120.55 -14.34 -0.67%
Cosco Pacific Ltd., which gets 31 percent of its sales in Europe, lost 0.6 percent in Hong Kong.
Guangzhou Automobile Group Co. paced declines among automakers in Hong Kong after China’s car sales trailed analysts’ estimates in August for a second month.
Electronics maker Panasonic Corp. dropped 1.7 percent after Moody’s Investors Service cut its credit ratings.
Asian stocks swung between gains and losses as reports from the U.S., China and Japan that showed slowing growth in the world’s biggest economies stoked speculation central banks will add to stimulus measures.
Nikkei 225 8,869.37 -2.28 -0.03%
S&P/ASX 200 4,333.8 +7.96 +0.18%
Shanghai Composite 2,128.31 +0.55 +0.03%
Rio Tinto Group, the world’s third-biggest mining company, rose 4.1 percent in Sydney as copper rose for a second day.
Zoomlion Heavy Industry Science & Technology Co., China’s No. 2 maker of construction equipment, jumped 6.4 percent in Hong Kong after Chinese President Hu Jintao urged Asian governments to speed up infrastructure development.
Tokyo Electron Ltd., a maker chip production equipment, fell 3.5 percent in Tokyo after customer Intel Corp. cut its sales forecast.
European stocks fell, after the region’s equities posted their largest weekly gain in three months, as China’s imports unexpectedly dropped, and Greece struggled to qualify for aid payments.
In China, inbound shipments declined 2.6 percent in August from a year earlier, the customs bureau said in Beijing today. That missed the median estimate of a 3.5 percent gain, according to economists. Imports rose 4.7 percent in July from a year earlier.
Industrial production in the world’s second-largest economy increased the least in three years last month, according to a report from the National Bureau of Statistics yesterday. Production increased 8.9 percent, compared with 9.2 percent in July. Greece’s Prime Minister, Antonis Samaras, meets with officials from the European Commission, the ECB and the International Monetary Fund today. He failed to obtain an agreement from his coalition partners on the spending cuts required to obtain further aid from the country’s bailout.
National benchmark indexes fell in 13 of the 18 western- European markets. The U.K.’s FTSE 100 and Germany’s DAX slipped less than 0.1 percent. France’s CAC 40 lost 0.4 percent.
A gauge of food and beverage stocks lost 1.2 percent for the biggest slide of the 19 industry groups on the Stoxx 600. Unilever slid 1.7 percent to 27.41 euros, while AB InBev sank 2.8 percent to 66.18 euros. Nestle SA, the world’s largest food company, declined 0.7 percent to 58.85 Swiss francs.
A gauge of mining shares posted the biggest gain on the Stoxx 600 as copper prices rose. Rio Tinto Group climbed 1.6 percent to 3,069 pence and Anglo American Plc added 1.5 percent to 2,001.5 pence.
Royal Philips Electronics NV, a maker of light bulbs, consumer electronics and health-care products, dropped 2.4 percent to 19.03 euros after Goldman Sachs Group Inc. cut its recommendation on the shares to neutral from buy. Credit Suisse Group AG also lowered its rating on Philips to neutral.
U.S. stocks fell, after the Standard & Poor’s 500 Index rose to the highest level since 2008, as concern over Greece’s debt crisis overshadowed speculation central banks will take action to spur the economy.
Bets on further stimulus measures have increased as data last week showed payrolls rose less than projected and the unemployment rate was unexpectedly driven down by Americans leaving the labor force. On Aug. 31, Bernanke cited his concern about the jobless rate and said the central bank will provide additional stimulus as needed to promote a stronger recovery. The Fed’s Open Market Committee meets this week and will release a statement on Sept. 13.
Stocks declined earlier today as Greek Prime Minister Antonis Samaras meets officials from the nation’s creditors after failing to secure agreement from coalition partners on spending cuts. Greece’s Democratic Left leader Fotis Kouvelis, whose party is one of the three in the coalition government, said that no decision had been made on the cuts required to obtain further aid for the country’s bailout, and that poorer citizens must be protected from austerity measures.
Germany’s Federal Constitutional Court is due to rule on the country’s participation in the European Stability Mechanism, a permanent 500 billion-euro fund that offers loans to member states and may buy their bonds to lower borrowing costs.
In Asia, a report showed imports into China slid 2.6 percent in August from a year earlier, the nation’s customs bureau said. Economists in a Bloomberg survey had forecast growth of 3.5 percent. Exports rose 2.7 percent, slower than estimated. Industrial production increased 8.9 percent, the National Bureau of Statistics said yesterday.
Change % Change Last
Nikkei 225 8,869.37 -2.28 -0.03%
S&P/ASX 200 4,333.8 +7.96 +0.18%
Shanghai Composite 2,128.31 +0.55 +0.03%
FTSE 100 5,793.2 -1.60 -0.03%
CAC 40 3,506.05 -13.00 -0.37%
DAX 7,213.7 -0.80 -0.01%
Dow 13,254 -52 -0.39%
Nasdaq 3,104 -32 -1.03%
S&P 500 1,429 -9 -0.61%
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