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Analytics, News, and Forecasts for CFD Markets: stock news — 21-06-2012.
European stocks fell from their highest level in five weeks as the Federal Reserve cut its growth forecast for the U.S. economy and a survey indicated China’s manufacturing industry may shrink for an eighth month.
The policy-setting Federal Open Market Committee yesterday extended its Operation Twist program, which aims to reduce borrowing costs. The Fed will swap $267 billion of short-term securities with longer-term debt through the end of 2012.
Euro-area services and manufacturing output contracted for a fifth month in June, suggesting the economy may fail to grow in the current quarter. A composite index based on a survey of purchasing managers in both industries in the 17-nation euro area held at 46, the same reading as in May, London-based Markit Economics said today. Spain sold more debt than planned just three days after the country’s 10-year bond yields hit a euro-era record. The nation sold 2.2 billion euros ($2.8 billion) of two-, three- and five- year securities today, compared with a maximum target of 2 billion euros set for the auction.
National benchmark indexes dropped in 16 of the 18 western- European markets. France’s CAC 40 decreased 0.4 percent. Germany’s DAX sank 0.8 percent, while the U.K.’s FTSE 100 slid 1 percent.
A gauge of European mining companies dropped for the first time in a week as a global commodity benchmark declined to its lowest level since 2010. BHP Billiton, the world’s biggest mining company, fell 3 percent to 1,819 pence. Anglo American lost 5.2 percent to 2,101 pence.
Invensys slumped 14 percent to 220 pence, its biggest decline since Jan. 13, after the British software and meters maker said it’s no longer in talks with Emerson Electric Co. or other potential suitors.
Air France-KLM Group rallied 5.5 percent to 3.63 euros, its highest price in more than a month, after announcing a plan to eliminate more than 5,000 jobs, equivalent to 10 percent of posts at the Air France unit.
U.S. stocks declined, sending the Standard & Poor’s 500 Index down for a second straight day, after a gauge of Philadelphia-area manufacturing unexpectedly fell while housing and jobless claims reports disappointed.
Equities fell amid concern about an economic slowdown as manufacturing in the Philadelphia region shrank in June at the fastest pace in almost a year. Sales of previously owned U.S. homes declined in May, while more Americans than forecast filed applications for unemployment benefits last week.
Measures of energy and raw material producers in the S&P 500 lost at least 1.7 percent. China’s manufacturing may shrink for an eighth month in June, matching the streak during the global financial crisis, in a signal the government’s stimulus has yet to reverse the economy’s slowdown.
Alcoa Inc. (AA), the largest U.S. aluminum producer, dropped 2.7 percent to $8.68. Halliburton Co. (HAL), the largest provider of hydraulic-fracturing services, decreased 2.9 percent to $28.72.
Bed Bath & Beyond declined 15 percent, the most ever on a closing basis, to $62.60. It said comparable-store sales in the first quarter rose 3 percent compared with 7 percent a year earlier.
Micron Technology Inc. retreated 5.6 percent to $5.78. The largest U.S. maker of computer memory reported a fourth consecutive quarterly loss after prices fell for chips used to store data in phones and tablets, crimping sales.
Onyx Pharmaceuticals Inc. surged 41 percent to $62.88, the highest level on record. The company won support from a U.S. advisory panel for its drug to treat a deadly blood cancer that affects 50,000 Americans.
Resistance of 3:1400 (May 3 high)
Resistance of 2:1370 (May 7 high)
Resistance of 1:1355 (61,8% FIBO 1412-1265, Jun 19-20 highs)
Current price: 1342.50
Support 1:1338 / 36 (Jun 19-20 lows)
Support 2:1327 / 30 (Jun 18, MA (200) for H1)
Support 3:1298 (Jun 8 and 12 low)
U.S. stock futures fluctuated amid signs of a struggling labor market as more Americans than forecast filed applications for unemployment benefits last week.
Global Stocks:
Nikkei 8,824.07 +71.76 +0.82%
Hang Seng 19,265.07 -253.78 -1.30%
Shanghai Composite 2,260.88 -32.00 -1.40%
FTSE 5,601.74 -20.55 -0.37%
CAC 3,139.74 +13.22 +0.42%
DAX 6,409.6 +17.47 +0.27%
Crude oil $80.28 (-1.44%)
$1589.10 (-1.65%)
Asian stocks outside Japan fell, with the regional benchmark index retreating from a one-month high, as a survey showed China’s manufacturing may shrink for an eighth month and after the Federal Reserve cut its U.S. growth estimate and expanded its Operation Twist program.
Nikkei 225 8,824.07 +71.76 +0.82%
S&P/ASX 200 4,087.6 -44.84 -1.09%
Shanghai Composite 2,264.7 -28.18 -1.23%
Samsung Electronics Co., the world’s No. 1 mobile-phone maker by sales that counts China and the U.S. as its biggest markets, dropped 2 percent in Seoul.
BHP Billiton Ltd., the world’s largest mining company and Australia’s No. 1 oil producer, declined 1.2 percent in Sydney as crude and copper futures fell.
Renesas Electronics Corp. gained 3.1 percent in Tokyo on a report that KKR & Co. and Silver Lake are in talks to invest in the chipmaker.
01:30 Australia RBA Bulletin Quarter II
02:30 China HSBC Manufacturing PMI (preliminary) June 48.4 48.1
The euro fell as Spain prepared to auction bonds today amid signs Europe’s debt crisis is blunting economic growth in the region. Spain is scheduled to auction notes today maturing 2014, 2015 and 2017. Earlier this week, in its first debt sale since becoming the fourth euro member to seek a bailout, Spain auctioned 12-month bills at an average yield of 5.074 percent, a record high in Bloomberg data going back to 2004.
The 17-nation currency snapped a two-day gain against the dollar and yen before a preliminary report today that may show European services and manufacturing contracted this month at the fastest pace in three years.
Demand for the dollar was limited after the Federal Reserve said it stands ready to implement further stimulus after announcing an extension of its program to replace short-term bonds with longer-term debt. The Fed said yesterday it will expand its so-called Operation Twist program, which seeks to lower borrowing costs by extending the average maturity of the securities in the central bank’s portfolio, by $267 billion through the end of the year. Central bank officials also cut their estimates for 2012 growth after last month’s slowdown in hiring and see little progress on unemployment during the rest of the year.
New Zealand’s dollar rose initially after a report showed the nation’s economy grew at the fastest pace in five years last quarter. Gross domestic product rose 1.1 percent in the three months ended March 31 from the previous quarter, when it expanded a revised 0.4 percent, Statistics New Zealand said. It pared gains after preliminary data showed China’s manufacturing may shrink for an eighth month in June. The 48.1 advance reading for a purchasing managers’ index for China released by HSBC Holdings Plc and Markit Economics today compares with a final 48.4 for May. A reading above 50 indicates expansion. China is New Zealand’s second-largest export destination.
EUR/USD: during the Asian session the pair fell.
GBP/USD: during the Asian session the pair fell below $1.5700.
USD/JPY: during the Asian session the pair rose to yesterday's highs.
In Europe Thursday, the Eurogroup meets in Luxembourg, while European data sees the flash manufacturing and services PMIs for June. European data also sees the 0800GMT release of EMU current account data. UK data at 0830GMT sees retail sales and CML Gross Mortgage Lending, which are followed at 1000GMT by the CBI Monthly Industrial Trends Survey. US data starts at 1230GMT when the weekly initial jobless claims are expected to fall 1,000 to 385,000 in the June 16 employment survey week.
Asian stocks rose, with the regional benchmark index heading for its highest close in a month, amid speculation the Federal Reserve will expand stimulus measures and after the Group of 20 leaders pledged to support economic growth and help overcome Europe’s debt crisis.
Nikkei 225 8,752.31 +96.44 +1.11%
Hang Seng 19,529.58 +112.91 +0.58%
S&P/ASX 200 4,132.44 +9.11 +0.22%
Shanghai Composite 2,292.88 -7.92 -0.34%
Sony Corp., Japan’s biggest exporter of consumer electronics, gained 3.5 percent after the country’s overseas shipments rose.
Sumitomo Mitsui Trust Holdings Inc. jumped 4.3 percent after the Japanese bank said it plans to boost overseas loans this year.
Consolidated Media Holdings Ltd. surged 9.7 percent in Sydney after News Corp. offered to buy Australia’s largest pay television network for A$2 billion ($2 billion).
European stocks advanced, sending the Stoxx Europe 600 Index to its highest level in more than a month, amid speculation the Federal Reserve will expand Operation Twist to help sustain economic growth.
Euro-area leaders at the Group of 20 summit in Mexico yesterday pledged to take “all necessary policy measures” to defend the currency union as world leaders endorsed a road map for tighter integration to cut borrowing costs and prevent further damage to the global economy. Attention now shifts to a summit of European Union leaders in Brussels on June 28-29.
National benchmark indexes rallied in all 18 western- European markets except in Switzerland and Ireland. The U.K.’s FTSE 100 Index added 0.6 percent and Germany’s DAX increased 0.5 percent. France’s CAC 40 increased 0.3 percent.
Aer Lingus paced advancing shares after Ryanair, Europe’s biggest discount airline, offered to buy its Irish rival for 694 million euros ($883 million). Aer Lingus surged 15 percent to 1.09 euros in Dublin, the most since September 2009, as Ryanair, which already holds a 29.8 percent stake, said it intends to make an all-cash offer of 1.30 euros per share.
H&M gained 4.8 percent to 241.50 kronor after Europe’s second-largest clothing retailer reported a 23 percent increase in second-quarter profit to 5.22 billion kronor ($751 million) as U.S. and Asian sales rose. The average of 14 analysts’ estimates compiled by Bloomberg called for 4.86 billion kronor.
Kesa Electricals Plc dropped 5 percent to 52.5 pence after the owner of the Darty electronics chain reported a 42 percent slump in full-year adjusted pretax profit to 59 million euros. The company cut its dividend and said Mothercare Plc’s Alan Parker will replace David Newlands as chairman. The shares had climbed 19 percent over the previous four days.
U.S. stocks dropped, following a four-day gain in the Standard & Poor’s 500 Index, as the Federal Reserve cut its estimates for growth amid a slowdown in hiring.
Stocks fell as the central bank cut its estimates for growth and said it sees little progress on unemployment during the rest of the year. The Fed lowered its central tendency estimate for U.S. 2012 gross domestic product growth to 1.9 percent to 2.4 percent from 2.4 percent to 2.9 percent in April.
The Fed will expand its program to replace short-term bonds with longer-term debt by $267 billion through the end of 2012. That “should put downward pressure on longer-term interest rates and help to make broader financial conditions more accommodative,” the Federal Open Market Committee said.
Adobe slumped 2.7 percent to $31.99. It reduced the high end of its annual sales growth forecast range to 7 percent from 8 percent, which is “anemic” for a technology company, said Barbara Coffey, an analyst with National Securities.
P&G lost 2.9 percent to $60.39. The reduced forecasts illustrate the difficulties faced by consumer-products makers as rising unemployment in Europe and North America restricts spending. Danone, the world’s biggest yogurt maker, cut its profitability forecast yesterday. Walgreen Co. retreated 2.9 percent to $29.21. The biggest U.S. drugstore chain was downgraded to neutral from outperform at Macquarie Group Ltd. by equity analyst Dane Leone. The 12- month share-price estimate is $34.
JPMorgan (JPM) gained 3 percent to $36.45. Trading in the credit derivatives index that contributed to the bank’s losses in its London chief investment office soared to a record yesterday in a sign that the biggest U.S. bank may be unwinding its position, according to data cited by Credit Suisse Group AG.
Cisco Systems Inc. (CSCO) rallied 1.9 percent to $17.51. The biggest maker of computer-networking equipment was raised to outperform from market perform at BMO Capital Markets.
Applied Materials Inc. gained 3.4 percent to $11.55. The largest producer of chipmaking equipment was raised to overweight at Barclays Plc.
Resistance 3: Chf0.9555/65 (area of Jun 18-19 highs)
Resistance 2: Chf0.9515 (low of Asian session on Jun 19)
Resistance 1: Chf0.9500 (Jun 20 high)
Current price: Chf0.9481
Support 1: Chf0.9420/25 (area of Jun 18-20 lows)
Support 2: Chf0.9365/75 (area of May 21-22 lows)
Support 3: Chf0.9330 (Jun 15 low)
Change % Change Last
Nikkei 225 8,752.31 +96.44 +1.11%
Hang Seng 19,529.58 +112.91 +0.58%
S&P/ASX 200 4,132.44 +9.11 +0.22%
Shanghai Composite 2,292.88 -7.92 -0.34%
FTSE 100 5,622.29 +35.98 +0.64%CAC 40 3,126.52 +8.60 +0.28%
DAX 6,392.13 +28.77 +0.45%
Dow 12,824 -13 -0.10%
Nasdaq 2,930 +1 +0.02%
S&P 500 1,356 -2 -0.17%
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