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Analytics, News, and Forecasts for CFD Markets: stock news — 26-03-2012.
European stocks advanced for a second day after German business confidence unexpectedly climbed and Federal Reserve Chairman Ben S. Bernanke said continued accommodative monetary policy is still needed.
Federal Reserve Chairman Ben S. Bernanke said that while he’s encouraged by the unemployment rate’s decline to 8.3 percent, continued accommodative monetary policy will be needed to make further progress.
Chancellor Angela Merkel gave her first indication that she is prepared to allow an increase in the debt-crisis firewall, saying that Germany could let the temporary and permanent rescue funds run in parallel.
National benchmark indexes rose in 15 of 18 western- European markets. Germany’s DAX rallied 1.2 percent, France’s CAC 40 climbed 0.7 percent, the U.K.’s FTSE 100 gained 0.8 percent while Spain’s IBEX 35 Index fell 0.7 percent.
EasyJet rallied 7.5 percent to 495.80 pence after Europe’s second-biggest airline forecast a first-half pretax loss of 110 million to 120 million pounds. The company had predicted a loss of 140 million to 160 million pounds.
Larger Irish rival Ryanair Holdings Plc advanced 2.6 percent to 4.43 euros, while Deutsche Lufthansa AG gained 1.6 percent to 10.47 euros.
Tullow Oil increased 6.6 percent to 1,570 pence after the U.K. explorer reported Kenya’s first oil discovery.
Banco Sabadell SA led Spanish lenders lower, falling 4 percent to 2.15 euros. Banco Bilbao Vizcaya Argentaria SA, Spain’s biggest bank, retreated 1.4 percent to 6.15 euros.
Italy’s Prime Minister, Mario Monti, warned that Spain could reignite the European debt crisis as euro-area ministers this week prepare a deal to strengthen the region’s financial firewall.
Spanish construction-related companies also declined in Madrid trading. Actividades de Construccion y Servicios SA dropped 4 percent to 20.27 euros and Sacyr Vallehermoso SA retreated 2.3 percent to 2.47 euros.
U.S. stocks advanced, sending the Standard & Poor’s 500 Index to the highest level since May 2008, after Federal Reserve Chairman Ben S. Bernanke said accommodative monetary policy is still needed to spur jobs.
Equities rose as Bernanke said in a speech in Arlington, Virginia, that while he’s encouraged by the unemployment rate’s decline, the economy still needs help. Chancellor Angela Merkel said Germany may back plans for the temporary and permanent euro-area rescue funds to run in parallel. European finance ministers meet March 30 to discuss raising a 500 billion-euro ($664 billion) ceiling on the region’s financial firewall.
Dow 13,205.00 +124.27 +0.95%, Nasdaq 3,106.67 +38.75 +1.26%, S&P 500 1,410.47 +13.36 +0.96%
Arena Pharmaceuticals Inc. soared 21 percent, the most in the Russell 2000 Index, to $2.92. The weight-loss pill maker faces an advisory panel on May 10 as Food and Drug Administration staff said in a report today that obesity treatment manufacturers may need to study the heart risks of their medicines before U.S. regulators weigh approval.
Safeway Inc. declined 3.8 percent, the most in the S&P 500, to $20.32. The grocer was cut to neutral from outperform at Credit Suisse Group AG, meaning the firm expects the stock to perform in line with the market over the next 12 months.
A123 Systems Inc. tumbled 12 percent to $1.49. The maker of batteries for electric cars and trucks said it has started to replace “potentially defective” battery packs and modules produced at a Michigan plant.
U.S. stock futures rose as Federal Reserve Chairman Ben S. Bernanke said accommodative monetary policy is still needed to spur jobs.
Global Stocks:
Nikkei 10,018.24 +6.77 +0.07%
Hang Seng 20,668.86 +0.06 0.00%
Shanghai Composite 2,350.6 +1.06 +0.05%
FTSE 5,899.29 +44.40 +0.76%
CAC 3,493.27 +17.09 +0.49%
DAX 7,068.98 +73.36 +1.05%
Crude oil $107.07 (+0.2%).
Gold $1680.00 (+1,1%).
Asian stocks fell, with the benchmark index headed for its biggest weekly loss this year, as a surprise drop in profit at China’s third-largest bank compounded concern the global economy is slowing as manufacturing shrinks from Europe to Asia.
Nikkei 225 10,011.47 -115.61 -1.14%
Hang Seng 20,668.8 -232.76 -1.11%
S&P/ASX 200 4,270.39 -3.29 -0.08%
Shanghai Composite 2,349.54 -26.23 -1.10%
Agricultural Bank of China Ltd., slid 4.3 percent after posting lower-than-expected earnings and HSBC Holdings Plc, Europe’s largest lender by market value, slid 1.6 percent in Hong Kong.
Honda Motor Co., which gets about 80 percent of its revenue overseas, fell 2.9 percent in Tokyo after the yen strengthened.
BHP Billiton Ltd., the world’s largest mining company, lost 1.2 percent in Sydney after metal and oil prices fell yesterday.
European stocks closed little changed, after the biggest weekly selloff this year, as a rebound in automakers and mining companies offset an unexpected drop in U.S. housing data.
A U.S. Commerce Department report today showed purchases of new houses unexpectedly fell in February for a second month. Sales dropped 1.6 percent to a 313,000 annual pace, the slowest since October, compared to 318,000 in January.
National benchmark indexes rose in 13 of 18 western- European markets. France’s CAC 40 rose 0.1 percent, the U.K.’s FTSE 100 and Germany’s DAX both rose 0.2 percent.
Renault rallied 2.5 percent to 40.30 euros today, leading a gauge of companies in the auto industry 1.4 percent higher. PSA Peugeot Citroen SA increased 2.3 percent to 12.89 euros and Volkswagen SA increased 1.7 percent to 132.35 euros.
Mining companies also advanced as copper rebounded in London. Antofagasta rallied 2.7 percent to 1,172 pence, the first increase in four days. Kazakhmys Plc advanced 2.5 percent to 935.5 pence and Rio Tinto Group gained 1.5 percent to 3,382.5 pence.
Elsewhere, CGGVeritas, the world’s largest seismic surveyor of oil fields, climbed 4.7 percent to 22.70 euros after JPMorgan Chase & Co. raised its recommendation for the shares to neutral from underweight.
U.S. stocks rose, trimming the biggest weekly drop of the year for the Standard & Poor’s 500 Index, as gains in commodity and energy companies amid rising oil prices offset an unexpected decline in new-home purchases.
U.S. stocks retreated yesterday as manufacturing contracted in China and Europe and FedEx Corp. tumbled amid a disappointing forecast. The S&P 500 is still up 2.3 percent for March, heading for its longest monthly rally since September 2009 as economic data topped forecasts and the European Central Bank disbursed more than 1 trillion euros ($1.3 trillion) to lenders.
Dow 13,080.73 +34.59 +0.27%, Nasdaq 3,067.92 +4.60 +0.15%, S&P 500 1,397.11 +4.33 +0.31%
Alcoa (АА) jumped 1 percent to $10.11, while Caterpillar (САТ) added 1.3 percent to $107.83. Chevron (CVX) climbed 1 percent to $106.36. Cabot Oil & Gas Corp. jumped 3.2 percent to $32.52, while Consol Energy Inc. jumped 2.5 percent to $33.76.KB Home, the Los Angeles-based homebuilder that targets first-time buyers, sank 8.5 percent to $10.29. Revenue in the first quarter was $254.6 million, falling short of the average analyst estimate of $328.6 million.
Micron Technology Inc. fell 3.6 percent to $8.40 for the biggest drop in the S&P 500 after reporting a third consecutive quarterly loss as sluggish demand for personal computers dragged down chip prices.
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