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Analytics, News, and Forecasts for CFD Markets: stock news — 28-06-2012.
US Stocks are under pressure. Attention remains on Europe as the EU Summit gets underway.
Stocks increased loses after the news that the Supreme Court has upheld President Obama's Health Care Law.
The news sent the Health Care sector to a relatively steep loss (-1.0%).
Tech and Financials are under pressure too, which are down with losses ranging from 1.5% to 1.8%.
JPMorgan Chase (JPM, -4.19%) has been a heavy drag amid reports that certain trading positions may be worse than the company had previously indicated.
European stocks fell after Spain’s bond yields surged, Germany’s unemployment rate rose more than forecast and two-day summit of the region’s leaders started in Brussels.
German unemployment climbed in June for the fourth month this year and reached 6.8%.
Shares of Barclays Plc fell 15% after fines for falsifying London interbank-offered rate submissions sparked speculation lawsuits will follow.
Shares of Commerzbank AG sank 6.4% as the lender issued new shares.
Shares of Debenhams Plc lost 1.1% after the retailer reduced its forecast for profitability.
On result of today's session:
FTSE 5,474.78 -49.14 -0.89%
CAC 3,046.59 -16.53 -0.54%
DAX 6,141.24 -87.75 -1.41%
Resistance of 3:1355 (high of June)
Resistance of 2:1340 (Jun 20 low)
Resistance of 1:1329 (MA (200) for H1)
Current Price: 1315.00
Support 1:1312 (session low)
Support 2:1302 (Jun 25-26 lows)
Support 3:1298 (Jun 8 and 12 lows)
U.S. stock futures declined, indicating the Standard & Poor’s 500 Index will snap a two-day rally, as JPMorgan Chase & Co. (JPM) tumbled on a report that the lender’s trading losses may total as much as $9 billion.
JPMorgan slumped 3.2 percent after the New York Times said the trading losses may exceed the firm’s initial estimate.
Europe’s leaders today cap their latest effort to check the financial crisis that claimed Cyprus this week as its fifth victim. Euro-area finance ministers set the stage for today’s gathering in Brussels of the European Union’s 27 chiefs, approving Cyprus’s bailout and detailing how they would aid Spanish banks. Consensus breaks down on safeguarding governments in Spain and Italy, with German Chancellor Angela Merkel rejecting calls to do more to cut their borrowing costs.
The U.S. economy grew 1.9 percent in the first quarter, reflecting a gain in consumer spending that now shows signs of cooling as the labor market weakens. The number of applications for unemployment benefits hovered last week near the highest of the year, showing little improvement in the labor market.
Global Stocks:
Nikkei 225 8,874.11 +143.62 +1.65%
S&P/ASX 200 4,044.8 +1.63 +0.04%
Shanghai Composite 2,199.05 -17.89 -0.81%
FTSE 100 5,465.54 -58.38 -1.06%
CAC 40 3,046.48 -16.64 -0.54%
DAX 6,137.47 -91.52 -1.47%
Crude oil $80.66 (+0.56%)
Gold $1568.90 (-0.60%)
European stocks slid after Spain’s bond yields surged and Germany’s unemployment rate rose more than forecast before a two-day summit of the region’s leaders.
German unemployment climbed in June for the fourth month this year. The number of people out of work in Germany rose a seasonally adjusted 7,000 to 2.88 million, the Federal Labor Agency said. Economists had predicted an increase of 3,000.
European Council President Herman Van Rompuy, European Central Bank President Mario Draghi and European Commission President Jose Barroso have prepared a 10-year road map for the euro area, which they will discuss at today’s summit.
FTSE 100 5,479.32 -44.60 -0.81%
CAC 40 3,032.42 -30.70 -1.00%
DAX 6,134.88 -94.11 -1.51%
Bankia sank 5.6 percent to 88.5 euro cents in Madrid, while Banco Popular slid 2.3 percent to 1.70 euros as a gauge of European lenders posted the biggest contribution to the Stoxx 600’s retreat.
Commerzbank dropped 5.8 percent to 1.28 euros. Germany’s second-largest lender is issuing about 176.5 million euros ($219 million) in new shares to satisfy bonuses awarded last year. The capital increase also strengthens the bank’s core tier I capital by 213.8 million euros as the Basel 3 regulatory requirements come into force globally.
Debenhams retreated 1.7 percent to 81.85 pence after the U.K.’s second-largest department-store chain reduced its forecast for the gross margin for the year by 0.3 percentage points from last year’s level. That compared with previous guidance for little change to the measure of profitability.
Asian stocks rose for a second day after reports showed U.S. home sales and durable goods orders climbed more than estimated and investors awaited the start of a summit on Europe’s debt crisis.
Nikkei 225 8,874.11 +143.62 +1.65%
S&P/ASX 200 4,044.8 +1.63 +0.04%
Shanghai Composite 2,199.05 -17.89 -0.81%
Toyota Motor Corp. advanced 2.6 percent, leading gains among Japanese carmakers.
Daiei Inc., an operator of department stores, jumped 11 percent as Japanese retail sales gained more than estimated in May.
News Corp. gained 4.1 percent in Sydney as a person with knowledge of the situation said the board approved in principle a plan to split the company’s publishing unit from its entertainment division.
Asian stocks rose, snapping a four- day decline, as speculation the U.S. housing market is bottoming and China may step up economic stimulus tempered concern that the 19th summit on Europe’s debt crisis in three years won’t result in progress toward a resolution.
Nikkei 225 8,730.49 +66.50 +0.77%
S&P/ASX 200 4,043.2 +29.90 +0.74%
Shanghai Composite 2,214.84 -7.22 -0.33%
China Overseas Land & Investment Ltd., the biggest Chinese developer by market value listed in Hong Kong, climbed 3.8 percent.
Techtronic Industries Ltd., which makes 72 percent of its sales in North America, gained 2.6 percent in Hong Kong.
Oracle Corp. Japan climbed the most in three months in Tokyo as its profit forecast topped estimates.
European stocks rose the most in a week after reports on U.S durable-goods orders and pending home sales beat estimates and speculation mounted that China will introduce additional economic stimulus.
Stocks climbed after a U.S report showed orders for durable goods climbed more than forecast in May, easing concern that U.S. manufacturing is faltering. Separate data showed more Americans than forecast signed contracts to buy previously owned homes last month.
In China, a commentary in the China Securities Journal said the country may introduce “more proactive” policies to ensure stable growth in the world’s second-largest economy. The policies may include stabilizing foreign trade, expanding infrastructure investment and reducing tax.
German Chancellor Angela Merkel faces demands from other euro-area nations for more drastic measures to fight the region’s sovereign-debt crisis, as EU leaders prepare for the two-day summit. One such proposal calls for collective debt sales through euro bonds.
National benchmark indexes advanced in all 18 western European markets before the European Union summit beginning tomorrow in Brussels. The U.K.’s FTSE 100 climbed 1.3 percent, France’s CAC 40 rose 1.4 percent and Germany’s DAX Index gained 1.3 percent.
A gauge of European bank shares rose 2.5 percent for the largest contribution to the Stoxx 600’s advance. Lloyds gained 3.5 percent to 31.16 pence after the Financial Times reported the lender may sell 630 branches to Co-Operative Group Ltd. as early as today.
Barclays Plc added 1.9 percent to 196.05 pence. The lender has agreed to pay 290 million pounds ($452 million) in penalties to settle U.S. and U.K. investigations into whether it sought to rig the London and euro interbank offered rates. Chief Executive Officer Bob Diamond and other executives will forgo their annual bonuses this year, the bank said.
K+S AG, Europe’s biggest potash producer, jumped 6.9 percent to 34.92 euros after analysts raised their ratings on the stock. Bank of America Corp. upgraded the stock to buy from underperform, while BHF-Bank raised its recommendation to overweight from market weight.
Salzgitter AG tumbled 4.9 percent to 32.50 euros, the lowest since September 2005, after saying its steel unit may not break even this year, citing “notably negative” impact on demand for rolled steel. The company said on May 15 it saw positive 2012 pretax earnings.
U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a second day, amid better-than-estimated housing and durable goods orders data while speculation grew that China will add to economic stimulus.
Equities rallied as orders for durable goods and the number of Americans signing contracts to buy an existing home rebounded in May, easing concern the world’s largest economy is faltering. The China Securities Journal said the country may introduce “more proactive” policies to ensure stable growth in the world’s second-largest economy. European leaders prepared for a two-day summit starting tomorrow.
JPMorgan Chase & Co. (JPM) jumped 3 percent, the most in the Dow, to $36.78, while Bank of America Corp. (BAC) had the second-biggest increase, rising 2 percent to $7.77.
Monsanto, the largest seed company, added 3.9 percent to $80.89. Sales of corn seed and genetic licenses rose 35 percent as U.S. farmers planted the biggest crop in 75 years. Soybean sales gained 15 percent, driven by demand for the newest seed engineered to tolerate Monsanto’s Roundup herbicide. Chairman and Chief Executive Officer Hugh Grant also is expanding in Latin America and Eastern Europe.
Bristol-Myers Squibb Co. gained 1.7 percent to $35.09 after the drugmaker doubled the size of its share buyback program, authorizing $3 billion in additional repurchases to be made over the “next couple years.”
Facebook slid 2.6 percent to $32.23. At least 17 securities firms began coverage of the company today, bringing the average analyst share-price estimate to $37.95, data compiled by Bloomberg show. Morgan Stanley gave Facebook the equivalent of a buy rating, as did JPMorgan Chase & Co., Goldman Sachs Group Inc. and five other firms. There were eight holds and one sell, the data show.
O’Reilly Automotive Inc. tumbled 14 percent to $82.61. The retailer of auto parts, tools and accessories sank the most in more than a decade after saying sales growth was slower than expected and second-quarter profit will be on the lower end of the company’s forecast range.
Change % Change Last
Nikkei 225 8,730.49 +66.50 +0.77%
S&P/ASX 200 4,043.2 +29.90 +0.74%
Shanghai Composite 2,214.84 -7.22 -0.33%
FTSE 100 5,523.92 +76.96 +1.41%CAC 40 3,063.12 +50.41 +1.67%
DAX 6,228.99 +92.30 +1.50%
Dow 12,627 +92 +0.74%
Nasdaq 2,875 +21 +0.75%
S&P 500 1,332 +12 +0.90%
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