Stocks: Thursday's review
24.08.2012, 07:11

Stocks: Thursday's review

 

Asian stocks advanced, with the region’s benchmark index set for its highest close since May, on speculation central banks in the U.S. and China will ease monetary policy amid signs growth is slowing.

Nikkei 225 9,178.12 +46.38 +0.51%
S&P/ASX 200 4,383.7 +7.66 +0.17%
Shanghai Composite 2,113.12 +5.40 +0.26%

Jiangxi Copper Co., the mainland’s biggest producer of the metal, climbed 3.2% in Hong Kong after the People’s Bank of China left the door open to more interest-rate cuts. Sinopharm Group Co. jumped 7.1% after first-half profit rose 22% at the nation’s No. 1 pharmaceuticals distributor. QR National Ltd. added 2.3% after Australia’s largest coal-train operator beat profit estimates.


European stocks dropped for a second day as German Finance Minister Wolfgang Schaeuble damped optimism that Greece will get more time to cut its debt and as bond yields climbed in Spain.

Banco Bilbao Vizcaya Argentaria SA (BBVA) slid 1.8% as lenders retreated across Europe. Royal Ahold NV lost 3.6% after the retailer reported earnings that missed some analysts’ estimates. Petropavlovsk Plc (POG) tumbled 16% to 394 pence, its biggest slide since 2008, after reporting a 90% drop in first- half net income to $11 million as interest payments and depreciation costs dragged down earnings.

The Stoxx Europe 600 Index (SXXP) retreated 0.6% to 267.69 at the close.

Stocks fell as Germany’s Schaeuble said that allowing Greece more time to meet its debt obligations would not solve the country’s problems and would increase costs for creditors.

National benchmark indexes declined in 15 out of 18 western-European markets.

FTSE 100 +2.40 +0.04% CAC 40 3,432.56 -29.09 -0.84% DAX 6,949.57 -68.18 -0.97%

BBVA retreated 1.8% to 5.71 euros. Bankia SA (BKIA) tumbled 2.1% to 1.33 euros.

Ahold fell 3.6% to 10.07 euros after the Dutch owner of Stop & Shop grocery stores reported second-quarter earnings before interest and taxes of 326 million euros ($410 million), 4.7% below Oddo & Cie’s estimate of 342 million euros.

European Aeronautic, Defence & Space Co., the parent company of Airbus SAS, lost 2.4% to 29.92 euros after Qantas Airways Ltd. (QAN) canceled an order for rival Boeing Co.

Anglo American Plc (AAL) climbed 1.7% to 1,941.5 pence after the company reached an agreement with Codelco.

Antofagasta Plc (ANTO) climbed with copper, rising 2.9% to 1,152 pence.

Xstrata Plc (XTA) increased 1.1% to 926.6 pence and Vedanta Resources Plc (VED) gained 1% to 940.5 pence.

Heineken NV (HEIA) advanced 1.8% to 44.79 euros after Bank of America Corp. upgraded the Dutch brewer to buy from neutral.


Major stock indexes closed in negative territory amid a disappointing report from HP and signs of slowing global economy.
The pressure on the index has little data on the index of business activity in the manufacturing sector of China from HSBC, which, according to preliminary data, in August continued to decline.
Negative impact on the dynamics of trading also reflected confounding expectations quarterly statement Hewlett-Packard (HPQ).
Also worth noting is raising fears of market participants about the debt crisis in Europe. Today, German Finance Minister Wolfgang Schaeuble has expressed doubts that the extension of the program to reduce the budget deficit, which is given to Athens solve problems of this country.
In the composition of the index DOW almost all the components are in the red. Fell more than the rest in the stock price Hewlett-Packard (HPQ, -8.07%), pressure that has not met expectations quarterly report. Show only growth stocks Kraft Foods (KFT, +0.66%), Pfizer (PFE, +0.27%), AT & T, Inc. (T, +0,19%) and Johnson & Johnson (JNJ, +0.06%).
Branches in the context of all major sectors of the index S & P is in the red. Sector fell more than other utilities (-1.1%) and basic materials (-1.1%).
At the close:
Dow 13,057.77 -114.99 -0.87%
Nasdaq 3,053.40 -20.27 -0.66%
S & P 500 1,402.15 -11.34 -0.80%



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