Novosti i prognoe: tržište kapitala od 09-10-2014

Most stock indices traded lower due to weak economic data from Germany and France and a cut in the growth forecasts of Germany's economy. Germany's trade surplus fell to €17.5 billion in August from €22.2 billion in July, missing expectations for a decline to €18.4 billion.

German exports dropped 5.8% in August. That was the biggest decline since January 2009.

France's trade deficit widened to €5.8 billion in August from €5.5 billion in July, missing expectations for an increase to €5.7 billion.

Four German economic institutes (Ifo in Munich, DIW in Berlin, RWI in Essen and IHW in Halle) cut their forecast for Germany's economic growth to 1.3% in 2014, down from a previous forecast of 1.9%. 2015 forecast was lowered to 1.2%, down from a previous forecast of 2.0%.

The Bank of England (BoE) released its interest rate decision. The BoE kept its interest rates unchanged at 0.5% and its asset purchase program unchanged at £375 billion.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,431.85 -50.39 -0.78 %

DAX 9,005.02 +9.69 +0.11 %

CAC 40 4,141.45 -26.67 -0.64 %

U.S. stock futures fell slightly as data showed an unexpected drop in jobless claims and companies began reporting quarterly earnings.

Global markets:

Nikkei 15,478.93 -117.05 -0.75%

Hang Seng 23,534.53 +271.20 +1.17%

Shanghai Composite 2,389.37 +6.58 +0.28%

FTSE 6,459.41 -22.83 -0.35%

CAC 4,155.17 -12.95 -0.31%

DAX 9,020.54 +25.21 +0.28%

Crude oil $86.83 (-0.54%)

Gold $1228.30 (+1.85%)

(company / ticker / price / change, % / volume)

Upgrades:

Apple (AAPL) upgraded from Perform to Outperform at Oppenheimer, target $115

Downgrades:

Other:

DuPont (DD) initiated at Sector Perform at RBC Capital Mkts, target $71

Microsoft (MSFT) initiated at Market Perform at BMO Capital Markets, target $48

Stock indices traded higher on speculation the Fed's interest rate will remain unchanged for a longer period. The Fed released its minutes from the latest meeting on Wednesday. A tone of the Fed's minutes was dovish.

Some FOMC member expressed concern about the global slowdown and about the impact of a stronger U.S. dollar. Policymakers were concerned that a stronger U.S. dollar might slow the rise in inflation toward the Fed's inflation target of 2%.

Most FOMC members said that interest rate hike will depend on depend on data and not a calendar date.

The Fed minutes could lead to the opinion that the Fed's interest rate will remain low for a longer period.

Germany's trade surplus fell to €17.5 billion in August from €22.2 billion in July, missing expectations for a decline to €18.4 billion.

German exports dropped 5.8% in August. That was the biggest decline since January 2009.

France's trade deficit widened to €5.8 billion in August from €5.5 billion in July, missing expectations for an increase to €5.7 billion.

Current figures:

Name Price Change Change %

FTSE 6,497.06 +14.82 +0.23%

DAX 9,074.17 +78.84 +0.88%

CAC 40 4,169.12 +1.00 +0.02%

Most Asian stock indices closed higher due to the Fed's minutes. The Fed released its minutes from the latest meeting. A tone of the Fed's minutes was dovish.

Some FOMC member expressed concern about the global slowdown and about the impact of a stronger U.S. dollar.

Most FOMC members said that interest rate hike will depend on depend on data and not a calendar date.

Japanese stock index fell due to a stronger yen. The yen strengthened after the release of the Fed's minutes.

Japan's core machinery orders increased 4.7% in September, exceeding expectations for a 1.1% gain, after a 3.5% rise in August.

On a yearly basis, Japan's core machinery orders fell 3.3% in September, beating expectations for a 5.1% decrease, after a 1.1% gain in August.

Japan's preliminary machine tool orders decreased to 34.8% in September from 35.5% in August.

The Bank of Japan (BoJ) Governor Haruhiko Kuroda said in New York on Wednesday that Japan's economy will benefit if the BoJ pushes up inflation to its target of 2%. He also said that many tools for additional easing.

Indexes on the close:

Nikkei 225 15,478.93 -117.05 -0.75%

Hang Seng 23,534.53 +271.20 +1.17%

Shanghai Composite 2,389.37 +6.58 +0.28%