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Stocks: Monday’s review
Asian stocks rose after Premier Wen Jiabao said China will increase measures to support growth in the world’s second-largest economy. Gains were limited amid concern about falling profits for Asian companies.
Nikkei 225 8,724.12 +4.11 +0.05%
S&P/ASX 200 4,105.1 +22.85 +0.56%
Shanghai Composite 2,147.96 -37.93 -1.74%
Guangzhou R&F Properties Ltd., a developer in the southern Chinese city, advanced 4.9 percent in Hong Kong.
Whitehaven Coal Ltd. soared 18 percent after Australian mining magnate Nathan Tinkler offered to buy out the rest of the coal producer.
Daekyung Machinery & Engineering Co. fell 8.3 percent in Seoul after a shipmaker dropped its bid for the chemical machinery maker.
ZTE Corp., a Chinese telecommunications equipment maker, slumped 16 percent after saying first-half profit may plunge 80 percent.
European stocks rose for a second day, extending the Stoxx Europe 600 Index’s longest stretch of weekly gains in more than two years, as manufacturing in the New York region expanded more than forecast.
German Chancellor Angela Merkel said yesterday she hadn’t softened her stance at last month’s summit in Brussels and that a so-called banking union involving a bloc-wide financial overseer will have to include joint oversight on a “new level.”
National benchmark indexes rose in 11 of the 18 western European markets today. Sweden’s OMX Stockholm 30 increased 0.7 percent and Germany’s DAX climbed 0.1, while the U.K.’s FTSE 100 and France’s CAC 40 fell less than 0.1 percent.
SEB rallied 8.2 percent to 49 kronor, the biggest increase since May 2010. The Stockholm-based bank said second-quarter net income declined to 3.01 billion kronor ($427 million) from 3.36 billion kronor a year earlier, exceeding the average estimate of 13 analysts.
G4S slid 8.7 percent to 254.6 pence as the company estimated its loss on the Olympics contract will be 35 million pounds to 50 million pounds. The U.K. government had to assign 3,500 extra soldiers to Olympic venues last week as G4S said it couldn’t train enough guards.
U.S. stocks fell, dragging the Standard & Poor’ 500 Index lower for the seventh time in eight days, after the International Monetary Fund cut its global economic forecast and retail sales unexpectedly dropped.
U.S. retail sales dropped 0.5 percent in June, following a 0.2 percent decrease in May, Commerce Department figures showed today. The decline was worse than the most-pessimistic forecast in survey in which the median projection called for 0.2 percent rise.
The IMF cut its 2013 global growth forecast as Europe’s debt crisis prolongs Spain’s recession and slows expansions in emerging markets. Growth worldwide will be 3.9 percent next year, less than the 4.1 percent estimate in April, the fund predicted in an update of its World Economic Outlook.
JPMorgan Chase, the largest U.S. bank by assets, fell 2.7 percent to $35.09 after rallying 6 percent on July 13 as Chief Executive Officer Jamie Dimon predicted the company will still post record earnings this year despite a $4.4 billion trading loss in the second quarter.
Citigroup Inc., the third-biggest U.S. bank, advanced 0.6 percent to $26.81 after reporting second-quarter profit that beat analysts’ estimates on revenue from advising on mergers and underwriting stocks and bonds.
Gannett Co., the owner of 82 daily newspapers including USA Today, rallied 2.7 percent to $14.69. The company reported second-quarter profit that topped analysts’ estimates, bolstered by growing Internet revenue. Excluding some items, profit was 56 cents a share in the period, beating the 53-cent average estimate by analysts.
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