The Asian markets reversed direction again after a record decline of recent weeks yesterday, registering increases in Friday’s session, as new applications for unemployment benefits in the U.S. fell significantly, and the election of a new Greek Prime reduce fears that European debt crisis will not be withheld. The Regional MSCI Asia Pacific Index rose 0.8% to 116.89 points, 5 shares have added it to its value to every 4 that fell. The Japanese Nikkei 225 advanced 0.2% to 8 514.47 points, while stocks of the largest exporter of consumer electronics Sony Corp. rose 2.4 percent to 1,354 yen, while those of the largest manufacturer of cameras in the world, Canon Inc. value increased by 2.1% to 3435 yen. The shares of Olympus Corp. however, lost 5% of its value to 460 yen after the Japanese Financial Services Agency announced that it will join the Tokyo Stock Exchange in the investigation of illegal payments under the company’s acquisitions.
The Chinese Shanghai SE Composite Index rose 0.06 percent to 2 481.08 points, while Taiwan’s TAIEX gained 0.8 percent to 7 367.29 points. The Hong Kong’s Hang Seng index rose 0.9 percent to 19 137.20 points, while stocks of the largest processing company for oil in Asia China Petroleum & Chemical Corp. have added 3.1 percent to its value to 8.28 HK dollars after its headquarters China Petrochemical Corp. agreed to pay 3.54 billion dollars for a 30% share in the Brazilian division of Galp Energia, which will provide access to its largest habitat in the western hemisphere, found after 1976
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The US indexes ended the session with increased on Wednesday, which was another low trading volumes. The investors ignoring some negative economic news in anticipation of Friday’s employment data in the U.S. in addition to corporate reporting season starting next week. The index of 30 leading U.S. companies – Dow Jones Industrial Average (DJIA) rose 0.5 percent to a level of 12,626 points – the highest in two months. The S & P 500 added 0.1% to 1339 points and the Nasdaq Composite climbed 0.3% to 2834 points – seventh consecutive increase.
“A prolonged market volatility during the summer and early autumn”, said Zahid Siddiqui, portfolio manager at Gabelli Equity Trust. “With the improving economic indicators, however, it will decrease and the situation will stabilize by year end”.
The financial stocks declined, including Bank of America (-2,4%), Citigroup (-1,3%) and Wells Fargo (-1,1%), after shares of the Portuguese and Spanish banks have lost their value after reduction of the Portuguese rating Moody’s. Barclays does tumbled nearly 5 percent after the credit agency said that nearly one third of European banks undergoing stress tests may need additional support.
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The leading stock indexes in the U.S. remained virtually unchanged in morning trade on Wall Street, after the euphoria of good data on the labor market by the end of last week evaporated. Dow Jones IA, which brings together 30 of the largest and most actively traded stock companies in the U.S. increased by 0.1 percent to 12,394 points and a half hours after the start of the session. The broader S & P 500 remained virtually unchanged at the level of 1333 points, and Nasdaq stock exchange Nasdaq Composite leading index lost 0.1 percent to 2788 points. The shares of General Electric expensive by 1.1 percent to 20.56 dollars after a speech to analysts at Citigroup, the industrial conglomerate will be brought to liability for damages caused by Japan’s Fukushima-1 nuclear power plant. General Electric was involved in the production of the reactors at the plant.
Lack of development in the nuclear crisis in Japan and the situation in the Middle East also made investors more cautious in the beginning of the new exchange week. In addition to the U.S. economic calendar is scarce in the coming days and did not offer details about the U.S. economy today. Shortly before the end of today’s session, however, Federal Reserve Chairman Ben Bernanke will speak about the stability of financial markets at a conference in Atlanta.
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The U.S. shares recorded a strong growth on Wednesday, offsetting accumulated since the beginning of the week losses after data on initial claims for unemployment benefits set up your investors optimistic about the labor market. The applications for benefits last week fell to their levels of 2008, while increased consumer confidence and spending. The falling sales of new homes and orders for production of durable goods failed to lower indexes. The Dow Jones Industrial Average rose 1.4 percent to 11,187 points and S & P 500 rose 1.5 percent to 1198 points. The Nasdaq Composite won 2% to 2543 points. The shares of Tiffany jewelry store rose strongly after the company announced better than expected earnings and a solid outlook for sales during the holiday season. The recorded strong growth and shares of Amazon.com, after from the announced from Citigroup press release that the Internet store is the most profitable company in the growing of the online sales. The internet companies are presenting usually quite good and the shares of Google, Amazon and Yahoo got increase on this session.
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During the second day of the week in the U.S. indexes fluctuated around the neutral level after volatile economic announcements withdrew positive corporate results. Before the start of the session the index of house prices S & P / Case-Shiller Composite 20 surged by 4.6 percent in May, which topped forecasts for an increase of 3.8 per cent. On the other hand, consumer confidence for July fell more than expected, reaching 50.4 points. Production Richmond Fed index also fell more than forecast, given the value of 16 points compared to 23 months in advance. Level of corporate shares of Lexmark International led the Bulls in the S & P 500 rose 8.47 percent to 37.76 dollars. The manufacturer of laser and inkjet printers reported second-quarter profit of 1.23 dollars per share, which surpassed analysts’ forecasts of 93 cents. DuPont led the Bulls among blue chips, as advanced by 3.57% to a level of 40.38 dollars per share. Third largest producer of chemicals in the U.S. also reported second-quarter profit above analysts’ forecasts and also increased its forecast for results at the end of the year.
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In the event that stress testing of banks in Europe were made based on examination of the entire portfolio of government bonds to banks, 24 financial institutions it would not be able to withstand successfully. Such is the opinion of analysts of U.S. bank Citigroup. Such a scenario would have shown that the financial institutions need to raise capital amounting to 15 billion euros to be stable at any shock to the system, reported Financial Times. The problem with stress testing, which was attended by 91 banks, is that called were tested. commercial paper, rather than purchased in order to hold to maturity government bonds. The difference between them is that first used for commerce in the short and medium term, while others show real risk that government securities carry. Analysts say the U.S. Spanish bank financial institutions had the greatest benefit from such testing in this way. The reason is that they have significant positions in the Portuguese and Spanish government bonds, many of which fall under the heading hold to maturity, the newspaper added.
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The U.S. Treasury announced that the state has collected 10.5 billion dollars by selling 2.6 billion shares of Citigroup. Shares were owned by the Government as part of a plan to rescue the financial sector worth $ 700 billion made in 2008. Ministry of Finance added that it is selling out of 1.1 billion shares and that it has completed the second phase of the plan to eradicate the government’s stake in the institution, writes AP. Shares were sold at an average price of around 4.03 dollars, which means that the country has achieved 24% yield compared to the cost of 3.25 dollars cash. U.S. still has 5.1 billion shares of Citigroup, which means that soon there may be selling more shares. During the financial crisis, the Bank received 45 billion dollars from the state which is the largest aid granted a U.S. bank. Of the total 25 billion dollars were converted into shares which were owned by the Government.
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Several bad news in the U.S. failed to have any influence on American indexes and after a strong start and retain profitable positions throughout the market session closed with solid increases. Growth rates have made shares of companies from all industries, was particularly good mood on the positions of groups in the health sector because of expected blocking controversial health care reform in the country. Shares of Pfizer jumped 2.62 percent, rose 1.27 percent to those of Johnson & Johnson, had a 2.89 percent growth in Merck. Although Citigroup announced a loss of up to 7,6 billion dollars last quarter of 2009, the financial sector also recorded a profit. Appreciated shares and the bank itself (3.51%) reported having a bad result does not surprise and did not derail investors. Increased to more shares of Bank of America (+0,25%) and American Express (+1,3%). Data from the National Association of Builders of homes have not stopped the momentum of the indexes. The association said the index of confidence in the construction sector has reached the lowest level since June last year as potential buyers have decreased during the first month of 2010. However, Dow Jones Industrial Average ended the session with a jump of 1.09 percent to 10 725 points. S & P 500 rose by 1.25 percent to 1150 points and the Nasdaq Composite to its value added 1.42 percent to 2320 points.
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The Sovereign wealth fund Kuwait announced that it has sold its stake in U.S. bank Citigroup. The price of the transaction is 4.1 billion dollars. This means that the fund has achieved a net profit of 1,1 billion dollars, or nearly 37 per cent for two years, submitted AR. Less than two years the State of Kuwait Investment Fund bought preferred shares of Citigroup for $ 3 billion. These shares have been converted into ordinary, after which they were sold. Currently no comment from both of Citigroup, and by the investment fund. Together with shares of Citigroup and acquired fund shares for $ 2 billion of capital from Merrill Lynch. However, because of problems the bank was acquired by Bank of America. Analysts said the fund soon as possible to sell those shares because their price was raised substantially in recent months. The deal to sell of Citigroup came as a surprise to the markets.
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