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Japanese Stocks Rise on Economic View Report, Yen Depreciation; JFE Drops

by on March 10, 2010

By Masaki Kondo March 11 (Bloomberg) — Japanese stocks rose after the Nikkei newspaper reported the government may lift its view on the nation’s economy and the yen depreciated. Sony Corp. , which gets 22 percent of its sales from the U.S., advanced 2.4 percent. Kawasaki Kisen Kaisha Ltd., Japan’s No. 3 shipping line, rose 1.4 percent after the Nikkei said its container-ship business may have a narrower loss. JFE Holdings Inc., the nation’s second-biggest steelmaker, fell 1.9 percent after the Nikkei said Vale SA sought to raise iron-ore prices. “The economy is undoubtedly in the midst of mild recovery,” said Mitsushige Akino , who oversees the equivalent of $450 million at Tokyo-based Ichiyoshi Investment Management Co. “Manufacturers’ earnings are improving thanks to the resilience of emerging economies.” The Nikkei 225 Stock Average climbed 0.7 percent to 10,638.13 as of 9:06 a.m. in Tokyo. The broader Topix index rose 0.7 percent to 928.80 with almost six times as many shares gaining as falling. The Japanese government will probably upgrade its overall assessment on the nation’s economy for the first time since July, the Nikkei said today, without identifying its source of information. The report is expected to say the economy is making a “steady recovery” as rising exports to China drove growth in production, the newspaper said. To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net .

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Japanese Stocks Rise on Economic View Report, Yen Depreciation; JFE Drops

Japan Stocks Fall, Sending Nikkei Down 10% From January Peak; Nikon Drops

by on February 8, 2010

By Masaki Kondo Feb. 9 (Bloomberg) — Japanese stocks fell, driving the Nikkei 225 Stock Average down 10 percent from its peak in January, on renewed concern ballooning budget deficits will worsen Europe’s economy. Nikon Corp., a camera maker that gets 25 percent of its sales from Europe, lost 1.9 percent. Toshiba Corp., the nation’s biggest supplier of nuclear reactors, fell 1 percent after the Nikkei newspaper said the company and its partners lost a bid for Vietnam’s power project. Sumitomo Mitsui Financial Group Inc. jumped 1 percent after posting higher-than-estimated earnings. The Nikkei 225 Stock Average declined 0.5 percent to 9,905.57 as of 9:08 a.m. in Tokyo. The broader Topix index fell 0.4 percent to 879.41. The Nikkei opened at 9,876.61, compared with this year’s high of 10,982.10 reached on Jan. 15. A 10 percent decline from a recent peak is a so-called correction. “Investors are concerned budget deficits will trigger a slowdown in Europe’s economy and that will spread worldwide,” said Fumiyuki Nakanishi , a senior strategist at SMBC Friend Securities Co. “People are looking not into earnings but into the global economy and selling Japanese shares. We have no strong catalyst for individual stocks that can resist a decline in the broad market.” Credit-default swaps, or the cost of insuring against losses on sovereign debt, for Spain and Portugal jumped to a record, according to CMA DataVision. Those for Greece also hovered around an all-time high. The costs were driven up amid concern those nations’ governments will not be able to impose spending cuts to reduce budget deficits. To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net .

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Japan Stocks Fall, Sending Nikkei Down 10% From January Peak; Nikon Drops

Japan Stocks Fall, Sending Nikkei Down 10% From January Peak; Nikon Drops

February 8, 2010

By Masaki Kondo Feb. 9 (Bloomberg) — Japanese stocks fell, driving the Nikkei 225 Stock Average down 10 percent from its peak in January, on renewed concern ballooning budget deficits will worsen Europe’s economy. Nikon Corp., a camera maker that gets 25 percent of its sales from Europe, lost 1.9 percent. Toshiba Corp., the nation’s biggest supplier of nuclear reactors, fell 1 percent after the Nikkei newspaper said the company and its partners lost a bid for Vietnam’s power project. Sumitomo Mitsui Financial Group Inc. jumped 1 percent after posting higher-than-estimated earnings. The Nikkei 225 Stock Average declined 0.5 percent to 9,905.57 as of 9:08 a.m. in Tokyo. The broader Topix index fell 0.4 percent to 879.41. The Nikkei opened at 9,876.61, compared with this year’s high of 10,982.10 reached on Jan. 15. A 10 percent decline from a recent peak is a so-called correction. “Investors are concerned budget deficits will trigger a slowdown in Europe’s economy and that will spread worldwide,” said Fumiyuki Nakanishi , a senior strategist at SMBC Friend Securities Co. “People are looking not into earnings but into the global economy and selling Japanese shares. We have no strong catalyst for individual stocks that can resist a decline in the broad market.” Credit-default swaps, or the cost of insuring against losses on sovereign debt, for Spain and Portugal jumped to a record, according to CMA DataVision. Those for Greece also hovered around an all-time high. The costs were driven up amid concern those nations’ governments will not be able to impose spending cuts to reduce budget deficits. To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net .

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Japanese Stocks Fall on Ratings, Commodities; Topix Drops for Eighth Day

November 19, 2009

By Akiko Ikeda and Toshiro Hasegawa Nov. 20 (Bloomberg) — Japan’s Topix index fell for an eighth day, its longest losing streak since July, after Merrill Lynch & Co. cut its outlook on the global semiconductor industry and commodities prices retreated. Advantest Corp. , the world’s biggest maker of memory-chip testers, lost 2.4 percent. Micronics Japan Co. , a rival, sank 3.1 percent as the company posted a full-year loss. Mitsubishi Corp. , Japan’s biggest commodities trader, declined 1.6 percent after oil and metal prices decreased. “Investors are rushing to sell off stocks,” said Juichi Wako , a senior strategist at Tokyo-based Nomura Holdings Inc. “Since sentiment is bad, any news could drag shares lower.” The Nikkei 225 Stock Average declined 0.8 percent to 9,471.41 as of 9:03 a.m. in Tokyo. The broader Topix index fell 0.7 percent to 831.48, on course for the lowest since April 28. In New York, the Standard & Poor’s 500 Index fell 1.3 percent yesterday as Intel Corp. and Texas Instruments Inc. lost at least 3.4 percent after Bank of America Corp.’s Merrill Lynch unit cut its ratings on the chipmakers. Crude oil for December delivery retreated for the fist time in four days yesterday, plunging 2.7 percent to $77.46 a barrel in New York. The London Metals Index , a measure of six metals including copper and zinc, sank 1.5 percent yesterday, the most this month. To contact the reporters for this story: Akiko Ikeda in Tokyo at iakiko@bloomberg.net ; Toshiro Hasegawa in Tokyo at thasegawa6@bloomberg.net .

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Stock Futures Drop on U.S. Jobs Data as Gold Climbs to Record, Bonds Gain

November 6, 2009

By Sapna Maheshwari Nov. 6 (Bloomberg) — U.S. stock futures fell, indicating the Standard & Poor’s 500 Index will end a four-day advance, after the nation’s unemployment rate jumped to a 26-year high of 10.2 percent in October. Oil declined, while gold climbed to a record high and Treasuries gained. Citigroup Inc. and Walt Disney Co. lost more than 1 percent after employers cut more jobs than forecast last month. American International Group Inc. slid 9 percent after sales fell at its life insurance and property-casualty divisions. S&P 500 futures expiring in December dropped 0.6 percent to 1,056.50 at 8:44 a.m. in New York. Dow Jones Industrial Average futures declined 54 points, or 0.5 percent, to 9,900. Crude oil for December delivery fell 1.4 percent to $78.47 a barrel in New York. Gold advanced to a record $1,097.95 an ounce in London, and 10-year Treasuries rose, driving its yield down to 3.47 percent. The S&P 500 has climbed 58 percent from a 12-year low in March after $11.6 trillion in government spending, lending and guarantees returned the economy to growth following four straight quarters of contraction. The benchmark index for U.S. stocks posted its first monthly decline since February in October as declines in consumer confidence and spending raised concern over the durability of the economic recovery. The stock index trades for 21.9 times reported earnings from the past 12 months, near the highest level since 2002, according to data compiled by Bloomberg. Based on analysts’ average 2010 profit projections, the valuation falls to 13.7. U.S. stocks rallied yesterday, sending the S&P 500 higher for a fourth day, as jobless claims and worker productivity beat estimates and Cisco Systems Inc. said a global economic recovery spurred a rebound in sales. The measure has climbed 2.9 percent this week. Among the 419 companies in the S&P 500 that have reported quarterly results since Oct. 7, 83 percent exceeded the average analyst estimate, according to data compiled by Bloomberg . To contact the reporter on this story: Sapna Maheshwari in New York at smaheshwar11@bloomberg.net .

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Japan Stocks Rise on Toshiba, Fast Retailing Analyst Upgrades; Inpex Drops

September 23, 2009

By Masaki Kondo Sept. 24 (Bloomberg) — Japanese stocks rose as analysts’ upgrades boosted shares of Toshiba Corp. and Fast Retailing Co., while resource-related stocks declined on lower commodity prices. Toshiba, Japan’s biggest chipmaker, climbed 1.1 percent after Credit Suisse Group AG more than doubled its price estimate. Fast Retailing, the operator of the nation’s biggest casual clothing chain, jumped 2.7 percent after Goldman Sachs Group Inc. recommended buying the stock. Inpex Corp., Japan’s largest oil and gas explorer, slid 2.3 percent and Sumitomo Metal Mining Co. dropped 1.3 percent. “With a lack of major news, resource-related shares will be inevitably affected by the drop in commodity prices,” said Mitsushige Akino , who oversees the equivalent of $656 million at Ichiyoshi Investment Management Co. in Tokyo. The Nikkei 225 Stock Average added 0.3 percent to 10,399.68 as of 9:09 a.m. in Tokyo. The broader Topix index rose 0.2 percent to 941.39. Crude oil dived 3.9 percent in New York yesterday, the most since Aug. 14. In London, a gauge of six metals fell 1.6 percent, the most this week. To contact the reporter for this story: Masaki Kondo in Tokyo at mkondo3@bloomberg.net .

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China Stocks Rise Most in Six Months; Citic Securities, Zijin Mining Gain

September 3, 2009

By Bloomberg News Sept. 3 (Bloomberg) — China’s stocks rose the most in six months on speculation regulators will adopt measures to boost the nation’s equities following declines in the past month. Citic Securities Co., the country’s biggest brokerage, jumped 6.6 percent and Poly Real Estate Group Co. surged 8.2 percent after newspapers highlighted comments by Liu Xinhua , vice chairman of the China Securities Regulatory Commission, that regulators will promote a “stable and healthy” market. Zijin Mining Group Co. rallied 9.2 percent after gold climbed the most since March yesterday. Aluminum Corp. of China Ltd., known as Chalco, rose 9.6 percent after Alcoa Inc. increased its forecast for global aluminum consumption. The Shanghai Composite Index climbed 130.05, or 4.8 percent, to 2,845.02 at the close, the most since March 4. The gauge tumbled 22 percent last month on concern slowing loan growth will stifle economic expansion. The CSI 300 Index , measuring Shanghai and Shenzhen exchanges, gained 5.6 percent to 3,051.96. “The regulator’s comment has prompted speculation the government may take steps to support the market,” said Wu Kan , a Shanghai-based fund manager at Dazhong Insurance Co., which manages about $285 million. — Zhang Shidong . With assistance from Zhang Dingmin in Beijing. Editors: Richard Frost , Reinie Booysen To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at +86-21-6104-7014 or szhang5@bloomberg.net

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European Stocks Pare Advance as WPP Declines; Stoxx 600 Is Little Changed

August 26, 2009

By Daniel Hauck Aug. 26 (Bloomberg) — European stocks pared their gain and were little changed as profit declines at companies from Swiss Life Holding AG to WPP Plc offset a rally by banks. The Dow Jones Stoxx 600 Index slipped less than 0.1 percent after earlier gaining as much as 0.3 percent. The gauge retreated even after a report showed Germany business confidence rose more than economists estimated. To contact the reporter on this story: Daniel Hauck in London at dhauck1@bloomberg.net

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Factory Orders in U.S. Unexpectedly Increase 0.4% in Third Monthly Advance

August 5, 2009

By Bob Willis Aug.

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Kraft Profit Rises as Taxes, Manufacturing Costs Fall; ’09 Forecast Raised

August 4, 2009

By Duane D.

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Europe Stocks Gain for Seventh Day, Led by Morrison, Actelion; Nokia Drops

July 21, 2009

By Adria Cimino July 21 (Bloomberg) — Most European stocks advanced after William Morrison Supermarkets Plc led a rally by retailers. U.S.

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