'equities'에 해당되는 글 2건

  1. 2008.12.05 Asian Equities Mixed by CEOinIRVINE
  2. 2008.12.03 Street Stalls, Then Surges by CEOinIRVINE

Asian Equities Mixed

Business 2008. 12. 5. 16:12

Asian stocks were mixed Friday, as rate cuts in Europe counterbalanced the negative lead of a fall on Wall Street.

A drop in oil prices to a nearly four-year low helped shares of energy-intensive companies.


In Japan, the Nikkei 225 average was up 0.5% at 7,960.13 points in midafternoon trade. Tech companies were mostly higher, with Sony (nyse: SNE - news - people ) gaining 1.1% to 1,743 yen ($18.88) and Toshiba (other-otc: TOSBF.PK - news - people ) climbing 0.7% to 301 yen ($3.26).

The automakers traded in a narrow range, with Honda Motor (nyse: HMC - news - people ) dropping 1.3% to 1,664 yen ($18.02) after it announced that it was pulling out of Formula One auto racing due to the weakening business environment. Honda said the move would save it at least 10 billion yen ($108 million) a year.

Banking stocks were soft after Goldman Sachs cut its price targets for the sector. Mitsubishi UFJ Financial Group (nyse: MTU - news - people ) fell 5.2% to 536 yen ($5.81) and Mizuho Financial Group (nyse: MFG - news - people ) dropped 6.5% to 211,300 yen ($2,290).

In Hong Kong, the Hang Seng index rose 1.9% to 13,771.05 on optimism over government stimulus measures and falling energy prices. U.S. light sweet crude was trading at $44.03 on the Nymex in Asian trading hours, after closing in New York at $43.67, the lowest settlement price since January 2005.

Insurers rose smartly on expectations that they will benefit from a new policy encouraging them to invest in infrastructure. Ping An Insurance jumped 8.4% and China Life rose 4.4%.

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Equities stumbled in New York Tuesday afternoon, surrounding their morning gains and briefly turning negative before positive momentum built up in the final hour of trading to lock in a snapback rally.

Automakers were in focus virtually from the outset, after Ford Motor (nyse: F - news - people ) revealed the viability plan it sent to Congress. According to the plan, Ford believes it can be profitable by 2011, and is only requesting a $9.0 billion emergency credit facility as hedge against prolonged pressure on the economy and U.S. consumers. Ford's survival roadmap helped set off a rally, but the gains were thwarted when figures on domestic auto sales began to trickle out.

Ford said its November sales dropped 30.6% year-over-year, while General Motors (nyse: GM - news - people ) recorded a 41.3% drop and Chrysler said sales fell 30.0%. The automakers have cited the lack of credit available to consumers for auto loans as one reason for the pain in the industry, and the impact was not felt only by Detroit's carmakers. Sharp declines in U.S. sales were also reported by Japanese automakers Toyota Motor (nyse: TM - news - people ) and Honda Motor (nyse: HMC - news - people ), which said sales fell 33.9% and 31.6%, respectively.

The afternoon fade was canceled out in the final hour of trading though, as stocks returned to their best levels of the day before the closing bell. The Dow Jones industrial average finished with a gain of 270 points, or 3.3%, to 8,419; the S&P 500 added 33 points, or 4.0%, to 849; and the Nasdaq was up 52 points, or 3.7%, to 1,450.

Late in the session, Ford was up 6.3%; American depositary receipts of Toyota 5.9%; and Honda ADRs 3.5%. GM, which perked up to a gain of 4.1% just before the close, is said to be requesting $12.0 billion from Congress, according to TradeTheNews.com. (See "What GM Will Look Like, If It Survives.")

General Electric (nyse: GE - news - people ) was the biggest winner among the blue chips, despite warning that fourth-quarter profits will come in at the low end of its forecast due to restructuring charges associated with the downsizing of GE Capital. Investors brushed aside the news to focus on GE's decision to maintain its healthy 31 cent per share dividend, which yields more than 7.0%. GE shares were up 14.3% heading toward the close. (See "First Aid For GE's Financial Arm.")

Crude oil settled at $46.96 a barrel Tuesday, losing $2.32, as worry over an extended U.S. recession combined with a skeptical view toward OPEC's ability to drive prices higher.

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