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| Subject: 17/8/2009===Indonesia Monday | |
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Author: Queen of Netherlands will leave MLB on weekend |
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Date Posted: 15:31:39 08/18/09 Tue In reply to: US Stocks Lower In Broad Sell-Off 's message, "World Market Report Help marking its largest one-day point and percentage drop since July 2." on 15:29:39 08/18/09 Tue >World Market Report Help > > >US Stocks Lower In Broad Sell-Off > >Severe stock market declines overseas restoked >economic fears domestically on Monday as a sharp >decline for a broad spectrum of energy and materials >companies was coupled with a sell-off for financials, >including Bank of America, and an earnings-driven >decline for Lowe's. > >Few sectors and market capitalisation sizes were >immune from the vast stock market dip. Setting off the >declines in the US, China's Shanghai Composite Index >posted its biggest single-day percentage drop since >November. Investors have touted China as further along >the recovery cycle, which had helped metals and other >commodities stocks pace the broad market rally >recently. But on Monday, economic data in China and a >steep decline in commodities prices had investors >looking for safer havens. > > >Overall, the Dow Jones Industrial Average closed down >186.06 points (2%) at 9,135.34, marking its largest >one-day point and percentage drop since July 2. Within >the index, aluminium maker Alcoa was the leading >decliner, off 86 cents (6.5%) to $12.41. > > >Also sliding among basic-materials stocks was coal >company Peabody Energy, off $2.56 (7.1%) to $33.74; US >Steel, down $3.82 (8.3%) to $42.32; and Dow Chemical, >which lost $1.22 (5.5%) to $20.91. > > >Among other indexes, the Standard & Poor's 500 slid >24.36 (2.43%) to 979.73, moving back below the >psychologically important level of 1,000. The index >also marked its largest point and percentage loss >since July 2, but remains up 45% from its 12-year >closing low hit on March 9. > > >The Nasdaq Composite lost 54.68 (2.75%) to 1,930.84, >and has fallen 78.5 points in the last two sessions. > > >After materials stocks had paced much of the morning >weakness, banks were the market's worst-performing >sector late in the day's trading. Leading the declines >was a broad spectrum of financials as Bank of America >fell 83 cents (4.8%) to $16.56, while insurer Lincoln >National lost $2.03 (8.4%) to $22.22. > > >Consumer companies didn't fare much better as concerns >have continued to grow about US consumers in the face >of a still-weak labour market. Weighing on that >sector, Lowe's reported its fiscal second-quarter >earnings fell 19% on continued weak demand, sending >shares down $2.36 (10%) to $20.47. > > >Competitor and the world's largest home-improvement >retailer, Home Depot, also traded lower as Warren >Buffett disclosed he trimmed his stake in the company >in the past quarter. Home Depot closed down $1.03 >(3.8%) at $26.11. > > >In addition, CarMax fell 64 cents (3.8%) to $16.03, as >Buffett reduced his stake in the used-car superstore >chain to nine million shares from 12 million shares as >of June 30. > > >Freeport-McMoRan Copper & Gold slid $4.29 (6.7%) to >$59.36, as the Congolese government detained three >company employees in association with alleged >misappropriation of public funds. While the government >hasn't yet provided any evidence of wrongdoing, >Freeport-McMoRan said it was cooperating with the >Congolese inquiry as well as conducting its own >internal investigation. > > >Aiming to strengthen its capital base following the >sizable acquisition of Colonial Bank, BB&T said it >plans to issue $750m in common stock. The >Winston-Salem, N.C., bank closed down $1.80 (6.4%) at >$26.43. > > >Illinois Tool Works' revenue fell 24% during the three >months ended July 31, though the diversified >manufacturer saw modest improvement from the second >quarter as demand showed more signs of stabilising. >Shares of the firm closed down $1.11 (2.7%) at $40.18. > > >For Australian ADRs listed on the NYSE, BHP Billiton >shed $2.75 (4.37%) to US$60.20, Rio Tinto Plc lost >$9.89 (6.25%) to US$148.40, ResMed dipped 43 cents >(0.94%) to US$45.18, Telstra Corporation declined 29 >cents (1.94%) to US$14.63, Telecom Corporation of NZ >slid 19 cents (2.08%) to US$8.95 and Westpac slipped >$4.09 (4.04%) to US$97.15. > > >In economic news, the National Association of Home >Builders housing market index rose one point to 18 in >August, a level not seen since June 2008. But the >index is well below the point at which expectations >for strong sales outweigh those for poor sales. > > >Conditions for New York manufacturers improved for the >first time in more than a year in August, bolstering >hopes the economy is emerging from the recession. The >New York Fed's Empire State business conditions index >climbed 13 points to its highest level since November >2007. > > >Treasury prices rallied smartly on Monday as US stock >prices joined a global sell-off. At 7:45 AM (AEST), >the 10-year Treasury note yield was 3.47% and the five >year yield was 2.41%. > > >European shares fell sharply on Monday, paced by banks >and miners, as worries about the speed and shape of an >economic recovery shook investor confidence. > > >The pan-European Dow Jones Stoxx 600 index fell 2% to >224.21, down for the second session in four and >trading back at levels not seen since the end of July. > > >On a regional level, the UK FTSE 100 index dropped >1.5% to 4,645.01, the German DAX index fell 2% to >5,201.61 and the French CAC-40 index skidded 2.2% to >3,419.69. > > >Banks were among the worst performers in Europe, with >Societe Generale down 2.1%, UniCredit shares down 3.8% >and KBC shares down 4.4%. > > >Swedish lender Swedbank fell 0.8% in Stockholm after >it said it will sell 15bn Swedish kronor (US$2.07bn) >of new shares to strengthen its capital position and >help reduce its dependence on government support. > > >Miners also fell, with BHP Billiton shares down 3.2% >and Xstrata shares down 5.5%. > > >In the auto sector, Volkswagen shares dropped 9.9%, >extending steep losses from Friday. Volkswagen agreed >to buy a 42% stake in Porsche's core sports car >business as the precursor to a full merger in 2011. >Porsche shares rose 3.1%. Volkswagen's preference >shares were downgraded to neutral from overweight, >with one broker saying it believes the merger plan >limits short-term upside. > > >Elsewhere in the sector, shares of Daimler declined >3.3% and BMW shares down 2.3%. > > >Swedish retailer Hennes & Mauritz fell 2.7% after its >July same-store sales dropped 3%. Total sales across >all its stores in local currencies rose 7%. > > >Shanghai stocks dropped 5.8% on Monday, suffering >their biggest percentage drop so far this year, as >lower commodity prices, persistent worries over >tightening in bank loans and weak economic data damped >investor sentiment. > > >Hong Kong shares were also weighed down by the >performance as well as a steep fall in US stock >futures and commodity prices. In Tokyo, exporters were >dragged down by the yen's strength as risk-averse >investors bought the low-yielding currency in search >of a perceived safe haven. > > >China's Shanghai Composite index posted its biggest >percentage drop since November and ended at 2,870.63, >its first close below 3,000 since the end of June. >Hong Kong's Hang Seng Index skidded 3.6% to end at >20,137.65, led by a slump in China-related stocks. > > >Japan's Nikkei Stock Average of 225 companies ended >down 3.1%. In Tokyo, data showing Japan's >second-quarter gross domestic product registered its >first quarterly growth in five quarters, did little >for the Tokyo markets. GDP grew 0.9% from the quarter >before, compared with a 1.0% rise tipped in a poll of >economists. > > >New Zealand shares ended weaker as investor sentiment >was hurt by weak offshore markets and some >disappointing company results. The benchmark NZX-50 >ended down 2.1% or 65 points at 3,086.09. > > >Base metals on the London Metal Exchange fell sharply >because of rising risk aversion, a decline in equity >markets and a stronger US dollar. Aluminium rose $5 >(0.25%) to $1,980 while copper fell $120 (1.93%) to >$6,095 and nickel weakened $150 (0.77%) to $19,400. >Zinc dropped $30 (1.64%) to $1,800 and lead shed $40 >(2.16%) to $1,810. Comex copper was last quoted at >276.80 US cents per pound. > > >Gold and other precious metals fell sharply in >response to a return of risk aversion, with weakness >in equities and oil and a sharp bounce in the US >dollar. Spot gold was last quoted at $933.95. Comex >gold futures slid $12.90 (1.36%) to $935.80. Spot >silver was last quoted at $13.97. > > >Crude oil prices fell on continued concerns over high >stockpiles and weak demand in the world's biggest oil >consumer. West Texas Intermediate was last quoted at >US$66.75 per barrel. > > >The US dollar rallied broadly on Monday, gaining >against all its major rivals except the yen as the >global investing climate took a marked turn toward >risk aversion. > > >At 08:05 a.m. (AET) the US dollar was quoted at 0.7105 >euros, 94.47 yen, 1.219 AUD and 61.22 pence. > > >IMPORTANT NOTICE: >The recommendations on this page are extracted from >full research reports produced by Aspect Huntley. >These reports are not currently available on the >Westpac Broking website. The information on this page >is general information only and has been prepared >without taking into account your individual >objectives, financial situation or needs. Before >making an investment decision, you should consider the >appropriateness of the information in any relevant >offer document, having regard to those matters, and >obtain professional advice, such as from a tax expert >or financial planner, to take into account your >particular investment objectives, financial situation >and needs. No responsibility is taken for any or all >liability which may arise in any way out of the >provision to, or use by, you of this information or >any other person, except to the extent that liability >under any applicable law cannot be excluded. Westpac >Broking may receive a commission on any product you >acquire or trade through Westpac Broking. > >Disclaimer - Important > >© Copyright Huntleys' Investment Information Pty. >Limited (HII) (a wholly owned subsidiary of Aspect >Huntley Pty Limited), 2004. All rights reserved. >Australian Financial Services Licence no. 240892. No >material may be reproduced, except as allowed by the >Copyright Act, without the prior written approval of >HII. Some of the material provided by HII is copyright >and is published under licence from ASX Operations Pty >Limited ACN 004 523 782 ("ASXO"). Consensus forecast >data is copyright Thomson Financial. > >DISCLAIMER: >While the above-mentioned advice and information are >based on information, which HII consider reliable, its >accuracy and completeness cannot be guaranteed. This >report is made without consideration of any specific >clients investment objectives, financial situation or >particular needs. Those acting upon such information >do so entirely at their own risk. For a copy of HII's >Financial Services Guide please go to >target=_blank >href="http://www.aspecthuntley.com.au/FSG">http://www.a >specthuntley.com.au/FSG or phone HII on (02) 9256 >8000 to request a copy. > >DISCLOSURE: >The directors and associated persons or entities of >HII may have an interest in the securities discussed >in this report. [ Next Thread | Previous Thread | Next Message | Previous Message ] |