closing
Nikkei 225 -183.87 -1.3% 13,709.44
Topix -19.56 -1.4% 1,348.69
FTSE 100 +11.10 +0.18% 6,069.60
CAC 40 +64.55 +1.32% 4,971.11
Xetra Dax +75.18 +1.08% 7,033.84
DOW +45.68 +0.36% 12,594.03
NASDAQ +5.46 +0.22% 2,486.70
S&P 500 +5.49 +0.40% 1,390.84
10yr Note +0.8800 +0.224% 4.009%
NYMEX Crude Oil +2.18 +1.69% 131.03
Gold -7.80 -0.85% 905.00
Japanese stocks fell after crude oil posted the biggest decline in a month, diminishing the earnings outlook for trading companies and oil explorers.
Mitsubishi, Japan's largest trading company by value, retreated 3.5%, while rival Mitsui & Co.,
which has stakes in oil fields in Oman and Thailand, lost 3.6%.
Sumitomo Corp., the nation's No. 3 trading house, retreated 3.2% after
Goldman Sachs Group Inc. cut its rating to ``neutral'' from ``buy.''
Sumitomo Metal Mining Co., Japan's biggest gold producer, lost 4%, the lowest since March 24. Japan Petroleum
fell 4.3%, while bigger rival Inpex Holdings Inc. dropped 4.6 percent
to 1.25 million yen. The Topix Mining Index, which includes both
stocks, had the biggest drop among industry groups on the Topix.
Toshiba,
Japan's largest supplier of reactors, jumped 4.3%, and was the biggest
winner on the Nikkei. Westinghouse and Shaw Group Inc. were hired to
build nuclear reactors for Scana Corp., the South Carolina-based utility said yesterday. NEC Electronics Corp.,
Japan's third-largest chipmaker added 3%, after saying it will spend
about 10 billion yen ($96 million) this year to almost double its
production capacity for 300-millimeter wafers. Tokyo Electron Ltd., the world's second-largest maker of semiconductor equipment, added 2.6%.
Oki Electric Industry Co.,
which makes telecommunications equipment, advanced 3.8%, after earlier
surging as 11 percent. The company plans to sell its chip-making
business to bigger rival Rohm Co., the Nikkei newspaper reported today,
and which Oki confirmed after the market shut. Rohm fell 1.5% in Osaka
trading.
European stocks rose for
the first time in four days after oil touched a one-week low and orders
for durable goods in the U.S. beat economists' forecasts, improving the
profit outlook for airlines, carmakers and retailers.
Deutsche Lufthansa rose 1.8%. British Airways Plc, Europe's third-biggest airline, jumped 3.2% as the shares trade without the right to the latest dividend. Porsche, the maker of the 911 sports car, advanced 1.6%. ABB rose 1.6%, the biggest gain since May 19.
J Sainsbury Plc climbed 2.7%. Hennes & Mauritz AB, Europe's second-largest clothes retailer, added 2.3%.
SAP AG climbed
4.2% after CA Cheuvreux upgraded the world's largest maker of business-
management software to ``selected list'' from ``underperform,'' citing
the prospect of margin growth. Intermediate Capital Group Plc
rallied 8.4%. The 19-year-old U.K. provider of loans and bonds for
leveraged buyouts said fiscal full-year profit climbed 8 percent as
rival forms of funding for private equity dried up.
British Energy Group Plc
fell 2.2% after the U.K. nuclear power producer that's considering
takeover offers from rivals said full-year profit fell 28% to 335
million pounds ($662 million) because of production shutdowns.
Groupe Eurotunnel SA plunged
7.7% after the operator of the rail link between the U.K. and France
placed 70 percent of the shares in a rights offer, raising 641 million
euros ($1 billion) to buy back convertible bonds.
Alitalia SpA added
2.3%. Italy's state- controlled airline said it needs capital ``in a
very short time'' after talks to merge with Air France-KLM Group failed
and it reported a fifth straight annual loss.
US stocks closed higher, following a choppy session
influenced by fluctuating oil prices, more woes for the financial
sector and a smaller-than-expected decline in manufactured goods.
The Commerce Department provided traders with some economic data.
Durable goods orders fell 0.5% during April, which is a less severe
downturn than expected. Excluding transportation, durable goods orders
increased 2.5%. Economists forecast a 0.5% downturn following 1.7%
increase registered in the previous month.
Prior to opening bell, Chico's FAS (CHS 7.70, +0.53) and American Eagle Outfitters (AEO 18.78, +1.56) announced better-than-expected earnings results for the most recent quarter. Polo Ralph Lauren
(RL 68.45, +6.70) reported this morning an increase in sales and
earnings; the company also reaffirmed its full-year outlook. Discount
variety store operator Dollar Tree (DLTR 35.00, +1.22) also reported upbeat results for its latest quarter.
Global delivery and shipment company United Parcel Service
(UPS 70.70, +2.30) is also receiving attention from buyers after
reports surfaced the company may see its sales climb upon reaching a
deal to provide services for competitor DHL Express. Notably, shares of
UPS were also upgraded to Buy from Hold at Merrill Lynch.
The Wall Street Journal reported that Bear Stearns plans to hand over documents to the Securities and Exchange Commission showing that several Wall Street firms, including Goldman Sachs, cut their exposure to Bear in the weeks leading up to its collapse.
Computer maker Dell suffered
a setback late Tuesday when a New York state judge ruled it engaged in
repeated false and deceptive advertising of its promotional credit
financing and warranty terms.