Stock market fixing:
Nikkei 225 +19.03
+0.15% 13,052.13
Topix +2.02 +0.2% 1 285.53
FTSE +89.10 +1.64% 5,529.60
DAX +82.05 +1.30%
6,386.46
CAC +64.05 +1.50% 4,339.66
Dow -236.77 -2.08%
11,147.44
NASDAQ -59.55 -2.60%
2,234.89
S&P -29.01 -2.28%
1,244.69
10yr Note -0.4600 -0.119%
3.834%
NYMEX Crude Oil +0.01
+0.01% 136.05
Gold +5.30 +0.57% 928.60
Japanese stocks advanced after machine orders surged almost 10 times faster than economists had
expected and crude prices fell the most in three months, easing concern rising
energy costs will reduce demand for equipment.
Kawasaki Heavy Industries Ltd., the
maker of Japan's
first industrial robots, rose the most in almost a month. Bridgestone Corp.,
the world's biggest tiremaker, climbed to the highest in two weeks on
speculation falling crude prices will lower production costs. Stocks gave up
almost all their gains after a missile test by Iran sparked an advance in the yen,
sending Sony Corp. and other export-dependent companies lower.
Equipment orders jumped 10.4% in May
from April, the Cabinet Office said today before the stock market opened, while
economists had estimated a 1.1% increase.
Tiremakers rose after crude oil
retreated the most in more than three months to $136.04 a barrel yesterday.
About seven gallons of oil are required to produce a car tire, according to the
Rubber Manufacturers Association. Bridgestone increased 2.9%, the highest since
June 26. Yokohama Rubber Co., which yesterday said it will raise domestic
prices by as much as a tenth, gained 2.1%.
Aeon Co. dropped 5.1% after
reporting its first quarterly net loss since August 2005.
Sony Corp. dropped 1.6%, after
jumping as much as 2%. Murata Manufacturing Co. lost its 2.4% advance in Osaka trading, while
truckmaker Hino Motors Ltd. reversed its gain to a 1.3% decline.
European stocks rallied the most in two months on speculation losses at financial companies
will ease and commodities will fall, reducing inflation and pressure on profit
margins.
Barclays Plc and Credit Suisse Group
AG advanced after JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon
said buyers are returning to some types of mortgage products. Daimler AG and
DSG International Plc climbed as crude traded near a two-week low, while
ArcelorMittal led metal producers higher after Alcoa Inc.'s profit topped
analysts' estimates.
Record oil prices, rising inflation
and credit-related losses topping $400 billion have pushed equity markets in Japan, China,
Hong Kong, Germany
and France
down at least 20%, the common definition of a bear market.
Barclays rose 5.1%. Credit Suisse,
the second-largest Swiss bank, gained 4.1%.
Stocks slipped Wednesday as investors considered fluctuating oil prices, a weak dollar and
Alcoa's better-than-expected quarterly profit, one day after a big rally.
Oil prices rose after after Iran test-fired ballistic missiles, reviving
worries that unrest in the Middle East could
disrupt oil supplies. But prices swayed after the government's weekly report
showed crude stockpiles fell more than expected last week.
As is usually the case, Alcoa began
the second-quarter results reporting period for Dow components late Tuesday.
The aluminum maker reported weaker
earnings of 66 cents per share on lower sales of $7.6 billion reflecting the
impact of higher costs. However, results topped analysts' expectations.
Arris Groupslumped 20% after it said second-quarter
sales won't meet estimates and earnings will come in at or near the low end of
its previous forecast. The communications technology company cited weaker sales
of voice-enabled cable modems.
Cisco Systems slipped 3% after an
RBC Capital Markets analyst cut its price target to $27 from $29, saying the
company sees a tech spending recovery happening later than initially thought.