Stock market fixing:
Nikkei 225 +381.26 (+3%)
13,184.96
Topix + 35.31 (+2.8%) 1,287.74
DAX 30 +17.95 (+0.3%) 6442.79
САС 40 +0.12
(+0.0%) 4327.26
FTSE 100 -40.20 (-0.7%) 5364.10
Dow +135.16 (+1.18%) 11602.50
Nasdaq +24.43 (+1.07%) 2303.96
S&P +17.00 (+1.35%) 1277.00
10YR -15/32 4.1% 98 4/32
Japan's stocks rose, sending the Topix index to its
sharpest gain in more than three months, amid confidence earnings will weather
a global economic slowdown.
Itochu Corp. soared the most in four years
after oil prices gained yesterday for the first time in five days. Honda Motor
Co. rose the most in seven weeks as Lehman Brothers Holdings Inc. lifted its
target price. Urban Corp. tumbled to a four-year low after rival developer
Zephyr Co. filed for bankruptcy protection. Shares extended gains in the
afternoon after a trading halt on futures was lifted.
Itochu soared 8.6%, the biggest gain since May
2004. AOC Holdings Inc., which has stakes in South China Sea and North Sea oil fields, surged 11%. Inpex Holdings Inc.
added 2.2%.
Honda leapt 5.3%, the sharpest advance since
June 4. Tsuyoshi Mochimaru, an analyst at Lehman, lifted his 12-month price
estimate on Honda by 8.4%. Suzuki Motor Corp. rose 4.7%.
European stocks fell
for the first time in five days, led by telephone and technology companies, after Vodafone Group Plc
reduced revenue forecasts and Ericsson
AB posted lower profits.
Vodafone tumbled 14% after the economic
slowdown hurt sales prospects. Ericsson sank the most in nine months, while STMicroelectronics NV
slipped as Texas Instruments Inc.'s profit forecast missed estimates. Dexia SA
led banks lower after Moody's Investors Service said the company's U.S.
bond-insurance unit may lose its top credit rating.
Vodafone dropped 14%. The company scaled back
its sales forecast after slowing economic growth hurt revenue from phone calls.
Full-year sales are now predicted to be ``around the bottom'' of the targeted
39.8 billion pounds ($79.7 billion) to 40.7 billion pounds outlook range.''
Telefonica SA tumbled 5.6%.
Ericsson sank 11%. Second-quarter profit fell
70 percent to 1.9 billion kronor ($320 million). Analysts had estimated profit
of 2.82 billion kronor and revenue of 48.1 billion kronor.
STMicroelectronics fell 6.2%. Infineon
retreated 7.5%.
Stocks closed higher despite morning losses amid oil
price drop.
Investors listened to Treasury Secretary Henry
Paulson urge Congress to pass a bill to support mortgage giants Fannie Mae and
Freddie Mac. Also, the Philadelphia Federal Reserve chief Charles Plosser said
Tuesday that inflation concerns may warrant a hike in the key federal funds
rate, despite the economic slowdown.
In the news Tuesday: Wachovia Corp. posted a loss of
nearly $9 billion for its second quarter Tuesday on losses related to home
mortgages. The shortfall exceeded the estimates of Wall Street analysts.
US Airways missed second quarter revenue
projections, just barely, but reported a smaller loss than expected. The
carrier reported a net loss of $101 million for the second quarter, or $1.11
per share.
United Airlines reported Tuesday a net loss of
$2.7 billion for the second quarter.
UPS Inc. said Tuesday its profit fell nearly
21% in the second quarter despite a 6.7% increase in sales. The company also
lowered its outlook for the year amid a slumping U.S. economy.
American Expressdelivered some ugly news after
the market closed Monday, posting a smaller-than-expected second-quarter profit
and withdrawing its 2008 earnings guidance.