ASIA
Asian stocks rose, paring this week’s loss, as a gauge of
China’s manufacturing beat estimates and after the Federal Reserve
maintained its bond-buying program at current levels.
The MSCI Asia Pacific Index advanced 1.3% to 133.93, with
all 10 industry groups on the gauge rising. More than two shares gained
for each that fell on the measure, which is headed for a 1.1% loss this
week.
The Federal Open Market Committee, which has floated the
prospect of reductions to its stimulus program should economic risks
abate, said yesterday that while growth should pick up, persistently low
inflation may hamper the recovery. The statement came as data showed
U.S. gross domestic product expanded more than economists estimated last
quarter. Policy makers in Europe and England review interest rates
today.
China’s Purchasing Managers’ Index was at 50.3 in July, the
National Bureau of Statistics and China Federation of Logistics and
Purchasing said today in Beijing. That compared with the 49.8 median
forecast of analysts and June’s 50.1 level.
The Shanghai Composite Index (SHCOMP) advanced 1.1%,
heading for a third day of gain. The Hang Seng China Enteprises Index of
mainland companies traded in Hong Kong increased 0.4%.
Hong Kong’s benchmark Hang Seng Index added 0.7%. The
city’s benchmark index fell 3.4% this year through yesterday, the
second-worst performance among developed markets.
Japan’s Topix index increased 2.8%, while the benchmark
Nikkei 225 Stock Average advanced 2.5%. South Korea’s Kospi index gained
0.4% and Singapore’s Straits Times Index rose 0.5%. New Zealand’s NZX
50 Index added 0.2%. Taiwan’s Taiex index slid 0.6%.
Panasonic Corp., Japan’s largest consumer electronics
maker, climbed 6.8% after posting profit that beat estimates. STX
Offshore & Shipbuilding Co. (067250) jumped 15% in Seoul after
agreeing to restructure it debt. Commonwealth Bank of Australia (CBA),
the nation’s biggest lender, fell 1.5%, pacing losses among Australian
banks on a report the government will impose a new tax on lenders.
EUROPE
European stock markets rallied to a two-month high on
Thursday, boosted by upbeat global manufacturing data and dovish
statements from central banks. Solid moves for banks after well-received
earnings reports also helped sentiment.
The Stoxx Europe 600 index climbed 1.2% to close at
303.29, after closing out July with the biggest monthly gain since
October 2011 on Wednesday.
The U.K.’s FTSE 100 index closed 0.9% higher at 6,681.98.
Germany’s DAX 30 index picked up 1.6% to 8,410.73, while France’s CAC
40 index rose 1.3% to 4,042.73.
Banks posted some of the biggest gains in the index, with
Société Générale SA climbing 10% after saying profit more than doubled
in the second quarter and confirming its outlook for the next two years.
Shares of Lloyds Banking Group PLC rallied 8.1% after the
bank said it swung to a profit in the first half of the year from a
loss in the same period last year.
Shares of Danske Bank AS jumped 9.3% after the Danish firm posted a bigger-than-expected rise in second-quarter net profit.
On a more downbeat note, Royal Dutch Shell PLC slid 4.4%
after the oil giant posted a 60% drop in profit for the second quarter,
largely due to a write-down on its shale assets in North America.
On Thursday, the European Central Bank left its key lending
rate at 0.5% as expected. ECB President Mario Draghi said at the
following news conference that although data “tentatively confirm”
stabilization of economic activity at “low levels”, rates will remain
low for an extended period.
In the U.K., the Bank of England also left monetary policy
unchanged, with the key lending rate remaining at a record low of 0.5%,
where it has stood since March 2009.
Among upbeat data news on Thursday, the euro-zone
manufacturing PMI rose to a two-year high, the U.K.’s manufacturing PMI
surged to a 28-month high, U.S. jobless claims dropped more than
expected and the U.S. ISM index rose to the highest level since June
2011.
But resource firms, which tend to rise on positive growth
indications from China, seemed to focus on the upbeat official reading.
Shares of Rio Tinto PLC climbed 2.8% and BHP Billiton PLC rose 2.2%.
Among other notable movers in Europe, German retailer Metro
AG rallied 8.5% after swinging to a second-quarter profit of €33
million after a loss of €18 million a year earlier.
USA
The Dow and S&P 500 rallied to new highs straight out of the gate Thursday and never looked back.
The S&P 500 climbed more than 1% and topped 1,700 for
the first time ever, while the Dow Jones industrial average also
advanced nearly 1% to a record high. The Nasdaq gained 1.2% to trade at its highest level in almost 13 years.
The Labor Department reported that the number of Americans
filing first-time claims for unemployment benefits fell to a five-year
low. That's good news ahead of the government's monthly jobs report, due
Friday. Economists expect the economy will have added 180,000 jobs in
July, and that the unemployment rate will have ticked lower.
The Institute for Supply Management also delivered positive
news Thursday. The group's monthly manufacturing sentiment index rose
to 55.4, the highest level in two years. Any number above 50 signals
growth.
But a separate report from the Census Bureau showed that
construction spending declined 0.6% in June, surprising analysts who
were expecting a slight rise.
Major automakers released their monthly sales results
Thursday. General Motors (GM, Fortune 500), Ford (F, Fortune 500),
Chrysler Group and Toyota (TM), the nation's four largest automakers,
had their best July since before the 2007 recession. GM and Toyota sales
rose more than 16%, while Ford and Chrysler posted 11% gains.
Yelp (YELP) shares jumped more than 25% after the online
review site reported a smaller-than-expected quarterly loss late
Wednesday.
Sony (SNE) shares rose after the company reported
first-quarter results showing a 13% jump in sales compared with the same
quarter a year earlier. The revenue boost was largely the result of a
weaker yen and stronger smartphone sales.
Procter & Gamble (PG, Fortune 500) reported better-than-expected earnings and sales for its fiscal fourth quarter.
Exxon Mobil (XOM, Fortune 500) reported quarterly earnings
that fell short of forecasts, citing weaker refining margins, while
revenue topped estimates.
Royal Dutch Shell (RDSA) shares dropped after the company
reported earnings and revenue that missed estimates. The company cited
higher costs, exploration charges and challenges in Nigeria, where oil
thefts and supply disruptions have hit Shell's bottom line.
Barrick Gold Corp. (ABX) shares slipped after it booked a
quarterly charge of $8.7 billion in the second quarter, driven by
falling gold prices.
Shares of DirecTV (DTV, Fortune 500) fell after the satellite television provider posted earnings that widely missed forecasts.
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