ASIA
Asian stocks rose in September, with the benchmark index heading for its biggest gain in three years, as the Federal Reserve unexpectedly maintained stimulus and data signaled China’s economy is strengthening.
The MSCI Asia Pacific Index surged 7.5% this month through yesterday, the most since September 2010. The gauge rose 0.1% last week. The Federal Open Market Committee said on Sept. 18 that it wants more evidence that improvement in the U.S. economy will be sustained before slowing the pace of its $85 billion in monthly asset purchases.
Profits at China’s industrial companies rose 24% in August, data showed. A preliminary HSBC Holdings Plc and Markit Economics’ purchasing managers index for China released on Sept. 23 rose to 51.2, a six-month high.
Japan’s Topix index gained 10% in September, rising for the first month in five, as Tokyo won a bid to host the 2020 Olympic Games. The measure fell 0.1% last week.
Australia’s S&P/ASX 200 Index gained 3.4% this month and climbed 0.6% since Sept 20. New Zealand’s NZX 50 Index advanced 5.3% in September.
Hong Kong’s Hang Seng Index jumped 6.8% this month and China’s Shanghai Composite Index gained 2.9%. Singapore’s Straits Times Index rose 6%.
The MSCI Asia Pacific Index touched a four-month high on Sept. 23 after the Fed announcement and has jumped 7.6% this quarter.
BHP Billiton Ltd., the world’s biggest mining company, advanced 1.7% this month. Toyota Motor Corp., Asia’s largest carmaker, gained 8.4%.
Tencent, which gets 95% of its sales from mainland China, has advanced 11% in September. Industrial & Commercial Bank of China Ltd., the nation’s biggest lender, added 6.1%. China Resources Land Ltd., the second-largest mainland developer traded in Hong Kong, gained 3.3%.
A pickup in China’s growth may boost Premier Li Keqiang’s odds of meeting this year’s 7.5% expansion goal. Goldman Sachs Group Inc., Credit Suisse Group AG, Deutsche Bank AG and JPMorgan Chase & Co. have all raised economic growth projections for the world’s second-biggest economy.
In Japan, Tokyo Electron surged after Applied Materials, the largest supplier of chipmaking equipment, agreed to buy it for $9.39 billion in stock in the largest foreign acquisition of a Japanese company in six years.
Acom, Japan’s second-biggest consumer lender by market value, surged 49% this month. Aiful Corp. jumped 27% and Credit Saison Co. leapt 21%.
EUROPE
European stocks declined as Italian bonds fell after a debt auction and concern grew that budget wrangling in Washington will lead to a government shutdown.
German Chancellor Angela Merkel’s Christian Democratic bloc won 41.5% of the vote in election, but it failed to support markets. She may form a coalition with the Social Democratic opposition or the Green after her Free Democratic allies failed to take any seats in the lower house of parliament. Negotiations to form German governments usually last from four to six weeks.
In UK the Bank of England's Governor Mr. Carney was saying "he does not see a case for more QE in the UK."
The Stoxx Europe 600 Index lost 0.6% last week amid concern that U.S. politicians will fail to approve a budget for the new financial year. It has still climbed 5% in September as the Federal Reserve held off cutting its monthly asset purchases, and has surged 9.5% since the end of June, heading for the biggest quarterly gain in four years.
Italy’s government bonds fell as the nation auctioned 6 billion euros ($8.1 billion) of debt maturing in 2018 and 2024.
The yield on 10-year securities climbed eight basis points, or 0.08%, to 4.41%, extending this week’s advance to 13 basis points, amid speculation that traders who deal directly with the Treasury had to hold on to most of the securities on offer at today’s auction after political tensions deterred other buyers.
Vallourec SA plunged 8.2% after warning that slower drilling in Brazil and a weak real may hurt profit. Vestas Wind Systems A/S rose 4.5% to its highest price since June 2011 after Mitsubishi Heavy Industries Ltd. and the Danish turbine maker agreed to form a venture to develop offshore wind energy.
USA
U.S. stocks fell, giving the Standard & Poor’s 500 Index its first weekly drop since August, as concern grew that the budget impasse will hurt economic growth in the world’s largest economy.
The S&P 500 dropped six of the past seven sessions, including a 1.1% slide last week, amid the Congressional impasse over the budget that threatens to shut down the government. Friday’s slide trimmed the S&P 500’s third-quarter rally to 5.3%.
The U.S. Senate voted Friday to finance the government through Nov. 15 after removing language to choke off funding for the health care law. The bill now returns to the House, setting up a weekend of negotiating and brinkmanship that could continue until spending authority expires on Sept. 30.
Congress must also reach a deal to avoid hitting the limit on the government’s ability to borrow. Treasury Secretary Jacob J. Lew said the extraordinary measures being used to avoid breaching the debt ceiling “will be exhausted no later than Oct. 17.” Failure to increase the debt cap could lead to a downgrade of the government’s credit rating.
President Barack Obama said that Congress’s failure to approve funding to keep the government open and an increase in the debt ceiling would have a destabilizing effect on the economy.
Eight out of 10 S&P 500 main industries fell as materials and telephone shares sank at least 1% for the worst performance.
International Paper Co. dropped 3.9%, its eighth retreat in the past nine session to lead declines among raw-materials producers. The world’s largest maker of office paper could be forced to shut down some capacity as the industry faces an increasing supply amid sluggish demand. Mark Wilde, an analyst with Deutsche Bank AG cut the stock’s rating to hold from buy.
Accenture slipped 2.4%. The world’s second-largest technology-consulting company forecast earnings that may fall short of analysts’ estimates amid increasing competition from Indian providers.
United Continental slid 9.3%. Revenue for each seat flown a mile will increase 2.5% to 3.5% according to a filing yesterday, a range that the carrier said was about 1% point less than previous projections.
J.C. Penney lost 13% on Friday, extending its weekly loss to 30%. The stock has plunged the past five days to its lowest since 2000 after a Goldman Sachs Inc. debt analyst said cash will be strained this quarter.
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