- Stocks: Tuesday’s review
Market news
Stocks: Tuesday’s review
Asian stocks rose, with the regional benchmark index gaining for the first time in three days, after U.S. manufacturing unexpectedly expanded and Federal Reserve Chairman Ben S. Bernanke renewed a pledge to sustain record stimulus, boosting the outlook for exporters.
Bernanke yesterday defended the Fed’s unprecedented bond buying, saying it will spur growth, cut unemployment, help savers and support the dollar.
Australia’s S&P/ASX 200 Index advanced 1 percent. The Reserve Bank of Australia cut its benchmark interest rate to the lowest level since 2009 amid a deepening global slowdown.
Nikkei 225 8,786.05 -10.46 -0.12%
S&P/ASX 200 4,432.98 +44.36 +1.01%
Shanghai Composite Closed
Nexon Co. jumped 6 percent in Tokyo after the maker of online games agreed to buy mobile game developer Gloops Inc. for 36.5 billion yen ($468 million).
Exporters advanced. Samsung Electronics rose 1.7 percent to 1.369 million won in Seoul. Sony Corp., the maker of Bravia televisions and PlayStation game consoles, added 1.2 percent to 928 yen in Tokyo. Canon Inc., the world’s biggest camera maker, gained 2.4 percent to 2,604 yen.
European stocks declined, after yesterday rallying the most in more than three weeks, as companies from Alstom SA to Erste Group Bank AG sold shares. European stocks yesterday rallied the most since Sept. 6 after stress tests bolstered confidence in Spain’s banking system and a report showed U.S. manufacturing unexpectedly expanded last month. The Stoxx 600 fell 2.7 percent last week amid concern the U.S. Federal Reserve’s bond-buying program will fail to encourage growth.
Alstom sank 4.9 percent after selling a 350 million-euro ($453 million) holding.
Erste Group slipped 2.8 percent after the lender’s largest shareholder sold a 235 million-euro stake.
PostNL NV added 4.4 percent after the postal company said it will increase rates next year.
FTSE 100 5,808.97 -11.48 -0.20%, CAC 40 3,417.92 -17.06 -0.50%, DAX 7,312.7 -14.03 -0.19%
U.S. stocks fell, reversing earlier gains by benchmark indexes, after Spanish Prime Minister Mariano Rajoy said a request for rescue funds is not imminent and investors awaited a monthly report on American employment. Rajoy said he has no plans to request rescue funds for Spain in the near term, defying speculation that the nation was preparing to ask for a bailout. Spanish regional presidents meet in Madrid today after Economy Minister Luis de Guindos said yesterday the nation is pressing on with its analysis of whether to seek a bailout.
The jobless rate in the U.S. probably rose 8.2 percent last month from 8.1 percent in August, as employers kept a lid on hiring, economists said before a report this week. Payrolls increased by 115,000 in September, less than the 139,000 average over the first eight months of the year, the report, due Oct. 5, may also show.
Chipotle Mexican Grill Inc. slipped 3.8 percent after hedge fund manager David Einhorn recommended betting against the restaurant chain.
Mosaic Co. dropped 3.9 percent after reporting earnings that missed estimates.
Citigroup Inc. increased 1 percent as its rating was raised by KBW.
MetroPCS Communications Inc. rallied 19 percent as Deutsche Telekom AG is said to be nearing a deal with the wireless carrier.
S&P 500 1,444.29 -0.20 -0.01%NASDAQ 3,117.55 +4.02 +0.13%
Dow 13,471.65 -43.46 -0.32%
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