European equities and the yen rose while copper and oil dropped. Asian stocks fell, with the regional benchmark index trimming a fifth weekly advance, as Japanese shares sank amid disappointing earnings.
The Stoxx Europe 600 Index climbed 0.6 percent to 301.28 as of 8:05 a.m. in London and Standard & Poor’s 500 Index futures added 0.1 percent. The MSCI Asia Pacific Index slid 0.7 percent, paring its climb in the week to 0.1 percent, as Japan’s Topix index plunged the most since June 13. The yen advanced a second day against the dollar, while the won rose 0.4 percent. Copper and crude oil declined at least 0.5 percent.
An electronic board displaying stock figures is reflected on a glass window as a security guard is silhouetted walking through Japan Exchange Group Inc.'s Tokyo Stock Exchange in Tokyo. Photographer: Kiyoshi Ota/Bloomberg
July 25 (Bloomberg) -- James Bianco, president of Bianco Research LLC, talks about the stock market, second-quarter corporate earnings, and the indictment of SAC Capital Advisors LP by a U.S. grand jury. He speaks with Betty Liu, Dominic Chu and Julie Hyman on Bloomberg Television's "In the Loop." (Source: Bloomberg)
July 26 (Bloomberg) -- Koji Endo, an analyst with Advanced Research Japan in Tokyo, talks about the outlook for Japan's automakers and their South Korean competitors. Nissan led Japanese automakers in reporting higher earnings as the weaker yen gave them an edge over South Korea’s Hyundai Motor Co., which posted a drop in profit for a third straight quarter. Endo speaks with Zeb Eckert on Bloomberg Television's "On the Move." (Source: Bloomberg)
Japanese 10,000 yen banknotes are arranged for a photograph in Kawasaki, Kanagawa Prefecture, Japan. Photographer: Akio Kon/BloombergCompanies from Renault SA to Air France-KLM Group forecast operating profits, while disappointing results from Asian companies including Samsung Electronics Co. (005930) andAdvantest Corp. (6857) weighed on the region’s equity markets.Federal Reserve policy makers meet next week, and the U.S. will report on economic growth and employment.
“Considering profit margins are pretty elevated and valuations are fair, there isn’t a tremendous upside to the equity market now unless you get earnings coming through,” Chad Padowitz, the Melbourne-based chief investment officer at Wingate Asset Management, said by phone in Sydney. “There’s not a massive amount of risk appetite out there.”
Renault, JFE
Renault jumped 4.7 percent as its chief operating officer predicted the company will make an operating profit in 2014. Air France added 3.4 percent.
MSCI’s Asian index was poised for a five-week gain, the longest such winning streak since January, and is up 4.4 percent on the year. Toyota Motor Corp., a Japanese carmaker that gets 31 percent of its revenue in North America, declined 3.6 percent as the yen rose. Advantest slumped 9.7 percent after posting a 3.6 billion yen ($36 million) quarterly loss.
The Topix sank 2.9 percent. Japanese consumer prices rose the most since 2008 in June, data today showed, signaling the second-largest Asian economy may be emerging from deflation.
JFE Holdings Inc., Japan’s second-biggest steelmaker, dropped 8.3 percent after forecasting current profit that missed analyst estimates. Mitsubishi UFJ Financial Group Inc., Japan’s biggest lender, dropped 4.7 percent after the Nikkei newspaper said the country’s biggest banks had cut domestic bond holdings.
South Korea’s Kospi and Australia’s S&P/ASX 200 Index added 0.1 percent.
Samsung lost 0.9 percent after posting net income of 7.58 trillion won ($6.8 billion) for last quarter, versus an average analyst estimate of 8.02 trillion won.
Yen Rallies
The Shanghai Composite Index slid 0.5 percent. China, which reports industrial profit data tomorrow, directed more than 1,400 companies in industries from steelmaking to papermaking to cut excess capacity by year-end, according to a statement posted on the Ministry of Industry and Information Technology’s website yesterday.
The yen climbed 0.4 percent at 98.87 per dollar, poised for a 1.8 percent advance in the week. The won strengthened to 1,111.33 per dollar, up 0.9 percent this week.
Global stocks have been see-sawing as investors examine U.S. economic data to try and gauge when the Federal Reserve will start to curb its $85 billion-a-month in bond buying. Annual gross domestic product in the U.S. probably grew 1 percent between April and June, from an expansion of 1.8 percent in the previous three months, according to the median estimate in a Bloomberg News survey of economists. Nonfarm payrolls likely expanded by 184,000, another poll showed.
Fed Purchases
The Fed will start trimming purchases in September, according 50 percent of economists surveyed by Bloomberg. Fed Chairman Ben S. Bernanke said last week it is “way too early to make any judgment” as to whether policy makers will start tapering purchases that month. The central bank has said economic data will determine the timing and pace of any reduction in the quantitative easing program.
Data in the U.S. yesterday showed bookings for durable goods meant to last at least three years rose 4.2 percent, three times the median forecast of economists. Another report showed claims for jobless benefits rose by 7,000 to 343,000 in the period ended July 20.
Yields on 10-year Treasuries were little changed at 2.58 percent, after dropping two basis points, or 0.02 percentage point, yesterday.
Gold was little changed at $1,334.02 an ounce and is up 2.9 percent in the week. Russia and Kazakhstan expanded their gold reserves for a ninth-straight month in June as purchases slowed amid a price slump. Copper for delivery in three months dropped 0.8 percent to $6,955.50 a metric ton, paring a weekly advance.
West Texas Intermediate crude retreated 0.5 percent at $104.94 a barrel in New York. Crude is down 2.9 percent this week, set for the first five-day drop this month. Gasoline futures rallied from a two-week low, trading at $3.024 a gallon.
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