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Stocks in Europe, Asia Drop as MSCI Index Slumps for Third Week
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By Adria Cimino
July 3 (Bloomberg) -- Stocks fell in Europe and Asia, extending the MSCI World Indexs longest weekly losing streak since March, as reports on retail sales and the service industry added to concern the first global recession since World War II will persist. U.S. markets were closed for a holiday.
Metro AG, Germanys biggest retailer, slipped 2.5 percent as European retail sales dropped more than economists estimated. Seven & I Holdings Co., Japans largest retailer, sank 5 percent after saying profits sank 28 percent. Teck Resources Ltd. surged 8.1 percent in Toronto, leading Canadian stocks higher, after the company sold a stake to Chinas sovereign wealth fund.
The MSCI World lost 0.1 percent to 946.80 at 4:35 p.m. in New York as 12 stocks fell for every seven that rose. The gauge of 1,654 companies in 23 developed nations slipped 1.8 percent this week as the U.S. lost more jobs than projected.
People realize the economy isnt as bright as expected, said Franz Wenzel, deputy director of investment strategy at Axa Investment Managers in Paris, which oversees $678 billion. Over the next couple of weeks or even months, the stock market will trade sideways at best.
Europes Dow Jones Stoxx 600 Index fell less than 0.1 percent as eight stocks declined for every five that advanced. The measure has slipped 5 percent since June 11 on speculation share prices have outpaced the outlook for economic growth after a three-month rally pushed valuations to 25.6 times earnings, the highest level since 2004.
Asia, Canada
The MSCI Asia Pacific Index declined 0.2 percent, leaving it with a drop of 0.8 percent since June 26. The Standard & Poors 500 Index tumbled 2.5 percent this week. The U.S. was closed today for Independence Day.
Canadas S&P/TSX Composite Index climbed 0.4 percent as raw-material producers advanced, trimming its weekly drop to 1 percent.
The dollar posted a weekly gain against the euro as speculation the economic recovery is faltering boosted demand for the safety of the U.S. currency. The pound fell against the dollar, declining for the first week in a month, after a report showed the U.K.s service industries were little changed in June as the recession persisted.
The U.S. Treasury market was closed for the holiday. Copper for three-month delivery fell for a second day on the London Metal Exchange, sliding 1.1 percent to $4,980 a metric ton.
Retail Sales
Metro declined 2.5 percent to 34.83 euros. Retail sales in the 16-nation euro region declined 0.4 percent in May from April, when they rose 0.1 percent, less than initially reported, the European Unions statistics office in Luxembourg said today. Economists expected a drop of 0.1 percent, according to the median of 20 forecasts in a Bloomberg News survey.
Europes service industry contracted at a faster pace in June as rising unemployment damped consumer spending. A gauge of services activity fell to 44.7 from a seven-month high of 44.8 in May, London-based Markit Economics said.
Seven & I plunged 5 percent to 2,190 yen. The retailer said yesterday profit dropped 28 percent in the three months ended May 31 as deteriorating household incomes prompted consumers to save money. Isetan Mitsukoshi Holdings Ltd., Japans largest department-store operator, slumped 4.9 percent to 950 yen.
France Telecom SA slipped 1.1 percent to 16.23 euros as Europes third-biggest phone company was cut to sell from neutral at UBS AG.
Nuclear Power
Electricite de France SA, Europes biggest power producer, lost 4.5 percent to 31.97 euros. Morgan Stanley cut its recommendation to equal weight from overweight.
Separately, the London-based Times reported that EDF is importing power from the U.K. because a summer heatwave has put a third of its nuclear power stations out of action. EDF also started a 110 billion yen ($1.2 billion) sale of samurai bonds, the first such securities from a non-financial borrower since Lehman Brothers Holdings Inc.s September collapse.
Banco Espirito Santo SA climbed 5.4 percent to 4.10 euros. Portugals biggest publicly traded bank by market value said that earnings in the second quarter should be stronger than in the first three months of the year.
Deutsche Bank AG, Germanys biggest bank, added 1.7 percent to 42.70 euros. Commerzbank AG, the second-largest, advanced 2.9 percent to 5.06 euros.
German lawmakers backed Finance Minister Peer Steinbruecks plan to purge state and private banks of toxic assets, more than nine months after the global financial crisis brought the banking system to its knees. Lawmakers in the lower house of parliament in Berlin voted in favor of the bill today. It will now go to the upper house on July 10.
Toxic Assets
The German plan is helping financial shares, said Arnaud Scarpaci, a fund manager at Agilis Gestion in Paris, which oversees $140 million. Weve been waiting for this. There will be less uncertainty regarding toxic assets.
Teck Resources rose 8.1 percent to C$19.99 in Toronto. Canadas largest diversified mining company sold a 17 percent stake to Chinas $200 billion fund sovereign wealth fund for C$1.74 billion ($1.5 billion) to cut debt.
Cemex SAB, the largest cement producer in the Americas, slid 3.6 percent to 11.55 pesos. Strabag SE, central Europes biggest construction company, withdrew from buying Cemex assets in Austria and Hungary after failing to gain Austrian antitrust approval. Strabag slipped 0.3 percent to 15.22 euros.
Emerging markets share of the worlds equity value climbed to a record as the fastest-growing economies lured investors amid the global contraction. The 22 nations classified as emerging by MSCI Inc. comprise 24 percent of global market capitalization, up from 18 percent at the start of this year, the highest since Bloomberg began compiling the data in 2003.
Earnings Season
The second-quarter U.S. earnings season will kick off next week with Alcoa Inc., the largest U.S. aluminum producer, reporting on July 8. Analysts estimate profits in the S&P 500 declined 34 percent in the second quarter and will slump 21 percent on average in the third before rebounding 61 percent in the final three months of the year, according to Bloomberg data.
Investors will monitor the Treasurys auctions next week to see if demand holds up as U.S. President Barack Obama pushes the nations marketable debt to an unprecedented $6.45 trillion. The Treasury will hold four auctions next week for the first time to sell $73 billion of notes, bonds and inflation-protected securities as the U.S. accelerates debt sales to finance a record budget deficit.
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4 ก.ค. 52 08:12:35
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