BHS (BH Securities a.s.)
World markets  |  February 11, 2013 11:07:13

The S & P 500 strengthened the sixth week in a row

European markets at the very beginning of the week uneasy political situation in Spain, where corruption scandal regarding the financing of the ruling Christian Democrats caused pressures to changes in leadership. Together with reports from Italy on the growing popularity S.Berlusconiho before the upcoming elections, the markets began to worry about possible changes. Yields on bonds of countries mentioned in response to market headed sharply higher equity markets and thus came the impulse to choosing profits. In the U.S., however, followed a week were mainly supporting other economic outcomes. Events to mark the week can probably notice from Dell(DELL), the expected returns to private hands. Founder and currently 14% shareholder M.Dell together with the investment company Silver Lake want to buy shares at a rate of $ 13.65. To finance the $ 2 billion should be involved, and Microsoft (MSFT). The transaction valued the entire company at 24.4 billion USD. Acting this should be the largest such transaction in recent years. At the end of the week, however, expressed the main parameters against 8.5% shareholder Southeastern Asset Management Group, which considers the price to be too low. Flop of the week became the company's sharesMcGraw-Hill (MHP), in response to a complaint subsidiary rating agency Standard & Poor's. USA is considered incorrect in its assessment of the risks of mortgage securities that the Agency should downplay and which resulted in the 2008 crisis, respectively. in the fall of Lehman Brothers. The Government intends to require USD 5 billion. The Agency is prevented from accusations and claims considered political retribution for last year's rating downgrade for the U.S.. Other agency's accused of becoming. In the eurozone, we can mention the published balance decrease Central Bank (ECB). In connection with the repayment of loans and banks (LTRO) to 2.1 has decreased by 159.1 billion to 2.77 trillion. Euro, the lowest level since Feb. 24, 2012. ECB loans to banks alone declined by 140.8 billion to 1.02 trillion. EUR.


Following the decline in European markets, U.S. indexes of the previous new "highs" experienced the biggest drop this year. Could not, for example, shares of Yahoo (YHOO) in response to a report that a member of the Board D.Loeb, respectively. he led hedge fund Third Pointsold shares worth almost 217 million USD. The maxim 19měsíčních descended and shares of Oracle (ORCL), which responded to the announced acquisition of a significant network equipment manufacturers Acme Packet (APKT) at $ 29.25 / share, which the company valued at 2.1 billion USD. In Europe, we can mention Commerzbank shares fall, when the bank announced due to one-off costs for Q4 loss of EUR 720 million. Over the past year and reported a profit of just 6 million. At the operational level, however, recorded a strong growth year on year of 507 million to 1.2 billion.


To calm the markets and helped Macro directions above. In China, the January purchasing managers index in the services according to HSBC rose most strongly in the last four months from 51.7 to 54 already b b indicate further growth and activity in the local service sector in 2Q. The same index similarly increased sharply in Britain from 48.9 to 51.5 b b Compared to preliminary data Refined figures showed stronger growth in the index in Germany (55.7 points) and the whole euro area (to 48.6 b ). While the euro area index had its highest level since March last year in Germany alone, even the highest level since June 2011. Was however disappointing report on retail sales, in December in the euro zone dropped by mom, -0.8% (-3.4% yoy).

In Europe, the largest Swiss bank UBS reported 4Q loss of CHF 1.89 billion, but this was due to the cost of redundancies or previously fined for manipulating LIBOR. The market also higher expected loss (2.16 CHF billion). In addition to other reports earnings attracted particular notification card company MasterCard (MA), the Q increases dividend by 100% from $ 0.30 to $ 0.60 / share. Moreover, even announced a program to repurchase its own shares for $ 2 billion.


Japanese stocks rally showed, when the Nikkei jumped 3.7% to 11,463 b, that came up in September 2008. On the European markets, however, returned jitters about political developments in "problem countries". Prices of bonds of Spain and Italy on the market decreased, respectively. grew their revenues. Higher uncertainty to Spain was confirmed by subsequent auction Thursday's three bond issues for a total of 4.6 billion. While demand was solid, investors required revenues increased compared to January. Eg. in 5-year bonds from 3.77% to 4.12%.

The financial results have surprised the entertainment at night Walt Disney(DIS), which reported for the previous quarter profit 1.38 billion (-5.6%), ie $ 0.77 / share. Degree results helped to new highs. The more than 10-year highs also reach the main owner of the CETV shares of Time Warner (TWX). The company reported a Q4 profit of 1.2 billion USD, $ 1.21 / share. In addition, introduced a new program for the repurchase of own shares $ 4 billion and increased by 11% Q dividend of $ 0.2875. Similarly, as demonstrated conglomerate 3M(MMM), which announced a repurchase program for up to 7.5 billion USD. Dividend increased from $ 0.59 to $ 0.635. With increasing the dividend by 35% to $ 0.21 came the famous motorcycle manufacturer Harley-Davidson (HOG). Loss 3.99 billion loss in 4Q announced steelworker ArcelorMittal (MT). The loss, however, was almost 9% lower than the market expected. Despite the continued difficult market situation, the company sees some positive signals to improve its profitability. Supplies of steel this year also have to increase by 2-3%.


Chinese cars Manufacturers Association announced that in January car dealers added 1.73 million cars, representing an increase of almost 47%. Report as communication followed Ford Moto r (F) that sales in the country even almost doubled to 61,475 cars. The sector may be mentioned report carmaker Daimler, which reported a profit for 4Q 2.22 billion. For last year, worth € 2.20 dividend. Swiss bank Credit Suisse then reported profit CHF 397 million, which was not enough to market expectations. Even at night the results came overseas with CardVisa (V), which for fiscal 1Q profit rose to 1.29 billion (+26%). The volume of spending through their credit cards for the year already exceeded 1 trillion. USD. Tobacco corporation Philip Morris (PM) reported 4Q profit 2.09 billion USD, 1.25 USD / share. In relation to the CR respectively. his daughter, however, said that there is market share in Q4 fell to 40%. Many retailers reported solid increases in comparable sales in January. Most surprising Limited Brands (LTD) to +9%.

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