NTN Corp. (6472), a Japanese bearing maker, slumped 9.3 percent in Tokyo after it forecast a loss, reversing its previous estimate for a full-year profit. Sankyo Co. lost 5.3 percent as the slot- machine maker lowered its earnings forecast. Australia & New Zealand Banking Group Ltd. (ANZ), Australia’s third-largest bank by market value, gained 0.9 percent before an interest-rate decision by the Reserve Bank of Australia.
The MSCI Asia Pacific (MXAP) Index slid 0.1 percent to 122.12 as of 9:37 a.m. in Tokyo before the open of markets in China and Hong Kong. U.S. voters decide today between giving President Barack Obama another four years in office or changing course with Republican challenger Mitt Romney.
“It’s literally a dead heat,” E. William Stone, chief investment strategist at PNC Wealth Management in Philadelphia, said in a Bloomberg Television interview. His firm manages about $112 billion. “The market in a lot of ways just reflects that. It frankly doesn’t know which way it’s going to go. That’s why everyone seems to be waiting more than normal on things.’
Asia’s regional benchmark gained 12 percent through yesterday from this year’s low on June 4 as central banks added stimulus amid a slowdown in global economic growth and the European debt crisis. Shares on the measure trade at 13.4 times average estimated earnings, compared with 13.6 for the Standard & Poor’s 500 Index and 12.2 for the Stoxx Europe 600 Index.
U.S. Election
Futures on the S&P 500 slipped 0.1 percent today. The index yesterday added 0.2 percent. President Obama is leading Romney by 3 points, according to an Oct. 31-Nov. 3 Pew Research Center survey.
Japan’s Nikkei 225 Stock Average (NKY) lost 0.4 percent, with volume about 10 percent below the 30-day intraday average. South Korea’s Kospi gained 0.2 percent.
Australia’s S&P/ASX 200 Index (AS51) gained 0.2 percent. Interest- rate swaps data compiled by Bloomberg indicate traders see a 53 percent chance the RBA will lower the overnight cash rate target by 25 basis points today. The decision is due at 2:30 p.m. in Sydney.
Feel free to forward this Op Ed and follow our Blog stock market news today
No comments:
Post a Comment