S&P 500 Rises on Housing Data; Oil Falls
Japanese Stocks Decline After Elpida Bankruptcy
Haruyoshi Yamaguchi/Bloomberg
Pedestrians are reflected in an electronic stock board outside a securities firm in Tokyo.
Pedestrians are reflected in an electronic stock board outside a securities firm in Tokyo. Photographer: Haruyoshi Yamaguchi/Bloomberg
Feb. 27 (Bloomberg) -- Bloomberg's Pimm Fox and Deborah Kostroun report on the performance of the U.S. equity market today. The Standard & Poor’s 500 Index rose to an almost four-year high, rebounding from earlier losses, on better-than-estimated housing data as financial shares rallied. (Source: Bloomberg)
Feb. 27 (Bloomberg) -- Neel Kashkari, head of global equities at Pacific Investment Management Co., talks about the impact of Euro-region risks on equities and strategy. Kashkari speaks on Bloomberg Television's "InBusiness With Margaret Brennan." (Source: Bloomberg)
Feb. 27 (Bloomberg) -- Kevin Book, managing director at ClearView Energy Partners LLC, Robert Hagstrom, a portfolio manager at Legg Mason Funds Management, and Edward Morse, head of commodities research at Citigroup Global Markets Inc., talk about oil prices and the impact on the economy. This report also includes comments from U.S. President Barack Obama, International Monetary Fund Managing Director Christine Lagarde, Oil Outlooks & Opinions LLC's Carl Larry, Passport Capital LLC's John Burbank, Brookshire Advisory & Research's Gianna Bern and Brown Brothers Harriman & Co.'s Scott Clemons. (Source: Bloomberg)
Feb. 27 (Bloomberg) -- Edward Morse, head of commodities research at Citigroup Global Markets Inc., talks about the correlation between oil prices and consumer demand. Morse speaks with Erik Schatzker and Stephanie Ruhle on Bloomberg Television's "InsideTrack." (Source: Bloomberg)
Feb. 27 (Bloomberg) -- Francis Lun, managing director at Lyncean Holdings Ltd., talks about his forecast for Hong Kong property company earnings and the outlook for Hong Kong stocks. Lun also discusses HSBC Holdings PLC and Standard Chartered PLC's financial results. He speaks with Rishaad Salamat on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)
Feb. 27 (Bloomberg) -- Scott Clemons, chief investment strategist at Brown Brothers Harriman & Co., talks about the impact on oil prices on the U.S. economy and investment strategy. Clemons speaks with Erik Schatzker and Stephanie Ruhle on Bloomberg Television's "InsideTrack." (Source: Bloomberg)
Feb. 27 (Bloomberg) -- Robert Hagstrom, a portfolio manager at Legg Mason Funds Management, talks about oil prices and investment strategy. Hagstrom, speaking with Betty Liu and Dominic Chu on Bloomberg Television's "In the Loop," also discusses possible successors for Berkshire Hathaway Chief Executive Officer Warren Buffett, and the outlook for Apple Inc. (Source: Bloomberg)
Japanese stocks fell after Elpida Memory Inc. filed for the biggest bankruptcy in two years and the yen strengthened. Oil declined and South Korea’s won advanced.
The Nikkei 225 Stock Average (NKY) slid 0.9 percent as of 9:49 a.m. in Tokyo. The MSCI Asia Pacific Index slid less than 0.2 percent and Standard & Poor’s 500 Index futures were little changed. The won added 0.2 percent against the U.S. dollar, while the euro held a decline against most of its major peers. Oil dropped 0.5 percent to $107.99 a barrel.
Elpida, unprofitable in each of the past five quarters, filed for bankruptcy yesterday as semiconductor prices plunged and it failed to win a second government bailout. Standard & Poor’s cut Greece’s credit ratings to “Selective Default” after it negotiated the biggest sovereign debt restructuring in history. Sun Hung Kai Properties Ltd., PCCW Ltd. and Sino Land Co. are among Hong Kong companies set to report earnings today.
Goodman Fielder Ltd. (GFF), Australia’s biggest baker, surged 30 percent. Wilmar International Ltd., the world’s largest palm-oil processor, is seeking to buy a 10 percent stake in the company, according to a statement from Goodman Fielder.
To contact the reporter on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net;
To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net
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