Another batch of less than stellar eurozone data and news of Ireland being on the brink of sinking back into recession coupled with Irish debt auction that was not fully subscribed hastened decline in Europe in early trading and Nordic markets followed suit. Another poor weekly jobless report and upwardly revised continuing claims from the US did not help either. In the end of the day, we got a better than expected US leading indicators numbers that eased double-dip worries on the other side of the Atlantic slightly and it helped to erase some of the losses.
The New York Times report that there are rare earth minerals trade curbs from China to Japan as a result of tightening relations between the countries was denied by China’s Trade Ministry. Japanese government officials however have been contacted by some Japanese traders that shipments have been stopped, the Japan Times reports. In another rather predictable development (think Rio Tinto), several Japanese citizens are being probed for illegal activities in China (in particular entering some ‘military zone’ and taking pictures) the Xinhua news agency reports.
While cyclical stocks led the way downward as a whole, the pulp and paper industry was the worst performing of them all. This was caused by higher than expected pulp in storage numbers reported yesterday.
Huhtamäki sold the majority of its European rigid plastic consumer goods operations for 52 million Euro. Biophausia, which has sold its portfolio of over the counter drugs to Meda, will write down intangible assets by a total of 138 million kroner, 74 million of which pertains to the drugs sold to Meda. Cargotec gained an 80 million Euro contract for MacGregor cargo handling devices.
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