Large Banks got spanked – OBI Online

The main index on the Oslo Stock Exchange ended at 604.73, after a decline of 0.95 percent.

Shares and equity certificates traded 2.839 million.

Wall Street opened down after mixed corporate results. Procter & amp; Gamble convinced, while RCCL disappointed.

Large Banks got spanked

Leading European exchanges also sees red.

British FTSE 100 falling 0.4 percent, the German DAX 1.5 percent and French CAC 40 1.5 percent.

the banking sector weigh after stress tests of the EBA (European Banking Authority) cast doubt on the health of European banks.

Credit Suisse and Deutsche Bank disappears from the STOXX Europe 50 index, and is punishable by declines respectively. 4.8 and 4.2 percent.

Commerzbank plunging eight percent to all-time low after profit warning.

The only bank that received failing the stress tests, Italian Monte dei Paschi, pounding down over 11 percent. UniCredit falls over seven percent.

DNB showed strength in the same tests, and ended unchanged at 92.05 kroner on the Oslo Stock Exchange.

Fears for Japan

in Japan, the government approved earlier Tuesday a package of 13,500 billion yen (about 132 billion dollars) in an effort to reinvigorate the economy.

– the market is very skeptical about this package can change anything. Japan has already tried this a number of times, and everyone knows that the package really is not as big as the main figure suggests, said Societe Generale strategist Alvin Tan said.

The fear that the Bank of Japan will slow down bond purchases has triggered the biggest selling pressure on Japanese government bonds in three years.

the infection has spread to the euro zone in terms of rising government bond yields across the board, and the German “10-year-old” is up six basis points to equal of minus 0.10 percent.

the dollar remains weak after the key ISM index disappointed yesterday, and according to Reuters weakened the case study of an imminent rate hike from the Federal Reserve.

Oil Prices ladders

oil prices facing upward on Tuesday.

Brent October oil rising 2.1 percent to $ 43.01 a barrel, up from around $ 42.70 at closing in Oslo yesterday.

WTI oil rising 1.8 percent to $ 40.78 a barrel.

Reuters reports that concerns the supply side continues to affect the market.

– There are much talk that it flows over the product page instead of the oil side, and this is a worrying indicator of demand for crude oil, said oil analyst Frank Klumpp in Stuttgart-based Landesbank Baden-Wurttemberg news agency.

Senior energy economist Hans van Cleef in Abn Amro notes that speculators are building up large short positions, so DNB analyst Torbjorn Kjus was built on before the weekend.

On the Oslo Stock Exchange fell Statoil 1.1 percent to 130.50 kroner. DNO went back one percent to 8.60 million, while the Norwegian ended down 5.4 percent to 102.70 kroner.

Oljeservice burdened

The effects were generally modest among the most traded but more marked negatively in oil. Barclays is out with a sector update, and still sees downside in Europe.

The bank has an underweight recommendation on Aker Solutions and Subsea 7.

These two fell respectively. 1.9 percent to 34.40 million, while the latter weighed down with a drop of 3.9 percent to 85.05 crowns.

Otherwise oil fell PGS 7.6 percent to 15.41 billion; Seadrill pulled down by 4.7 percent to 22.48 crowns.

Storebrand, Norwegian, Frontline and Schibsted A went back 1.2 percent.

Doubled one week

on the positive side, we noted long residential rig company Prosafe, but the stock is unable to continue recovery efforts after last week warning of a powerful slimmers for the onshore activities.

Today’s blueprint was a decrease of 3, 2 percent to 91 cents.

the share still has almost doubled since the news was released last Tuesday.

Salmon duo Salmar and Leroy Seafood was one of the few who swam upstream.

The two step respectively. 1.4 percent to 261.50 kroner and 0.6 percent to 407 million.

New leap in supply

Relatively speaking tops very thinly traded (two trades) RomReal loser list. The Oslo Axess-listed stock fell 10.3 percent to 1.48 million.

Almost accompanied mentioned PGS and Oslo Axess-listed PCI Biotech, which drew down 7.1 percent to 5.76 million.

Just behind said the Norwegian, we find oil mosquito Panoro Energy, which went back 5.5 percent to 3.45 million.

we also note rig duo Fred. Olsen Energy and Songa Offshore. The two fell respectively. 5.5 percent to 15.60 kroner and 4.8 percent to 20 cents.

At the other end we find among others Farstad Shipping. The Ålesund-based company drew up 7.3 percent to 11.10 crowns.

Finance newspaper wrote Monday that two bondholders have secured negative control in one of the company’s bond issues.

The process is the same Aker taken advantage of when Rem Offshore was forced to merge with Solstad Offshore.

Photocure popping up 6.2 percent to 46.60 kroner after Alexander Hansson has gone ‘all-in’ in the company that came with happy message today.

We also take with it the Oslo Axess-listed solparkselskapet Aegae rose 10.5 percent to 3.48 million, on modest volume (seven trades).

Standard Drilling and Mercury Market-listed WR Entertainment rose most of all, both over 18 percent after respectively. one and two trades.