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STI to cross 3000 boosted by long-term investors
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bishan22
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14-Oct-2015 09:17
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One step backward again. Waiting for MAS???
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WanSiTong
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14-Oct-2015 08:26
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Stocks To Watch Hot stocks to watch: CapitaLand, SPH, SIA, GLP, Lian Beng, First REIT October 14, 2015: 8:23 AM Here are some stocks to watch this Wednesday morning. CapitaLand (Valuation: 2.60, Fundamental: 1.00) announced it is in negotiations together with other parties and the seller of Asia Square Tower 1 for a potential transaction involving Asia Square Tower 1. This follows recent media reports regarding the acquisition of Asia Square Tower 1 by a consortium of Norway' s sovereign wealth fund and CapitaLand. CapitaLand closed at $ 3.13 on Tuesday. Singapore Press Holdings (Valuation: 2.00, Fundamental: 1.60) reported earnings for the financial year ended Aug 31 tumbled 20.4% to $ 321.7 million from a year ago on lower fair value gain on investment properties and the absence pf a one-off gain in the previous year from a partial divestment. Revenue fell 3.1% to $ 1.18 billion. SPH closed at $ 4. Singapore Airlines (Valuation: 1.40, Fundamental: 2.05). Has signed an agreement to be the launch customer for a new ultra-long-range variant of the Airbus A350 aircraft This will enable the airline to resume non-stop flights between Singapore and the United States. SIA has 63 A350-900s on firm order. The new agreement with Airbus will see seven of these upgraded to orders for the A350-900ULR which will have a range of up to 8,700nm. SIA shares closed at $ 11.02. Global Logistic Properties (Valuation: 1.40, Fundamental: 1.90) has leased out 1.2 million sq ft to three new customers in Greater Tokyo.The provider of modern logistics facilities says it leased out the space on two development properties that have yet to complete construction, namely GLP Atsugi II and GLP Sayama-Hidaka. GLP closed at $ 2.25. Construction company Lian Beng Group (Valuation: 3.00, Fundamental: 2.30). Reported a 169.5% increase in 1Q earnings to $ 32.3 million from a year ago on the back of the group' s share of results from associates and joint ventures Revenue for the three months to August decreased 19.1% to $ 135.6 million, mainly due to the decrease in revenue from its construction segment and the ready-mixed concrete segment. Lian Beng closed at 51 cents. Healthcare property trust First REIT posted a 3% yoy rise in distribution per unit (DPU) to 2.08 cents for 3Q. For the three months to September, distributable income rose 6.2% to $ 15.6 million, while net property income grew 6.8% to $ 25 million . First REIT closed at $ 1.34. Markets US stocks fell on Tuesday, with the Dow snapping a seven-day winning streak, on renewed fears of slowing growth in China and another bout of selling in biotech shares. The Dow Jones industrial average fell 49.97 points, or 0.29%, to 17,081.89, the S & P 500 lost 13.77 points, or 0.68%, to 2,003.69 and the Nasdaq Composite dropped 42.03 points, or 0.87%, to 4,796.61. Singapore stocks too closed lower on Tuesday as data from China highlights the fragility of domestic demand. The Straits Times Index ended the day 1.56% lower at 2,984.88. Decliners outnumbered gainers 299 to 127. A total of 1.32 billion shares worth about $ 1.13 billion changed hands . |
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WanSiTong
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14-Oct-2015 05:58
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North and South American Indexes
 Wall St. declines on China fears, weak profit expectationsUS stocks fell on Tuesday, with the Dow snapping a seven-day winning streak, on renewed fears of slowing growth in China and another bout of selling in biotech shares. Biotechs led the S & P 500 and Nasdaq lower and the S & P health care index .SPXHC, down 1.2 percent, had the biggest losses among S & P sectors, followed by industrials .SPLRCI, down 1.1 percent. The Nasdaq Biotech Index .NBI was down 3.2 percent, extending recent declines. Worries about third-quarter earnings reports continued to weigh on sentiment. Earnings for S & P 500 companies are expected to have dropped nearly 5 percent year over year, which would be the worst quarter for earnings in six years, according to Thomson Reuters data. " There' s a little nervousness about earnings reports that we' ll be seeing over the next couple or three weeks," said John Carey, portfolio manager at Pioneer Investment Management in Boston. " The international situation continues to weigh on people' s minds, and commodities were weaker earlier. In the absence of any strong new economic data or blow-away-type earnings results, people are still cautious, waiting for the Fed to decide on whether it' s going to raise rates or not, " he said. After the bell on Tuesday, shares of Intel (INTC.O) were nearly flat in choppy trade following results, while shares of JPMorgan Chase (JPM.N), which also reported results, were down 1.7 percent. Earlier in the day, data showed Chinese imports fell 20 percent in September due to weak domestic demand, indicating growth in the world' s second-largest economy was sputtering. The Dow Jones industrial average .DJI fell 49.97 points, or 0.29 percent, to 17,081.89, the S & P 500 .SPX lost 13.77 points, or 0.68 percent, to 2,003.69 and the Nasdaq Composite .IXIC dropped 42.03 points, or 0.87 percent, to 4,796.61. A devaluation of China' s yuan currency in late August triggered a steep selloff in global equities. A bounce in commodities has helped stocks recover in recent sessions, as well as investors' bets that the Federal Reserve will keep benchmark US interest rates near zero until next year . Among results on tap this week are reports from more big banks and other earnings bellwethers, including Goldman Sachs (GS.N), Bank of America (BAC.N), and General Electric (GE.N). Shares of Ryder System (RN) were down 9.3 percent at $ 68.63 - the biggest percentage decliner on the S & P 500 - while FMC Corp (FMC.N) was down 3.1 percent at $ 36.35, both following disappointing forecasts late Monday Ryder' s stock hit its lowest. close in nearly two years. Molson Coors (TAP.N) rose 9.9 percent to $ 86.58 after SABMiller (SAB.L) agreed to be bought by AB Inbev (ABI.BR) for about $ 106 billion. The deal is likely to result in the disposal of SAB' s 58 percent stake in its US joint venture with Molson Coors. Declining issues outnumbered advancing ones on the NYSE by 2,222 to 835, while on the Nasdaq, 2,039 issues fell and 763 advanced The S & P 500 posted 12 new 52-week highs and four new lows . The Nasdaq recorded 61 new highs and 47 new lows . About 6.1 billion shares changed hands on US exchanges, below the 7.5 billion daily average for the past 20 trading days, according to Thomson Reuters data. |
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rabbit123
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13-Oct-2015 19:40
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STI CHA CHA DANCING AGAIN ,ONE STEP FORWARD TWO STEP BACKWARD ..... 
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WanSiTong
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13-Oct-2015 18:04
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Update Oil gains capped by IEA report, US stocks forecast October 13, 2015: 5:55 PM Oil prices edged up on light bargain hunting on Tuesday, with gains capped by a report from the International Energy Agency (IEA) forecasting a global supply glut would last through 2016. Oil prices dropped more than 5% on Monday on news of higher output by the Organization of the Petroleum Exporting Countries and on expectations of higher US crude stockpiles. Global benchmark Brent crude was up 40 cents a barrel at US $ 50.26 by 0910 GMT on Tuesday as traders bought back into the market after the contract dropped US $ 2.79 in the previous session. US crude was up 40 cents at US $ 47.50 after settling down US $ 2.53. But traders and analysts said the rally might not last. " We think that prices are likely to remain capped to the upside for the remainder of this quarter in line with our forecast due to weakening product demand, burgeoning crude and product stocks, and limited supply adjustments," Barclays said. Going into 2016, ABN Amro said any removal of sanctions against Iran would keep oil lower than average prices in recent years, despite the likelihood of higher demand, a drop in US production and an increased risk premium. " We maintain our forecast for a moderate rise in oil prices, keeping it significantly below the 2011-2014 averages," said analyst Hans van Cleef. In its monthly report on Tuesday, the IEA said the world oil market would remain oversupplied for at least another year. The Paris-based IEA said global oil demand would increase by 1.21 million barrels per day (bpd) in 2016, down 150,000 bpd from its forecast last month. " A projected marked slowdown in demand growth next year and the anticipated arrival of additional Iranian barrels - should international sanctions be eased - are likely to keep the market oversupplied through 2016," the agency said. A drop in oil prices because of abundant supply to close to half the level of a year ago has led to a downgrade in supply forecasts from countries outside OPEC such as the United States. Investors awaited data on US oil inventories, supply and demand due later on Tuesday and on Wednesday. A Reuters survey estimated that US crude stockpiles had increased by 2.8 million barrels on average in the week ended Oct 9. |
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WanSiTong
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13-Oct-2015 17:50
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Global Markets Shares fall as Chinese data dims economic outlook October 13, 2015: 4:59 PM World share prices fell on Tuesday, snapping their longest winning streak since February after Chinese trade data gave a further sign the world' s economic growth engine is sputtering and a big fall in oil prices triggered profit-taking. Chinese imports plunged 20% in September, casting doubt on the strength of domestic demand in the economy, while oil fell more than 5% overnight after a report that OPEC continued to boost production. Those factors overshadowed a bumper corporate merger deal, which saw the world' s largest brewer Anheuser-Busch InBev take over SABMiller in a cash and share package worth 68 billion pounds (US $ 104.4 billion). Bond yields and emerging market currencies fell too, while dimming prospects of a US interest rate hike this year pushed the dollar lower and lifted the euro above US $ 1.14 for the first time in a month. " Many countries ... rely heavily on sales to China so unless this demand picks up in the coming quarters, not only are we going to see below 7% growth in the world' s second-largest economy, it' s going to decline sharply for many of its trade partners as well, " said Craig Erlam, senior market analyst at Oanda in London. The MSCI world share index fell 0.5%, its first fall in 10 sessions, ending the longest winning streak since February. The FTSEuroFirst 300 index of leading European shares was down 1.4% at 1,409 points, Germany' s DAX was down 1.5%, France' s CAC 40 was down 1.9% and Britain' s FTSE 100 was down 0.9%. The ZEW survey for October from Germany, which will capture investor sentiment following recent market volatility and the US Federal Reserve' s decision to stand pat on rates, could give European markets direction later on Tuesday. In Asia earlier, MSCI' s broadest index of Asia-Pacific shares outside Japan fell 1% from a two-month high touched on Monday, while Japan' s Nikkei fell 1.1%. Futures markets pointed to a fall of around 0.5% at the open on Wall Street. THE DOLLAR YIELDS China' s trade data for September showed a 3.7% fall in exports from the same period last year, less than the 6.3% drop forecast by economists in a Reuters poll. Imports, however, tumbled 20.4%. The weakening economy prompted China' s central bank on Monday to expand a scheme that increases banks' ability to lend, lifting mainland Chinese shares to seven-week highs. On Tuesday, Shanghai shares edged up around 0.2%. It was the index' s fifth straight gain, a run not seen since July. Oil prices recorded their biggest fall in six weeks on Monday after a report that OPEC continued to boost crude production triggered a wave of profit-taking from last week' s 11-week high. Crude prices recovered some of that ground on Tuesday, with Brent futures up 1% in early European trade to US $ 50.37 per barrel. The soft Chinese data and oil price weakness overnight were reminders that inflation is not a problem, which fed into the view that the Fed is in no hurry to raise rates. Fed Governor Lael Brainard reinforced such expectations, saying late on Monday the Fed should hold off on any interest rate hike until it is clear that a global slowdown, difficulties in China, and other international risks will not push the US recovery off course. The yields on 10- and 30-year US Treasury bonds fell 5 basis points to 2.04% and 2.87%, while benchmark German Bund yields were down around 1-2 basis points. The dollar' s value against a basket of six major currencies dropped to 94.5 on Tuesday, its lowest in almost a month, and the euro rose 0.5% to US $ 1.1410. " The drop in oil prices has taken Treasury yields back down again, and tightening in the Treasury / Bund spread encourages euro / dollar to probe the top of the current range - US $ 1.1460 is the key level ... and a test looks likely, " said Societe Generale currency analysts in a client note on Tuesday. Commodity-linked currencies also slipped, with the Australian dollar falling 0.7% to US $ 0.7311, off a two-month high of US $ 0.7382 set on Monday. Emerging market currencies also lost momentum after recent gains. The Indonesian rupiah and the Malaysian ringgit, big winners last week from broad relief rally in risk assets, both fell about 1%. |
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WanSiTong
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13-Oct-2015 16:33
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European Indexes
Asian Indexes
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bishan22
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13-Oct-2015 16:26
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Again Chinese data spoiled the show............
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WanSiTong
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13-Oct-2015 16:10
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Phillip Futures Energy Daily Outlook - With renewed hopes of a rate hike this year, oil prices take a hit price recovery should not happen with weak Chinese import data. October 13, 2015Fundamental and Technical Analysis China trade balance moves upwards with higher than expected exports but lower than expected imports: A strong surplus in trade for China would certainly be a good sign for the economy. However, by looking at imports, this could mean a lower demand of commodities. China is one of the biggest consumers of commodities and a drop in imports would directly affect the demand. Although most of this 17.7% drop in value of Chinese imports could have come from low commodity prices, it is still worrying that Chinese import demand could be shrinking. This worry should cause some reservations to further price increases and thus, suggest some capped upside for today. OPEC Oct' 15 monthly report shows stagnant OPEC crude oil supply: Total crude oil production for Sep' 15 shows a 109.2k barrel / day increase compared to Aug' 15. Although this could be taken as a worrying sign, compared to Jul' 15, we are not exactly seeing much increase in production. Therefore, I would think that OPEC production is keeping stable rather than moving upwards. On a slightly more worrying note, OPEC is decreasing its global oil demand forecast which could suggest a weak long term play. Crude Oil: Price movement yesterday clearly shows the volatility in the oil markets at the moment. This drop has brought oil back down to the range that oil was trading at for the most of Sep' 15. We believe this drop was caused by a split view in the Federal Reserve' s rate hike timing. With oil increasing on a weak USD, this could suggest that the USD will strengthen again, leading to an eventual wipe in gains. On top of this, OPEC monthly report is showing a stable supply despite prolonged oil prices. This is likely causing the market to price in for a longer oversupply, thus, lower prices. For today, with Chinese data still displaying some weakness for commodity demand, we would think that prices should not be increasing by much. Rather some resistance should be faced at $ 48.03 and $ 51.11 for WTI and Brent Dec' 15. Even if this resistance breaks, we believe that prices should not be moving that much higher. We continue to be wary of the return of Iranian oil and thus, in the longer run, would think that it will still be bearish for oil prices this year. Natural Gas: Prices continue to move upwards despite worries that the US Dollar Index could be gaining strength. We believe that natural gas prices have a capped downside after it hit a low of $ 2.6 for the Dec' 15 contract. With this bullish momentum forming and winter just around the corner, we expect prices to continue to move up for today to $ 2.772. Prices would likely stay here till inventory data is released later in the week. However, with the warmer fall, we remain wary that inventories could continue to build up, causing another drop in natural gas prices. |
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WanSiTong
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13-Oct-2015 13:12
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Noon Market STI dips 0.77% to 3,008.70 at midday October 13, 2015: 12:20 PM Singapore stocks retreated at noon in line with many other Asian markets as China' s imports fell 17.7% in yuan terms in September, the eleventh successive monthly decline, and widening from a 14.3% tumble in August. Meanwhile, exports fell 1.1% in September in yuan terms, compared with a 6.1% drop in August. The Shanghai Composite Index dipped 0.3%, while the Shenzhen Composite Index rose 0.3%. Meanwhile, the KOSPI and Hang Seng Indices slipped around 0.4% and 0.5% respectively. By 12.02pm, the STI was down 0.77% to 3,008.70. Market breadth was negative. Excluding warrants, decliners outnumber gainers 228 to 119. A total of 613 million shares worth $ 529.3 million changed hands. Noble Group (Valuation: 2.00, Fundamental: 0.35), Jaya Holdings (Valuation: 0.30, Fundamental: 1.20), Ezra Holdings (Valuation: 2.10, Fundamental: 0.60), MMP Resources (Valuation: 0.00, Fundamental: 0.00), and China Environment (Valuation: 1.50, Fundamental: 1.70) were among the most actively traded counters. Among STI components, Noble Group tumbled 5.8% to 48.5 cents, Genting Singapore (Valuation: 0.80, Fundamental: 1.75) sank 4.3% to 77.5 cents, while Jardine Cycle & Carriage shed 3.6% to $ 31.10. China Environment tumbled 11.7% to 9.1 cents after a trading halt was lifted. The company, which designs and produces air pollution control and treatment systems, is selling up to 35 million new shares at 9.2 cents to raise $ 3.2 million. The shares represent about 4.33 % of the company' s existing issued share capital. Grand Banks Yachts (Valuation: 0.90, Fundamental: 2.25) dipped 2.2% to 22 cents after the luxury motor yachts manufacturer announced changes to its board members. Singapore Airlines (Valuation: 1.40, Fundamental: 2.05) added 1.3% to $ 11.12 after announcing it will receive its first Airbus A350 aircraft in January next year, which it plans to deploy to Amsterdam. ST Engineering dipped 0.6% to $ 3.21 after its aerospace arm secured new contracts worth $ 410 million in 3Q2015. The contracts were for projects ranging from airframe and component maintenance, to engine wash and pilot training. |
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WanSiTong
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13-Oct-2015 12:42
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China Focus China imports plunge in September, exports remain weak October 13, 2015: 12:39 PM BEIJING (Oct 13): China' s imports extended the longest losing streak in six years, underscoring the headwinds to global growth from a rebalancing in the world' s second-largest economy and declining commodity prices. Imports plunged 17.7% in yuan terms in September, widening from a 14.3% decrease in August and an 11th straight decline. Overseas shipments fell 1.1% in September in yuan terms, the customs administration said Tuesday, compared with a 6.1% drop in August. The trade surplus was 376.2 billion yuan ($ 83.28 billion). The import slide reflects the pressure China' s economic slowdown is having on global growth and this year' s plunge in commodity prices. On the export side, signs of stabilization suggest improved external demand and offers the first indication that the People' s Bank of China' s surprise devaluation of the yuan in August is giving a boost to competitiveness. " Import growth remained sluggish, suggesting weakening domestic demand, particularly investment demand," said Yang Zhao, China economist at Nomura Holdings in Hong Kong. " We maintain our view that GDP growth will decline to 6.7% in the third quarter." Mr Zhao expects more fiscal stimulus and monetary policy to remain accommodative. Asian shares retreated from a seven-week high and the Australian dollar, seen as a proxy for China due to its commodity shipments, weakened after the report. A slowdown in emerging markets driven by weak commodity prices forced the International Monetary Fund this month to cut its outlook for global growth this year to 3.1% from a July forecast of 3.3%. Next year the world economy will expand 3.6%, less than the 3.8% projected in July. The fund left its outlook for China' s growth this year at 6.8% and 6.3% for next year. Still, the IMF said the " cross-border repercussions" of slowing Chinese growth " appear greater than previously envisaged." |
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WanSiTong
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13-Oct-2015 09:38
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Global Markets Asian shares slip from 2-month high, oil regroups after slide Asian shares stepped back from two-month highs on profit-taking on Tuesday and oil prices regrouped after Monday' s big fall, while the dollar was on the defensive as expectations of an imminent US rate hike receded. MSCI' s broadest index of Asia-Pacific shares outside Japan slipped 0.2 percent in early trade from their two-month high touched on Monday, though it was still up 8.6 percent so far this month. Japan' s Nikkei fell 0.6 percent. Oil prices tumbled on Monday as traders took profits after last week' s surge to an 11-week high, and on a report that OPEC continued to boost crude production despite a persistent glut. Brent crude futures fell 5.3 percent on Monday, their biggest loss in about six weeks. In Asian trade on Tuesday, they recouped about a fifth of those losses to trade at $ 50.45 per barrel. On the whole, investors' risk appetite has returned as they price out a chance of the US Federal Reserve raising interest rates this year. Fed Governor Lael Brainard reinforced such expectations, saying late on Monday the Fed should hold off on any interest rate hike until it is clear that a global slowdown, difficulties in China and other international risks will not push the US recovery off course. In a sign of easing concerns among investors, the CBOE volatility index, often seen as investors' fear gauge on Wall Street shares, fell to 16.15 percent - its lowest level in two months. The dollar' s index against a basket of six major currencies dropped to a three-week low of 94.619 on Monday, having dropped 2.2 percent from its high hit on Sept 25. It last stood at 94.955. As the dollar wilted, commodity currencies recovered sharply, with the Australian dollar rising to a two-month high of $ 0.7382 on Monday. Emerging economy currencies gained even more as speculators bought them back, hitting their highest levels in several weeks. " Considering that emerging economies, from the Indian rupee to the Chilean peso, have been a source of concern for the world economy, their recovery is positive for both emerging economies as well as risk assets as a whole," said Makoto Noji, senior strategist at SMBC Nikko Securities, in a report. " Yet, there is no structural change in China' s efforts to cut excessive investments ... We should be wary of the possibility that the rally in risk assets driven by easing expectations of a Fed rate hike will run out of steam," he added. The Chinese yuan also hit its highest level since early August on Monday, firming to as far as 6.3187 to the dollar. The biggest focus in Asia on Tuesday is China' s September trade data later in the day, which is expected to show further weakness in the world' s second largest economy -. Reuters |
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WanSiTong
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13-Oct-2015 09:31
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Haze choking Asia may get worse as El Nino delays seasonal rain October 13, 2015: 7:20 AM The choking haze that has blown across Southeast Asia from burning rainforests in Indonesia may get worse and last several more weeks as an unusually strong El Nino keeps away seasonal rain that would quench the fires. An intensifying El Nino will probably push back the start of the eastern monsoon until late October or early November, said Robert Field, an associate research scientist at the NASA Goddard Institute for Space Studies at New York' s Columbia University. Heavy rain will be the biggest help in clearing the atmosphere and extinguishing illegally-lit fires on the islands of Sumatra, Borneo and New Guinea. " Barring a major turnaround in fire-fighting and prevention, burning will continue until the start of the wet season in southern Sumatra and southern Kalimantan" on Borneo, Field said in an e-mail. Indonesia has enlisted help from its neighbors to fight the fires, with Malaysia and Singapore sending aircraft to carry out water bombing in Sumatra, the country' s disaster agency said on Oct. 10. The last big El Nino was in 1997, when at least 40,000 fires in Indonesia destroyed an area the size of Costa Rica and released an estimated 1 gigaton of carbon into the atmosphere - the equivalent of more than 10% of the world' s annual fossil fuel emissions at the time. 1997 Crisis As the El Nino brewed, and the region descended into a financial crisis, the lung-clogging smoke remained over Indonesia and neighbouring countries like Singapore and Malaysia for three months, hurting the health, property and livelihoods of 75 million people, and causing more than 16,400 infant and fetal deaths. This year, about 125,000 people have suffered haze-linked ailments, Indonesia' s disaster relief agency said this month. A pollution index reached 1,990 in Palangkaraya in central Kalimantan at the end of September, more than five times the level considered hazardous, according to the country' s Meteorology, Climatology and Geophysics Agency. " The main challenge, El Nino, is quite severe, exceeding 1997-1998," said Luhut Panjaitan, Indonesia' s coordinating minister for law and security. " The dry season is worse and that makes it difficult to extinguish the fires." While the smoke largely dispersed over Singapore and parts of Malaysia last week, the respite may be brief. Malaysia' s Department of Environment counted 10 districts out of 52 on Monday afternoon where air quality was " good," down from 12 on Friday afternoon. Singapore' s 24 -hour air quality index rose into the " unhealthy" range yesterday for the first time in five days. Burning Peat " If the burning continues through October and November, emissions from biomass burning - mostly drained peatlands-- could rank among the highest on record for Indonesia," said Allan Spessa, a research fellow in the department of environment, earth and ecosystems at the Open University in Milton Keynes, England. The fires in Indonesia, which are mostly lit to clear land, are extremely difficult to extinguish because of peat below the soil surface, which burns like coal and can smolder for months. Borneo' s peat reserves store the equivalent of about nine years' worth of global fossil fuel emissions. Twelve companies and 209 individuals are suspected of causing the blazes, with a Singaporean company also under investigation, Badrodin Haiti, Indonesia' s chief of police, told reporters in Jakarta on Monday. Haiti did not name the companies. Out-emitting Germany Fires on Sumatra blackened 1,400 square kilometers in a single week in June, an area the size of Long Island in New York. Across the archipelago, they have released more greenhouse gases than the amount of carbon dioxide Germany emits in a year, according to Guido van der Werf, a scientist tracking forest fires and carbon emissions at VU University in Amsterdam. " And we are only halfway through the fire season," he said in a report last month. Scientists predict this El Nino, a global weather phenomenon characterized by a warming of the ocean surface in the equatorial Pacific, will rank among the most severe since at least the mid-20th century, and set a record in 2015 for the hottest global temperature. |
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WanSiTong
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13-Oct-2015 09:29
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Crude prices could fall to production cost levels if glut worsens: Goldman October 12, 2015: 8:22 PM Goldman Sachs on Monday said crude oil prices could fall to production cost levels if the current supply glut stretches beyond available logistical and storage capacity. " Fundamentals remain weak and we view the market to be strongly oversupplied," the bank said in a note, reiterating its three-, six- and 12-month WTI price forecasts of US $ 42, US $ 40 and US $ 45 per barrel, respectively. Goldman also kept its three-, six- and 12-month Brent price forecasts at US $ 47, US $ 45 and US $ 49 per barrel, respectively. The bank forecast oil demand growth at 1.62 million barrels per day (bpd) in 2015, and 1.28 million bpd next year. A recent rally in oil prices would probably reverse as it had little fundamental support, the bank said last week, reiterating its expectation that prices will likely remain " lower for longer" . The bank said its " broad, bearish view" remains unchanged in terms of the overall commodities complex. |
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WanSiTong
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13-Oct-2015 09:24
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Update Singapore set to ease as currency faces rerun of ' 97 Asia crisis October 13, 2015: 7:14 AM Singapore' s central bank is poised to ease monetary policy for the second time in 2015 in an effort to revive dwindling growth, economists predict. The Monetary Authority of Singapore, which manages the economy through guiding the currency rather than setting interest rates, will boost stimulus when it meets Wednesday, according to 16 of 25 economists surveyed by Bloomberg. The remainder predict no move. The MAS eased policy at an unscheduled meeting in January, saying it would seek to slow the pace of the local dollar' s gains versus its trading partners. At the first of this year' s two scheduled meetings in April, it refrained from further action. Singapore' s economic performance has worsened since the April gathering. Analysts forecast the nation entered a technical recession in the third quarter, while consumer prices dropped for a 10th month in August, the longest streak of declines since the Asian financial crisis. Analysts predict the currency is on course for its worst year since 1997. " The MAS has to acknowledge the fact that things have panned out worse than they expected, both in terms of growth, led by external factors, and inflation domestically," said Nizam Idris, head of currencies and fixed-income strategy at Macquarie Bank Ltd . in Singapore. " The current policy setting does not allow for further depreciation of the Singapore dollar." Currency Band The Monetary Authority guides the local currency against an undisclosed basket and adjusts the pace of appreciation or depreciation by changing the slope, width and center of a band. It refrains from disclosing details of the basket, the band, and the pace of appreciation or depreciation . Nine economists predict the central bank will lower the center of the band, allowing the Singapore dollar to weaken in the near term. Ten forecast it would reduce the slope, slowing the pace of the currency' s appreciation against the basket over time. Four expect the monetary authority will widen the band, tolerating increased volatility. " With inflation below the long-term average and growth slowing, this suggests that MAS should be in a position to ease policy," said Khoon Goh, a senior currency strategist at Australia & New Zealand Banking Group. " The easing that was done in January was a fairly modest one. " The central bank will probably recenter its policy band to the prevailing rate, allowing the currency to weaken, he said. Worst Year Singapore' s dollar will decline to $ 1.44 to the US currency by year-end, according to the median estimate of a separate Bloomberg survey. That would translate into a loss of about 8% for the year, the worst annual performance since the currency tumbled 17% during the Asian crisis in 1997. The local dollar was at $ 1.4021 at 8.31am local time on Tuesday after depreciating to $ 1.4366 on Oct 2, the weakest level since September 2009. Singapore' s export-dependent economy has been hurt by slowing growth in China, while uneven recoveries in the US and Europe have damped demand for Asian goods. Gross domestic product shrank 4% in the second quarter from the previous three months, the trade ministry said Aug 11. GDP contracted 0.1% in the third quarter, according to a Bloomberg survey before the advance figures are released Wednesday. Consumer prices dropped 0.8 percent in August, the statistics department said Sept 23. ' Not Disastrous' It will take more than a technical recession to convince the central bank to ease policy again, according to Oversea-Chinese Banking Corp (Valuation: 3.00, Fundamental: 2.20). The central bank is more concerned about " an outright recession, rather than a technical recession," said Selena Ling, an analyst at OCBC in Singapore. The economy will still expand about 2% this year, she said. " We still have about a more-than 50% chance of no move, mainly because I think the growth and the inflation story is not disastrous by any account," she said. " It' s a little bit underwhelming, but it' s not disastrous yet. " |
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WanSiTong
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13-Oct-2015 08:33
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Stocks To Watch Hot stocks to watch: SIA, ST Engineering, Tigerair, SPH REIT, Ley Choon, Duty Free October 13, 2015: 8:31 AM Here are some stocks to watch this Tuesday morning. Singapore Airlines will receive its first Airbus A350 aircraft in January next year, which it plans to deploy to Amsterdam. The airline has a total of 63 A350-900s on firm order, plus purchase options for a further 20. It expects to take delivery of 11 planes in the first year of operation. SIA closed at $ 10.98 on Monday. ST Engineering' s aerospace arm secured new contracts worth $ 410 million in 3Q2015. The contracts were for projects ranging from airframe and component maintenance, to engine wash and pilot training. ST Engineering closed at $ 3.23 on Monday. Tiger Airways Holdings carried fewer passengers in Sept 2015, falling 1.3% year-on-year (yoy) to 393,000. The stock closed at 39 cents. SPH REIT posted a distribution per unit of 1.39 cents for its fourth quarter ended Aug 31. Gross revenue slipped 0.6% to $ 50.8 million, while net property income rose 0.4% to $ 38.2 million on lower costs. Units of SPH REIT closed at 96.5 cents on Monday. Ley Choon Group Holdings' s subsidiary, Chin Kuan Engineering and Contractors, has clinched a tender for a contract worth about $ 2.5 million by the Public Utilities Board. The stock closed at 3.8 cents. Duty Free International reported a 21.9% y-on-y decline in 2Q earnings to RM9.4 million ($ 3.2 million). Revenue for the three months to August grew 9.7% to RM150 million, mainly due to the trading of duty free goods and non-dutiable merchandise segment. The stock last traded at 28 cents. Markets US stocks were little changed overnight, as investors braced for a busy week of quarterly results from major US banks and several Dow 30 companies. The Dow Jones industrial average rose 47.37 points, or 0.28%, to 17,131.86, the S & P 500 gained 2.57 points, or 0.13%, to 2,017.46 and the Nasdaq Composite added 8.17 points, or 0.17%, to 4,838.64. Earlier, Singapore stocks closed higher following a positive performance in most Asian markets. The Straits Times Index ended the day 1.12% higher at 3,032.11. Market breadth was positive. Excluding warrants, gainers outnumbered decliners 296 to 147. A total of 1.81 billion shares worth about $ 1.36 billion changed hands. |
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WanSiTong
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13-Oct-2015 06:59
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North and South American Indexes
European Indexes
Wall St. ends up slightly as focus turns to earningsGains in utilities offset a retreat in energy shares on Monday, leaving US stocks slightly higher as investors remained nervous about third-quarter corporate results. The Dow rose for a seventh straight session, led by gains in UnitedHealth Group (UNH.N), which rose 2.7 percent at $ 122.51. This week brings results from some top US banks, among other companies, and investors are eyeing a projected 4.8 percent year-over-year decline in third-quarter S & P 500 earnings, according to Thomson Reuters data. That would be the worst earnings season in six years. A 1.1-percent drop in the energy index .SPNY was the biggest drag on the S & P 500 as oil prices retreated 5 percent. The utility index .SPLRCU jumped 0.9 percent. Traders are " taking profits on some very nice moves, particularly on the oil patch," said Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis. Gains in utility stocks showed " people are getting a little defensive." Other analysts said it may be a somewhat bullish sign that the market did not sell off after last week' s sharp gains. " Given how strong last week was, and we' re going to get into the heart of the Q3 earnings season, the market has been relatively resilient," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. " As long as the tone of the guidance is not totally negative, I think we have a decent chance of having an OK fourth quarter." The Dow Jones industrial average .DJI rose 47.37 points, or 0.28 percent, to 17,131.86, the S & P 500 .SPX gained 2.57 points, or 0.13 percent, to 2,017.46 and the Nasdaq Composite .IXIC added 8.17 points, or 0.17 percent, to 4,838.64. Trading volume was light with the bond market, banks and the government closed for Columbus Day. Focus will be on results from banks this week. JPMorgan (JPM.N) reports on Tuesday, with Goldman Sachs (GS.N), Bank of America (BAC.N), Wells Fargo (WFC.N) and Citigroup (CN) posting results through the week. Third-quarter earnings for the S & P financial sector .SPSY are expected to have grown 7.6 percent versus a year ago, Thomson Reuters data showed. Along with the banks, several Dow 30 components are scheduled to report results this week, including Johnson & Johnson (JNJ.N), Intel (INTC.O) and General Electric (GE.N). Eli Lilly' s (LLY.N) shares fell 7.8 percent to $ 79.44, its biggest single-day percentage decline in seven years, after the drugmaker said it was scrapping an experimental heart drug. EMC' s shares (EMC.N) were up 1.8 percent at $ 28.35 after Dell said it would buy the data storage company in a $ 67 billion deal. NYSE advancers outnumbered decliners 1,584 to 1,441, a 1.10-to-1 ratio on the Nasdaq, 1,435 issues fell and 1,328 advanced, for a 1.08-to-1 ratio favoring decliners. The S & P 500 posted 25 new 52-week highs and 1 low the Nasdaq recorded 78 new highs and 30 lows. About 5.1 billion shares changed hands on US exchanges, below the 7.6 billion daily average for the past 20 trading days, according to Thomson Reuters data. |
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WanSiTong
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12-Oct-2015 16:01
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China Shares Rally on Stimulus Plans China' s central bank announces program to expand bank lending Stocks in China and Hong Kong rallied Monday on stimulus measures from Beijing and signals of reform in the country' s telecommunications sector. The Shanghai Composite Index rose 3.28% while Chinese firms in Hong Kong led the Hang Seng Index up 0.9%. China' s central bank announced over the weekend that it would expand a pilot program that would boost banks' lending abilities. The plan, currently in place in Shandong and Guangdong, allows banks to pledge certain assets to secure loans from the central bank. It will be expanded to nine provinces including Shanghai and Beijing. " The market has widely interpreted the move as China' s version of quantitative easing," said Jacky Zhang, analyst at BOC International. Meanwhile, Hong Kong-listed China Telecom Corp., China Unicom Ltd. and China Mobile Ltd. were up 6.3%, 5.7% and 2.2% respectively, after local media reported that a state-owned investment firm will inject cash into a tower company to be owned by the three firms. China Reform Holdings Corp. will shell out over 10 billion yuan ($ 1.58 billion) to buy a 6% stake in China Tower Corp., potentially helping the jointly controlled operation develop electric-vehicle charging stations, reported the state-owned Shanghai Securities Journal on Monday. Also buoying markets was news that China Reinsurance (Group) Corp. plans to raise up to $ 2 billion in an initial public offering in Hong Kong, in what would be the biggest listing in the city since Chinese stock markets collapsed in June. " Given the sharp sell down in the market over the last few months, this re-energizes the equity markets in Hong Kong," said Bernard Aw, strategist with brokerage IG. Hong Kong has raised $ 21 billion so far this year through IPOs, despite a quiet third quarter, making it the top global listing venue. Elsewhere, Australia' s S & P ASX 200 was down 0.8%, while South Korea' s Kospi was up 0.4%. Japan' s markets are closed for a holiday. A commodities-sector rebound lifted shares last week, with oil prices climbing to their highest level since July. But " the rally is likely to fizzle out" as investors look to coming Chinese data and speeches from Fed officials, said Bernard Aw, market strategist at brokerage IG. To be sure, Chinese export data due Tuesday is unlikely to show an improving economic picture. Nomura projects that China' s exports fell 8% in September from a year earlier. In August, China reported a 6.1% decline on year. While September manufacturing data showed a slight rise in factory activity from the previous month, " we still have not seen any massive evidence of a turnaround in China yet," said Bart Melek, head of commodities strategy at TD Securities. " I would be cautious. " Weakening economic numbers also could prompt China to launch new stimulus measures, a prospect that could lift stocks. Meanwhile, top finance officials urged the Federal Reserve to proceed with the much-awaited rate increase at an annual meeting of the International Monetary Fund. While the move would spur investors to move money back into the US from emerging markets, many policy makers are frustrated by the uncertainty the Fed' s delay has introduced. Brent crude oil traded up 0.8% at $ 53.07 in Asia trade. It closed as high as $ 53.30 a barrel on Thursday, the highest level since July. Prices of oil have jumped 9% in the last five sessions. In currencies, the Malaysian ringgit started weakening against the US dollar, after reaching its strongest level since August last week. The currency was last down 0.9% against the US dollar early Monday and down 19% year-to-date. The dollar traded as high as 4.41 ringgit early Monday. The South Korean won, Singapore dollar and Australian dollar were all fractionally weaker against the US dollar, having surged last week. Authorities in China fixed trading of the Chinese yuan more strongly against the US dollar for the seventh straight day. Its guidance brought the onshore yuan to its strongest level against the US dollar since Beijing devalued the yuan. The dollar hit as low as 6.3324 yuan Monday . Shares of Glencore PLC were suspended from trading in Hong Kong, pending the release of information on the firm' s assets in Australia and Chile. The stock had surged 36% in London and 43% in Hong Kong last week as the firm shuts down operations that mine many of the most actively traded commodities, reducing gluts in everything from coal to copper. |
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WanSiTong
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12-Oct-2015 15:49
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WanSiTong
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12-Oct-2015 13:23
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Global Markets Asian shares extend an October rally dollar slips October 12, 2015: 11:11 AM Asian shares rose on Monday, extending an October rally, as investors hunted for bargains in industrials and basic materials, fueled by a rebound in commodities while the dollar struggled as hopes of a Fed rate rise this year grew even dimmer. MSCI' s broadest index of Asia-Pacific shares outside Japan was up 0.7%, extending an impressive 11% rise this month as investors unwound some of their long US dollar and short commodities and emerging markets trades. Any signs of stimulus is being seized by the markets as a sign of stabilization and there is some bargain hunting, especially in the beaten down sectors, related to commodities," said Nicholas Yeo, head of equities (China / Hong Kong) at Aberdeen Asset Management with assets under management of US $ 490.8 billion globally. While Beijing has generally refrain from launching widespread stimulus measures to boost slowing growth, it has resorted to a steady drip-feed of measures in recent weeks to support various sectors ranging from housing to autos, calming investor sentiment, and sparking a rally in the Hong Kong listed shares of Chinese companies. China' s stock market correction is " almost over" , the official China Securities Journal quoted a senior central banker as saying. China' s shares led the region' s markets higher with Hong Kong and Shanghai up more than 1% each. Korea was up 0.5% and Jakarta rose 0.6%. Japan is shut for a holiday. In a sign that the sentiment towards emerging markets may have turned a corner, the much-tracked Bank of America Merrill Lynch fund flow report showed that weekly outflows from emerging market funds were at their lowest since July. The widely-tracked VIX index, a volatility gauge of investor nervousness, was at its lowest since late August, a sign that optimism was returning to the markets after a tumultuous summer in which major indexes lost more than a quarter of their value. On Wall Street, major indexes closed slightly higher on Friday, chalking up one of the best weekly performances so far this year. S & P 500 e-mini futures was broadly flat in Asian trading on Monday. An unexpectedly weak US jobs report for September had led many investors to speculate that the Fed will not deliver its first hike since 2006 this year Indeed, fed fund futures contracts < 0 # FF:> . Were indicating a rate hike only in 2016. In currency markets, the dollar struggled against a basket of currencies on growing concern the Fed may not raise rates until next year, triggering some unwinding of positions. Strategists at Brown Brothers Harriman warned that technical levels warned of scope for additional dollar losses in the coming sessions. The index was trading below 95, its lowest levels in a month, according to Thomson Reuters data. The euro was up about 0.1% at US $ 1.13720, consolidating recent gains, while the Japanese yen held within recent broad trading ranges carved against the greenback. In commodities, oil prices added recent gains on Monday after US drillers cut oil rigs for six straight weeks, while traders awaited Chinese trade data. US West Texas Intermediate crude futures were trading at US $ 49.93 per barrel, up 0.6%. Brent futures were up 0.4% at US $ 52.84 a barrel. Industrial metals such as copper and zinc got some much needed respite, posting impressive gains last week. A 19-commodity Thomson Reuters / Core Commodity CRB Index rose to its highest levels since end-July. |
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