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STI to cross 3000 boosted by long-term investors
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RoundRound
Elite |
08-Oct-2015 09:25
Yells: "Tikam Tikam can also" |
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Let's see if the Dragon big brother SSE opening soon going to lift up the Asia-Pac markets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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WanSiTong
Supreme |
08-Oct-2015 09:20
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Global Markets Asia follows Wall St gains, brace for return of China markets October 8, 2015: 8:52 AM TOKYO (Oct 8): Asian stocks rose modestly on Thursday, taking their cue from gains on Wall Street as the region braced for a resumption of trading in the Chinese markets after a week-long break. MSCI' s broadest index of Asia-Pacific shares outside Japan tacked on 0.3 percent, supported by South Korea' s Kospi rising 0.5 percent and Australian shares climbing 0.9 percent. Japan' s Nikkei bucked the trend and lost 0.2 percent on a stronger yen. Overnight on Wall Street, the S & P 500 soared to a 3-week high thanks to a bounce in biotechnology companies. Materials shares also enjoyed a positive session on the back of gains for precious metals. Chinese stock markets, which have been hit by wild swings in recent months due to growth and policy worries, re-open later in the session after shutting since the end of September for holidays. " Arguably, two of the most important developments since China' s holiday began is the weakness in the US employment data and, leaving aside the UK, output of the major economies appeared to slow in August," wrote Marc Chandler, global head of currency strategy at Brown Brothers Harriman. " Although many market participants have shifted their expectations of a Fed hike out to March 2016, many Fed officials themselves continue to signal the likelihood of a rate hike before the end of the year." The Fed opted not to hike rates in September in the wake of cooling global growth, and fears of a deepening slowdown in China. Last week' s soft non-farm employment report prompted markets to scale back expectations that the Fed would hike rates later this year. Investors will have an opportunity to gauge the thinking of US central bank officials when the minutes of the Fed' s September meeting, at which it opted not to hike rates, are released later in the day. St. Louis Fed President James Bullard, Minneapolis Fed President Narayana Kocherlakota and San Francisco Fed President John Williams will also speak later on Thursday. The dollar has wobbled since the weak US jobs data lessened the prospects of a near-term Fed rate hike. It was on track to post its third straight day of losses against the yen, which received a fresh lift on Wednesday after the Bank of Japan kept monetary policy steady. The greenback dipped 0.1 percent to 119.97 yen, having drifted down from the week' s high of 120.575 struck on Tuesday. The euro was steady at $ 1.1238 after losing about 0.3 percent overnight on weaker-than-expected German industrial production data. In contrast, upbeat British industrial output data boosted the Sterling, which hovered near a 2-week high of $ 1.5340 hit the previous day. Commodity currencies like the Australian and Canadian dollars also remained in good heart against the greenback, as the turn in Fed policy expectations drove up global risk appetite and prices of commodities like crude. The Aussie traded at $ 0.7195 after reaching a near 3-week high of $ 0.7235 overnight. The currency got some support after the Reserve Bank of Australia left rates steady earlier this week and struck a less dovish tone than some had expected. Crude resumed their rise after a US government report showing a large inventory build briefly halted its rally US crude was up 0.9 percent at $ 48.22 a barrel, edging back towards a 2-1 / 2 week high of $ 49.71 struck on Wednesday -.. Reuters |
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WanSiTong
Supreme |
08-Oct-2015 09:17
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Stocks To Watch Noble, UOB, SIA Engineering, Oxley, PEC SINGAPORE (Oct 8): The following stocks may be in focus today: Noble Group Ltd (Valuation: 2.00, Fundamental: 0.35) ' s chief aluminum trader in Europe, Erik Gundersen, will leave the Asian commodities merchant, three sources familiar with the matter said, as the shake-up of its loss-making metals and mining division widens. UOB' S cash management business recorded a 42% jump in revenue for the first half of this year from a year ago. SIA Engineering Company (Valuation: 1.10, Fundamental: 3.00) has set up a joint-venture company, Boeing Asia Pacific Aviation Services, with Boeing. Real estate developer Oxley Holdings (Valuation: 0.90, Fundamental: 1.10) has clarified that the reported acquisitions in International Healthway Corp (IHC) (Valuation: 0.90, Fundamental: 0.65) by its chief executive Ching Chiat Kwong and deputy CEO Low See Ching are " personal and independent investment decisions" . It added that the purchases do not have " any connection or impact whatsoever" with the ongoing business activities of Oxley. Specialist engineering group PEC has warned that it may log a net loss for the current financial year, after assessing the impact of its client, Jurong Aromatics Corp, being pushed into receivership. Singapore Medial Group has entered into a non-binding memorandum of understanding (MOU) with Cardioscan Proprietary Limited, in relation to a proposed joint venture. Markets US stocks ended stronger after a volatile session on Wednesday, led by a rebound in biotechnology companies that pushed the S & P 500 to its highest level in three weeks. The Dow Jones industrial average rose 0.73% to end at 16,912.29. The S & P 500 ended 0.8% higher at 1,995.83 after trading down 0.18% earlier in the day. The Nasdaq Composite added 0.9% to 4,791.15. The Straits Times Index ended the day 2.22% higher at 2,961.81, after trading between 2,882.85 and 2,968.06. Excluding warrants, gainers outnumbered decliners 352 to 98. |
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WanSiTong
Supreme |
08-Oct-2015 06:21
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North and South American Indexes
 European Indexes
S& P 500 reaches three-week high as health stocks rallyUS stocks ended stronger after a volatile session on Wednesday, led by a rebound in biotechnology companies that pushed the S & P 500 to its highest level in three weeks. Materials shares also rose, helped by rising gold and silver prices. Investors' focus is turning to earnings, and Yum! Brands was the S & P' s biggest loser after reporting weak sales out of China, which accounts for more than half of its revenues. Yum! Brands slumped 18.83 percent after the restaurant operator cut its full-year profit forecast, citing a slower-than-expected recovery in its key China market and the drag from a strong US dollar. The S & P health index, up 1.47 percent, was the biggest gainer. A selloff in healthcare and biotech stocks had weighed on the market on Tuesday. Healthcare was led by Regeneron Pharmaceuticals and Amgen, both up more than 4 percent. Express Scripts said it reached deals to cover two costly new cholesterol drugs produced by the two companies. " On days where investors are looking for fallen angels, healthcare helps fill that equation today," said Art Hogan, chief market strategist at Wunderlich Securities in New York. " What was a drag over past few days is now the leader." The S & P materials index rose 1.34 percent and the S & P energy index was up 1.33 percent even after US crude settled down 1.5 percent. Gold and silver futures have been climbing in recent sessions and are up since the end of September, giving a boost to materials shares. Gains in US indexes, even after the reversal of an oil rally, suggest that the worst might be over for commodity prices hit by concerns about China' s economy, said Warren West, principal at Greentree Brokerage Services in Philadelphia. " We' re not so worried about commodities, we think they' re finding a bottom here," West said. The Dow Jones industrial average rose 0.73 percent to end at 16,912.29. The S & P 500 ended 0.8 percent higher 1,995.83 after trading down 0.18 percent earlier in the day. The Nasdaq Composite added 0.9 percent to 4,791.15. After Wednesday' s rise, which was its sixth in seven sessions, the S & P is down 3.09 percent for the year. The Dow is off by 5.11 percent. S & P 500 companies are now expected to report a 4.4 percent fall in third-quarter profit, the biggest decline in six years, according to Thomson Reuters data. The index is trading around 15.5 times expected earnings, in line with its long-term average. Twitter jumped 8 percent after Saudi Arabian billionaire Prince Alwaleed bin Talal and his investment firm raised their stake to more than 5 percent. Advancing issues outnumbered declining ones on the NYSE by 2,385 to 670 On the Nasdaq, 2,061 issues rose and 776 fell. The S & P 500 index showed eight new 52-week highs and no new lows, while the Nasdaq recorded 48 new highs and 34 new lows. About 8.3 billion shares changed hands on US exchanges, above the 7.4 billion average for the previous 20 sessions, according to Thomson Reuters data. |
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marubozu1688
Master |
07-Oct-2015 20:33
Yells: "Be humble in front of Mr. Market." |
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Top 5 Highest Distribution Yield Singapore REIT. http://mystocksinvesting.com/singapore-stocks/lippo-malls-reit/top-5-highest-dividend-yield-for-singapore-reit/ |
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sriramanv
Master |
07-Oct-2015 19:49
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STI super strong these few days irrespective any other markets... seems realy buying going on by BB... i hope this to continue .... |
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WanSiTong
Supreme |
07-Oct-2015 17:25
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Highlight Singapore business confidence plunges in 4Q: Survey SINGAPORE (Oct 7): Business confidence here has slipped to near contractionary levels this quarter after two straight quarters of growth. According to research firm Dun & Bradstreet' s latest Business Optimism (BOI) Index released on Wednesday, the percentage of companies expecting higher profits and sales volumes has fallen from the previous quarter. Local firms recorded a BOI of 0.1 percentage point this quarter, down from 15 percentage points in the previous quarter. The latest reading is the second lowest in nearly three years, when it hit a historic low of -0.82 percentage point in 1Q2013. " The outlook for local manufacturers has been particularly bleak for the most part of 2015 in light of a slowdown in manufacturing activities both globally and regionally," says Audrey Chia, CEO of Dun & Bradstreet Singapore. " There has been a general decline in optimism levels across most sectors, even in the more optimistic construction and services sectors. " The quarterly survey polled 200 business owners and senior executives across six Asean nations representing major industry sectors Six indicators of optimism were used: expectations of upcoming quarterly sales profits employment new orders inventories and selling prices The index is obtained by.. subtracting the percentage of pessimistic firms from the percentage of optimistic firms. |
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WanSiTong
Supreme |
07-Oct-2015 17:23
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Oil set for longest rally since April as U.S. stockpiles declineMELBOURNE (Oct 7): Oil headed for its longest rally in almost six months as US industry data showed crude stockpiles fell in the world' s biggest consumer. Futures rose as much as 2.4% in New York, climbing for a fourth day. Inventories dropped by 1.23 million barrels last week, the American Petroleum Institute was said to have reported, before government data Wednesday. The Energy Information Administration increased its forecast for 2015 global oil demand, according to a monthly report Tuesday. Oil is extending gains from the highest close in more than a month, boosting its advance to 9.9% in October. Prices have fluctuated below US $ 50 ($ 71.6) a barrel after slumping to a six-year low in August amid speculation a global glut will be prolonged. US crude stockpiles remain about 100 million barrels above the five-year average while OPEC continues to pump above its quota. " There' s a bit of optimism creeping into the market," Jonathan Barratt, the chief investment officer at Ayers Alliance Securities in Sydney, said by phone. " Prices have found a base, US $ 45 has been a very solid level and it will be very hard to break back down below that. " West Texas Intermediate for November delivery climbed as much as US $ 1.14 to US $ 49.67 a barrel on the New York Mercantile Exchange, and was at US $ 49.59 at 7:48 am London time. The contract gained US $ 2.27 to US $ 48.53 on Tuesday, the highest close since Aug. 31. The volume of all futures traded was more than doubled the 100-day average. U.S. stockpiles Brent for November settlement was 79 US cents higher at US $ 52.71 a barrel on the London-based ICE Futures Europe exchange. It increased US $ 2.67 to US $ 51.92 on Tuesday. The European benchmark crude was at a premium of US $ 3.13 to WTI. Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI contracts and the biggest US oil-storage hub, dropped by 100,000 barrels through Oct. 2, the API said Tuesday, based on Twitter postings and a person familiar with the information. Nationwide supplies It is forecast to have gained by 2.25 million barrels last week, according to a Bloomberg survey before weekly data from the EIA. Global oil demand is projected to average 93.79 million barrels a day this year, the EIA said Tuesday in its monthly Short-Term Energy Outlook. That' s up from 93.62 million the agency forecast in September. The group trimmed its projections for world crude production this year and in 2016. The Organization of Petroleum Exporting Countries is not in disarray and the market is experiencing a price cycle like those of the past 50 years, OPEC Secretary-General Abdalla Salem El- Badri said at a conference in London. There is a supply overhang of about 200 million barrels in the market, he said. |
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WanSiTong
Supreme |
07-Oct-2015 17:20
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Highlight Singapore' s GDP will take hit from haze as countries issue travel warnings SINGAPORE (Oct 7): Singapore and Malaysia are likely to see fewer tourist arrivals as some countries are starting to send travel warnings about the two countries, which might impact hotels and retail spending, said Chua Hak Bin, an economist at Bank of America Merrill Lynch in Singapore. He estimates the impact on Singapore could range from 0.1% to 0.4% of gross domestic product, depending on whether the haze lasts for one month or three. " The health costs might rise exponentially if the haze worsens and persists for a long period," he said. The worst haze in 1997 cost Singapore US $ 300 million ($ 430 million), while a milder event in 2013 led to about US $ 50 million of losses to retailers, hotels, tourism and the economy overall, according to research by Euston Quah, a professor and head of the economics division at Nanyang Technological University. The impact may go beyond tourism to impact the broader economy. A protracted and severe haze may delay construction projects and slow factory output, according to Weiwen Ng, a Singapore-based economist at Australia & New Zealand Banking Group Ltd. The strongest El Nino in two decades may prolong the dry weather, which means the hazy conditions could remain for some time longer. But as Singapore and Malaysia wheeze from the haze generated by forest fires in Indonesia, the costs to tourism and health and productivity in the two countries could be outweighed by the impact on Indonesia itself - and the country' s regional reputation. " The damage this time when the haze finally runs its course is expected to be high," said Mr Quah, who has studied recent fires and plans to look again at all the affected countries, including Indonesia. " We must continually estimate and show the damage is not only to Singapore, Malaysia and other neighboring countries, but also to Indonesia itself, which includes the loss of goodwill. The damage to Indonesia must be huge." |
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Siwomp
Supreme |
07-Oct-2015 16:50
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Hosay lieow.... towards 3000k and beyond.
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WanSiTong
Supreme |
07-Oct-2015 16:31
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Asian Indexes
European Indexes
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WanSiTong
Supreme |
07-Oct-2015 14:56
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Oil Price Gains Lift Energy Shares in Hong Kong 10 minutes ago Markets in Asia gained momentum Wednesday afternoon, with energy stocks in Hong Kong surging on the back of rising oil prices. Chinese firms in Hong Kong led gains, up 3%, and the Hang Seng Index was up 2.24%. The Nikkei Stock Average was up 0.75%, recovering after Japan' s central bank announced it would keep its monetary policy unchanged. Investors await comments from Gov. Haruhiko Kuroda later Wednesday, which could hint at further easing at the central bank' s next meeting in October. South Korea' s Kospi Index and Australia' s S & P / ASX 200 both were up 0.6%. A gauge of energy stocks in Hong Kong was up nearly 7%, as oil prices rose to a one-month high, sending stocks like Cnooc Ltd. surging more than 9%. Brent crude oil was last up 1.3% at $ 53.15 a barrel in Asia trade. It had jumped more than 5% overnight on expectations of production cuts in the US and global markets. Two factors have helped drive commodities gains: expectations the US Federal Reserve might put off raising interest rates, which has capped US dollar strength, and hopes for imminent Chinese fiscal and monetary easing, according to David Welch, head of equity sales trading at Reorient Group . Many commodities are priced in US dollars, so a cheaper currency makes the materials more affordable to global buyers. The Wall Street Journal Dollar Index, which measures the dollar against a group of 16 widely traded currencies, slid 0.6% to 87.96, a two- week low overnight. The momentum also has helped commodities-reliant economies, like Indonesia whose rupiah currency reached its strongest levels since late August. The rupiah gained 2.6% against the dollar Wednesday as short bets that the currency will weaken continued to unwind. The rupiah, off 12% year-to-date, has risen as much as 5% this week, with the dollar trading as weak as 13,860 rupiah on Wednesday. In Japan, stocks recovered ahead of central bank Gov. Haruhiko Kuroda' s comments later Wednesday. Earlier, the Bank of Japan announced it would keep its annual asset purchases at ¥ 80 trillion ($ 665 billion) despite growing signs of trouble in Japan' s economy. Such purchases have become policy makers' main tool to beat deflation. The Nikkei, at its highest since mid-September, is on track for a six-day winning streak as some investors speculate the central bank may take action at the next policy meeting on Oct. 30. Goldman Sachs, JPMorgan Securities and Barclays, which had warned clients of a possible surprise easing Wednesday, expect the central bank to escalate its easing measures by then. In China, authorities reported that foreign exchange reserves fell by a slower pace in September. The $ 43.26 billion decrease from a month earlier compares with a record $ 93.9 billion in August, when China' s central bank deployed its massive war chest to stabilize the yuan after its Aug . 11 devaluation. The onshore Chinese yuan recently traded at 6.3559 yuan to the dollar, down 2.5% on year. China' s domestic stock markets reopen Thursday following a week-long holiday. In corporate news, shares of Samsung Electronics Co. are up 8.7% after the company said estimates for third-quarter operating profit likely rose 80% from a year earlier to about 7.3 trillion won ($ 6.28 billion) on robust sales of chips and displays used in mobile phones and other gadgets. That would be the first year-over-year growth since the third quarter of 2013. The positive guidance from the world' s biggest smartphone maker by shipments suggests Samsung' s earnings may have bottomed out, ending a nearly two-year decline from tepid sales and deteriorating profit from mobile phones. Gold prices were up 0.4% at $ 1,150.50 an ounce in Asia trade, near their highest levels in more than a week as the dollar retreated. |
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FATABA
Supreme |
07-Oct-2015 14:37
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STI has shot up abt 150 pts over the last 3 sections. Q3 results on its way soon. Let see what happen.
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bishan22
Supreme |
07-Oct-2015 14:16
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Buying for year end rally??? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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ehclim
Elite |
07-Oct-2015 13:16
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Thanks!!
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WanSiTong
Supreme |
07-Oct-2015 13:12
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The Edge Singapore.
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ehclim
Elite |
07-Oct-2015 13:10
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Where do you get the market update? From which media?
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WanSiTong
Supreme |
07-Oct-2015 13:01
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Noon Market STI up 0.58% at 2,914.12 October 7, 2015: 12:21 PM Singapore stocks posted gains at noon on Wednesday, in line with advances in most other Asian markets. The region' s rally stemmed from doubts about the pace of recovery in the US, which has increased the likelihood of a longer period of lower rates and pressured the dollar, which has helped boost Asian currencies. The KOSPI and Hang Seng Indices added around 0.7% and 1.1% respectively. However, the Nikkei 225 Index dipped about 0.4%, after the Bank of Japan left its policy unchanged to keep increasing the monetary base at an annual pace of 80 trillion yen. Mainland Chinese markets remain closed for holidays until Thursday. By 12.09pm, the Straits Times Index was up 0.58% to 2,914.12. Market breadth was positive. Excluding warrants, gainers outnumber decliners 206 to 102. A total of 747.1 million shares worth $ 556.2 million changed hands. Among STI components, Wilmar International (Valuation: 2.60, Fundamental: 0.80) rose 4% to $ 2.87, and Genting Singapore (Valuation: 1.40, Fundamental: 1.75) added 2.7% to 77 cents Meanwhile, Golden Agri-Resources (Valuation:. 1.40 , Fundamental: 0.55) fell 5.3% to 36 cents. International Healthway Corporation (Valuation: 0.90, Fundamental: 0.65), Ezra Holdings (Valuation: 2.10, Fundamental: 0.60), Noble Group (Valuation: 2.00, Fundamental: 0.35), Ezion Holdings (Valuation: 2.40, Fundamental: 1.30), and Healthway Medical Corporation (Valuation: 2.10, Fundamental: 1.40) were among the most actively traded counters. Other notable counters include: International Healthway Corporation rose 10.5% to 9.5 cents, while Healthway Medical Corporation gained 8.8% to 3.7 cents after both agreed to revise the terms of agreement involving IHC' s acquisition of HMC through a share swap. In the revised proposal, the consideration for each HMC share is 10 cents and will be satisfied through the issue of new shares in IHC at an issue price of 43 cents each. Each HMC shareholder will be entitled to 10 consideration shares for every 43 HMC shares held. DeClout gained 5.1% to 20.5 cents after the technology service provider revealed plans to spin off its subsidiary Proccuri Corporation in a listing on the Mainboard of the Singapore Exchange. Global Logistic Properties (Valuation: 2.00, Fundamental: 1.90). Added 1.4% to $ 2.20 after announcing it has leased 270,000 sf to CEVA Logistics US, Inc. |
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WanSiTong
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07-Oct-2015 10:53
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Asian Shares Lose MomentumInvestors await Bank of Japan policy decision hopes for more easing has driven Nikkei rallyOct. 7, 2015 10:24 a.m. A rally in Asia was losing momentum Wednesday, though shares in Japan are hovering near their highest level in weeks on hopes for looser monetary policy ahead of the central bank' s decision later Wednesday. The Nikkei Stock Average was roughly flat at 18171.56 after a five-day winning streak that brought the index to its highest close since mid-September on Tuesday. The Hang Seng Index was up 0.2% and South Korea' s Kospi was up 0.4%. Australia' s S & P ASX 200 was down 0.2%. Shares of Samsung Electronics Co. are up 5.1% after the company said estimates for third-quarter operating profit likely rose 80% from a year earlier to about 7.3 trillion won ($ 6.28 billion) on robust sales of chips and displays used in mobile phones and other gadgets. That would be the first year-over-year growth since the third quarter of 2013. The positive guidance from the world' s biggest smartphone maker by shipments suggests Samsung' s earnings may have bottomed out, ending a nearly two-year decline from tepid sales and deteriorating profit from mobile phones. But sentiment across the region was lackluster after the International Monetary Fund said Tuesday it downgraded the 2015 global growth outlook as a slowdown in emerging markets is pushing the world economy into its weakest expansion since the financial crisis. Stocks also sold off sharply in the US overnight, particularly in the biotechnology sector, with the S & P 500 snapped a five-day winning streak. In recent sessions, uneven US data has clouded the outlook on the Federal Reserve' s plan to raise interest rates. That has helped fuel a rally as some investors push back expectations for an increase into 2016. The Wall Street Journal Dollar Index, which measures the dollar against a group of 16 widely traded currencies, slid 0.6% to 87.96, a two-week low overnight. The Indonesian rupiah traded as its strongest levels since the end of August against the US dollar, which traded as weak as 13,980 rupiah on Wednesday. The rupiah logged its biggest one-day gain in more than six years Tuesday as investors rushed to cover one- way bets that the currency would continue to weaken. In Japan, investors were assessing the prospects for more stimulus from the central bank as disappointing economic data continues to build. The Bank of Japan concludes its two-day policy meeting later Wednesday, though there is not a set time for the release of its statement. " There has been increased talk of even looser policy in the wake of poor industrial production data and renewed pressure on inflation from weak oil prices," said Sean Callow, a currency strategist with Westpac. While Chinese domestic markets reopen Thursday following a week-long holiday, investors are expecting September reserves data from authorities later Wednesday. Reserves fell by a record $ 93.9 billion in August, as China' s central bank used its massive war chest to stabilize the yuan after its Aug. 11 devaluation. " China' s foreign reserves likely decreased further in September, though at a slower pace," wrote Socié té Gé né rale in a research note, which estimates the central bank spent $ 55 billion to prop up the yuan last month, compared with $ 110 billion in August. The onshore Chinese yuan recently traded at 6.3559 yuan to the dollar, down 2.5% on year. Oil prices rose to a one-month high on hopes for falling supply in both the US and global markets. Brent crude oil was last up 0.7% at $ 52.30 in early Asia trade, after jumping more than 5% during US trade overnight. Gold prices were up 0.1% at $ 1,147.90 an ounce in Asia trade, near their highest levels in more than a week as the dollar retreated. |
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WanSiTong
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07-Oct-2015 08:39
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Global Markets Crude gains on output forecast October 7, 2015: 7:21 AM Crude oil surged 5 percent on Tuesday after the United States cut output forecasts, while global equity markets mostly rose on expectations the Fed will not raise interest rates this year, though Wall Street fell on slumping biotech stocks. News that non-OPEC producer Russia and key OPEC member Saudi Arabia discussed the oil market last week helped boost oil prices. The countries plan to continue exchanging views on demand, production and shale oil, Russian Energy Minister Alexander Novak told reporters. A weakening dollar also added support for oil, while the US Energy Information Administration projected in a monthly forecast that the country' s crude output will fall through mid-2016. " Steeper US production declines over the near term have created a bid for oil prices," said Chris Jarvis, analyst at Caprock Risk Management in Frederick, Maryland. Brent, the global benchmark for crude, rose $ 2.67 to settle at $ 51.92 a barrel. West Texas Intermediate, the US crude benchmark, settled $ 2.27 higher at $ 48.53. European shares rallied, extending strong gains from the previous session on expectations the US and European central banks will maintain equity-friendly monetary policy in the coming months. Large volume in the US stock market' s rally on Monday suggests that at least the downside momentum is now broken, said Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Sarasota, Florida. " The markets are playing off the fact that there' s a strong likelihood the market has now made a bottom, and we at some point will begin a year-end rally," Bittles said. The pan-European FTSEurofirst 300 closed up 0.65 percent, while MSCI' s all-country world stock index rose 0.28 percent, aided by a 1 percent gain earlier in Tokyo. A 7.7 percent gain in shares of DuPont after CEO Ellen Kullman said she would step down helped the Dow advance. But continued deterioration in biotechs kept a damper on US stocks, said Ryan Larson, head of US equity trading at RBC Global Asset Management in Chicago. The Nasdaq Biotech index fell 3.8 percent, with 126 of its 142 constituents trading lower. " It' s really hurting the growth trade, the momentum trade today, and that' s apparent in the smaller Russell indices," Larson said. The Russell 2000 index was off 0.70 percent, while the Dow Jones industrial average closed up 13.76 points, or 0.08 percent, to 16,790.19. The S & P 500 fell 7.13 points, or 0.36 percent, to 1,979.92 and the Nasdaq Composite lost 32.90 points, or 0.69 percent, to 4,748.36. The US dollar slipped 0.69 percent against major currencies on continued expectations the Fed will not this year hike rates for the first time in almost a decade. Commerce Department data showing the largest expansion in the US trade deficit in five months in August reinforced expectations the Fed would delay hiking rates until next year. A weak US jobs report on Friday has also driven such expectations. " People are still very skeptical about the Fed raising rates this year," said Thierry Albert Wizman, interest rates and currency strategist at Macquarie Ltd in New York. The dollar was last down 0.2 percent against the yen at 120.21 yen. The euro was last up 0.8 percent against the dollar at $ 1.1274. US Treasuries prices also gained on the increase in the US trade deficit, which reinforced the view of slowing global demand. Benchmark 10-year Treasuries notes were up 6/32 in price to yield 2.0350 percent. Yields on 10-year German Bunds, the benchmark for euro zone borrowing costs, rose 2 basis points to 0.59 percent -. Reuters |
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