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| 04-Aug-2009 10:28 |
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Market News that affect STI
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Asian Stocks Rise on Earnings, Commodities; Panasonic Advances By Jonathan Burgos and Masaki Kondo Aug. 4 (Bloomberg) -- Asian stocks rose for a fourth day, paced by material producers, after commodities prices climbed, HSBC Holdings Plc and Panasonic Corp. earnings beat estimates and Hyundai Motor Co.’s sales gained in the U.S. BHP Billiton Ltd., the world’s largest mining company, and smaller rival Rio Tinto Group both rose more than 3 percent in Sydney. HSBC added 7.7 percent, leading gains in Hong Kong. Panasonic, the world’s largest maker of plasma televisions, climbed 1.3 percent in Tokyo and Hyundai Motor Co., South Korea’s largest carmaker, jumped 4.1 percent in Seoul. “I can’t see any negative news for the market,” said Fumiyuki Nakanishi, a strategist at Tokyo-based SMBC Friend Securities Co. “Worldwide government stimulus measures are taking effect and there are noticeable improvements in company earnings. Given we’re witnessing the historical turnaround of the market, a further rally wouldn’t be a surprise.” The MSCI Asia Pacific Index gained 1 percent to 114.20 as of 11:01 a.m. in Tokyo. The gauge has risen about 15 percent over the past three weeks as better-than-expected results from U.S. and Asian companies led to improved investor confidence. Japan’s Nikkei 225 Stock Average climbed 1.2 percent to 10,471.91, and all Asian benchmarks open for trading advanced. South Korea’s Kospi Index gained 0.9 percent. Australia’s S&P/ASX 200 Index advanced 1.5 percent. New Zealand’s NZX 50 Index added 1.7 percent. The MSCI Asia Pacific Index advanced to the highest since Sept. 25, nearing the level before the failure of Lehman Brothers Holdings Inc. The estimated price-earnings ratio on the gauge has risen to 25 times, compared with 18 times at the start of the year. Growing Optimism Futures on the Standard & Poor’s 500 Index were little changed today. The gauge advanced 1.5 percent and closed above 1,000 for the first time since November in New York yesterday on growing optimism the recession is ending as manufacturing activities improved around the world. The U.S. Institute for Supply Management said its factory gauge jumped to an 11-month high of 48.9 in July, while economists had expected the index would rise to 46.5. A reading below 50 indicates contraction. Another purchasing managers’ index showed manufacturing in China expanded, rising to the highest level in a year. Reports yesterday also showed manufacturing expanded in the U.K. for the first time in more than a year, shrank less in Europe than initially estimated and declined at a slower pace in Australia. Bank Earnings Shares of Bank of America Corp., Morgan Stanley and JPMorgan Chase & Co. rallied in the U.S. yesterday after HSBC Holdings Plc posted an unexpected profit. Among Asian banks, Mitsubishi UFJ Financial Group Inc., Japan’s largest bank by market value, and Sumitomo Mitsui Financial Group Inc., the nation’s second-biggest lender, reported last week that they returned to profit. Mitsubishi UFJ rose 1.7 percent to 610 yen. In Australia, the National Australia Bank, the nation’s biggest lender by assets, gained 2.2 percent to A$25.51 after Royal Bank of Scotland Group Plc upgraded the stock to “buy” from “sell.” Australia & New Zealand Banking Group Ltd., the nation’s fourth-largest lender, climbed 2.1 percent to A$19.39. The bank agreed to buy the Royal Bank of Scotland’s units in six Asian countries for $550 million. Panasonic added 1.3 percent to 1,522 yen in Tokyo. The company revised its operating-loss forecast yesterday to 20 billion yen ($210 million) for the six months to Sept. 30, less than a fifth of its earlier estimate, citing cost reductions and a recovery in demand. Oil, Metals, Mining BHP Billiton gained 4 percent to A$39.60. Rio Tinto Ltd., the world’s third largest mining company, jumped 5.7 percent to A$63.70. Komatsu Ltd., the world’s second-largest maker of earthmoving machinery, rose 2.4 percent to 1,597 yen in Tokyo. A gauge of six metals in London gained 4.9 percent to a level not seen since Oct. 3. Crude oil rallied 3.1 percent to $71.58 a barrel in New York yesterday, the highest settlement since June 12. Inpex Corp., Japan’s largest oil explorer, rose 1 percent to 737,000 yen. Woodside Petroleum Ltd., Australia’s second-largest oil producer, added 1.7 percent to A$45.67. Shares of chipmakers advanced after the California-based Semiconductor Industry Association said yesterday semiconductor sales rose 17 percent worldwide in the three months to June 30 from the first quarter. Samsung Electronics Co., the world’s largest maker of computer-memory chips, added 1.4 percent to 725,000 won in Seoul. Hynix Semiconductor Inc., the world’s second-largest maker of computer-memory chips, climbed 3.7 percent to 18,350 won in Seoul. Elpida Memory Inc., Japan’s biggest maker of memory chips, rose 1.7 percent to 1,196 yen in Tokyo. Hyundai Motor rose 4.1 percent to 94,000 won. The company said it will increase production in its U.S. assembly plant after vehicle sales last month rose 12 percent from a year earlier. Its affiliate Kia Motors Corp., whose U.S. sales also increased, gained 2.5 percent to 16,400 won. To contact the reporter for this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net. Masaki Kondo in Tokyo at mkondo3@bloomberg.net. Last Updated: August 3, 2009 22:10 EDT |
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| 04-Aug-2009 10:23 |
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U.S. stocks advanced as manufacturing and construction spending topped forecasts and China's factory output expanded. Copper reached a 10-month high and crude oil exceeded $70 a barrel for the first time since July 1.
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| 04-Aug-2009 10:11 |
Midas
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Midas
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IMO, now is a good time to accumulate even more b4 the release of Q2 results, but dyodd.
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| 04-Aug-2009 10:07 |
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| 04-Aug-2009 10:01 |
Midas
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Midas
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Yes, I agree with u, touching 90 should not be any problem, it is a matter of time.
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| 04-Aug-2009 09:59 |
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| 04-Aug-2009 09:50 |
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| 04-Aug-2009 01:19 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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This should be good news to all commodities stock like Ausgroup, Straits Asia, Golden Agri, Wilmar, etc. Commodities Jump to 6-Week High as Economic Growth Spurs Demand By Claudia Carpenter and Kim Kyoungwha Aug. 3 (Bloomberg) -- Commodities jumped to a six-week high, led by grains and metals, as signs the global recession is easing and a drop in the dollar bolstered expectations for demand. The Standard & Poor’s GSCI Index of 24 commodities rose as much as 3.3 percent, extending six straight monthly gains in the measure. Copper climbed to the highest in 10 months, soybeans advanced to more than $10 a bushel for the first time in a month and nickel rose to its most expensive since September. China’s manufacturing expanded in July, while a contraction in European factory output slowed for a fifth month, reports today showed. Spending on U.S. construction projects unexpectedly rose in June, a Commerce Department report today showed. In 2008, the GSCI fell 43 percent, the most since at least 1971, as recessions hit the U.S., Europe and Japan. “Our economists expect a moderate acceleration in economic growth going forward in the next few quarters and this should be supportive for demand for commodities,” said Eliane Tanner, an analyst at Credit Suisse Group AG in Zurich. China’s manufacturing growth may be shifting to housing “and this is of course positive for base metals” such as copper. The GSCI index gained 3.3 percent to 472.413 by 3:17 p.m. London time. Earlier it rose to 472.541, the highest since June 16. The measure advanced 1.6 percent in July. Assets managed against the GSCI were about $55 billion by the end of July, according to an e-mail today from Michael McGlone, director of commodity indexing at Standard & Poor’s in New York. Copper Advances Copper for delivery in three months on the London Metal Exchange rose as much as 5.1 percent to $6,008.75 a metric ton. The price is up 96 percent this year. Nickel climbed as much as 4.7 percent to $18,800 a ton, the highest since Sept. 15. Nickel is up 61 percent this year. “Chinese industrialization is coming back again,” said Brock Salier, an analyst at Ambrian Partners Ltd. in London. “Underlying fundamentals are still strong.” Gold for immediate delivery increased as much as 0.7 percent to $961.08 an ounce as the dollar’s decline spurred demand for the metal as an alternative investment. The dollar fell for a third day against the euro. “Where the U.S. dollar might well have been the haven currency to which capital fled during times of duress, it is now instead the currency from which capital flees,” economist Dennis Gartman wrote in his daily Gartman Letter today. “Clearly the weak dollar is a benefit” to grains, he wrote. Soybeans Gain Soybeans for November delivery advanced to $10.33 a bushel on the Chicago Board of Trade, the highest since June 19. Corn for December delivery climbed as much as 3.9 percent to $3.63 a bushel. Both grains may rise this week on speculation the coldest July in more than 100 years in parts of the U.S. Midwest delayed crop development, the latest Bloomberg survey showed. Copper and gold will rise the most among commodities by the end of the third quarter of 2010, as construction buoys copper demand and a drop in the dollar supports gold, Tanner said. Copper for delivery in three months will rise to $6,500 or $6,700 a ton by then and gold for immediate delivery will be at $1,100 to $1,200 an ounce, she said. “As long as markets bet on a rebound in global economies, the dollar should remain on a weak tone,” said Jerry Yoshikoshi, a senior economist with Sumitomo Mitsui Banking Corp. in Singapore. “This environment, which is positive for commodities, will last at least for the coming weeks.” Commodities Outlook Commodity prices may rise further in 2010 as the global recession abates, Nouriel Roubini, the New York University economist who predicted the financial crisis, said today. Crude oil advanced to $71.82 a barrel in New York, its highest since July 1. Oil may gain more than other commodities on a rebound in demand, and will average $70 to $75 a barrel next year, Roubini said. In 2009, the average so far is $53.71. “Optimistic” signs in the oil market may help lift prices to $80 a barrel by the end of this year, Iran’s OPEC Governor Mohammad Ali Khatibi said yesterday, the Shana news agency reported. White, or refined, sugar for October delivery climbed as much as 2.9 percent to $505.90 a ton, the highest since at least January 1989. “Fundamentally, the market is in short supply and prices will be supported,” said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt. To contact the reporters on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net; Kyoungwha Kim in Singapore at Kkim19@bloomberg.net Last Updated: August 3, 2009 10:41 EDT |
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| 04-Aug-2009 01:12 |
AusGroup
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AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m
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Hi shweli, I had earlier either replied to u or another forumer, something to the effect as below which I had in the past replied to some other forumer: BVol means the volume queueing to buy n SVol means the volume queueing to sell. Normally, I ignore them as at most times, they are fake queues to trick newbies n used by the BB to "block n thrust" (putting up
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