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The man who knows...
and knows he knows....is wise.
Follow him.
Very chim! right?
WanSiTong ( Date: 13-Sep-2013 22:09) Posted:
Rule No. 1 : Never Lose Money
Rule No. 2 : Never Forget Rule No. 1
-------- Warren Buffett
Wording below too small !
WanSiTong ( Date: 13-Sep-2013 11:20) Posted:
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Trustee stock means can be trusted ! Those vested, huat arh..... Pang Sim !! lol
papayaface ( Date: 14-Sep-2013 12:16) Posted:
Just noticed that this share is a trustee stock.....as compared to those 'watchlist' kids. : )
Means can load up with CPF and wait.
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U.S. Stocks Rise as Disappointing Data Ease Taper Concern
By Nikolaj Gammeltoft & Lu Wang - Sep 14, 2013 4:42 AM GMT+0800
U.S. stocks rose, with the Dow Jones Industrial Average capping its best week since January, as disappointing economic data fueled bets that any Federal Reserve stimulus cuts this month would be moderate.
Safeway Inc. (SWY) advanced 6.1 percent after Credit Suisse Group AG raised its recommendation for the shares. Intel Corp. gained 3.6 percent after Jefferies Group LLC upgraded the stock. GameStop Corp. surged 6.1 percent as U.S. video-game sales saw the first monthly rise 2011, a research group said. Peabody Energy Corp. dropped 3.2 percent as the Environmental Protection Agency revises proposed rules for new power plants.
Sept. 13 (Bloomberg) -- Jeffrey Currie, the head of commodities research at Goldman Sachs Group Inc., talks about the outlook for commodities including gold. He speaks in Singapore with Haslinda Amin on Bloomberg Television's " Asia Edge." (Source: Bloomberg)
Sept. 13 (Bloomberg) -- President Barack Obama, House Speaker John Boehner and Majority Leader Eric Cantor comment on Republican efforts to delay and defund the Affordable Care Act. House Minority Whip Steny Hoyer, Senate Minority Leader Mitch McConnell, Senate Majority Leader Harry Reid, Senator Ted Cruz from Texas, White House Press Secretary Jay Carney, former Senator John Sununu and former U.S. President Bill Clinton also comment. (Excerpts. Source: Bloomberg)
The Standard & Poor?s 500 Index rose 0.3 percent to 1,687.99 at 4 p.m. in New York. The gauge climbed 2 percent in the past five days, its best week in two months. The Dow jumped 0.5 percent to 15,376.06. It advanced 3 percent this week, the most since Jan. 4. About 5 billion shares changed hands on U.S. exchanges, 16 percent below the three-month average.
?The view is that we?re recovering and continue to do it in a slow pace,? Channing Smith, who helps oversee about $1.2 billion at Capital Advisors Inc. in Tulsa, Oklahoma, said in a phone interview. ?The Fed will begin to taper but will be on a magnitude of $10 billion, which shouldn?t have an impact.?
Investors, who have been scrutinizing economic data to determine whether growth is robust enough for the Fed to slow stimulus following its Sept. 17-18 meeting, will see a reduction next week as no big deal, according to a Bloomberg Global Poll of investors.
Taper Forecasts
Fifty-seven percent of those surveyed say they don?t expect a sudden change in the markets because investors already anticipate tapering action.
A Commerce Department report today showed retail sales in the U.S. rose 0.2 percent, the smallest increase in four months and below the 0.5 percent advance seen in Bloomberg survey. Wholesale prices in the U.S. rose more than forecast in August, adding 0.3 percent on higher costs for food and some fuels.
A separate report showed inventories at companies increased more than forecast in July, trailing a gain in sales that signals a pickup in factory orders. The Thomson Reuters/University of Michigan preliminary September index of consumer sentiment fell to 76.8 from 82.1 last month, which was the lowest since April.
The Fed will taper its $85 billion in monthly bond-buying by $10 billion to $75 billion after next week?s meeting, according to the median forecast of economists in a Bloomberg News survey. Fed stimulus helped push the S& P 500 more than 150 higher from its March 2009 low, as better-than-estimated corporate earnings also fueled gains.
Syrian Uncertainty
The S& P 500 fell 0.3 percent yesterday, halting a seven-day win streak, amid concern that the U.S. has not ruled out military action against Syria. The threat of a U.S. strike roiled markets in August, dropping the S& P 500 to its worst performance since May 2012. The gauge has rallied 3.4 percent so far in September.
Secretary of State John Kerry reported a ?constructive? start to talks with his Russian counterpart over bringing Syria?s chemical weapons under international oversight, while giving no sign of a breakthrough. Kerry told Syrian opposition figures yesterday that the option of a U.S. military strike remains on the table.
?Syria had a negative impact on markets in August, and now the negative impact is coming off,? Randy Warren, chief investment officer at Warren Financial Service, said in a phone interview. His firm oversees $100 million.
Watching Congress
Investors are also watching renewed political wrangling over the approaching limit on federal spending. Government funding expires Oct. 1 and the Treasury is expected to exhaust its ability to borrow funds in mid-October, when it will hit the statutory debt limit.
U.S. House members left Washington for the weekend yesterday after leaders shifted strategies in an effort to win over dissenting Republicans willing to risk a financial crisis to sidetrack President Barack Obama?s health-care law. Republicans said they will try to use the spending-bill talks to delay the health-care law instead of defunding it.
The CBOE Volatility Index (VIX), the gauge of S& P 500 options prices known as the VIX, fell 0.9 percent to 14.16, capping an 11 percent five-day drop, its biggest weekly slide since July 5. The equity volatility gauge has tumbled 17 percent in September after rallying 26 percent in August, the biggest monthly gain since May 2012.
Broad Gains
All 10 main industries in the S& P 500 advanced today, with producers of consumer staples and utility stocks rising at least 0.8 percent. Procter & Gamble Co. added 1 percent to $79.05 and NRG Energy Inc. jumped 3 percent to $27.14.
Intel climbed 3.6 percent, the most since June, to $23.44 for the biggest gain in the Dow. Jefferies boosted its recommendation on the world?s largest chipmaker to buy from hold.
Safeway surged 6.1 percent to $28.20. Credit Suisse upgraded the second-largest U.S. supermarket chain to outperform, similar to buy, from underperform.
GameStop rose the most in the benchmark index, adding 6.1 percent to $52.45. U.S. sales of video-game products rose 1 percent last month to $521 million, the first four-week gain in almost two years, driven by new titles including Walt Disney Co.?s ?Infinity,? featuring collectible characters. GameStop is the largest retailer in the market.
Ulta Salon, Cosmetics & Fragrance Inc. surged 17 percent to a record $117.53 after reporting second-quarter earnings of 70 cents a share, beating the 67-cent average projection by analysts in a Bloomberg survey.
Environmental Regulation
Peabody Energy dropped 3.2 percent to $17.98. The stock has fallen three straight days after reports that the Obama administration would ban new coal plants without strict emission controls. The environmental rules are expected to be released next week. Cliffs Natural Resources Inc. lost 1.6 percent to $22.07.
Apple Inc. dropped 1.7 percent to $464.90. The world?s most valuable technology company lost 6.7 percent this week as the price of its new lower-cost iPhone disappointed analysts.
Twitter Inc. disclosed it had filed to go public in one of its 140-character postings yesterday, giving no other financial figures or details on when it will actually list. Twitter?s market debut will be led by Goldman Sachs Group Inc. and is likely to be the most anticipated initial public offering since Facebook Inc. listed last year.
?Healthy? Valuations
?What Twitter management and Goldman are doing is observing that valuations are at healthy levels and that it?s a good time to attempt an IPO of this scale,? Lawrence Creatura, a Rochester, New York-based fund manager at Federated Investors Inc., which oversees about $364 billion, said in a phone interview.
The S& P 500 trades at 16.2 times reported earnings, above the average multiple of 15.3 over the past five years, data compiled by Bloomberg show. The gauge has advanced 18 percent this year.
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World Markets
North and South American markets finished higher today with shares in Brazil leading the region. The Bovespa is up 0.92% while Mexico's IPC is up 0.83% and U.S.'s S& P 500 is up 0.27%.
North and South American Indexes
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Rule No. 1 : Never Lose Money
Rule No. 2 : Never Forget Rule No. 1
-------- Warren Buffett
Wording below too small !
WanSiTong ( Date: 13-Sep-2013 11:20) Posted:
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The following are the analysts covering OUE Limited.
| Date |
Analyst * |
Research House |
Recommendation |
Target Price |
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| 15/08/2013 |
Low Xin Yan
+65 6678 0420 |
BoA Merill Lynch |
Buy |
S$3.40 |
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| 15/08/2013 |
Wilson Liew
+65 6337 4430 |
Maybank Kim Eng |
Buy |
S$3.40 |
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| 05/08/2013 |
Lucas Tan
+65 6531 1229 |
Phillip Securities |
Accumulate |
S$3.24 |
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| 02/08/2013 |
Elaine Khoo
+65 6423 6435 |
Deutsche Bank |
Buy |
S$3.43 |
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| 02/08/2013 |
Vikrant Pandey
+65 6590 6623 |
UOB Kay Hian |
Buy |
S$3.63 |
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| 02/08/2013 |
Tata Goeyardi
+65 6671 8118 |
Religare Capital
Markets |
Hold |
S$3.28 |
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| 01/08/2013 |
David Choo
+65 6239 0651 |
HSBC |
Overweight |
S$3.10 |
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| 01/08/2013 |
Donald Chua
+65 6210 8606 |
CIMB |
Outperform |
S$3.32 |
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| 29/07/2013 |
Regina Lim
+65 6307 1516 |
Standard Chartered |
Outperform |
S$3.58 |
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| 22/07/2013 |
David Lum
+65 6329 2102 |
Daiwa Securities
Co. Ltd. |
Buy |
S$3.66 |
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| 18/07/2013 |
Yvonne Voon
+65 6212 3026 |
Credit Suisse |
Outperform |
S$3.50 |
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Due date : 12/10
Huat arh.........
WanSiTong ( Date: 13-Sep-2013 16:55) Posted:
The hen that laid the golden eggs !!
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The hen that laid the golden eggs !!
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Dry Bulk Shipping - Will the capesize rally spread?
The BDI rally over the past month has narrowly focused on capesizes, driven by robust Chinese restocking of iron ore. Capesize rates should rise for a couple more weeks, supported by good steel demand in China, though the action may not spread to the smaller vessels.
We stay Neutral on the sector, with Pacific Basin and Maybulk as top picks as they are fundamentally strong and trading below their SOP. Stock catalysts include a gradual but broad recovery in dry bulk rates from 2014. We have an Underperform call on PSL on valuation grounds, and particularly highlight STXPO as our top sell as it is technically insolvent. We lower our target for STXPO to W295 (from W1,380) in this report.
" Freight rates and ship values have bottomed out, but there is no tangible evidence to support a sustained recovery soon."
? Pacific Basin Interim Report 2013
Broad or narrow recovery?
The average BDI has risen 52% so far this quarter from its 2Q13 average, driven almost entirely by a 142% qoq rise in capesize rates. Iron ore stocks in China are low, crude-steel production in 2013 has recovered very nicely from a lacklustre 2012, and apparent steel consumption has remained robust. The numbers coming out of China for real-estate investment, floor space under construction, and auto and white-goods production look good.
For the moment, only iron ore demand has picked up, and only capesizes are feeling the tide. While there is a small hint of recent activity on the panamax side, the supramax and handysize segments remain lacklustre. We believe this is due to a 30% ship overcapacity, 3x more than that in past cyclical troughs, which limits onward rate transmissions when only one commodity is seeing a short-term demand increase.
How long will it last?
We expect capesize rates to stay high as long as Chinese iron ore restocking continues. Once that process is done, capesize rates may drop as quickly as they had risen, going by several examples in the recent past. An interesting point is, what would happen to share prices if capesize rates correct. After all, Pacific Basin?s share price has risen 18% over the past three months, and it does not even own a single capesize vessel.
The long view
As a result of the exceptionally high surplus rate, we should not expect dry-bulk freight rates to recover by very much or very quickly. Rates should bottom out this year, then rise slowly into 2014-15, assuming there is no major ordering binge. This gives us the confidence in our Outperform calls on the best-quality companies in the sector, even if there might be some short-term volatility. (Read Report)
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Global Equities
The US equities rally fizzled out as investors adopted a wait-and-see approach ahead of key announcements from the Federal Reserve next week. The Fed will meet Tuesday and Wednesday to discuss when and how fast it should taper its massive USD85 billion asset purchase program.
Upbeat data releases did little to support the bourses. Initial jobless claims fell to the lowest level since 2006 last week, the Labor Department said. The picture, however, was incomplete as two states missed some claims due to last-minute changes to their computer systems. Government data also showed the country is on track to recording the lowest budget deficit since 2008 as the gap between spending and revenue contracted further in August. The federal budget recorded a USD148 billion deficit, beating estimates for a USD150 million deficit.
On the corporate front, Dell shareholders approved Chief Executive Officer Michael Dell?s plans for a USD24.9 billion buyout to take the company private in an effort to revive growth in the world?s No. 3 PC maker. Separately, Twitter announced it has submitted the necessary fillings to start the process for an initial public offering. The Dow and the Nasdaq both ticked about 0.2% down, while the S& P 500 snapped seven sessions of gains to end 0.3% lower.
Europe shares ended flat after disappointing data readings raised fresh doubts on the region?s recovery. Industrial production in the euro zone fell 1.5% on-month in July, far below forecasts for a 0.1% rise. Elsewhere, Greece?s jobless rate notched a record high of 27.9% in June, more than double the Euro zone?s average rate of 12.1% in July.
Southeast Asia
Southeast Asia stocks tacked on, tracking overnight gains from Wall Street. Singapore's STI rose 0.4% while Malaysia's KLCI gained 0.2%. Indonesia?s JCI ticked 0.2% higher after the central bank surprised with yet another rate hike in an effort to battle a tumbling Rupiah and high inflation. Bank Indonesia?s reference rate now stands at 7.25%.
North Asia
North Asia bourses ended mixed on the lack of regional cues, and concerns the US Fed could start curbing its ultra-easy monetary policies as early as this month. Hong Kong equities ended flat while Taiwan?s TWSE recorded a 0.2% gain.
China stocks continued their winning streak to end 0.6% higher as investors cheered Premier Li Keqiang?s pledge to continue with the country?s reform initiatives. Financial plays rose on news of a planned free trade zone in Shanghai.
Japan equities fell 0.2% on profit-taking, even as downbeat economic data weighed. Core machine orders were flat on-month in July. On an annual basis, the figure gained 6.5%, below expectations for a 7.7% rise. South Korea?s Kospi ended flat as the country?s central bank held interest rates steady for the fourth straight month as widely expected. (Read Report)
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WE Holdings acquires Europtronic Group ?s component distribution subsidiary for a consideration of S$6.82 million
? Acquisition consideration based on Europtronic?s Net Adjusted Current Asset Value which includes fixed deposit of S$2.35million and cash of at least S$0.5 million as working capital and S$3.83 million1 in available banking facilities
? In line with the Group?s intention to achieve economies of scale in its component business and to broaden the Group?s revenue stream
Singapore and Hong Kong, 12 September 2013 ? WE Holdings Ltd (?WE Holdings? or the ?Company? and together with its subsidiaries, the ?Group?) is pleased to announce, in relation to its non-binding memorandum of understanding announcement on 9 July 2013, that today, the Company had entered into a conditional sale and purchase agreement (the ?Sale and Purchase Agreement?) with Europtronic Group Ltd (the ?Vendor?), a company listed on the Main Board of the Singapore Exchange Securities Trading Limited (?SGX-ST?), for the acquisition of all the issued and paid-up ordinary shares in the capital of Europtronic (Singapore) Pte Ltd
(?Europtronic?).
Europtronic, a wholly-owned subsidiary of the Vendor, is in the business of trading of electronic component and the provision of the handling services. Through the acquisition, the Company can leverage on Europtronic?s components business, which is in line with the Company?s intention to expand its components business to achieve economies of scale and to broaden the Group?s revenue stream.
The consideration for the acquisition (?Sale Price?) of S$6.82 million was based on the sum of the Net Adjusted Current Asset Value of Europtronic of S$4.82 million (as at 30 June 2013), and a premium of S$2.0 million. The Sale Price will be funded through the allotment and issuance of an aggregate of 130,152,672 new ordinary shares of the Company (?Consideration Shares?) at the issue price of S$0.0524 for each Consideration Share (?Issue Price?) 2 to the Vendor.
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Investing Rule :
" Survive First and Make Money Afterwards"
---------George Solos
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Asian Futures Drop as Silver Rebounds Crude Holds Steady
By Emma O?Brien & Adam Haigh - Sep 13, 2013 6:49 AM GMT+0800
Asian index futures declined, signaling stocks may snap an 11-day rally to trim the biggest weekly advance since April. Silver and gold pared back yesterday?s declines, while crude oil maintained its advance as the U.S. and Russia held talks on Syria.
Nikkei 225 Stock Average futures dropped 0.2 percent by 3 a.m. in Osaka and lost 0.9 percent in Chicago, while contracts on the S& P/ASX 200 Index fell 0.2 percent in Sydney. Standard & Poor?s 500 Index (SPX) futures were little changed after the gauge halted a seven-day climb and Twitter Inc. filed for an initial share sale. Silver rebounded from its biggest one-day tumble since June. West Texas Intermediate crude rose less than 0.1 percent to $108.63 a barrel by 7:48 a.m. in Tokyo.
Japan may confirm today that factory output grew for the first time in a year in July, after India unexpectedly reported a 2.6 percent increase in industrial production. New Zealand manufacturing growth slowed from a nine-year high last month. Economists surveyed by Bloomberg expect the Federal Reserve to cut bond purchases by $10 billion at its Sept. 17-18 meeting. U.S. Secretary of State John Kerry is meeting with his Russian counterpart over a deal to remove Syria?s chemical weapons.
?Investors paused for thought in the wake of the market?s recent strong run,? Matthew Sherwood, head of markets research in Sydney at Perpetual Investments where he helps oversee about $25 billion, said in an e-mail. ?The global economic rebound still remains fragile and below trend, and earnings growth forecasts are extremely optimistic for this environment.?
Index Rally
The MSCI Asia Pacific Index closed less than 0.1 percent higher yesterday, extending its longest run of daily gains since December. The gauge is up 2.9 percent this week, the most since the five days to April 26 and a second week of advances.
Futures on Hong Kong?s Hang Seng Index fell 0.1 percent in their most recent trading session, while contracts on the Hang Seng China Enterprises Index lost 0.2 percent. The Bloomberg China-US Equity Index of the most-traded Chinese stocks in New York dropped a second day, sliding 1.3 percent in the biggest one-day decline since Aug. 27. The S& P 500 fell 0.3 percent yesterday.
The yen lost less than 0.1 percent to 99.55 per dollar, after rallying almost 1 percent over the previous two days. Japan?s currency is still headed for a 0.4 percent drop in the week, after losing 1 percent in the five days to Sept. 6.
Industrial output in the world?s third-largest economy expanded 1.6 percent in July, according to preliminary figures to be finalized today, after falling every month since August 2012. India said factory production rose 2.6 percent in July, after falling 2.2 percent in June. The median estimate in a Bloomberg survey was for a contraction of 0.9 percent.
Rupee, Kiwi
One-month non-deliverable forwards on the rupee climbed 0.3 percent in early trading today to 64.31 per dollar. The currency, down 13 percent versus the dollar this year, weakened for the first time in six trading days yesterday, losing 0.3 percent to 63.5350 per dollar.
New Zealand?s dollar was little changed at 81.33 U.S. cents, after climbing the past five days. The currency, known as the kiwi, is posting the third-biggest gain among 16 major peers tracked by Bloomberg this week, rallying 1.7 percent versus the greenback. The nation?s central bank said yesterday that it would ?likely? raise interest rates in 2014.
The Australian dollar fell 0.1 percent to 92.64 cents, trimming a weekly jump of 0.9 percent.
Jobless Claims
U.S. jobless claims declined last week to 292,000, the lowest level since April 2006, as upgrades to computer systems in two states caused those employment agencies to report fewer applications, according to Labor Department data yesterday. An agency spokesman said that the upgrades played a major role in the drop in claims. Economists were expecting an increase to 330,000, from 323,000 in the previous week.
?We?re going to ignore the report given the Labor Day holiday and this computer problem which calls into question the efficacy of the data,? said Phil Orlando, New York-based chief equity strategist at Federated Investors, which manages about $380 billion in assets.
U.S. data last week showed payrolls climbed less than projected in August and gains for the prior two months were revised down. The Fed, which has made reductions in stimulus contingent on improvement in the U.S. job market, will probably pare its asset buying to $75 billion a month next week, according to the median of 34 economists? estimates compiled by Bloomberg.
U.S. Moves
Yields on 10-year Treasury notes closed little changed at 2.91 percent, after earlier dropping as much as five basis points.
The S& P 500 retreated after a seven-day rally pushed the index to a four-week high. The gauge is up 18 percent this year and had rallied 3.1 percent this month.
Commodity, financial and industrial shares led declines among the 10 main industry groups in the S& P 500, with only telephone shares advancing.
Barrick Gold Corp. dropped 5.5 percent as the precious metal slumped. Newmont Mining Corp., the largest U.S. gold producer, lost 4.2 percent. Lululemon Athletica Inc. tumbled 5.4 percent after cutting its earnings forecast. Pandora Media Inc. jumped 12 percent after naming digital-advertising veteran Brian McAndrews as its new chief executive officer.
Walt Disney Co. jumped 2.4 percent for the biggest gain in the Dow Jones Industrial Average on plans to buy back as much as $8 billion in stock.
Twitter IPO
Twitter said after U.S. markets closed that it filed for an initial public offering with the U.S. Securities and Exchange Commission. Goldman Sachs Group Inc. will be the lead underwriter on the IPO, according to a person familiar with the matter who asked not to be identified as the information isn?t public. The company was valued at about $10.5 billion last month by GSV Capital Corp., one of its investors.
The Stoxx Europe 600 Index fell 0.1 percent yesterday from the highest close since June 2008. The MSCI Emerging Markets Index dropped 0.2 percent, halting a six-day rally.
The S& P GSCI Index of commodities increased 0.7 percent in New York as gains in energy overshadowed declines in metals.
WTI?s gains have helped trim a 1.7 percent drop in the week.
Demand for crude from the Organization of Petroleum Exporting Countries will be 29.2 million barrels a day or 1.3 million a day lower than the group?s current production levels, the International Energy Agency said yesterday in its monthly market report. Saudi Arabia?s Oil Minister Ali Al-Naimi said the kingdom will meet additional demand as geopolitical concerns dominate the market.
Assad Comments
Syrian President Bashar al-Assad said any deal to surrender the nation?s chemical arsenal must be a ?two-way street? in which the Obama administration drops its military threats and stops arming Syrian rebels.
Assad said in comments broadcast on Russia?s state-run Rossiya 24 news channel that Syria would start providing information on its chemical weapons about a month after it signs an accord. Kerry said that the U.S. considers this timeline too slow and that any deal needs to include ?consequences if it doesn?t take place.?
Silver jumped 0.4 percent to $21.88 an ounce after sliding 6 percent yesterday, while gold gained 0.1 percent to $1,322.42 an ounce in early trading, after tumbling 3.2 percent yesterday. Copper futures fell 0.3 percent.
Crops Slide
Corn futures tumbled 1.3 percent to $4.6625 a bushel in U.S. trading and wheat fell after the U.S. government said domestic and world inventories will be bigger than forecast. Wheat also slid.
U.S. corn reserves on Aug. 31, 2014, will total 1.855 billion bushels, up from 1.837 billion forecast in August, after farmers harvest a record crop this year, the Department of Agriculture said. Global inventories will jump 24 percent to a 12-year high. World wheat production will gain 8.2 percent to a record 708.9 million metric tons, boosting inventories 1.4 percent next year, the agency said.
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By Nikolaj Gammeltoft & Aubrey Pringle - Sep 13, 2013 4:54 AM GMT+0800
U.S. stocks fell, halting a seven-day win streak for the Standard & Poor?s 500 Index, as materials producers slid amid growing concern over Syria and investors weighed the prospects for Federal Reserve stimulus cuts.
U.S. Stock Futures Little Changed 
Sept. 12 (Bloomberg) -- Jobless claims in the U.S. declined last week to the lowest level since April 2006 as upgrades to computer systems in two states caused those employment agencies to report fewer applications. First-time claims for unemployment insurance fell by 31,000 to 292,000 in the week ended Sept. 7, which also included the Labor Day holiday, according to Labor Department data released today in Washington. Betty Liu and Michael McKee report on Bloomberg Television's " In the Loop." (Source: Bloomberg)
Sept. 11 (Bloomberg) -- Mark Zuckerberg, founder and chief executive officer of Facebook Inc., talks about the U.S. government's surveillance programs, and Facebook's business strategy, growth and products. He speaks with Michael Arrington at the TechCrunch Disrupt conference in San Francisco. (Source: Bloomberg)
Sept. 12 (Bloomberg) -- Liz Ann Sonders, chief investment strategist at Charles Schwab Corp., Michael Gayed, chief investment strategist at Pension Partners LLC, and Steven Wieting, global chief strategist at Citigroup Inc.'s private bank, talk about the U.S. stock and bond markets. They speak with Trish Regan and Adam Johnson on Bloomberg Television's " Street Smart." (Source: Bloomberg)
The S& P 500 fell 0.3 percent to 1,683.42 at 4 p.m. in New York, snapping the longest streak of gains since July. The Dow Jones Industrial Average (INDU) slipped 25.96 points, or 0.2 percent, to 15,300.64. About 5.7 billion shares changed hands on U.S. exchanges, 4 percent below the three-month average.
? It shouldn?t be too surprising to see a modest pullback after the strong moves we?ve seen so far this month,? Ryan Larson, the Chicago-based head of U.S. equity trading at RBC Global Asset Management (U.S.) Inc., said in an interview. His firm oversees $290 billion. ?With data light over the next several sessions, potential headlines regarding Syria and the much anticipated FOMC meeting next week will garner much of the attention.?
The S& P 500 rallied 3.4 percent in September through yesterday, rebounding from the worst monthly loss since May 2012, as reports showed China?s economy has strengthened and the U.S. looked less likely to attack Syria.
Kerry Calls
The tensions increased today as U.S. Secretary of State John Kerry told top Syrian opposition figures in a phone call today that the option of a U.S. military strike remains on the table, according to a State Department official. Kerry arrived in Geneva for talks with his Russian counterpart on a proposal for Syria to surrender its chemical weapons.
Syrian President Bashar al-Assad set conditions for the U.S., saying a deal must be a ?two-way street? in which the Obama administration drops its military threats and stops arming Syrian rebels.
The tensions over Syria have competed for investor attention with concern about reductions in Fed stimulus. Investors have been scrutinizing economic data to determine whether growth is robust enough for the Federal Open Market Committee to pare back its monthly bond buying following its Sept. 17-18 meeting.
Report Glitch
A report today showed jobless claims in the U.S. declined last week to the lowest level since April 2006 as upgrades to computer systems in two states caused those employment agencies to report fewer applications.
?We?re going to ignore the report given the Labor Day holiday and this computer problem which calls into question the efficacy of the data,? said Phil Orlando, New York-based chief equity strategist at Federated Investors, which manages about $380 billion in assets.
Economists estimate the Fed this month will taper its stimulus by $10 billion a month, to $75 billion, according to the median of 34 responses in a Bloomberg News survey. The purchases have helped the S& P 500 rally as much as 153 percent since the beginning of the bull market in March 2009.
Volatility
Speculation about reductions has whipsawed stocks since May, when Fed officials first indicated cuts could start this year. The S& P 500 tumbled 5.8 percent from a record on May 21 through June 24. It rebounded 8.7 percent to close at its latest all-time high of 1,709.67 on Aug. 2. The gauge then slumped as much as 4.6 percent before the seven-day rally through yesterday brought it back to within 1.2 percent of the record and above the May 21 peak.
?The Fed has a golden opportunity next week to really provide the market needed visibility on the taper program,? Jim Russell, the senior equity strategist for U.S. Bank Wealth Management, said in an interview from Cincinnati. His firm oversees $112 billion. ?Next week is going to be crucial for the markets.?
The CBOE Volatility Index, the gauge of S& P 500 (SPX) options prices known as the VIX, rose 3.4 percent to 14.29. The equity volatility gauge has tumbled 16 percent in September after rallying 26 percent in August, the biggest monthly gain since May 2012. The index moves in the opposite direction to the S& P 500 about 80 percent of the time.
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World Markets
North and South American markets finished broadly lower today with shares in Mexico leading the region. The IPC is down 2.05% while Brazil's Bovespa is off 0.49% and U.S.'s S& P 500 is lower by 0.34%.
North and South American Indexes
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Singapore Press Holdings ST: short term rebound
Alternative scenario: the downside breakout of 3.95 would call for 3.87 and 3.82.
Our pivot point stands at 3.95. Our preference: short term rebound. Alternative scenario: the downside breakout of 3.95 would call for 3.87 and 3.82. Comment: the RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the share stands above its 20 day MA (3.98) but below its 50 day MA (4.06). Supports and resistances: 4.24 * 4.19 ** 4.14 4.02 last 3.98 3. 
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Wow! today volume for S'pore market is 9,400.6M, but value is only $ 1,741.1M
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China Shipyards: Early recovery signs
by DBS Vickers
? Orderflow is gaining momentum, driven by low orderbook to fleet ratio, low newbuild prices and rising BDI
? Capacity cuts a healthy industry development ...
? Upgrade YZJ to BUY and Cosco to HOLD
Positive industry developments. The dwindling orderbook to fleet ratio for containerships and bulk carriers to < 20% (vs mean of 25%), low newbuild prices, and rebound of BDI to c. 1500 points, have led to the 89% y-o-y surge in newbuild contacts YTD from a low base. This will likely sustain in the coming 3-6 months given the current strong enquiry levels and optimism of shipping recovery. In addition, a series of shipyard closures and/or capacity cuts in China is deemed positive as massive yard closures is often a precursor to a recovery in the industry. All these are positive signs that suggest that the industry is in an early recovery phase, in our view.
Upgrade Cosco to HOLD.
Cosco should benefit from the higher bulk carrier orders and efforts to build up its offshore order book. Cosco has secured orders of US$1.2bn YTD (60% of our FFY13 assumption). Upstream reported in early June that Cosco is signing contracts for two drillships worth US$650-700m each with X-Drill. If this materialises, Cosco will beat consensus' order win assumptions for this year. We raised our TP to S$0.83 as we roll over our valuation to FY14, on 1.4x PB (1.3x previously). Upgrade to HOLD.
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