THE Fed said its staff economists also raised their outlook based on recent data even though the rate of unemployment was higher than expected.
'Consumer spending appeared to have stabilized since the start of the year, sales and starts of new homes were flattening out, and the recent declines in capital spending did not look as severe as those that had occurred around the turn of the year,' the Fed said.
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dealer0168
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17-Jul-2009 19:33
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My mindset is bullish as well. I hope STI to hit 2600 n everyone huat ah...........
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freeme
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17-Jul-2009 19:29
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Bank of America posts second-quarter profit of $3.2 billion, or 33 cents a share, topping estimates. But CEO Ken Lewis warns of more weakness in the global economy. STI got chance to break 2424 convincingly liao next wk. Time to load up for the next leg up!  |
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richtan
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17-Jul-2009 18:39
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Yen Rises After Jakarta Bombs; Stocks Advance on IBM Earnings By Justin Carrigan and Daniel Hauck July 17 (Bloomberg) -- The yen rose as bomb blasts in Indonesia sapped investors’ appetite for higher-yielding currencies. Stocks climbed after International Business Machines Corp. raised its earnings forecast. The Japanese currency rose 0.8 percent against the Indonesian rupiah as of 11:06 a.m. in London and advanced 0.8 percent against the Australian dollar. The MSCI World Index of 23 developed nations added 0.2 percent, the first five-day gain since May. Investors sought the perceived safety of the yen after explosions at two Jakarta hotels killed at least nine people. The MSCI World has surged 6.7 percent this week, the most since March, as forecasts from IBM and Intel Corp. exceeded analysts’ estimates and earnings at Goldman Sachs Group Inc. and Johnson & Johnson beat projections. Nouriel Roubini, the New York University economist who predicted the credit crisis, reiterated yesterday the U.S. recession may be over by the end of the year. “Investors have looked at the events in Indonesia and decided that’s a good reason to take profits on what has been a fairly bullish week in terms of risk tolerance,” said Simon Derrick, chief currency strategist in London at Bank of New York Mellon Corp., the world’s biggest custodian of financial assets. The yen rose against 15 of the 16 most-traded currencies, strengthening to 93.76 per dollar and 132.25 per euro. Treasuries rose for a second day, sending the 10-year note’s yield down 1 basis point to 3.56 percent. European Stocks Europe’s Dow Jones Stoxx 600 Index rose 0.5 percent, bringing its weekly gain to 6.9 percent, the biggest since November. Sandvik AB, the world’s largest maker of metal-cutting tools, led the advance, surging 5.4 percent in Stockholm after reporting an operating loss that was smaller than the company predicted last month. IBM advanced 1.1 percent in Germany. The world’s biggest computer-services provider posted second-quarter earnings that beat analysts’ estimates after the close of U.S. trading yesterday. Bank of America Corp., Citigroup Inc. and General Electric Co. are scheduled to report results today. Google Inc., the owner of the most popular search engine, tempered the outlook for the technology industry by reporting slowing sales in the second quarter. The shares retreated 3.5 percent in pre-market New York trading. Profits fell an average 35 percent at Standard & Poor’s 500 Index companies in the second quarter and will drop 21 percent from July through September, according to analyst projections compiled by Bloomberg. That would extend the streak of quarterly profit declines to a record nine, Bloomberg data show. CIT Talks Futures on the Standard & Poor’s 500 Index were little changed, as CIT Group Inc., the U.S. commercial lender that failed to get a federal guarantee for its bonds, said it’s in talks with potential lenders to secure funding. CIT may need as much as $6 billion to avoid filing for bankruptcy protection, according to CreditSights Inc. The MSCI Emerging Markets Index rose for a fourth day, gaining 1 percent to the highest level since June 15. The 22- country benchmark has climbed 6.2 percent this week, poised for the best weekly gain in more than two months. The Indonesian rupiah declined the most in two weeks against the dollar after the bombings, while the nation’s stocks and bonds slid. Indonesia went ahead with a 35 billion-yen ($374 million) sale of 10-year samurai bonds, a banker involved in the deal said. The offering was the first by a nation in the samurai market, where non-Japanese issuers sell yen-denominated bonds in Japan, since the collapse of Lehman Brothers Holdings Inc. in September. Emerging-Market Returns Hungary’s government sold 1 billion euros ($1.4 billion) of bonds, a banker involved in the deal said, its first international debt offering in more than a year. Emerging-market bond investors have recovered all their losses from the worst financial crisis since the Great Depression. JPMorgan Chase & Co.’s EMBI+ Index, which tracks total returns on the foreign-currency debt of developing nations, rose to 444.37 yesterday, the highest since the index began in December 1993. The gauge had dropped as much as 30 percent from May through October. It slipped to 444.32 today. Credit-default swaps fell, signaling an improvement in perceptions of credit quality, with the high-yield Markit iTraxx Crossover Index dropping 13 basis points to 708, according to JPMorgan Chase & Co. prices. Crude oil for August delivery fell 0.4 percent to $61.78 a barrel on the New York Mercantile Exchange, snapping two days of gains. To contact the reporters on this story: Justin Carrigan in London at jcarrigan@bloomberg.net; Daniel Hauck in London at dhauck1@bloomberg.net Last Updated: July 17, 2009 06:11 EDT |
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petertan4949
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17-Jul-2009 18:37
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after the changing of accounting rule, bank become richh overnite that they can even return the money (TARP) borrow from Fed, if you think they loss money then where the money they want to return come from. so from here you already know the bank result outright. Next week the world stock will explode skyward. happy day is here again. |
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petertan4949
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17-Jul-2009 18:32
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when they change the rule to accounting for banks, how to loss money? I will be surprise if they lose money. I am expecting record profit for citi and BAC.,or at least a tidy profit to make Wall st happy. Next week look like it will be a profitable week again. Luckily still hold these counter from near bankrupt price.
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ronleech
Master |
17-Jul-2009 17:19
Yells: "Believe in yourself. Ride with the waves......" |
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I think coming monday likely will be very active....hope BOA and Citi dun be too disappointing... | ||||||||||||||
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i780samsung
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17-Jul-2009 10:50
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it seems start to active again ... |
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Zelphon
Senior |
17-Jul-2009 09:57
Yells: "Hauttttttttt AHhhhhhhh !!!" |
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STI so sleepy today... Yawn... |
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TuaPekGong9413
Elite |
17-Jul-2009 09:40
Yells: "deity" |
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yesterday and today profit taking...thats why sti nvr cheong up....players all cashing out...somemore its weekend....many will not want to hold | ||||||||||||||
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wongmx6
Veteran |
17-Jul-2009 09:38
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I don't believe today STI is in Red. I'm confident that end of the day it will gain at least 25 Point. Guessing with confident..... |
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i780samsung
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17-Jul-2009 09:22
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DJ was up, good news from IBM.....STI so quite ...boring....or they are waiting for the price to go down first ...wait and see | ||||||||||||||
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iPunter
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16-Jul-2009 23:54
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I still remember, not too long ago, during the bull market, someone in the China market was interviewed... And he told the reporter that he was 'maximun bullish'... I think that same man may already be no more in this world by now... 
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i780samsung
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16-Jul-2009 22:27
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But I read CIT is small compared to e.g. it is not even 1/8 of Lehman. CIT bad news will be surpassed by the coming better news from big companies. Today JP Morgan announced 32% increase in profit ...see e.g. yahoo finance | ||||||||||||||
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Blastoff
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16-Jul-2009 21:50
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Stocks sputter on banksWall Street wobbles as JPMorgan's strong results counter worries about a possible CIT bankruptcy.The Dow Jones industrial average (INDU) was little changed in the early going. The S&P 500 (SPX) index lost 2 points, or 0.2%. The Nasdaq composite (COMP) was little changed. "JPMorgan Chase is doing really well," said Len Blum, managing director at Westwood Capital. "They've got really strong capital and they paid back TARP. Their losses in credit cards were more than offset by gains in trading." Blum said that this, combined with strong earnings from Goldman Sachs (GOLD) earlier this week, should offset some of the sting from CIT. However, there could still be bad news ahead from some of the bank earnings. "You've got the winners and the losers, and the distinction between the two will become more obvious with time," he said. "The impression is that the rest of the banking sector isn't as good as JPMorgan Chase and Goldman Sachs. There's a little bit of trepidation about the banking sector." On Wednesday, stocks surged on the back of better-than-expected earnings and optimistic guidance for the second half of the year from tech giant Intel (INTC, Fortune 500). All three major indexes jumped 3%, with the Dow adding 256 points. Also helping Wall Street rally Wednesday: the Federal Reserve said that even though unemployment will likely top 10% this year, the end of the recession is in sight, according to the minutes from its latest meeting. The Fed said the nation's gross domestic product, the broadest measure of economic activity, should decline by between 1% and 1.5% in 2009, compared to an earlier forecast of a drop of between 1.3% to 2%. JPMorgan Chase: The financial leader reported earnings of 27 cents per share, including the money paid back to TARP, leaving expectations in the dust. Analysts had expected to report a profit of 4 cents per share, according to a consensus of opinion from Briefing.com. That compared to 54 cents a year ago. JPMorgan Chase (JPM, Fortune 500) stock fell 2%. Economy: The Labor Department reported that weekly jobless claims dropped to 522,000 in the week ended July 11, down from the prior week's revised figure of 569,000. Economists surveyed by Briefing.com expected that 552,000 people collected jobless benefits for the first time in the most recent week. After the open, the Philadelphia Fed index, a regional reading on manufacturing, is expected to have weakened to negative 5 in July from negative 2.2 in June. Foreclosure filings in the first half of the year reached a record 1.53 million, according to a report early Thursday from online foreclosure marketplace RealtyTrac. CIT: CIT Group (CIT, Fortune 500), the cash-starved small business lender, said late Wednesday that it has been told it won't be getting much-needed bailout funds from the government anytime soon. While CIT is nothing near the size of some of the financial institutions that failed last year, it's not known what impact a possible bankruptcy would have on the economy. Trading in CIT was halted on the NYSE Wednesday. Earnings on tap: After the close, Google (GOOG, Fortune 500) is expected to report a profit of $5.08 per share versus $4.63 a year ago. IBM (IBM, Fortune 500) a Dow component, also reporting after the closing bell, is expected to say it earned $2.02 per share versus $1.98 a year ago. Major earnings reports will continue into Friday, with Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500), and General Electric (GE, Fortune 500) reporting results before the opening bell. Investors are paying close attention to the guidance from companies for the coming quarters. Global markets: Asian stocks rallied after China reported better-than-expected second-quarter economic growth. Tokyo's Nikkei index ended up 0.8%. European markets rallied in afternoon trading. Oil and money: The price of oil dropped 82 cents to $60.72 a barrel. The dollar fell versus major international currencies, including the euro, the pound and the yen. |
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richtan
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16-Jul-2009 12:35
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Asian Stocks Rise for Third Day on Growth Optimism; Rio Gains By Jonathan Burgos and Weiyi Lim July 16 (Bloomberg) -- Asian stocks advanced for a third day, led by automakers and mining companies, as an improvement in U.S. manufacturing gauges and faster economic growth in China fueled optimism the global economy is recovering. Toyota Motor Corp., which gets 31 percent of sales from North America, gained 2 percent. Komatsu Ltd., the world’s No. 2 maker of earthmoving equipment, jumped 4.2 percent. Rio Tinto Ltd., the world’s No. 3 mining company, added 4.4 percent after commodity prices gained and Bank of America’s Merrill Lynch & Co. unit raised earnings estimates. Jiangxi Copper Co., China’s largest producer of the metal, rose 3.6 percent. The MSCI Asia Pacific Index advanced 1.6 percent to 103.19 as of 1:03 p.m. in Tokyo, taking its three-day gain to 5.2 percent. The gauge has rallied 46 percent from a more than five- year low on March 9 amid optimism government stimulus policies around the world will revive the global economy. “This upward trend will continue for some time, as economic indicators have confirmed the economy is recovering,” said Harvey Chang, a SinoPac Securities Investment Trust Co. fund manager who helps oversee about $1.5 billion. “There’s plenty of money in the market.” Japan’s Nikkei 225 Stock Average jumped 1.6 percent, while Hong Kong’s Hang Seng Index rose 1.9 percent. South Korea’s Kospi Index gained 0.8 percent. China’s Shanghai Composite Index added 0.7 percent after the country’s statistics bureau said the economy grew 7.9 percent in the second quarter after a 6.1 percent gain in the previous three months. Sinotruk, Canon Sinotruk (Hong Kong) Ltd., China’s biggest heavy-truck maker, jumped 17 percent after agreeing to sell a stake to Germany’s MAN SE. Canon Inc., the world’s largest camera maker, climbed 3 percent in Tokyo after the Nikkei newspaper reported earnings will rise. China Cosco Holdings Co., the world’s largest operator of dry-bulk ships, advanced 3.5 percent in Hong Kong after a gauge of shipping rates rose for a second day. Futures on Standard & Poor’s 500 Index lost 0.5 percent as lender CIT Group Inc. said it probably won’t receive a federal bailout. The S&P 500 climbed 3 percent in New York yesterday after Federal Reserve figures showed industrial production shrank 0.4 percent last month, the least in eight months. The New York Fed’s Empire Index rose to minus 0.6 this month, the highest level since April 2008. Toyota gained 2 percent to 3,540 yen. Honda Motor Co., which makes 45 percent of its revenue in North America, advanced 2.3 percent to 2,500 yen. Komatsu, which gets 25 percent of its sales from the Americas, jumped 4.2 percent to 1,439 yen. Rising Valuations The MSCI Asia Pacific index is heading for its first weekly gain in three amid signs Asian economies are rebounding. Stocks on the gauge are valued at an average 43 times reported earnings, up from the 15 times stocks were trading at during the market’s trough in March. Companies on the S&P 500 are currently at 14.8 times profit. Singapore on July 14 forecast a narrower contraction in its gross domestic product this year. New home sales in the city- state jumped 9.1 percent last month, government data released yesterday showed. Australian business sentiment turned positive in June for the first time since December 2007, a National Australia Bank Ltd. index released on July 14 showed. “A rebound in the economy won’t be very fast but we don’t have to be too pessimistic in that the situation is getting better,” said Mitsushige Akino, who oversees the equivalent of $522 million at Ichiyoshi Investment Management Co. “I’m expecting relatively good earnings reports from companies because they have finished clearing inventories.” Copper, Oil Optimism an expansion of manufacturing will boost demand for materials lifted prices for copper and oil yesterday. Copper futures leapt 4.1 percent in New York, the most since June 9. Crude oil jumped 3.4 percent, the steepest climb since June 23. Rio Tinto Ltd., the world’s third-largest mining company jumped 4.4 percent to A$52.30. Merrill Lynch & Co. boosted its 2010 earnings for the company by 20 percent. Goldman Sachs Group Inc. said Rio Tinto may get an earnings boost from rising demand for iron ore. BHP Billiton Ltd., the world’s biggest mining company, gained 2.2 percent to A$35.04. Mitsubishi Corp., which gets almost half of its sales from commodities, climbed 5.9 percent to 1,716 yen in Tokyo. Jiangxi Copper rose 3.6 percent to HK$13.78. Stocks in China gained as the country’s second-quarter economic growth rate beat economist estimates. A 4 trillion yuan ($585 billion) stimulus package and the scrapping of lending restrictions for banks helped trigger the revival in the world’s third-largest economy. Second-Largest Market Shenhua Energy Co., the nation’s biggest coal producer, rose 3.2 percent to HK$27.75. China Resources Enterprise Ltd., the retailer whose venture with SABMiller Plc makes China’s best-selling beer, added 2.4 percent to HK$18.12. Sinotruk soared 17 percent to HK$8.82. MAN, Europe’s third- biggest truckmaker, will pay 560 million euros ($788 million) for a 25 percent stake in Sinotruk, the companies said late yesterday. China has now overtaken Japan as the world’s second-largest stock market by value for the first time in 18 months. The Shanghai Composite has gained 76 percent this year compared with a 7 percent advance in the Nikkei 225. Canon climbed 3 percent to 3,120 yen. The company will likely report about 30 billion yen ($319 million) in operating profit for the three months to June, a 50 percent increase from the previous quarter, the Nikkei newspaper reported today. Demand for cameras grew, while that for office equipment remained weak, the newspaper said. Makoto Sugimoto, a Canon spokesman, said the company wasn’t the source of the Nikkei report. Baltic Dry Index Shipping stocks gained after cargo rates rose. The Baltic Dry Index, which measures the cost of shipping commodities, climbed 7.3 percent in London yesterday, taking gains in the past two days to 12 percent. China Cosco advanced 3.5 percent to HK$10.02. STX Pan Ocean Ltd., South Korea’s biggest bulk carrier, gained 1.8 percent to 11,150 won in Seoul. Mitsui O.S.K. Lines Ltd., the world’s largest operator of iron-ore vessels, jumped 3.3 percent to 593 yen in Tokyo. To contact the reporter for this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Weiyi Lim in Taipei at Wlim26@bloomberg.net. Last Updated: July 16, 2009 00:06 EDT |
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el7888
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16-Jul-2009 07:20
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WASHINGTON - THE Federal Reserve said onWednesday the recession-bound US economy is headed toward a second-half recovery and that this would likely lead to an easing of its unprecedented stimulus efforts. Although it gave no detailed forecast for the second half of 2009, the rebound would have to be robust to offset the 5.5 per cent pace of decline in the first quarter, on the heels of a 6.3 per cent slide in the fourth quarter of 2008. 'If this forecast comes true, the recession will end this year,' said Josh Feinman, chief economist at Deutsche Bank's DB Advisors. To achieve the figures in the Fed outlook, 'we're going to have to get some sort of growth and there would presumably be enough positive momentum to declare an end to the recession,' he said. 'But it's a forecast. It's a reasonable forecast, but it's still not a reality.' For 2010, the new Fed outlook saw growth in a range of 2.1 to 3.3 per cent, slightly better than its forecast from April. For 2011, the Fed called for growth in a range of 3.8 to 4.6 per cent. The Fed noted that despite the projected snapback, the economic remained weak with many downside risks. Although the overall economic outlook was better, the Fed also raised its forecast for unemployment, saying the jobless rate would peak this year in a range of 9.8 to 10.1 per cent, compared with its April forecast of 9.2 to 9.6 per cent. 'Most participants indicated that they expected the economy to take five or six years to converge to a longer-run path characterised by a sustainable rate of output growth and by rates of unemployment and inflation consistent with the Federal Reserve's dual objectives' on inflation and employment, the central bank said. The new forecast came in projections released with minutes of the Federal Open Market Committee from June, along with comments from Fed members and a discussion of the central bank's staff forecast. 'Almost all participants viewed the near-term outlook for domestic output as having improved modestly relative to the projections they made at the time of the April FOMC meeting,' the document said. -- AFP |
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el7888
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16-Jul-2009 07:08
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Wall Street surges on Intel earnings, Fed outlook
NEW YORK: Wall Street fired on all cylinders on Wednesday as the market was ignited by surprisingly strong results from tech giant Intel and an improved Federal Reserve outlook. |
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el7888
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16-Jul-2009 07:05
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Blastoff
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16-Jul-2009 07:00
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Big day on Wall StreetIntel's upbeat outlook and the Fed's improved forecast spark a big advance with all three major gauges up at least 3%. The Dow Jones industrial average (INDU) gained 256 points, or 3.1%. The S&P 500 (SPX) index added 27 points, or 3%. The Nasdaq composite (COMP) rose 63 points, or 3.5%. Both the Dow and Nasdaq saw their best one-day point gains in nearly four months. The S&P 500's gain was the best in two months. Intel (INTC, Fortune 500) reported profit and revenue late Tuesday that dipped from a year ago, but surpassed forecasts. Also, the chipmaker predicted better revenue growth in the third and fourth quarters thanks to improved demand for personal computers. With corporate demand still tepid, Intel's outlook will depend on consumers continuing to buy despite rising oil and gas prices and the ongoing recession. However, even with that caveat, investors embraced the forecast. "The good news about Intel is the forecast," said Kevin Mahn, managing director at Hennion & Walsh. "We know second-quarter results won't be very good for most companies, but we want to know the outlook is improving in the second half of the year." The rally intensified after the Federal Reserve said Wednesday afternoon that the end of the recession might be on the horizon. The advance was also a matter of "performance chasing," said Phil Dow, director of equity research at RBC Wealth Management. "You have record low levels of stock ownership and so on these kinds of days you see people pile in." He said that while the start to the financial reporting period was positive, it is too early to do a victory lap regarding second-quarter results. "So far you've seen a little better guidance," he said. "If that proves to be true through the rest of the reporting period, this could be the quarter that the economy turns around. But I don't think we're going to see that just yet." Thursday: JPMorgan Chase (JPM, Fortune 500) releases its quarterly financial report before the start of trading. The company is expected to report a profit of 4 cents per share versus 54 cents a year ago. Small-business lender CIT Group (CIT, Fortune 500) will also be in focus. The federal government could be set to announce a bailout of the struggling company within the next 24 hours. On the economic front, the Philadelphia Fed index, a monthly manufacturing report, is due shortly after the start of trading. RealtyTrac's report on foreclosure filings in the first half of the year is due in the morning. Additionally, the weekly jobless claims report from the Labor Department is on tap. Google (GOOG, Fortune 500) and IBM (IBM, Fortune 500) report results after the close Thursday. Profits set to drop: S&P 500 profits are expected to have fallen around 36% in the second quarter versus a year ago, according to the latest Thomson Reuters forecast. Worries about the corporate earnings outlook and the health of the economy have dragged on stocks over the last month -- following a three-month rally that lifted the S&P 500 by 40%. Mahn said Intel and Goldman Sachs were the first signs since that selloff began that maybe the economy is getting back on track after all. Fed: In the afternoon, the Fed released the minutes from the last policy meeting and the forecast through 2010. Information reviewed at the meeting showed the economy remained weak, although the pace of the decline seemed to be lessening. In its forecast, the Fed said that the unemployment rate could top 10% this year, but it also said that the recession may soon end. Intel: Intel shares jumped 7% and boosted other big tech stocks. Dow tech components Microsoft (MSFT, Fortune 500), IBM (IBM, Fortune 500), Cisco Systems (CSCO, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500) all gained. Big Nasdaq tech stocks gained too, including Oracle (ORCL, Fortune 500) and Applied Materials (AMAT, Fortune 500). Among other movers, oil stocks jumped in line with the underlying commodity prices. Dow component Chevron (CVX, Fortune 500) rose 2.5% and Exxon Mobil (XOM, Fortune 500) gained 3.4%. Banks on the move: On Tuesday, Goldman Sachs (GS, Fortune 500) reported a bigger-than-expected quarterly profit due to strength in its fixed income and trading businesses. Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500) and JPMorgan Chase report results either Thursday or Friday. Goldman and the other three bank stocks rallied, along with other big financial firms American Express (AXP, Fortune 500), Morgan Stanley (MS, Fortune 500) and Wells Fargo (WFC, Fortune 500). The KBW Bank index gained 4.3%. Economy: The consumer price index (CPI), a measure of consumer inflation, edged up 0.7% in June after rising 0.1% in May, according to a government report released in the morning. Economists surveyed by Briefing.com thought it would rise 0.6%. So-called core CPI, which strips out volatile food and energy prices, grew 0.2% versus a rise of 0.1% in May. Economists thought it would rise 0.1%. Industrial production fell 0.4%, according to another government report, versus forecasts for a drop of 0.6%. Industrial production fell 1.2% in May. Capacity utilization dipped to 68% from 68.2% in the previous month. Economists thought it would dip to 67.9%. Bonds: Treasury prices fell, raising the yield on the benchmark 10-year note to 3.56% from 3.47% Tuesday. Treasury prices and yields move in opposite directions. Other markets: In global trade, Asian markets ended higher and European markets ended higher. In currency trading, the dollar fell against the euro and gained versus the Japanese yen. U.S. light crude oil for August delivery rose $2.02 to settle at $61.54 a barrel on the New York Mercantile Exchange. COMEX gold for August delivery rose $16.60 to settle at $939.10 an ounce. Market breadth was positive. On the New York Stock Exchange, winners beat losers by more than nine to one on volume of 1.37 billion shares. On the Nasdaq, advancers beat decliners by almost five to one on volume of 2.58 billion shares. |
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richtan
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16-Jul-2009 01:03
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Below is my daily candlestick chart analysis for sharing and exchange pointers. My TA chart is posted to share n exchange pointers with those TA practitioner whom believes in TA. If u are a TA detractor, plse just ignore n refrain from peeping at my chart posting n start  making unconstructive comments. This is only my view n I may be right or wrong, so dyodd |
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