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Blastoff
Elite |
11-Aug-2009 13:09
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SINGAPORE shares were higher at midday Tuesday with the benchmark Straits Times Index up 47.23 points, or 1.85 per cent, to 2,596.58. About 1.26 billion shares were traded until the break. Gainers beat losers 312 to 147. |
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el7888
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11-Aug-2009 10:21
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SINGAPORE'S total trade rose by 3.8 per cent in the second quarter, after the 14 per cent contraction in the first three months, according to figures released by IE Singapore on Monday morning. This is the first positive quarterly growth since the fourth quarter of 2008. Compared to a year ago, there was also a slight improvement - total trade declined by 27 per cent in 2Q, after the previous quarter's fall of 28 per cent. Non-oil domestic exports (NODX) also increased by 7.6 per cent in 2Q, compared to a decline of 7.4 per cent in the earlier quarter. On a year-on-year basis, NODX declined by 14 per cent in 2Q, following the 26 per cent drop in 1Q, on lower shipments of electronic and non-electronic exports. The projected total trade growth in 2009 has been revised up to between -23 and -21 per cent from the previous forecast of -25 to -22 per cent, while NODX growth is narrowed to between -12 to -10 per cent, said IE Singapore. Total trade reached $178 billion in the second quarter, higher than the $165 billion in the first three months. Total exports and total imports declined by 25 per cent and 28 per cent respectively in 2Q. Electronic domestic exports shrank by by 23 per cent in 2Q, following the previous quarter's 32 per cent decline, while non-electronic NODX fell by 8.6 per cent in 2Q, compared to the 21 per cent contraction in the previous quarter. NODX to all top 10 markets except Taiwan contracted in the second quarter, with the biggest drop to the European Union, the US and Malaysia. 'There are some signs that the pace of slowdown in total trade has stabilised,' said IE Singapore. 'The world economy also seems to be stabilising. However, economic recovery is expected to be subdued as the recession is not over and global demand remains depressed.' For the remainder of this year, external conditions are expected to stay weak, cautioned IE Singapore. The projection for this year's total trade growth is raised to -23 to -21 per cent, up from the previous forecast of between -25 and -22 per cent. The slowdown in total trade has moderated though outlook for the rest of the year remains subdued, added IE Singapore, which also narrows the forecast for NODX growth this year to between -12 to -10 per cent. |
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el7888
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11-Aug-2009 10:10
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richtan
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11-Aug-2009 10:04
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Singapore’s Economy Expanded More Than Expected Last Quarter By Shamim Adam Aug. 11 (Bloomberg) -- Singapore’s economy expanded more than initially estimated last quarter as manufacturing and services improved, reinforcing the nation’s emergence from its worst recession since independence 44 years ago. Singapore’s gross domestic product gained an annualized 20.7 percent last quarter from the previous three months, after shrinking a revised 12.2 percent between January and March, the trade ministry said in a statement today. Second-quarter growth was more than a July 14 estimate of a 20.4 percent expansion, and compares with the median forecast for a 19.2 percent gain in a Bloomberg survey. Governments worldwide have pledged about $2 trillion in stimulus to counter the worst global slowdown since the Great Depression, helping stabilize sales by Asian companies including Nissan Motor Co. and Frasers Centrepoint Ltd. Singapore’s economy is “now in a stronger position,” Prime Minister Lee Hsien Loong said last week. “We are expecting a better second half for Singapore,” said Alvin Liew, an economist at Standard Chartered Bank in Singapore. “The global outlook is improving and there is some return in demand.” Asian nations from China to Malaysia have reported smaller declines in exports as the slump in demand eases. China’s economy grew 7.9 percent last quarter from a year earlier, while South Korea’s expanded at the fastest pace in almost six years from the previous three months. Samsung Electronics Co., Hyundai Motor Co. and LG Electronics Inc. are among exporters that reported increased profits last quarter. Singapore’s $182 billion economy contracted a revised 3.5 percent last quarter from a year earlier. That compares with the 4 percent decline predicted by economists in a Bloomberg News survey and was better than the July estimate. ‘Less Bad’ The economy is recovering after contracting 6.5 percent in the first half of 2009 from a year earlier, a decline that was “less bad than we feared,” Lee said Aug. 8. Singapore raised its 2009 economic forecast on July 14, after the manufacturing industry posted its best performance in five quarters in the three months to June. The government expects the economy to shrink between 4 percent and 6 percent this year, compared with a contraction of as much as 9 percent predicted earlier. It is still “too early to celebrate,” Lee said last week. “The outlook remains clouded. The advanced economies are not expected to bounce back soon.” Manufacturing, which accounts for a quarter of the economy, fell a revised 2.4 percent from a year earlier, after sliding a revised 24.1 percent in the three months ended March. Exports Slump The government said last month the recent improvement in drugs and electronics output may falter, preventing a quick recovery. Exports have dropped for 14 consecutive months, while industrial production fell for the first time in three months in June. “Our exports remain much lower than last year, and companies like Singapore Airlines Ltd. are still facing very tough conditions,” Lee said. Singapore Air, the world’s second-biggest carrier by market value, may consider further capacity cuts amid a decline in demand, Chief Executive Officer Chew Choon Seng said July 31. Visitor arrivals to the island have slumped as the global slowdown curbs business and holiday travel. Seagate Technology, the world’s largest maker of hard-disk drives, will close one of its factories in Singapore by the end of 2010, affecting as many as 2,000 employees, the company said Aug. 4. Singapore’s economy lost 18,600 jobs in the first half. ‘On Guard’ “We might see another wave of retrenchments later in the year,” Lee said. “We must stay on guard for more challenges to come.” The island’s services industry declined a revised 4.8 percent last quarter, after shrinking 5.1 percent in the first three months of the year. The construction industry gained a revised 18.6 percent from a year earlier as real-estate developers rushed to complete hotels and office towers. Genting Bhd., Asia’s biggest publicly traded casino operator, may open its S$6.6 billion resort in Singapore before the end of 2009, CIMB Investment Bank Bhd. said Aug. 4 after a recent visit to the site. Las Vegas Sands Corp. is targeting to open its casino-resort on the island by February. “As the integrated resorts open, the prospects for the services industry will be much better,” Standard Chartered’s Liew said. To contact the reporter on this story: Shamim Adam in Kuala Lumpur at sadam2@bloomberg.net Last Updated: August 10, 2009 20:00 EDT |
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richtan
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10-Aug-2009 21:07
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Japan’s Machinery Orders Rebound as Recession Eases (Update2) By Jason Clenfield and Keiko Ujikane Aug. 10 (Bloomberg) -- Japanese machinery orders rose for the first time in four months in June and the current-account surplus widened, the latest signs that the nation’s worst postwar recession is easing. Orders climbed 9.7 percent from May, the Cabinet Office said today in Tokyo, more than the 2.6 percent expected by economists. The surplus more than doubled from a year earlier to 1.15 trillion yen ($11.8 billion), expanding for the first time since February 2008 as exports improved. The Nikkei 225 Stock Average advanced, extending its rally in the past month to 13 percent as the global recession abated and cost cuts helped earnings at companies from Honda Motor Co. to Sony Corp. exceed analysts’ expectations. Even so, a separate report showed corporate bankruptcies increased in July, signaling unemployment may soon rise to a postwar high. “We shouldn’t be too optimistic about capital spending yet,” said Yoshiki Shinke, a senior economist at Dai-Ichi Life Research Institute in Tokyo. “Companies are still burdened with excess labor and capacity and the outlook for the economy is uncertain.” The Nikkei rose 1.1 percent, its highest close since Oct. 3. The yield on 10-year government bonds rose 2.5 basis points to a seven-week high of 1.455 percent. The yen traded at 97.25 per dollar at 3:26 p.m. in Tokyo from 97.39 before the machinery report. Election This Month Prime Minister Taro Aso is struggling to steer the economy toward a recovery as his ruling Liberal Democratic Party trails the opposition Democratic Party of Japan in polls ahead of an Aug. 30 election. A separate report today showed sentiment at merchants rose to a 22-month high, bolstered by the stock- market gains and Aso’s 25 trillion yen in stimulus spending. Machine orders, an indicator of capital investment in the next three to six months, will fall 8.6 percent in the current quarter, the government said. June’s gain was mostly due to a purchase of equipment used to generate nuclear power. Without that, orders would have risen about 2 percent or 3 percent, said Shigeru Sugihara, head of statistics at the Cabinet Office. Today’s figures add to signs the global economy is recovering from the worst recession since the Great Depression. The U.S. unemployment rate dropped for the first time in 15 months in July, prompting Nobel Prize-winning economist Paul Krugman to say yesterday that the economy “may be in the beginning of an upturn.” Analysts expect data next week will show the European economy shrank at a slower pace last quarter. Global Stimulus More than $2 trillion in spending by governments worldwide has stabilized global demand, helping Japanese manufacturers such as Kubota Corp., which is selling more farming equipment in China. Japan’s factory production rose 8.3 percent last quarter, rebounding from a record 22.1 percent plunge in the previous period. The current-account surplus rose 144 percent in June from a year ago, the Finance Ministry said. Exports fell 37 percent, less than the 42.2 percent in May. Imports slid 43.8 percent. The world’s second-largest economy probably grew for the first time in a year last quarter, expanding at an annualized 3.8 percent pace after a record 14.2 percent contraction in the first quarter, according to the median estimate of 20 analysts. Companies have raised earnings predictions and beaten analysts’ expectations over the past month. Some 15 percent of firms listed on the first section of the Tokyo Stock Exchange raised first-half earnings estimates since June, according to Tokyo-based Shinko Research, while 10 percent cut projections. Honda, Sony Honda Motor, Japan’s second-largest carmaker, last month reported net income of 7.5 billion yen in the quarter ended June 30, compared with a 40 billion yen loss forecast by analysts. Sony posted a net loss of 37.1 billion yen, half the 80 billion yen shortfall analysts predicted. “The worst is definitely over in terms of earnings, but the incentive to invest is very limited in a world in which production levels are so low,” said Junko Nishioka, chief economist at RBS Securities Japan Ltd. in Tokyo. Toyota Motor Corp. last week narrowed its loss forecast for the current business year, citing government incentives introduced in Japan, the U.S. and Europe to encourage car- buying. The company still estimates it will sell 3 million fewer cars than it has the capacity to build. The automaker plans to cut capital spending 36 percent this year. Smaller firms are struggling to get access to cash that would keep them in business. Corporate bankruptcies climbed 1.02 percent in July from a year earlier to 1,386 cases, Tokyo Shoko Research Ltd. said in Tokyo today. “Financial conditions aren’t stable yet on the whole,” said Masayuki Kichikawa, chief Japan economist at Merrill Lynch & Co. in Tokyo. “Corporate funding is improving among large companies, but not yet at small businesses.” Kichikawa said the increase in business failures puts pressure on the unemployment rate, which climbed to a six-year high of 5.4 percent in June, close to a record 5.5 percent. To contact the reporters on this story: Jason Clenfield in Tokyo at jclenfield@bloomberg.net; Keiko Ujikane in Tokyo at kujikane@bloomberg.net Last Updated: August 10, 2009 02:38 EDT |
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richtan
Supreme |
09-Aug-2009 22:49
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Tyson Says U.S. Slump Easing as Stimulus Takes Effect (Update1) By Shamim Adam and Liza Lin Aug. 9 (Bloomberg) -- U.S. data suggest the rate of the economic downturn has decreased and the impact of the nation’s stimulus plan should increase this quarter, said Laura Tyson, an outside adviser to President Barack Obama. There’s no reason for a second package right now, she said in an interview in Kuala Lumpur today. It’s too early to say the improvement in July jobs data is a trend, as the economy still faces risks including declining housing values and an overhang of unsold homes, she said, adding that the outlook is difficult to forecast. Tyson said on July 7 the U.S. should consider drafting a second stimulus package focusing on infrastructure projects because the $787 billion approved in February was “a bit too small.” She told CNBC three days later that it’s premature to plan for a second stimulus package. Since then, the economy has shown signs of improvement. The pace of U.S. job losses slowed more than forecast in July and the unemployment rate dropped for the first time in more than a year to 9.4 percent. Obama said the unemployment numbers indicate “the worst may be behind us” for the recession. The Commerce Department reported July 31 that U.S. gross domestic product shrank at a better-than-forecast 1 percent annual pace in the second quarter after a 6.4 percent drop in the prior three months. Tyson, a professor at the University of California’s Walter A. Haas School of Business, also said the economy is facing deflationary pressures. To contact the reporter on this story: Shamim Adam in Kuala Lumpur at sadam2@bloomberg.net; Liza Lin in Kuala Lumpur at llin15@bloomberg.net Last Updated: August 9, 2009 07:44 EDT |
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richtan
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08-Aug-2009 23:12
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U.S. Job Cuts Slow, Unemployment Rate Falls as Recession Eases By Shobhana Chandra Aug. 8 (Bloomberg) -- The pace of U.S. job losses slowed more than forecast last month and the unemployment rate dropped for the first time in more than a year, the clearest signs yet that the worst slump since the Great Depression may be ending. Payrolls fell by 247,000, after a 443,000 loss in June, the Labor Department said yesterday in Washington. The jobless rate unexpectedly dropped to 9.4 percent from 9.5 percent. The figures sent stock indexes soaring to their highs for the year and 10-year Treasuries to their worst week since 2003. At the same time, the White House warned the jobless rate is still likely to reach 10 percent, and with companies from Boeing Co. to Verizon Communications Inc. continuing to cut costs, any rebound in hiring may not come until 2010. “History will be written that the recession ended in the summer of 2009,” Alan Blinder, an economics professor at Princeton University, said in a Bloomberg Television interview yesterday. Blinder, vice chairman of the Federal Reserve from 1994 to 1996, added that while “we’re past the bottom” in terms of economic contraction, in employment “we’re still going downhill, but downhill at a slower rate.” The Standard & Poor’s 500 Stock Index closed up 1.3 percent at a 10-month high of 1,010.48 yesterday in New York. The yield on the benchmark 10-year note climbed to 3.85 percent from 3.75 percent the prior day. The dollar climbed 1.2 percent to $1.4178 per euro and 2.2 percent to 97.53 yen. Obama Comments President Barack Obama, speaking at the White House hours after the jobs report, said the unemployment numbers indicate “the worst may be behind us” for the recession. Revisions added 43,000 to payrolls previously reported for June and May. The average losses of 331,000 in the past three months are less than half the pace of decline in the first quarter of this year. The latest numbers brought total jobs lost since the recession began in December 2007 to about 6.7 million, the biggest decline in any post-World War II recession. Jeffrey Frankel, who sits on the National Bureau of Economic Research’s business-cycle dating committee, said the report indicates the recession may have ended in July as the labor market improved. “I haven’t felt that there have been any previous months for saying this will turn out to be the bottom, but this one is definitely a candidate,” Frankel said yesterday by telephone. Forecasts Payrolls were forecast to drop 325,000, according to the median of 82 estimates in a Bloomberg News survey. Job losses peaked at 741,000 in January, the most since 1949. The jobless rate was projected to rise to 9.6 percent. A separate Bloomberg survey in July showed the rate may top 10 percent by early next year and average 9.8 percent for all of 2010. Factory payrolls fell 52,000, the fewest in a year, after decreasing 131,000 in the prior month. That drop came even as the automobile industry added 28,200 jobs. The improvement in auto payrolls reflected the return of workers at General Motors Co. and Chrysler Group LLC, which have exited bankruptcy. Service industries, which include banks, insurance companies, restaurants and retailers, subtracted 119,000 workers after losing 220,000 in June. Retail payrolls fell by 44,100. Government payrolls rose by 7,000 after falling 48,000. The average work week grew to 33.1 hours in July from 33 hours in June. Average weekly hours worked by production workers increased to 39.8 hours, while overtime held at 2.9 hours. That brought the average weekly earnings up to $614.34. Workers’ average hourly wages rose 0.2 percent to $18.56 from June, and climbed 2.5 percent from July 2008. Consumer Spending Even so, economists predict consumer spending, which accounts for 70 percent of the economy, will be slow to gain speed. Wages and salaries fell 4.7 percent in the 12 months through June, the biggest drop since records began in 1960, according to Commerce Department data issued Aug. 4. Companies like Verizon and Boeing are still trimming expenses. New York-based telephone carrier Verizon last month said it may slash more than 8,000 jobs in the second half. Chicago-based Boeing, which is planning to eliminate about 10,000 workers, or 6 percent of its labor force, has agreed to allow some machinists to volunteer for a “layoff with benefits” to help mitigate job cuts, the International Association of Machinists and Aerospace Workers said July 28. ‘Challenging Times’ Emerson Electric Co., a maker of industrial equipment, will cut an additional 5,000 to 6,000 positions in the next few quarters, after it posted its third straight drop in quarterly earnings, the longest stretch since 2002. The St. Louis-based company has already eliminated 20,000 jobs. “Emerson is still seeing very difficult and challenging times around the world,” Chief Executive Officer David Farr said on an Aug. 4 conference call. Administration officials including Lawrence Summers, director of the White House National Economic Council, predict most new jobs resulting from Obama’s stimulus program will come only in 2010. The unemployment rate may not peak until the second half of 2010, Treasury Secretary Timothy Geithner said on ABC last week, even as the economy shows signs of improvement. To contact the reporter on this story: Shobhana Chandra in Washington schandra1@bloomberg.net Last Updated: August 8, 2009 00:00 EDT |
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richtan
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08-Aug-2009 23:10
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el7888
Veteran |
08-Aug-2009 14:34
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China to Scrutinize Stock Gains Without Capping Record Lending By Bloomberg News Aug. 8 (Bloomberg) -- Chinese officials said they will scrutinize gains in stock prices without capping new lending after a record $1.1 trillion of loans in the first half added to credit risks and threatened to cause asset bubbles. The government wants stock-market stability and is studying share-price rises, Vice Finance Minister Ding Xuedong said at a press briefing in Beijing yesterday. The People’s Bank of China has a range of tools to limit money supply other than controlling the size of lending, Su Ning, a deputy governor of the central bank, told the briefing. The Shanghai Composite Index has rallied 79 percent in 2009 and real-estate prices have rebounded, fueling concern that loans meant for infrastructure projects are being used for speculation. The government wants to cool asset markets without derailing the recovery of the world’s third-biggest economy, which grew 7.9 percent in the second quarter from a year earlier. Ding and Su’s comments show the key factor in policy decisions is “economic indicators, not asset markets,” said Gabriel Gondard, a portfolio manager at Fortune SGAM Fund Management Co. in Shanghai, which oversees about $7.2 billion. “Investors could read that as meaning liquidity levels will remain high, at least for now.” Shanghai’s benchmark stock index closed down 2.9 percent, before the briefing started, for the worst weekly loss since February. The measure fell by the most in eight months on July 29 amid concern that the central bank would rein in liquidity. ‘Fine-tuning Policy’ The government will monitor asset prices and create an “internal mechanism” to stabilize the stock market, the finance ministry’s Ding said, without elaborating. The central bank won’t consider asset prices when adjusting policies, said Su, who also elaborated on a reference in a quarterly monetary policy report to “fine-tuning” policy, saying that this happened continuously. “It’s not the policies that will be fine tuned, but the focus, intensity and pace of policies that will be fine tuned,” the central banker said. The surge in loans in the first half was due to the rollout of the government’s stimulus plan and lending won’t grow as quickly in the second half, Su said. The central bank scrapped quotas limiting lending in November last year to support the government’s 4 trillion yuan ($585 billion) stimulus package. It has left interest rates and banks’ reserve requirements unchanged this year, stepping up bill sales last month to soak up some of the extra cash in the financial system. Credit Quotas “Rate hikes and reimposition of credit quotas are unlikely until there is an official change in policy,” said Ma Jun, chief China economist at Deutsche Bank AG in Hong Kong. “An increase in the reserve requirement could be regarded as part of ‘fine tuning’ and therefore is possible in the next three to four months,” Ma said. The government will maintain a moderately loose monetary stance and an expansionary fiscal policy as domestic and external demand remain weak, Zhu Zhixin, vice chairman of the National Development and Reform Commission, told the briefing. Inflation isn’t a concern, Su said. “Harsh lending curbs would just hurt the economy,” said Sherman Chan, an economist with Moody’s Economy.com in Sydney. She said the government would do more to monitor lending. China’s banking regulator urged lenders on July 27 to ensure credit for investment projects flows into the real economy. Three days later, the regulator announced plans to tighten rules on working capital loans. Slower Loan Growth China Construction Bank Corp. President Zhang Jianguo said Aug. 6 that the nation’s second-largest bank will cut new lending by about 70 percent in the second half to avert a surge in bad debt. Construction Bank plans to extend about 200 billion yuan ($29 billion) of loans, down from 708.5 billion yuan in the preceding six months. The company’s new lending through June 30 was 42 percent more than for all of 2008. “We noticed that some loans didn’t go into the real economy,” Zhang, 54, said in an interview at the bank’s headquarters in Beijing. “I feel that some industries are expanding too rapidly. For example, housing prices are rising too fast, and housing sales are growing too fast.” Investors are split on whether a stock bubble is a threat. “This is a recovery story that is one of the strongest and most convincing in the world,” Chen Li, a Beijing-based strategist at Harvest Fund Management Co., which oversees about $22 billion, said Aug. 4. “I don’t think we’re in a bubble.” Credit Suisse Group AG said that it will be difficult to prevent a “huge and damaging bubble from emerging” without monetary tightening. --Kevin Hamlin, Eugene Tang, Nerys Avery, Yidi Zhao, Chua Kong Ho. Editors: Paul Panckhurst, Stephanie Phang. To contact the Bloomberg News staff on this story: Kevin Hamlin in Beijing on khamlin@bloomberg.net; Last Updated: August 7, 2009 12:00 EDT |
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ronleech
Master |
07-Aug-2009 22:25
Yells: "Believe in yourself. Ride with the waves......" |
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Hope the below news will clam the mkt |
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richtan
Supreme |
07-Aug-2009 22:20
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Ho Sei Liow!! Tues STI should go up, period stop. Period will end, cannot last forever, otherwise bleed to death. 
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el7888
Veteran |
07-Aug-2009 21:21
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China keen to boost growth, avoid loan quotas
BEIJING - China's government said Friday it will stick to policies aimed at boosting growth despite tentative signs of recovery in the world's third-largest economy, and will not impose quotas on bank credit. |
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iPunter
Supreme |
07-Aug-2009 20:59
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European and London bourses cheonged after falling before the news... ...  |
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edskh78
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07-Aug-2009 20:47
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US only lost 247,000 jobs in July and unemployment rate fell to 9.4%. This is good news | |||||||||||||
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teeth53
Supreme |
07-Aug-2009 20:43
Yells: "don't learn through life, learn to grow with life " |
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Stocks retreat as one after another report on job....as Seagate paln to retrench 2000 workers. http://business.asiaone.com/Business/News/Office/Story/A1Story20090803-158746.html THE job market shows signs of improvement but for one surprise blip: The number of jobs wiped out between April and June this year has doubled to 12,400. With this increase, Singapore is facing for the first time a situation it last encountered in the 2003 recession: a drop in employment level for two quarters in a row. Out-of-work residents attending training are not counted as unemployed. But such an artificial propping up of the jobless rate may not be sustained for long, say analysts 'At the rate things are panning out, I'm confident retrenchments might be capped at 30,000 for the whole year,' he said, a figure similar to the last peak in 1998 during the Asian financial crisis. |
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richtan
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07-Aug-2009 15:03
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richtan
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07-Aug-2009 11:11
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Alemak, dun know wat happens to the copy n paste, always create so much problem, retry from copy n paste from notepad: Research Weekly Asia We expect the liquidity rally in Hong Kong to sustain strength https://mail.google.com/mail/?ui=1&view=att&th=122f26af75fbbe33&attid=0.1&disp=vah&realattid=0.1&zw |
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richtan
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07-Aug-2009 11:07
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Research Weekly Asia
We expect the liquidity rally in Hong Kong to sustain strength
https://mail.google.com/mail/?ui=1&view=att&th=122f26af75fbbe33&attid=0.1&disp=vah&realattid=0.1&zw |
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Blastoff
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07-Aug-2009 07:15
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Stocks retreat as jobs report loomsMarkets slip as investors bail out of issues that helped lead the recent rally. July employment data weighs on Wall Street.  NEW YORK (CNNMoney.com) -- Stocks dipped Thursday -- ahead of the closely watched July jobs report -- with investors bailing out of tech, financial and commodity shares in a step back from the big rally of the past month.
The Dow Jones industrial average (INDU) lost 25 points, or 0.3%. The S&P 500 (SPX) index fell 5 points, or 0.6%. The Nasdaq composite (COMP) shed 20 points, or 1%. Friday brings the week's biggest economic report, the July jobs report. Employers are expected to have cut 328,000 jobs from their payrolls after slashing 467,000 jobs in the previous month, according to Briefing.com. The unemployment report, generated by a separate survey, is expected to have inched up to 9.6% from 9.5% last month. A worse-than-expected report could cause a big selloff on Wall Street, especially after the recent run up stocks have had. "The June numbers were worse than expected and stocks reacted badly," said Kenny Landgraf, principal and founder at Kenjol Capital Management. "You could see the same thing tomorrow if this report is too far off the estimates." He said that investors know the labor market is a lagging indicator for the economy, but nonetheless, the rising unemployment rate is alarming. Stocks surged in July and touched multi-month highs earlier this week, on relief that the economy and corporate profits seem to be close to stabilizing. But after hitting those levels Tuesday, stocks have slipped, with investors cashing out of some of the big winners during the run. Stocks have been more or less on the rise since the S&P 500 closed at 12-year lows on March 9. Since then, the S&P 500 has gained nearly 48%. The bulk of that advance came through mid-June, before stocks dipped in anticipation of weaker earnings. But a better-than-expected reporting period has recharged the advance. "I think we're preparing for a leg three of the rally, powered by better-than-expected economic reports," said John Merrill, chief investment officer at Tanglewood Wealth Management. He said that the next wave of the advance could take hold now or could be delayed by a small selloff of maybe five percent to seven percent on the S&P 500. "The economy is starting to improve because of inventory restocking, Asian growth and government stimulus, like the Cash for Clunkers program," Merrill said. Cash for Clunkers gives consumers a rebate of up to $4,500 in exchange for trading in a gas guzzler and buying a more fuel-efficient auto. The Senate is expected to approve another $2 billion in funding for the program shortly. Economy: The number of Americans filing new claims for unemployment to 550,000 last week from 588,000 in the previous week. Economists surveyed by Briefing.com thought claims would rise to 580,000, according to Briefing.com forecasts. The report was the latest lead-in to the monthly figures. On Wednesday, the monthly report from payroll-services firm ADP showed that private-sector employers cut 371,000 in July, worse than expected, but the smallest monthly total since October. A tepid batch of July retail sales from the nation's chains, released Thursday, showed the impact of the sluggish labor market. Results: Late Wednesday, tech bellwether Cisco Systems (CSCO, Fortune 500) reported lower revenue that met estimates and lower earnings that topped estimates. Looking forward, the company cut its current-quarter revenue outlook and CEO John Chambers said it was too soon to call a recovery. Shares of the Dow component were little changed Thursday. AIG (AIG, Fortune 500) continued to rise Thursday as investors piled in ahead of its quarterly results, due out Friday. The troubled insurer, 80% owned by the government, has nearly doubled its value this week, despite remaining mired in debt. Other troubled financials rallied too, including mortgage lenders Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), which were taken over by the government last year. The rest of the financial sector was mixed, with Dow component American Express (BAC, Fortune 500) up 3% and JPMorgan Chase (JPM, Fortune 500) down 2.5%. Procter & Gamble (PG, Fortune 500) slumped after the Dow component reported weaker quarterly results Wednesday and warned that it would post lower profit in the current quarter as well. Oil and gold: U.S. light crude oil for September delivery fell 3 cents to settle at $71.94 a barrel on the New York Mercantile Exchange, erasing bigger morning losses. Oil prices have been gaining over the last few weeks on bets that the global economy is close to turning a corner. Big oil stocks slipped, including Dow components Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500). COMEX gold for December delivery fell $3.40 to settle at $962.90 an ounce. Bonds: Treasury prices fell, raising the yield on the benchmark 10-year note to 3.75% from 3.74% late Wednesday. Treasury prices and yields move in opposite directions. Other markets: In global trading, European and Asian markets rallied. In currency trading, the dollar gained versus the euro and the Japanese yen. |
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iPunter
Supreme |
07-Aug-2009 05:47
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x 0 Alert Admin |
As long as the market is holding firm, there should not be too much to worry about... One should worry when the market turns sickly from the broad internal picture ...  |
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