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Blastoff
Elite |
15-Oct-2009 21:03
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Expect pullback from Dow 10,000Markets set for weak start as investors digest results from Goldman Sachs and Citigroup. Inflation gauge points to modest pressure.NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a lower open Thursday, as investors took a step back from Dow's rise above 10,000 and digested quarterly reports from Goldman Sachs and Citigroup.
Economic reports were also on investors' minds, as the government reported a key inflationary gauge showed slight signs of pressure. A separate report showed the number of people filing for first-time unemployment fell in the latest week, but slightly less than forecast. S&P 500, Nasdaq-100 and Dow Jones industrial average futures were lower but regained some ground following the economic reports. Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins. Wall Street rallied Wednesday on earnings optimism, following upbeat profit reports from Intel (INTL) and JPMorgan Chase (JPM, Fortune 500). The surge lifted the Dow to its first close above 10,000 in a year. "Once you breach a psychological barrier like that, the temptation is to think that those who have sat on the sidelines will get involved," said Ken Wattret, economist with BNP Paribas in London. "That could propel the market higher." But crossing the barrier could also inspire traders to cash in their chips and prompt a selloff, said Wattret. He said that it's hard to tell what type of impact that crossing Dow 10,000 will have on the markets. What's more telling, he said, is that "the momentum in the markets looks pretty strong," even if it does seem a bit "stretched." "As long as the earnings news remains quite favorable, why would the market fall out of bed right now?" said Wattret. Earnings: Goldman Sachs (GS, Fortune 500) reported better-than-expected third-quarter earnings of $3.19 billion, or $5.25 per share. Analysts had expected EPS of $4.24, according to Thomson Reuters. Goldman also reported third-quarter revenue of $12.37 billion. Chief executive Lloyd Blankfein attributed the strong quarter to "improving conditions and evidence of stabilization, even growth, across a number of sectors." Citigroup (C, Fortune 500), still reeling from the sharp pain of the credit crunch, reported a quarterly loss of 27 cents a share. Revenue topped $20.4 billion. JPMorgan Chase (JPM, Fortune 500) reported upbeat results Wednesday, helping to trigger the market rally. Economic reports before the bell: The Consumer Price Index, a key inflation gauge rose 0.2% in September, according to a consensus of economist opinion from Briefing.com. This is compared to the prior month, when the CPI rose 0.4%. The core CPI, which excludes volatile food and energy prices, is expected to have edged up 0.2% in September, slightly higher than the 0.1% forecast by Briefing.com. Core CPI gained 0.1% in August. The number of people filing for first-time unemployment fell to 514,000 last week, slightly better than the 520,000 expected by a consensus of economist opinion from Briefing.com. Jobless claims have now dropped five out of the previous six weeks. World markets: Upbeat sentiment about earnings lifted markets worldwide. In Asia, the Nikkei surged 1.8%. Major European indexes were higher in midday trading. Money and oil: The dollar was higher against the euro and the yen, and lower versus the British pound. The price of oil was little changed at $75.21 a barrel. On Wednesday, crude crossed the $75 level for the first time in a year. |
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Blastoff
Elite |
15-Oct-2009 11:18
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TOKYO Japanese share prices rose 2.11 per cent in morning trade on Thursday as investors took their cue from overnight gains on Wall Street, where upbeat earnings news lifted sentiment. The benchmark Nikkei-225 index climbed 212.41 points to 10,272.62 by the lunch break. The broader Topix index of all first section shares added 14.67 points, or 1.64 per cent, to 909.01. -- AFP HONG KONG Hong Kong share prices were 1.56 per cent higher in the first few minutes of trade on Thursday, with the benchmark Hang Seng Index adding 342.14 points to 22,228.68. KUALA LUMPUR At 9.30am today, there were 356 gainers, 61 losers and 152 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,255.60 up 8.76 points, the FBMACE was at 4,311.82 up 42.80 points, and the FBMEmas was at 8,456.37 up 62.79 of a point. Turnover was at 297.868 million shares valued at RM245.239 million. |
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Blastoff
Elite |
15-Oct-2009 07:15
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Dow 10,000: First close in a yearBlue-chip average ends at key milestone for the first time since Oct. 3, 2008 following better-than-expected results from JPMorgan and Intel. The Dow Jones industrial average (INDU) rose 145 points or 1.5%, finishing at its highest point since Oct. 3, 2008, when it closed at 10,325.38. The S&P 500 (SPX) index rose 19 points, or 1.8%, and the Nasdaq composite (COMP) added 32 points, or 1.5%. The advance was broad-based, with 25 of 30 Dow stocks rising. JPMorgan Chase (JPM, Fortune 500), Caterpillar (CAT, Fortune 500), Chevron (CVX, Fortune 500), Hewlett-Packard (HPQ, Fortune 500), IBM (IBM, Fortune 500), 3M (MMM, Fortune 500), United Technologies (UTX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were the biggest contributors to the Dow's gains. "Today's market action is all about Intel and JPMorgan and just earnings in general," said Tom Schrader, managing director at Stifel Nicolaus. He said that the weak retail sales report, released Wednesday, indicates that the economic recovery is not going to be smooth sailing. Nevertheless, "people are looking forward," Schrader added. While 10,000 is significant on a psychological level, it is not especially meaningful on a technical level. "I don't put a lot of weight into it just because it's a round number," said Rick Bensignor, chief market strategist at Execution LLC. "The Dow isn't a benchmark for most portfolio managers." He said that the number isn't going to bring in a new wave of buyers, not after the major gauges have spiked so much in the past seven months. Since bottoming at 12-year lows in March of this year, the S&P 500 has surged a little over 61% as of Wednesday's close, and the Dow has jumped 53%. "If the market keeps moving higher it will be because the earnings continue to surpass expectations," he said. Other than a few modest pullbacks, stocks have mostly managed to keep moving higher, with investors jumping in to buy the dips on worries that they are missing the boat. Repeated calls for a correction of 10% to 15% have gone unmet, and are likely to continue going unmet for the short term, Schrader said. "The problem is that it is consensus that we need a selloff and consensus is rarely right," he said. Earnings: Two Dow issues reported better-than-expected third-quarter results, following component Alcoa (AA, Fortune 500)'s better-than-expected profit report last week. The results have fueled hopes that the third quarter could mark a turning point for corporate profits in the same way it seems to have marked a turning point for the economy. JPMorgan Chase (JPM, Fortune 500) said it earned $3.6 billion in the quarter, as strength in its investment banking business tempered rising loan losses. The company said that consumer loan delinquencies are showing signs of stabilization, but that the trend may not continue. JP Morgan reported higher quarterly sales and earnings that topped analysts' estimates, according to tracker Thomson Financial. Shares gained 3.3% Wednesday. Late Tuesday, chipmaker Intel (INTC, Fortune 500) said quarterly sales and earnings fell from a year ago, but topped estimates. Intel also issued a bullish forecast, saying that it expects fourth-quarter revenue of between $9.7 billion and $10.5 billion versus the $9.51 billion consensus. Intel also said it expects gross margins, a key measure of profitability, in the 59% to 65% range versus the 56.7% consensus. Shares gained 1.7% Wednesday. Economy: Retail sales fell 1.5% in September, the Commerce Department said, surprising economists who were expecting sales to fall 2.1%. Sales rose 2.7% in August thanks partly to the impact of the government's Cash for Clunkers auto stimulus program. Sales excluding autos rose 0.5% in the month versus a rise of 1.1% in August. Sales were expected to rise 0.2%. Import prices edged up 0.1% in September, the government said, after climbing 1.6% in August. Export prices fell 0.3% in September versus a revised 1.6% in August. In the afternoon, the Fed released the minutes from the last interest-rate policy meeting. The bankers said that while the economic outlook has improved, activity is still weak. Additionally, most of the bankers raised their economic projections for the second half of the year and for the next two years. World markets: Global markets were mixed. In Europe, London's FTSE 100 rose 2%, France's CAC 40 gained 2.1% and Germany's DAX added 2.5%. Asian markets ended higher, with the exception of Japan. Bonds: Treasury prices tumbled, raising the yield on the 10-year note to 3.38% from 3.35% late Tuesday. Treasury prices and yields move in opposite directions. Currency and commodities: The dollar fell versus the euro and the yen, extending its recent losses. U.S. light crude oil for November delivery rose $1.03 to settle at $75.18 a barrel on the New York Mercantile Exchange, the highest level in a year. COMEX gold for December delivery fell 30 cents to $1,064.70 an ounce after ending the previous session at a record close of $1,065. Gold has been hitting record highs almost daily in response to a weak U.S. dollar and ongoing concerns about inflationary pressures. Market breadth was positive. On the New York Stock Exchange, winners beat losers five to two on volume of 1.35 billion shares. On the Nasdaq, advancers topped decliners by nearly three to one on volume of 2.38 billion shares. |
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Blastoff
Elite |
14-Oct-2009 12:19
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TOKYO Japanese share prices fell 0.25 per cent in morning trade on Wednesday as investors took profits after the market's five-day winning streak, dealers said. The benchmark Nikkei-225 index fell 25.43 points to 10,051.13 by the lunch break. The broader Topix index of all first section shares dropped 9.19 points, or 1.02 per cent, to 892.21. HONG KONG Hong Kong share prices were 0.96 per cent higher in the first few minutes of trade on Wednesday, with the benchmark Hang Seng Index adding 205.46 points to 21,672.82. SHANGHAI Chinese shares rose 1.03 per cent on Wednesday morning as oil firms jumped on higher crude prices overnight and hopes for decent third-quarter results also boosted market sentiment, dealers said. The Shanghai Composite Index, which covers both A and B shares, was up 30.16 points at 2,966.35. The Shanghai A-share index rose 31.73 points, or 1.03 per cent, to 3,113.11, while the Shenzhen A-share index gained 8.76 points, or 0.82 per cent, to 1,072.71. |
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Blastoff
Elite |
14-Oct-2009 07:02
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Stocks struggle, finish mixedThe Dow retreats one day after ending at a 1-year record. Weak bank stocks and a mixed J&J profit report weigh on Wall Street.  NEW YORK (CNNMoney.com) -- Wall Street struggled Tuesday as weakness in the financial sector and disappointment about Johnson & Johnson's results halted the Dow's attempt to reclaim 10,000.
The Dow Jones industrial average (INDU) lost 14 points, or 0.1%. The S&P 500 (SPX) index lost 3 points, or 0.3%, and the Nasdaq composite (COMP) ended just above unchanged. After the close, Dow component Intel (INTC, Fortune 500) reported quarterly sales and earnings that topped estimates. The chipmaker also issued a bullish forecast, saying that it expects fourth-quarter revenue of between $9.7 billion and $10.5 billion vs. the $9.51 billion consensus. Intel also said it expects gross margins, a key measure of profitability, in the 59% to 65% range versus the 56.7% consensus. Dow component JPMorgan Chase (JPM, Fortune 500) reports results Wednesday morning. The financial company is expected to report a profit of 49 cents per share versus 11 cents a year ago. Also Wednesday: reports are due on September retail sales, August business inventories and September import and export prices. Tuesday's market: Stocks slipped at the start as traders braced for the first big wave of quarterly results this week. Gold touched a fresh record high and the dollar weakened. Treasury prices rallied, sending yields lower. Stocks briefly turned higher in the late morning, before heading lower again. Since bottoming at a 12-year low in March, the S&P 500 has gained nearly 59%, as of Monday's close, with any modest pullbacks being met by a new wave of buying. With more than $3 trillion sitting in money market accounts and few better options, investors are feeling increasingly compelled to put cash into equities, said Rob Lutts, chief investment officer at Cabot Money Management. "The common thought is that the market has run ahead of a recovery and that a correction is going to happen, but the reality is that the money has to go somewhere," he said. "We probably are ahead of the fundamentals, but that doesn't mean we can't keep going higher," he said. The Dow has been moving closer to 10,000, a key psychological barrier that could give stocks another leg up, or trigger a selloff. The market last closed above 10,000 a year ago, on Oct. 3, 2008. Stocks posted tepid gains Monday on a light news day as investors got a little gun shy after pushing the Dow and S&P 500 to fresh one-year highs. On Tuesday, the focus turned to the quarterly results period, which heats up this week. Results: Last week, Dow component Alcoa (AA, Fortune 500) got the third-quarter results period underway, reporting revenue and earnings that topped estimates. That was good news to Wall Streeters, who are looking for revenues to have grown or at least stabilized after a second quarter in which topline growth was non-existent and any earnings improvement was driven by cost cutting. On Tuesday, Johnson & Johnson (JNJ, Fortune 500) became the second Dow component to report results. The drug and medical products maker reported higher quarterly earnings that beat estimates thanks to cost cutting and a one-time tax benefit. The company also reported weaker quarterly revenue that missed expectations. J&J boosted its 2009 earnings guidance to a range of $4.54 to $4.59 per share, versus an earlier range that topped out at $4.55 a share. Nonetheless, investors focused on the negative and shares fell 2.5%. Other Dow gainers included Home Depot (HD, Fortune 500), Chevron (CVX, Fortune 500), DuPont (DD, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500). Financials: Goldman Sachs (GS, Fortune 500) slipped 1.5% after Merideth Whitney Advisors downgraded it to "neutral" from "buy." That pressured a number of other financial shares, including Dow components Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Travelers Companies (TRV, Fortune 500). Bank of America said it will waive attorney-client privilege and hand over legal documents related to its controversial merger with Merrill Lynch. The company has been under pressure from regulators for months to provide more information on the purchase. CIT Group (CIT, Fortune 500) tumbled 11.5% after the lender's CEO said he would resign by the end of the year. Cisco: Cisco Systems (CSCO, Fortune 500) said it is buying Starent Networks (STAR) for $2.9 billion in cash. Starent makes gear that enables wireless carriers to tie their networks to the Internet. World markets: Global markets were mixed. In Europe, London's FTSE 100 fell 1.1%, while France's CAC 40 and Germany's DAX both lost 1.2%. Asian markets ended higher, with the Japanese Nikkei up 0.6%. Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 3.32% from 3.30% late Friday, as bond markets were closed Monday for Columbus Day. Treasury prices and yields move in opposite directions. Bond prices built on gains after Fed governor Donald Kohn said that while the pace of the economic recovery will pick up next year, the jobless rate will also keep rising, hitting 10% next year. Treasury saw strong demand for its two debt auctions: $30 billion in 3-month notes and $30 billion in 6-month notes. Currency and commodities: The dollar fell versus the euro and the yen. U.S. light crude oil for November delivery rose 88 cents to settle at $74.15 a barrel on the New York Mercantile Exchange. COMEX gold for December delivery rose $7.50 to settle at $1,065 an ounce, a record close. Market breadth was negative. On the New York Stock Exchange, losers beat winners nine to seven on volume of 1.14 bllion shares. On the Nasdaq, decliners topped decliners seven to six on volume of 1.32 billion shares. |
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Blastoff
Elite |
13-Oct-2009 07:08
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Dow finishes higher - but no 10,000 yetMajor indexes rose to the highest point in nearly a year on earnings optimism, but the market rally peters out late in the day. NEW YORK (CNNMoney.com) -- The Dow inched closer to the 10,000 level Monday, carving out a fresh one-year high despite a choppy day on Wall Street as strength in banks and commodities vied with weakness in technology. The Dow Jones industrial average (INDU) gained 20 points, or 0.2%, after rising as high as 9931.82 in the morning. The S&P 500 (SPX) index gained nearly 5 points, or 0.4%, and the Nasdaq composite (COMP) was barely changed. Stocks had posted bigger gains through the early afternoon but lost steam as the session wore on. Cisco (CSCO, Fortune 500), Hewlett-Packard (HPQ, Fortune 500) and Dell (DELL, Fortune 500) were among the big tech decliners, while heavy-weight Dow stocks such as Boeing (BA, Fortune 500) and United Technologies (UTX, Fortune 500) also retreated. The Dow is moving closer to 10,000, a key psychological level that could trigger a more aggressive wave of buying -- or a big selloff. The Dow last crossed 10,000 on Oct. 7, 2008, when it briefly touched 10,124.03. The Dow last closed above 10,000 on Oct. 3, 2008, when it ended at 10,325.38. Analysts say it could hit that point later this week, depending on how the third-quarter reporting period goes. In particular, investors are looking for another roundd of better-than-expected earnings and even some stabilization in revenue. "We're likely to see continued improvement on the heels of the increases we saw in the second quarter," said Dan Genter, president and CEO at RNC Genter Capital Management. He said that the results may not show topline growth yet, but they are likely to show that it is more than just cost cutting driving the broad profits recovery. "Assuming the earnings story doesn't blow up, stocks should keep moving higher," he said. Stocks have already seen a massive surge this year, with the S&P 500 spiking 58% through Friday's close after bottoming out at a 12-year low in March. Despite repeated calls for a big 10% to 15% selloff, the market hasn't given up more than 5% without buyers rushing back in. Genter said the market is likely to continue to avoid a big selloff, as many people remain under invested, with plenty of cash on the sidelines and no better place to put in than in stocks. Results: This week brings results from a number of market-moving companies, including Dow components Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), IBM (IBM, Fortune 500), Intel (INTC, Fortune 500), Johnson & Johnson (JNJ, Fortune 500) and General Electric (GE, Fortune 500). Google (GOOG, Fortune 500), Nokia (NOK), Citigroup (C, Fortune 500) and Goldman Sachs (GS, Fortune 500) are among the other big names due to report. Dow component Alcoa (AA, Fortune 500) started things off on a positive note last week, reporting earnings and revenue that were better than expected. The aluminum maker's strong revenue results were especially notable, with investors focused on possible revenue growth after a quarter of little to none. In the second quarter, there was little topline growth, and any improvement in earnings was driven mostly by cost cutting. That trend could continue in the third quarter, but if Alcoa is an indication, some sectors and companies may see improvement. Year-over-year profits are expected to have fallen more than 20% from the third quarter of 2008. World markets: Global markets were mixed. In Europe, London's FTSE 100 gained 0.9%, while France's CAC 40 and Germany's DAX both gained 1.4%. Asian markets ended lower, with the Hong Kong Hang Seng down 0.9%. The Japanese Nikkei was closed for a holiday. Currency and commodities: The dollar fell versus the euro and gained against the yen. U.S. light crude oil for November delivery rose $1.50 to settle at $73.27 a barrel on the New York Mercantile Exchange. COMEX gold for December delivery rose $8.90 to settle at $1,057.50 an ounce, the fourth straight record high for the precious metal. The bond market was closed for the Columbus Day holiday. Market breadth was mixed. On the New York Stock Exchange, winners beat losers eight to seven on volume of 946 million shares. On the Nasdaq, advancers topped decliners seven to six on volume of 1.79 billion shares. |
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Hulumas
Supreme |
12-Oct-2009 11:04
Yells: "INVEST but not TRADE please!" |
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Ha. ha.. ha... too early to conclude that!!!
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bennykusman
Veteran |
12-Oct-2009 10:48
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STI reallty cant go up ald... sad | ||||||||||
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erictkw
Veteran |
12-Oct-2009 10:23
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Singapore’s central bank said it will maintain a zero-appreciation stance in its currency policy, saying it expects the pace of an economic recovery to ease. The decision was forecast by all 12 economists surveyed by Bloomberg News. The government today raised its 2009 projection for the economy to a contraction of 2% to 2.5%, having previously forecast shrinkage of 4% to 6%. Gross domestic product rose an annualized 14.9% in the last quarter from the previous three months, the second consecutive expansion, the trade ministry said. The Monetary Authority of Singapore, known as MAS, uses its exchange rate rather than interest rates to conduct monetary policy by adjusting the center, slope or width of an undisclosed band in which the Singapore dollar is allowed to fluctuate against a basket of currencies. It announced no changes to the width or center of the band in today’s statement. “Against continuing weakness and uncertainties in the external economic environment, the strength of the recovery in the Singapore economy is expected to moderate beyond the initial uplift,” the MAS said. “MAS will therefore maintain the current policy stance of a zero% appreciation of the Singapore dollar’s effective exchange rate.” Singapore’s currency fell 0.4% to $1.3981 per US dollar as of 8:37 a.m., according to data compiled by Bloomberg. It has gained 3.3% this year. The MAS opted for faster currency appreciation over a six-month period in October 2007 and announced a strengthening in April 2008. It stopped seeking gains in October 2008. On April 14 this year, the central bank “re-centered” the trading band in a one-off devaluation and signaled it didn’t plan to add to the depreciation announced that day. The currency will slip 1.5% to $1.42 by the end of this year, according to the median estimate of 24 analysts surveyed by Bloomberg News. |
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erictkw
Veteran |
12-Oct-2009 10:03
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Singapore raised its 2009 economic forecast after gross domestic product expanded for a second consecutive quarter, strengthening a regional recovery that has prompted policy makers to consider ending stimulus measures. The economy will shrink 2% to 2.5% this year, less than an earlier forecast for a contraction of 4% to 6%, the trade ministry said in a statement today. GDP expanded an annualised 14.9% last quarter from the previous three months, the second consecutive expansion. Singapore’s benchmark stock index has surged 51% this year as a rebound in manufacturing helped the nation emerge from its worst recession since independence in 1965. Asia is leading the world’s recovery from its economic slump after policy makers slashed interest rates to unprecedented lows and governments announced more than US$950 billion ($1.32 billion) of stimulus. “Singapore is always the first in the region to provide a reliable GDP report so a strong reading would be a positive sign for other outcomes in the region,” said Matthew Hildebrandt, an economist at JPMorgan Chase & Co. in Singapore. “The worst of global economic turmoil is behind us,” reducing the need to further ease monetary policy, he said. The Monetary Authority of Singapore, known as MAS, maintained a neutral stance in its twice-yearly currency policy review today, favoring neither appreciation nor depreciation against its trade-weighted basket of currencies. The central bank opted for a de-facto devaluation of the Singapore dollar in April to help reverse a collapse in exports. The currency fell 0.3% as at 8:08 a.m. in Singapore. Raising Rates Central banks around the world have begun to indicate a willingness to raise interest rates as inflation returns with economic recovery. Australia last week became the first among the Group of 20 nations to raise borrowing costs since the height of the global financial crisis, and U.S. Federal Reserve Chairman Ben S. Bernanke said the Fed is prepared to tighten monetary policy when the outlook for the economy “has improved sufficiently.” “Uncertainties over the pace of the withdrawal of monetary and fiscal stimulus measures pose an additional risk,” the trade ministry said today. “While these factors may dampen growth in the second half of 2010 and result in an uneven recovery, the likelihood of a return to recessionary conditions is low in the absence of further financial shocks.” Singapore is forecast by economists including JPMorgan’s Hildebrandt to delay any change in its currency policy until April. The government is due to say this week if it will extend a programme that pays companies to retain workers. ‘Extremely Volatile’ “Singapore’s economy is extremely volatile” and the boost to growth from companies rebuilding inventory and government stimulus is starting to fade, said Hildebrandt. “Because of this uncertainty, we do not expect the MAS to change its monetary policy stance. The risk to inflation is still low so the MAS has no need to tighten policy.” The central bank expects inflation to be about zero this year, before accelerating to a range of 1% to 2% in 2010, it said in a statement today. Singapore’s US$182 billion ($255 billion) economy grew 0.8% in the third quarter from a year earlier, better than the median estimate for a 0.5% gain in a Bloomberg survey of 16 economists. The government has raised its 2009 economic forecast twice this year from an April prediction for a contraction of as much as 9%. Manufacturing Manufacturing, which accounts for about a quarter of the economy, rose 8.3% from a year earlier last quarter, after sliding a revised 1.1% in the three months through June. Improving demand for pharmaceuticals and electronics has prompted companies including Chartered Semiconductor Manufacturing Ltd. to predict sales will increase. Singapore’s industrial output climbed in the first two months of last quarter, and the island’s exports fell the least in almost a year in August. “The economy looks to have a broad-based recovery under way across most sectors,” said Philip McNicholas, an economist at IDEAglobal in Singapore. “The services sector, led by financial services and retail trade, should show further improvement and underpin the recovery. The same is true for much of the manufacturing sector, with the electronics cluster being a key driver.” The island’s services industry declined 2.4% last quarter from a year earlier, after falling 4.8% in the previous three months. The construction industry gained 12.4% as real-estate developers including Frasers Centrepoint Ltd. built homes, hotels and office towers. 2010 Growth The island’s private residential property prices rose last quarter for the first time in more than a year. The government said last month it would introduce new measures to prevent excessive price swings in the property market following signs that speculative home buying may be on the rise. “Looking ahead, the economy is not expected to sustain the strong pace of expansion” seen in the second and third quarters, the central bank said. “GDP growth in 2010 is expected to be slower than in previous post-recession periods.” |
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Blastoff
Elite |
12-Oct-2009 10:02
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Mkt seems not to respond very well to this new????? Anyone can comments on this?
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Blastoff
Elite |
12-Oct-2009 09:11
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SINGAPORE'S economy grew an annualised 14.9 per cent in the third quarter, driven by the continued expansion of biomedical and electronics manufacturing output. This is the second consecutive expansion, following a 22 per cent growth in the second quarter. Compared to a year ago, the economy grew by 0.8 per cent, after a 3.2 per cent contraction in the previous quarter. The manufacturing sector expanded by 35 per cent on a seasonally-adjusted annualised basis, on the back of the previous quarter's spike of 59 per cent. This increase was primarily due to a continued surge in the production of higher value active pharmaceutical ingredients in the biomedical manufacturing cluster, said the Ministry of Trade and Industry in a statement on Monday morning.. MTI added that trade-related and tourism sectors of the economy also improved on the back of a gradual stabilisation in global economic conditions. 'Taking these factors into account, MTI is upgrading the economic growth forecast for 2009 to -2.5 to -2.0 per cent,' it said. This is less than an earlier forecast for a contraction of 4 per cent to 6 per cent. 'A clear but modest recovery is underway globally, at least for the next three or four quarters,' said MTI. 'However, economic activity will probably remain below pre-crisis levels because of the drag on demand in the developed economies posed by high levels of spare capacity and tight credit conditions. A sustained recovery in private consumption and investment in the developed economies is needed to support growth momentum into the second half of 2010, it added. |
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dealer0168
Elite |
11-Oct-2009 19:07
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erictkw
Veteran |
09-Oct-2009 15:20
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The demise of the dollar
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pharoah88
Supreme |
09-Oct-2009 11:19
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BUY AUD A$ the BEST CURRENCY NOW........ HIGHEST INTEREST RATE........ 1st G7 to UP RATE......... |
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erictkw
Veteran |
09-Oct-2009 10:56
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Experts: Downside for Dollar, Upside for StocksWall Street analysts offer their take on the dollar's recent slide and its impact on equities, and address continuing labor market woesBy BusinessWeek staff The U.S. dollar fell again Thursday, continuing a recent spell of weakness that has concerned policymakers and investors alike. What did experts have to say about the greenback's decline and other key topics for the economy and markets on Oct. 8? BusinessWeek compiled comments from Wall Street economists and strategists: Vassili Serebriakov, Wells Fargo Bank Downward pressure on the U.S. dollar showed few signs of subsiding [in overseas trading Oct. 8]. Australia's September jobs report surprised on the upside, playing into expectations of further policy tightening by the Reserve Bank of Australia and lifting the Australian dollar to a 14-month high. While the U.S. dollar is slipping broadly, some of the strongest currency performers are found among the growth-sensitive emerging-market currencies including the Indian rupee and the Brazilian real. The euro also reached a two-week high against the dollar [on Oct. 8]. The European Central Bank left rates steady as expected and subsequent comments from the ECB President Trichet did not hint at any significant changes in the current policy stance. Trichet also made some remarks on the currency markets, saying foreign exchange volatility is "bad for economic stability" and that a strong U.S. dollar is "extremely important." These comments were nothing new and we doubt that they will be sufficient to reverse the current near-term trend of dollar weakness. Andrew Tilton, Goldman Sachs The financial crisis and recession have been a disaster for the U.S. labor market. It will take several years to return to normal, mid-single-digit unemployment rates even if the economic and labor market recovery proves to be very strong. Addressing the dire labor market situation will therefore be a central focus of both economists and policymakers for some time. [The Oct. 7] New York Times suggested that policymakers are contemplating new policies directly aimed at job creation, in particular the possibility of temporary tax incentives to firms that hire new workers. To mitigate the pain of existing unemployment, Congress also is considering a further extension of benefits for the jobless. We agree that a revival of the labor market will be central to economic recovery, but suspect that further demand-stimulus efforts, along with structural changes that decrease the effective cost of labor (without necessarily reducing wages) will have greater benefits than temporary tax changes. Sam Stovall, Standard & Poor's S&P's Investment Policy Committee elected to raise its 12-month price target [on the Standard & Poor's 500-stock index] to 1150 from 1100, and to increase its exposure to global equities. Specifically, we are recommending that investors reduce their cash exposure by five percentage points to a benchmark 10% allocation and add to worldwide equities by raising the U.S. equity exposure to 48% from 45% and the foreign allocation to 17% from 15%. We see equity prices benefiting from an expected gradual rise in global economic growth projections, a further weakening of the U.S. dollar, and the expectation of a continued improvement in corporate earnings per share. We acknowledge the potential for a pullback of 5% to 10% in the coming months, but we believe it would occur from a higher price level (if at all). |
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erictkw
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09-Oct-2009 10:10
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Blastoff
Elite |
09-Oct-2009 09:14
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Shanghai market opens today, wonder how it will react after 1 week of break? | ||||||||||
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Blastoff
Elite |
09-Oct-2009 07:07
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Stocks rally on earnings hopesWall Street welcomes Alcoa's better-than-expected results and a government report showing that the number of people filing for first-time unemployment declined.The Dow Jones industrial average (INDU) rose 61 points, or 0.6%. The S&P 500 (SPX) index gained 8 points, or 0.8%, and the Nasdaq composite (COMP) climbed 14 points, or 0.6%. Stocks ended mixed Wednesday as the previous two-day rally lost steam. Dow component Alcoa (AA, Fortune 500)'s after-the-bell announcement helped revive investors Thursday, starting off the financial reporting period on a positive note. Stocks steadily moved higher as the session wore on, with the Dow briefly posting triple-digit gains, as 21 of 30 components rose. "I think the market is clearly moving on expectations of better-than-expected earnings," said Tom Hepner, financial adviser at Ruggie Wealth Management. "But I'm just not sure we're going to see that. There are still plenty of reasons to think that the market has gotten ahead of the recovery." A weak dollar, along with rising oil and gold prices, gave a lift to dollar-sensitive multi-nationals such as Dow components 3M (MMM, Fortune 500), GE (GE, Fortune 500) and Johnson & Johnson (JNJ, Fortune 500). The oil rise lifted Chevron (CVX, Fortune 500), Exxon Mobil (XOM, Fortune 500) and other commodity names. Gold closed at a record $1,056.30 an ounce and hit an electronic trading high of $1,062.70 during the day Thursday. Market breadth was positive. On the New York Stock Exchange, winners beat losers by nearly three to one on volume of 1.28 billion shares. On the Nasdaq, advancers topped decliners five to four on volume of 2.42 billion shares. Results: Third-quarter S&P 500 earnings as a whole are expected to decline more than 20% from a year ago, with materials, energy and industrials leading the decline. That means S&P 500 earnings will have slumped for nine straight quarters, the longest streak since earnings tracker Thomson began calculating the numbers. But separate from the big picture, Wall Streeters are looking to see if individual companies are starting to see any earnings growth, beyond the impact of cost-cutting. In the second quarter, more than 70% of companies reported results that topped estimates, due to reducing costs. But few market-moving companies reported sales growth or revenue that topped estimates. Cost-cutting is expected to continue to drive results this quarter, but topline growth could be improving at least in some sectors, if Alcoa is an indication. The aluminum maker reported quarterly earnings and revenue that dropped from a year ago, but handily beat estimates. Shares rallied in extended-hours trading and also gained 2% Thursday. Economy: Around 521,000 Americans filed new claims for unemployment last week versus forecasts for 540,000, the Labor Department reported. The number was the lowest in more than 9 months. Around 554,000 Americans filed unemployment claims in the previous week. Continuing claims, a measure of those who have been receiving benefits for a week or more, fell to 6.040 million from 6.112 million the previous week. The Commerce Department said wholesale inventories fell 1.3% in August versus forecasts for a drop of 1%. Inventories fell 1.6% in the previous month. World markets: Global markets rallied. In Europe, London's FTSE 100 gained 0.9%, while France's CAC 40 and Germany's DAX both gained 1.3%. Asian markets ended higher. Currency and commodities: The dollar fell versus the euro and yen, extending its recent slide against a basket of currencies. U.S. light crude oil for November delivery rose $2.12 to settle at $71.69 a barrel on the New York Mercantile Exchange. COMEX gold for December delivery rose $11.90 to settle at a record $1,056.30 an ounce, the third straight record high for the precious metal. Bonds: Treasury prices tumbled, raising the yield on the 10-year note to 3.24% from 3.18% late Wednesday. Treasury prices and yields move in opposite directions. |
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Blastoff
Elite |
08-Oct-2009 07:04
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Stocks churn as dollar seesawsInvestors step back after a two-session advance as the greenback wavers and oil prices slump. Alcoa reports surprise profit. The Dow Jones industrial average (INDU) fell 6 points, or 0.1%. The S&P 500 (SPX) index rose 3 points, or 0.3%, and the Nasdaq composite (COMP) rose 7 points, or 0.7%. Stocks rose Monday and Tuesday, with the broad S&P 500 gaining just short of 3%, recovering most of what it had lost in the previous two weeks. The sharp advance was typical of the seven-month-old rally, in which investors have used small selloffs as an opportunity to jump back into stocks. But the rally ran into some resistance Wednesday as the dollar turned mixed and investors looked to the start of the third-quarter financial reporting period. Many investors are waiting to see how the earnings turn out before they either pile back into stocks in a big way or back out more aggressively. Currently, analysts expect third-quarter profits to have fallen around 24% versus a year ago, with the heaviest percentage losses expected in the materials, energy and industrials' sectors. Dow component Alcoa (AA, Fortune 500) got things started on the right foot after the close Wednesday, reporting quarterly earnings and revenue that fell from a year ago but surpassed analysts' estimates. Alcoa's report is typically seen as the symbolic start of the reporting period, as it is usually the first Dow component to report. While it was a positive omen, investors are likely going to remain on edge until the end of the month, when a majority of the earnings have been released. "In the vaccuum of earnings news, Alcoa's results are good, particularly because they beat on revenue," said Donald Selkin, chief market strategist at National Securities. "But Alcoa will only have a nominal effect on the market Thursday," he said, noting that it is the least-influential component on the price-weighted Dow. "Next week brings the heavyweights." Intel (INTC, Fortune 500), Google (GOOG, Fortune 500), Goldman Sachs (GS, Fortune 500) and a number of other financials are on the docket for next week. Financials are expected to post the best results of any sector, due to easy comparisons against an abysmal third quarter of 2008. The sector is expected to see earnings growth of 59%. The broad S&P 500 is expeced to see a drop in profits for the ninth quarter in a row, the worst since Thomson began tracking results a decade ago. Wary after the run: Investors are cautious both about earnings and because of the fast pace of the run since the March lows, said Harry Clark, founder and CEO at Clark Capital Management Group. "I think people are looking at the weakness in the jobs market and the run-up stocks have already seen, and they're a bit nervous," Clark said. However, he said that the last few days have indicated that any small selloff will be greeted with renewed buying interest. Also, as the end of the year draws nearer, hedge funds and portfolio managers will have to turn more cash into investments. That could give the market a year-end boost. Investors are aware that October has historically been a tough month, Clark said, citing the 1929 and 1997 crashes and major selloffs in the late '70s. But it can also be a positive month, particularly when it follows a strong September, like it did this year. Besides, 2009 has been a year that has consistently defied historical trends. Since bottoming at a 12-year low on March 9, the S&P 500 has gained 56%, and the Dow has gained 49% as of Tuesday's close. After hitting a six-year low, the Nasdaq has gained nearly 68%. On the move: Boeing (BA, Fortune 500), United Technologies (UTX, Fortune 500), 3M (MMM, Fortune 500) and Travelers Companies (TRV, Fortune 500) were among the biggest decliners on the blue-chip average. They were also among the biggest gainers in the early-week rally. But a late-session rally in a variety of financial stocks gave the market a boost. World markets: Global markets were mixed after rallying in the previous two sessions. In Europe, London's FTSE 100 lost 0.6%, while France's CAC 40 and Germany's DAX both lost around 0.3%. Asian markets ended higher. Currency and commodities: The dollar gained versus the euro and fell against the yen, reversing its recent slide against a basket of currencies. U.S. light crude oil for November delivery fell $1.31 to settle at $69.57 a barrel on the New York Mercantile Exchange. COMEX gold for December delivery rose $4.70 to settle at $1,044.40 an ounce after ending the previous session at a record $1,039.70. The previous record close of $1,020.20 was set two weeks ago. Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 3.19% from 3.25% late Tuesday. Treasury prices and yields move in opposite directions. 
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