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STI vs DOW
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mirage
Veteran |
16-Nov-2007 09:12
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NEW YORK (MarketWatch) -- U.S. stocks intensified losses Thursday to close a third day of declines this week as investors found dark spots in economic data and credit-related anxieties lingered.
"The downward spin is being accelerated by a combination of things; inflation numbers don't look that great and credit woes continue to weigh," said Peter Cardillo, chief market economist at Avalon Partners.
"We're now at about $50 billion in overall write-downs; the peak of the pain of the write downs may be behind us," said Jeffrey Kleintop, chief market strategist at LPL Financial Services.
 Listen to Kleintop. The Dow Jones Industrial Average ($INDU:
Dow Jones Industrial Average
Last: 13,110.05-120.96-0.91%
4:30pm 11/15/2007 Delayed quote data Sponsored by: Financial stocks were among the largest decliners among the blue chips, with Citigroup Inc. (C:
Citigroup, Inc
Last: 34.58-1.46-4.05%
4:00pm 11/15/2007 Delayed quote data Sponsored by: "Adding to the glum outlook on the housing market and the economy was a report from Wells Fargo that this is the worst housing market since the Depression. California reported a record $5 billion in foreclosure sales last month," said analysts at Action Economics.
The S&P 500 Index ($SPX:
S&P 500 Index
Last: 1,451.15-19.43-1.32%
4:59pm 11/15/2007 Delayed quote data Sponsored by: Nasdaq Composite Index
Last: 2,618.51-25.81-0.98%
5:16pm 11/15/2007 Delayed quote data Sponsored by: Oil and natural-gas stocks gave ground after inventory levels rose unexpectedly and oil prices fell, with crude futures down, dropping 66 cents to close $93.43 a barrel. See Futures Movers.
The Amex Natural Gas Index (XNG:
amex natural gas index
Last: 539.61-5.98-1.10%
5:12pm 11/15/2007 Delayed quote data Sponsored by: amex oil index
Last: 1,392.33-34.50-2.42%
5:12pm 11/15/2007 Delayed quote data Sponsored by: Volume on the New York Stock Exchange reached 1.4 billion, as declining stocks overtook those advancing by more than 3 to 1. On the Nasdaq, more than 2.3 billion shares traded, and decliners topped advancers, more than 2 to 1.
Fed factor
In early data, the government reported a 0.3% increase in the consumer-price index in October, with a 1.4% gain in energy prices fueling the rise. The core CPI, which excludes food and energy costs, gained 0.2% in October. See full story.
Both numbers were as expected.
Cardillo, however, cites of market worries that increased inflation might stop the Federal Reserve from cutting interest rates again, when policy makers meet in December.
 Listen to interview with Cardillo. In separate data, the Labor Department reported that first-time jobless claims last week jumped 20,000 to 339,000, more than had been expected. See full story.
"The trend in jobless claims has begun to show worrisome traits indicative of a weakening in labor-market conditions that, if continued, would be indicative of economic recession," said Tony Crescenzi, chief bond market strategist at Miller Tabak & Co.
Later indicators illustrated resilient factory activity in the Philadelphia and New York regions in November. Read more.
On the New York Mercantile Exchange, gold futures fell sharply, dropping $27.40 to close at $787.3. Read Metals Futures.
Companies in this story
Related MarketWatch news
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CWQuah
Master |
15-Nov-2007 11:13
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Today's market is GREAT..... for curing insomnia. A lot of passive trading today, other than Sino-Env. Crazy drop to as low as 2.07. Labroymarine is even more amazing. $137m forex loss only caused it to drop by a grand total of........ ONE CENT. |
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cashiertan
Elite |
15-Nov-2007 09:34
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usual can but it is always safer to watch at the side when it happens. only the BB's BB can enter and play. Normal BBs are suppose to sit and watch. unless u are the BB's BB, than i have nothing to say. nevertheless no guts no glory. some may like to take more risk, i dun. lol | |||||||||||||||||
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Manikamaniko.
Master |
15-Nov-2007 09:12
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hahaha... Agree with you about the effect of upcoming news...
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cashiertan
Elite |
15-Nov-2007 08:55
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dun trust the charts that much when major news days nearby. fri is a major day and next week. lots of impt news! | |||||||||||||||||
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Manikamaniko.
Master |
15-Nov-2007 08:44
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The Dow's 3-month Chart can look good and promising to a lot of chart readers...  |
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mirage
Veteran |
15-Nov-2007 08:39
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NEW YORK (MarketWatch) -- U.S. stocks closed sharply lower Wednesday, with selling accelerating in the final moments of trade, as investors mulled reduced odds of another Federal Reserve interest-rate cut in light of positive economic data that included benign wholesale inflation.
After listing modestly higher much of the day, the Dow Jones Industrial Average ($INDU:
Dow Jones Industrial Average
Last: 13,231.01-76.08-0.57%
5:01pm 11/14/2007 Delayed quote data Sponsored by: The S&P 500 ($SPX:
S&P 500 Index
Last: 1,470.58-10.46-0.71%
4:59pm 11/14/2007 Delayed quote data Sponsored by: Nasdaq Composite Index
Last: 2,644.32-29.33-1.10%
5:16pm 11/14/2007 Delayed quote data Sponsored by: The tentative trade that dominated much of the session made sense, given Tuesday's climb, which had the Dow making its biggest single-day jump in eight weeks, said Marc Pado, U.S. market strategist at Cantor Fitzgerald.
"I'd call it a win if the day ends and we're only down a little bit. Very little has changed this week over last week," said Pado.
Crude-oil futures also headed higher, surging 3.2%, with the contract for December delivery closing up $2.92 at $94.09. Read Futures Movers.
In other commodities trade on the New York Mercantile Exchange, gold futures gained $15.7 to close $814.7 an ounce, with demand bolstered by dollar weakness. Read Metals Stocks.
The dollar gained on the yen but slipped against other major currency rivals, with the dollar index, which measures the greenback against a basket of currencies, at 75.800, down slightly from 75.835 late Tuesday.
"The market has been mainly moving on the dollar and whether it could stabilize. For foreigners looking to invest money, why buy U.S. stocks, since even if stocks remain at the same price but the dollar falls they lose money," said Pado.
Volume on the New York Stock Exchange topped 1.5 billion, with declining stocks topping those advancing 5 to 3. On the Nasdaq, nearly 2.5 billion shares traded, and declining stocks slightly outpaced those advancing 3 to 2.
Benign data
Ahead of the opening bell, the government reported a 0.1% rise in wholesale prices, with the core producer price index, which excludes food and energy, flat. Economists had expected a 0.1% gain in both figures. See full story.
The Commerce Department reported a modest 0.2% rise in U.S. retail sales in October, slightly ahead of expectations. Read Economic Report.
"Ongoing strength in headline inflation should keep the FOMC [Federal Open Markets Committee] on its heels regarding inflation risks, even if core inflation remains restrained for now and the market remains more interested in recession risks," said analysts at Action Economics.
Other government data included figures on U.S. businesses inventories, which increased 0.4% in September, while sales were up 0.6% in September. The ratio of inventories to sales remained at 1.27, compared to a year ago, when it stood at 1.30.
"The combination of the economic data, which all came in favorably, and overall positive tone after yesterday's recovery, led to a shift in investor psychology," said Art Hogan, chief market strategist at Jefferies & Co., of the opening move higher.
"Unfortunately, as we look at positive news coming out about the economy, one of the views is that the Fed has taken the punch bowl away. We won't be getting a cut in interest rates," said Hogan as stocks pared their gains.
Listen to Hogan. Investors have reduced their bets about 10% that the Fed will cut rates to 4.25% when central bankers meet in December, said Hogan of Fed fund futures trade, which offer 70% odds of a cut on Wednesday, down from 88% at Tuesday's close.
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chris_cyng
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15-Nov-2007 07:55
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It is normal and expected due to profit taking on previous session gain. | |||||||||||||||||
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Blastoff
Elite |
15-Nov-2007 07:32
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DOW down by 83.16! Will STI react in the same way? | |||||||||||||||||
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ericsim
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14-Nov-2007 15:03
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wow!!! Dow future very green leh |
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mirage
Veteran |
14-Nov-2007 14:50
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News from BloomBerg Citigroup, Merrill Default Swaps Rally; Goldman Eases Concerns By Bryan Keogh and Shannon D. Harrington  Nov. 14 (Bloomberg) -- The risk of financial companies defaulting on their debt fell after Goldman Sachs Group Inc. and Bank of America Corp. stoked optimism that the nation's largest banks may have seen the worst of credit market losses. Contracts on Citigroup Inc. declined 8 basis points to 74 basis points, according to CMA Datavision in London. Credit- default swaps tied to Merrill Lynch & Co. fell 10 basis points to about 125 basis points. Goldman Sachs tumbled 15 basis points to 80.5 basis points, the biggest drop in about three years. Goldman Sachs Chief Executive Officer Lloyd Blankfein told a New York conference yesterday that the largest U.S. securities firm by market value doesn't plan ``significant'' writedowns from subprime-mortgage securities. Bank of America said its losses will be restricted to $3 billion next quarter and UBS AG analyst Glenn Schorr said the potential for losses at Lehman Brothers Holdings Inc. is ``negligible.'' ``After several weeks of selloffs, any marginal good news helps the market,'' said George Bory, global head of credit strategy in Stamford, Connecticut, at UBS, Europe's biggest bank by assets. Citigroup and Merrill Lynch, both based in New York, sparked a selloff of financial shares and debt this month when the firms accepted the resignation of their CEOs and increased writedowns of collateralized debt obligations and other debt backed by mortgages to people with poor credit. Credit-default swaps tied to the bonds of the world's biggest banks and securities firms soared to the highest last week. Citigroup said it may take an additional $11 billion of writedowns on top of $5.9 billion and Merrill, the world's third-biggest securities firm, increased its losses to $8.4 billion. Shares Rise ``There is so much negativity, so much bearishiness priced in, it's not surprising that the market takes a breather, consolidates and re-evaluates,'' Bory said. Yesterday's gains were a ``relief rally,'' he said. Stocks of brokerage firms also rallied, rising the most since September. Citigroup, down 36 percent this year, jumped 6.9 percent. Merrill, after tumbling 39 percent, soared 7.1 percent. New York-based Lehman, the fourth-biggest securities firm, climbed 9.2 percent and Goldman rose 8.5 percent. Contracts on the CDX North America Investment-Grade Series 9 index, a benchmark for the cost of protecting against corporate defaults, fell 6.5 basis points to 72.75 basis points in New York, according to Deutsche Bank AG. A basis point is 0.01 percentage point. A basis point on a credit-default swap contract protecting $10 million of debt for five years is equivalent to $1,000 annually. Credit-default swaps, contracts conceived to protect bondholders against nonpayment, pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. `Good News' ``In the short term, the Goldman news was good news,'' said Scott MacDonald, head of research at Aladdin Capital Management LLC, a Stamford, Connecticut hedge fund that oversees about $21 billion. ``Until everybody gives full disclosure as to how much they have on their books, this is how it's going to be.'' Goldman's credit default swaps have declined from 105 basis points on Nov. 7, according to CMA Datavision. A basis point on a credit-default swap contract protecting $10 million of debt from default for five years is equivalent to $1,000 a year. Blankfein told the conference, sponsored by Merrill Lynch, that the firm is still betting that mortgage-backed securities and collateralized debt obligations will decline in value. His comments were supported by Laurence Fink, chief executive officer of New York-based BlackRock Inc. and a creator of the mortgage-backed security market. Fink said credit losses may get worse. ``I don't know when it's over, but it's not over yet,'' Fink said. ``The bottom has not been achieved.'' Too Early The executives' outlook signaled it is too early to call an end to the slump that has roiled credit markets. Analysts have been increasing their predictions for damage from the crisis. Deutsche Bank AG of Frankfurt this week said credit losses may reach $400 billion, while Lehman last week predicted losses would reach $250 billion over the next five years. ``What's happening is subprime has basically caused just a seizure of a lot of other markets,'' Gregory Peters, head of credit strategy at Morgan Stanley in New York, said in an interview yesterday. Credit-default swap contracts on Charlotte, North Carolina- based Bank of America, the nation's second-largest bank, fell 8.5 basis points to 59.5 basis points, according to CMA Datavision. Bank of America may need to write down $3 billion in debt securities because of defaults on subprime mortgages, Chief Financial Officer Joe Price told the Merrill Lynch conference. The bank also propped up one of its money funds with $300 million because of ``uncertainty around the value'' of structured investment vehicles and may spend a similar amount on other funds, it said. Lehman credit-default swap contracts fell 13 basis points to 134 basis points after UBS's Schorr wrote that the New York- based bank's losses ``will be a lot smaller than most peers.'' To contact the reporters on this story: Bryan Keogh in New York at bkeogh4@bloomberg.net ; Shannon D. Harrington in New York at sharrington6@bloomberg.net Last Updated: November 14, 2007 00:07 EST |
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huatah
Veteran |
14-Nov-2007 08:06
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I reckon between 65 to 75... and ending with approx 100.. heehee Cheong arh..... | |||||||||||||||||
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ruanlai
Master |
14-Nov-2007 07:53
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Let's predict......the opening...... I predict will be between 100 & 110 points for STI opening today........ |
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Blastoff
Elite |
14-Nov-2007 07:48
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DOW up by 319.54! Will STI cheong today... | |||||||||||||||||
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mirage
Veteran |
09-Nov-2007 08:11
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tanglinboy
Elite |
16-Oct-2007 21:48
Yells: "hello!" |
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Stocks limp lower at openU.S. markets pull back on concerns about higher oil, Fed rate thinking.NEW YORK (CNNMoney.com) -- U.S. stocks pulled back early Tuesday as investors fretted about record oil prices and some comments about the economy from Federal Reserve Chairman Ben Bernanke. The Dow Jones industrial average slipped 0.1 percent. The Nasdaq composite index eased 0.4 percent. The Standard & Poor's 500 index was 0.2 percent lower. |
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mirage
Veteran |
16-Oct-2007 18:02
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Quotes: Stock markets across Asia fell Tuesday, tracking Wall Street's decline on renewed concerns about the crisis in credit markets and worries that record oil prices will dampen consumer spending in an already slowing economy. The Chinese market bucked the trend with the Shanghai composite setting yet another record as investors continue to buy into China's growth story. The Hang Seng reached record levels early in the day before falling back. The major US benchmarks closed lower overnight after Citigroup, JP Morgan and Bank of America announced the creation of a fund that will be used to help revive the asset-backed commercial paper market. The fund will buy assets from structured investment vehicles, or SIVs, which buy corporate bonds and subprime mortgage debt. The bailout was orchestrated by the Treasury Department to avoid a fire sale in the market. The announcement was a reminder that the credit crisis that was triggered by the meltdown in the subprime mortgage sector has not gone away. Global stock markets appear to have largely set aside worry about the credit markets since the Federal Reserve's aggressive rate cut in September. Most indexes -- including the US indexes -- have rallied back to pre-crisis levels and benchmarks in China, Australia, Indonesia, the Philippines and South Korea have climbed to record levels. Fed chairman Ben Bernanke said late Monday that conditions in the credit market have improved but that a full recovery will take time. Bernanke also said the deepening housing slump probably will be a "significant drag" on economic growth into next year. "We believe easing congestion in the commercial paper market is a priority for the Fed and the US Treasury," said Tim Condon, an analyst at ING in Singapore. Singapore's Straits Times Index was last down 0.7 percent at 3,836. The Nikkei closed down 1.3 percent at 17,137 and the broader TOPIX fell 1.9 percent to 1,625. In Sydney, the S&P/ASX 200 lost 0.7 percent at 6,692 while the All Ordinaries was down 0.6 percent at 6,711. It is normal for investors to lock in gains after the market's record-breaking run, said Stuart Smith, a Bell Potter Securities private client advisor. "The market is distinctly tired. That's the only way to describe it," said Smith. Banks slide Market jitters ahead of this week's 20th anniversary of the 1987 stock market crash prompted investors to continue locking in gains after the Australian market scaled all-time highs in recent days. "Those concerns about problems in credit markets seemed to be the resounding theme on the negative side of the market today, with financial stocks performing badly, but the market did pick up in the afternoon with BHP turning positive for a short time," said David Land, a market analyst at CMC Markets. Commonwealth Bank closed down 65 Australian cents or 1.1 percent at 58.73 dollars, National Australia Bank was off 58 cents or 1.4 percent to 41.22 dollars, ANZ was down 29 cents or 0.9 percent at 31.04 dollars and Westpac fell 44 cents or 1.5 percent to 29.26 dollars. Leading investment bank Macquarie Bank was down 82 cents or 1.0 percent at 4.75 dollars and investment firm Babcock & Brown was off 56 cents or 2.0 percent at 27.44 dollars. BHP Billiton retreated from record highs reached on Monday, though buyers briefly pushed the stock back into positive territory. BHP closed down 8 cents or 0.2 percent at 46.42 dollars. Rio Tinto managed to edge up, closing 29 cents higher at a fresh record of 113.50 dollars. Elsewhere, oil stocks gained following the latest spike in oil prices, with the benchmark crude futures contract climbing to a record high above 86 dollars in Asian trade. Oil peaked on concerns that mounting tensions between Turkey and Kurdish rebels in Iraq may disrupt oil supplies from the Middle East. "There is a bit of an over-reaction to the problems in Turkey," said David Johnson, an analyst at Macquarie Research Equities. "We are not going to run out of heating oil." Shares of companies that invest in oil exploration activities rose, with Singapore's Keppel Corp, one of the biggest suppliers of oil rigs in the world, up 10 Singapore cents at 15.10 dollars. Ezra Holdings, a company that charters support vessels to the oil and gas industry, was up 10 cents at 7.00 dollars, while Indonesia's Berlian Laju, an operator of oil tankers, was up 7.5 cents at 42.5 cents. Berlian Laju has been rising since announcing on Monday that it is acquiring Chembulk Tankers LLC, a US company that operates 16 tankers, for 850 million US dollars. Sky China Petroleum, a Chinese company that provides drilling and other engineering services to the oil and gas industry, was up 3.5 Singapore cents at 65.5 cents. Shipping stocks also rallied after the Baltic Dry Index, which tracks the cost of shipping various commodities such as iron ore, soared to a fresh record. The index has gained a staggering 438 percent since January 2006 on strong demand for iron ore in China, which is importing the raw material from Australia and even as far as Brazil to support its booming economy. STX Pan Ocean, a South Korean bulk shipping company listed in both Singapore and South Korea, rose 18 cents or 4.6 percent to 4.06 dollars. In South Korea, the stock was up 310 won or 8.9 percent at a fresh record of 3,840, with 77.1 million shares traded. Nomura dips In Tokyo, Nomura finished down 10 yen or 0.5 percent at 2,070 after it said it is pulling out of the residential mortgage-backed securities (RMBS) market in the US in view of ballooning losses stemming from US subprime home loans. Japan's biggest brokerage also said it will cut its staff in the US to 900 from 1,300 as it closes its RMBS division and reduces broker-dealer operations as it struggles to turn around its remaining US operations. Chinese shares continued to rally, with banks leading the charge in Shanghai. China Merchants Bank gained 0.78 yuan at 41.90 after it said net profit for the first nine months is expected to be up more than 100 pct from a year earlier. China Construction Bank rose 0.26 yuan to 10.21 after joining the Shanghai Composite Index today. Industrial and Commercial Bank of China added 0.28 yuan at 8.14. The Shanghai Composite was last up 1 percent at 6,092. The Hang Seng was down 1.5 percent at 29,477. In Malaysia, the Kuala Lumpur Composite was down 0.3 percent at 1,371. The Philippines Composite closed down 1.2 percent at 3,815. South Korea's KOSPI ended down 1.5 percent at 2,005. Steel maker POSCO finished down 1 percent at 668,000 won before reporting third-quarter earnings that fell short of expectations. The company said operating profit increased to 1.07 trillion won in the third quarter thanks to its strategic focus on upscale products, up 0.8 percent from a year ago. But the number was below the 1.25 trillion won earned in the second quarter and the consensus forecast of 1.13 trillion won. The Thai SET index was up 0.1 percent at 897. The Indonesian market was closed for a public holiday. |
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Pinnacle
Master |
15-Oct-2007 11:35
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Once again, the positive closing of US and European markets should be supportive of a positive start to the trading week in Asia. Signs that the US consumers are still spending should give heart to Asian exports. For the rest of the trading week, all eyes will the earnings reporting front although there are a couple of key US macro data/developments to look out for too. It will be a big week on the earnings front with the likes of Citigroup, Bank of America, JP Morgan Chase among the big US financial firms that will report this week. Big tech companies like Google, eBay, Intel, AMD are also reporting this week. There are also quite a handful of key macro releases coming out this week: NY Fed's Empire State manufacturing survey (Monday). Industrial production or IPI numbers (Tuesday). CPI data, housing starts, leading indicators & Beige Book (Wednesday). Philly Fed factory index (Friday). So this may well be a challenging week for stocks as macro could further dent hopes that the US Federal Reserve will continue cutting US interest rates. |
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mirage
Veteran |
02-Oct-2007 08:55
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NEW YORK (MarketWatch) -- Stocks rallied at the outset of the fourth quarter on Monday, pushing the Dow to record heights as traders tried to put this summer's credit crisis behind after a hefty profit-warning from Citigroup Inc.
"One thing the market can't stand is the unknown; today we know some of the damage - that gives us some solace that perhaps we can move on," said Art Hogan, chief market strategist at Jefferies & Co.
After crossing the 14,000-level for the first time since late July, the Dow Jones Industrial Average ($INDU:
Dow Jones Industrial Average
Last: 14,087.55+191.92+1.38%
4:30pm 10/01/2007 Delayed quote data Sponsored by: All but two of the Dow's 30 components advanced, led by Citigroup Inc. (C:
Citigroup, Inc
Last: 47.72+1.05+2.25%
4:00pm 10/01/2007 Delayed quote data Sponsored by: American Express Company
Last: 60.63+1.26+2.12%
4:02pm 10/01/2007 Delayed quote data Sponsored by: jp morgan chase & co com
Last: 46.81+0.99+2.16%
4:01pm 10/01/2007 Delayed quote data Sponsored by: The best performer on the Dow was McDonald's Corp. (MCD:
McDonald's Corporation
Last: 56.01+1.54+2.83%
4:00pm 10/01/2007 Delayed quote data Sponsored by: General Motors Corporation
Last: 36.05-0.65-1.77%
4:04pm 10/01/2007 Delayed quote data Sponsored by: The S&P 500 ($SPX:
S&P 500 Index
Last: 1,547.04+20.29+1.33%
4:59pm 10/01/2007 Delayed quote data Sponsored by: COMP
Sponsored by: Volume on the New York Stock Exchange topped 1.4 billion shares, and advancing stocks outran decliners by more than 3 to 1. On the Nasdaq, 1.9 billion shares exchanged hands, with advancers outpacing decliners by more than 2 to 1.
"Investors are making a decisive bet on Corporate America. The optimism is based on the view that earnings can improve and support higher share prices despite all of the problems that created so much volatility during the summer," said Frederic Ruffy, analyst at Optionetics.
"Of course, when money managers find themselves under-invested and shorts are caught, the path of least resistance is up. I've seen this movie before and I don't have Tivo," said Elliot Spar, option/market strategist at Stifel Nicolaus & Co.
A gauge of manufacturing activity came in below expectations, but investors appeared to brush the news aside, with the major indexes only adding to their gains after the Institute for Supply Management released its manufacturing index for September. The measure registered a reading of 52.0%, down from 52.9% in August. See full story.
The ISM measure "suggest that the factory sector is so far holding up well in the wake of this summer's financial turmoil," said RBS Greenwich Capital analyst Michelle Girard.
Active issues
Dow component Citigroup (C:
Citigroup, Inc
Last: 47.72+1.05+2.25%
4:00pm 10/01/2007 Delayed quote data Sponsored by: Shares of UBS AG (UBS:
UBS Ag
Last: 54.94+1.69+3.17%
4:02pm 10/01/2007 Delayed quote data Sponsored by: Shares of Chicago Mercantile Exchange Holdings Inc. (CME:
cme group inc com
Last: 608.30+20.95+3.57% 4:02pm 10/01/2007 Delayed quote data | |||||||||||||||||
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Pinnacle
Master |
01-Oct-2007 09:46
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Just as in the previous few weeks, the outlook for the Singapore stock market this week will again hinge on how Wall Street (and perhaps also crude oil and the US$) perform in the coming days and that may again depend very much on the macro news flow for the week. We have Japan releasing its latest Tankan survey on Monday morning while the European Central Bank will decide on its next interest rate move on Thursday. But once again, it will be macro data from the US that will likely shape investors? sentiments. And there are a handful of key US macro data releases out this week. Among the releases are: The Institute for Supply Management or ISM's manufacturing index on Monday and ISM service-sector index on Wednesday. August pending home sales and September vehicle sales are due on Tuesday and August factory orders are due on Thursday. But the biggie of the week is Friday's September employment report. In August, US nonfarm payrolls report showed a decline of 4K, the first time since 2003, raising concerns the US economy was on the road to recession. The consensus view is that the August decline was an aberration and September data is expected to show nonfarm payrolls rising 100K. Analysts will also be watching out for revisions to early data ? perhaps showing positive August data from -4K. But the unemployment rate is expected to rise slightly to 4.7% of labour force from 4.6% previously. Given that the US employment report, one of the most closely-watched economic indicators in the global financial markets, is only coming on Friday after market hours in Asia, traders may be more wary in the second half of the week as they await the employment report. |
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