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krisluke
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24-Jul-2013 14:35
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Nikkei snaps two-day rally Nidec, Apple-related shares shine
Tokyo Stock Exchange's Market Center, where floor trading took place until 1999.
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krisluke
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24-Jul-2013 14:23
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STI continues to perform bullishly yesterday as the market confidence continues to build up. The day opened flat as it reacted to the flat opening of DJI. However, optimism started to build up right after opening which slowly push STI higher. The morning trading session was a slow one as buyers gradually enters the market. After the lunch hours, further optimism came in and pushes STI to as high as 3256 level before closing at 3253 level. There was little resistance to the upside during the day. With this price action, STI managed to gain 19.41pts yesterday. Last night, gains were subtle in DJI, with merely 22.19pts up. Can STI continue to trade higher and attempt to break its recent high level? Or will STI starts to weaken as it approaches its recent high? STI closed with another white candle pattern yesterday which further confirms the higher low formation. This candle had also broken the 50ma resistance line at 3250 level and STI is now near to its recent high of 3258 level. Breaking of recent high will confirm the continuation of uptrend and STI will likely to seek another level of resistance to test again. The short-term indicators seem to be supporting for a breakout movement today as the Histogram triggered a bullish signal. With the bullish support from the indicators, STI will likely to create a breakout movement towards its next resistance level. Currently, STI might face 100ma as resistance at 3280 level if the break out occurs. |
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krisluke
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24-Jul-2013 14:21
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Man Returns Library Book 41 Years Late And Pays $300 Fine Instagram/hifromkai
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krisluke
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24-Jul-2013 14:17
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HSBC China Flash PMI fell to an 11-month low of 47.7 in July.
  This missed expectations for PMI to hold steady at 48.2. A reading below 50 indicates contraction. “The lower reading of the July HSBC Flash China Manufacturing PMI suggests a continuous slowdown in manufacturing sectors thanks to weaker new orders and faster destocking," HSBC's chief China economist, Hongbin Qu said in a press release. " This adds more pressure on the labour market." He pointed out that today's disappointing PMI number showed that if Beijing wants to secure growth to " ensure stable employment," Chinese policymakers need to fine-tune their policies. With China's excess capacity woes, it is a positive sign tht the stock of finished goods contracted.  Right before the PMI release, we saw reports that China's industry minister is pushing for restructuring in the steel, aluminum, cement and other sectors that are burdened by excess capacity. Here's a look at how the sub-indices did:   HSBC/Markit Economics   And here's a look at how Chinese manufacturing has been doing:   Markit Economics/HSBC   Chinese economic data disappointed markets in June and caused many to panic about the economic slowdown as Q2 GDP came in at 7.5%. Premier Li Keqiang helped calm markets on Monday by saying that 7.5% is the growth floor for 2013. Today's Flash PMI report added to signs that the economy is slowing down. |
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krisluke
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24-Jul-2013 14:15
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ECONOMIST: Here's What's Behind The Ugly China PMI Report The HSBC China Flash PMI hit an 11-month low of 47.7 in July.   This showed that Chinese manufacturing contracted further and showed that the economic slowdown is deepening.  Bank of America's Ting Lu believes that this decline was in part driven by the pessimism surrounding the run up in interbank rates. " As the survey was conducted in mid-July, we believe the decline was likely due to the prolonged pessimistic sentiment as a result of the interbank turmoil in June and the uncertainty regarding the new government's growth floor (or even worry of an engineered hard landing as part of the so called “Li Keqiang Economics”). " Another factor could be the worsening exports (export growth in June was -3.1% yoy), as this HSBC survey is biased towards small exporters."  
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Tomique
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24-Jul-2013 13:40
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Surprising turn of events?   China's PMI is worse than market expectation.   Bad for Chinese and HSI stocks but good for Sg stocks as we are doing not really too bad although cannot say it was good.either.   Hehe.   | ||
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krisluke
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24-Jul-2013 12:49
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McDonald's Is Making 3 Drastic Changes To Lure Cash-Strapped Americans It's been a tough year for McDonald's.
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krisluke
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24-Jul-2013 12:45
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Mexico lowers alert level for Popocatepetl volcano
Aerial view of Popocatepetl volcano spewing a cloud of ash and steam into the air, on the outskirts of Puebla
  The alert level for the volcano, located some 50 miles (80 km) to the southeast of the capital, was lowered to yellow phase two from yellow phase three, Mexico City's mayor and Mexico's interior minister said on Twitter without giving details.   The new alert level is the fourth highest and indicates the volcano, nicknamed Don Goyo, could produce sporadic explosions, according to the website of Mexico's National Center for Disaster Prevention.   Four U.S. airlines earlier this month suspended flights to and from Mexico City because of concerns about ash from Popocatepetl.   Mexico raised the alert level on July 6.   (Reporting by Elinor Comlay) |
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krisluke
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24-Jul-2013 12:44
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Former China politician Bo's trial could start this week - source
BEIJING (Reuters) - The trial of disgraced Chinese politician Bo Xilai could begin as early as this week, a source with direct knowledge of the matter said on Wednesday.
  The trial is most likely to take place in the eastern city of Jinan, said the source, speaking on condition of anonymity to avoid repercussions for talking to a foreign reporter about elite politics.   Bo is likely to be tried on charges of bribery, embezzlement and abuse of power.   (Reporting by Ben Blanchard and Benjamin Kang Lim Editing by Raju Gopalakrishnan) |
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krisluke
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24-Jul-2013 12:42
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Brent slips as China PMI falls, holds above $108 on US oil draws
* China July Flash HSBC PMI falls to 11-month low
  * US gasoline, distillate stocks drop vs forecast gains -API   * Bomb at Egypt police station kills one, injures 17   * Coming Up: U.S. EIA weekly crude stocks 1430 GMT   By Manash Goswami   SINGAPORE, July 24 (Reuters) - Brent futures slipped towards $108 on Monday as weak China data renewed concerns over demand growth from the world's second-biggest oil consumer, but continued falls in refined product and crude stocks in the United States helped stem losses.   Activity in China's vast manufacturing sector slowed to an 11-month low in July as new orders faltered, suggesting the economy is still losing momentum. Yet, if U.S. government data validates an industry report that showed surprise drops in U.S. product stocks, particularly gasoline, oil may recoup losses.   Brent crude slipped 25 cents to $108.17 a barrel by 0317 GMT, after settling 27 cents up on Tuesday. U.S. oil fell 30 cents to $106.93, after ending 29 cents higher.   " The weak China data is likely to weigh on prices," said Lee Chen Hoay, an investment analyst with Phillip Futures. " But a major factor that will support prices is the drawdown in U.S. stocks. Assuming the EIA numbers are in the same direction, crude prices will remain supported."   The U.S. Department of Energy's Energy Information Administration (EIA) inventory data is due later in the day.   The surprise falls in oil product stockpiles in the United States, based on data from industry group the American Petroleum Institute on Tuesday, revived hopes of a rise in demand growth in the world's biggest oil consumer.   Both U.S. gasoline and distillate fuels stockpiles, which include diesel and heating oil, fell several hundred thousand barrels versus expectations in a Reuters poll of gains of more than a million barrels, the API data showed.   The surprises overshadowed a smaller-than-expected fall in crude stocks, indicating healthy U.S. oil demand.   Oil prices also continue to be supported by unrest and tension in the Middle East, with a bomb killing one and wounding 17 in Cairo early on Wednesday.   The next psychological barrier for both Brent and the U.S. benchmark is $110 a barrel because the difference between the two contracts have narrowed sharply, said Lee.   Brent's premium to U.S. oil futures < CL-LCO1=R> , which narrowed sharply last week and briefly inverted on Friday, remained thin at about $1.23 a barrel on Wednesday.   CHINA   The flash HSBC/Markit Purchasing Managers' Index fell to 47.7 this month from June's final reading of 48.2, marking a third straight month below the watershed 50 line which demarcates expansion of activities from contraction.   This is the weakest level since August 2012.   A sub-index measuring employment slid to 47.3 in July, the weakest since March 2009. It stood at 47.6 in June and has been below 50 for four months in a row.   Brent is biased to drop to $106.86 as indicated by its wave pattern and a Fibonacci retracement analysis, according to Reuters technical analyst Wang Tao. (Editing by Tom Hogue) |
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krisluke
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24-Jul-2013 12:41
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China shares set for 1st loss in 3 days after weak PMI Hong Kong slips
* HSI -0.3 pct, H-shares -0.9 pct, CSI300 -1.7 pct
  * Great Wall Motor climbs after positive H1 profit f'cast   * China Merchants Bank sinks after new A-share issue   * Apple Inc's H1 earnings support suppliers   By Clement Tan   July 24 (Reuters) - China shares were headed for their first loss in three days, weighing on Hong Kong markets on Wednesday, as declines accelerated after a preliminary survey showed manufacturing activity in the mainland sank to an 11-month low in July.   Chinese banks were a key weakness, paring or reversing gains made on Tuesday on concerns of more fundraising in the sector after regulators approved a plan for China Merchants Bank to issue 3 billion new A-shares.   At midday, the CSI300 of the leading Shanghai and Shenzhen A-share listings was off 1.7 percent, while the Shanghai Composite Index slid 1.3 percent as midday bourse volumes slipped from Tuesday.   The Hang Seng Index slipped 0.3 percent as turnover also dropped from Tuesday, while the China Enterprises Index of the top Chinese listings in Hong Kong shed 0.9 percent after closing on Tuesday at its highest since June 11.   " After the big move up yesterday, people were always going to take some profit today, but the weak flash PMI is magnifying losses for some sectors," said Larry Jiang, chief strategist at Guotai Junan International Securities in Hong Kong.   " In this kind of environment where it's not quite possible to have a clear mid-to long-term view on the Chinese economy, the upcoming earnings season will be important in helping investors identify earnings visibility," Jiang added.   Great Wall Motor jumped 7.3 percent in Shanghai, but a more modest 3.5 percent in Hong Kong after China's largest sports utility vehicle manufacturer said it expects interim net profit to rise 74 percent from a year earlier.   Apple Inc suppliers climbed after third-quarter profit for the world's largest technology company fell less than expected. AAC Technology, the primary supplier of iPhone and iPad speakers, rose 2 percent.   CHINA BANKS WEAK   But gains in these sectors were offset by losses in the Chinese banking sector. China Merchants Bank tumbled 3.1 percent in Shanghai and 2.5 percent in Hong Kong although its planned new A-share issue is targetted at existing shareholders, suggesting any stake dilution may be minimal.   Merchants Bank's other mid-sized rivals, more dependent on short-term financing, were also comparatively harder hit than the " Big Four" China banks as cash markets opened higher.   Industrial and Commercial Bank of China (ICBC) slipped 0.5 percent in Shanghai and 0.2 percent in Hong Kong, while China Minsheng dived 3 percent in Shanghai and 2.6 percent in Hong Kong.   Further dimming sentiment, China's flash HSBC/Markit Purchasing Managers' Index fell to 47.7 this month from June's final reading of 48.2 as new orders faltered and a sub-index measuring employment sank to its weakest since March 2009.   A higher-than-expected yield at an auction for 5-year Finance Ministry bonds, an official announcement on cutting overcapacity and dissonant messages from Beijing on its growth-reform balancing act further combined to stall an equity rally on Tuesday on stimulus hopes. |
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krisluke
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24-Jul-2013 12:39
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Australia shares knocked from 2-mth high by China PMI
Looking out over Sydney harbor towards the opera house at dusk
  SYDNEY/WELLINGTON, July 24 (Reuters) - Australian shares were knocked from two-month highs on Wednesday as signs of a further slowdown in China's manufacturing sector renewed concerns about the strength of demand in Australia's largest export market.   Miners had underpinned the market's early rise of as much as 0.7 percent after copper prices held steady and gold rose to a one-month high. Global miners BHP Billiton Ltd rose 0.6 percent and Rio Tinto Ltd put on 1.6 percent. Top gold miner Newcrest Mining Ltd climbed 1.4 percent.   But the market trimmed gains after a preliminary survey showed activity in China's manufacturing sector slowed to an 11-month low in July as new orders faltered and the job market darkened.   By 0209 GMT, The S& P/ASX 200 index was up 0.3 percent or 16.3 points at 5,033.4. The index rose 0.3 percent on Tuesday.   Australia's consumer price index rose a modest 0.4 percent in the June quarter, but key measures of underlying inflation were a touch higher than expected and taken as lessening the chance of a cut in interest rates next month.   " It's basically a mixed bag," said Tom Kennedy, an economist at JP Morgan.   " It is in that realm where people's preconceived ideas are probably still going to hold, and you really have seen that in market pricing at the moment."   Markets are currently pricing in a 55 percent chance of a rate cut in August.   Westpac Banking Corp added 0.8 percent and top lender the Commonwealth Bank of Australia rose 0.7 percent.   Elsewhere, defensives were trading lower. Blood products maker CSL Ltd lost 0.7 and QBE Insurance Group Ltd shed 1.3 percent. Utility provider Origin Energy Ltd slipped 0.3 percent.   In the United States, the S& P 500 snapped a four-day winning streak on Tuesday and pulled back from Monday's record closing high, while the Dow ended slightly stronger.   New Zealand's benchmark NZX 50 index rose 0.1 percent or 4.2 points to 4,584.8.   STOCKS ON THE MOVE   * Atlas Iron Ltd soared 5.4 percent to A$0.88 after its June quarter output rose 16 percent.   (0206 GMT)   * SFG Australia Ltd surged 5.3 percent to seven-week highs of A$0.70. It said it has appointed advisors to review potential opportunities in the financial services sector.   (0207 GMT)   * Shares in small New Zealand milk processor Synlait Milk Ltd extended gains into a second day, after a rising nearly 25 percent in its market debut on Tuesday.   The tightly held company, dominated by foreign investors, was up 4.7 percent at NZ$2.87, having peaked at NZ$2.90. (Reporting by Thuy Ong and Gyles Beckford Editing by John Mair) |
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krisluke
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24-Jul-2013 12:38
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STMicro leads tech sector, European shares lower
Business section of a newspaper with Euros
  * Euro STOXX 50 dips 0.1 pct to 2,722.90 points   * Late session sell-off knocks back markets   * Traders cite concerns that Apple may post weak results   * STMicro slumps 10.4 pct after posting wider loss   By Sudip Kar-Gupta   LONDON, July 23 (Reuters) - European shares fell on Tuesday as a late sell-off knocked markets off seven-week highs, with semiconductor group STMicroelectronics leading the way after weak results.   The pan-European FTSEurofirst 300 index spent much of the day in positive territory, at one stage rising as much as 0.5 percent to a seven-week intraday high of 1,216.36 points.   However, the index then gradually drifted lower to close down 0.3 percent at 1,207.16 points.   STMicro topped the list of FTSEurofirst fallers, tumbling 10.4 percent after the company posted a wider loss.   The euro zone's blue-chip Euro STOXX 50 index also came off its session highs to close down by 0.1 percent at 2,722.90 points. The FTSEurofirst 300 is up 6.5 percent since the start of 2013 while the Euro STOXX 50 is 3.3 percent higher.   Traders said there was no single specific factor behind the sell-off, but several cited investors looking to book profits on the earlier move up in case tech group Apple posted weak results after the close which might then hit stock markets.   " We've certainly been consolidating for the last couple of sessions and there's the potential for Apple's earnings to disappoint," said Logic Investments strategy head Peter Rice.   " The risk is for further selling pressure. The likelihood is a continuation of the downward draft," he added.   TECH SECTOR WEAKNESS   The technology sector has already posted disappointing second-quarter earnings this month, and the STOXX Europe 600 Technology Index fell 0.7 percent to make it one of the region's worst-performing equity sectors.   U.S. bellwethers Microsoft and Google both posted weaker-than-expected results this month while in Europe, German business software maker SAP cut its sales outlook.   However, Andrew Arbuthnott, European equities fund manager at Pioneer Investments, kept a positive view on European shares and said sell-offs in European stock markets would provide investors with a good entry point to buy into them.   The FTSEurofirst 300 index has fallen some 4 percent from a five-year high of 1,258.09 points reached in late May, as markets retreated in June due to expectations that the U.S. Federal Reserve will eventually scale back stimulus measures that had driven much of the global equity rally.   " We remain constructive on European equities as an asset class," said Arbuthnott.   " Every cloud has a silver lining and the recent consolidation in equity markets may provide the entry opportunity equity investors have been looking for." |
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krisluke
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24-Jul-2013 12:37
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S& P 500 dips and Dow gains on UTX Apple up late
New York skyline
  * UTX shares hit all-time high and lift the Dow industrials   * Tech sector holds back the S& P 500 and the Nasdaq   * Dow up 0.1 pct S& P 500 off 0.2 pct Nasdaq down 0.6 pct   By Alison Griswold   NEW YORK, July 23 (Reuters) - The S& P 500 snapped a four-day winning streak on Tuesday and pulled back from Monday's record closing high, while healthy earnings from United Technologies gave the Dow a slight lift.   Earnings, as a whole, though, were lukewarm and held back the broader market.   Technology shares weighed on the S& P 500 and the Nasdaq. Shares of Apple fell 1.7 percent to end at $418.99, ahead of the company's earnings after the closing bell.   Apple's stock added 3.6 percent in extended-hours trading on news that sales of the tech bellwether's iPhone blew past Wall Street's estimates in the third quarter, with U.S. shipments up 51 percent, even as profit fell. Initially, the stock was up 5 percent following the results.   Stephen Massocca, managing director of Wedbush Equity Management LLC in San Francisco, called the iPhone results " very, very good" and said he expects Apple's earnings to have a positive impact on stocks.   " Certainly in the wake of Google and Microsoft , it's one of the big tech companies actually reporting better-than-expected numbers," he said.   During the regular session, the S& P info tech index slipped 0.5 percent to rank as the worst of the benchmark index's 10 industrial sectors. Six of the 10 S& P 500 industry sector indexes declined.   Stronger-than-expected earnings from United Technologies , the world's largest maker of elevators and air conditioners, drove the company's stock to an all-time intraday high of $105.63. The stock rose 3 percent to end at $105.12 and led the Dow industrials' advance after the company raised the low end of its 2013 earnings forecast.   Biotech shares also pulled down the S& P 500 and the Nasdaq. The S& P biotech subindex fell 2.3 percent a day after hitting an all-time high.   Stocks traded in a narrow range throughout the session. The benchmark S& P 500 moved just 7.65 points between a record intraday high of 1,698.78 and a session low of 1,691.13. The Dow's swing covered 60.16 points from its record intraday high of 15,604.22, reached within minutes after the opening bell, and its session low of 15,544.06.   " The market doesn't have justification to back off from the highs, but doesn't have enough of a catalyst to move it significantly one way or another," said Art Hogan, managing director of Lazard Capital Markets in New York.   " There's no one company reporting that tips over the cart."   The S& P 500's decline on Tuesday was only the second down day for the benchmark index in the last 14. The S& P 500 has gained 18.7 percent so far this year.   The Dow Jones Industrial Average rose 22.19 points, or 0.14 percent, to end at 15,567.74. The Standard & Poor's 500 Index fell 3.14 points, or 0.19 percent, to 1,692.39. The Nasdaq Composite Index dropped 21.11 points, or 0.59 percent, to close at 3,579.27.   The Travelers Cos Inc shares fell 3.8 percent to $82.21 after the company said it would cut jobs and reduce prices of auto insurance - steps investors viewed as an indication that rates had risen too far and competition was increasing. The company, a Dow component and the first major insurer to report results, is seen as a bellwether for the industry.   Of the 130 companies in the S& P 500 that have reported earnings so far this season, 63.8 percent have beaten analysts' expectations, but 51.5 percent have fallen short of revenue forecasts. Over the past four quarters, 67 percent of companies have beaten earnings estimates.   Netflix Inc shares dropped 4.5 percent to $250.26 a day after the movies and TV streaming service reported it had gained new subscribers in the second quarter. The number of new subscribers, though, was not enough to impress investors.   Elsewhere in the tech sector, Cisco Systems said it will buy software maker Sourcefire Inc for about $2.7 billion to increase its network security services. Sourcefire shares surged 27.8 percent to $75.49. In comparison, Cisco's stock fell 0.6 percent to $25.56.   Shares of Phillips 66 Partners surged 29.1 percent to close at $29.70 in their first day of trading. The initial public offering of 16.4 million shares was priced at $23 per share. The new publicly traded partnership has a contractual relationship with Phillips 66, whose shares rose 2.6 percent to $59.49.   About 5.6 billion shares changed hands on U.S. exchanges, below the daily average of about 6.4 billion.   Advancers outnumbered decliners on the New York Stock Exchange by a ratio of 17 to 13. The opposite trend prevailed on the Nasdaq, with 13 stocks falling for nearly every 12 that rose. |
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krisluke
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24-Jul-2013 12:35
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Asian stocks waver after China PMI disappoints
Graph with stacks of Australian dollars
rally * HSBC flash PMI falls short, shows China manufacturing sluggish * Australian dollar wilts after tame inflation data By Lisa Twaronite TOKYO, July 24 (Reuters) - Asian stock markets wobbled on Wednesday, while the dollar took back some ground after the latest reading on China's manufacturing activity showed activity slowed to an 11-month low in July as new orders faltered and the job market darkened. The flash HSBC/Markit Purchasing Managers' Index for China fell to 47.7 this month from June's final reading of 48.2, marking a third straight month below the 50 threshold between expansion and contraction. " The lower reading of the July HSBC Flash China Manufacturing PMI suggests a continuous slowdown in manufacturing sectors thanks to weaker new orders and faster destocking," said Hongbin Qu, chief China economist of HSBC. " This adds more pressure on the labour market," he said. Worries of a rapid slowdown in the world's second-biggest economy as well as expectations that the U.S. Federal Reserve will begin to trim its massive bond-buying stimulus later this year have rattled global markets in recent weeks. MSCI's broadest index of Asia-Pacific shares outside Japan pared earlier gains and wavered in and out of negative territory. Japan's Nikkei share average fell 0.6 percent, giving back some of its two-day rally, after government data showed the country's export growth unexpectedly slowed in June from a year earlier. The figures were a worrying sign that China's slowing economy hurt overseas demand and could potentially threaten Japan's economic recovery. In U.S. trading on Tuesday, the S& P 500 snapped a four-session winning streak and retreated from Monday's record closing high, while upbeat results from United Technologies bolstered the Dow, which also touched a record intraday high. The Australian dollar also erased its early gains against its U.S. counterpart and skidded 0.4 percent to $0.9260, after tame inflation data left the door open for the Reserve Bank of Australia to cut interest rates next month if it chooses. " If the RBA thinks the economy needs a stimulus hit, these data are completely consistent with that. Our view is that growth is slowing in the economy. So we would expect the RBA to cut rates in August," said Brian Redican, a senior economist at Macquarie. Yields on U.S. benchmark 10-year Treasury notes rose to 2.519 percent from their U.S. close of 2.507 percent, though still well below a two-year high of 2.76 percent touched on July 8. The euro slipped slightly after the China data to $1.3207, after rising as high as $1.3238 on Tuesday, its highest level since June 21. Against the yen, the dollar took back some lost ground, rising 0.3 percent to 99.74 yen, moving away from a one-week low of 99.13 yen touched in the previous session. The dollar index extended gains, adding 0.2 percent to 82.126, after it skidded to a one-month low of 81.926 on Tuesday. The index set a three-year high of 84.753 last week. Commodity markets had pushed higher ahead of the China data, but those gains unravelled in its wake. Copper dropped 0.8 percent to $6,982 a tonne , after earlier touching a session high of $7,060, its loftiest since June 18. U.S. crude fell 0.3 percent to $106.96 a barrel. Spot gold remained above the $1,300 an ounce after rallying to a one-month high on Tuesday. |
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hlfoo2010
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23-Jul-2013 16:34
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BLOODY RED???
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krisluke
Supreme |
23-Jul-2013 15:44
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Britain's FTSE rises on new S& P record, Asia growth outlook
The foyer of the LSE
  The S& P 500 notched a third consecutive record closing high on Monday, while Japan upgraded its economy view and China made a commitment to maintain growth above 7 percent.   So-called cyclical stocks, such as financials and basic materials which are sensitive to optimism over the global economy led the market higher, contributing 17 points to a 28 point advance on the FTSE 100.   By 0707 GMT, the blue chip index was up 0.4 percent at 6,651.71, just 0.1 percent off setting a new six week high.   (Reporting by Alistair Smout) |
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krisluke
Supreme |
23-Jul-2013 15:42
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Nikkei gains for 2nd day in row led by large caps steel sector shines
Tokyo Stock Exchange building
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krisluke
Supreme |
23-Jul-2013 15:41
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China shares jump in best gain in 2 weeks, railway issues surge
Night time view of Pudong Skyline Shanghai, China
  Railway and construction material stocks jumped as volumes spiked after the official Shanghai Securities News said Beijing may use investments in high-speed railways to help reduce overcapacity in sectors such as cement and steel.   The CSI300 of the leading Shanghai and Shenzhen A-share listings ended up 2.9 percent at 2,265.9 points, while the Shanghai Composite Index climbed 2 percent in their respective best daily gains since July 11.   Gains came in the highest Shanghai volume in almost two weeks as buying interest waned in afternoon trade. (Reporting by Clement Tan in SINGAPORE Editing by Shri Navaratnam and Jacqueline Wong) |
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krisluke
Supreme |
22-Jul-2013 10:53
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Japan's Abe has chance to show true colours after big election win
Japan's PM Abe, and the leader of the ruling LDP, smiles as he puts a rosette on a name of a candidate, who is expected to win, at the party headquarters in Tokyo
  * PM Abe victory sets stage for stable government   * Concerns simmer over Abe's post-election policy priorities (Adds NHK on final seat count, paragraph 3, participation rate, paragraph 11)   By Linda Sieg   TOKYO, July 22 (Reuters) - Japanese Prime Minister Shinzo Abe's ruling coalition scored a decisive victory in an election on Sunday - so big that there are suspicions he will lose interest in difficult economic reforms and pursue his nationalist agenda instead.   The victory in the vote for parliament's upper house gives Abe a stronger mandate for his prescription for reviving the stagnant economy. Coincidentally, it could also give lawmakers in his own party, some of whom have little appetite for painful but vital reforms, more clout to resist change.   Public broadcaster NHK said early on Monday Abe's Liberal Democratic Party (LDP) and its coalition partner, the New Komeito party, had won 76 of the 121 seats up for grabs in the 242-seat upper house.   With the coalition's uncontested 59 seats, that ensures it a comfortable majority, tightening Abe's grip on power and raising the chances of a long-term Japanese leader for the first time since the reformist Junichiro Koizumi's rare five-year term ended in 2006.   It also ends a parliamentary deadlock that began in 2007 when Abe, then in his first term as premier, led the LDP to a humiliating upper house defeat that later forced him to resign. The LDP fell short of a majority on its own on Sunday.   Abe, who returned to power after his coalition's big win in a December lower house poll, repeated on Sunday that he would focus on fixing the world's third-biggest economy with his " Abenomics" mix of hyper-easy monetary policy, fiscal spending and a growth strategy including reforms such as deregulation.   " We've argued that our economic policies aren't mistaken, and the public gave us their support. People now want to feel the benefits. The economy indeed is improving," a weary but confident-sounding Abe said at LDP headquarters late on Sunday after his ruling coalition's victory was assured.   " We'd like to do our best to generate a positive cycle - in which job conditions improve and wages rise, boosting personal consumption and prompting companies to invest more - as soon as possible," he said.   But some, including Japanese businesses with a big stake in the matter, worry the hawkish leader will shift to focus on the conservative agenda that has long been central to his ideology.   That agenda includes revising the post-war pacifist constitution, strengthening Japan's defence posture and recasting Tokyo's wartime history with a less apologetic tone.   Despite the hefty win, the strength of Abe's mandate was diluted by low voter turnout. Media reported turnout was 52.61 percent, more than 5 percentage points below the turnout in the last upper house poll in 2010. That could keep up pressure to stay focused on the economy.   " THREE FACES"   For now, many experts suggest, Abe is unlikely to turn his back on economic matters as he tries to beef up his so-far disappointing economic reform plans. He also confronts a decision on whether to go ahead with raising the 5 percent sales tax to 8 percent next April, part of a planned doubling by October 2015 aimed at reining in Japan's massive public debt.   " My understanding is that Abe-san has three faces: Abe as right-wing, Abe as a pragmatist, Abe as the economic reformer," said Shinichi Kitaoka, president of the International University of Japan. " He has been showing the third face so far and will try to do the same after the election."   Still, Abe is moving toward security policy changes that mark a big shift in a country that has prided itself on pacifist ideals even as it built up a military bigger than Britain's.   Among those changes are an expected reinterpretation of the constitution to end a self-imposed ban on exercising the right of collective self-defence, or aiding an ally under attack, such as if an unpredictable North Korea launched a missile attack on security ally the United States.   Another is a review of defence policies that include a consideration of acquiring the capability to attack enemy bases when an attack is imminent and no other options exist, and creation of a Marines division to protect remote islands such as those at the core of a heated territorial row with China.   One clue to how Abe intends to proceed on the touchy topic of wartime history will be whether he visits the Yasukuni Shrine for war dead, where Japanese leaders convicted as war criminals by an Allied tribunal are also honoured, on the emotive Aug. 15 anniversary of Japan's defeat in World War Two.   A pilgrimage to the shrine would outrage China, where bitter memories of Japan's past militarism run deep, and upset Washington, which fears a further fraying of Tokyo's already fraught relations with its neighbours.   " The first Abe really wishes to go (to Yasukuni on Aug. 15) but I guess he will refrain from that," Kitaoka said.   But he added: " Mr. Abe is somewhat unpredictable."   Abe moved quickly to improve ties with China and South Korea at the start of his first 2006-2007 term but it is unclear whether he will repeat that success in his second. He has taken a tough stance toward Beijing in particular this time.   Ties with China and Japan have been seriously strained by territorial rows and feuds over wartime history. Concerns are simmering about the risk of an unintended clash near disputed isles in the East China Sea where Japanese and Chinese vessels have been playing a cat-and-mouse game for months.   " In that environment, something could go wrong," said Michael Green, Japan Chair at the Washington-based Center for Strategic and International Studies. " That's the Black Swan."   Abe is also unlikely to abandon his long-term goal of revising the 1947 constitution, drafted by U.S. occupation forces after Japan's defeat and never altered since.   Conservatives see the constitution as not only restricting Japan's right to defend itself but as responsible for eroding traditional mores such as duty to the state.   Abe said on Sunday more debate was needed to win public understanding on constitutional reform. " I would like to deepen proper debate in a calm and stable situation," he said.   The LDP and smaller parties that also favour revising the constitution failed to obtain a two-thirds majority in the upper house. They have this in the lower chamber, but two-thirds approval of both houses is required before a revision can be taken to a public referendum - a requirement Abe has said should be eased.   Coalition partner New Komeito is cautious about changing the charter's signature war-renouncing Article 9 which, if taken literally, bans maintenance of armed forces.   Sunday's election also left many wondering about the future of a competitive two-party democracy in Japan. The opposition Democratic Party of Japan, which surged to power in 2009 only to be ousted last year, suffered its worst drubbing since its founding in 1998. (Additional reporting by Leika Kihara Editing by Mark Bendeich and Paul Tait) |
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