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STI to cross 3000 boosted by long-term investors
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krisluke
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03-Feb-2011 22:25
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Futures edge lower ahead of factory, jobs data
The New York Stock Exchange building
  * Egypt unrest escalates   * Initial U.S. jobless claims expected to decline   * U.S. factory, non-manufacturing ISM data due   * Futures down: Dow 13 pts, S& P 1.9 pt, Nasdaq 1.75 pts   (Adds quote, same-store sales results, Merck earnings)   By Chuck Mikolajczak   NEW YORK, Feb 3 (Reuters) - U.S. stock index futures edged lower on Thursday as investors weighed the prospects of some solid U.S. economic data against increasing discord in Egypt and worries that a rally that may be losing steam.   Data on Thursday includes U.S. December factory orders and the Institute for Supply Management's (ISM) January non-manufacturing index, both at 10 a.m..   Factory orders are expected to have declined by 0.5 percent in December after rising 0.7 percent in November. December's non-manufacturing ISM index is expected to be read 57.0, about in-line with November.   Investors will look for clues on the health of the labor market ahead of Friday's key U.S. non-farm payrolls report in the weekly jobless claims data at 8:30 a.m. A Reuters poll shows claims are expected to drop to 420,000.   " On the positive side for the market, good numbers will be seen as further indication of the growth of the economy, bad numbers will be seen as weather-influenced," said Rick Meckler, president of investment firm LibertyView Capital Management in New York.   Better-than-expected readings of economic growth might not be enough to dislodge investor worries about rising unrest in Egypt, where gunmen fired on anti-government protesters in Cairo. The fighting killed six and wounded more than 800 people, prompting new calls from Western powers for President Hosni Mubarak to start handing over power immediately.   " The initial shock has already hit and it is going to take more meaningful developments there to influence markets the way it did when it first occurred," Meckler said.   " However, if for some reason fighting breaks out on a very wide scale, or it appears to have some impact in terms of Suez Canal disruptions or if it spreads to other countries, you will have investors reassessing that," he said.   The S& P 500 started to look overbought for the second straight session after reaching 2 1/2-year highs on Tuesday as resistance near the 450 level for the PHLX Semiconductor Index suggested stocks were vulnerable to a correction.   S& P 500 futures slipped 1.9 points and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 13 7 points, and Nasdaq 100 futures fell 1.75 points.   Merck & Co fell 1.8 percent to $33.22 in premarket after the drugmaker forecast 2011 earnings below Wall Street forecasts and withdrew its longer-term profit view.   Retailers will also be in focus as companies post their January sales results. According to Thomson Reuters data, of the 11 of 28 retailers reporting sales so far, six have topped analyst expectations.   U.S. warehouse club operator Costco Wholesale Corp posted a higher-than-expected 9 percent rise in January sales at stores open at least a year. |
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krisluke
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03-Feb-2011 22:23
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Oil and unrest: what's the worst that could happen?
By Emma Farge and Dmitry Zhdannikov
  LONDON, Feb 3 (Reuters) - Oil industry experts believe major Gulf oil nations have enough cash and military support to avoid Egypt-style civil uprisings, which emerged as the key fear factor for volatile oil markets.   A third of the world's oil comes from the Middle East and North Africa and the uprisings in Tunisia, Egypt and Jordan pushed Brent crude oil above $100 a barrel.   Oil focused-bankers and funds managers told Reuters that even if unrest in Egypt cuts flows along a strategic pipeline and the Suez Canal, the oil price spike would be short-lived and flows would resume quickly -- whoever is in power.   Here are some scenarios in the Arab world and how they could affect the oil market:     GULF EXPLODES   Major political upheaval in the Arab Gulf is seen as the most unlikely but the most feared scenario. Saudi Arabia's oil output alone accounts for over a tenth of global production.   " The risks associated with Egyptian supply closures have been priced into the current cost of a barrel. But if civil unrest spreads to other major oil producers in the region then all bets are off," said Andrew Moorfield, the head of the oil division at Lloyds banking group.   The high oil price will likely reinforce the status quo for countries like Saudi Arabia, which needs a price of at least $70-$80 a barrel to balance their budgets.   " The whole region is a potential tinderbox," said Peter Csoregh, who helps manage Natural Resources Equities at Robeco Asset Management with a total of 147 billion euros ($203.5 billion) under managements.   " But the big oil producing nations have a lot of money, they have very well entrenched military and security forces, and the money is spread around to a reasonably large part of the population," he said.   The higher the oil price, the more stable the Gulf monarchies are, agreed Samuel Ciszuk at IHS Global Insight.   " They can afford to uphold their traditional bargain of delivering cradle-to-grave welfare systems to their citizens in exchange for their political quiescence," he said.     NEW UPRISINGS IN NORTH AFRICA   Oil will rally -- although less steeply -- if unrest spreads to other North African countries including OPEC members Algeria or Libya, which are seen more vulnerable than the Gulf but still reasonably well insulated by oil wealth and a strong military.   Algeria and Libya produce together over 3 million bpd of crude or around 4 percent of the global output. Algerian gas exports meets over a tenth of Europe's consumption meaning any stoppage would draw large quantities of liquefied gas to Europe.   " Algeria is run by a military which is very used to putting down domestic unrest, and public protests have so far been limited to the economy. In Libya, if they have to shoot civilians they will. So it will be very difficult to get a reform movement going there," said Csoregh.   SUEZ CANAL   Egypt is a small oil and gas exporter and the main danger of the unrest is seen as a closure of the Suez Canal or the large Suez-Mediterranean (SUMED) oil pipeline which passes near Cairo.   The canal has experienced problems as cargo operations at two Egyptian ports have nearly halted.   The canal ships 1.5 million barrels per day (bpd) of crude and the pipeline is shipping 1 million. Together they account for nearly 3 percent of daily global oil demand.   The canal is named by the U.S. government as one of the most important points for world trade. It is also a big route for liquefied natural gas, with about 13 percent of global LNG output passing through in 2010.   " This risk is relatively priced in and if it occurred would have a limited impact to prices to the upside," said Tony Hall, chief investment officer at hedge fund Duet Commodities.   Manouchehr Takin, analyst at the Centre for Global Energy Studies said he believed disruptions would not last long: " If there is a new regime they will want to keep operations and to get things back to normal and the overall price will settle" .   " The canal generates $4 billion a year for Egypt and it is well protected by the military, which is probably the strongest military in the Middle East, bar Israel," agreed Csoregh.   Oil can still be shipped from the Middle East to Europe by sailing around Africa, adding around 15-20 days of travel time and increasing freight costs. A closure would have more impact on refined oil products which travel on smaller tankers through the Canal without any loading restrictions, unlike crude.   Analysts at the Center For Strategic and International Studies said they estimate products shipments through the canal at above crude volumes of more than 1.5 million barrels per day.   A closure would wreck east-west arbitrage flows by trapping jet fuel and gasoil in Asia and naphtha and fuel oil in Europe.   Jet fuel premiums in Europe are now at 28-month highs near $90 a tonne.     OPEC INCREASES PRODUCTION TO CALM MARKETS   While most analysts agree OPEC will likely withstand calls from the West for an immediate large output boost, the cartel may chose to quietly leak more barrels to the market.   Chief economist of oil major BP told Reuters OPEC was likely to raise output in response to tensions in the Middle East.   " The longer the uncertainty around the Middle East and political tensions continues... that may actually prompt them to do more rather than less in order to calm markets down," Christof Ruehl said.   OPEC says it has spare capacity of 6 million barrels to meet lost output but would do it only when it sees a shortage in the market rather than speculator-driven rallies. Some experts believe OPEC's spare capacity is around 4 million.   Moorfield noted OPEC's repeated statement that it saw no reason to meet before June: " If and when crude moves closer to $120, the price at which alternative energy starts to become viable, we may see OPEC start to loosen their grip on supply" .   (Reporting by Emma Farge, Dmitry Zhdannikov, Claire Milhench, Daniel Fineren, Barbara Lewis and Jonathan Saul in LONDON, writing by Emma Farge and Dmitry Zhdannikov, editing by William Hardy) |
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krisluke
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03-Feb-2011 22:19
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Stocks fall, crude surges on Egypt turmoil
Graph with stacks of Australian dollars
  * Oil rallies on escalating Egypt violence   * European stocks, euro fall Bunds steady     By Natsuko Waki   LONDON, Feb 3 (Reuters) - World stocks fell and oil surged above $103 a barrel on Thursday as unrest in Egypt escalated, adding to concerns about inflationary pressures that could threaten the global economic recovery.   Gunmen fired on anti-government protesters in Cairo, where fighting killed six and wounded over 800 on Thursday in a fresh spike in violence over an unprecedented challenge to President Hosni Mubarak's 30-year-old rule.   Global food prices measured by the U.N. Food and Agriculture Organisation hit their highest level since records began in 1990. Rising food costs have been a key driver of the turmoil in Egypt and Tunisia that is threatening to spill over to other countries.   This is also encouraging investors to cut back on risky assets, especially after world stocks hit 29-month highs on Wednesday.   " Everybody is watching Egypt, we are looking at Yemen too," said Christophe Barret, oil analyst at Credit Agricole.   " Mainly, it's fear of contagion to other countries... I think prices above $100 for Brent are just not sustainable, it's something that has a very strong impact on the economy, a strong impact on demand."   Investors are also eyeing European Central Bank President Jean-Claude Trichet's news conference later in the day for further clues on how the bank plans to combat rising inflation. The MSCI world equity index fell around 0.15 percent, with many Asian players away for the Lunar New Year holidays. The Thomson Reuters global stock index was down around the same amount.   The FTSEurofirst 300 index fell 0.4 percent while emerging stocks added 0.1 percent.   U.S. stock futures were down around 0.1 percent, pointing to a slightly weaker open on Wall Street later.     OIL AND INFLATION   U.S. crude oil rose 0.7 percent to $91.54 a barrel while ICE Brent crude for March rose to as high as $103.37 a barrel, its highest since Sept. 26, 2008.   Fears have grown that unrest in Egypt and Tunisia could spread to other countries in the Middle East and threaten the region's oil exports.   And higher energy, food and other commodity prices are fanning concerns that the resulting inflationary impact -- not just in fast-growing emerging markets but also in developed economies -- would squeeze corporate profits and hit the global economic recovery.   Euro zone inflation rose to 2.4 percent in January, moving further above the ECB's target. A survey showed the euro zone's dominant service sector expanded much faster than initially thought in January, albeit with some divergences among member states.   JP Morgan expects a sustained 10 percent rise in oil prices would cut global gross domestic product by 0.25 percentage points.   Bund futures were steady ahead of Trichet's news conference.   Investors are looking for hints on when euro zone interest rates might rise, given Trichet's recent warnings on the need to tackle inflationary pressures.   The dollar rose 0.3 percent against a basket of major currencies while the euro lost 0.4 percent to $1.3751, having hit a 12-week high of $1.3862 on Wednesday.   (Editing by John Stonestreet) |
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krisluke
Supreme |
03-Feb-2011 19:48
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Relief as Australia mops up from giant cyclone
A house lies in ruins after Cyclone Yasi passed the northern Australian town of Tully
  INNISFAIL, Australia (Reuters) - Australians voiced relief and surprise after one of the world's most powerful cyclones spared the nation's northeast coast from expected devastation on Thursday, with no reported deaths despite winds tearing off roofs and toppling trees.   Cyclone Yasi, roughly the size of Italy and with winds forecast to hit at up to 300 km per hour (186 mph), threatened Australia with its second major natural disaster in as many months but ended up missing heavily populated areas.   The storm destroyed about 15 percent of the nation's sugar cane crop, pushing world prices to the highest in three decades, and prompted the evacuation of Xstrata Plc's Mt Isa copper mine, which lay in its path.   " It's amazing no-one was killed. The wind was howling like a banshee," said farmer Nathan Fisher, speaking out the window of his four-wheel-drive vehicle as he returned to his property from a shelter in the small town of Innisfail.   But building engineers questioned whether Cyclone Yasi, rated at the top level category five, was as powerful as forecast and said large cyclones tend to be over estimated.   " If winds were at 300 km an hour it would have been a 100 percent wipe out," said James Cook University's George Walker, adding the damage suggested a category three cyclone.   " Even the newer buildings would by and large stay up but suffer some damage."   Australia, a vast continent with less than three people for every square kilometre, is one of the few countries where a storm as large and terrifying as Yasi -- with a diameter of up to about 500 km (310 miles) -- could simply miss major cities.   Even as Yasi began its 1,000 km (620 mile) march into the outback on Thursday, weakening as it went, tracking forecasts showed it was likely to hit only a handful of small towns in a region that is home to about 400,000 people.   The lack of any major damage or substantial casualties was also attributed to several days of preparation, early evacuations, laws that ensure newer homes and buildings are strong enough to survive a cyclone, and less than expected sea flooding as the cyclone missed peak tides.   The cyclone came ashore around midnight along hundreds of kilometres of coast in Queensland state and then drove inland, bringing heavy rain to mining areas struggling to recover from recent devastating floods.   " Early reports have given us all a great sense of relief," Queensland Premier Anna Bligh told reporters.   Yasi was rated a maximum-strength category five storm, and drew comparisons with Hurricane Katrina, which wrecked New Orleans in 2005, killing 1,500 people and causing $81 billion in damage.   It was downgraded to a category-one storm late on Thursday as it moved towards Mt Isa, but its core continued to fuel damaging gusts and heavy rain, the Bureau of Meteorology said.   The biggest impact would be on the economy. Sugarcane crops had been damaged, with initial estimates suggesting about 15 percent of the national crop could be lost. The industry estimated that one area, accounting for about a third of the crop, had suffered up to 50 percent losses.   Australia is the world's third largest raw sugar exporter.   Some coal mines remained shut after the cyclone passed. But others started to resume operations and the Hay Point coal port and Mackay grains port reopened late on Thursday. Coal rail lines were also set to reopen. Queensland accounts for 90 percent of Australia's steelmaking coal exports.   TOURIST AREAS HIT, TREES SNAPPED   The eye of the cyclone crossed the coast near the tourist town of Mission Beach, where devastating Cyclone Larry struck in 2006, and damaged areas around Tully and Cardwell, where many older homes, built before tougher building codes were introduced, suffered severe damage.   Authorities said initial reports suggested only about 100 houses had suffered major damage. There were no reports of serious injuries.   Hills around Tully were covered in snapped trees and scoured almost clean of vegetation by the wind. The main road into Tully was flooded and several houses had roofs torn off, with crumpled tin lying in flooded fields.   At Innisfail, Bill Biscow stood in flood waters and cleaned up shredded pieces of roofing. " It was scary, but the damage is not as bad as last time when the place got flattened. Cyclone Larry probably blew away the oldest buildings."   In the coastal hamlet of Cowley Beach, steel roofs were torn from houses and twisted around power poles.   " I've been in the area for a long time and I've seen many of these, but this one is the biggest I've ever seen," said 84-year-old Robert Hurst, cleaning up his still-intact house.   Another resident, Maria Cook, returned from an emergency shelter to check on her home on the outskirts of Innisfail.   " I'm going to have to use a chainsaw to cut past trees and to get back inside," she said.   A weather bureau spokesman said a storm surge of two metres (six feet) above normal tides had inundated one stretch of coast but the surges were not as severe as authorities had feared.   The cyclone had cut electricity to about 200,000 homes, but main links to the power grid remained intact.   Queensland has had a cruel summer, with floods sweeping across it and other eastern states in recent months, killing 35 people and causing damage estimated at $10 billion or more.   (Additional reporting by Amy Pyett, Bruce Hextall and Jim Regan in Sydney, and Rebekah Kebede in Perth)   (Writing by Ed Davies and James Grubel Editing by Robert Birsel) |
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krisluke
Supreme |
03-Feb-2011 19:30
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ASEAN stock markets aim to go cross-border in 2011
By Viparat Jantraprap
  BANGKOK, Feb 3 (Reuters) - Stock exchanges in Malaysia, the Philippines, Singapore and Thailand want to set up trading links between their markets and aim to have cross-border dealing in all their listed shares by the end of this year.   The 10-country Association of South East Asian Nations (ASEAN) wants to establish an economic community modelled on the European Union by 2015 and the market venture will support one of its aims, allowing capital to move more freely between states.   Cross-border trading had been scheduled for last year but was delayed by the development of a new platform, among other things.   However, the four exchanges, working with NYSE Technologies, a division of NYSE Euronext), have now completed a study for the technological framework for the ASEAN Trading Link, according to a joint statement.   " The ASEAN Trading Link aims to electronically interconnect the participating markets and facilitate cross-border order trading seamlessly," it said.   The exchanges of Southeast Asia, including Indonesia and Vietnam, have a combined capitalisation of about $2.4 trillion and were the darlings of emerging market investors last year.   Indonesia, Southeast Asia's best performer in 2010, and second-ranked Thailand saw foreign inflows more than double in 2010 to $2.2 billion and $2.5 billion respectively, according to Thomson Reuters data.   A tender is being held for companies to provide the infrastructure for the ASEAN platform. " Depending on the selected vendor, it is expected that the link will go live toward the end of 2011," the statement said.   On the new platform, investors will be able to trade shares listed on any participating market through any brokerage that has links with that exchange, a Thai exchange official said.   That will cut the cost of cross-border trading, since now an investor has to go through local brokerages in each country, she said.   The stocks would be quoted in their home currencies on the international platform. " The trading rules will be based on the home exchange rules," she said.   The platform will increase the options open to investors in the four countries and could boost stock market liquidity.   " As far as I understand, it will not create one unified ASEAN exchange but will allow brokers to internally pass orders from one market to another," said Andrew Yates, head of international equity sales at broker Asia Plus Securities in Bangkok.   " It may be of use to retail investors. Some retail investors may want to trade on other markets but I would expect the majority still prefer to invest in their own local market, where they have a greater understanding of the listed companies."   Indonesia and Vietnam would enter the system by 2013, according to the Thai official.   Of the other ASEAN members, Laos opened a stock market in January, Cambodia plans to open one this year and Myanmar is in talks about developing one. Brunei is the remaining member.   For details on the exchanges, click on. (Editing by Alan Raybould) |
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krisluke
Supreme |
03-Feb-2011 19:27
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Wall Street stalls on signs rally is played out
The New York Stock Exchange building
  NEW YORK (Reuters) - U.S. stocks stalled on Wednesday as technical measures suggested a five-month rally was growing long in the tooth.   Investors were reluctant to make big bets even though a report showed U.S. private employers added more jobs than expected in January.   The S& P 500 started to look overbought again after reaching 2 1/2-year highs on Tuesday. A key measure of the rally's strength suggests stocks are vulnerable to a correction, analysts said.   The PHLX Semiconductor Index was running into resistance around 450 after back-to-back closes above that level for the first time since November 2007. Chips are considered a leading indicator for the broader market.   " If the market looks like it's ready for a 5 percent or more correction, what's one of the sectors at the top of my list to be out of? For sure it's the semiconductors," said Vinny Catalano, chief investment strategist at Blue Marble Research in New York.   The Dow closed on Tuesday above the milestone 12,000 level for the first time since June 2008, and the S& P closed above the 1,300 level for the first time since August 2008.   Investors on Wednesday kept an eye on protests in Egypt as violent street clashes erupted. Concerns that protests could spread to other countries in the region have pressured equities in recent sessions.   The Market Vectors Egypt Index ETF, which consists of shares of companies in Egypt, fell 3.7 percent after rising for two consecutive days.   The Dow Jones industrial average rose 1.81 points, or 0.02 percent, at 12,041.97. The Standard & Poor's 500 Index was down 3.56 points, or 0.27 percent, at 1,304.03. The Nasdaq Composite Index was down 1.63 points, or 0.06 percent, at 2,749.56.   Joseph Hargett, a strategist at Schaeffer's Investment Research, said the Dow needs to stay above 12,000 firmly as a show of short-term support. " The resistance now resides in the 12,100-12,200 area."   After a pullback late last week, the S& P 500 has started to look overbought by some measures. The index is more than one standard deviation above its 50-day moving average and the weekly relative strength index is above 70.   Trading volumes were not seriously affected by a harsh winter storm that brought parts of the U.S. Midwest to a standstill.   The story was different for futures traders in Chicago, which took much of the brunt of the storm.   " It's definitely light downtown here. Pit trading opened late too. ... We're about half-staffed," said Frank Lesh, a futures analyst and broker at FuturePath Trading LLC in Chicago, where over 20 inches of snow had fallen.   Volume on the NYSE, Amex and Nasdaq reached 7.26 billion shares compared to last year's daily average of about 8.47 billion.   Overall U.S.-listed option volume approaching the close was about 15.3 million contracts, slightly below the recent average daily volume, according to option analytics firm Trade Alert.   The PHLX semiconductor index closed up 0.5 percent at 453.91. The 450 area coincides with the 23.6 percent retracement of the slide from the index's historic highs in 2000 to the low hit in November 2008.   The 23.6 percent retracement has been a breaking point in the index's trading at least five times in the past decade.     NEW YORK (Reuters) - U.S. stocks seesawed between modest gains and losses on Wednesday as indexes struggled to move higher a day after the Dow and S& P 500 closed at their highest in about 2-1/2 years.   Investors were reluctant to make big bets on stocks even though data showed U.S. private employers added more jobs than expected in January.   " We are pushing into the technical resistance. They (indexes) have moved awfully far on the short-term, intermediate and even long-term basis," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Oregon.   The Dow Jones industrial average was up 2.16 points, or 0.02 percent, at 12,042.32. The Standard & Poor's 500 Index was down 1.45 points, or 0.11 percent, at 1,306.14. The Nasdaq Composite Index was up 4.45 points, or 0.16 percent, at 2,755.64.   The Dow closed comfortably above the milestone 12,000 level for the first time since June 2008 on Tuesday and the S& P also closed above the psychological hurdle of 1,300 mark for the first time since August 2008.   Joseph Hargett, a strategist at Schaeffer's Investment Research, said the Dow needs to stay above 12,000 firmly as a short-term support.   " The resistance (for the Dow) now resides in the 12,100-12,200 area."   Investors kept an eye on the massive protests in Egypt as clashes erupted between opponents and supporters of President Hosni Mubarak. Concerns that protests would spread throughout the region have pressured equities in recent sessions.   The Market Vectors Egypt Index ETF which consists of shares of companies in Egypt, fell 5.6 percent to a session low of $17.48 after rising for two consecutive days.   In earnings news, appliance maker Whirlpool Corp dropped 4 percent to $82.06 after its profit missed estimates.   Time Warner Inc and Mattel Inc rallied after both companies reported stronger-than-expected quarterly profits. Media group Time Warner gained 6 percent to $34.24 while toymaker Mattel was up 1.5 percent to $24.52. |
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krisluke
Supreme |
03-Feb-2011 17:27
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Chicago Soybean and Corn both hit a 30-month high Wednesday, boosted by Argentina’s port worker strike, which has disrupted the country’s crop shipment. Wheat prices also strongly rebounded after Tuesday’s fall. The most active Corn contract for Mar delivery gained 3.25c, or 0.49%, to 6.6925 per bushel. Mar Wheat hiked 27.25c, or 3.26%, to 8.63 per bushel. Mar Soybean rose 6c, or 0.42%, to 14.38 per bushel Market traders noted that Argentine port workers, who have been on strike since the prior week, are blocking dozens of ships from the country’s main terminals Alberto Jacobson. As a result, buyers have to turn to the United States for Corn and Soybean. Argentina is the World’s 2nd largest exporter of Corn and 3rd largest Soybean supplier. Wheat staged a Strong rebound on the day, as the market worried that cold weather could damage the Winter Wheat crop in the United States. According to weather forecast, bitter cold weather is moving into the plains for the next few days. Besides, market talks that North Africa and Middle East countries would continue to stock up on food items added to the positive tone. Wheat has climbed 7.1% so far this year on increased demand.—Paul A. Ebeling, Jnr. www.livetradingnews.com The United Nations Food and Agricultural Organisation said record food prices in December were 25 per cent higher than a year earlier. The warning follows a key world Food Price Index reaching a record 215 points in December, up 4 per cent from November and one point above its previous record during the food crisis in 2008. Meat and Livestock Australia chief economist Tim McRae said demand was growing steadily for lamb, beef, pork and chicken as the world economy recovered after the Global Financial Crisis. Here are the must own stocks as Food Prices keep rising Olam International, Noble Group, Wilmar International Singapore listed commodities companies are set to become the rising stars of the exchange in 2011 and will become global players of significant importance. Olam International Ltd, Wilmar International Ltd and Noble Group Ltd are most likely to lead the charge as the benefit from home grown markets in ASEAN, China and India, where the world’s largest populations are consuming more and more of the world’s food supply. Cash Flow is on the rise at Noble and Olam, both have successfully made the switch into production from trading, have been expanding ever since. Olam is the world’s largest supplier of cashews and sesame seeds, and is among the biggest sources of cocoa, rice, peanuts and cotton. It operates in 64 countries. Noble is Asia’s biggest supplier of raw materials. Only 22 percent of its revenue comes from agriculture, with the remainder coming from materials such as iron ore. It has invested heavily in mines and processing. Wilmar is Asia’s leading agribusiness group and the world’s largest integrated palm oil company. Golden Agri-Resources Ltd is the world’s second largest palm oil plantation with a total planted area of 435,000 hectares (including small holders) as at 30 September 2010, located in Indonesia. It has integrated operations focused on the production of palm-based edible oil and fat products. Demand is expected to grow because of demand for biofuels, which is part of the reason the company bought the sugar and renewable energy businesses from Australia’s CSR. |
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krisluke
Supreme |
03-Feb-2011 17:17
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ECB to talk tough on inflation, hold rates for now
* What: European Central Bank monthly meeting, rate decision
  * When: Feb. 3, decision 1245 GMT, news conference 1330 GMT   * Forecast: All 82 economists in Reuters poll see refi rate held at 1.0 pct     By Sakari Suoninen   FRANKFURT, Feb 3 (Reuters) - The European Central Bank is expected to send a strong signal on Thursday that it is ready to tackle building euro zone inflation pressures but refrain from indicating interest rate increases are imminent.   Inflation in the common currency area has been above the ECB's price stability target of below, but close to 2 percent for the past two months and stood at 2.4 percent in January.   Producer prices rose more than expected in December, boosted mainly by a jump in energy costs, pointing to rising inflationary pressures in the pipeline.   Last month, the ECB toughened its language on inflation dangers, saying " very close monitoring of price developments is warranted," and that price risks, while still broadly balanced, could move to the upside.   However, analysts unanimously expect the ECB to keep rates at a record low level of 1.0 percent this month and said the ECB's sharper tone was more about communicating its commitment than preparing markets for a hike soon.   " They are moving up the rhetoric to keep inflation expectations at bay and to avoid seeing them drift higher," Unicredit economist Marco Valli said. " By barking now, the ECB can afford to act later on rates."   An important clue to how well the 17-country bloc's central bank has succeeded in anchoring inflation expectations is the Survey of Professional Forecasters.   ECB President Jean-Claude Trichet will likely face questions about the survey, even though it will officially be published next week. A rise in inflation expectations to above the central bank's target would increase pressure for it to act.   Financial markets started moving forward their rate hike expectations after the January meeting. Markets now see a chance of a first rate increase coming during the summer, and recent days have seen more price threats gathering.   Trichet has not been alone in talking tough on inflation.   Executive Board member Lorenzo Bini Smaghi followed up by warning against keeping accommodative policy in place for too long, adding that import prices carry an inflationary threat. < ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For a graphic on the ECB's policy dilemma of rising inflation and diverging growth, click on: http://r.reuters.com/var94r ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>     ARAB INSTABILITY   Turmoil in Egypt and other Arab states adds to uncertainty about further energy price rises, which have already spiked.   " Rising tensions in the Arab world and very elevated readings on various types of inflation measures cannot have made some Governing Council officials more confident in their January view that inflation rates would only `temporarily increase further'," Schneider Foreign Exchange analyst Stephen Gallo said in a note to investors.   Of crucial importance will be how much of the import price increases seep into domestic prices through higher wages.   As long as energy and food prices do not lead to second round inflationary effects, there is no need for the ECB to react with rate increases, a German government advisor said.   " The ECB will observe very closely and in the case second round effects emerge it will react," Wolfgang Franz said.   The euro's rise against the dollar -- the currency in which commodities trade -- has worked in the ECB's favour.   It < EUR=> is up more than 5 percent versus the dollar since the January rate meeting, bolstered by growing expectations that the ECB will be well ahead of its U.S. counterpart in raising rates.   With the bulk of euro zone inflation coming from imports, the rising euro should weaken inflationary pressures.   Increasing expectations of interest rate rises have also brought the issue of ECB code words back to forefront, used in the last rate raise cycle as a traffic light system.   " The use of 'strong vigilance' was the signal the ECB were very likely to raise rates the following month," RBS economist Nick Matthews said in a note.   " Markets should be on alert for any phrase resembling 'strong vigilance' or the more recent incarnation of 'heightened alertness' if the ECB were seriously signalling an early rate hike," he said, adding he did not expect to see this before July at the earliest.   Trichet can also expect to be grilled on the significance of higher market interest rates and whether he sees this as lessening the need for policy rate increases. (Reporting by Sakari Suoninen, editing by Mike Peacock)   |
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krisluke
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03-Feb-2011 17:13
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Gold extends losses on economic hopes oil may help
A gold bar is shown next to coins
  * Coming Up: EZ ECB rate Decision Feb 2011 1245 GMT (Updates prices)   By Lewa Pardomuan   SINGAPORE, Feb 3 (Reuters) - Gold fell further on Thursday on economic optimism in the United States and Europe, but rising oil prices could offer support, while physical demand was expected to pick up again after the Lunar New Year celebration.   Investors awaited the European Central Bank's rate decision later in the day, but the U.S. non-farm payroll data due on Friday was likely to be the main focus, with hiring probably gathering steam in January.   Spot gold lost $7.50 to $1,328.50 an ounce by 0734 GMT after falling 0.5 percent in the previous session despite tensions in Egypt, which pushed up energy prices. Bullion was well below a lifetime high around $1,430 struck in December.   " In the near term, developments in Middle East will continue keep the markets volatile, but more pivotal will be the ECB rate decision and the non-farm payrolls due on Friday," said Pradeep Unni, senior analyst and trader at Richcomm Global Services in Dubai.   " Charts signal that sentiment would continue to be bearish as long as gold is contained below $1,345 an ounce. Any sustained gains above $1,350 could take gold above $1,365. Gains from here on however would be slow and steady, with frequent corrections."   Markets in Singapore, Hong Kong and China are closed for the Lunar New Year.   The European Central Bank is expected to send a strong signal on Thursday it is ready to tackle building euro zone inflation pressures but refrain from indicating interest rate increases are imminent.   In the United States, most economic indicators have suggested that the economy is picking up, reducing gold's safe haven appeal in times of uncertainty.   Friday's Labor Department report is expected to show a rise in overall nonfarm payrolls of 145,000 in January, based on a Reuters poll of analysts, and a 155,000 rise in private payrolls.   U.S. gold futures for April fell 3.5 an ounce to $1,328.6, having earlier risen to track gains in oil prices.   Brent crude surpassed $103 on Thursday after violent clashes in Egypt raised the prospect of further unrest across the Middle East, overshadowing the bearish effect of soaring gasoline inventories in top consumer the United States.   The physical market was deserted because of the holiday in bullion trading centres of Hong Kong and Singapore, but activity was expected to return to normal early next week.   Physical trading was also slow in main consumer India as jewellers waited for more declines in prices.   Gold imports in India rose 18 percent in January to 40 tonnes provisionally, and next month's wedding season could further boost demand, head of a trade body said. See |
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krisluke
Supreme |
02-Feb-2011 19:00
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Dipped in gold, China to be world's top luxury market -CLSA
 
 
HONG KONG, Feb 2 (Reuters) - Rising affluence after years of solid wealth creation, and a steady transition from a saving to a spending culture will see China become the world's largest luxury goods market over the next decade, according to CLSA.
  CLSA Asia-Pacific Markets, majority owned by France's Credit Agricole SA < CAGR.PA> , expects Greater China to account for as much as 44 percent of global luxury sales by 2020, up from 15 percent now.   One of the main reasons for the shift, according to CLSA, is that mainland Chinese millionaires are on average 15 years younger than their overseas peers. And three decades of double-digit GDP growth has created a lot of them.   CLSA estimates that the number of individuals with more than 1 billion yuan ($151.7 million) has increased at an annual rate of 50 percent from 24 in 2000 to 1,363 in 2010.   Capturing this vast market and tapping into expanding wallets is front and centre in terms for strategy for many the world's best known luxury brands who are rapidly ramping up in China.   Louis Vuitton Malletier's biggest customers were already Chinese buyers, while Greater China represented 18 percent of sales for Gucci, 14 percent for Bulgari and 11 percent for Hermes, said CLSA.   CLSA was ranked Asia's top equity research and advisory firm for 2010 in its latest survey by consultancy Greenwich Associates. (Reporting by Vikram S.Subhedar Editing by Chris Lewis)   2011-02-02 08:53:10 |
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krisluke
Supreme |
02-Feb-2011 18:20
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Reuters Southeast Asia News Highlights 1000 GMT, Feb 2
Indonesia's Lion Air aims to raise over $1bln in IPO in 2012
  JAKARTA - Lion Air, Indonesia's biggest airline by passenger volume, aims to raise over $1 billion in an initial public offering in 2012, its CEO told Reuters on Wednesday.   " We aim to raise more than $1 billion in an IPO. We aim bigger than Garuda," said Rusdi Kirana in an interview in Jakarta.   - - - - -   Indonesia seen holding rates in Feb, hike by April   JAKARTA - Indonesia's central bank is seen holding interest rates at a record low 6.5 percent when it meets on Friday despite inflation hitting a 21-month high of 7 percent in January, according to a narrow majority of analysts polled by Reuters.   Eight of 15 economists polled after Tuesday's inflation data see no change, citing the likelihood of an easing in volatile food prices in coming months after moves by the government to import rice and scrap food import taxes.   - - - - -   Ringgit at record high, riding on risk rally   SINGAPORE - The Malaysian ringgit hit a record high against the U.S. dollar, leading gains in other Asian currencies on Wednesday, after solid U.S. economic data triggered an increase in demand for riskier assets.   The Indonesian rupiah and the Thai baht also gained but continued to underperform their peers as investors remained unconvinced that authorities in those countries have a handle on inflation. (Compiled by World Desk Singapore, +65 6870-3815) |
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krisluke
Supreme |
02-Feb-2011 18:13
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krisluke
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02-Feb-2011 18:10
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China to raise interest rates within month -NYT
  BEIJING, Feb 2 (Reuters) - China will likely raise interest rates again within the month, the New York Times reported on Wednesday, citing a forecast of economists and bankers with knowledge of the thinking of Chinese policymakers.   The Hong Kong-datelined story did not identify its sources, citing the sensitivity of the information.   It also cited the economists and bankers as saying China was unlikely to let the yuan currency appreciate faster anytime soon as a way to fight inflation.   Analysts polled by Reuters saw two more rate rises by the end of the first half.   The median forecast of economists polled by Reuters is for inflation to reach its fastest in more than two years at an annual pace of 5.3 percent for January. (Reporting by Ben Blanchard Editing by Alex Richardson)     |
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krisluke
Supreme |
02-Feb-2011 15:29
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Ireland to vote on Feb 25 few rays of hope
* Opposition parties campaign to renegotiate bailout
  * Loans to households down deposits withdrawals continue   * Irish manufacturing close to 11-year high on exports   * Consumer sentiment perks up in Jan downside risks ahead     By Carmel Crimmins and Padraic Halpin   DUBLIN, Feb 1 (Reuters) - Ireland will vote on Feb. 25 in the first general election in Europe dominated by the euro zone debt crisis and by demands to renegotiate an unpopular EU/IMF bailout.   The two main opposition parties are overwhelming favourites to replace outgoing Prime Minister Brian Cowen's scandal-racked administration. But with the economy in a prolonged slump and the fiscal straitjacket of the bailout terms, a new government will enjoy the shortest of honeymoons.   " This election will define our economic future and it will decide whether Ireland moves forward from this recession or whether we prolong it or indeed succumb to it," a sombre-looking Cowen said before heading to the residence of President Mary McAleese on Tuesday to ask her to dissolve parliament.   Cowen, 51, widely blamed for mishandling a bank crash after a credit-fuelled property bubble burst, saddling the country with debts as big as its annual economic output, announced on Monday he would not be seeking re-election to parliament.   Irish people are angry at having to endure years of cutbacks and tax increases to help pay for the 85 billion euro ($118.7 billion) bailout and the centre-right Fine Gael party and the centre-left Labour party, expected to form the next coalition, are campaigning to alter its terms.   " I'm confident that this can and will be renegotiated," Fine Gael leader and likely future prime minister Enda Kenny said.   Ireland may be granted longer to repay its rescue loans and a lower rate of interest, according to EU officials negotiating on crisis resolution plans likely to be adopted in March.   But the European Commission and the European Central Bank are set to reject Fine Gael and Labour demands to force senior bondholders in Ireland's shattered banks, whose reckless property lending sparked the crisis, to share the losses.     HANDS TIED   Kenny has acknowledged that his hands will be tied by Ireland's fragile domestic economy and its dependence on the support of the IMF, the Commission and the ECB.   He noted on Tuesday the growing support for giving Greece more time to pay back its EU bailout. Labour said on Sunday it would like to see Ireland given longer than the current period of around seven years to repay its loans.   The two parties have been at loggerheads this week over the deadline for Ireland to reduce its budget deficit to the EU limit of 3 percent of GDP, with Labour urging Brussels on Sunday to look towards giving Ireland an extra year, until 2016.   Such disagreements suggest a stormy start to government, and voters' expectations are low.   " Hopefully there will be some change but I'm not that optimistic," Eddie Riley, a 31-year-old teacher, said as he walked along Dublin's O'Connell Street.   Cowen's government is set to be the first to fall victim to the euro zone debt crisis with polls showing his Fianna Fail party faces a record rout. The hard-left, nationalist Sinn Fein may even challenge it for the role of largest opposition party.   As a former finance minister at the height of the " Celtic Tiger" boom, Cowen is tainted for failing to put the brakes on bankers and property developers. His application for assistance from the EU and IMF was the final humiliation.   His government descended into farce in recent weeks with the withdrawal of junior coalition partners, the Greens, the resignation of eight ministers, a thwarted cabinet reshuffle and his own resignation as party leader.   Irish despair at the political theatre is compounded by the parlous state of what was once trumpeted as a model of a small, open European economy.   Lending to households dropped by more than 5 percent in December from a year ago while depositors continued to withdraw money with nearly 3 billion euros pulled out in December, data on Tuesday showed.   " Getting the banks back to some sort of `normal' lending practices should be the key objective of a new government," said Alan McQuaid, chief economist with Bloxham Stockbrokers.   Ireland submitted plans to Brussels on Monday to transfer the deposit books of two state-run lenders, including scandal-racked Anglo Irish Bank, and wind them down, meeting its first major banking deadline under the bailout.   Consumer sentiment picked up in January due to post-Christmas sales and improved weather, but economists warned against interpreting it as a turnaround.   " There must be some risk that when post-Christmas bills and post-budget pay packets are examined, sentiment could decline further in the next couple of months," said Austin Hughes, chief economist KBC Ireland.   Ireland is relying on exports to prop up growth this year and help it meet its fiscal targets. A survey on Tuesday showed manufacturing activity had grown at the fastest pace in almost 11 years in January due to export-driven demand.   But the trade upsurge is not expected to make much impact on stubbornly high unemployment with industrial employment accounting for just 13 percent of job numbers. (Additional reporting by Matt Scuffham, editing by Paul Taylor) |
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krisluke
Supreme |
02-Feb-2011 15:24
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Australians flee, jam shelters ahead of " catastrophic" cyclone
Girl waits in line to enter an emergency cyclone shelter in a shopping mall in the northern Australian city of Cairns
  CAIRNS, Australia (Reuters) - Thousands of people fled their homes and crammed into shelters in northeastern Australia on Wednesday as the most powerful cyclone in the country's history barrelled towards a string of popular tourist cities lining the coast.   Police were forced to turn away people from some shelters which were already full, and engineers warned that even " cyclone proof" homes could be blown apart by winds expected to reach 300 km (186 miles) per hour when it hits later on Wednesday.   " We are facing a storm of catastrophic proportions," Queensland state premier Anna Bligh said after Cyclone Yasi was upgraded to a maximum-strength category five storm.   More than 400,000 people live in the cyclone's expected path, which includes the cities of Cairns, Townsville and Mackay. The entire stretch is popular with tourists and includes Australia's Great Barrier Reef.   Satellite images showed Yasi as a massive storm system covering an area bigger than Italy or New Zealand, with the cyclone predicted to be the strongest ever to hit Australia.   " All aspects of this cyclone are going to be terrifying and potentially very , very damaging," Bligh said.   The greatest threat to life could come from surges of water of up to seven metres above normal high tide levels along the coast at the town of Cardwell, she said. The storm is due to hit when the tide is high.   Mines, rail lines and coal ports have all shut down, with officials warning the storm could drive inland for hundreds of kilometres, hitting rural and mining areas still struggling to recover after months of devastating floods.   Outside a shuttered night market in the tourist city of Cairns, nervous backpackers tried to flag down cars and reach temporary evacuation centres at a nearby university.   " We are terrified. We have had almost no information and have never seen storms like this," said Marlim Flagar, 20, from Sweden.   Struggling with a surge of people arriving at the centre, police later blocked more people from entering.   " We're disappointed we can't take any more people in but I've been through there but it's just not safe," Acting Inspector John Bosnjak told Reuters.   ABC media reported that all evacuation centres in the Cairns region were now at capacity and that several were closed.   The bureau of meteorology said in a bulletin that the impact of Yasi was " likely to be more life threatening than any experienced during recent generations." At a sprawling shopping centre, hundreds of people streamed into a makeshift shelter carrying backpacks, blankets and food.   " We've only got a loaf of bread and a few other things, so we hope it doesn't last too long or we'll run out," said local woman Kirsty Munro as she tried to gather her three children aged two, four and eight in the crush of people.   WINDOWS TAPED   Australia has strict building standards and Queensland suffers regular cyclones, but experts warned that many homes and buildings may not be able to withstand winds of this magnitude.   " The building regulations make things a lot better off at lower wind speeds but once you get to extreme cases you are in uncharted ground," said Robert Leicester, a researcher at the Australian Commonwealth Scientific and Industrial Research Organisation, who has studied the impact of previous cyclones.   Hundreds of people were lining up in a supermarket on the western side of Cairns, stocking up on staples such as bread, milk and tinned goods.   The cyclone is expected to make landfall at 10 pm local time (12 p.m. BST) on the Queensland coast between Cairns and Innisfail. Its strength is on a par with Hurricane Katrina, which devastated New Orleans in 2005. Media reports said Yasi had knocked out meteorology equipment on Willis Island in the Coral Sea, 450 km east of Cairns.   Some rain was starting to fall and winds were picking up in Cairns. The main streets were largely deserted. Shops were closed and windows taped to stop shards of flying glass.   At a coffee shop on the Cairns waterfront, Scott Warren covered windows with black plastic sheeting and sandbags from a pickup truck, trying to work out how high he would need to build the barrier to escape a possible surge of seawater.   " We get a heap of cyclones every year, but this one has got everyone's attention," Warren said. " We're hoping for the best, but expecting the worst to be honest."   POWER, MOBILE PHONES MAY GO DOWN   State premier Bligh warned that the mobile phone network may go down and said current estimates were that 150,000-200,000 people could lose power if winds topple transmission towers.   She also said that those in low-lying areas facing a risk of flooding from storm surges had " a window of opportunity" of a matter of hours to leave.   " Do not bother to pack bags. Just grab each other and get to a place of safety," she said.   In Townsville alone, the storm surge could flood up to 30,000 homes, according to the town's web site.   The military has been helping to evacuate nearly 40,000 people from low-lying coastal areas, and also from the two major hospitals in Cairns.   At Cairns airport, people queued from dawn to catch the last flights out of the city before the terminal was locked down and sandbagged against potential storm surges.   " We're so relieved to be on," said Paul Davis, from Sydney, as he stood in the line with his partner Sylvia Leveridge and three-year-old daughter Ella.   Queensland, which accounts for about a fifth of Australia's   economy and 90 percent of steelmaking coal exports worth about A$20 billion (12.5 billion pounds) a year, has had a cruel summer, with floods sweeping the eastern seaboard in recent months, killing 35 people.   The state is also home to most of Australia's sugar industry and losses for the industry from Yasi approaching the north-eastern state of Queensland could exceed A$500 million, including crop losses and damage to farming infrastructure, industry group Queensland Canegrowers said on Wednesday.   ($1=.9888 Australian Dollar)   (Additional reporting by Michael Smith and Bruce Hextall in Sydney)   (Writing by Ed Davies, Editing by Jonathan Thatcher) |
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krisluke
Supreme |
02-Feb-2011 15:21
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Indonesia likely to keep Key rates at record low Indonesia’s central bank likely to keep Key interest rates at a record low this week, tolerating inflation that has accelerated to a 21-month high as policy makers seek to avoid attracting more Hot Money inflows. The reference rate will stay at 6.5% when policy makers meet February 4, according to 16 of 22 economists surveyed. The rest expect a 0.25 percentage pt increase. Indonesia’s markets are closed for a public Holiday tomorrow. Central banks from India to Thailand and South Korea raised borrowing costs in January as inflation accelerates across a region that’s leading the recovery from the Y 2009 Global recession. Indonesia has refrained from raising rates as fund flows into emerging markets push up asset prices and threaten to cause economies to overheat. The central bank is ready to raise the Key interest rates at an “appropriate time” and the magnitude of an increase will depend on the inflation level, Governor Darmin Nasution said last month. Consumer prices rose 7.02% last month from a year earlier, a report showed yesterday, exceeding the 6.81% median forecast in a survey of economists.—Paul A. Ebeling, Jnr. |
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krisluke
Supreme |
02-Feb-2011 15:17
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In Singapore the Straits Times Index (STI) closed up 26.38pts at 3,211.12. The Singapore market will be closed on Thursday and Friday for the Chinese New Year.The total value of shares traded was S$1 billion, up from S$660 million in the morning session on Tuesday. Palm oil stocks rallied as Malaysian palm oil futures rose to a three-year high on supply concerns after floods partially submerged oil palm estates in Malaysia. Shayne Heffernan strong buys Golden Agri-Resources and Indofood Agri rose around 2 percent each, while Wilmar International gained 1.5 percent. Genting Singapore rose as much as 3.9 percent on expectations it will post better fourth quarter result compared to the previous quarter. Genting Singapore closed at S$2.13 with 73.3 million shares traded. |
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krisluke
Supreme |
02-Feb-2011 13:52
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Feb 2, 2011
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krisluke
Supreme |
02-Feb-2011 13:42
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Feb 2, 2011Sing$ hits new record against US dollarThe currency hit $1.2756 to the greenback during trading on Tuesday after being around $1.28 a week ago. -- ST PHOTO: AZIZ HUSSIN  THE Singapore dollar has surged to yet another record high against the US dollar on expectations that the authorities here will do more to fight inflation. The currency hit $1.2756 to the greenback during trading on Tuesday after being around $1.28 a week ago. It has gained more than 9 per cent from its level of $1.41 about six months ago. While it is making life hard for exporters, companies and shoppers that pay for items in US dollars and America-bound tourists are laughing all the way to the bank. Take Apex-Pal International, which runs the Sakae Sushi restaurant chain. It pays for its seafood products in US dollars, but sells its sushi in Singdollars. 'The exchange rate is to our advantage,' said Apex-Pal International chief executive Douglas Foo. Then there is paediatrician Koh Poh Kian, who is delighted he will have more to spend when he goes to the United States in May. 'On the one hand, it is positive, but I have also US stocks and funds, so it is a negative for me as well,' he said. |
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krisluke
Supreme |
02-Feb-2011 12:43
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Hong Kong Stocks Finish Year Of Tiger With A Roar HONG KONG, Feb 2 (Reuters) - Hong Kong stocks surged on Wednesday, quickly recovering from global market stumble that followed unrest in Egypt, as investors adopted an optimistic outlook for equity markets. The benchmark Hang Seng Index < .HSI> finished up 1.81 percent at 23,908.96, bringing its gains for the Year of Tiger to about 18 percent. The market will reopen on Monday after the Lunar New Year holiday. (Reporting by Vikram Subhedar Editing by Chris Lewis) ((vikram.subhedar@thomsonreuters.com +852 2843 6975 Reuters Messaging: vikram.subhedar.reuters.com@reuters.net)) |
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