CMC Markets – Evening Update 30/11/12


By Donal Nee
Dealer
CMC Markets Singapore

Asian equity markets had a good performance this week as all of the regional indices posted strong gains. Helping boost markets earlier in the week was the growing optimism that President Obama and Congress were coming close to an agreement over the US “fiscal cliff” burden which has rocked investor confidences over the last few weeks.

Both parties are attempting to come to agreement over raising taxes on the wealthier percentile of Americans. A deadlocked however is still in place as the powers that be still remain in loggerheads over $600BN worth of year-end tax increases not to mention spending cuts which are due to be implemented in the new year.

Adding fuel to the fire however were comments made last night by Republican Speaker of the House John Boehner who warned of a lack of progress in the talks aimed at breaking an impasse. These comments brought U.S markets back in line as the Dow Jones finished up 0.28%, 40 points off its high. The S&P 500 finished the session in the same fashion as it too closed up 0.43% which was 4 points off its high.

As always, a week doesn’t go by where the Greek Debt issue is not at the forefront, however this week there was some positive news as European leaders agreed on terms of a third financial assistance programme for the country.

Japan’s Nikkei finished up 0.5% today as the Index hit 7 month highs hitting 9,446. On the data front, Japan’s factory output beat analysts’ expectation as it rose the most since December on production of parts for devices, most notably parts for the new Apple’s iPhone.

Industrial production in October increased 1.8% from the previous month, where it dropped 4.1 % compared against analysts’ estimates for a 2% fall. Production of electronic parts and devices rose 14.7 % from September, the biggest advance since 1998. For the week the Nikkei closed up 0.8%.

Australia’s ASX 200 advanced 0.63% hitting 3 week highs and bringing weekly gains to 2.1% as the index marched through the 4500 level. Today shares in Lynas jumped out of the blocks as the stock rose 6.7% after an announcement that operations are underway in its Malaysian plant however these gains were short lived as the stock plunged to be down 5% nearing the close in what was a choppy day of trading for the mining company.

The large turn around was on the back of reports that the Malaysian high court will not hear the company’s application to carry out production on its mines until February next year. Elsewhere Rio Tinto was today’s top performer as the stock climbed 2.75%. Hong Kong also followed the other regions as the Heng Seng posted gains of 0.49% today, adding to the positive returns of 0.5% for the week.

The local Singapore market extended its winning streak to close up over 1% today as it added to gains of 3% for the week. Commodities traders Olam international grabbed all the headlines this week as the stock plunged over 11% in the last 2 weeks.

The falls came after the company strongly defended accusations made by Muddy Waters on its accounting irregulars which were likened to that of the Enron collapse. Global logistics properties, who have warehouses in Japan, benefited today from the strong Industrial production numbers out of the Japanese region, the stock traded up 2.2% today.

Despite a relatively flat trading session on Friday, Gold was heading to its biggest weekly loss since the start of the month, falling around 1.4% over the course of the week. Interest in Gold has been fairly subdued and dented by the continued uncertainty of talks surrounding any progress in the US Fiscal cliff. The fact that Gold was unable to push substantially above $1750 earlier in the week, has left it looking vulnerable from a technical perspective.

In Forex, month end flows for balancing look to have favoured the likes of the EUR and USD/JPY. The EUR has held up relatively well throughout the week, gaining close to 0.5%, trying to keep above the 1.30 handle and largely supported by Mondays decision by Euro leaders to unlock a third tranche of funds to Greece, which removed some of the uncertainty that had been hampering the currency.

The USD/JPY was again strong on the week, also gaining 0.5%, edging closer to the 83 handle. Growing sentiment that we will see a new Government formed when Japan goes to the polls mid-December with a bias towards policies promoting a weaker Yen have kept the cross pair bid.

Next week again all eyes will be back on the U.S as the “fiscal cliff” drama will continue to unfold however tomorrow we see China’s PMI figures with analyst forecasting a reading of 50.8, any deviation from this figure may have a large bearing on how markets open for trade on Monday.

Next week is a busy week of data as Australian Retails sales is due out on Monday then later that night we will see both the UK and U.S Manufacturing PMI numbers. Tuesday we will see the Australian Cash Rate decision with analysts expecting the rate to stay unchanged at 3.25%.

Then at the end of the week all the attention will be on the U.S for Friday night’s Non-Farm Payroll with many hoping to see momentum build as the country looks to get back on its feet.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Business Highlights Associated Press - 9 minutes ago

    ___ The hidden risk to the economy in corporate balance sheets America's debt problem is showing up in an unexpected place: Corporate America. Of the $1.8 trillion in cash that's sitting in U.S. corporate ... … More »

  • U.S. banking regulators focused on cyber security after SWIFT attacks
    U.S. banking regulators focused on cyber security after SWIFT attacks Reuters - 11 minutes ago

    U.S. banking regulators said on Wednesday they are focused on cyber security risks and controls for U.S. financial institutions after attacks earlier this year involving the global financial network known as SWIFT. In a letter responding to … More »

  • Dismal time for Gulf oil = record low lease bidding
    Dismal time for Gulf oil = record low lease bidding Associated Press - 24 minutes ago

    The federal government's annual sale of oil and gas leases in the Gulf of Mexico attracted hardly any interest on Wednesday, reflecting a dismal outlook for offshore drilling. Only three oil companies ... … More »

  • HP Inc forecasts weak profit on low demand for printers
    HP Inc forecasts weak profit on low demand for printers Reuters - 28 minutes ago

    (Reuters) - HP Inc (HPQ.N) forecast fourth-quarter profit below analysts' estimates as the company, which was split off from the former Hewlett-Packard Co, struggles with weak demand for its printers. ... … More »

  • The Latest: Quake rescue work suspended at Italian hotel
    The Latest: Quake rescue work suspended at Italian hotel Associated Press - 33 minutes ago

    The Latest on the earthquake in central Italy (all times local): 10:45 p.m. A rescue official says Italian rescue workers have been forced to suspend their search at the site of a hotel that was badly ... … More »

  • Australia's Luxury-Car Binge Belies Its Drop in Living Standards Bloomberg - 33 minutes ago

    "A lot has been made of softer economic conditions over the first half of 2016, however the same cannot be said for the luxury car market,'' said Savanth Sebastian, an economist at CommSec. "Higher home prices are boosting wealth levels and … More »

  • Canada takes tough line with China over canola export dispute Reuters - 34 minutes ago

    OTTAWA (Reuters) - Canada notably hardened its line with China on Wednesday in a dispute over Canadian canola exports, saying bilateral relations could not improve until Beijing took action to settle the ... … More »

  • How the Dow Jones industrial average fared on Wednesday Associated Press - 43 minutes ago

    Stocks closed lower on Wednesday, led by sharp declines in health-care companies as outrage over the steep price hikes for Mylan's EpiPens escalates. On Wednesday: The Dow Jones industrial average fell ... … More »

  • Stocks end lower as health-care companies decline
    Stocks end lower as health-care companies decline Associated Press - 45 minutes ago

    Stocks closed lower on Wednesday, led by sharp declines in health-care companies as outrage over the steep price hikes for Mylan's EpiPens escalates. Trading remains quiet overall with many investors still ... … More »

  • Ex-Comverse CEO pleads guilty to fraud, a decade after fleeing U.S.
    Ex-Comverse CEO pleads guilty to fraud, a decade after fleeing U.S. Reuters - 46 minutes ago

    The former chief executive officer of Comverse Technology Inc pleaded guilty to securities fraud on Wednesday, a decade after fleeing the United States for Namibia to avoid prosecution. Jacob "Kobi" Alexander, the Woodbury, New York-based software … More »

  • Pharma shares under fire as US stocks fall AFP - 48 minutes ago

    US stocks fell Wednesday with pharmaceutical shares tumbling as controversy over the sky-high price of Mylan's EpiPen prompted rebukes from the White House and Democratic presidential candidate Hillary ... … More »

  • Williams-Sonoma meets 2Q profit forecasts Associated Press - 1 hour 10 minutes ago

    On a per-share basis, the San Francisco-based company said it had net income of 58 cents. The results matched Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment ... … More »

  • Wall St. falls as healthcare, materials stumble
    Wall St. falls as healthcare, materials stumble Reuters - 1 hour 13 minutes ago

    Wall Street retreated on Wednesday, pulled lower by weakness in the materials and healthcare sectors as investors continued to weigh the possibility of an interest rate hike in the coming months. The market is awaiting Federal Reserve Chair Janet … More »

  • Markets Right Now: US stocks close lower Associated Press - 1 hour 21 minutes ago

    The latest on developments in global financial markets (all times local): 4:00 p.m. Stocks are closing lower, led by drops in health care companies, more than erasing a modest gain from the day before. ... … More »

  • Stocks Drop as Political Risk Haunts Emerging Markets; Oil Sinks Bloomberg - 1 hour 31 minutes ago

    Developing-nation shares dropped the most in seven weeks after Turkey launched a military operation in Syria and North Korea conducted a missile test. South Africa’s rand led losses among its global peers as the nation’s finance minister refused to … More »

  • The Tiny Ski Town Defying Japan’s Scary Population Collapse Bloomberg - 1 hour 34 minutes ago

    The area’s booming economy has spurred investment in luxury hotels, restaurants, and shops--and attracted local and expat workers who’ve become full-time residents. Niseko’s population grew 2.9 percent last year to 4,952 compared with 2010 levels, … More »

  • Grain lower, livestock lower Associated Press - 1 hour 35 minutes ago

    Grain futures were lower Wednesday on the Chicago Board of Trade. Wheat for Sept. declined 3.75 cents at $4.04 a bushel; Sept. corn fell 1 cent to 3.2750 a bushel; Sept. oats was off 2.25 cents at $1.6925 ... … More »

  • Oil pipeline: The legal challenges and protests Associated Press - 1 hour 39 minutes ago

    A federal judge has heard testimony in the Standing Rock Sioux Tribe's request to temporarily block the construction of a four-state oil pipeline near their reservation, which straddles the North Dakota-South ... … More »

  • Oil slides on surprise jump in US crude stockpiles AFP - 1 hour 47 minutes ago

    Oil prices slumped Wednesday as a surprise jump in US crude stockpiles added to lingering concerns over a global supply glut. The US Department of Energy said commercial inventories of crude grew by 2.5 ... … More »

  • North Korea test-fires sub-launched missile close to Japan
    North Korea test-fires sub-launched missile close to Japan AFP News - 1 hour 50 minutes ago

    North Korea on Wednesday test-fired a submarine-launched missile 500 kilometres (around 300 miles) towards Japan, marking what weapons analysts called a clear step forward for its nuclear strike ambitions. The flight distance, which was tracked by … More »

  • U.S. crude down 3 percent after big stockpile build
    U.S. crude down 3 percent after big stockpile build Reuters - 2 hours 15 minutes ago

    The U.S. Energy Information Administration (EIA) said crude inventories rose 2.5 million barrels last week, versus analysts' forecasts for a draw of 500,000 barrels. U.S. West Texas Intermediate (WTI) futures settled down $1.33, or 2.8 percent, at … More »

  • European stocks rebound as euro slips; oil tumbles
    European stocks rebound as euro slips; oil tumbles Reuters - 2 hours 23 minutes ago

    European stocks scored consecutive daily gains for the first time in three weeks on Wednesday, drawing support from a weak euro, but U.S. and Canadian stocks drifted down as lower metal and oil prices weighed on the materials sector. Emerging … More »

  • EU, Portugal agree on 5 billion euro recapitalisation for ailing bank CGD
    EU, Portugal agree on 5 billion euro recapitalisation for ailing bank CGD Reuters - 2 hours 27 minutes ago

    LISBON/BRUSSELS (Reuters) - The European Commission and Portugal have agreed in principle on the recapitalisation, on market terms, of ailing state-owned bank CGD, envisaging an injection of up to 2.7 billion euros (£2.3 billion) in state funds and … More »

  • Ecuador, Iran officials meet on need to stabilise oil prices Reuters - 2 hours 49 minutes ago

    QUITO (Reuters) - Ecuador's Foreign Minister Guillaume Long said on Wednesday that the South American country's authorities spoke with a visiting Iranian delegation about the need to stabilise oil prices. ... … More »

  • Syria rebels backed by Turkey tanks 'seize' IS-held town
    Syria rebels backed by Turkey tanks 'seize' IS-held town AFP News - 2 hours 51 minutes ago

    Turkish tanks and hundreds of opposition fighters thrust deep inside Syrian territory Wednesday in a lightning operation that within hours ousted Islamic State jihadists from a key Syrian border town. The air and ground offensive -- the most … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.1290.0000.00%
    N21.SI
    0.250.00-1.96%
    5ME.SI
    0.60+0.04+6.57%
    5TP.SI
    0.99-0.02-1.98%
    Y92.SI
    0.156+0.007+4.70%
    AFC.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.06+22.45%
    T18.SI
    0.15+0.02+15.38%
    5TI.SI
    0.225+0.025+12.50%
    Y35.SI
    0.51+0.05+12.09%
    BHU.SI
    0.162+0.017+11.72%
    QS9.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.011-0.115-91.27%
    QF6.SI
    0.23-0.17-42.50%
    AWI.SI
    0.205-0.055-21.15%
    I06.SI
    0.45-0.10-18.18%
    BFK.SI
    0.385-0.085-18.09%
    E8Z.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3538+0.0025+0.19%
    USDSGD=X
    1.5247-0.0023-0.15%
    EURSGD=X
    1.7913+0.0086+0.48%
    GBPSGD=X
    74.1110+0.0020.00%
    SGDJPY=X
    5.7214-0.0141-0.25%
    SGDHKD=X
    2.9771+0.0013+0.04%
    SGDMYR=X
    9,783.8555-32.8486-0.33%
    SGDIDR=X
    4.9136+0.00020.00%
    SGDCNY=X
    1.0308+0.0019+0.18%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,327.30-18.80-1.40%
    GCZ16.CMX
    18.50-0.42-2.20%
    SIU16.CMX
    95.34-8.55-8.23%
    ^XAU
    2.08-0.03-1.63%
    HGU16.CMX
    46.80-1.30-2.70%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.140.00
    ^FVX
    1.56+0.01
    ^TNX
    2.24+0.01
    ^TYX