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limkt009
Veteran |
16-Jul-2009 15:20
Yells: "Watch your front, grab $$$$$ at your own time" |
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LONDON (MarketWatch) -- Shares retreated in early trading in Europe on Thursday, pulling back from sharp gains made in the previous session. Commodity-sector firms were weighing as oil and most metal futures slipped, with mineral extractor BHP Billiton /quotes/comstock/23s!a:blt (UK:BLT 1,418, -4.50, -0.31%) down 1.2%. Of companies reporting earnings, shares of technology firm Autonomy /quotes/comstock/23s!a:au. (UK:AU. 1,279, -5.00, -0.38%) fell 4.7% in London. The U.K. FTSE 100 index lost 0.3% to 4,335.04, the German DAX index lost 0.4% to 4,910.43 and the French CAC-40 index declined 0.3% to 3,160.39 | |||||||||
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Blastoff
Elite |
16-Jul-2009 15:07
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HONG KONG - ASIAN stocks jumped Thursday after China's economic growth quickened and US companies posted stronger-than-expected results, boosting faith in a global recovery. The move higher followed a rally on Wall Street and marked the region's third straight day of gains after a string of losses amid anxiety the market had overestimated the economy's prospects and earnings season would disappoint. But worst-case fears about US earnings haven't played out, at least not yet. Intel Corp, the world's biggest chipmaker, helped confidence by posting better-than-expected results and a robust forecast for the second-half of the year. The news came after Goldman Sach Group Inc's quarterly profit comforted investors. Adding to the growth story, China said its economy accelerated in the second quarter, expanding by 7.9 per cent, amid a surge in consumer spending and factory output on the back of massive government stimulus measures. Analysts said the quicker expansion, above most market forecasts, put the world's third-largest economy within reach of the government's 8 per cent full-year growth target. 'This should give people confidence that China's economy is on strong footing and that there are a lot better days ahead,' said Alan Landau, Hong Kong-based president of Marco Polo Pure Asset Management, which oversees about US$120 million (S$174 million) in mostly mainland Chinese equities. 'All the signs point to expansion in China. Sentiment is very positive toward China. Where else in the world right now can you find that kind of growth?' Every major benchmark was green, though many traded off their highs by the afternoon as caution began to set in after US market futures dropped and struggling US lender CIT Group Inc headed for bankruptcy. Oil prices were steady in Asian trade, with benchmark crude for August delivery up 8 cents at US$61.62 a barrel. The contract surged US$2.02 overnight, taking its cue from Wall Street. |
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Blastoff
Elite |
16-Jul-2009 07:01
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Big day on Wall StreetIntel's upbeat outlook and the Fed's improved forecast spark a big advance with all three major gauges up at least 3%. The Dow Jones industrial average (INDU) gained 256 points, or 3.1%. The S&P 500 (SPX) index added 27 points, or 3%. The Nasdaq composite (COMP) rose 63 points, or 3.5%. Both the Dow and Nasdaq saw their best one-day point gains in nearly four months. The S&P 500's gain was the best in two months. Intel (INTC, Fortune 500) reported profit and revenue late Tuesday that dipped from a year ago, but surpassed forecasts. Also, the chipmaker predicted better revenue growth in the third and fourth quarters thanks to improved demand for personal computers. With corporate demand still tepid, Intel's outlook will depend on consumers continuing to buy despite rising oil and gas prices and the ongoing recession. However, even with that caveat, investors embraced the forecast. "The good news about Intel is the forecast," said Kevin Mahn, managing director at Hennion & Walsh. "We know second-quarter results won't be very good for most companies, but we want to know the outlook is improving in the second half of the year." The rally intensified after the Federal Reserve said Wednesday afternoon that the end of the recession might be on the horizon. The advance was also a matter of "performance chasing," said Phil Dow, director of equity research at RBC Wealth Management. "You have record low levels of stock ownership and so on these kinds of days you see people pile in." He said that while the start to the financial reporting period was positive, it is too early to do a victory lap regarding second-quarter results. "So far you've seen a little better guidance," he said. "If that proves to be true through the rest of the reporting period, this could be the quarter that the economy turns around. But I don't think we're going to see that just yet." Thursday: JPMorgan Chase (JPM, Fortune 500) releases its quarterly financial report before the start of trading. The company is expected to report a profit of 4 cents per share versus 54 cents a year ago. Small-business lender CIT Group (CIT, Fortune 500) will also be in focus. The federal government could be set to announce a bailout of the struggling company within the next 24 hours. On the economic front, the Philadelphia Fed index, a monthly manufacturing report, is due shortly after the start of trading. RealtyTrac's report on foreclosure filings in the first half of the year is due in the morning. Additionally, the weekly jobless claims report from the Labor Department is on tap. Google (GOOG, Fortune 500) and IBM (IBM, Fortune 500) report results after the close Thursday. Profits set to drop: S&P 500 profits are expected to have fallen around 36% in the second quarter versus a year ago, according to the latest Thomson Reuters forecast. Worries about the corporate earnings outlook and the health of the economy have dragged on stocks over the last month -- following a three-month rally that lifted the S&P 500 by 40%. Mahn said Intel and Goldman Sachs were the first signs since that selloff began that maybe the economy is getting back on track after all. Fed: In the afternoon, the Fed released the minutes from the last policy meeting and the forecast through 2010. Information reviewed at the meeting showed the economy remained weak, although the pace of the decline seemed to be lessening. In its forecast, the Fed said that the unemployment rate could top 10% this year, but it also said that the recession may soon end. Intel: Intel shares jumped 7% and boosted other big tech stocks. Dow tech components Microsoft (MSFT, Fortune 500), IBM (IBM, Fortune 500), Cisco Systems (CSCO, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500) all gained. Big Nasdaq tech stocks gained too, including Oracle (ORCL, Fortune 500) and Applied Materials (AMAT, Fortune 500). Among other movers, oil stocks jumped in line with the underlying commodity prices. Dow component Chevron (CVX, Fortune 500) rose 2.5% and Exxon Mobil (XOM, Fortune 500) gained 3.4%. Banks on the move: On Tuesday, Goldman Sachs (GS, Fortune 500) reported a bigger-than-expected quarterly profit due to strength in its fixed income and trading businesses. Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500) and JPMorgan Chase report results either Thursday or Friday. Goldman and the other three bank stocks rallied, along with other big financial firms American Express (AXP, Fortune 500), Morgan Stanley (MS, Fortune 500) and Wells Fargo (WFC, Fortune 500). The KBW Bank index gained 4.3%. Economy: The consumer price index (CPI), a measure of consumer inflation, edged up 0.7% in June after rising 0.1% in May, according to a government report released in the morning. Economists surveyed by Briefing.com thought it would rise 0.6%. So-called core CPI, which strips out volatile food and energy prices, grew 0.2% versus a rise of 0.1% in May. Economists thought it would rise 0.1%. Industrial production fell 0.4%, according to another government report, versus forecasts for a drop of 0.6%. Industrial production fell 1.2% in May. Capacity utilization dipped to 68% from 68.2% in the previous month. Economists thought it would dip to 67.9%. Bonds: Treasury prices fell, raising the yield on the benchmark 10-year note to 3.56% from 3.47% Tuesday. Treasury prices and yields move in opposite directions. Other markets: In global trade, Asian markets ended higher and European markets ended higher. In currency trading, the dollar fell against the euro and gained versus the Japanese yen. U.S. light crude oil for August delivery rose $2.02 to settle at $61.54 a barrel on the New York Mercantile Exchange. COMEX gold for August delivery rose $16.60 to settle at $939.10 an ounce. Market breadth was positive. On the New York Stock Exchange, winners beat losers by more than nine to one on volume of 1.37 billion shares. On the Nasdaq, advancers beat decliners by almost five to one on volume of 2.58 billion shares. |
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Blastoff
Elite |
15-Jul-2009 16:12
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SYDNEY - ASIAN share markets gained for a second session on Wednesday as blockbuster results from tech bellweather Intel Corp seemed to augur well for the US earnings season and for consumer demand globally. European bourses were set to follow with Euro Stoxx futures up 1.3 per cent in early trade. Intel shares were indicated up over 7 per cent in after-hours trade, helping lift Nasdaq futures 1.7 per cent and S&P 500 futures 0.9 per cent. The news stimulated appetite for risk, including leveraged trades in commodity-linked currencies like the Canadian and Australian dollars, while dimming the attraction of lower yielding safe havens like the yen. Base metals prices also gained, while crude oil futures jumped above US$60 (S$87) dollar a barrel on stronger equity markets and data showing US oil stockpiles fell last week. Japan's Nikkei only eked out a 0.1 per cent gain, but shares elsewhere across the region rose 2 per cent South Korea's Kospi stood out with a 2.6 per cent increase, helped by gains of 5 per cent for chip makers Samsung Electronics and Hynix The yen was the major loser as a safe-haven, with the dollar reaching 93.60 yen (S$1.46) from a 91.72 trough early in the week, while the euro firmed to 131.07 yen. Banking major Goldman Sachs got the ball rolling overnight by reporting a 33 per cent jump in quarterly earnings thanks to stellar trading profits, though its shares barely budged, having run-up ahead of the results. Intel reported especially strong demand in Asia, bolstering hopes the region would recover even as most Western economies struggled. Upbeat economic figures from Singapore and Australia had drawn attention on Tuesday, while a business survey from Canada also showed a marked improvement. |
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Blastoff
Elite |
15-Jul-2009 14:42
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SINGAPORE retail sales continued to decline in Mayas recession-weary shoppers stayed away from big-ticket items such as cars and jewellery, and fewer tourists came visiting. The Department of Statistics said on Wednesday that retail sales fell 10.3 per cent from a year earlier after dropping 11.7 per cent in April and 7.3 per cent in March. Adjusted for seasonal factors, sales rose 0.8 per cent from April. Sales of motor vehicles fell 23.8 per cent from a year earlier, jewellery and watches dropped 17 per cent, and apparel and footwear slid 6.8 per cent, the department said in a statement. Singapore's services industries have shrunk for three straight quarters, weakening an economy that is forecast to contract as much as 6 per cent this year. Visitor arrivals to the island have slumped as the global slowdown curbs business and holiday travel, hurting sales at companies such as Singapore Airlines Ltd and FJ Benjamin Holdings Ltd. 'We expect retailers to remain under pressure from cautious consumer sentiment and sharp price discounts offered by competitors,' Alvin Liew, an economist at Standard Chartered Bank in Singapore told Bloomberg news. 'Expect sales of big-ticket items like cars to remain weak, while petrol sales are still on the decline.' The Ministry of Trade and Industry said on Tuesday that its gross domestic product rose an annualised seasonally adjusted 20 per cent in the second quarter as the city-state broke out of a year-long recession. The growth was led by a surge in pharmaceutical production while employment and consumer spending will likely lag. Singapore's tourist arrivals were 11.7 per cent lower in the first five months of 2009 compared with a year earlier. The drop in visitors is weighing on the hotel and restaurant industries, the government said on Tuesday. Average hotel room rates dropped 25 per cent in May from a year earlier to $184, while occupancy in hotels fell 12.2 percentage points to 69 per cent in May, according to the Singapore Tourism Board. |
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Blastoff
Elite |
15-Jul-2009 14:32
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TOKYO JAPANESE stocks ended mixed on Wednesday with the Nikkei rising 0.08 per cent after gains on Wall Street in the wake of stronger-than-expected earnings at banking giant Goldman Sachs. The Nikkei-225 index climbed 7.44 points to 9,269.25, while the broader Topix index of all first section shares fell 2.20 points, or 0.25 per cent, to 866.37. HONG KONG Hong Kong shares ended the morning 1.59 per cent higher on Wednesday, tracking an overnight rally on Wall Street, dealers said. The benchmark Hang Seng Index rose 285.25 points to 18,170.98. Turnover was HK$33.13 billion Hong Kong (S$6.18 billion). SHANGHAI Chinese shares rose 0.94 per cent by midday Wednesday led by blue-chip steel makers and coal producers on hopes for increasing demand in the second half of the year, dealers said. The Shanghai Composite Index, which covers both A and B shares, was up 29.71 points at 3,174.87. 'Positive economic data and half-year earnings reports so far are increasing optimism among investors,' Li Xianming, an analyst at Ping An Securities, told Dow Jones Newswires. The Shanghai A-share index rose 31.18 points, or 0.94 per cent, to 3,332.88, while the Shenzhen A-share index gained 5.59 points, or 0.50 percent, to 1,129.35. KUALA LUMPUR At 12.30pm today, there were 398 gainers, 137 losers and 156 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,090.15 up 10.52 points, the FBM2BRD was at 4,761.57 up 16.62 points, and the FBMEmas was at 7,356.00 up 76.00 points. Turnover was at 619.014 million shares valued at RM648.248 million (S$264 million). |
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Blastoff
Elite |
14-Jul-2009 14:02
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TOKYO JAPANESE share prices soared 2.22 per cent in morning trade on Tuesday following a powerful rally on Wall Street led by a rebound by battered financial stocks. The benchmark Nikkei-225 index rose 201.05 points to 9,251.38 by the lunch break, bouncing back after nine straight daily losses. The broader Topix index of all first section shares rose 16.12 points, or 1.89 per cent, to 868.54. KUALA LUMPUR At 9.30 am on Tuesday, there were 184 gainers, 23 losers and 96 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,070.78 up 7.12 points, the FBM2BRD was at 4,722.09 up 23.90 points, and the FBMEmas was at 7,206.49 up 43.10 points. Turnover was at 69.919 million shares valued at RM72.906 million. HONG KONG Hong Kong shares ended the morning 2.36 per cent higher on Tuesday, tracking an overnight rally on Wall Street, dealers said. The benchmark Hang Seng Index rose 406.38 points to 17,661.01. Turnover was light at HK$25.37 billion (S$4.79 billion). SHANGHAI Chinese shares rose 1.56 percent by midday on Tuesday led by financial companies after Haitong Securities posted stronger-than-expected first half earnings, dealers said. The Shanghai Composite Index, which covers both A and B shares, was up 47.93 points at 3,128.48. Gains on Wall Street overnight also lifted sentiment, while brokerages led the gains after Haitong reported a 21.9 per cent rise in its unaudited half-year result compared with the previous year, traders said. 'Earnings reports that are out so far are mostly better than people had anticipated,' Central China Securities analyst Mr Zhang Gang told Dow Jones Newswires. The Shanghai A-share index rose 50.41 points, or 1.56 per cent, to 3,284.22, while the Shenzhen A-share index gained 15.15 points, or 1.38 per cent, to 1,115.82. |
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dealer0168
Elite |
10-Jul-2009 12:19
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China Getting Set – A Young Bull China’s economy will gain more momentum in 2H09. (as per UOB news). |
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Blastoff
Elite |
10-Jul-2009 11:42
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TOKYO JAPANESE share prices were marginally lower in morning trade on Friday as the strength of the yen kept investors cautious about the outlook for the economy, dealers said. The benchmark Nikkei-225 index dropped 3.60 points, or 0.04 per cent, to 9,287.46 by the lunch break. The broader Topix index of all first section shares slipped 1.80 points, or 0.21 percent, to 872.11. HONG KONG Hong Kong share prices opened 0.17 per cent higher on Friday, with the benchmark Hang Seng Index rising 29.72 points to 17,820.31 in the first few minutes of trading. SHANGHAI Chinese shares were up 0.12 per cent on Friday morning as banks gained upward momentum after recent falls, dealers said. Guilin Sanjin Pharmaceutical, the first Chinese company to launch a domestic initial public offering in nine months, surged 64.1 per cent to 32.5 yuan on its debut on the Shenzhen Stock Exchange. Information technology equipment maker Zhejiang Wanma Cable also made its Shenzhen stock market debut, opening up 95.7 per cent at 22.50 yuan (S$4.81). The Shanghai Composite Index, which covers A and B shares, was up 3.89 points at 3,126.92. The Shanghai A-share index gained 4.05 points, or 0.12 per cent, to 3,282.60, while the Shenzhen A-share index rose 3.60 points, or 0.33 per cent, to 1,094.02. -- AFP KUALA LUMPUR At 10.30am today, there were 171 gainers, 107 losers and 164 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,066.82 up 1.14 points, the FBM2BRD was at 4,703.79 up 0.62 of a point, and the FBMEmas was at 7,189.71 up 10.16 points. Turnover was at 215.204 million shares valued at RM259.266 million (S$106 million). |
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Blastoff
Elite |
09-Jul-2009 16:01
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Anyone knows why the sudden surge in STI? | |||||||||
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Blastoff
Elite |
09-Jul-2009 13:34
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BEIJING - THE International Monetary Fund has raised its 2009 growth forecast for Asia's developing economies from 4.8 per cent to 5.5 per cent but cautioned that a sustained rebound will depend on recovery in developed economies. The Washington-based cited improved prospects for regional giants China and India. In a report on Wednesday, it raised its 2009 growth outlook for China by one percentage point to 7.5 per cent and for India by 0.9 percentage points to 5.4 percent. 'The upgrade owes to improved prospects in China and India, in part reflecting substantial macroeconomic stimulus, and a faster-than-expected turnaround in capital flows,' the IMF said in a report on global growth. 'However, the recent acceleration in growth is likely to peter out unless there is a recovery in advanced economies.' The announcement follows the World Bank's decision last month to raise its growth forecast for China from 6.5 per cent to 7.2 per cent due to its stimulus-driven investment boom. The IMF raised its 2010 growth projection for developing Asian economies from 6.1 per cent to 7 per cent. |
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Blastoff
Elite |
09-Jul-2009 13:33
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SINGAPORE shares were higher at midday on Thursday with the benchmark Straits Times Index up 27.18 points, or 1.2 per cent, to 2,286.95. About 614.9 million shares were traded until the break. Gainers beat losers 183 to 135. |
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Blastoff
Elite |
09-Jul-2009 13:32
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TOKYO Japanese share prices fell 0.53 per cent in morning trade on Thursday as worries about the outlook for corporate earnings deepened following a sharp rise in the value of the yen, dealers said. The benchmark Nikkei-225 index dropped 49.67 points to 9,371.08 by the lunch break. The broader Topix index of all first section shares lost 8.79 points, or 0.99 per cent, to 879.75. KUALA LUMPUR At 9.30 am on Thursday, there were 102 gainers, 65 losers and 90 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,060.64 down 4.83 points, the FBM2BRD was at 4,682.66 up 10.82 points, and the FBMEmas was at 7,141.56 down 21.33 points. Turnover was at 51.278 million shares valued at RM66.936 million. HONG KONG Hong Kong share prices opened 0.19 per cent higher on Thursday, with the benchmark Hang Seng Index rising 33.62 points to 17,754.69 in the first few minutes of trading. SHANGHAI Chinese shares were down 0.47 per cent on Thursday morning amid concerns Beijing may tighten its monetary policy, dealers said. The Shanghai Composite Index, which covers A and B shares, was down 14.36 points at 3,066.42. The Shanghai A-share index fell 15.14 points, or 0.47 per cent, to 3,219.00, while the Shenzhen A-share index rose 1.33 points, or 0.12 per cent, to 1,072.96. |
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iPunter
Supreme |
09-Jul-2009 08:58
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Can be a last minute prop up by buying a bit of index stocks some... Anyway, the rise was negligible, since most of the session was under water... 
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Blastoff
Elite |
09-Jul-2009 08:55
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Stocks stage late-day turnaroundWall Street erases losses, turns higher as investors gear up for the start of the corporate reporting period.By Alexandra Twin, CNNMoney.com senior writer
 The Dow Jones industrial average (INDU) gained 15 points, or 0.2%. The S&P 500 (SPX) index lost 1 point, or 0.2%. The Nasdaq (COMP) ended just above unchanged. Stocks slipped through most of Wednesday as investors continued to worry about the economy and the quarterly reporting period in the aftermath of a big run up. But after touching fresh multi-month lows in the afternoon, stocks bounced back. After the close, Dow component Alcoa (AA, Fortune 500) reported a quarterly loss of 26 cents per share as the global recession ate into the price and demand for its precious metals. But the decline was narrower than the loss of 38 cents per share analysts expected, according to Thomson Reuters. Alcoa earned 66 cents a year ago. Alcoa shares gained 5% in after-hours trading. But most quarterly reports aren't due until later this month and the results are expected to be fairly grim. Profits for S&P 500 companies are expected to have fallen 36% from a year ago, according to the latest Thomson Reuters estimates. "Expectations are reasonably low, like they were in the first quarter, so it won't be hard for companies to meet or exceed forecasts," said Linda Duessel, equity market strategist at Federated Investors. "But the market is looking for evidence in the forecasts that there will be a recovery in the second half," she said. "If any major company says something really negative, we're not going to be prepared." Stocks have drifted lower since mid-June on worries the economy won't stabilize as quickly as some had hoped. Those declines followed a three-month stock market rally that propelled the S&P 500 off of 12-year lows by about 40%. "The market is basically going through what it normally does after a big advance off the bottom," said J. Stephen Lauck, president and CEO at Ashfield Capital Partners. "It's going to be bumpy as Wall Street sorts out what's going to happen in the next leg of this economic cycle." The recent selloff has reflected worries about the economy, punctuated by the weaker-than-expected June jobs report, released last week. Now investors are looking to corporations to provide guidance about their profits and the economic outlook. Lauck said that the market is nervous about the start of the earnings reporting period and what companies might say about the forecast for the economy and profits. Google: Tech behemoth Google (GOOG, Fortune 500) said late Tuesday that it will challenge Microsoft (MSFT, Fortune 500)'s dominant Windows by launching a rival operating system called Chrome OS. The system will be available in the second half of 2010. On the move: Google shares gained, but other big techs slipped including chipmakers Intel (INTC, Fortune 500), Advanced Micro Devices (AMD, Fortune 500) and Applied Materials (AMAT, Fortune 500). Bank of America (BAC, Fortune 500), Morgan Stanley (MS, Fortune 500) and Goldman Sachs (GS, Fortune 500) were among the big bank decliners. Among Dow movers, gains in Boeing (BA, Fortune 500), Johnson & Johnson (JNJ, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500) helped offset weakness in bank, tech and telecom stocks. Market breath was negative. On the New York Stock Exchange, losers beat winners nearly two to one on volume of 1.44 billion shares. On the Nasdaq, decliners beat advancers by two to one on volume of almost 2.52 billion shares. Economy: May consumer credit fell $3.22 billion versus a revised decline of $16.7 billion in the previous month. Economists surveyed by Briefing.com thought it would fall by $8.8 billion. The International Monetary Fund forecast global GDP would shrink by 1.4% in 2009, versus its earlier forecast of 1.3%. However, the IMF also lifted its forecast for 2010 growth to 2.5% from 1.9% previously. G8: The leaders of the world's eight foremost industrialized nations met in L'Aquila, Italy Wednesday to discuss the global economy, climate change and world security issues. In addition to President Obama, the leaders of Japan, Britain, France, Italy, Germany, Canada and Russia are also due to speak. Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.31% from 3.45% late Tuesday. Treasury prices and yields move in opposite directions. Other markets: In global trade, Asian and European markets ended lower. Energy prices slipped, with U.S. light crude oil for August delivery falling $2.79 to settle at $60.14 a barrel on the New York Mercantile Exchange. In currency trading, the dollar gained versus the euro and fell versus the yen. COMEX gold for August delivery fell $19.80 to settle at $909.30 an ounce. |
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teeth53
Supreme |
08-Jul-2009 22:30
Yells: "don't learn through life, learn to grow with life " |
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Our S'pore FM Mr Tharman mentioned don't expect quick global recovery...Chinese consumption growth is not ready to compensate for US consumption growth. Even if they try their hardest, it's about one-sixth of US private consumption. teeth53 thot...Good time have not arrive yet. Credit delinquencies hit record high....Mounting job losses and fallout Same as in S'pore...Soaring unemployment and while in US housing bust are leaving consumers hard-pressed to make loan payments on everything from credit cards to cars. http://money.cnn.com/2009/07/08/markets/premarkets/index.htm?postversion=2009070806 Company news: Wall Street is bracing for the start of the second-quarter reporting period, which unofficially kicks off after the close Wednesday with Dow component Alcoa (AA, Fortune 500). |
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Blastoff
Elite |
08-Jul-2009 10:22
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SINGAPORE shares opened lower on Wednesday, with the benchmark Straits Times Index at 2,254.14 in early trade, down 0.80% per cent, or 18.12 points. Around 112 million shares exchanged hands. Losers beat gainers 151 to 19. |
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Blastoff
Elite |
08-Jul-2009 07:31
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Recession fears slam stocksDow and S&P 500 end at two-month lows on concerns about the duration of the recession. Start of second-quarter reporting period in focus too. NEW YORK (CNNMoney.com) -- Stocks plunged Tuesday, falling to two-month lows, as fears that the market has gotten ahead of any economic recovery were ramped up ahead of the start of the quarterly reporting period. A selloff in commodity prices took its toll on the underlying stocks, adding to the market weakness and worries about the duration of the recession. The Dow Jones industrial average (INDU) lost 161 points, or 1.9%, closing at its lowest point since April 28. The S&P 500 (SPX) index lost 18 points or 2%, closing at its lowest point since May 1. The Nasdaq (COMP) fell 41 points, or 2.3%, closing at its lowest point since May 27. Stocks have been inching lower since mid-June as a three-month stock market rally has lost steam. "Investors are grasping the fact that the recovery, when it does come, may not be as robust as what many hope for," said Robert Siewert, portfolio manager at Glenmede. "While positive GDP would seem likely to return in the third or fourth quarter of this year, investors are starting to look out to what growth will look like next year." The S&P 500 had spiked 40% on bets that the economy is stabilizing, but a recent bout of mixed news has stalled the advance, culminating with last week's weaker-than-expected June jobs report. Economic news due later this week includes readings on retail sales, the job market, import and export prices and consumer sentiment. "This is a very tough recession," said Scott Armiger, portfolio manager at Christiana Bank & Trust Company. "It's not going to be short and shallow like in 2001. We're more than 18 months into it and there doesn't seem to be a catalyst to turn things around." He said that until the economy shows measurable signs of improvement, stocks are going to be hard-pressed to move much higher. Underscoring the depth of the recession, a report Tuesday from the Mortgage Bankers Association showed delinquencies on credit cards and other loans jumped to a record 3.23% in the first quarter. That was a modest rise from the previous quarter. Declines Tuesday were broad-based, with 25 of 30 Dow components sliding. Falling oil prices dragged on Dow oil components Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500). The biggest losers were Boeing (BA, Fortune 500), IBM (IBM, Fortune 500), Hewlett-Packard (HPQ, Fortune 500), 3M (MMM, Fortune 500) and United Technologies (UTX, Fortune 500). Profit reports on tap: Wall Street is also gearing up for the start of the second-quarter reporting period, which unofficially kicks off after the close Wednesday with Dow component Alcoa (AA, Fortune 500). The aluminum maker is expected to post a loss of 37 cents per share, according to Thomson Reuters estimates. Alcoa earned 65 cents a year ago. Alcoa shares inched higher Tuesday after the company's CEO reportedly said that China's economy has stabilized and that some sectors are coming back. Next week brings reports from some of Wall Street's biggest financial firms, including Goldman Sachs (GS, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Citigroup (C, Fortune 500). However, most quarterly financial reports are due out later in the month. S&P 500 companies are expected to have lost nearly 36% versus a year ago, according to the latest figures from Thomson Reuters. Market participants will be looking to see not only that companies beat forecasts, but that they provide an encouraging outlook for future quarters. "People are looking at the second half as an inflection point for economic growth," Siewert said. "Anything that would contradict that would be seen as a negative." G8: The summit of the world's leading industrialized nations begins Wednesday in L'Aquila, Italy. President Obama is expected to speak about the economic outlook. The leaders of Japan, Britain, France, Italy, Germany, Canada and Russia will also speak. Bonds: Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.46% from 3.51% late Thursday. Bond markets were closed Friday. Treasury prices and yields move in opposite directions. Other markets: In global trade, Asian and European markets tumbled. Energy prices slipped, with U.S. light crude oil for August delivery falling $1.12 to settle at $62.93 a barrel on the New York Mercantile Exchange. In currency trading, the dollar gained versus the euro and fell versus the yen. COMEX gold for August delivery fell $4.80 to settle at $929.10 an ounce. Market breadth was negative and volume was light. On the New York Stock Exchange, decliners beat advancers three to one on volume of 770 million shares. On the Nasdaq, losers topped winners three to two on volume of 1.69 billion shares. |
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Blastoff
Elite |
07-Jul-2009 13:51
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TOKYO Japanese share prices fell 0.22 per cent in morning trade on Tuesday as a stronger yen weighed on exporters, offsetting a positive lead from Wall Street, dealers said. The benchmark Nikkei-225 index dropped 20.94 points to 9,659.93 by the lunch break. The broader Topix index of all first section shares shed 2.20 points, or 0.24 per cent, to 910.22. KUALA LUMPUR At 9.30 am on Tuesday, there were 80 gainers, 73 losers and 123 counters traded unchanged on the Bursa Malaysia. The FBM-KLCI was at 1,061.72 down 4.11 points, the FBM2BRD was at 4,673.61 down 3.09 points, and the FBMEmas was at 7,138.33 down 18.80 points. Turnover was at 56.837 million shares valued at RM35.854 million. HONG KONG Hong Kong shares ended the morning 0.65 per cent higher on Tuesday, on mild bargain-hunting as investors continued to hope that the economy will improve soon, dealers said. The benchmark Hang Seng Index was up 117.67 points at 18,097.08. Turnover was HK$26.59 billion (S$4.99 billion). SHANGHAI Chinese shares were flat by midday on Tuesday as gains in steelmakers offset profit-taking in property developers, dealers said. The Shanghai Composite Index, which covers both A and B shares, was up 1.87 points at 3,126.54. 'Investors still hold a positive view about the market on economic recovery hopes, so they would buy when there is a correction,' Capital Securities analyst Li Bin told Dow Jones Newswires. The Shanghai A-share index rose 1.96 points, or 0.06 per cent, to 3,282.23, while the Shenzhen A-share index gained 8.44 points, or 0.80 per cent, to 1,069.65. |
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dealer0168
Elite |
07-Jul-2009 12:54
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