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This should be good news for Ausgroup:
Asian Stocks Fluctuate as Commodities Gain, Carmakers Decline
By Jonathan Burgos and Susan Li
Aug. 4 (Bloomberg) -- Asian stocks fluctuated as commodities producers climbed on higher oil and metal prices, while Japanese makers of cars and motorcycles fell after Yamaha Motor Co. and Suzuki Motor Corp. reported earnings.
BHP Billiton Ltd., the world’s largest mining company, and Rio Tinto Group both rose more than 3 percent in Sydney. Suzuki, Japan’s second-biggest maker of minicars, tumbled 5 percent in Tokyo after saying profit was almost wiped out and Yamaha, the world’s No. 2 maker of motor bikes, sank 11 percent after forecasting a wider loss. HSBC Holdings Plc, Europe’s biggest bank, gained 6.6 percent in Hong Kong after reporting profit that exceeded analysts’ estimates.
“Most banks are reporting positive earnings, but the fundamental story has not changed,” Hans Goetti, who oversees more than $10 billion as chief investment officer of LGT Bank in Liechtenstein (Singapore) Ltd., said in an interview. “You still have a lot of toxic assets on the banks’ balance sheets. We still need to restructure the economy over time.”
The MSCI Asia Pacific Index was little changed at 113.24 as of 2:03 p.m. in Tokyo, paring an increase of as much as 1.1 percent after Yamaha reported earnings. About as many stocks advanced as declined.
The gauge had risen in 14 of the last 15 days through yesterday. The index added 15 percent in the period as earnings from Apple Inc. and Lafarge SA to Nissan Motor Co. and Samsung Electronics Co. exceeded analysts’ estimates.
Japan’s Nikkei 225 Stock Average climbed 0.5 percent to 10,405.22. Most Asian benchmarks open for trading advanced.
Yamaha, Suzuki, BHP
Futures on the Standard & Poor’s 500 Index fell 0.3 percent today. The gauge advanced 1.5 percent and closed above 1,000 for the first time since November in New York yesterday. The MSCI World Index added 2 percent yesterday, its steepest increase in almost three weeks, after reports from China, Europe and the U.S. showed an improved outlook for manufacturing.
Yamaha had the steepest drop today in the MSCI World Index, slumping 11 percent to 1,086 yen after forecasting a fiscal first-half net loss that’s more than four times its previous projection.
Suzuki fell the most in the Nikkei 225 after saying first- quarter net income dropped 92 percent. The shares sank 5 percent to 2,300 yen. A group of transportation companies had the steepest decline among 33 industries in Japan’s Topix index.
BHP Billiton gained 3 percent to A$39.22. Rio Tinto Ltd., the world’s third-largest mining company, climbed 4.6 percent to A$63.08. Komatsu Ltd., the world’s second-largest maker of earthmoving machinery, rose 1.1 percent to 1,577 yen in Tokyo.
A gauge of six metals in London gained 4.9 percent to a level not seen since Oct. 3. Crude oil rallied 3.1 percent to $71.58 a barrel in New York yesterday, the highest settlement since June 12.
To contact the reporter for this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net; Susan Li in Hong Kong at Sli31@bloomberg.net.
Last Updated: August 4, 2009 01:25 EDT
Below is my daily chart analysis for sharing and exchange pointers.
My TA chart is posted to share n exchange pointers with those TA practitioner whom believes in TA.
If u are a TA detractor, plse just ignore n refrain from peeping at my chart posting n start
making unconstructive comments and plse do not be so childish or lunatic as to abuse the
rating system by rating it as "bad post", accumulating for yourself and your
next generation, "bad" karma for your "bad" deeds.
If u think it is a bad post, then be constructive and kindly post your TA for sharing.
This is only my view n I may be right or wrong, so dyodd.
This should be good news to all commodities stock like Ausgroup, Straits Asia, Golden Agri, Wilmar, etc.
Commodities Jump to 6-Week High as Economic Growth Spurs Demand
By Claudia Carpenter and Kim Kyoungwha
Aug. 3 (Bloomberg) -- Commodities jumped to a six-week high, led by grains and metals, as signs the global recession is easing and a drop in the dollar bolstered expectations for demand.
The Standard & Poor’s GSCI Index of 24 commodities rose as much as 3.3 percent, extending six straight monthly gains in the measure. Copper climbed to the highest in 10 months, soybeans advanced to more than $10 a bushel for the first time in a month and nickel rose to its most expensive since September.
China’s manufacturing expanded in July, while a contraction in European factory output slowed for a fifth month, reports today showed. Spending on U.S. construction projects unexpectedly rose in June, a Commerce Department report today showed. In 2008, the GSCI fell 43 percent, the most since at least 1971, as recessions hit the U.S., Europe and Japan.
“Our economists expect a moderate acceleration in economic growth going forward in the next few quarters and this should be supportive for demand for commodities,” said Eliane Tanner, an analyst at Credit Suisse Group AG in Zurich. China’s manufacturing growth may be shifting to housing “and this is of course positive for base metals” such as copper.
The GSCI index gained 3.3 percent to 472.413 by 3:17 p.m. London time. Earlier it rose to 472.541, the highest since June 16. The measure advanced 1.6 percent in July. Assets managed against the GSCI were about $55 billion by the end of July, according to an e-mail today from Michael McGlone, director of commodity indexing at Standard & Poor’s in New York.
Copper Advances
Copper for delivery in three months on the London Metal Exchange rose as much as 5.1 percent to $6,008.75 a metric ton. The price is up 96 percent this year. Nickel climbed as much as 4.7 percent to $18,800 a ton, the highest since Sept. 15. Nickel is up 61 percent this year.
“Chinese industrialization is coming back again,” said Brock Salier, an analyst at Ambrian Partners Ltd. in London. “Underlying fundamentals are still strong.”
Gold for immediate delivery increased as much as 0.7 percent to $961.08 an ounce as the dollar’s decline spurred demand for the metal as an alternative investment. The dollar fell for a third day against the euro.
“Where the U.S. dollar might well have been the haven currency to which capital fled during times of duress, it is now instead the currency from which capital flees,” economist Dennis Gartman wrote in his daily Gartman Letter today. “Clearly the weak dollar is a benefit” to grains, he wrote.
Soybeans Gain
Soybeans for November delivery advanced to $10.33 a bushel on the Chicago Board of Trade, the highest since June 19. Corn for December delivery climbed as much as 3.9 percent to $3.63 a bushel.
Both grains may rise this week on speculation the coldest July in more than 100 years in parts of the U.S. Midwest delayed crop development, the latest Bloomberg survey showed.
Copper and gold will rise the most among commodities by the end of the third quarter of 2010, as construction buoys copper demand and a drop in the dollar supports gold, Tanner said.
Copper for delivery in three months will rise to $6,500 or $6,700 a ton by then and gold for immediate delivery will be at $1,100 to $1,200 an ounce, she said.
“As long as markets bet on a rebound in global economies, the dollar should remain on a weak tone,” said Jerry Yoshikoshi, a senior economist with Sumitomo Mitsui Banking Corp. in Singapore. “This environment, which is positive for commodities, will last at least for the coming weeks.”
Commodities Outlook
Commodity prices may rise further in 2010 as the global recession abates, Nouriel Roubini, the New York University economist who predicted the financial crisis, said today.
Crude oil advanced to $71.82 a barrel in New York, its highest since July 1. Oil may gain more than other commodities on a rebound in demand, and will average $70 to $75 a barrel next year, Roubini said. In 2009, the average so far is $53.71.
“Optimistic” signs in the oil market may help lift prices to $80 a barrel by the end of this year, Iran’s OPEC Governor Mohammad Ali Khatibi said yesterday, the Shana news agency reported.
White, or refined, sugar for October delivery climbed as much as 2.9 percent to $505.90 a ton, the highest since at least January 1989. “Fundamentally, the market is in short supply and prices will be supported,” said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt.
To contact the reporters on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net; Kyoungwha Kim in Singapore at Kkim19@bloomberg.net
Last Updated: August 3, 2009 10:41 EDT
Hi shweli,
I had earlier either replied to u or another forumer, something to the effect as below which I had in the past replied to some other forumer:
BVol means the volume queueing to buy n SVol means the volume queueing to sell.
Normally, I ignore them as at most times, they are fake queues to trick newbies n used by the BB to "block n thrust" (putting up
big buy volume to block buyers, so gives u the false impression of big q to buy n thrust to u if u catch their q on the seller's q)
or vice-versa "block n catch" n can appear n disappear at their discretion.
richtan ( Date: 04-Aug-2009 01:01) Posted:
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