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MARKET UPDATE <Reminder: Always right-click to refresh for updated information>
1) Market Daily Report*
3 Sep 2010 (WED)
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The Pending sales of existing houses unexpectedly climbed in July from a record low. The index of purchase contracts rose 5.2 percent after a revised 2.8 percent drop the prior month. Initial jobless claims dropped by 6,000 to 472,000 in the week ended Aug. 28. Another separate report from Commerce Department showed factory orders rose 0.1 percent in July, less than forecast, restrained by a slump in demand for business equipment. European exports from the 16-nation euro region jumped 4.4 percent from the first quarter, while corporate spending rose 1.8 percent, ending eight quarters of contraction. Gross-domestic- product growth accelerated to 1 percent, in line with an Aug. 13 estimate, from a revised 0.3 percent in the previous quarter. European Central Bank President Jean-Claude Trichet extended emergency lending measures for banks into 2011, remaining in crisis mode as the risk of a renewed U.S. recession puts the euro-area’s rebound in jeopardy.
* This section is updated on daily basis - Prepared by Market Research Team (MRT), APSRI. Sources: Bloomberg, Reuters, Thomson Financial -
2) Weekly Report** on Singapore Stock Market (week ending 27 Aug 2010) As stated in my comments last week, STI maintained a lack-lustre performance. For the whole week ending 27 Aug, STI gained a mere 2 points. In the previous week, it was a loss of 3 points. STI is locked in a sideway movement in the range of 2,910 and 2,950. The market is dragged by a economic slowdown and historical high unemployment in US and, at the same time, is being pushed up by the Asian booming economy story. Singapore just released a figure of highest monthly tourists arrival rate for the month of July of more than a million. The question is "which direction is the market to break out?" Is it going to move above 2,950 or to move below 2,910? In view of the fact that STI has seen a pullback from the high of 3,043 on 3 Aug, it is about time for a rebound. Therefore, it is likely to see a break above 2,950 in the near term. Genting saw a pullback to a low of 1.48 on 20 Aug and is resuming its uptrend to close at 1.60 on Friday 27 Aug. Banks and property are trapped in a sideway range so far and are about to have a rebound in the near term. ** This section is updated weekly - Prepared by JK Tan (Remisier) / Tel: (65) 6509 7218 / Email: tanjk@uobkayhian.com -
3) Weekly Economic Calendar You may monitor the weekly economic calendar listed below for your trading information quoted in adjustable EST (NY) time: http://www.forexfactory.com/calendar.php- EST time +12 hours will read the local time of Beijing, Hong Kong, Malaysia, Singapore and Perth. - EST time +11 hours will read the local time of Bangkok, Jakarta and Vietnam. - EST time +10 hours will read the local time of Dubai, Abu Dhabi. For beginners, ignore cross pairs and minor currencies. Pay special attention to the major pairs e.g. USD/JPY - U.S. news, EUR/USD - Germany news and finally the GBP/USD - U.K. news. NOTE: Remember that economic figures move market when the actual result is different to expected (forecast) data, but not measured to the previous data.
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