US markets were closed sharply higher last night on better-than-expected GDP, a drop in jobless claims and also a decline in oil prices. The Commerce Department reported that GDP rose at an annual rate of 3.3% for the April-June period which gave investors some new optimism as it was better than government's initial estimate of 1.9% and economists' forecast of 2.7%. The good GDP number gave investors reassurance that the economy is holding up and it marked the economy's best performance since Q3 last year when GDP rose 4.8%. The Labor Department also reported that jobless claims dropped to 425,000 down 10,000 from the previous week and was better than the 427,000 expected by analysts. Oil prices rose initially on fears that tropical storm Gustav will hit installations in The Gulf of Mexico but the strengthening dollar helped curb those gains and caused oil prices to drop. Crude oil fell $2.56 to settle at $115.59 per barrel. Trading volume was light again last night ahead of the long Labor Day weekend in US. The Dow rose 212.67 pts or 1.85% to 11,715.18, S&P500 rose 19.02 pts or 1.48% to 1,300.68 while Nasdaq rose 29.18 pts or 1.22% to 2,411.64. Dell Computers reported Q2 profit that fell short of analysts' estimates and shares tumbled after hours.
Asian markets may open higher today following the strong close on Wall St caused by new-found optimism with the better GDP number. Lower oil prices may also help Asian markets today following the drop around the region yesterday. Foreigners may still play a big part in many Asian countries and they may determine whether they're going to boost the Asian markets now. However, with today being a Friday, gains may also be limited going towards the weekend as investors may not want to risk it in the uncertain times. Oil was recently traded around 116.49ish per barrel and it may rise again in the weekend as Gustav creeps in. Gold was recently traded around $838.80ish and JPY traded around 109.43ish. Nikkei futures was closed at 13005 in CME last night compared to the close of 12790 here yesterday.
Kospi may open higher today following the sharp drop yesterday and was closed near this year's lowest point. Stocks may rebound today as bargain hunters may kick in and also after the US markets showed more strength than expected. The slightly lower oil prices may also help investors to find reasons to buy into stocks. Kospi may open around 192-193ish and may rise further towards 195ish. However, if foreigners keep selling off their stocks, Kospi may not hold that for long and it may go back down. Volatility may be high as bargain hunters and sellers try to reign the market. Kospi may find its resistance at 195 and its support at 190 today.
Hangseng may open higher today after being battered badly yesterday following some downgrades for some heavyweights in the market. Good earnings doesn't mean that companies can have a nice rally as downgrades from financial institutions made investors selloff stocks while they're still in the money. However, Hangseng may rebound today as US economy showed positive signs and also strong market close for the US proved that investors in the US are still quite optimistic. However, gains may also be limited ahead of the weekend today. Hangseng may open around 21200ish and may rise further towards 21500ish today. Hangseng may find its resistance at 21500 and its support at 21800 today.
Jumat, 29 Agustus 2008
Kamis, 28 Agustus 2008
Asian market preview 28/08/2008
US markets were closed higher last night after durable goods surprisingly rose for 2nd month in a row. The Commerce Department reported that durable goods jumped 1.3% in July, led by a big gain in demand for commercial aircraft. The strong number in durable goods indicated that manufacturing is holding quite well and it also showed that business spending and consumer confidence may pick up later on. Meanwhile, crude oil kept rising last night, it rose $1.88 to settle at $118.15 per barrel as fears that tropical storm Gustav might hit the Gulf of Mexico installations. Financial sector also get a boost after durable goods number jumped as it eased fears that further economic slowdown will hit the already troubled banks and lenders. Dow ended up by 89.64 pts or 0.79% to 11,502.51, S&P500 rose 10.15 or 0.80% to 1,281.66 while Nasdaq rose 20.49 pts or 0.87% to 2,382.46. Trading volumes are light ahead of the long Labor Day weekend.
Asian markets may open higher today following Wall St's positive close last night as durable goods order rose which gave some positive vibe to the markets. However, further increase in crude oil prices may hurt oil-sensitive stocks such as airlines and may also hurt the overall markets around the region. Markets dominated by commodity companies such as Indonesia may get the advantage with rising oil. Oil was recently at $118.15ish per barrel, gold traded at $834ish and JPY traded at 109.54ish. Nikkei futures was closed at 12865 in CME compared to the close of 12755 here yesterday.
Kospi may open higher today following more good news from the US and the stronger markets close over there. However, if foreigners keep selling off stocks locally and if oil prices keep rising, Kospi may be hurt again today. Kospi touched its new year's low at 189.10 yesterday but managed to close well above the 190 level again. Kospi may extend yesterday's slight gain and may try to get towards 195 level today with strong support stands at 190 and its current year low of 189.10.
Hangseng may open higher today following the strong US markets close last night and may extend yesterday's gains. Hangseng was closed up almost 2% yesterday after China Mobile and China Life led the rally and the big gains were caused by futures rollover buying late yesterday afternoon. The market may extend those gains today but the high oil prices may weigh on the market too. Today's market may be influenced by the first half earnings of 2 heavyweights in PetroChina and CNOOC. Both are oil-related companies. Hangseng may find its support at 21200 today and its resistance at 22000.
Asian markets may open higher today following Wall St's positive close last night as durable goods order rose which gave some positive vibe to the markets. However, further increase in crude oil prices may hurt oil-sensitive stocks such as airlines and may also hurt the overall markets around the region. Markets dominated by commodity companies such as Indonesia may get the advantage with rising oil. Oil was recently at $118.15ish per barrel, gold traded at $834ish and JPY traded at 109.54ish. Nikkei futures was closed at 12865 in CME compared to the close of 12755 here yesterday.
Kospi may open higher today following more good news from the US and the stronger markets close over there. However, if foreigners keep selling off stocks locally and if oil prices keep rising, Kospi may be hurt again today. Kospi touched its new year's low at 189.10 yesterday but managed to close well above the 190 level again. Kospi may extend yesterday's slight gain and may try to get towards 195 level today with strong support stands at 190 and its current year low of 189.10.
Hangseng may open higher today following the strong US markets close last night and may extend yesterday's gains. Hangseng was closed up almost 2% yesterday after China Mobile and China Life led the rally and the big gains were caused by futures rollover buying late yesterday afternoon. The market may extend those gains today but the high oil prices may weigh on the market too. Today's market may be influenced by the first half earnings of 2 heavyweights in PetroChina and CNOOC. Both are oil-related companies. Hangseng may find its support at 21200 today and its resistance at 22000.
Rabu, 27 Agustus 2008
Asian market preview 27/08/2008
US stocks ended mixed in light trading last night as concerns about the path of hurricane Gustav sent oil prices higher and offset a better-than-expected reading on consumer confidence. Comments from The Fed regarding the country's high inflation also added to market's uneasiness. The Fed's minutes from Aug. 5 meeting showed that they are concerned about creeping inflation and it would need to raise interest rates to curb inflation. However, analysts believe that The Fed are more concerned about the slowing growth and it would need a significant jump in gas prices for The Fed to start raising interest rates, which they believe to be quite some time. The Conference Board reported that its consumer confidence index rose to 56.9 from a revised 51.9 in July. Analysts have expected a reading of 53 which marked a second month of improvement in sentiment, after a six-month slide since January. Another good news came from Commerce Department where it reported that new home sales rose 2.4% in July while analysts have expected a drop in sales. However, despite all these good news, the markets are more concerned that Hurricane Gustav would hit installations in the Gulf of Mexico in the coming days which sent energy prices higher. Crude oil rose $1.16 to settle at $116.27 per barrel. Volatility is quite high but trading volume remains light last night as investors are usually take the last week of the summer off. The Dow ended slightly higher by 26.62 pts or 0.23% to 11,412.87, S&P500 rose 4.67 pts or 0.37% to 1,271.51 while Nasdaq fell 3.62 pts or 0.15% to 2,361.97.
Asian markets may open flat with a slightly upward bias following US markets' mixed close last night. Higher energy prices may weigh slightly on the markets but with dollar gained strength against major currencies, exporters may get a boost. The positive news from the US which came out last night may help regional markets slightly too but as there are not many news from The US, markets may have to rely locally for directions. Markets dominated by commodity related companies such as Indonesia may rise today with the rising energy prices. Crude oil was recently traded at around $116.20ish per barrel, gold traded around $287.10ish and JPY traded around 109.62ish. Nikkei futures was closed at 12815 in CME compared to the close of 12780 here yesterday.
Kospi may open around yesterday's close but with slightly upward bias today. Positive news from The US may give some reasons for investors to buy into stocks today after the market fell yesterday and after just a slight increase on Monday. However, with oil prices back above $116 per barrel, investors may still be quite nervous as high energy prices means inflation problem is creeping back in. Bargain hunters may find their way to buy stocks though as the market have been battered quite badly and it is currently near this year's lowest points. Kospi may find its support at 190ish and its resistance at 196ish today.
Hangseng may open slightly higher today following yesterday's selloff after it rose sharply on Monday. With a huge drop on Wall St on Monday night, the slight drop in Hangseng yesterday indicated that market sentiment is still quite good for Hangseng and that it may rise further today. Bargain hunters may kick in to buy stocks but oil sensitive stocks may be dragging the overall market today. China mainland markets may also play a part to determine whether Hangseng will rise more or it will go back down. Hangseng may open at around 21120ish and it may find its support at 20800 and its resistance at 21300ish today.
Asian markets may open flat with a slightly upward bias following US markets' mixed close last night. Higher energy prices may weigh slightly on the markets but with dollar gained strength against major currencies, exporters may get a boost. The positive news from the US which came out last night may help regional markets slightly too but as there are not many news from The US, markets may have to rely locally for directions. Markets dominated by commodity related companies such as Indonesia may rise today with the rising energy prices. Crude oil was recently traded at around $116.20ish per barrel, gold traded around $287.10ish and JPY traded around 109.62ish. Nikkei futures was closed at 12815 in CME compared to the close of 12780 here yesterday.
Kospi may open around yesterday's close but with slightly upward bias today. Positive news from The US may give some reasons for investors to buy into stocks today after the market fell yesterday and after just a slight increase on Monday. However, with oil prices back above $116 per barrel, investors may still be quite nervous as high energy prices means inflation problem is creeping back in. Bargain hunters may find their way to buy stocks though as the market have been battered quite badly and it is currently near this year's lowest points. Kospi may find its support at 190ish and its resistance at 196ish today.
Hangseng may open slightly higher today following yesterday's selloff after it rose sharply on Monday. With a huge drop on Wall St on Monday night, the slight drop in Hangseng yesterday indicated that market sentiment is still quite good for Hangseng and that it may rise further today. Bargain hunters may kick in to buy stocks but oil sensitive stocks may be dragging the overall market today. China mainland markets may also play a part to determine whether Hangseng will rise more or it will go back down. Hangseng may open at around 21120ish and it may find its support at 20800 and its resistance at 21300ish today.
Selasa, 26 Agustus 2008
Asian market preview 26/08/2008
US markets tumbled more than 240 points last night as financials drag on the overall market. The trading volume was light and that was part of the reason that the market fell steeply. AIG was the victim and was the steepest decliner among the Dow stocks after a Credit Suisse analyst cut its price target and forecast steep losses for third quarter. Adding to investors' concerns, Fitch Ratings warned late Friday that it might cut its ratings for AIG. Banks and other financial institutions also struggled in part because of a spike in the number of homeowners who have fallen behind on their mortgage payments. A report on Monday indicated that the number of unsold properties rose to an all-time high in July which caused investors to ignore the better-than-expected 3.1% increase in sales of existing homes. Crude prices rose 52 cents to settle at $115.11 after tropical storm Gustav formed in the Carribean. Trading volume was light and analysts expected this week to be more or less the same due to the lack of data. Investors are just too worried about the state of banks and financial institutions because of the prolonged credit crisis. The Dow ended down by 241.81 pts or 2.08% to 11,386.25, S&P500 fell 25.36 pts or 1.96% to 1,266.84 while Nasdaq fell 49.12 pts or 2.03% to 2,365.59.
Asian markets may open lower today after staging a big rally yesterday. More worries on the US' financial sector may drag the regional markets as foreigners may sell their stocks over in Asia. With more uncertainties for crude oil, there are more reasons for investors to sell and maybe have a profit taking session today. Oil was recently traded around $115.35ish per barrel, gold traded around $827.20ish and JPY traded around 109.26ish. Nikkei futures was closed at 12695 in CME compared to the close of 12870 here yesterday.
Kospi may open lower today after staging a moderate rebound yesterday due to the fall in oil prices and some good news on inflation problems in the US. However, as foreigners still selling off stocks, Kospi only rose marginally yesterday. Nervousness is still around for investors as the Korean Won fell to its weakest and government are trying to do something to prevent it to fall further. Exporters gets benefit on the falling Won but investors do not think the same way and Kospi is still being pressurised. Kospi may open around 191ish and may go further lower if investors decided to sell more stocks and if foreigners decided to sell their holdings. Kospi may have a strong support at around 190ish but if it breach that level, it may find its strong support at around 187-188ish region. Kospi may find its resistance at 193ish today.
Hangseng may open lower today following the weak close in Wall St after more worries regarding the financial sector in the US. A day after staging a 700 pts rally, investors over in Hong Kong may take a breather and decide to enjoy some profit in these uncertain times in the global market. Hangseng may open around 20900ish and may go down further if investors decided to selloff stocks while they're in the money. However, if optimism is shown from Chinese government with their stimulus package, there's a chance that Hangseng may get a rebound and rise further. With high volatility in the market, Hangseng may find its support at 20700ish today and may find its resistance at around 21200ish today.
Asian markets may open lower today after staging a big rally yesterday. More worries on the US' financial sector may drag the regional markets as foreigners may sell their stocks over in Asia. With more uncertainties for crude oil, there are more reasons for investors to sell and maybe have a profit taking session today. Oil was recently traded around $115.35ish per barrel, gold traded around $827.20ish and JPY traded around 109.26ish. Nikkei futures was closed at 12695 in CME compared to the close of 12870 here yesterday.
Kospi may open lower today after staging a moderate rebound yesterday due to the fall in oil prices and some good news on inflation problems in the US. However, as foreigners still selling off stocks, Kospi only rose marginally yesterday. Nervousness is still around for investors as the Korean Won fell to its weakest and government are trying to do something to prevent it to fall further. Exporters gets benefit on the falling Won but investors do not think the same way and Kospi is still being pressurised. Kospi may open around 191ish and may go further lower if investors decided to sell more stocks and if foreigners decided to sell their holdings. Kospi may have a strong support at around 190ish but if it breach that level, it may find its strong support at around 187-188ish region. Kospi may find its resistance at 193ish today.
Hangseng may open lower today following the weak close in Wall St after more worries regarding the financial sector in the US. A day after staging a 700 pts rally, investors over in Hong Kong may take a breather and decide to enjoy some profit in these uncertain times in the global market. Hangseng may open around 20900ish and may go down further if investors decided to selloff stocks while they're in the money. However, if optimism is shown from Chinese government with their stimulus package, there's a chance that Hangseng may get a rebound and rise further. With high volatility in the market, Hangseng may find its support at 20700ish today and may find its resistance at around 21200ish today.
Senin, 25 Agustus 2008
Asian market preview 25/08/2008
US markets were closed sharply higher on Friday to end a volatile week with just a slight loss as oil prices tumbled and after The Fed chairman Ben Bernanke said that inflation pressures are likely to moderate. Bernanke said that inflation pressures should moderate this year amid tepid economic growth and as commodity prices start to fall back. However, he added that inflation forecast remains "highly uncertain". Investors' mood were further lifted as crude oil plunged $6.59 per barrel to settle at $114.59 per barrel. Speculation surrounding Lehman Brothers Holdings Inc., saying that Korea Development Bank is considering buying the company, helped to give some hope for the financial sector and gave investors a reason to buy Lehman's stocks after the market sold off its stocks the day before. However, with light trading volumes, analysts' have said that the rally could not be fully used as an indicator that investors are confident enough to buy into the market. Remarks from Bernanke and Warren Buffet also indicated that Fannie Mae and Freddie Mac might be able to get by without a government bailout. The Dow finished the day up by 197.85 pts or 1.73% to 11,628.06, trimming the week's loss to 31.84 pts or 0.27%. S&P500 rose 14.48 pts or 1.13% to 1,292.20, trimming the week's loss to 6.00 pts or 0.46%. Nasdaq rose 34.33 pts or 1.14% to 2,414.71 but ended down for the week by 37.81 pts or 1.54%.
Asian markets may open higher today with the fall in oil and some boost regarding inflation pressure to ease over in the US. Another sharp drop in oil prices means that investors can have a breather and are able to ease some concerns regarding inflation around the region. M&A may also give some boost to some markets around the region today. However, with oil prices fell, it means that commodity prices may also fall along and may cause some problems for countries like Indonesia where its market is dominated by commodity related companies. Oil was recently traded around $114.36ish per barrel, gold traded around $821.85ish and JPY traded around 109.90ish. Nikkei futures was closed at 12905 in CME compared to the close of 12730 here on Friday.
Kospi may open higher today after being badly battered last week and have made a new year low at 190.40 on Friday. With oil prices falling back to the $114ish region, hopefully investors may get some confident to buy stocks back today. It was typical last week that Kospi opened a day higher but could not hold onto its gains for the rest of the day. Kospi may open around 195ish and may rise further if investors are confident enough. It may find its resistance at around 197ish and may find its support at 193ish today.
Hangseng may open higher today following the market's close on Friday due to hurricane warning. However, Hangseng have missed a sharp drop in the market along with regional sentiment on Friday. This may cause some slowdown in the rally today. With the Beijing Olympics finished over the weekend, hopefully this will bring investors attention back to the market and may cause them to buy stocks back today especially after oil prices are back to the $114 region. China markets may also play a part to determine how high Hangseng may rise today or where it will be capped for its gains. Hangseng have also made a new year low record of 20300 on Thursday. Hangseng may open around 20500ish and may rise further if investors decided to buy stocks now. Hangseng may find its resistance at 20800ish today and its support at 20300ish.
Asian markets may open higher today with the fall in oil and some boost regarding inflation pressure to ease over in the US. Another sharp drop in oil prices means that investors can have a breather and are able to ease some concerns regarding inflation around the region. M&A may also give some boost to some markets around the region today. However, with oil prices fell, it means that commodity prices may also fall along and may cause some problems for countries like Indonesia where its market is dominated by commodity related companies. Oil was recently traded around $114.36ish per barrel, gold traded around $821.85ish and JPY traded around 109.90ish. Nikkei futures was closed at 12905 in CME compared to the close of 12730 here on Friday.
Kospi may open higher today after being badly battered last week and have made a new year low at 190.40 on Friday. With oil prices falling back to the $114ish region, hopefully investors may get some confident to buy stocks back today. It was typical last week that Kospi opened a day higher but could not hold onto its gains for the rest of the day. Kospi may open around 195ish and may rise further if investors are confident enough. It may find its resistance at around 197ish and may find its support at 193ish today.
Hangseng may open higher today following the market's close on Friday due to hurricane warning. However, Hangseng have missed a sharp drop in the market along with regional sentiment on Friday. This may cause some slowdown in the rally today. With the Beijing Olympics finished over the weekend, hopefully this will bring investors attention back to the market and may cause them to buy stocks back today especially after oil prices are back to the $114 region. China markets may also play a part to determine how high Hangseng may rise today or where it will be capped for its gains. Hangseng have also made a new year low record of 20300 on Thursday. Hangseng may open around 20500ish and may rise further if investors decided to buy stocks now. Hangseng may find its resistance at 20800ish today and its support at 20300ish.
Jumat, 22 Agustus 2008
Asian market preview 22/08/2008
US markets ended the session mixed last night after a huge jump in oil put some nervousness back into investors' minds. The positive news came from financial sector where analyst raised its ratings on Lehman Brothers Holdings Inc. to buy saying that the 4th biggest investment bank has become a hostile takeover candidate. That call helped ease concerns for investors and shrugged off most of the inflation fears caused by the spike in oil. Crude oil jumped $5.62 to settle at $121.18 per barrel amid rising tension between US and Russia and also the weakening US$ against major currencies. The rebound in oil prices helped energy companies such as Exxon and Chevron higher but weighed on such companies like United Airlines and Continental Airlines. Economic readings also showed some weakness but were ignored by investors. The Philly Fed said regional manufacturing activity was negative for 9th straight month. Investors were also ignoring the better-than-expected readings in unemployment from Labor Department. Report said that claims fell by 13,000 to 432,000 last week which was more than expected. The Dow ended a tick higher by 12.78 pts or 0.11% to 11,430.21, S&P500 rose 3.18 pts or 0.25% to 1,277.72 while Nasdaq fell 8.70 pts or 0.36% to 2,380.38.
Asian markets may have difficulties in today's trading with a sharp spike in oil prices indicated that inflationary pressure is creeping back in. The markets which have opened have indicated such pressure as they have all went lower just within 1 hour of trading. With higher oil prices and more worries over in the US financial sector, markets around the region may face more selling pressure and investors may also want to offload their stocks holdings as weekend is around the corner. Oil was recently traded around $121ish per barrel, gold traded around $835.80ish and JPY traded around 108.58ish. Nikkei have opened at 12750 and have ticked lower to reached its current low at 12625 and its current high at 12755. Nikkei was recently traded at 12680.
Kospi have also opened at the time of my writing. Kospi was opened at 194.65 and it went south after touching its current high of 194.70. Kospi have touched its lowest at 191.40 and was recently traded at around 192.15. Kospi may trade in this range for the rest of the day but there's also a chance that it might go lower further if investors are more nervous and if oil prices keep going up in Asian trading session. Kospi may find a strong support at 190ish and may find its resistance at 195 today.
Hangseng may open lower yet again today as a spike in oil prices means more inflationary pressure for the country and also for the greater China region. However, with Hangseng have been badly battered for the past few sessions, bargain hunters may kick in if the index have gone far too low. Hangseng may open around 20200ish and may go down further to test the 20000 level today. It may even break the 20000 level and may find its strong support at 19800ish today. Hangseng may find its resistance at 20500 today. China markets may play a big market if Hangseng should rebound or fall further.
Asian markets may have difficulties in today's trading with a sharp spike in oil prices indicated that inflationary pressure is creeping back in. The markets which have opened have indicated such pressure as they have all went lower just within 1 hour of trading. With higher oil prices and more worries over in the US financial sector, markets around the region may face more selling pressure and investors may also want to offload their stocks holdings as weekend is around the corner. Oil was recently traded around $121ish per barrel, gold traded around $835.80ish and JPY traded around 108.58ish. Nikkei have opened at 12750 and have ticked lower to reached its current low at 12625 and its current high at 12755. Nikkei was recently traded at 12680.
Kospi have also opened at the time of my writing. Kospi was opened at 194.65 and it went south after touching its current high of 194.70. Kospi have touched its lowest at 191.40 and was recently traded at around 192.15. Kospi may trade in this range for the rest of the day but there's also a chance that it might go lower further if investors are more nervous and if oil prices keep going up in Asian trading session. Kospi may find a strong support at 190ish and may find its resistance at 195 today.
Hangseng may open lower yet again today as a spike in oil prices means more inflationary pressure for the country and also for the greater China region. However, with Hangseng have been badly battered for the past few sessions, bargain hunters may kick in if the index have gone far too low. Hangseng may open around 20200ish and may go down further to test the 20000 level today. It may even break the 20000 level and may find its strong support at 19800ish today. Hangseng may find its resistance at 20500 today. China markets may play a big market if Hangseng should rebound or fall further.
Rabu, 20 Agustus 2008
Asian market preview 20/08/2008
US markets were closed sharply lower for 2nd straight day last night on more economic concerns and financial worries. The Labor Department reported that Producer Price Index rose by 1.2% in July, more than double than expected and lifting the current annual rate to the highest in 27 years. Even after stripping food and energy costs, core prices rose by 0.7% which is higher than expected and biggest increase since November 2006. A slight increase in oil prices last night also made investors more nervous and decided that economic recovery is still quite far judging from the inflationary problems. More worries came from housing market as Commerce Department reported that July housing starts fell to an annual rate of 965,000 units, higher than analysts' expectation but still the lowest level in 17 years. Financial sector also took another hit as Lehman Brothers Holdings Inc. is expected that they will need to writedown another $4 billion in Q3 and also after Goldman Sachs analyst advised against buying AIG stocks. The Dow ended lower by 130.84 pts or 1.14% to 11,348.55, S&P500 fell 11.90 pts or 0.93% to 1,266.70 and Nasdaq fell 32.62 pts or 1.35% to 2,384.36
Asian stocks have opened lower at the time of me writing this preview following weak US markets close overnight. A slight rebound in oil does not seem to help the regional markets today and higher inflation in an economic slowdown over in the US caused more worries for investors. The prolonged credit crisis in the US have caused investors to refrain from buying stocks in recent days and caused low daily turnover around the region. Oil was currently traded around $115ish per barrel, gold traded around $815.65ish and JPY traded around 109.80ish. Nikkei have opened at 12715 and rebounded straight away and currently traded around 12830 with current high at 12840.
Kospi have started the day lower at 197.10 and it reached its highest first at 198.65 before it went back down to get to current low at 196.15. Recently, Kospi was traded at around 197.50ish. Kospi may trade within this range for the rest of the day but it may go and break its current high later on with 200 as its resistance.
Hangseng have started the day lower at 20319 and it reached as low as 20305 and rebounded. Recently Hangseng is traded around 20550 after reaching its current high of 20561. Hangseng may break its current high later on after being battered quite badly for the past few sessions. Hangseng may find its support at 20200ish and its resistance at around 20700ish depending on how the China mainland markets perform too.
Asian stocks have opened lower at the time of me writing this preview following weak US markets close overnight. A slight rebound in oil does not seem to help the regional markets today and higher inflation in an economic slowdown over in the US caused more worries for investors. The prolonged credit crisis in the US have caused investors to refrain from buying stocks in recent days and caused low daily turnover around the region. Oil was currently traded around $115ish per barrel, gold traded around $815.65ish and JPY traded around 109.80ish. Nikkei have opened at 12715 and rebounded straight away and currently traded around 12830 with current high at 12840.
Kospi have started the day lower at 197.10 and it reached its highest first at 198.65 before it went back down to get to current low at 196.15. Recently, Kospi was traded at around 197.50ish. Kospi may trade within this range for the rest of the day but it may go and break its current high later on with 200 as its resistance.
Hangseng have started the day lower at 20319 and it reached as low as 20305 and rebounded. Recently Hangseng is traded around 20550 after reaching its current high of 20561. Hangseng may break its current high later on after being battered quite badly for the past few sessions. Hangseng may find its support at 20200ish and its resistance at around 20700ish depending on how the China mainland markets perform too.
Selasa, 19 Agustus 2008
Asian market preview 19/08/2008
US markets were closed lower yesterday as Fannie Mae and Freddie Mac fell to their lowest levels in nearly 20 years on concerns that government might need to bail out the mortgage financiers. More bad news also expected as Lehman Brothers Holdings Inc. is expected to report weaker-than-expected third quarter results. More bad news from financial sector is already anticipated by investors but the prolonged credit crisis have wiped out investors' confidence despite the fall in commodities prices. Meanwhile, National Association of Realtors reported that housing market remained flat at 16 in August and met analysts' expectation but this data could not lift up the sour mood in Wall St. Oil prices dropped slightly after rising to above $115 per barrel when news that Tropical storm Fay approached Florida, but appeared unlikely to disrupt installations in the Gulf of Mexico. Crude oil fell 90 cents to settle at $112.87 per barrel. The Dow finished lower by 180.51 pts or 1.55% to 11,479.39, S&P500 fell 19.60 pts or 1.51% to 1,278.60 while Nasdaq fell 35.54 pts or 1.45% to 2,416.98.
Asian markets may start the day lower today and may continue lower as credit crisis in the US persists and financials could feel more nervous about the whole situation. The decline in crude oil may help to boost sentiment a little bit but as crude declines, other commodity products also decline and that also may affect mining companies and may bring markets lower too. Crude oil was recently traded around $113ish per barrel, gold traded around $789.25ish and JPY traded around 109.75ish. Nikkei futures have already started and was recently at 12800 after opening at 12970 and reaching as low as 12780 earlier today.
Kospi have opened at 200.45 and have reached current peak at 200.60 and reached its current low at 196.35. Recently, Kospi was traded at 197.00. Kospi may trade within this range for the rest of the day, however, there's a chance that it might try to break low again before it rebounded towards 198ish.
Hangseng may open lower today at around 20700ish and may go further lower towards 20500ish today as more worries in the US and also if China markets keep on selling stocks. As I have said earlier last week, with olympic games still in session, market in China and Hong Kong have slowed considerably, and people are cutting their stocks investment. Hangseng may find its support at around 20400 and its resistance at 21000 today.
**For the next few days, I will be posting late as I have some internet connection problems at home. I'm sorry for the inconvenience.
Asian markets may start the day lower today and may continue lower as credit crisis in the US persists and financials could feel more nervous about the whole situation. The decline in crude oil may help to boost sentiment a little bit but as crude declines, other commodity products also decline and that also may affect mining companies and may bring markets lower too. Crude oil was recently traded around $113ish per barrel, gold traded around $789.25ish and JPY traded around 109.75ish. Nikkei futures have already started and was recently at 12800 after opening at 12970 and reaching as low as 12780 earlier today.
Kospi have opened at 200.45 and have reached current peak at 200.60 and reached its current low at 196.35. Recently, Kospi was traded at 197.00. Kospi may trade within this range for the rest of the day, however, there's a chance that it might try to break low again before it rebounded towards 198ish.
Hangseng may open lower today at around 20700ish and may go further lower towards 20500ish today as more worries in the US and also if China markets keep on selling stocks. As I have said earlier last week, with olympic games still in session, market in China and Hong Kong have slowed considerably, and people are cutting their stocks investment. Hangseng may find its support at around 20400 and its resistance at 21000 today.
**For the next few days, I will be posting late as I have some internet connection problems at home. I'm sorry for the inconvenience.
Jumat, 15 Agustus 2008
Asian market preview 15/08/2008
US markets were closed higher for the first time in 3 sessions after oil prices dropped which sparked buying interest for investors and bargain hunters who seeks cheap, battered stocks especially in the financial sector. Crude oil fell 99 cents to settle at $115.01 per barrel and the pullback in oil reassure investors who are concerned that rising oil and energy prices would force consumers to keep paring back their spending. Markets fell in early trade after Labor Department reported another hefty jump in consumer prices. Consumer Price Index rose 0.8% in July, although this figure is not as high as June's increase, but it was twice as high as market expected and bring inflation to its highest annual pace in 17 years. The core index, eliminating food and energy prices, rose by a milder 0.3% last month. Labor Department also said that first-time claims for unemployment benefits fell by 10,000 last week, less than anticipated and it showed that labor market is still weak caused by weak economy. However, seeing how investors reacted to bad news and good news in recent weeks, the market may just be waiting for the right time to get into gear and have big rallies. The Dow ended up by 82.97 pts or 0.72% to 11,615.93, S&P500 rose 7.10 or 0.55% to 1,292.93 while Nasdaq rose 25.05 pts or 1.03% to 2,453.67.
Asian markets may open higher today following a mixed session yesterday. Most markets turned higher yesterday after initially opened weaker. The drop in oil prices overnight may help asian markets today and boost the markets around the region higher. However, with weekend around the corner, if markets in Asia can't get a big enough rally, it may go back down due to profit taking. Exporters may be boosted by stronger dollar. Oil was recently traded around $115ish per barrel, gold traded around $827.10ish and JPY traded around 109.70ish. Nikkei futures was closed at 12980, almost flat compared to yesterday's close of 12970.
Kospi is closed for public holiday today.
Hangseng may open higher today at around 21400ish and may go higher if investors decided to take opportunity with the battered market. Lower oil prices and stronger dollar may help boost the overall market. However, with olympic games still in session, trading volumes may still be light and the rally may not hold as much. China mainland markets may yet again play a significant part in determining how high the market will rise. Profit taking may take place around 21600ish. Hangseng may find its support at 21100ish and resistance at 21600ish today.
Asian markets may open higher today following a mixed session yesterday. Most markets turned higher yesterday after initially opened weaker. The drop in oil prices overnight may help asian markets today and boost the markets around the region higher. However, with weekend around the corner, if markets in Asia can't get a big enough rally, it may go back down due to profit taking. Exporters may be boosted by stronger dollar. Oil was recently traded around $115ish per barrel, gold traded around $827.10ish and JPY traded around 109.70ish. Nikkei futures was closed at 12980, almost flat compared to yesterday's close of 12970.
Kospi is closed for public holiday today.
Hangseng may open higher today at around 21400ish and may go higher if investors decided to take opportunity with the battered market. Lower oil prices and stronger dollar may help boost the overall market. However, with olympic games still in session, trading volumes may still be light and the rally may not hold as much. China mainland markets may yet again play a significant part in determining how high the market will rise. Profit taking may take place around 21600ish. Hangseng may find its support at 21100ish and resistance at 21600ish today.
Kamis, 14 Agustus 2008
Asian market preview 14/08/2008
US markets were closed lower last night after a disappointing retail sales report, a jump in crude oil and further concerns over the health of financial sector. Investors are disappointed with retail sales report as the Commerce Department said that retail sales dropped 0.1% as rising prices offset the effect of economic stimulus payments to US household. Excluding the sales in automobiles, retail sales rose 0.4% but it is still at the lowest in 5 months. Oil prices also jumped $2.99 per barrel last night to settle at $116 per barrel after US government said that crude supplies fell unexpectedly last week. Although there are no further big news from the financial sector, investors are seeking safety and they take their bets off financials as the credit crisis seems to be far from over. Tech-heavy Nasdaq got boosted by Applied Materials Inc. after the company forecasted that orders would climb 5-10% in its fiscal fourth quarter. The Dow finished lower by 109.51 pts or 0.94% to 11,532.96, S&P500 slipped 3.76 pts or 0.29% to 1,285.83 while Nasdaq dropped 1.99 pts or 0.08% to 2,428.62.
Asian markets may open lower today and may extend yesterday's losses as more worries for US' financial sector, the rising in oil prices and slower retail sales in the US may also prove that consumer spending is still weak. However, with sharp drops around the region for the past 2 sessions, Asian markets may not drop too much today and may be volatile as bargain hunters may start kicking in. Oil was recently traded around $116ish per barrel, gold traded around $827ish and JPY traded around 109.30ish. Nikkei futures was closed at 12960 in CME compared to the close of 13015 here yesterday.
Kospi may open lower today following another weak session in the US after a weak retail sales report and a jump in oil prices sparked new concerns regarding the overall health of the economy. Kospi may fall to below 200 again today and may even touched its lowest point for 2008 if investors are more pessimistic. The market may be volatile today with bargain hunters may try to get cheap stocks but nervous investors may start selling their stocks and rearrange their portfolios. If market is closed below 200, it may go down further before it gets better.
Hangseng may open lower at around 21000 today following the weak session in the US. The market may go below 21000 today if optimism have faded away from investors and if China markets continue with their selloff like in the past few sessions. The jump in oil prices will not help the market as it sparked more nervousness of higher inflation around the region. Hangseng may find its support at 20800ish and its resistance at around 21300ish today.
Asian markets may open lower today and may extend yesterday's losses as more worries for US' financial sector, the rising in oil prices and slower retail sales in the US may also prove that consumer spending is still weak. However, with sharp drops around the region for the past 2 sessions, Asian markets may not drop too much today and may be volatile as bargain hunters may start kicking in. Oil was recently traded around $116ish per barrel, gold traded around $827ish and JPY traded around 109.30ish. Nikkei futures was closed at 12960 in CME compared to the close of 13015 here yesterday.
Kospi may open lower today following another weak session in the US after a weak retail sales report and a jump in oil prices sparked new concerns regarding the overall health of the economy. Kospi may fall to below 200 again today and may even touched its lowest point for 2008 if investors are more pessimistic. The market may be volatile today with bargain hunters may try to get cheap stocks but nervous investors may start selling their stocks and rearrange their portfolios. If market is closed below 200, it may go down further before it gets better.
Hangseng may open lower at around 21000 today following the weak session in the US. The market may go below 21000 today if optimism have faded away from investors and if China markets continue with their selloff like in the past few sessions. The jump in oil prices will not help the market as it sparked more nervousness of higher inflation around the region. Hangseng may find its support at 20800ish and its resistance at around 21300ish today.
Selasa, 12 Agustus 2008
Asian market preview 12/08/2008
US markets extended Friday's rally last night on lower oil prices but gains were limited by more credit worries around the country. Oil touched its lowest point since May at $112.72 per barrel and it caused stocks to shot up higher again and made the Dow to rise more than 130 points. However, comments from The Fed which said that about 75% of the banks it surveyed in July had increased requirements for prime mortgages, up from about 60% in April. Tighter lending standards means that it is more difficult to lend money that could stimulate the economy. In recent trading sessions, lower oil prices and the year-long credit crisis are competing for Wall St's attention, with oil pullbacks send stocks higher and credit-related news limited those gains. The Dow ended higher by 48.03 pts or 0.41% to 11,782.35, S&P500 rose 9.00 pts or 0.69% to 1,305.32 while Nasdaq rose 25.85 pts or 1.07% to 2,439.95.
Asian markets may open higher again today following the strong Wall St close last night and also the further declines in oil prices. However, China mainland markets may play a part in determining how strong the gains in those markets will be or will the markets loses steam again like yesterday. Oil was recently traded around $114.50ish per barrel, gold traded around $826.25ish and JPY traded around 110.05ish. Nikkei futures was closed at 13420 in CME compared to the close of 13365 here yesterday.
Kospi may open higher again today and may extend yesterday's rally with lower oil prices may fuel the buying power for investors. US markets were also driven by lower oil prices but the persistent credit crisis still lingers and haunt the markets. Kospi may find its support at 201 and its resistance at 206 today.
Hangseng may open higher and may be able to sustain its gains today if China markets are staging a rebound as Hangseng lost its steam late yesterday. Hangseng may open at around 21900ish and may go towards 22400 today if more investors are becoming optimists that lower oil prices may bring inflation down around the region. Hangseng may find its support at 21800ish and its resistance at 22400ish today.
Asian markets may open higher again today following the strong Wall St close last night and also the further declines in oil prices. However, China mainland markets may play a part in determining how strong the gains in those markets will be or will the markets loses steam again like yesterday. Oil was recently traded around $114.50ish per barrel, gold traded around $826.25ish and JPY traded around 110.05ish. Nikkei futures was closed at 13420 in CME compared to the close of 13365 here yesterday.
Kospi may open higher again today and may extend yesterday's rally with lower oil prices may fuel the buying power for investors. US markets were also driven by lower oil prices but the persistent credit crisis still lingers and haunt the markets. Kospi may find its support at 201 and its resistance at 206 today.
Hangseng may open higher and may be able to sustain its gains today if China markets are staging a rebound as Hangseng lost its steam late yesterday. Hangseng may open at around 21900ish and may go towards 22400 today if more investors are becoming optimists that lower oil prices may bring inflation down around the region. Hangseng may find its support at 21800ish and its resistance at 22400ish today.
Senin, 11 Agustus 2008
Asian market preview 11/08/2008
US markets were closed sharply higher on Friday to end the highly volatile week on a high note. Another sharp drop in oil prices as dollar gained grounds against Euro sparked a buying frenzy by investors and set aside more financial worries generated by the 3x larger-than-expected loss at Fannie Mae. Oil prices dropped $4.82 per barrel to settle at $115.20 which brought crude's decline over the past 4 weeks to more than $30 per barrel. Investors saw good sign along with the drop in oil prices as cheaper oil means consumer can spend more freely. In a disturbing financial news, Fannie Mae reported a loss of $2.3 billion or $2.54 a share compared to the predicted 68 cents a share. The company also said it would cut its dividend to 5 cents from 35 cents. In this kind of market condition, investors would buy anything with positive news and sell anything when negative news came along. The Dow ended up by 302.89 pts or 2.65% to 11,734.32 and rose 3.6% for the week. S&P500 rose 30.25 pts or 2.39% to 1,296.32 and rose 2.9% for the week. Nasdaq climbed 58.37 pts or 2.48% to 2,414.10 and jumped 4.5% for the week.
Asian markets may open higher today following the strong close on Wall St on Friday. Investors around the region may finally find more optimism and reasons to buy into stocks with oil prices keep dropping to $115 level per barrel. Inflationary pressure also drops along with oil prices. However, more financial worries from the US may still weigh on the markets. Oil was recently traded at $115.95 per barrel, gold traded around $860.35 and JPY traded around $110ish. Nikkei futures was closed at 13300 in CME on Friday compared to the close of 13170 here on Friday.
Kospi may open higher today following the huge gains on Wall St on Friday. Investors may start to buy into stocks again as oil prices declined to $115ish per barrel. Kospi may go towards 205ish today if investors are confident enough and may even go higher. However, if nervousness regarding US financial sector still outweigh even the sharp drop in oil, the market may pull back again. Market may have a volatile session with optimists still fight against the skeptics.
Hangseng may open higher today at around 21900-22000ish today and may go even higher as investors gains more confidence with the sharp drop in commodities prices. However, China markets may play another big part here again as it did on Friday where China markets plunged almost 5%. Hangseng may have a volatile session today with bargain hunters may come in and buy cheap stocks. Hangseng may find its support at 21800 and its resistance at 22300ish today.
Asian markets may open higher today following the strong close on Wall St on Friday. Investors around the region may finally find more optimism and reasons to buy into stocks with oil prices keep dropping to $115 level per barrel. Inflationary pressure also drops along with oil prices. However, more financial worries from the US may still weigh on the markets. Oil was recently traded at $115.95 per barrel, gold traded around $860.35 and JPY traded around $110ish. Nikkei futures was closed at 13300 in CME on Friday compared to the close of 13170 here on Friday.
Kospi may open higher today following the huge gains on Wall St on Friday. Investors may start to buy into stocks again as oil prices declined to $115ish per barrel. Kospi may go towards 205ish today if investors are confident enough and may even go higher. However, if nervousness regarding US financial sector still outweigh even the sharp drop in oil, the market may pull back again. Market may have a volatile session with optimists still fight against the skeptics.
Hangseng may open higher today at around 21900-22000ish today and may go even higher as investors gains more confidence with the sharp drop in commodities prices. However, China markets may play another big part here again as it did on Friday where China markets plunged almost 5%. Hangseng may have a volatile session today with bargain hunters may come in and buy cheap stocks. Hangseng may find its support at 21800 and its resistance at 22300ish today.
Jumat, 08 Agustus 2008
Asian market preview 08/08/2008
US markets were closed lower overnight in another triple digit session on concerns about further troubles in the financial sector, higher unemployment and lackluster retail sales. On top of the list of worries, American International Group Inc.(AIG), reported a loss of more than $5 billion for Q2 the stock fell $5.25 or 18%, the most since it went public in 1969. Labor Department also reported that the number of newly laid off people seeking jobless benefits last week jumped 7,000 to 455,000 last week, its highest level in more than six years. Weak sales report from Wal-Mart Inc and other retailers also added to investors' unease. Another disturbing news came from Moody's when it put American Express Co. on review for a possible downgrade in ratings. Oil prices which have been on downside trend, rose last night to settle at $120.02 per barrel, adding to Wall St's selling mood. A positive light came from National Association of Realtors when it reported its seasonally adjusted index of pending sales of existing homes rose 5.3% in June from prior month, rather than declining as expected by analysts. The Dow ended down by 224.64 pts or 1.93% to 11,431.43, S&P500 fell 23.12 pts or 1.79% to 1,266.07 while Nasdaq fell 22.64 or 0.95% to 2,355.73.
Asian markets may open lower today following more worries about the US' financials sector. The rise in oil prices also may add worries to the regional markets. Finally, being a Friday today, markets may be in profit-taking mood and it may cause further downfall in the markets around Asia. Oil was recently traded around $120.10ish per barrel, gold traded around $873.40ish and JPY traded around 109.40ish. Nikkei futures closed at 13095 in CME last night compared to the close of 13175 here yesterday.
Kospi may open lower today and may go well below 200 mark again. More downside risk is there if Kospi closed below 200 today. With more financial sector worries came out of the US and the seemingly endless economic problems may add to the selling factor for Kospi. Investors may also be in selling mood with oil price started to climb back up. Kospi may find support at 197 and resistance at 201ish today. However, with selling have already started yesterday, Kospi may not lose too much today.
Hangseng may open lower today following US markets' tumble on fresh economic and financials concerns. The rising oil price also may add to investors' worries today. China mainland markets may also play a part in determining how Hangseng will fare today. The Beijing olympics will kick-off tonight and that may bring some positive light to the region. Hangseng may open around 21900ish and may find its support at around 21700ish and its resistance around 22200 today.
Asian markets may open lower today following more worries about the US' financials sector. The rise in oil prices also may add worries to the regional markets. Finally, being a Friday today, markets may be in profit-taking mood and it may cause further downfall in the markets around Asia. Oil was recently traded around $120.10ish per barrel, gold traded around $873.40ish and JPY traded around 109.40ish. Nikkei futures closed at 13095 in CME last night compared to the close of 13175 here yesterday.
Kospi may open lower today and may go well below 200 mark again. More downside risk is there if Kospi closed below 200 today. With more financial sector worries came out of the US and the seemingly endless economic problems may add to the selling factor for Kospi. Investors may also be in selling mood with oil price started to climb back up. Kospi may find support at 197 and resistance at 201ish today. However, with selling have already started yesterday, Kospi may not lose too much today.
Hangseng may open lower today following US markets' tumble on fresh economic and financials concerns. The rising oil price also may add to investors' worries today. China mainland markets may also play a part in determining how Hangseng will fare today. The Beijing olympics will kick-off tonight and that may bring some positive light to the region. Hangseng may open around 21900ish and may find its support at around 21700ish and its resistance around 22200 today.
Kamis, 07 Agustus 2008
Asian market preview 07/08/2008
US markets were closed stronger overnight after posting big gains the day before. The continuing drop in oil prices gave investors more confidence that recession can be avoided and economic recovery is on course. Earlier in the session, investors have become nervous once again after Freddie Mac reported larger-than-expected Q2 loss but investors gained more confidence after government reported a jump in domestic oil inventories which caused oil price to slide 59 cents to settle at $118.58 per barrel. Oil price have almost fell $30 per barrel since reaching its peak of $147.27 on July 11. The better-than-expected earnings for Cisco Systems also helped markets to get more investors' confidence to buy into tech stocks while financials remained a weak spot. The Dow ended up by 40.30 pts or 0.35% to 11,656.07, S&P500 rose 4.31 pts or 0.34% to 1,289.19 while Nasdaq rose 28.54 pts or 1.21% to 2,378.37.
Asian markets may open higher today and may extend yesterday's rally after oil prices slid further last night, easing inflationary concerns around the region. Many analysts said that oil prices decline at just the right time which may help to boost global markets and prevent the markets to go deeper into recession. The strength in dollar also may boost exporters today. Tech stocks which were boosted in the US markets, may also be boosted around the region especially in Japan and South Korea. Oil was recently traded around $118.50ish per barrel, gold traded around $879.40ish and JPY traded around 109.60ish. Nikkei futures was closed at 13290 in CME compared to the close of 13210 here yesterday.
Kospi may open higher today at around 205ish today and may extend its gains from yesterday should investors have become more confident to invest in stocks with the rapid decline in oil. However, with financial sector still worrisome in the US, investors might still have some doubts if this rally could actually last. In the short term, markets may become optimistic and investors may have enough confidence to buy into stocks.
Hangseng may open higher today and may play catch up with the rest of the region after the market was closed yesterday as the country was in danger with tropical storm approaching. Hangseng may open around 22300ish and may rise further towards 22700. If investors are optimistic enough, it may even try to get to 23000 mark as other region have posted big gains yesterday. China mainland market may play a part too in boosting Hangseng today. With olympic games approaching in 2 days time, China may be boosted further and with oil prices keep declining, investors may get more confidence to buy into stock markets.
Asian markets may open higher today and may extend yesterday's rally after oil prices slid further last night, easing inflationary concerns around the region. Many analysts said that oil prices decline at just the right time which may help to boost global markets and prevent the markets to go deeper into recession. The strength in dollar also may boost exporters today. Tech stocks which were boosted in the US markets, may also be boosted around the region especially in Japan and South Korea. Oil was recently traded around $118.50ish per barrel, gold traded around $879.40ish and JPY traded around 109.60ish. Nikkei futures was closed at 13290 in CME compared to the close of 13210 here yesterday.
Kospi may open higher today at around 205ish today and may extend its gains from yesterday should investors have become more confident to invest in stocks with the rapid decline in oil. However, with financial sector still worrisome in the US, investors might still have some doubts if this rally could actually last. In the short term, markets may become optimistic and investors may have enough confidence to buy into stocks.
Hangseng may open higher today and may play catch up with the rest of the region after the market was closed yesterday as the country was in danger with tropical storm approaching. Hangseng may open around 22300ish and may rise further towards 22700. If investors are optimistic enough, it may even try to get to 23000 mark as other region have posted big gains yesterday. China mainland market may play a part too in boosting Hangseng today. With olympic games approaching in 2 days time, China may be boosted further and with oil prices keep declining, investors may get more confidence to buy into stock markets.
Rabu, 06 Agustus 2008
Asian market preview 06/08/2008
US markets were closed sharply higher last night as investors enjoyed reports that services sector activity fell less than expected last month, another drop in oil which took crude price to as low as $118 per barrel and finally, The Fed keeeping rates steady at 2% completes the huge rally. Early in the trading session, shares rose higher after Institute for Supply Management said its services sector index rose to 49.5 from 48.2 in June, higher than analysts expected at 49.0. Although any reading below 50 signals a contraction, but that reading brings some optimism to investors that the economy is recovering gradually. Oil also play a big part in yesterday's rally as it dropped to as low as $118 per barrel before it finally settled at $119.17 per barrel which brought the drop to $28 since its peak of $147.27 reached on July 11. The rally was then extended after The Fed announced to keep its rate steady at 2% as expected. Its accompanying statement is a little bit darker, stating that "inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities." But it also said it expected inflation to moderate later in the year. On the earnings front, Cisco Systems reported a 4.4% increase in net income, beating expectations. P&G said its fiscal Q4 profit jumped 33% while D.R. Horton Inc. reported narrower fiscal Q3 loss. The Dow soared 331.62 pts or 2.94% to 11,615.77, S&P500 shot 35.87 pts or 2.87% to 1,284.88 while Nasdaq rose 64.27 or 2.81% to 2,349.83.
Asian markets are expected to open higher today following the strong US markets close and after The Fed kept interest rate steady at 2%. The 2-day decline around the region may also prompted some bargain hunters to hunt for cheap stocks as oil drops to below $120 per barrel. Finally, investors can have some confidence buying stocks with recent news and the decline in commodities prices. US$ gained strength against major currencies which will also boost exporters around the region. Oil was recently traded around $119.20ish per barrel, gold traded around $873.10ish while JPY traded around 108.28ish. Nikkei futures was closed at 13170 in CME compared to the close of 12975 here yesterday.
Kospi may open higher at around 202 today following US markets strong close and the plunge in oil prices overnight. Investors may be boosted with weaker oil prices which will indicate that inflation may be going down later on in the year. With The Fed keeping rate steady at 2%, investors are expecting that The Fed are waiting patiently for economy to recover and this may bring positive sentiment to investors. Kospi may find support at 200 and resistance at around 205 today.
Hangseng may open higher at around 22300 today and may even rise higher after 2 days of declines. The drop in oil prices may boost investors' confidence to buy into stocks with optimism that inflation will go down. China markets may also play a part in determining how high Hangseng will go today. With index being below 22000, bargain hunting may come in and help boost the market today. Hangseng may find its support at 22100 and its resistance at 22700 today.
Asian markets are expected to open higher today following the strong US markets close and after The Fed kept interest rate steady at 2%. The 2-day decline around the region may also prompted some bargain hunters to hunt for cheap stocks as oil drops to below $120 per barrel. Finally, investors can have some confidence buying stocks with recent news and the decline in commodities prices. US$ gained strength against major currencies which will also boost exporters around the region. Oil was recently traded around $119.20ish per barrel, gold traded around $873.10ish while JPY traded around 108.28ish. Nikkei futures was closed at 13170 in CME compared to the close of 12975 here yesterday.
Kospi may open higher at around 202 today following US markets strong close and the plunge in oil prices overnight. Investors may be boosted with weaker oil prices which will indicate that inflation may be going down later on in the year. With The Fed keeping rate steady at 2%, investors are expecting that The Fed are waiting patiently for economy to recover and this may bring positive sentiment to investors. Kospi may find support at 200 and resistance at around 205 today.
Hangseng may open higher at around 22300 today and may even rise higher after 2 days of declines. The drop in oil prices may boost investors' confidence to buy into stocks with optimism that inflation will go down. China markets may also play a part in determining how high Hangseng will go today. With index being below 22000, bargain hunting may come in and help boost the market today. Hangseng may find its support at 22100 and its resistance at 22700 today.
Selasa, 05 Agustus 2008
Asian market preview 05/08/2008
US markets were closed moderately lower despite a plunge in oil prices which caused oil to close at 3-month low. Oil fell $3.69 to close at $121.41 per barrel and it has plunged nearly $26 per barrel or 17.6% since its peak at $147.27 set on July 11. Oil's retreat was a welcoming news to the markets that initially were sold off after a report from Commerce Department indicated that inflation gauge tied to consumer spending had surged 0.8% in June, which was the biggest jump since February 1981. Investors were also trading cautiously ahead of The Fed meeting which begins later on tonight. Investors are expecting The Fed to do nothing about interest rate in the coming meeting as weak economic data will still give huge pressure to economic recession. The decline of oil prices in recent weeks also give some relief to inflationary fears for The Fed. Investors will be keenly interested in The Fed's economic assessment statement that will accompany the rate decision. Commerce Department also reported that orders to US factory jumped at the fastest pace in six months in June but markets seem to be immune to the news. The Dow ended down by 42.17 pts or 0.37% to 11,284.15, S&P500 fell 11.30 pts or 0.90% to 1,249.01 while Nasdaq fell 25.40 pts or 1.10% to 2,285.56.
Asian markets may open lower yet again today following weaker economic data that came out of the US and also the nervousness waiting for The Fed's rate decision. Declines in oil prices may boost markets later on in the day as inflationary pressure is being taken off the investors' shoulder. Oil was recently traded around $120.60ish per barrel, gold traded around $893.25ish and JPY traded around 108.10ish. Nikkei futures was closed at 12970 in CME last night compared to the close of 12915 here yesterday. Nikkei have opened at 12910 and have moved higher in the first 15 minutes before going back down and then moved back up after 1 hour of trading.
Kospi have opened lower at around 198.75 today and have moved higher to set current high at 201. It then moved back down on US concerns towards 199 and was recently traded at 199.25 at the time of my writing. Kospi is expected to be trading around 197-202ish today with investors are likely to wait for The Fed's decision. The decline in oil may help investors looking for bargain stocks today.
Hangseng may open slightly lower at around 22300 today and may rebounded up today following the huge decline in oil last night in the US. If oil continues to declne, Hangseng may be boosted further with optimism. However, most investors are likely to sit on the sidelines today to wait for news from The Fed. China markets may also play a part in today's trading and may determine how high Hangseng will go or how low it will drop. Hangseng may find its support at 22000 today and its resistance at around 22700.
Asian markets may open lower yet again today following weaker economic data that came out of the US and also the nervousness waiting for The Fed's rate decision. Declines in oil prices may boost markets later on in the day as inflationary pressure is being taken off the investors' shoulder. Oil was recently traded around $120.60ish per barrel, gold traded around $893.25ish and JPY traded around 108.10ish. Nikkei futures was closed at 12970 in CME last night compared to the close of 12915 here yesterday. Nikkei have opened at 12910 and have moved higher in the first 15 minutes before going back down and then moved back up after 1 hour of trading.
Kospi have opened lower at around 198.75 today and have moved higher to set current high at 201. It then moved back down on US concerns towards 199 and was recently traded at 199.25 at the time of my writing. Kospi is expected to be trading around 197-202ish today with investors are likely to wait for The Fed's decision. The decline in oil may help investors looking for bargain stocks today.
Hangseng may open slightly lower at around 22300 today and may rebounded up today following the huge decline in oil last night in the US. If oil continues to declne, Hangseng may be boosted further with optimism. However, most investors are likely to sit on the sidelines today to wait for news from The Fed. China markets may also play a part in today's trading and may determine how high Hangseng will go or how low it will drop. Hangseng may find its support at 22000 today and its resistance at around 22700.
Senin, 04 Agustus 2008
Asian market preview 04/08/2008
US markets were closed lower on Friday after another decline in jobs, flat manufacturing activity and a massive quarterly loss at General Motors. Despite the pullback, markets were calmer than the first 4 days of the week when The Dow had triple digit losses or gains over good economic data or bad news from financial sector. Friday's report was not as bad as anticipated as they portrayed that the economy is still sagging in 2nd half of the year. The Labor Department said that jobs fell for 7th straight month to 51,000 which was less than expected but unemployment rate rose greater-than-expected 5.7%. The report came after jobless claims jumped unexpectedly to a five-year high on Thursday. Meanwhile, the Institute for Supply Management said manufacturing activity was flat in July and Commerce Department reported that building activity decline in June. Oil price also rose $1.02 to $125.10 per barrel but have retreated from an earlier spike of more than $4. The Dow fell 51.70 pts or 0.45% to 11,326.32, S&P500 fell 7.07 pts or 0.56% to 1,260.31 while Nasdaq fell 14.59 pts or 0.63% to 2,310.96.
Asian markets may open lower today following another string of weak economic data which came out of the US on Friday. With oil prices rose again, halting the decline, investors may come to think that the prospect of oil prices to drop below $100 in near term is still quite far. However, Asian markets may shrug off the negative start to the day if oil prices stabilize again and if the prospect of earnings around the region is still positive. Oil was recently traded around $125.80ish per barrel, gold traded around $911.25ish and JPY traded around 107.50ish. Nikkei futures was closed at 13110 in CME compared to the close of 13125 here on Friday.
Kospi may start the day lower today and may even breach the 200 mark if investors get into selling mood at the 1st day of the trading week. Kospi was recently been battered quite bad even with regional positive boost. If Kospi managed to stay above 200 mark, it may stabilize and may even go higher later on in the day. Volatility may be high as investors are still struggling with the prospect of higher oil and more financial troubles from the US and disappointing local earnings.
Hangseng may open lower today at around 22700ish. However, with strong China markets outlook, Hangseng may even turn the decline into positive thing later on in the session as it did on Friday. Investors may already take into account the higher oil prices and they're expecting the Chinese government will enforce the economic growth in near term rather than fight inflation. With Olympic games approaching, China markets may also get a positive boost and that may help Hangseng. Hangseng may find its support at 22600 and its resistance at 23200 today.
Asian markets may open lower today following another string of weak economic data which came out of the US on Friday. With oil prices rose again, halting the decline, investors may come to think that the prospect of oil prices to drop below $100 in near term is still quite far. However, Asian markets may shrug off the negative start to the day if oil prices stabilize again and if the prospect of earnings around the region is still positive. Oil was recently traded around $125.80ish per barrel, gold traded around $911.25ish and JPY traded around 107.50ish. Nikkei futures was closed at 13110 in CME compared to the close of 13125 here on Friday.
Kospi may start the day lower today and may even breach the 200 mark if investors get into selling mood at the 1st day of the trading week. Kospi was recently been battered quite bad even with regional positive boost. If Kospi managed to stay above 200 mark, it may stabilize and may even go higher later on in the day. Volatility may be high as investors are still struggling with the prospect of higher oil and more financial troubles from the US and disappointing local earnings.
Hangseng may open lower today at around 22700ish. However, with strong China markets outlook, Hangseng may even turn the decline into positive thing later on in the session as it did on Friday. Investors may already take into account the higher oil prices and they're expecting the Chinese government will enforce the economic growth in near term rather than fight inflation. With Olympic games approaching, China markets may also get a positive boost and that may help Hangseng. Hangseng may find its support at 22600 and its resistance at 23200 today.
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