US markets tumbled last night led by financials a day after that sector helped the markets to a big rally. Financial sectors tumbled on concerns that the credit crisis is far from over and more and more banks and lenders are needing more capital to support its existence. Freddie Mac and Fannie Mae were among those hardest hit with each falling 24% and 13% respectively. A better-than-expected earnings Q2 earnings result from Alcoa Inc also did not help lift the mood of investors as they feared that more bad news to come from the Q2 earnings report. Oil prices also fluctuated yesterday after Iran fired a test missile and was settled at $136.05 per barrel. US markets have officially entered bear market territory yesterday after tumbling more than 2% each. In these times of uncertainties, it is hard to be optimistic about stocks and even tech sector get hit after analyst put a negative note on Cisco. The Dow ended down by 236.77 pts or 2.08% to 11147.44 after rising more than 150 pts a day before, S&P500 fell 29.01 pts or 2.28% to 1244.69 while Nasdaq fell 59.55 pts or 2.60% to 2234.89.
Asian markets may open lower again today following a rebound which was fueled by US markets yesterday. Today, investors may turn sour again on stock markets as more fear and uncertainties came up from the US last night. The prolonged credit crisis problem in the US may cut financial sector's valuation by half. Investors may also leave from Asian markets as most Asian countries rely on export to the US and with the economic slowdown, exports may be hit hard. Financials may also be pressurised and high oil prices may still weigh down on investors. Oil was recently traded around $136ish per barrel, gold traded around $927ish and JPY traded around 106.88ish. Nikkei futures was closed at 13050 in CME, compared to the close of 13165 here yesterday. Nikkei may close below 13000 level today.
Kospi may open lower today and may extend its losses after closing at 14-month low yesterday. It may penetrate the 195 mark and may go toward the 190ish mark. BoK is expected to keep rate on hold at its highest level. LG display forecast 3rd quarter earnings may decline more than analysts' estimate as prices of LCD TV declines. Investors have been dumping stocks and although the market is oversold, there seems to be no end to the selling until there are some positive news for the market. Foreigners have been net sellers for the past few weeks.
Hangseng may open lower today after staging the biggest gain for the past 3 month yesterday. It may open around 21600-21700 today and may even erase the previous day's gains. China mainland markets may still be the driving force and if it keep on rising sharply, Hangseng may be saved from a sharp fall today. Hangseng may find support at around 21500 and a very stron support at 21000. It may find its resistance at 22000 today. The previous day's sharp rally may be a catalyst and reason for investors to dump stocks and have a profit taking session today.
Kamis, 10 Juli 2008
Rabu, 09 Juli 2008
Asian market preview 09/07/2008
US markets closed sharply higher last night as oil fell for 2nd straight day, bringing the drop to $9. Oil dropped more than $5 last night to close at $136.04 per barrel. The market was relieved to know that The Fed might extend its lending efforts to investment banks and that boosted government-backed lenders Fannie Mae and Freddie Mac to rebound from previous day's steep losses. Meanwhile, National Association of Realtors reported on Tuesday that pending sales of US homes fell by 4.7% in May from previous month. However, all the optimism from the drop in oil and other commodity prices, the prospect of lenders to raise fresh capital have all helped the US markets to rally and leave the Dow 19.6% off from record high. More optimism is going to be shown on Wednesday as Alcoa kicks off the earnings season with results beating expectation. The Dow rose 152.25 or 1.36% to 11383.21, S&P500 rose 21.39 pts or 1.71% to 1273.70 while Nasdaq rose 51.10 pts or 2.28% to 2294.42.
Asian markets are set for a rebound today at the open following US markets sharp rally and the sharp fall in energy prices and other commodity such as corn. The sharp fall around the region yesterday may help the rebound today as bargain hunting may kick in after benchmark around Asia touched its lowest level since March. The drop in oil prices may help stocks at general but may drag down oil producers and also other commodity related stocks. Oil was recently traded around $135.90ish, gold traded around $917.15ish and JPY traded around 107.40ish. Nikkei futures was closed at 13300 in CME compared to the close of 13030 here yesterday.
Kospi may open higher today and may finally get its long-awaited rebound today following the losses it suffered for the past 2 weeks, leading it to its lowest level since March. Kospi may open above the 200 mark today and may extend its rally towards 205 today with optimism finally showing in the US and government's intervention in preventing the Won to fall further. BoK is doing whatever they can to curb inflation without raising interest rate and investors may get more confident today as stocks are considered to be a bargain at these levels.
Hangseng may open higher today following a steep loss yesterday. It may even go back towards the 21800 level again today or may even try to break the 22000 level if China markets are continuing its rebound today. Bargain hunters may help the market to stage its rebound and with oil back to around $135 level, oil refiners giants such as Sinopec and Petrochina may lead Hangseng higher. Financial sector may also lead the rebound here today with more banks posted optimism in their Q2 earnings. Hangseng may find its support at 21000 and its resistance at 22000 today.
Asian markets are set for a rebound today at the open following US markets sharp rally and the sharp fall in energy prices and other commodity such as corn. The sharp fall around the region yesterday may help the rebound today as bargain hunting may kick in after benchmark around Asia touched its lowest level since March. The drop in oil prices may help stocks at general but may drag down oil producers and also other commodity related stocks. Oil was recently traded around $135.90ish, gold traded around $917.15ish and JPY traded around 107.40ish. Nikkei futures was closed at 13300 in CME compared to the close of 13030 here yesterday.
Kospi may open higher today and may finally get its long-awaited rebound today following the losses it suffered for the past 2 weeks, leading it to its lowest level since March. Kospi may open above the 200 mark today and may extend its rally towards 205 today with optimism finally showing in the US and government's intervention in preventing the Won to fall further. BoK is doing whatever they can to curb inflation without raising interest rate and investors may get more confident today as stocks are considered to be a bargain at these levels.
Hangseng may open higher today following a steep loss yesterday. It may even go back towards the 21800 level again today or may even try to break the 22000 level if China markets are continuing its rebound today. Bargain hunters may help the market to stage its rebound and with oil back to around $135 level, oil refiners giants such as Sinopec and Petrochina may lead Hangseng higher. Financial sector may also lead the rebound here today with more banks posted optimism in their Q2 earnings. Hangseng may find its support at 21000 and its resistance at 22000 today.
Selasa, 08 Juli 2008
Asian market preview 08/07/2008
US markets slipped yet again last night after opening stronger on the drop in oil prices. More concerns about financial sector as Freddie Mac and Fannie Mae were reported that they may need to raise more capital sent the Dow to its lowest since 2006 at one point. The $4 pullback in oil price did little to comfort the market as the high energy prices have 'destroyed' market confidence in the past few weeks. Comments from SF Fed, saying that the financial markets remained fragile and it will take time for conditions to improve but things could get worse before they get better, also added to markets' concerns and nervousness. Ahead of the earnings season, financial sector once again dragged down the market with banking stocks fell more than 2% each. The Dow fell 56.58 pts or 0.5% to 11231.96. It went as high as 11399ish and as low as 11120ish during the day. S&P500 fell 10.59 pts or 0.84% to 1252.31 and Nasdaq fell 2.06 pts or 0.09% to 2243.32.
Asian markets may be in dilemma today after staging a rebound yesterday. Lower oil prices and other commodities such as metals may drive that sector lower today, but with the prospect of good earnings ahead of the earnings season, markets may continue to rally following yesterday's. Financial sector may yet again be boosted on prospect that bank will post huge profits last quarter. However, nervousness may still be in the air ahead of the US earnings season and the grim outlook of the earnings for US companies. Oil was recently traded around $141.40ish, gold traded around $923.90ish and JPY traded around 107.05ish. Nikkei futures was closed at 13400 in CME compared to the close of 13365 here yesterday.
Kospi may open the day lower yet again after staging a mild rebound yesterday. Concerns over inflation may still hurt investors' confidence but the pullback in oil prices may boost the market a little. Volatility may be high yet again as Kospi approaching its lowest point since March with bargain hunters may start kicking in as they judge the stocks prices are quite cheap in valuation right now. Kospi may find its support at 200 and its resistance at around 205.
Hangseng may start the day lower after US markets fell again last night. However, strong market sentiment from mainland China over optimism on financial sector may boost Hangseng yet again. China rebounded almost 5% yesterday and Hangseng rebounded more than 2%. If China market continue to rally today, Hangseng may follow. However with earnings season to kick off in the US later on tonight, investors may want to wait and see how the US economy is faring. Hangseng may find its support at 21500 and its resistance at 22200ish today.
Asian markets may be in dilemma today after staging a rebound yesterday. Lower oil prices and other commodities such as metals may drive that sector lower today, but with the prospect of good earnings ahead of the earnings season, markets may continue to rally following yesterday's. Financial sector may yet again be boosted on prospect that bank will post huge profits last quarter. However, nervousness may still be in the air ahead of the US earnings season and the grim outlook of the earnings for US companies. Oil was recently traded around $141.40ish, gold traded around $923.90ish and JPY traded around 107.05ish. Nikkei futures was closed at 13400 in CME compared to the close of 13365 here yesterday.
Kospi may open the day lower yet again after staging a mild rebound yesterday. Concerns over inflation may still hurt investors' confidence but the pullback in oil prices may boost the market a little. Volatility may be high yet again as Kospi approaching its lowest point since March with bargain hunters may start kicking in as they judge the stocks prices are quite cheap in valuation right now. Kospi may find its support at 200 and its resistance at around 205.
Hangseng may start the day lower after US markets fell again last night. However, strong market sentiment from mainland China over optimism on financial sector may boost Hangseng yet again. China rebounded almost 5% yesterday and Hangseng rebounded more than 2%. If China market continue to rally today, Hangseng may follow. However with earnings season to kick off in the US later on tonight, investors may want to wait and see how the US economy is faring. Hangseng may find its support at 21500 and its resistance at 22200ish today.
Senin, 07 Juli 2008
Asian market preview 07/07/2008
US markets were closed for Indpendence Day holiday on Friday. European markets which were opened on that day declined to end the week lower which were the same to most Asian markets which was opened on Friday. US markets are expecting more data in form of Q2 corporate earnings besides more economic data and also higher oil prices. Earnings season will kick off unofficially on Tuesday starting with Alcoa Inc and also heavyweight GE to report on Friday. Investors will be watching these earnings report and see how the economical slowdown is going to affect these companies. Companies' target earnings have been lowered dramatically by analysts and investors are expecting that these lowered targets may be proved quite hard to beat as well. National Association of Realtors will be reporting on pending sales of existing homes on Tuesday, Labor Department to report its weekly reading on unemployment claims on Thursday, University of Michigan will release its preliminary reading on July consumer sentiment and Commerce Dept will be reporting US trade deficit on same day. Wall St finished last week with another decline, with Dow down 0.51%, S&P500 down 1.21% and Nasdaq fell 3.01%.
Asian markets may open the start of the trading week rather flat near Friday's closing numbers today with no cues from the US on Friday. Investors may start trading slightly higher on bargain hunting as markets have came down significantly for the past month. However, the higher sentiment on the markets may not last as investors may also be waiting for more solid grounds before making heavy bets on the stock markets. With oil approaching $150 per barrel, investors may find it hard to get the confidence they need. Oil was closed around $144.20 per barrel on Friday, gold was traded around $933.15 and JPY traded around 106.70ish. Nikkei futures was closed at 13255 here on Friday.
Kospi may open flat today with upward bias in the early trading hours. However, more selling pressure maybe expected today as investors may still want to unload stocks to wait on the BoK's rate decision also to see how the US earnings season will start off. Local investors may follow foreigners if they are still selling stocks. Kospi may find its support at 200 today and its strong support level is at March's lowest level of 196ish. Trading volumes may be thin but volatility may be high with bargain hunters may still come in at around these levels.
Hangseng may start the day rather flat today with no cues from the US markets. Investors may turn to Chinese markets for direction and Chinese banks may continue its rebound from Friday with more optimism that their earnings will be higher in Q2. However, selling pressure may mount up later on in the day as investors may choose to wait and see along the sidelines for more certainties from the US and globally. Hangseng may find its support at around 21200ish and may approach 21000 in the near term. 21700 may become quite a resistance for Hangseng. Trading volumes may be thin but volatility is expected to remain high today.
Asian markets may open the start of the trading week rather flat near Friday's closing numbers today with no cues from the US on Friday. Investors may start trading slightly higher on bargain hunting as markets have came down significantly for the past month. However, the higher sentiment on the markets may not last as investors may also be waiting for more solid grounds before making heavy bets on the stock markets. With oil approaching $150 per barrel, investors may find it hard to get the confidence they need. Oil was closed around $144.20 per barrel on Friday, gold was traded around $933.15 and JPY traded around 106.70ish. Nikkei futures was closed at 13255 here on Friday.
Kospi may open flat today with upward bias in the early trading hours. However, more selling pressure maybe expected today as investors may still want to unload stocks to wait on the BoK's rate decision also to see how the US earnings season will start off. Local investors may follow foreigners if they are still selling stocks. Kospi may find its support at 200 today and its strong support level is at March's lowest level of 196ish. Trading volumes may be thin but volatility may be high with bargain hunters may still come in at around these levels.
Hangseng may start the day rather flat today with no cues from the US markets. Investors may turn to Chinese markets for direction and Chinese banks may continue its rebound from Friday with more optimism that their earnings will be higher in Q2. However, selling pressure may mount up later on in the day as investors may choose to wait and see along the sidelines for more certainties from the US and globally. Hangseng may find its support at around 21200ish and may approach 21000 in the near term. 21700 may become quite a resistance for Hangseng. Trading volumes may be thin but volatility is expected to remain high today.
Jumat, 04 Juli 2008
Asian market preview 04/07/2008
US markets ended mixed on a shortened trading session last night after more mild economic data. The Institute for Supply Management said that its index of service sector activity fell to 48.2 from 51.7 in May. From the labor department, unemployment rate held steady at 5.5% last month but the government also reported 62,000 jobs lost in June, which was close to economists' forecast. Investors are nervous about the strength of the job market because, if more people lose their jobs, consumer spending will be less. Oil also touched fresh record high last night when it touched a high of $145.85 per barrel before settled at $145.29 per barrel, a record close. Investors will be looking at fresh insight next week with the arrival of corporate quarterly number. Alcoa Inc will unofficially start the earnings season and monthly sales report also due next week from retailers. The Dow ended the session higher by 73.03 pts or 0.65% to 11288.54, S&P500 rose 1.38 pts or 0.11% to 1262.90 while Nasdaq fell 6.08 pts or 0.27% to 2245.38. The US markets will be closed tonight for the 4th of July Independence Day holiday.
Asian markets may open slightly firmer today following US mixed close last night and slightly mild jobs number from the US. However, the gains may not hold as oil price touched fresh highs and if it keeps rising in the Asian session, investors would not like it. Asian markets have been oversold in recent weeks and some technical rebound may be in place today. Oil was recently traded around $145.20ish per barrel, gold traded around $933.65ish and JPY traded around 106.70ish. Nikkei futures closed at 13380 in CME last night compared to the close of 13180 here yesterday.
Kospi may open the day higher today after losing for the past 2 weeks. Trading volume may be thin today and hopefully it can sustain its gains until the closing time today. The first resistance may be at around 210ish today and if it can breach that level, it is possible for Kospi to get back towards 212ish and even 215ish later on. However, the gains may not hold as investors are still nervous as oil prices still at record highs. South Korea is still waiting on BoK's rate decision to come out next week.
Hangseng may open slightly higher today following a mixed session in the US and the shortened trading week over there. It may find its first strong resistance at around 21700ish today and may find its support at 21000. Investors may still take cues from the Chinese markets and see how the market over there is doing with the ever rising oil prices. Hopefully the market can sustain its gains until the end of the day but more nervousness among the investors may still weigh on the market.
Asian markets may open slightly firmer today following US mixed close last night and slightly mild jobs number from the US. However, the gains may not hold as oil price touched fresh highs and if it keeps rising in the Asian session, investors would not like it. Asian markets have been oversold in recent weeks and some technical rebound may be in place today. Oil was recently traded around $145.20ish per barrel, gold traded around $933.65ish and JPY traded around 106.70ish. Nikkei futures closed at 13380 in CME last night compared to the close of 13180 here yesterday.
Kospi may open the day higher today after losing for the past 2 weeks. Trading volume may be thin today and hopefully it can sustain its gains until the closing time today. The first resistance may be at around 210ish today and if it can breach that level, it is possible for Kospi to get back towards 212ish and even 215ish later on. However, the gains may not hold as investors are still nervous as oil prices still at record highs. South Korea is still waiting on BoK's rate decision to come out next week.
Hangseng may open slightly higher today following a mixed session in the US and the shortened trading week over there. It may find its first strong resistance at around 21700ish today and may find its support at 21000. Investors may still take cues from the Chinese markets and see how the market over there is doing with the ever rising oil prices. Hopefully the market can sustain its gains until the end of the day but more nervousness among the investors may still weigh on the market.
Kamis, 03 Juli 2008
Asian market preview 03/07/2008
US markets have officially entered the bear market territory after plunging yet again last night. Record high oil price helped the market to accelerate its losses in late afternoon ahead of a long weekend in the US. Oil settled at $143.57 per barrel after report showed that oil supplies fell more than expected and the rising tension in Middle East and rose further to $144.32 per barrel in after hours trading. Investors also cautious ahead of 4th of July holiday and employment data to be released later on tonight. Slightly positive news came on Wednesday after Commerce Department said that factory orders rose by 0.6% in May. GM stocks plunged 15% on fears that the company may face bankcruptcy. The Dow fell 166.75 pts or 1.46% to 11215.51, its lowest close since August 2006. S&P500 fell 23.39 pts or 1.82% to 1261.52 and Nasdaq fell 53.51 pts or 2.32% to 2251.46.
Asian markets may open lower today and may extend its losing streak yet again for most markets. High crude oil price may weigh on the markets and may cause investors to sell more stocks on fears that global economic slowdown may hurt companies' earnings. Japan's Nikkei experienced the longest losing streak in more than 40 years yesterday after the market closed lower for 10th consecutive sessions. Oil was recently traded around $143.97ish per barrel, gold traded around $942.70ish and JPY traded around 105.80ish. Nikkei futures closed at 13220 in CME compared to the close of 13425 here yesterday.
Kospi may open lower today and may extend its losses following bad inflation report yesterday and on concern that BoK may have to raise rates when they meet later next week. Kospi may test the 205 level and may even go further towards the 200 level if investors have really turned pessimistic. Volatility may be quite high again today if bargain hunters start to come in and just buy cheap stocks. Airline companies may post big drops again after oil traded at around $144ish per barrel.
Hangseng may open lower today at around 21500ish and may even test the 21000 level today if there's no positive sentiment to come out of the China mainland market. As usual, Hangseng may trade closely related to the Chinese markets and may take its cues to where the market is heading daily. It seems that China markets may have another rough session again today and it may cause Hangseng to go down further. Volatility may be high again as stocks is seen quite cheap now and the valuation of the stocks is quite fair. Hangseng may find its support at 21200 and may find its resistance at around 21900 today.
Asian markets may open lower today and may extend its losing streak yet again for most markets. High crude oil price may weigh on the markets and may cause investors to sell more stocks on fears that global economic slowdown may hurt companies' earnings. Japan's Nikkei experienced the longest losing streak in more than 40 years yesterday after the market closed lower for 10th consecutive sessions. Oil was recently traded around $143.97ish per barrel, gold traded around $942.70ish and JPY traded around 105.80ish. Nikkei futures closed at 13220 in CME compared to the close of 13425 here yesterday.
Kospi may open lower today and may extend its losses following bad inflation report yesterday and on concern that BoK may have to raise rates when they meet later next week. Kospi may test the 205 level and may even go further towards the 200 level if investors have really turned pessimistic. Volatility may be quite high again today if bargain hunters start to come in and just buy cheap stocks. Airline companies may post big drops again after oil traded at around $144ish per barrel.
Hangseng may open lower today at around 21500ish and may even test the 21000 level today if there's no positive sentiment to come out of the China mainland market. As usual, Hangseng may trade closely related to the Chinese markets and may take its cues to where the market is heading daily. It seems that China markets may have another rough session again today and it may cause Hangseng to go down further. Volatility may be high again as stocks is seen quite cheap now and the valuation of the stocks is quite fair. Hangseng may find its support at 21200 and may find its resistance at around 21900 today.
Rabu, 02 Juli 2008
Asian market preview 02/07/2008
US markets started the 2nd half with an erratic session but managed a modest gain last night after mixed news made it clear that the US is still in deep economic problems but may have some positive outlook. Markets started a bit higher but then plunged down, 150 pts for the Dow after oil touched new intraday high of above $143 per barrel. Mounting tensions in the Middle East and fear of supply shortage have caused oil to keep rising. The ISM report also showed a disappointment in manufacturing in June but it also showed strong exports for US factories. The piece of good news came from GM, while it reported a decline in sales, but it came in better than analysts' forecasts and GM beat Toyota in Detroit area gave a reason for investors to buy. Technical rebound also bound to happen after the markets have been sold off heavily in the past month. The Dow ended up by 32.25 pts or 0.28% to 11382.26, S&P500 rose 4.91 pts or 0.38% to 1284.91 while Nasdaq rose 11.99 or 0.52% to 2304.97.
Asian markets may start the day higher today following a slight upward momentum in the US markets last night. However, as we have seen the past few sessions, although markets may start higher in the morning, it seems that it can't hold onto its gains for the rest of the day due to the spiking oil prices and more uncertainties regarding the global economy. Oil was recently traded at around $141.69is per barrel, gold traded around $939ish and JPY traded around 106ish. Nikkei futures closed at 13475 in CME last night compared to the close of 13275 here yesterday.
Kospi may open higher again today at around 215-216ish but may not hang onto its gains as the market's still nervous regarding its inflation data and the central bank decision on rates. Trading is expected to be volatile like yesterday as investors may seek for bargain stocks but nervousness may cause investors to sell stocks.
Hangseng may open higher after its one day holiday yesterday at around 22100-22200ish today. However, with high oil and the pessimism in China mainland market, Hangseng may have a bumpy day today. Volatility may be high again with bargain hunters may stop Hangseng to fall too deep. Hangseng may find its support at around 21700 and its resistance at 22300 today.
Asian markets may start the day higher today following a slight upward momentum in the US markets last night. However, as we have seen the past few sessions, although markets may start higher in the morning, it seems that it can't hold onto its gains for the rest of the day due to the spiking oil prices and more uncertainties regarding the global economy. Oil was recently traded at around $141.69is per barrel, gold traded around $939ish and JPY traded around 106ish. Nikkei futures closed at 13475 in CME last night compared to the close of 13275 here yesterday.
Kospi may open higher again today at around 215-216ish but may not hang onto its gains as the market's still nervous regarding its inflation data and the central bank decision on rates. Trading is expected to be volatile like yesterday as investors may seek for bargain stocks but nervousness may cause investors to sell stocks.
Hangseng may open higher after its one day holiday yesterday at around 22100-22200ish today. However, with high oil and the pessimism in China mainland market, Hangseng may have a bumpy day today. Volatility may be high again with bargain hunters may stop Hangseng to fall too deep. Hangseng may find its support at around 21700 and its resistance at 22300 today.
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