US markets ended a relatively quiet day moderately lower last night as investors are waiting nervously for the senate vote on the new revised $700 billion bailout plan. The Dow initially lost more than 200 points in early morning trade but managed to recoup most of its losses as the bailout plan seems likely to pass the senate and house votes. Meanwhile on economic data, the Institute for Supply Management revealed a troubling drop in new orders. The Index of manufacturing activity fell to 43.5 in September from 49.9 in August and analysts have expected a reading of 49.5. Auto sales in the US also fell 27% as consumers curb spending on luxury items. The bailout plan which includes lots of 'sweeteners' such as tax breaks for businesses and the middle class, a provision to raise the cap on federal deposit insurance from $100,000 to $250,000 and other bits of new stuffs to win over the senate and house votes, is actually heading for a senate win on Wednesday night US time. Most people believe that with the win for the bill, it will unfreeze the credit market and banks would want to lend to each other again and businesses will also get the funds they needed for daily operations. The Dow ended down by 19.59 pts or 0.18% to 10,831.07, S&P500 lost 5.30 pts or 0.45% to 1,161.06 while Nasdaq fell 22.48 pts or 1.07% to 2,069.40.
Asian markets may open flat with tendencies to go higher today as the revised plan seem to be able to win senate votes and most likely to win over the house on Friday. The US government really think that they need to do something and the addition of 'sweeteners' on the bailout plan showed how serious they are to get the bill passed. Crude oil meanwhile fell last night as US inventories showed a surprise increase in supplies. Oil was recently traded around $98.84ish per barrel, gold traded around $876.80ish and JPY traded around 106.05ish. Nikkei futures was closed at 11580 in CME compared to the close of 11500 here yesterday.
Kospi may open rather flat with higher bias today following the optimism that the new, revised bailout plan will go through senate and get the required house votes. Kospi will be closed on Friday and if optimism flow enough among investors today, it may perform like Hangseng did on Tuesday as stocks rose in anticipation that the bailout plan will be successful. Kospi ended down yesterday as investors did not show the enthusiasm as they're still waiting for the revised bailout plan. Kospi may find its resistance at 193ish and its support at 185ish today.
Hangseng may open slightly lower but it depends on how the bailout plan perform in the senate floor today. By the time Hangseng open, the votes in the US senate will be over and that may determine the market's direction for today. Hangseng was closed yesterday for holiday and may continue its rally today if the senate are fully in favor of the plan and if it showed that the house will vote YES on the plan. Hangseng may find its resistance at 20000ish and its support at 18700ish today. China mainland markets are still closed today for a week long holiday.
Kamis, 02 Oktober 2008
Rabu, 01 Oktober 2008
Asian market preview 01/10/2008
US markets soared higher last night after the biggest ever point drop for the Dow the day before. Investors came back into the markets as President Bush and top congress members and lawmakers vowed that they will revive the $700 billion bailout plan and will get an approval from the House Congress on Thursday. The bailout plan was surprisingly rejected yesterday as Congresmen think that the plan would not be able to jump start the economy. House members were flooded with phone calls after the rejection of the bailout plan, this time calling them to support for it or at least passes something in order to help with the economy. The cost of borrowing Dollar overnight increase the most after the defeat of the bailout plan. LIBOR (London Interbank Offered Rate) for 3-month dollar loans rose to 4.05% from 3.88% on Monday while LIBOR for 3-month euro loans rose to 5.27% from 5.22% on Monday. Banks are making it harder for people to borrow money and even qualified potential home owners are finding it hard to get home loans. On other news, Wall St was cheered by several economic readings where Consumer Confidence Index rose to 59.8 from 58.5 in August and better from a predicted reading of 55.5. Chicago Purchasing Managers' Index came in at 56.7 compared to 57.9 in August. The soaring markets last night wasn't unexpected as yesterday was the last trading day of the quarter and portfolio managers are trying to make their portfolios look better. However, investors are still very nervous about the frozen credit market. The Dow soared 485.21 pts or 4.68% to 10,850.66, S&P500 rose 58.35 pts or 5.27% to 1,164.74 while Nasdaq rose 98.60 pts or 4.97% to 2,082.33.
Asian markets may open higher today following the partial recovery on Wall St last night on speculation that the lawmakers are trying to do something to salvage the $700 billion bailout plan. Most Asian markets were trimming their losses yesterday after opening losing more than 5% for most markets. Markets may find some relief and bargain hunting may kick in today for Asian markets as they may find new optimism that lawmakers in US are working extra hard to get the bailout plan approved. Crude oil prices also bounced back last night and was recently traded around $100.60ish per barrel, gold traded around $880.80ish and JPY traded around 106ish. Nikkei futures was closed at 11680 in CME compared to the close of 11425 here yesterday.
Kospi may open higher today following yesterday's decline after the failure of the $700 billion bailout plan in the US. Kospi have recovered much of its losses yesterday where the market was closed losing only around 0.7% after opening down more than 5%. The temporary ban on short selling may give market more reason to buy today on top of new speculation that US lawmakers will eventually pass something. Kospi may find its resistance at around 195ish today and its support at around 188ish.
Hangseng is closed today for public holiday. The market recovered all of its early morning loss yesterday to close up 0.76%.
Asian markets may open higher today following the partial recovery on Wall St last night on speculation that the lawmakers are trying to do something to salvage the $700 billion bailout plan. Most Asian markets were trimming their losses yesterday after opening losing more than 5% for most markets. Markets may find some relief and bargain hunting may kick in today for Asian markets as they may find new optimism that lawmakers in US are working extra hard to get the bailout plan approved. Crude oil prices also bounced back last night and was recently traded around $100.60ish per barrel, gold traded around $880.80ish and JPY traded around 106ish. Nikkei futures was closed at 11680 in CME compared to the close of 11425 here yesterday.
Kospi may open higher today following yesterday's decline after the failure of the $700 billion bailout plan in the US. Kospi have recovered much of its losses yesterday where the market was closed losing only around 0.7% after opening down more than 5%. The temporary ban on short selling may give market more reason to buy today on top of new speculation that US lawmakers will eventually pass something. Kospi may find its resistance at around 195ish today and its support at around 188ish.
Hangseng is closed today for public holiday. The market recovered all of its early morning loss yesterday to close up 0.76%.
Selasa, 30 September 2008
Asian market preview 30/09/2008
US markets tumbled last night as bailout plan was rejected in congress. The Dow posted the biggest one-day drop ever, losing almost 780 pts. S&P500 and Nasdaq's percentage points drop was even bigger. Many traders have believed that it would take months for the plan to have its effect, but they also believe that it would be the first step to move forward to give some boost for the faltering economy. The bailout plan was unpopular in the first place and it would take great efforts to get approved by the congress. Shortly after the plan was rejected, US treasury secretary, Henry Paulson, vowed that he will work with congressional leaders to develop other way to help the sagging economy. The rejection of the bailout plan came after Commerce Department said that consumer spending fell in August to its lowest level in six months, while analysts expected it to rise slightly. The selling in NYSE was so intense that only 162 stocks rose and 3,073 stocks fell after the news of the bailout plan was rejected. Investors are fearing that the credit market will freeze up and the economy will continue to falter as all parties are afraid to lend money to each other. Meanwhile, oil prices tumbled more than $10 and other commodities prices also fell while gold rose as much as $23 during the US trading session. The Dow fell 777.68 pts or 6.98% to 10,365.45, S&P500 fell 106.85 pts or 8.81% to 1,106.42 while Nasdaq fell 199.61 pts or 9.14% to 1,983.73. With these losses, stocks value was decreased by around $1 trillion.
Asian markets are set to open lower today following the failure of the $700 billion bailout plan in the US overnight. Investors, some of whom have decided to sell off their holdings yesterday, may continue to sell off their stocks today as more uncertainty looms regarding the US financial system and its widespread effect across the globe. It would take great efforts by the US government to come up with a better plan and convince congress to give them some support. Investors will need confidence boost to start investing in the stock market again. Oil was recently traded at around $96.10ish per barrel, gold traded around $905.35ish and JPY traded around 103.77ish. Nikkei futures was closed at 10260 in CME compared to the close of 10640 here yesterday.
Kospi may open lower today following the failure of the bailout plan in US' congress last night. Investors may sell off their stocks and foreigners may take their investments from the South Korean market and prefer to hold cash in these uncertain times. Chipmakers may also get hit pretty bad after Apple and some other tech names in the US were downgraded last night. The only glimmer of light today for Korean market is the low oil price which may give some very slight support and hope for investors. Kospi may find its support at 170ish today and its resistance at around 177ish.
Hangseng may open lower today following the failure of the bailout plan in the US overnight and the selloff yesterday may intensify today. With property sector unable to lend support to the market, the only hope lies on the low oil prices which may give oil refiners some boost today. Investors will continue to wait on the sidelines for more news from the US and what other plan the US government can come up with. China mainland markets will remain closed today for national day holiday. Hangseng may find its support at 16000ish and its resistance at 17000ish today.
Asian markets are set to open lower today following the failure of the $700 billion bailout plan in the US overnight. Investors, some of whom have decided to sell off their holdings yesterday, may continue to sell off their stocks today as more uncertainty looms regarding the US financial system and its widespread effect across the globe. It would take great efforts by the US government to come up with a better plan and convince congress to give them some support. Investors will need confidence boost to start investing in the stock market again. Oil was recently traded at around $96.10ish per barrel, gold traded around $905.35ish and JPY traded around 103.77ish. Nikkei futures was closed at 10260 in CME compared to the close of 10640 here yesterday.
Kospi may open lower today following the failure of the bailout plan in US' congress last night. Investors may sell off their stocks and foreigners may take their investments from the South Korean market and prefer to hold cash in these uncertain times. Chipmakers may also get hit pretty bad after Apple and some other tech names in the US were downgraded last night. The only glimmer of light today for Korean market is the low oil price which may give some very slight support and hope for investors. Kospi may find its support at 170ish today and its resistance at around 177ish.
Hangseng may open lower today following the failure of the bailout plan in the US overnight and the selloff yesterday may intensify today. With property sector unable to lend support to the market, the only hope lies on the low oil prices which may give oil refiners some boost today. Investors will continue to wait on the sidelines for more news from the US and what other plan the US government can come up with. China mainland markets will remain closed today for national day holiday. Hangseng may find its support at 16000ish and its resistance at 17000ish today.
Minggu, 28 September 2008
Asian market preview 29/09/2008
US markets were ended mixed on Friday as investors remained cautious after the $700 billion bailout proposals raised some doubts from Republican lawmakers. Investors were nervous and most of them were just waiting to see what will happen over the weekend. Big financial companies rose to lift the Dow while smaller financial companies were getting hit. Tech sector was also getting hammered after RIMM warned that its gross margins would contract for this quarter because of the costs of producing 3 new blackberry models. The market was also uneasy after Washington Mutual Inc. became the largest US bank to fail and was seized by FDIC before it was sold to JPMorgan for $1.9 billion. However, investors took some comfort as JPMorgan's decision to buy WaMu was considered to be good decision. Oil prices also declined as investors were uneasy about the outcome of the $700 billion bailout plan. Light, sweet crude fell $1.13 to settle at $106.89 per barrel. The Dow ended up by 121.07 pts or 1.10% to 11,143.13, S&P500 rose 3.83 pts or 0.32% to 1,213.01 while Nasdaq fell 3.23 pts or 0.15% to 2,183.34. Over the weekend, it seemed that lawmakers and Bush administration have finally came out with a deal and the $700 billion bailout proposals seems good. This may bring calm to the market and may give a short term rally ahead for Wall St and Global stock markets.
Asian markets may open higher following the news over the weekend that Congress and the Bush Administration have finally agreed on the terms for $700 billion bailout plans. More details still needed to be done but the idea was generally accepted by everyone and they're now waiting for the bill to be passed. President Bush called lawmakers and congressmen to rise to the occassion as failure to do so may bring more calamity to the wider economy. Crude oil was recently traded around $106.89ish per barrel, gold traded around $888.50ish and JPY traded around 106ish. Nikkei futures was closed at 12120 in CME on Friday compared to the close of 11910 here on Friday.
Kospi may open the day and start the week higher on investors' newfound optimism that the US government have finally agreed on the $700 billion bailout plan. The US government is basically going to buy all the toxic assets that are clogging the financial markets including bad mortgages and then it would later sell it again when the time is right. However, with the general idea finally gets accepted by congressmen, this will raise further question of whether $700 billion is enough to revive the whole economy and help America to avoid a great recession. Kospi may find its resistance at around 200ish today if investors are optimist and bullish enough and may find its support at around 195ish.
Hangseng may start the day higher with the news that US government have finally agreed on the bailout plan over the weekend. Hangseng was sold off on Friday as investors chose to exit and wait on the sidelines following the uncertainty on the US' bailout plan. However, with the plan now in place, Hangseng may find new energy to rally up today and may breach 20000 mark if investors are optimist enough. However, the contaminated dairy product scandal which have risen in China may hurt stocks as more and more dairy products like Oreo and M&Ms being taken off from public consumptions. China mainland market may also determine how high Hangseng will rise today. Hangseng may find its resistance at 20000ish and its support at 18900ish today.
Asian markets may open higher following the news over the weekend that Congress and the Bush Administration have finally agreed on the terms for $700 billion bailout plans. More details still needed to be done but the idea was generally accepted by everyone and they're now waiting for the bill to be passed. President Bush called lawmakers and congressmen to rise to the occassion as failure to do so may bring more calamity to the wider economy. Crude oil was recently traded around $106.89ish per barrel, gold traded around $888.50ish and JPY traded around 106ish. Nikkei futures was closed at 12120 in CME on Friday compared to the close of 11910 here on Friday.
Kospi may open the day and start the week higher on investors' newfound optimism that the US government have finally agreed on the $700 billion bailout plan. The US government is basically going to buy all the toxic assets that are clogging the financial markets including bad mortgages and then it would later sell it again when the time is right. However, with the general idea finally gets accepted by congressmen, this will raise further question of whether $700 billion is enough to revive the whole economy and help America to avoid a great recession. Kospi may find its resistance at around 200ish today if investors are optimist and bullish enough and may find its support at around 195ish.
Hangseng may start the day higher with the news that US government have finally agreed on the bailout plan over the weekend. Hangseng was sold off on Friday as investors chose to exit and wait on the sidelines following the uncertainty on the US' bailout plan. However, with the plan now in place, Hangseng may find new energy to rally up today and may breach 20000 mark if investors are optimist enough. However, the contaminated dairy product scandal which have risen in China may hurt stocks as more and more dairy products like Oreo and M&Ms being taken off from public consumptions. China mainland market may also determine how high Hangseng will rise today. Hangseng may find its resistance at 20000ish and its support at 18900ish today.
Rabu, 24 September 2008
Asian market preview 24/09/2008
US markets fell again last night and set the steepest 2-day decline since 2002 after losing more than 3% a day earlier on concerns regarding the $700B bailout plans. The US congress were questioning whether the $700B bailout is necessary and if it is, whether that $700B of taxpayers' money will help steer the economy around. The market seemed uncertain about how long it will take for the bailout plans to take effect while Fed chairman, Bernanke, told the Senate Banking Committe Congress risks triggering a recession if it doesn't act on the plan. He said that inaction could leave a range of businesses unable to borrow money while consumers could find it impossible to finance big purchases like cars and homes as banks are reluctant to give credits. Analysts believe that volatility will remains for some time even after the bailout package passes because of global economic slowdown which is going to have some impact on earnings. The Dow fell 161.52 pts or 1.47% to 10,854.17, S&P500 fell 18.87 pts or 1.56% to 1,188.22 while Nasdaq fell 25.67 pts or 1.18% to 2,153.34.
Asian markets may open lower again today following more concerns regarding the US bailout plans for the financial system. Most Asian markets were lower yesterday on this bailout concerns and may extend their losses today. Oil prices meanwhile were lower on profit taking and as the Dollar regained some grounds last night. Oil was recently traded around $107.03ish per barrel, gold traded around $892ish and JPY traded around 105.71ish. Nikkei futures were closed at 11750 at CME compared to the close of 12045 on Monday. Nikkei may play catch up with the rest of the regional markets after it was closed yesterday for a public holiday.
Kospi may open lower today following more concerns regarding the $700B bailout plans and its effectiveness. Yesterday, Kospi started lower but ended the day higher as investors shrugged off concerns from the US and focussed on the local market. The news that Warren Buffett is buying Goldman Sachs may give some boost to regional markets. Kospi may find its support at 190ish today and its resistance at 197ish.
Hangseng may open lower again today following more uncertainties from the US. Hangseng was heavily sold yesterday, losing almost 4%. Selling was intensified in the afternoon session as investors feared that market will be closed today due to another typhoon incoming. China mainland markets may again play a part in determining how the Hangseng market will be performing today if the market is open. Hangseng may find its support at 18700ish today and its resistance at 19500ish.
Asian markets may open lower again today following more concerns regarding the US bailout plans for the financial system. Most Asian markets were lower yesterday on this bailout concerns and may extend their losses today. Oil prices meanwhile were lower on profit taking and as the Dollar regained some grounds last night. Oil was recently traded around $107.03ish per barrel, gold traded around $892ish and JPY traded around 105.71ish. Nikkei futures were closed at 11750 at CME compared to the close of 12045 on Monday. Nikkei may play catch up with the rest of the regional markets after it was closed yesterday for a public holiday.
Kospi may open lower today following more concerns regarding the $700B bailout plans and its effectiveness. Yesterday, Kospi started lower but ended the day higher as investors shrugged off concerns from the US and focussed on the local market. The news that Warren Buffett is buying Goldman Sachs may give some boost to regional markets. Kospi may find its support at 190ish today and its resistance at 197ish.
Hangseng may open lower again today following more uncertainties from the US. Hangseng was heavily sold yesterday, losing almost 4%. Selling was intensified in the afternoon session as investors feared that market will be closed today due to another typhoon incoming. China mainland markets may again play a part in determining how the Hangseng market will be performing today if the market is open. Hangseng may find its support at 18700ish today and its resistance at 19500ish.
Selasa, 23 September 2008
Asian market preview 23/09/2008
US markets tumbled yet again last night as fears returned to the markets as investors waiting nervously for the "mother of all bailout" package details. Oil and gold also soared as investors sought safe haven to invest other than the volatile stock markets. Investors may become more nervous if there isn't enough progress being made. Meanwhile, further reshaping of the US financial system appeared on Monday as Morgan Stanley plans to sell 20% of its stake to Mitsubishi UFJ Financial Group Inc. Oil soared more than $25 per barrel at one point and was settled up by $16.37 to $120.92 as investors snapped up supplies to cover October contract, which expired at the end of Monday session. Gold rose $40.30 to settle at $909 an ounce as dollar fell against major currencies. The Dow ended down by 372.75 pts or 3.27% to 11,015.69, S&P500 fell 47.99 pts or 3.82% to 1,207.09 while Nasdaq fell 94.92 pts or 4.17% to 2,178.98.
Asian markets may open lower today and end the 2-day winning streak since Friday as investors grew nervous on the bailout plan in the US. Oil's rally may also weigh on the market as inflation fears may creep back into some of the emerging markets. However, for countries like Indonesia, where the market is dominated by commodity players, this may give good sign for market to extend its rally. Oil was recently traded at $109.10ish per barrel, gold traded around $907.30ish and JPY traded around 105.45ish. Nikkei futures was closed at 11820 in CME compared to the close of 12060 here yesterday. Nikkei is closed for public holiday today.
Kospi may open lower today as fears crept back into the US markets last night. Investors are waiting anxiously for more news regarding the bailout plans and as oil crept back up, investors in Korea may also be weighed by rising energy prices. Kospi may find its support at 185ish and its resistance at 190ish today.
Hangseng may open lower after posting a huge 2-day gains since Friday. Weak sentiment from the US may weigh on the market and the global economic outlook is still uncertain. Chinese markets may play a part in determining the market's direction today. China mainland markets have rose more than 15% in the past 2 sessions and analysts predicted that it's bound to have a profit taking session soon if not today. Hangseng may find its support at 18700ish today and its resistance at 19300ish.
Asian markets may open lower today and end the 2-day winning streak since Friday as investors grew nervous on the bailout plan in the US. Oil's rally may also weigh on the market as inflation fears may creep back into some of the emerging markets. However, for countries like Indonesia, where the market is dominated by commodity players, this may give good sign for market to extend its rally. Oil was recently traded at $109.10ish per barrel, gold traded around $907.30ish and JPY traded around 105.45ish. Nikkei futures was closed at 11820 in CME compared to the close of 12060 here yesterday. Nikkei is closed for public holiday today.
Kospi may open lower today as fears crept back into the US markets last night. Investors are waiting anxiously for more news regarding the bailout plans and as oil crept back up, investors in Korea may also be weighed by rising energy prices. Kospi may find its support at 185ish and its resistance at 190ish today.
Hangseng may open lower after posting a huge 2-day gains since Friday. Weak sentiment from the US may weigh on the market and the global economic outlook is still uncertain. Chinese markets may play a part in determining the market's direction today. China mainland markets have rose more than 15% in the past 2 sessions and analysts predicted that it's bound to have a profit taking session soon if not today. Hangseng may find its support at 18700ish today and its resistance at 19300ish.
Senin, 22 September 2008
Asian market preview 22/03/2008
US markets soared for 2nd day on Friday on optimism that the government is doing everything they can to bring calm to the financial markets. Wall St however, still remains cautious as how far the government is willing to do to help the market. The Bush administration came up with a proposal on Saturday to get a $700B bailout package to the congress and hoped that it will get approval soon to help the markets. The package is viewed as needed by many economists but it brings about debatable points by some. Some economists and investors think that the package is quite "unfair" as it only helps to shield rich people to lose some of their money by making bad bets in the financial markets while it doesn't protect those taxpayers who owned homes and are about to get evicted cause they can't pay the debts to the lenders. Another step taken by the US government was to ban short-selling of 799 financial stocks for 2 weeks to help stabilize the markets. This step was indeed quite effective as investors rushed to switch their positions.
Asian markets may open higher today and may extend the global rally sparked by US governement's plans to bailout the troubled financial markets. Investors have found new optimism in the global financial markets and with the short-selling bans imposed, there are no other way but up. However, investors are still nervous with the bailout plans made by the US. Investors still think that the $700B rescue plan may not be enough to fully sustain the credit crisis fallout. Meanwhile, oil prices and gold prices rose too as investors still seek safe haven in a more conservative trading. Oil was recently traded around $104.55ish per barrel, gold traded around $874ish and JPY traded around 106.80ish. Nikkei futures was closed at 12440 in CME compared to the close of 12130 here on Friday.
Kospi may open higher today after the US markets staged the biggest 2-day rally on Thursday and Friday on government rescue plans. Now, with the $700B rescue plan the government is planning on, Kospi may get a boost further with the already oversold market. However, with as the rally on Friday already been so high, investors may still be quite nervous to make further big bets on the market. Today's rally may not be as much as Friday's and those nervous investors may pull some of their winnings back from the market as the situation is still quite uncertain. Kospi may find its support at 190ish and its resistance at 197ish.
Hangseng may open higher yet again today and may rise further as optimism grew in the US. China markets may determine if Hangseng will rise further on top of the 10% one day rally on Friday. Jittery investors may take some of their winnings off the table today and that may cause Hangseng to slowdown a bit after staging a late recovery on Thursday and a very huge gain on Friday. Hangseng may find its support at 19300ish and its resistance at 19800ish today.
Asian markets may open higher today and may extend the global rally sparked by US governement's plans to bailout the troubled financial markets. Investors have found new optimism in the global financial markets and with the short-selling bans imposed, there are no other way but up. However, investors are still nervous with the bailout plans made by the US. Investors still think that the $700B rescue plan may not be enough to fully sustain the credit crisis fallout. Meanwhile, oil prices and gold prices rose too as investors still seek safe haven in a more conservative trading. Oil was recently traded around $104.55ish per barrel, gold traded around $874ish and JPY traded around 106.80ish. Nikkei futures was closed at 12440 in CME compared to the close of 12130 here on Friday.
Kospi may open higher today after the US markets staged the biggest 2-day rally on Thursday and Friday on government rescue plans. Now, with the $700B rescue plan the government is planning on, Kospi may get a boost further with the already oversold market. However, with as the rally on Friday already been so high, investors may still be quite nervous to make further big bets on the market. Today's rally may not be as much as Friday's and those nervous investors may pull some of their winnings back from the market as the situation is still quite uncertain. Kospi may find its support at 190ish and its resistance at 197ish.
Hangseng may open higher yet again today and may rise further as optimism grew in the US. China markets may determine if Hangseng will rise further on top of the 10% one day rally on Friday. Jittery investors may take some of their winnings off the table today and that may cause Hangseng to slowdown a bit after staging a late recovery on Thursday and a very huge gain on Friday. Hangseng may find its support at 19300ish and its resistance at 19800ish today.
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