US markets were closed sharply lower on Friday as investors cashed in after a big rally the day before and return their focus on the economy. Hedge fund selling ahead of a Saturday deadline contributed most of the markets' downturn. There were plenty discouraging news about the economy including comments from Fed chairman, Ben Bernanke saying that the markets remain under "severe strain" and a sobering report on October retail sales. Analysts believe that the markets are still searching for a bottom after last month's heavy sell-off and investors are just too nervous to invest for long term. Ben Bernanke also noted that he would work closely with other central banks and left the door open for a fresh round of interest rate cuts. This news did not cheer investors too much as they aren't sure how effective these rate cuts are going to be. The Commerce Department reported that October retail sales fell by 2.8%, surpassing its old lowest mark of 2.65% drop in November 2001 after the terrorist attacks. Now, investors are confirmed that the economic slowdown is going to last to next year and maybe more and that 2009 will be a very bad year for economic activity. The only concern is that investors are still unsure of how bad the slowdown is going to be next year. The Dow ended down by 337.93 pts or 3.82% to 8,497.31, S&P500 fell 38.00 pts or 4.17% to 873.29 while Nasdaq fell 79.85 pts or 5% to 1,516.85.
Asian markets may open lower and start the week weaker today following more downturn in the US on Friday. Bernanke's comments may weigh on investors sentiment today and concerns about the overall economic activity may cause investors to think twice before going in the market. Investors may also cashed out after staging a recovery rally on Friday for the regional markets. However, seeing at how things are going, investors may already realized that the global economy is going to slow further and if markets fell too much today, bargain hunting may kick in again. Oil prices also fell on Friday and was closed at $57.04 per barrel, gold was last traded at $742.50 and JPY last traded at 97.07. Nikkei futures was closed at 8460 at CME compared to the close of 8575 here on Friday.
Kospi may open lower today following US markets' tumble on Friday on fresh economic concerns. Investors may also be eyeing the PPI figure due to come out today to determine the general market direction. Markets may also be pressurized as there are no strong action at the weekend G-20 meeting that take place from Saturday in Washington. However, if markets fell too much, bargain hunters may kick in yet again as they see this as an opportunity. Kospi may find its support at 137ish and its resistance at 147ish today.
Hangseng may open lower today following the tumble in the US markets on Friday and also as there are no fresh new ideas of support from the G-20 meeting. Lower oil prices may eventually help the general markets but in the near term, investors are focusing on the global economic slowdown and that may cause investors to become nervous and may led to a selloff today for Hangseng. China mainland markets may play a part today to give support to prevent Hangseng from falling too deep. Hangseng may find its support at 12800ish and its resistance at 13800ish today.
Senin, 17 November 2008
Jumat, 14 November 2008
Asian market preview 14/11/2008
US markets soared last night with major markets rising more than 6% after investors feel that recent pullbacks have been too much and they do not want to miss the opportunity to get cheap stocks. Markets started the day lower after Labor Department reported that newly laid-off individual seeking unemployment benefits rose to its highest last week since Sept 11, 2001. Signs of worsening consumer spending was also shown as Wal-mart and Intel cut its full year earnings and sales forecast. However, when the markets managed to stay above Oct 10th intraday lows, investors took it as an opportunity and buy stocks so that they won't miss out on the rally. Investors are also partly hopeful about the G20 meeting to be held over the weekend in Washington. Analysts said that this situation is what they've been expected where markets retest its multiyear lows formed on Oct 10th and tried to build its base from there while its recovering gradually. Markets are predicted to see more volatilities for some time before it can find its upward trend. The Dow ended up by 552.59 pts or 6.67% to 8,835.25, S&P500 rose 58.99 pts or 6.92% to 911.29 while Nasdaq soared 97.49 pts or 6.50% to 1,596.70.
Asian markets may open higher today following the big rally posted on Wall St. Bargain hunters finally dominated the markets last night as greed overcame fear when markets are nearing its multiyear lows formed on Oct 10th. Regional markets may also follow the same pattern as investors may gauge that markets have priced in enough for the current set of bad news. As stocks rally, oil prices also rally and crude oil was recently traded around $58.20ish per barrel, gold traded around $705ish and JPY traded around 97.65ish. Nikkei futures was closed at 8830 in CME compared to the close of 8260 here yesterday.
Kospi may open higher and may follow same pattern as the US as bargain hunters seek cheap stocks. The fundamentals are still the same with global economy weakening but as stocks are fairly cheap at current levels, investors may want to buy the stocks and do not want to miss out on early rallies such as this. With oil managed to stay below $60 per barrel, recession fears also subsides and government worldwide may cut retail gas prices to curb inflation. Kospi may find its support at 147ish and its resistance at 155ish today.
Hangseng may open higher today and may follow the same pattern as the US markets and regional markets today. Market may be further boosted by oil related companies as oil rallied last night. China mainland markets may also play a significant part to determine whether Hangseng will join the huge rally or not. Yesterday, China's markets were one of the few regional markets that managed to stay positive. Measures from the Chinese government seems to still have positive impact for investors. Investors may also placing their bets that some positive outcome to come out of the G-20 meeting to be held over the weekend in Washington. Hangseng may find its support at 13600ish and its resistance at 14500ish today.
Asian markets may open higher today following the big rally posted on Wall St. Bargain hunters finally dominated the markets last night as greed overcame fear when markets are nearing its multiyear lows formed on Oct 10th. Regional markets may also follow the same pattern as investors may gauge that markets have priced in enough for the current set of bad news. As stocks rally, oil prices also rally and crude oil was recently traded around $58.20ish per barrel, gold traded around $705ish and JPY traded around 97.65ish. Nikkei futures was closed at 8830 in CME compared to the close of 8260 here yesterday.
Kospi may open higher and may follow same pattern as the US as bargain hunters seek cheap stocks. The fundamentals are still the same with global economy weakening but as stocks are fairly cheap at current levels, investors may want to buy the stocks and do not want to miss out on early rallies such as this. With oil managed to stay below $60 per barrel, recession fears also subsides and government worldwide may cut retail gas prices to curb inflation. Kospi may find its support at 147ish and its resistance at 155ish today.
Hangseng may open higher today and may follow the same pattern as the US markets and regional markets today. Market may be further boosted by oil related companies as oil rallied last night. China mainland markets may also play a significant part to determine whether Hangseng will join the huge rally or not. Yesterday, China's markets were one of the few regional markets that managed to stay positive. Measures from the Chinese government seems to still have positive impact for investors. Investors may also placing their bets that some positive outcome to come out of the G-20 meeting to be held over the weekend in Washington. Hangseng may find its support at 13600ish and its resistance at 14500ish today.
Kamis, 13 November 2008
Asian market preview 13/11/2008
US markets tumbled yet again last night, with major markets falling more than 4% as investors got disheartened after the government said that they won't purchase troubled assets from banks. This decision however, bring different views as some analysts believe that it is the right thing to do for the government not buying troubled mortgage-assets from banks as it would take a very long time while some other analysts concerned that the bailout funds depleted way too fast. Investors got more nervous as more companies showed signs of being hurt by the pullback in consumer spending. Macy's Inc. said that it lost $44 million in third quarter as sales fell more than 7%. Meanwhile, consumer electronics retailer Best Buy Co. slashed its fiscal 2009 guidance on fears that consumer spending will slow further. These news came on top of disappointing news from Starbucks Corp. and homebuilder Toll Brothers Inc. the day before. Analysts believed that the markets are in a typical process of testing and retesting its intraday low hit on Oct 10 and investors do not want to hold stocks overnight in times like this. The Dow finished down by 411.30 pts or 4.73% to 8,282.66, S&P500 fell 46.65 pts or 5.19% to 852.30 while Nasdaq fell 81.69 pts or 5.17% to 1,499.21.
Asian markets may open lower yet again today following another sharp drop in US markets last night. Investors confidence is being eroded bit by bit in this situation and it may made them lose faith to buy stocks in the regional markets. Oil sensitive stocks may fall again today as crude oil fell below $57 per barrel on fear that global economic growth will slow more than initially feared next year. Crude oil was recently traded around $55.90ish per barrel, gold traded around $711.40ish and JPY traded around 94.80ish. Nikkei futures was closed at 8180 in CME compared to the close of 8610 here yesterday.
Kospi may open lower today following more bad news about slowing consumer spending in US and after the US government reiterated new plans to rescue the financial system. The weakening Won may not help investors too as foreigners dump more stocks in the country. However, if the market fall too much, there may be some bargain hunters who would come in and buy stocks for long term as current stock prices are at a very cheap levels. Kospi may find its support at 140ish and its resistance at 150ish today.
Hangseng may open lower again today following more bad news from the US and on concerns that consumer will spend less around the world. However, strong China's retail figures may help stocks today as it showed that global slowdown do not affect Chinese local markets too much. China's retail sales rose 22% in October, close to its fastest pace in nine years. Bargain hunters may emerge if the market fall too much today. Hangseng may find its support at 12800ish and its resistance at 13900ish today.
Asian markets may open lower yet again today following another sharp drop in US markets last night. Investors confidence is being eroded bit by bit in this situation and it may made them lose faith to buy stocks in the regional markets. Oil sensitive stocks may fall again today as crude oil fell below $57 per barrel on fear that global economic growth will slow more than initially feared next year. Crude oil was recently traded around $55.90ish per barrel, gold traded around $711.40ish and JPY traded around 94.80ish. Nikkei futures was closed at 8180 in CME compared to the close of 8610 here yesterday.
Kospi may open lower today following more bad news about slowing consumer spending in US and after the US government reiterated new plans to rescue the financial system. The weakening Won may not help investors too as foreigners dump more stocks in the country. However, if the market fall too much, there may be some bargain hunters who would come in and buy stocks for long term as current stock prices are at a very cheap levels. Kospi may find its support at 140ish and its resistance at 150ish today.
Hangseng may open lower again today following more bad news from the US and on concerns that consumer will spend less around the world. However, strong China's retail figures may help stocks today as it showed that global slowdown do not affect Chinese local markets too much. China's retail sales rose 22% in October, close to its fastest pace in nine years. Bargain hunters may emerge if the market fall too much today. Hangseng may find its support at 12800ish and its resistance at 13900ish today.
Rabu, 12 November 2008
Asian market preview 12/11/2008
US markets closed lower again last night on more worries that the drop in consumer spending will hurt all sector including luxury home builders, coffee sellers and car makers. Investors realized that it's becoming really hard to rely on average consumers to pull the economy out of its downturn after Starbucks Corp. reported lower sales across its coffee chain and Toll Brothers Inc. posted a sharp drop in revenue and said its hard to predict what the luxury homebuilder's profit would be next year. Meanwhile, Wall Street is also waiting for bailout from the federal government to help the ailing automakers after GM shares plunged to 60-year lows. Investors are more worried as they're uncertain on how bad the situation they're really in and analysts predicted that markets will have its wild swing within this range and will not be able to recover fully until they know for sure about the depth of the recession. More bailout money have been made available to AIG and American Express Co. have become a commercial bank. The Dow ended the day lower by 176.58 pts or 1.99% to 8,693.96, S&P500 fell 20.26 pts or 2.20% to 898.95 while Nasdaq fell 35.84 pts or 2.22% to 1,580.90.
Asian markets may open lower again today following another drop in US markets last night on more worries about consumer spending. Depending on how the markets and investors will take it around the region, another big drop in the markets may signal more buying opportunity for long-term investors. However, if there are no positive news to come out from Asian region, it's inevitable for the markets to make further pullbacks. The drop in oil prices may hurt producers today but it may prove to be good in long term. Oil was recently traded around $58.90ish per barrel, gold traded around $731.20ish and JPY traded around 97.60ish. Nikkei futures was closed at 8500 in CME compared to the close of 8700 here yesterday.
Kospi may open lower again today following more drops and more pessimism to come out of the US markets last night. Lower oil prices may hurt oil related companies and worries about consumer spending may also hit retailers in the country. Global economic outlook seems weaker than before and this may weigh on the market and cause more foreign investors to flee the market today. Kospi may find its support at around 140ish and its resistance at around 152ish today.
Hangseng may open lower today following another round of fresh worries from the US markets. CNOOC is seen to trade lower as its ADRs in the US fell 8.3% on lower oil prices. China mainland markets may hurt Hangseng too today as more companies reported lower earnings. Investors may find it hard to be optimistic and buy stocks today although the stock prices seem to be quite attractive. However, if there's another very sharp drop today, long term investors and bargain hunters may kick in and start collecting. Hangseng may find its support at 13000ish and its resistance at 14300ish today.
Asian markets may open lower again today following another drop in US markets last night on more worries about consumer spending. Depending on how the markets and investors will take it around the region, another big drop in the markets may signal more buying opportunity for long-term investors. However, if there are no positive news to come out from Asian region, it's inevitable for the markets to make further pullbacks. The drop in oil prices may hurt producers today but it may prove to be good in long term. Oil was recently traded around $58.90ish per barrel, gold traded around $731.20ish and JPY traded around 97.60ish. Nikkei futures was closed at 8500 in CME compared to the close of 8700 here yesterday.
Kospi may open lower again today following more drops and more pessimism to come out of the US markets last night. Lower oil prices may hurt oil related companies and worries about consumer spending may also hit retailers in the country. Global economic outlook seems weaker than before and this may weigh on the market and cause more foreign investors to flee the market today. Kospi may find its support at around 140ish and its resistance at around 152ish today.
Hangseng may open lower today following another round of fresh worries from the US markets. CNOOC is seen to trade lower as its ADRs in the US fell 8.3% on lower oil prices. China mainland markets may hurt Hangseng too today as more companies reported lower earnings. Investors may find it hard to be optimistic and buy stocks today although the stock prices seem to be quite attractive. However, if there's another very sharp drop today, long term investors and bargain hunters may kick in and start collecting. Hangseng may find its support at 13000ish and its resistance at 14300ish today.
Selasa, 11 November 2008
Asian market preview 11/11/2008
US markets ended the day lower last night as optimism over China's stimulus package fades. Investors are still worried about the economy and they're not sure how deep and how long the recession will last in the US. Markets initially opened much higher on new found optimism as China's government unveil its $586 billion stimulus package and also the G-20 nations said it will act urgently to bolster growth while calling governments to cut interest rates. Profit outlook and growth forecasts weigh on stocks in the afternoon. Goldman Sachs may report a loss of $2.50 a share and that sent the stock to fall 8.5% while Google Inc. may report a lower revenue and profit in 4th quarter due to deteriorating online ads demand. Meanwhile, General Motors lost 23% as analysts predicted its stocks may go down to zero and cut its recommendation to sell from hold. The Dow fell 73.27 pts or 0.82% to 8,870.54, S&P500 fell 11.78 pts or 1.27% to 919.21 while Nasdaq fell 30.66 pts or 1.86% to 1,616.74.
Asian markets may open lower following more economic woes from the US and as investors may still find it hard to get the mood to turn over the market from bearish to bullish. Nervous investors may want to take their money off the table after quite a huge rally yesterday. However, some investors may think that the Chinese stimulus package may help the regional markets and may still want to buy stocks for long term purposes. Crude oil price looked steady and was recently traded around $62.25ish per barrel, gold traded around $745.20ish and JPY traded around 98ish. Nikkei futures was closed at 8940 in CME compared to the close of 9290 here yesterday.
Kospi may open lower today following the fall in the US overnight. Concerns on the health of US economy may drag stocks lower today as investors may think that weak economy will hurt demands and growth worldwide. The recession is deepening in the US with job losses at record high and investors do not have a clue as to how bad the recession will have its impact globally. Kospi may find its support at 145ish and its resistance at 157ish today.
Hangseng may open lower today following US markets' fall last night. Investors may have a profit taking session today as there are still more concerns about the whole global economy. China mainland markets may determine whether Hangseng will fall sharply or will it hold steady. Chinese stocks still rise last night in US trading and that may have impact on today's trading session. Hangseng may find its support at 14000ish and its resistance at 15300ish today.
Asian markets may open lower following more economic woes from the US and as investors may still find it hard to get the mood to turn over the market from bearish to bullish. Nervous investors may want to take their money off the table after quite a huge rally yesterday. However, some investors may think that the Chinese stimulus package may help the regional markets and may still want to buy stocks for long term purposes. Crude oil price looked steady and was recently traded around $62.25ish per barrel, gold traded around $745.20ish and JPY traded around 98ish. Nikkei futures was closed at 8940 in CME compared to the close of 9290 here yesterday.
Kospi may open lower today following the fall in the US overnight. Concerns on the health of US economy may drag stocks lower today as investors may think that weak economy will hurt demands and growth worldwide. The recession is deepening in the US with job losses at record high and investors do not have a clue as to how bad the recession will have its impact globally. Kospi may find its support at 145ish and its resistance at 157ish today.
Hangseng may open lower today following US markets' fall last night. Investors may have a profit taking session today as there are still more concerns about the whole global economy. China mainland markets may determine whether Hangseng will fall sharply or will it hold steady. Chinese stocks still rise last night in US trading and that may have impact on today's trading session. Hangseng may find its support at 14000ish and its resistance at 15300ish today.
Senin, 10 November 2008
Asian market preview 10/11/2008
US markets were closed higher on Friday as bargain hunters scooped up cheap stocks which are at multiyear lows. The highly anticipated October jobs report which was due out on Friday did little to shock investors as analysts from Goldman Sachs have predicted of up to 300,000 jobs was cut in October. The reports came in at 240,000 job cuts and was above the median forecast of 200,000 jobs lost. Trading volumes was moderate on Friday and price swings were not as bad as previous sessions. Oil stocks and defensive stocks led the rally on Friday as investors chose their stocks carefully. The Dow ended up by 248.02 pts or 2.85% to 8,943.81, S&P500 rose 26.11 pts or 2.89% to 930.99 while Nasdaq climbed 38.70 pts or 2.41% to 1,647.40. For the week, all markets lost about 4% and marked the worst presidential election week for the Dow since 1948.
Asian markets may open higher today and may stage another rally on optimism that all countries are doing everything they can to avoid further disaster in the global economic downturn. The $586 billion stimulus package unveiled by Chinese government over the weekend may give boost to regional markets. Investors are also trying to be part of the rally as they may find bargain stocks right about these price levels. Oil prices which stayed above the psychological $60 level may also provide support to oil producers. Oil was last traded at $61.04 per barrel, gold traded at $734.20 and JPY traded at 98.32. Nikkei futures was closed at 8850 in CME compared to the close of 8700 here on Friday.
Kospi may open higher today as US investors shrugged off bad jobs data and greed prevails over fear. Bargain hunters may lead the market higher today and the aggressive rate cuts performed by the BoK may show investors that the government is willing to do anything to save the economy. BoK cut its interest rates by 25 basis points to 4% and it signaled the 3rd rate cut in a month. Kospi may find its support at 147ish and its resistance at 157ish today.
Hangseng may open higher and may continue Friday's rally after US staged a rally on Friday despite bad economic data. The stimulus package unveiled by the mainland Chinese government may provide some boost to the market today and may given investors more reason to buy and join in the rally. Oil sensitive stocks may rise today as oil price is looking steady above $60 per barrel. Hangseng may find its support at 13800ish and its resistance at 15000ish today.
Asian markets may open higher today and may stage another rally on optimism that all countries are doing everything they can to avoid further disaster in the global economic downturn. The $586 billion stimulus package unveiled by Chinese government over the weekend may give boost to regional markets. Investors are also trying to be part of the rally as they may find bargain stocks right about these price levels. Oil prices which stayed above the psychological $60 level may also provide support to oil producers. Oil was last traded at $61.04 per barrel, gold traded at $734.20 and JPY traded at 98.32. Nikkei futures was closed at 8850 in CME compared to the close of 8700 here on Friday.
Kospi may open higher today as US investors shrugged off bad jobs data and greed prevails over fear. Bargain hunters may lead the market higher today and the aggressive rate cuts performed by the BoK may show investors that the government is willing to do anything to save the economy. BoK cut its interest rates by 25 basis points to 4% and it signaled the 3rd rate cut in a month. Kospi may find its support at 147ish and its resistance at 157ish today.
Hangseng may open higher and may continue Friday's rally after US staged a rally on Friday despite bad economic data. The stimulus package unveiled by the mainland Chinese government may provide some boost to the market today and may given investors more reason to buy and join in the rally. Oil sensitive stocks may rise today as oil price is looking steady above $60 per barrel. Hangseng may find its support at 13800ish and its resistance at 15000ish today.
Jumat, 07 November 2008
Asian market preview 07/11/2008
US markets tumbled last night in a worst 2-day slump since 1987, where markets lost about 10% in total on economic fear. The losses are triggered by Cisco Systems as they issued warning of slumping demand and also as retailers reported weak sales for October. Adding to investors' list of worries, the labor department said the number of people continuing to draw unemployment benefits jumped to a 25-year high, increasing 122,000 to 3.84 million in October. New claims for unemployment benefits dipped by 4,000 to 481,000 last week but the levels remained high. These levels added to the worries by investors who are waiting anxiously for the October employment report due to come out on Friday, which is the most watched barometer of economy's health. Light trading volumes add to the volatility in the markets last night. Analysts also believed that some pullbacks is expected after a recent 6-days run up which saw markets surged more than 15%. Many investors are still waiting on the sidelines and prefer to wait as the markets are in the process of finding the real bottom. Investors are also curious as to what the new elected president, Obama's plan will bring to the economy. The Dow ended down by 443.48 pts or 4.85% to 8,695.79, S&P500 fell 47.89 pts or 5.03% to 904.88 while Nasdaq fell 72.94 pts or 4.34% to 1,608.70. Over the past 2 days, the Dow lost 9.7%, S&P500 lost 10% while Nasdaq lost 9.6%.
Asian markets today may open lower following the 2-day rout in the US after more weak economic readings spooked investors who are still nervous and try to find markets' bottom. Investors also took the opportunity to quickly cash out after the markets made a huge comeback rally since last week. Asian markets tumbled yesterday and may even fall further today as investors are also waiting for more news from the US to gauge how bad and deep the recession problem in the US really is. Crude oil also fell last night on more economic concerns and was recently traded around $60.50ish per barrel, gold traded around $732.10ish and JPY traded around 97.45ish. Nikkei futures was closed at 8390 in CME compared to the close of 8700 here yesterday.
Kospi may open lower today and may extend its losses from yesterday. More economic worries in the US and fears that it may spread globally may make investors to take the money off from the stock market. Foreigners who have been net sellers may sell more today and may trigger local investors to follow the same patterns. However, long term investors may treat this as the usual case for bear markets and may take this as an opportunity to buy more stocks and collect more. Kospi may find its support at 132ish and its resistance at around 140ish.
Hangseng may open lower today and may extend its losses from yesterday on more worrying economic data from the US. More declines in commodity prices may weigh on the market further. However, China mainland markets have been quite steady for the past week and investors may take cue and may collect stocks at current discounted prices. Long term investors may find this as more opportunity to buy more stocks as the markets are re-testing the bottom formed on October. Hangseng may find its support at 12600ish and its resistance at 13300ish today.
Asian markets today may open lower following the 2-day rout in the US after more weak economic readings spooked investors who are still nervous and try to find markets' bottom. Investors also took the opportunity to quickly cash out after the markets made a huge comeback rally since last week. Asian markets tumbled yesterday and may even fall further today as investors are also waiting for more news from the US to gauge how bad and deep the recession problem in the US really is. Crude oil also fell last night on more economic concerns and was recently traded around $60.50ish per barrel, gold traded around $732.10ish and JPY traded around 97.45ish. Nikkei futures was closed at 8390 in CME compared to the close of 8700 here yesterday.
Kospi may open lower today and may extend its losses from yesterday. More economic worries in the US and fears that it may spread globally may make investors to take the money off from the stock market. Foreigners who have been net sellers may sell more today and may trigger local investors to follow the same patterns. However, long term investors may treat this as the usual case for bear markets and may take this as an opportunity to buy more stocks and collect more. Kospi may find its support at 132ish and its resistance at around 140ish.
Hangseng may open lower today and may extend its losses from yesterday on more worrying economic data from the US. More declines in commodity prices may weigh on the market further. However, China mainland markets have been quite steady for the past week and investors may take cue and may collect stocks at current discounted prices. Long term investors may find this as more opportunity to buy more stocks as the markets are re-testing the bottom formed on October. Hangseng may find its support at 12600ish and its resistance at 13300ish today.
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