US markets were tumbling down yet again on Friday and The Dow is on the brink of a bear market after shedding more than 100 pts for 2 consecutive days. Negative sentiment from investors came after more bad news from the financial sector. Morgan Stanley is being reviewed by Moody's for a possibe downgrade and there were reports saying that Merril Lynch might have to write off nearly $6 billion of risky debts. In addition to these troubling news, investors also watched how oil marched higher and touched a record high of $142.99 per barrel. Economic data released on Friday came out slightly better but could not boost investors' mood. Commerce Dept said that spending rose 0.8% in May, as taxpayers received their stimulus checks. Personal income also rose 1.9%, much better than anticipated. June's index of consumer sentiment came in at 56.4, a bit lower than May's and below analysts' estimate. On Friday, the Dow fell 106.91 pts or 0.93% to 11346.51, S&P500 fell 4.77 pts or 0.37% to 1278.38 while Nasdaq fell 5.74 pts or 0.25% to 2315.63.
Asian markets may open lower yet again on Monday following more bad news which came out of the US on Friday which caused the US markets to have another rough session. Investors' sentiment may be low and they may not want to enter the market yet although the current share prices can be considered quite low. Many Asian markets will be watching the inflation report to come out this week in their countries and also the rate decisions to be made by respective central banks. The ever rising oil prices may also weigh further on investors as higher oil means higher inflation. Oil was recently traded around $140.20ish per barrel, gold traded around $926.70ish and JPY traded around 106.15ish. Nikkei futures closed at 13540 in CME compared to the close of 13440 here on Friday.
Kospi may open lower today at around 215ish following the string of bad news to come out of the US on Friday. However, buying power may slightly emerge for long-term players if the index fell too much. Cautious trading may be in focus this week when valuable economic data to come out from South Korea.
Hangseng may also open lower today at below 22000. However, as we have seen on Friday, buying power have slightly emerged from investors as share prices look quite attractive now at current level. China market may also play a big part to determine whether Hangseng have the strength to rise or should it fall further. Hangseng may find its support at 21700ish and its resistance at 22200ish today.
Senin, 30 Juni 2008
Jumat, 27 Juni 2008
Asian market preview 27/06/2008
US markets tumbled overnight after downgrades in automakers, financials and bad earnings in tech sector which caused the markets to dive around 3%. The surge in oil and the declining in dollar also played a part in last night's selloff. GM was downgraded to sell by Goldman Sachs on fears that they'll be facing cash crunch next year amid slowing US sales. In the financial sector, Citigroup plunged after analyst gave it a sell rating and warned investors to expect less from the brokerage sector. The tech sector, which was considered a safe play during uncertain times was also hit last night as RIMM missed earnings and disappointing forecasts from both RIMM and Oracle showed that the tech sector is also vulnerable. Oil surge more than $5 during last night's session on comments from OPEC President who was quoted that oil could rise between $150 to $170 per barrel before pulling back later this year. The fears that Libya may cut oil production also became a factor which made oil go past $140 to get to its highest at $140.39 before closing at a record $139.64 per barrel. All these bad news overshadowed some good news which came out from the National Association of Realtors which reported the sales of existing homes edged up 2% in May, and some analysts believe that this was the start of an upward trend in home sales. Jobless claims remains unchanged at 384k compared to last week. The Dow plunged 358.41 pts or 3.03% to 11453.42, S&P500 fell 38.82 pts or 2.94% to 1283.15 while Nasdaq dived 79.89 pts or 3.33% to 2321.37. S&P500 have breached the psychological 1300 level.
Asian markets are expected to open lower today following a string of bad news which hit the US markets overnight and also the surge in oil prices to trade around $140ish. The weakening dollar may not help Asian countries where some of them are major exporters to the US. Financials, tech, autos, transport, oil refiners may be hit today but pharmaceuticals and drug makers may shine yet again today. Selloff in the Asian region may also get worse as today being a Friday may urge investors to sell more. Oil was recently traded around $138.74ish per barrel, gold traded around $914.90ish and JPY traded around 106.90ish. Nikkei futures was closed at 13555 in CME compared to the close of 13785 here yesterday.
Kospi may open lower today at around 217ish today and may extend losses later on in the day. Trading may be volatile as investors who are skeptical will sell their stocks while there are also some bargain hunters who take this opportunity to buy stocks at a sale price. However, selling pressure may be higher today and Kospi may even test the 215 level. Tech and exporters may be hit hard today and financials may also get some selling pressure.
Hangseng may open lower today at around 22000 and may even try to breach the 22000 to go lower today. Mainland China market may not help Hangseng today and may even drag Hangseng further down with oil traded near record high and this caused inflation fears to escalate. Oil refiners such as Sinopec and PetroChina may be hit hard with high oil prices eroding their profit. Exporters may also hit hard as more uncertainties in the US markets cause investors to seek safety. Hangseng may find its support at 21700ish and its resistance at 22200ish today.
Asian markets are expected to open lower today following a string of bad news which hit the US markets overnight and also the surge in oil prices to trade around $140ish. The weakening dollar may not help Asian countries where some of them are major exporters to the US. Financials, tech, autos, transport, oil refiners may be hit today but pharmaceuticals and drug makers may shine yet again today. Selloff in the Asian region may also get worse as today being a Friday may urge investors to sell more. Oil was recently traded around $138.74ish per barrel, gold traded around $914.90ish and JPY traded around 106.90ish. Nikkei futures was closed at 13555 in CME compared to the close of 13785 here yesterday.
Kospi may open lower today at around 217ish today and may extend losses later on in the day. Trading may be volatile as investors who are skeptical will sell their stocks while there are also some bargain hunters who take this opportunity to buy stocks at a sale price. However, selling pressure may be higher today and Kospi may even test the 215 level. Tech and exporters may be hit hard today and financials may also get some selling pressure.
Hangseng may open lower today at around 22000 and may even try to breach the 22000 to go lower today. Mainland China market may not help Hangseng today and may even drag Hangseng further down with oil traded near record high and this caused inflation fears to escalate. Oil refiners such as Sinopec and PetroChina may be hit hard with high oil prices eroding their profit. Exporters may also hit hard as more uncertainties in the US markets cause investors to seek safety. Hangseng may find its support at 21700ish and its resistance at 22200ish today.
Kamis, 26 Juni 2008
Asian market preview 26/06/2008
US markets ended the session moderately higher after The Fed leaves interest rate unchanged as expected and issued a mixed assessment of the economy. The Fed stated that downside risks to growth have diminished somewhat and the upside risks to inflation and inflation expectation have increased. It was the first time in 10 months that The Fed leave rates unchanged. The Fed is at a crossroad, while household spending seems to be improving, job market and home prices are still tumbling. If The Fed raise rates prematurely, it may have a very negative effect on the broader economy and the recovery process. Crude oil price declined $2.45 to settle at $134.55 per barrel. Gold prices also slid while dollar weakened against major currencies. After hours, RIMM reported lower-than-expected revenue and EPS and gave out mixed guidance of 2nd half of the year and this sent the stock tumbling 9% in after-hours trading. The Dow ended marginally higher by 4.40 pts or 0.04% to 11811.83, after rising more than 100 pts after Fed's announcement. S&P500 rose 7.68 pts or 0.58% to 1321.97 while Nasdaq rose 32.98 pts or 1.39% to 2401.26.
Asian markets may open higher following a good performance in the US markets and after oil dropped overnight on the rise in US stockpiles. The Fed's decision to leave rates unchanged may help boost markets as it showed that The Fed is still waiting to see more recovery in the economic growth. However, a slightly weaker dollar may weigh on the exporter side today. Crude oil was recently traded around $134.48ish, gold traded around $884.60ish and JPY traded around 107.77ish. Nikkei futures was closed at 14000 in CME compared to the close of 13950 here yesterday.
Kospi may open higher at around 222ish today following a slightly stronger US market close. Oil sensitive stocks such as airlines may be boosted after oil dropped more than $2 per barrel. Market may not rise too much though as the market have already priced in on The Fed's unchanged rate decision and oil is still quite high around $134ish per barrel. Volatility may be quite high today as there are still more uncertainties in the broader economy and especially after RIMM gave out a disappointing report in after-hours US market.
Hangseng may open higher today at around 22800ish following a stronger US close overnight. Lower oil prices may help boost stocks in Sinopec and PetroChina, the 2 largest oil refiners. Hangseng may yet again follow cues from China mainland markets which will determine how strong the market will rise today or if the market may go back down again if China's market go down. Volatility may be high as bargain hunters may want to buy but with futures contract ending tomorrow, market may be quite erratic. Hangseng may find its support at 22500 today and its first strong resistance at 23000.
Asian markets may open higher following a good performance in the US markets and after oil dropped overnight on the rise in US stockpiles. The Fed's decision to leave rates unchanged may help boost markets as it showed that The Fed is still waiting to see more recovery in the economic growth. However, a slightly weaker dollar may weigh on the exporter side today. Crude oil was recently traded around $134.48ish, gold traded around $884.60ish and JPY traded around 107.77ish. Nikkei futures was closed at 14000 in CME compared to the close of 13950 here yesterday.
Kospi may open higher at around 222ish today following a slightly stronger US market close. Oil sensitive stocks such as airlines may be boosted after oil dropped more than $2 per barrel. Market may not rise too much though as the market have already priced in on The Fed's unchanged rate decision and oil is still quite high around $134ish per barrel. Volatility may be quite high today as there are still more uncertainties in the broader economy and especially after RIMM gave out a disappointing report in after-hours US market.
Hangseng may open higher today at around 22800ish following a stronger US close overnight. Lower oil prices may help boost stocks in Sinopec and PetroChina, the 2 largest oil refiners. Hangseng may yet again follow cues from China mainland markets which will determine how strong the market will rise today or if the market may go back down again if China's market go down. Volatility may be high as bargain hunters may want to buy but with futures contract ending tomorrow, market may be quite erratic. Hangseng may find its support at 22500 today and its first strong resistance at 23000.
Selasa, 24 Juni 2008
Asian market preview 24/06/2008
US markets ended mostly lower last night after oil prices rose and financials hit new lows in 5 years. The growing credit concerns has made investors to selloff financial shares and advisors also encourage investors to dump those shares. Investors also had little reason to buy shares ahead of The Fed's 2 day meeting starting from today. With lack of economic data, oil prices have become the main focus for investors and the rise of oil means more bad news for the overall economy as rising inflation means that The Fed is going to do something real soon. Oil price climbed $1.38 to settle at $136.74 even though the Saudis pledged to boost production by 200,000 barrels a day. The only sector which was boosted was oil players such as Exxon Mobil and Haliburton Co. while financials and airlines declined significantly. The Dow ended the day flat, losing 0.33 pts or less than 0.01% to 11842.36, S&P500 ended flat too, rising 0.07 pts or 0.01% to 1318.00 while Nasdaq fell 20.35 pts or 0.85% to 2385.74.
Asian markets may start the day flat today with more downward bias as oil prices keep rising and more sluggish outlook on the US financials. The Fed's 2 day meeting also provide reasons for investors to sit on the sidelines and wait for the news to come. The good sector to play in today is energy sector with oil nearing $137 mark again. Oil was recently traded around $137.38ish per barrel, gold traded around $882.50ish and JPY was around 107.84ish. Nikkei futures was closed at 13905 in CME compared to the close of 13865 here yesterday. A rebound seems quite likely too which may cause the market to be volatile today after Asian markets lost grounds for the past week.
Kospi may open flat today following a loss yesterday and may trade in thin volume as there are lack of economic data out of the US and ahead of the Fed's 2 day policy meeting. Oil prices may become the main focus as the rise in oil means more trouble for airlines and transport shares, as well as exporters. However, bargain hunters may kick in and may cause Kospi to trade higher too during the day and may cause quite a volatility in today's session.
Hangseng may open flat around 22700 today after a highly volatile session yesterday. The market may look for directions from the China markets as there are lack of direction from the US. Oil may also play a significant part for CNOOC, Sinopec and PetroChina today as the rise in oil benefit a company while hurting others. Volatility is expected to be high again today with more bargain hunting to be expected but the overall market still looks gloomy.
Asian markets may start the day flat today with more downward bias as oil prices keep rising and more sluggish outlook on the US financials. The Fed's 2 day meeting also provide reasons for investors to sit on the sidelines and wait for the news to come. The good sector to play in today is energy sector with oil nearing $137 mark again. Oil was recently traded around $137.38ish per barrel, gold traded around $882.50ish and JPY was around 107.84ish. Nikkei futures was closed at 13905 in CME compared to the close of 13865 here yesterday. A rebound seems quite likely too which may cause the market to be volatile today after Asian markets lost grounds for the past week.
Kospi may open flat today following a loss yesterday and may trade in thin volume as there are lack of economic data out of the US and ahead of the Fed's 2 day policy meeting. Oil prices may become the main focus as the rise in oil means more trouble for airlines and transport shares, as well as exporters. However, bargain hunters may kick in and may cause Kospi to trade higher too during the day and may cause quite a volatility in today's session.
Hangseng may open flat around 22700 today after a highly volatile session yesterday. The market may look for directions from the China markets as there are lack of direction from the US. Oil may also play a significant part for CNOOC, Sinopec and PetroChina today as the rise in oil benefit a company while hurting others. Volatility is expected to be high again today with more bargain hunting to be expected but the overall market still looks gloomy.
Senin, 23 Juni 2008
Asian market preview 23/06/2008
US markets were sent tumbling down and Dow was closed at its lowest level since March 17 on Friday on renewed credit concerns and after oil rebounded on increased tension in Israel. Downgrade in automakers also made investors to sell stocks in the Friday afternoon and Treasury prices rose as investors seeks safe haven. Merril Lynch downgrade of regional banks added to the market's anxiety after Citigroup's warning of more writedowns in Q2. Washington Mutual Inc. announced 1200 job cuts and Moody's investors service decided late in the day to downgrade both insurers. Concerns over further tensions between Israel and Iran added investors' worries and pushed crude oil higher. Crude oil jumped $2.69 to settle at $134.62. The Dow ended down by 220.40 pts or 1.83% to 11842.69, S&P500 fell 24.90 pts or 1.85% to 1317.93 while Nasdaq fell 55.97 pts or 2.27% to 2406.09. For the week, Dow fell 3.78%, S&P500 lost 3.1% and Nasdaq fell 1.97%.
Asian markets may open lower again today following Wall St tumble on Friday on renewed credit market concerns and also after oil spiked up. However, there may be a ray of hope after Saudi Arabia said that they're ready to pump more oil if needed and a lower oil prices may stimulate buying opportunity in the markets when the markets get too low. Saudi Arabia's capacity will be 12.5 million barrels per day by the end of 2009 and may get to 15 million if necessary to get a reasonable price on oil. Oil was recently traded at around $134.90ish per barrel, gold traded at $903.70ish and JPY traded around 107.40ish. Nikkei futures closed at 13750 in CME compared to the close of 13920 here on Friday.
Kospi may open lower today at around 219-220ish and may fall further if investors decided to sell stocks amid more uncertainties in the US markets. Exporters may drag the market lower as US$ weakened against major currencies. However, with Saudi's new oil pledge, lower oil prices are in sight and investors may see it as opportunity to get into the market when the market is oversold.
Hangseng may open lower again today at around 22400ish after the US markets tumbled on Friday. If investors see this opportunity to do a selloff, the market may even test the 22000 mark, but if China mainland markets continue to rebound, Hangseng may have limited losses today. Hangseng may find its first strong support at 22200 and its resistance at 22700 today.
Asian markets may open lower again today following Wall St tumble on Friday on renewed credit market concerns and also after oil spiked up. However, there may be a ray of hope after Saudi Arabia said that they're ready to pump more oil if needed and a lower oil prices may stimulate buying opportunity in the markets when the markets get too low. Saudi Arabia's capacity will be 12.5 million barrels per day by the end of 2009 and may get to 15 million if necessary to get a reasonable price on oil. Oil was recently traded at around $134.90ish per barrel, gold traded at $903.70ish and JPY traded around 107.40ish. Nikkei futures closed at 13750 in CME compared to the close of 13920 here on Friday.
Kospi may open lower today at around 219-220ish and may fall further if investors decided to sell stocks amid more uncertainties in the US markets. Exporters may drag the market lower as US$ weakened against major currencies. However, with Saudi's new oil pledge, lower oil prices are in sight and investors may see it as opportunity to get into the market when the market is oversold.
Hangseng may open lower again today at around 22400ish after the US markets tumbled on Friday. If investors see this opportunity to do a selloff, the market may even test the 22000 mark, but if China mainland markets continue to rebound, Hangseng may have limited losses today. Hangseng may find its first strong support at 22200 and its resistance at 22700 today.
Jumat, 20 Juni 2008
Asian market preview 20/06/2008
US markets closed moderately higher last night after oil plunged almost $5 per barrel. The day was filled with mixed news, with Citigroup saying that a "substantial" amount of writedowns on bad debts are still to come and also after the Labor department reported less than expected declines in jobless claims. On the positive side, China will raise its fuel prices today and that might curb demand for fuel and sparked a selloff in the oil market. Regional bank BB&T Corp. said it expects to increase its dividend this year and the news also sent market higher. Tech sector got the biggest boost today after Broadcom Corp. expected higher earnings and caused techs to rally. Research In Motion also traded at its highest price at around $147ish per share. The Dow ended up by 34.03 pts or 0.28% to 12063.09 after plunging to its lowest level since March 17, S&P500 rose 5.02 pts or 0.38% to 1342.83 while Nasdaq jumped 32.36 pts or 1.33% to 2462.07.
Asian markets may open higher today following the drop in oil and a mild rebound in US equity markets. Tech sector also may get a boost today after a rally in the US last night. Exporters and Transportation may also be boosted on stronger dollar and lower oil prices. Oil was recently traded around $131.80ish, gold traded around $897.65ish and JPY traded around 108ish. Nikkei futures was closed at 14295 in CME compared to the close of 14120 here yesterday. The Nikkei 225 was closed at 14130.17 yesterday or down 2.23%.
Kospi may start the day higher today at around 225-226ish and may climb further on lower oil prices. Tech sector may also boost the overall market and exporters may also climb today. Investors may find new optimism on lower oil as consumer may want to spend more. However, gains may be limited as banks in the US are still quite nervous and predicting that there're more writedowns to come and also the Fed's comments saying that they need to fight inflation may cause some investors to think that The Fed may need to raise interest rates.
Hangseng may start the day higher today at around 23000-23100ish and may climb further if China markets also give a boost to the Hong Kong market. Lower oil may send refiners up but oil producers down today. If China markets can find some solid ground and get a nice rebound, Hangseng may be boosted further. However, today being a Friday, gains may seems to be limited as investors may find excuses not to enter market ahead of the weekend with worries that the Chinese governtment may do something over the weekend. Hangseng may find its resistance at around 23200ish and may find its support at 22700ish today.
Asian markets may open higher today following the drop in oil and a mild rebound in US equity markets. Tech sector also may get a boost today after a rally in the US last night. Exporters and Transportation may also be boosted on stronger dollar and lower oil prices. Oil was recently traded around $131.80ish, gold traded around $897.65ish and JPY traded around 108ish. Nikkei futures was closed at 14295 in CME compared to the close of 14120 here yesterday. The Nikkei 225 was closed at 14130.17 yesterday or down 2.23%.
Kospi may start the day higher today at around 225-226ish and may climb further on lower oil prices. Tech sector may also boost the overall market and exporters may also climb today. Investors may find new optimism on lower oil as consumer may want to spend more. However, gains may be limited as banks in the US are still quite nervous and predicting that there're more writedowns to come and also the Fed's comments saying that they need to fight inflation may cause some investors to think that The Fed may need to raise interest rates.
Hangseng may start the day higher today at around 23000-23100ish and may climb further if China markets also give a boost to the Hong Kong market. Lower oil may send refiners up but oil producers down today. If China markets can find some solid ground and get a nice rebound, Hangseng may be boosted further. However, today being a Friday, gains may seems to be limited as investors may find excuses not to enter market ahead of the weekend with worries that the Chinese governtment may do something over the weekend. Hangseng may find its resistance at around 23200ish and may find its support at 22700ish today.
Rabu, 18 Juni 2008
Asian market preview 18/06/2008
US markets was closed down last night after a troubling reading on wholesale inflation and after Goldman Sachs said that banks will have to raise $65 billion in new capital to cover losses. The economic data showed that the steep run-up in energy costs is affecting businesses. The Labor Department said its index of producer prices jumped 1.4% in May and the core PPI rose by a mild 0.2%. Goldman Sachs however, posted a better-than-expected earnings but banking stocks tumbled after Goldman remained cautious about regional banks and said they needed to raise more money. The Government also reported a 3.3% decline in May home construction and a 1.3% dip in building permits, signs of persistent weakness in the struggling housing market. Another report also showed a 0.2% dip in industrial production in May, following a 0.7% decline in previous month. The Dow ended down by 108.78 pts or 0.89% to 12160.30, S&P500 fell 9.21 pts or 0.68% to 1350.93 while Nasdaq fell 17.05 pts or 0.69% to 2457.73.
Asian markets may open lower today following a quite bad US data which came out last night regarding inflation problems and also troubles in banking and housing sectors. The drop may be the catalyst for investors to get out of the market after having quite a good few sessions in the last few days and enjoy some profits. Oil prices dropped last night but was still in the high territory around $134ish per barrel. Banking sector maybe affected today and profit taking session may drive market lower further. Oil was recently traded around $133.40ish per barrel, gold traded around $881.50ish and JPY traded around 107.90ish. Nikkei futures closed at 14435 in CME compared to the close of 14450 here yesterday.
Kospi may start the day lower at around 223-224ish today and may continue lower on lower US markets overnight. Lower oil prices may limit the downward pressure for the market though but overall sentiment may still remains negative. The Kospi may find its support at 221ish and may find its resistance at 227ish today. With negative readings out in the US, investors may still sit on the sidelines and wait for better days to go into the market.
Hangseng may start the day lower today at around 23000ish and may find it hard for the market to go up further today. Investors may take the chance to have a profit taking session and it may drive the market lower further towards 22700ish today. Market may also still look at China markets for more direction as to where the market may be heading as the China markets are still pressurised by the inflation problems and there sesms to be no boost from the government. Hangseng may find its support at 22700ish and resistance at 23200ish today.
Asian markets may open lower today following a quite bad US data which came out last night regarding inflation problems and also troubles in banking and housing sectors. The drop may be the catalyst for investors to get out of the market after having quite a good few sessions in the last few days and enjoy some profits. Oil prices dropped last night but was still in the high territory around $134ish per barrel. Banking sector maybe affected today and profit taking session may drive market lower further. Oil was recently traded around $133.40ish per barrel, gold traded around $881.50ish and JPY traded around 107.90ish. Nikkei futures closed at 14435 in CME compared to the close of 14450 here yesterday.
Kospi may start the day lower at around 223-224ish today and may continue lower on lower US markets overnight. Lower oil prices may limit the downward pressure for the market though but overall sentiment may still remains negative. The Kospi may find its support at 221ish and may find its resistance at 227ish today. With negative readings out in the US, investors may still sit on the sidelines and wait for better days to go into the market.
Hangseng may start the day lower today at around 23000ish and may find it hard for the market to go up further today. Investors may take the chance to have a profit taking session and it may drive the market lower further towards 22700ish today. Market may also still look at China markets for more direction as to where the market may be heading as the China markets are still pressurised by the inflation problems and there sesms to be no boost from the government. Hangseng may find its support at 22700ish and resistance at 23200ish today.
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