1008 GMT [Dow Jones] EUR/USD drops some 30 ticks to a fresh 10-month low at 1.3342 after Fitch downgrades Portugal to AA- with a negative outlook.
1003 GMT [Dow Jones] Unless the EU closes ranks on Greece over the next two days the danger is the floodgates will open and the liquidation of long euro holdings escalates, says Lloyds Banking Group. The euro's weakness is also putting other central banks in an awkward position, with the SNB virtually powerless to arrest the fall in EUR/CHF. That cross currently trades at 1.4287, while EUR/USD is at 1.3374
PT Bank BCA (BBCA) Net Profit 2009 Rp 6.8 triliun vs Rp 5.8 triliun.
0932 GMT [Dow Jones] Indonesia shares end +2.0% at fresh 2009 high of 2774.850 in moderate volume, tracking gains in most Asian markets, traders say. "Expectations of benign inflation for March and continued gains in global equities markets spurred buying," says trader at First Asia Capital; expects shares to continue to gain tomorrow; tips resistance at 2800. Analysts say benign inflation for March could inspire central bank to keep key interest rate at 6.5% next month. Foreigners net buyers of IDR299 billion worth of shares. Among gainers: Bank Rakyat (BBRI.JK) ends up 3.1% at IDR8,250, Bank Mandiri (BMRI.JK) up 4.9% at IDR5,450, while car maker Astra (ASII.JK) up 2.5% at IDR41,850 on hopes lower interest rate environment to boost earnings.
0844 GMT [Dow Jones] USD/IDR turns slightly lower in afternoon session to 9,120 vs 9,135 early, 9,125 later yesterday as market participants trade the ranges amid lack of fresh direction, dealers say. A local dealer tips pair in narrow 9,115-9,135 range Thursday. "People sold the dollar back after it failed to sustain gains beyond IDR9,135."(i-made.sentana@dowjones.com)
0908 GMT [Dow Jones] Indonesian government's bond prices slightly higher, especially long tenors, as investors whose bids rejected in government bond auction yesterday buy bonds in secondary market, dealers say; government Tuesday accepted only IDR7.5 trillion of IDR17 trillion in total bid. "I still expect the yields to fall further as foreign fund inflows are likely to continue," says Trimegah's bond analyst Ariawan; yield of 15-year FR40 down at 9.75% vs 9.80% yesterday; 18-year FR47 down at 10.22% vs 10.28% and 20-year FR54 down at 10.35% vs 10.40. (I-Made.Sentana@dowjones.com)
0827 GMT [Dow Jones] GBP/USD's resilience around the 1.50 mark may be seriously tested if today's UK budget produces only mild cuts or projections on growth and public finance raises new worries says UniCredit. Now at 1.5002; the bank says a break below 1.4950 opens downside risks toward the recent low of 1.4870. (gary.stride@dowjones.com)
0853 GMT [Dow Jones] EUR/USD has breached pivotal support at 1.3405, the trigger point for another leg lower that has targets of 1.3030 and 1.2930 says Commerzbank's Karen Jones. EUR/USD now at 1.3384. (gary.stride@dowjones.com)
0925 GMT [Dow Jones] Talk of an joint IMF/euro-zone bailout for Greece fails to help the EUR and leaves the USD higher across the board. Strong IFO and PMI data from the euro zone also fails to stop the EUR from sinking and staying under $1.34, hitting a new 10-month low at $1.3354 as the market now waits for the EU summit starting Thursday. The JPY gets limited gains from new that Japanese exports rose sharply again last month even though they point to improved Japanese growth. The USD is up at Y91.14 while the EUR tumbles to $1.3372. The GBP fell to $1.4965 as the market waits for the latest budget. (nick.hastings@dowjones.com)
0449 GMT [Dow Jones] Nikkei up 0.2% at 10,796.84 after briefly dipping into negative territory; futures selling dragging down cash market on weak EUR/JPY as EU summit starting tomorrow isn't expected to produce any financial aid package on Greece, say market observers. "Worries over Greek debt problems are still affecting investor sentiment," Japanese brokerage manager says. Nikkei may hover around 10,800 for the rest of the day, he adds. Mazda Motor (7261.TO), which has relatively high exposure in euro zone, down 1.2% at Y240 vs morning close of Y242; Sony (6758.TO) down 2.3% at Y3,560 vs Y3,590. Other exporters faring well on slightly higher USD/JPY (now 90.53); Toyota (7203.TO) up 1.1% at Y3,700, Advantest (6857.TO) up 0.8% at Y2,192. Nintendo (7974.OK) up 7.8% at Y30,150, off midday close of Y30,450.
0452 GMT [Dow Jones] HSI +0.4% at 21,080.21 midday, bolstered by U.S. stock gains but index again off high (21,205.50) due to lack of follow-through buying. Broker at Emperor Securities notes very narrow (less than 1,000-point) HSI range so far in March, suspects "breakthrough may be due soon," likely ahead of March futures' expiry next week; while he's not certain about market's direction, believes "more likely" move to upside, given strength in U.S. stocks, sound HK corporate earnings. Best blue-chip gainer BOC HK (2388.HK), +2.7% at HK$18.82 on better-than-expected FY09 results; Li & Fung (0494.HK) down 0.4% at HK$41.90, succumbing to profit-taking ahead of FY09 results later today. Market volume light at HK$29.21 billion. (robert.li@dowjones.com)
0441 GMT [Dow Jones] Singapore blue chips, large-cap stocks surrender early gains as investors lock in profits, although interest in small-cap shares remains keen as players zoom in on laggards. STI down 0.3% at 2897.98 midday vs morning high of 2917.93 (+0.4%); support at this week's low of 2889, while any rebound expected to meet resistance at last week's 2-month high of 2932. Market breadth flat vs almost 3 gainers for every decliner in early trade. Volume tad higher than recent average at 1.0 billion shares. "Small caps could outperform in the near term, playing catch-up (with) the STI's recent rebound," says DBS Vickers; "a switch in interest from blue chips to small and penny stocks also hints of the current technical rebound entering a more mature stage. This is in-line with our technical view that while STI may hold on to recent gains in the near term, do not expect substantial upside above the recent high of 2932." FTSE ST Mid Cap Index +0.3%, FTSE ST Small Cap Index +0.2%. Among STI components, Noble Group (N21.SG) top percentage decliner, off 3.0% at S$3.21, following block sale of shares by company's vice chairman at 6.3% discount to last closing price. (frankie.ho@dowjones.com)
0430 GMT [Dow Jones] Kospi +0.1% at 1683.72 in light volume on foreign buying, but off early high of 1695.03 on profit-taking by local retail investors, funds; banks weak, but techs stay firm on earnings hopes, says Won Jong-hyuck at SK Securities. Adds, the "key to determining the Kospi's direction is (local firms') earnings, and investors also want further confirmation on the outlook for the U.S. economy and earnings." Notes waning upward energy, with more decliners than advancers in local stock market even as Kospi rising, "which is a normally a signal that the market may face an inflection point within two to three weeks." Expects Kospi to trade in tight band until early April when pre-earnings season begins; likely to stay near current level today. Samsung Electronics (005930.SE) +1.4% at KRW820,000, Hynix (000660.SE) +1.6% at KRW25,350. But KB Financial (105560.SE) down 1.5% at KRW51,600, Woori Finance (053000.SE) down 2.2% at KRW15,450 on profit-taking. Hyundai Motor (005380.SE) off 0.9% at KRW116,500 after recent rise. (soo-kyung.seo@dowjones.com)
0341 GMT [Dow Jones] China shares slightly up midday boosted by some buying interest in banks following Bank of China's (601988.SH) better-than-expected 2009 earnings, "it's difficult to predict how long the interest in banks will last, as turnover remain modest at CNY54.9 billion and gains are somewhat subdued," says Southwest Securities analyst Zhang Gang. Shanghai Composite +0.2% at 3059.14, tipped to trade in 3030-3080 range today. Bank of China +1.5% at CNY4.21, ICBC (601398.SH) +0.4% at CNY4.87. Shenzhen Index +0.3% at 1185.64. (michelle.ng@dowjones.com)
0533 GMT [Dow Jones] EUR/USD falls to more-than 10-month low at 1.3403, after automated stop-loss selling orders tripped at 1.3450, says senior FX dealer at major Japanese bank. Says while market chatter of option-related protective buying likely to support EUR/USD at 1.3400 for now, any breaches of that level could open way to further falls. EUR/USD last at 1.3416. EUR/JPY also lower, tips support for cross at 121.00 vs last 121.55. (andrew.monahan@dowjones.com)
0422 GMT [Dow Jones] EUR weakness dragging AUD off its earlier highs, says Sean Callow, senior currency strategist with Westpac, expecting single-currency's weakness and USD's upward momentum could continue to weigh on AUD, reflecting move toward safer-haven currencies. "EUR/USD is the biggest cross and it just looks like it's having a cross over affect on the Aussie," says Callow. "The market is still long Aussie generally, but we are lacking something real fresh to push it up through resistance around US$0.9225." AUD/USD recently at 0.9173, down from today's high of 0.9196. (geoffrey.rogow@dowjones.com)
0421 GMT [Dow Jones] EUR/USD likely supported above 1.3400 (last at 1.3455) into New York trade by buying related to option with strike price there, but further falls possible after that, says senior FX dealer at major European bank. "After the option expires in New York later today the protection buying above 1.3400 will be gone, which will leave the euro exposed to falls below that line." While some short-covering could buoy unit until then, says any rises likely capped at 1.3550, as investors hesitate to buy aggressively before European Union leaders' summit starting Thursday, which they don't expect to yield financial aid package for Greece. (andrew.monahan@dowjones.com)
0345 GMT [Dow Jones] Implied volatility on 1-month ATM EUR/USD options up slightly at 10.10%/10.50% vs 10.05%/10.45% in NY overnight, as spot pair hits three-week low of 1.3445. No major deals so far, but dealers note recent moves among speculators to buy "one-touch" EUR/USD exotic options (which pay holders lump sum if EUR hits strike levels by pre-set dates). In NY, some speculators bought one-touch options with strikes between $1.1500-$1.2000, expiry dates of one month-six months forward, one dealer says; this "tells you that people are looking for the downside" for EUR. 1-month USD/JPY implied volatility tad down at 9.65%/10.35% vs 9.75%/10.45%; some hedge funds purchased 2-year ATM options earlier in day, but amounts, price levels unknown, dealers say. (takashi.nakamichi@dowjones.com )
0321 GMT [Dow Jones] NZD/USD trading lower after market surprised by bigger than expected NZ current account deficit; eyes now on NZ GDP data tomorrow, says HIFX director of trading Mike Hollows. "Today's [data] was the first of three important numbers but tomorrow's is the biggest." NZD/USD last 0.7049 vs 0.7064 early. On macro scale, Greece debt issues, proposed EU bailout continue to occupy market, says Hollows; "it is taking too long to sort out. EUR/USD is struggling and when the EUR/USD struggles, the USD appreciates and things like the Kiwi get dragged down a little bit by virtue of a contagion." Adds overnight UK to announce budget, German business confidence survey numbers due, U.S. durable goods expected; "there are bits and pieces there that could get the market moving." (lucy.craymer@dowjones.com)
0325 GMT [Dow Jones] Crude oil prices may still break through $83/bbl, says Jonathan Barratt of Commodity Broking Services in Sydney; "oil is favoring a break to the top side." Adds optimism over U.S. economy favors improving supply-demand fundamentals for crude. Although U.S. crude inventories rising, impact on prices remains limited. "If we have such an overhang (of supply) in the market, why are we near the highs? If you have more supply, then the price should go down." May Nymex crude last down 58 cents at $81.33/bbl on Globex. (wayne.ma@dowjones.com)
0521 GMT [Dow Jones] Base metals consolidating last year's "impressive" gains, says National Australia Bank in monthly update. LME copper, other base metals move in fairly small trading ranges over past couple of weeks, investors cautious as E.U. debt concerns persist. China stimulus rollback also seen to potentially impact metal demand. "Nevertheless, we continue to regard the decision of authorities to reduce the magnitude of stimulus as a positive signal for medium-to-long-term growth prospects," says NAB; expects very measured upward CNY revaluation over the next year, will support Chinese demand for U.S.-dollar denominated commodities on world markets. LME 3-month copper trading at $7,433/ton, down $2 vs PM kerb. (elisabeth.behrmann@dowjones.com)
Dollar Index to Extend Gain on Golden Cross: Technical Analysis
(Bloomberg) -- The dollar may extend gains against other major currencies should two technical indicators converge, Royal Bank of Canada said.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afby8c9EXC2o
Gold Declines as Rate Outlook, Stronger Dollar Erode Demand
(Bloomberg) -- Gold declined as the prospect of higher interest rates and a stronger dollar sapped investor demand for the precious metal.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aLJiYzUE0VeQ
Euro May Drop to $1.25 as Greece Woes Persist, Nordvig Says
(Bloomberg) -- The euro may fall as low as $1.25 by year-end as Greece’s fiscal crisis drives investors from the region, said Nomura Holdings Inc.’s Jens Nordvig.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOE1pkL.EiYs
Wednesday Look Ahead: Wall Street's Stealth Rally Making Strides
Stocks Tuesday broke out of their slow drift, as the Dow had its best day since March 5, gaining 103 points to 10,888. The S&P 500 was up 8 to 1174, its highest close since Sept. 26, 2008. For the month, the S&P is up 6.3 percent, and the Dow has gained 5.5 percent.
http://www.cnbc.com/id/36010746
No Signs of Double-Dip—So Invest Here: BlackRock's Doll
The Dow rose on Tuesday, continuing a winning streak in the last nine out of 10 trading days. How should investors be positioned and where are the best sectors to invest? Bob Doll, vice chairman and chief equity strategist at BlackRock, shared his insights.
http://www.cnbc.com/id/35998672
No comments:
Post a Comment