SINGAPORE shares ended lower on Wednesday with the Straits Times Index slipping 0.96 point to 3,365.15.Some 587.7 million shares, valued at S$514 million were traded.
Gainers numbered 194 while losers numbered 131.
SGX Singapore Closing Market Update
SINGAPORE shares ended lower on Wednesday with the Straits Times Index slipping 0.96 point to 3,365.15.Some 587.7 million shares, valued at S$514 million were traded.
Gainers numbered 194 while losers numbered 131.
SGX IForex Recommendations
TRADING TIPS :
GBP/USD hit 1.5548 during European morning trade, the session high; the pair subsequently consolidated at 1.5535, adding 0.08%. Cable was likely to find support at 1.5484, the low of December 23 and a 16-month low and resistance at 1.5667, the high of December 22.The dollar remained broadly supported after final data last week showed that U.S. gross domestic product rose 5.0% in the third quarter, exceeding expectations for a growth rate of 4.3% and up from 3.9% in the three months to June.The strong data fuelled further optimism over the strength of the U.S. economic recovery and added to expectations for the Federal Reserve to raise interest rates next year. Year-on-year, U.K. house prices rose 7.2% in December, below expectations for a 7.5% gain, after an increase of 8.5% the previous month.
INTRADAY OUTLOOK
Support: 1.5518
Resistance: 1.5567
RECOMMENDATION:
1. Buy GBP/USD Above 1.5570-TG:1.1.5590/1.5620 SL 1.5540
2. Sell GBP/USD Below 1.5515-TG:1.1.5495/1.5465 SL 1.5545
INTRADAY OUTLOOK
Immediate Support: 1.2138
Immediate Resistance: 1.2183
RECOMMENDATION:
1. Buy EUR/USD Above 1.2185-TG:1.2205/1.2235 SL 1.2155
2. Sell EUR/USD Below 1.2135-TG:1.2115/1.2085 SL 1.2165
SGX Comex Recommendations
INTERNATIONAL COMMODITY NEWS :
Gold prices gained some ground on Tuesday, but still remained vulnerable as the U.S. dollar was trading near nine-year highs against a basket of other major currencies.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.47% to $1,187.40.The February contract ended Monday’s session 1.12% lower at $1,181.90 an ounce.Safe-haven demand strengthened after Greek Prime Minister Antonis Samaras said on Monday that he will recommend parliamentary elections are held on January 25, almost 18 months before his coalition’s term was due to end.The announcement came as Samaras failed in his third attempt to persuade lawmakers to back his candidate for head of state, forcing the legislature’s dissolution.
TRADING STRATEGY :
BUY GOLD ABOVE 1204 TARGET 1209 1215 SL 1198
SELL GOLD BELOW 1197 TARGET 1192 1186 SL 1203
Gold prices gained some ground on Tuesday, but still remained vulnerable as the U.S. dollar was trading near nine-year highs against a basket of other major currencies.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.47% to $1,187.40.The February contract ended Monday’s session 1.12% lower at $1,181.90 an ounce.Safe-haven demand strengthened after Greek Prime Minister Antonis Samaras said on Monday that he will recommend parliamentary elections are held on January 25, almost 18 months before his coalition’s term was due to end.The announcement came as Samaras failed in his third attempt to persuade lawmakers to back his candidate for head of state, forcing the legislature’s dissolution.
TRADING STRATEGY :
BUY GOLD ABOVE 1204 TARGET 1209 1215 SL 1198
SELL GOLD BELOW 1197 TARGET 1192 1186 SL 1203
SGX Stock Recommendations
MARKET UPDATES :
- Singapore’s annual economic growth likely slowed in the fourth quarter after manufacturing output in November came in much weaker than expected, a Reuters poll showed.Gross domestic product was seen expanding 2.0 per cent in the fourth quarter from a year earlier, moderating from 2.8 per cent year-on-year growth in the third quarter, according to the median forecast in the poll of 12 economists.
- THE Ministry of Trade and Industry (MTI) on Tuesday said it will be offering a total of nine sites under the confirmed list and five sites on the reserve list totalling 14 hectares of land for sale under the Industrial Government Land Sales Programme for the first half of 2015.The confirmed list of nine sites occupies 6.46 hectares of land while the reserve list will yield 7.62 ha. In H2 and H1 2014, the figures for the confirmed list sites were 12.06 ha and 12.07 ha respectively.
- A SECOND ex-president of Singapore Technologies Marine Ltd (ST Marine) has been charged in court, in a corruption scandal that has implicated six of its former high level executives.See Leong Teck, who was president of ST Marine from December 1997 and retired in February 2008, faces seven counts under the Prevention of Corruption Act. The 64-year-old is accused of conspiring with four former colleagues Mok Kim Whang, Patrick Lee Swee Ching, Teh Yew Shyan and Ong Teck Liam to corruptly bribe agents of ST Marine’s customers in return for ship repair contracts between 2004 and 2010.
- THE National Environment Agency (NEA) on Tuesday said the Euro VI emission standard for new diesel vehicles will be implemented in Singapore from the start of 2018.This standard, as set by by the European Union (EU), imposes strict rules on tailpipe emission for new vehicles sold in EU member states, NEA said.”In NEA’s continued effort to further improve air quality and safeguard public health, this latest and more stringent standard will serve to further reduce the emission of air pollutants such as fine particulate matter and nitrogen oxides emission from diesel vehicles.”
Forex Market Update
The dollar lost ground versus the Japanese yen Tuesday, giving back recent gains as an upbeat year for the U.S. currency draws to a close.Versus the yen, the dollar USDJPY, +0.16% traded at ¥119.56 from ¥120.69 late Monday in New York. The U.S. currency has climbed 13.6% against the Japanese currency this year.
The euro EURUSD, +0.01% meanwhile continued to plumb two-year lows versus the dollar, fetching $1.2155 in recent action, little changed from $1.2153 late on Monday. It has slumped 11.6% against the greenback this year.
The pound GBPUSD, +0.01% exchanged hands at $1.5555, compared with $1.5518 on Monday.
Gasoline Market Update
Nymex reformulated gasoline blendstock for January RBF5, -0.56% — the benchmark gasoline contract — was fractionally higher to settle at $1.45 a gallon.Oil Market Update
Crude-oil futures bounced back Tuesday ahead of the release of weekly U.S. oil inventory data, after hitting fresh multi-year lows on oversupply concerns.On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG5, -0.98% settled up 51 cents, or 1%, at $54.12 a barrel, snapping a three-session losing streak.
Platinum Market Update
In other metals trading, platinum for April delivery PLJ5, -0.14% rallied $16.60, or 1.4%, to settle at $1,219.30 an ounce. Palladium for March delivery PAH5, +0.30% declined $7.80, or 1%, to settle at $804.20 an ounce.High-grade copper for March delivery HGH5, -0.05% rose 3 cents, or 1.1%, to settle at nearly $2.86 a pound. Copper futures recently fell to their lowest level since June 2010.
Gold Market Update
Gold prices turned higher on Tuesday to top $1,200 before the final trading day of the year, more than reversing Monday’s losses.Gold for February delivery GCG5, +0.13% advanced $18.50, or 1.6%, to settle at $1,200.40 an ounce, after touching a high on the session of $1,210.90 an ounce.
Silver for March delivery SIH5, -0.13% rose 50 cents, or 3.2%, to settle at $16.28 an ounce.
Current Market Update
Tokyo (Nikkei Average) closed for holiday
Hong Kong (Hang Seng Index) up 0.4% (closed)
Shanghai (Shanghai Composite Index) up 0.7% (at break)
Sydney (S&P/ASX 200) down 0.1% (closed)
Seoul (Kospi) closed for holiday
Mumbai (Sensex) up 0.2%
Taipei (Taiex) down 0.1%
SGX Singapore Opening Market Update
SINGAPORE share prices opened flat on Wednesday with the Straits Times Index down 0.35 points to 3,365.76.Volume was 47.3 million shares valued at S$89.7 million.
Gainers outnumbered losers 46 to 38.
SGX Singapore Closing Market Update
SINGAPORE shares end higher on Monday.The Straits Times Index gained 14.01 points to 3,367.69.
Some 890.7 million shares, valued at S$579.7 million were traded.
Gainers numbered 228 while losers numbered 172.
SGX Comex Recommendations
INTERNATIONAL COMMODITY NEWS :
Gold prices pulled away from a three-week low on Tuesday, but still remained below the $1,200 threshold as the strong U.S. dollar continued to weigh on the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.23% to $1,182.50.The February contract ended Monday’s session 1.35% lower at $1,179.80 an ounce.The dollar remained supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance.
TRADING STRATEGY :
BUY GOLD ABOVE 1200 TARGET 1205 1211 SL 1194
SELL GOLD BELOW 1192 TARGET 1187 1181 SL 1198
Gold prices pulled away from a three-week low on Tuesday, but still remained below the $1,200 threshold as the strong U.S. dollar continued to weigh on the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.23% to $1,182.50.The February contract ended Monday’s session 1.35% lower at $1,179.80 an ounce.The dollar remained supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance.
TRADING STRATEGY :
BUY GOLD ABOVE 1200 TARGET 1205 1211 SL 1194
SELL GOLD BELOW 1192 TARGET 1187 1181 SL 1198
SGX IForex Recommendations
TRADING TIPS :
USD/JPY hit 120.19 during European afternoon trade, the pair’s highest since December 9; the pair subsequently consolidated at 120.14.The pair was likely to find support at 118.80, the low of December 19 and resistance at 121.00The U.S. dollar held steady against the yen on Tuesday, hovering at two-week highs and within close distance of a seven-year peak as expectations for a U.S. rate hike in 2015 continued to support demand for the greenback.The dollar remained broadly supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance.The yen shrugged off the Bank of Japan’s Monthly Report on Recent Economic and Financial Developments,
INTRADAY OUTLOOK
Support: 120.30
Resistance: 120.85
RECOMMENDATION:
1. Buy USD/JPY Above 120.90-TG:1.121.10/121.40 SL 120.60
2. Sell USD/JPY Below 120.25-TG:1.120.05/119.75 SL 120.55
INTRADAY OUTLOOK
Immediate Support: 1.1610
Immediate Resistance: 1.1650
RECOMMENDATION:
1. Buy USD/CAD Above 1.1655-TG:1.1675/1.1705 SL 1.1625
2. Sell USD/CAD Below 1.1605-TG:1.1585/1.1555 SL 1.1635SGX Stock Recommendations
MARKET UPDATES :
- CONTRARY to expectations, Singapore’s manufacturing sector slipped into contraction mode in November. Factory output declined 2.8 per cent year on year, as production in all clusters except electronics and precision engineering declined. The 17 economists polled by Bloomberg, before the Singapore Economic Development Board (EDB) released the numbers on Friday, had been expecting industrial production to rise by 0.3 per cent. Excluding the volatile biomedical sector – which contracted 1.1 per cent last month – output would have fallen by a larger 3.1 per cent.
- THE Singapore Chinese Chamber of Commerce and Industry (SCCCI) has come up with this recommendations, based on feedback from its Pre-Budget 2015 Survey:
- Further widen coverage of Productivity and Innovation Credit (PIC) and Innovation and Capability Voucher (ICV) schemes;
- Arrest further cost increases in foreign worker policy or tightening of quota, and offer medical and insurance subsidies to encourage the hiring of older Singaporean workers aged 55 and above;
- Engage in more consultation with trade associations or businesses before introducing new government policies to ease compliance costs;
- Provide targeted funding for SMEs to venture into the Asean market to seize opportunities arising from the impending single Asean market in 2015.
AirAsia Market News Update
Shares in AirAsia fell 11.6 per cent after one of its aircraft went missing in bad weather on Sunday on its way to Singapore from the Indonesian city of Surabaya.Shares of the Malaysia-based budget airline fell at the start of trade on Monday, after Indonesia resumed its search for the missing jetliner QZ8501 at first light on Monday.
AirAsia fell as much as 12.9 per cent to 2.56 ringgit at 0102 GMT, its lowest point since Nov 28. The stock has gained 21.4 per cent since the beginning of the year.
Indonesia AirAsia is 49 per cent owned by Malaysia-based budget carrier AirAsia, with local investors holding the rest. The AirAsia group, including affiliates in Thailand, the Philippines and India, has not had a crash since its Malaysian operations began in 2002.
AirAsia Market News Update
Indonesia searched the Java Sea on Monday for an AirAsia plane carrying 162 people that went missing after its pilot failed to gain permission to alter course to avoid a storm cell during a flight from Indonesian city of Surabaya to Singapore.Flight QZ8501 did not issue a distress signal and disappeared five minutes after requesting a change of course on Sunday, said government and transport officials.
AirAsia Market News Update
AirAsia's 4th update on QZ8501
Earlier in Surabaya, the management of AirAsia along with the Governor of East Java, National Search and Rescue Agency of Republic of Indonesia (BASARNAS), Airport Authority of Indonesia, Airport Operator (Angkasa Pura I) met with the members of the families to update them on the latest developments and reconfirmed their commitment to providing assistance in every possible way.
Sunu Widyatmoko, CEO of AirAsia Indonesia said, "We are deeply shocked and saddened by this incident. We are cooperating with the relevant authorities to the fullest extent to determine the cause of this incident. In the meantime, our main priority is keeping the families of our passengers and colleagues informed on the latest developments."
"We will do everything possible to support them as the investigation continues and have already mobilized a support team to help take care of their immediate needs, including accommodation and travel arrangements. A briefing center has also been set up in Surabaya for the families."
AirAsia Market News Update
"We have resumed the search for the missing AirAsia plane at 6:00 am. We are heading to east Belitung island," Tatang Zainuddin, deputy operations chief of Indonesia's National Search and Rescue Agency (Basarnas) told AFP.
The Airbus A320-200 disappeared en route from Surabaya in Indonesia's east Java to Singapore after the crew requested a change of flight plan due to stormy weather, in the third crisis for a Malaysian carrier this year.
AirAsia Market News Update
TWO Singapore planes will set off early on Monday morning to assist with the continuing search for Flight QZ8501, the Indonesia AirAsia aircraft which has gone missing.In a joint statement, the Singapore Transport Ministry and the Civil Aviation Authority of Singapore (CAAS) said the CAAS will also be sending an officer to the Indonesian National Search and Rescue Agency in Jakarta to help in the coordination of the search operations.
On Sunday morning, the Singapore Rescue Coordination Centre (SRCC) - managed by CAAS and supported by various agencies, including the Republic of Singapore Air Force (RSAF) and the Republic of Singapore Navy (RSN) - had offered assistance to BASARNAS, the Indonesian National Search and Rescue Agency.
The SRCC had offered planes and ships to assist in the search and received confirmation from the Indonesian authorities in the afternoon on the acceptance of the offer. The SRCC then launched a C130 aircraft for the search on Sunday.
AirAsia Market News Update
AirAsia flight carrying 162 people goes missing in Southeast Asia: officials
Indonesia AirAsia Flight QZ8501, an Airbus 320-200, lost contact with Jakarta air traffic control at 6:17 am. (2317 GMT), officials said. "The aircraft was on the submitted flight plan route and was requesting deviation due to enroute weather before communication with the aircraft was lost," the airline said in a statement.
No distress signal had been sent, said Joko Muryo Atmodjo, air transportation director at Indonesia's transport ministry.
Indonesia AirAsia said there were 155 passengers and seven crew on board. It said 156 were Indonesian, with three from South Korea and one each from Singapore, Malaysia and France.
Both neighboring Singapore and Malaysia had offered to help in the search, officials said.
Current Market Update
Tokyo (Nikkei Average) down 0.1%
Hong Kong (Hang Seng Index) up 1.9%
Shanghai (Shanghai Composite Index) up 0.9% (at break)
Sydney (S&P/ASX 200) up 1.3%
Seoul (Kospi) down 0.7%
Mumbai (Sensex) up 0.7%
Taipei (Taiex) up 0.9%
Asian Market Update
Asian markets mostly rose Monday on the first full day of trade after the Christmas break, with confidence boosted by Chinese easing measures and another Wall Street record.Shares in AirAsia tumbled after one of the budget carrier's jets went missing with 162 people on board Sunday and had still not been found early Monday.
Tokyo added 0.31 per cent, Hong Kong jumped 1.48 per cent, Sydney rose 1.01 per cent and Seoul lost 0.51 per cent while Shanghai rallied 1.26 per cent.
With most bourses were closed at the end of last week, Monday was the first time dealers were able to react to the positive news out of the United States and China.
SGX Singapore Opening Market Update
SINGAPORE share prices opened higher on Monday with the Straits Times Index up 6.43 points to 3,360.11.Volume was 32.6 million shares worth S$19.2 million.
Gainers outnumbered losers 76 to 36.
S&P Market News Update
Santa continued to shower gifts on stock-market investors, as the S&P 500 index and the Dow Jones Industrial Average once again closed at record levels.The Dow industrials DJIA, +0.13% closed 23 points, or 0.1%, higher at 18,053, their 38th record close of the year, while the S&P 500 SPH5, +0.33% gained 6.89 points, or 0.3%, to 2,088.7, its 52nd record close. The Nasdaq Composite COMP, +0.70% gained 33.39 points, or 0.7%, to close at 4,806.8.
The S&P 500 SPX, +0.33% halted a five-day winning streak that had brought it to a record as well, as it lost less than a point to close at 2,081.88 Wednesday.
Forex Market Update
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The dollar edged up a notch against the yen and the euro Friday, but trading was expected to remain light in this post-Christmas session.European banks remained closed for the Christmas break, and several markets in Asia also were closed. Meanwhile, the U.S. data calendar was bare.
The dollar USDJPY, +0.00% was at ¥120.39, from ¥120.15 late Thursday in North America. The euro EURUSD, +0.00% eased to $1.21.78 from $1.2222.
The WSJ Dollar Index BUXX, +0.30% a measure of the dollar against a basket of major currencies, was up 0.3% at 82.74.
Natural Gas Market Update
Rounding out the major energy trade, Nymex January natural gas NGF15, +0.13% fell 2.3 cents, or 0.8%, to $3.007 per million British thermal units after briefly dipping below $3 earlier in the session. It is the lowest settlement since Sept. 25, 2012.Natural gas hasn’t traded below $3 since 2012, according to FactSet. Warmer winter weather has been taking a toll on natural gas prices, which have tumbled more than 26% in December.
Across other energy contracts, Nymex January gasoline RBF5, +0.12% eased 0.3% to settle at $1.5087 a gallon, while January heating oil HOF5, -0.24% slipped 0.4% to $1.92 a gallon.
Oil Market Update
Crude-oil futures fell Friday, erasing earlier gains, and pushing down prices for the week for the fifth straight time.New York Mercantile Exchange-traded February crude CLG5, -1.25% settled $1.11, or 2%, lower at $54.73 a barrel, its second-lowest settlement of the year, after one hit last week. It fell 4.2% over the week, its fifth consecutive weekly drop, and has plunged more than 28% in that time, the biggest such drop in six years.
Platinum Market Update
Platinum for January delivery PLF5, +2.16% jumped $27.30, or 2.29%, to $1,218.40 an ounce. Palladium for March delivery PAH5, +1.18% rose $10.15, or 1.26%, at $817.95 an ounce.High-grade copper for March delivery HGH5, -1.38% was off 4 cents at $2.81 a pound.
Gold Market Update
Gold prices finished a holiday-shortened week down three-hundreths of a percentage point as gains Friday failed to outweigh heavy losses earlier in the week.Gold for February delivery GCG5, +1.93% surged $22.10, or 1.88%, to $1,196.30 an ounce on the New York Mercantile Exchange Friday, but remained down 0.04% for the week after a big selloff on Monday. Silver for March delivery SIH5, +2.39% gained 43 cents, or 2.7%, to $16.14 an ounce.
SGX Singapore Closing Market Update
SINGAPORE shares end higher on Friday.The Straits Times Index gained 7.77 points to 3,353.68.
Some 775.4 million shares, valued at S$394.9 million were traded.
Gainers numbered 189 while losers numbered 184.
SGX Comex Recommendations
INTERNATIONAL COMMODITY NEWS :
Gold prices pulled away from a three-week low on Tuesday, but still remained below the $1,200 threshold as the strong U.S. dollar continued to weigh on the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.23% to $1,182.50.The February contract ended Monday’s session 1.35% lower at $1,179.80 an ounce.The dollar remained supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance.Higher U.S. interest rates would boost the greenback and weigh on gold, which has benefited from central bank liquidity and a low interest rate environment since the 2008 financial crisis.The central bank also acknowledged the improvement in the U.S. labor market and noted that the economy is making progress toward its goals in inflation and employment.
TRADING STRATEGY :
BUY GOLD ABOVE 1286 TARGET 1291 1297 SL 1280
SELL GOLD BELOW 1279 TARGET 1274 1268 SL 1285
Gold prices pulled away from a three-week low on Tuesday, but still remained below the $1,200 threshold as the strong U.S. dollar continued to weigh on the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.23% to $1,182.50.The February contract ended Monday’s session 1.35% lower at $1,179.80 an ounce.The dollar remained supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance.Higher U.S. interest rates would boost the greenback and weigh on gold, which has benefited from central bank liquidity and a low interest rate environment since the 2008 financial crisis.The central bank also acknowledged the improvement in the U.S. labor market and noted that the economy is making progress toward its goals in inflation and employment.
TRADING STRATEGY :
BUY GOLD ABOVE 1286 TARGET 1291 1297 SL 1280
SELL GOLD BELOW 1279 TARGET 1274 1268 SL 1285
SGX IForex Recommendations
TRADING TIPS :
EUR/USD hit fresh two-year lows at 1.2165 before retracing to 1.2186, down 0.35% for the day.In a revised report, the University of Michigan said its consumer sentiment index ticked down to 93.6 this month from a reading of 93.8 in November. Analysts expected the index to fall to 93.1 in December.The University of Michigan also said its inflation expectations for the next 12 months slipped to 2.8% in December from 2.9% the previous month.Separately, the U.S. Census Bureau said new home sales fell 1.6% last month to 438,000 units from a revised total of 445,000 units in October. .Data also showed that U.S. personal spending rose 0.6% in November, exceeding expectations for a 0.5% gain. U.S.Personal spending rose 0.3% in October, whose figure was revised from a previously estimated 0.2% uptick.
INTRADAY OUTLOOK
Support: 1.2163
Resistance: 1.2206
RECOMMENDATION:
1. Buy EUR/USD Above 1.2210-TG:1.2230/1.2260 SL 1.2180
2. Sell EUR/USD Below 1.2160-TG:1.2140/1.2110 SL 1.2190
INTRADAY OUTLOOK
Immediate Support: 1.5525
Immediate Resistance: 1.5577
RECOMMENDATION:
1. Buy GBP/USD Above 1.5580-TG:1.5600/1.5630 SL 1.5550
2. Sell GBP/USD Below 1.5523-TG:1.5503/1.5473 SL 1.5553
SGX Singapore News Update
Singapore's manufacturing output fell in November as most major sectors dragged and a tepid rise in the production of electronics failed to offset the decline.Output fell 2.8% on year in November, according to preliminary figures released by the government on Friday. That compared with the revised 0.2% contraction in October. Preliminary October data released last month had shown a 0.2% on year rise.
Excluding biomedical manufacturing, output declined 3.1% in November, compared with a 4.7% contraction in the previous month.
Measured on-month on a seasonally-adjusted basis, manufacturing output fell 1.4%, compared with a revised 2.3% expansion in October.
Natural Gas Market Update
Nymex January gasoline RBF5, +0.55% rose 0.6% to $1.52 a gallon, while January heating oil HOF5, +0.25% improved by 0.4% to $1.93 a gallon.
Comex Market Update
After wild price swings in recent sessions, crude-oil futures took it slow in electronic trading early Friday, with both the New York and London benchmarks making relatively moderate gains.New York Mercantile Exchange-traded February crude CLG5, +0.32% improved by 0.5% to $56.11 a barrel on Globex, clawing back a bit of its 2.2% drubbing Wednesday when the market was heading into the Christmas holiday.
London-traded Brent North Sea crude for February LCOG5, +0.13% also added 0.5% to trade at $60.54 a barrel after taking a 2.4% loss Wednesday.
Forex Market Update
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The dollar was lower against the yen in quiet holiday trading on Thursday, with profit-taking trimming the greenback's gains from earlier this week.The dollar moved in an extremely tight Y104.25-Y104.49 range on Dec. 25 and in a Y84.60-Y84.96 range on Christmas Day in 2012.
The dollar fell to as low as Y120.06 at midday but the downside remained well supported.
"With a lack of fresh cues, the dollar will continue to lack the momentum to test its upside," said Mizuho's Mr. Yoshii, adding that the greenback will likely move in a Y119-Y121 over the short term.
In other currency trading, the euro was at $1.2218 from $1.2203 and at Y146.73 from Y147.15.
The WSJ Dollar Index, a measure of the dollar against a basket of major currencies, was down 0.15% at 82.59.
Current Market Update
Tokyo (Nikkei Average) down 0.1%
Hong Kong (Hang Seng Index) closed for holiday
Shanghai (Shanghai Composite Index) up 1.2% (at break)
Sydney (S&P/ASX 200) closed for holiday
Seoul (Kospi) up 0.3%
Mumbai (Sensex) up 0.4%
Taipei (Taiex) up 0.2%
Asian Market Update
Asian markets were mixed Friday with trade quiet across the region as key bourses remained closed for the Christmas holidays.Tokyo slipped 0.17 per cent by the break, while Shanghai edged up 0.18 per cent, Shenzhen added 0.04 per cent and Seoul was up 0.24 per cent in morning trade.
Trade was muted in Asia as stock exchanges in Hong Kong, Australia, New Zealand, the Philippines and Indonesia were closed Friday for a public holiday.
There was also no overnight guidance from Europe or the US markets, which were closed for Christmas.
In Japan, fresh data showed the nation's industrial output suffered a surprise drop in November, turning down after two months of rises.
SGX Singapore Opening Market Update
SINGAPORE share prices opened lower on Friday with the Straits Times Index down 5.3 points to 3,340.61.Volume was 24.2 million shares worth S$50 million.
Losers outnumbered gainers 47 to 38.
SGX Singapore Closing Market Update
SINGAPORE shares end higher on Wednesday.
The Straits Times Index gained 13.4 points to 3,345.91.
Some 619.5 million shares, valued at S$475.6 million were traded.
Gainers numbered 210 while losers numbered 109.
SGX Comex Recommendations
INTERNATIONAL COMMODITY NEWS :
Gold prices pulled away from a three-week low on Tuesday, but still remained below the $1,200 threshold as the strong U.S. dollar continued to weigh on the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.23% to $1,182.50.The February contract ended Monday’s session 1.35% lower at $1,179.80 an ounce.The dollar remained supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance.Higher U.S. interest rates would boost the greenback and weigh on gold, which has benefited from central bank liquidity and a low interest rate environment since the 2008 financial crisis.
TRADING STRATEGY :
BUY GOLD ABOVE 1180 TARGET 1185 1191 SL 1174
SELL GOLD BELOW 1172 TARGET 1167 1161 SL 1178
Gold prices pulled away from a three-week low on Tuesday, but still remained below the $1,200 threshold as the strong U.S. dollar continued to weigh on the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were up 0.23% to $1,182.50.The February contract ended Monday’s session 1.35% lower at $1,179.80 an ounce.The dollar remained supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance.Higher U.S. interest rates would boost the greenback and weigh on gold, which has benefited from central bank liquidity and a low interest rate environment since the 2008 financial crisis.
TRADING STRATEGY :
BUY GOLD ABOVE 1180 TARGET 1185 1191 SL 1174
SELL GOLD BELOW 1172 TARGET 1167 1161 SL 1178
IForex Signal Update
Forex Recommendation of 24 DEC. 2014
✔ We Hit The First Target
■■ Sell GBP/USD Below 1.5528-TG:1.5508/1.5478 SL 1.5558
SGX IForex Recommendations
TRADING TIPS :
EUR/USD held steady, near two-year lows at 1.2236.Earlier Tuesday, official data showed that French consumer spending rose 0.4% in November, beating expectations for a 0.3% gain. French consumer spending fell 0.8% in October, whose figure was revised from a previously estimated 0.9% decline.Another report showed that France’s economy grew by 0.3% in the third quarter, in line with expectations and unchanged from the previous quarter’s growth rate.The dollar remained broadly supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance. The central bank also acknowledged the improvement in the U.S. labor market and noted that the economy is making progress toward its goals in inflation and employment.
INTRADAY OUTLOOK
Support: 1.2208
Resistance: 1.2263
RECOMMENDATION:
1. Buy EUR/USD Above 1.2265-TG:1.2285/1.2315 SL 1.2235
2. Sell EUR/USD Below 1.2205-TG:1.2185/1.2155 SL 1.2235
INTRADAY OUTLOOK
Immediate Support: 1.5531
Immediate Resistance: 1.5592
RECOMMENDATION:
1. Buy GBP/USD Above 1.5595-TG:1.5615/1.5645 SL 1.5565
2. Sell GBP/USD Below 1.5528-TG:1.5508/1.5478 SL 1.5558
SGX Stock Recommendations
MARKET UPDATES :
- SINGAPORE’S headline inflation fell into negative territory to -0.3 per cent in November (from 0.1 per cent in October) – setting a new low since December 2009.The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said in joint comments that this was “mainly on account of base effects associated with fluctuations in car Certificate of Entitlement (COE) premiums”, and that price increases for other major categories – except food – also eased.
- SINGAPORE regulators could lower some hurdles for selling wholesale bonds to retail investors, following feedback from the public.The latest proposals will relax conditions on deal size, a company’s past issuance and profitability. The Singapore Exchange (SGX) will also update the listing manual on matters related to trustees, who are typically responsible for taking action against defaulters on behalf of bondholders.
- Singapore’s JTC awards tenders for two industrial sites. The plot at Tuas South Street 9 (Plot 50) has been awarded to Prospaq Group for S$6.88 million. The 8,369 square metre site is zoned Business 2. The tenure for the site, which has a gross plot ratio of 1.0, is 20 years and 8 months.The second plot, at Tampines North Drive 1 (Plot 1), has been awarded to Goldprime Land, for S$64.4 million. The 27,395.2 square metre site has a gross plot ratio of 2.5. The land tenure is 30 years.
Forex Market Update
The dollar moved sharply higher against most major currencies on Tuesday after data showed the U.S. economy fared much better than previously expected in the third quarter.The WSJ Dollar Index BUXX, -0.10% jumped 0.41% to 82.90, after trading with a loss earlier in the day. The ICE dollar index DXY, -0.02% climbed 0.32% to 90.06. Against the yen USDJPY, -0.27% the dollar rose to ¥120.76, up from ¥120.04 late Monday.
In other currencies, the euro EURUSD, +0.06% traded at $1.2175, down from $1.2232 late Monday.
The ruble USDRUB, -0.19% improved to trade around 54.64 to the dollar, compared with 55.4182 late on Monday.
The pound GBPUSD, -0.01% exchanged hands at $1.5509, down from $1.5592 on Monday, after a data revision indicated the U.K. economy is not growing as fast as thought.
S&P Market News Update
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The S&P 500 and the Dow industrials have notched nominal record highs this week, and are rattling the cage on a more decisive breakout.The S&P 500 Index has staged a four-session, 106-point spike from last week’s low.
Gasoline Market Update
Nymex reformulated gasoline blendstock for January RBF5, -0.95% — the benchmark gasoline contract — rose nearly 4 cents, or 2.3%, to $1.57 a gallon.Heating oil for January HOF5, -0.58% rose 4 cents, or 2%, to settle at $1.99 a gallon, while natural gas for the same month NGF15, -0.73% gained nearly 3 cents, or 0.9%, to settle at $3.17 per million British thermal unit.
Oil Market Update
Crude-oil futures rose on Tuesday, getting an extra lift from strong U.S. economic growth and after some Arab members of the Organization of the Petroleum Exporting Countries said they see a rebound to $70 to $80 a barrel next year.On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLG5, -0.82% settled up $1.86, or 3.4%, at $57.12 a barrel. The contract hit a settlement low of $54.36 last Thursday.
February Brent LCOG5, -0.88% crude on London’s ICE Futures exchange was up 28 cents, or 0.5%, at $61.97 a barrel.
Palladium Market Update
In the metals complex,March palladium PAH5, +0.12% fell $1.20, or 0.1%, to settle at $814.05 an ounce, and high grade copper for the same month HGH5, +0.02% declined less a penny to just under $2.87 a pound.Meanwhile, January platinum PLF5, -0.08% rose $9.60, or 0.8%, to settle at $1.191.70 an ounce, while March silver SIH5, +0.02% rose nearly 8 cents, or 0.5%, to settle at $15.87 an ounce.
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