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Daily Archives: December 21, 2015
INTERNATIONAL COMMODITY NEWS :
- Gold bounced on Friday off near six-year lows, erasing severe losses from a massive sell-off from the previous session as investors continued to digest the Federal Reserve’s historic decision to lift interest rates from record-lows earlier in the week. On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a broad range between $1,050.30 and $1,070.60 an ounce before settling at $1,065.00, up 15.40 or 1.47% on the session. A session earlier, gold futures slid by $25 an ounce in one of their worst sessions of the year, retreating back toward levels not seen since 2009.
- U.S. crude futures extended losses from the prior two sessions on Friday to slump to fresh seven-year lows, as crashing oil prices showed little signs of stabilizing following a modest increase in domestic oil rigs last week.Energy traders also reacted to news that the U.S. Congress approved a sweeping $1.1 trillion spending bill, which includes the repeal of a four-decade ban on crude exports. The ban had been in place since 1975, when Congress approved the Energy Policy and Conservation Act to boost domestic supply in response to a global oil crisis started that had persisted for two years.
- Copper prices were up 1.49% to Rs 309.10 per kg in futures trading today as speculators raised their bets, tracking a firm trend overseas.Besides, pick-up in demand from consuming industries supported the upside.At the Multi Commodity Exchange, copper for delivery in February month shot up by Rs 4.55, or 1.49% to Rs 309.10 per kg in business turnover of 12,249 lots. Likewise, the metal for delivery in far-month April contracts traded higher by Rs 4.25, or 1.37% to Rs 313.35 per kg in 265 lots.
ECONOMY NEWS :
- The Federal Reserve will aim to keep the U.S. economy running hot next year to boost the job market and inflation, a top central banker said, and to achieve that goal interest-rate hikes will be slow but will not follow any predictable pattern.”Every meeting will truly be live in terms of adjusting policy one way or the other,” San Francisco Federal Reserve Bank President John Williams told Reuters in an interview, referring to the Fed’s policy-setting meetings. Fresh forecasts from the Fed suggest most policymakers are looking for four rate hikes next year, and Williams said his own view is in line with that expectation.
- Germany’s public debt totaled EUR 2.02 trillion at the end of the third quarter, down by EUR 16.5 billion from the same period of last year, Destatis reported Friday. Public debt decreased 0.8 percent in the third quarter from a year ago. The debt of the Federation decreased by 1.2 percent, or EUR 15.1 billion, to EUR 1.26 trillion at the end of September .
- Euro area current account surplus declined to a seasonally adjusted EUR 20.4 billion in October from EUR 30.1 billion in September, figures from the European Central Bank showed Friday. The surplus on trade in goods fell to EUR 26.8 billion from EUR 30.1 billion in the prior month. Likewise, the surplus on services slid to EUR 4.4 billion from EUR 4.5 billion. Primary income dropped to EUR 3.1 billion from EUR 5.3 billion and the shortfall on secondary income widened to EUR 14 billion from EUR 9.8 billion.
TRADING STRATEGY :
- BUY GOLD ABOVE 1070 TARGET 1075 1081 SL 1064
- SELL GOLD BELOW 1060 TARGET 1055 1049 SL 1066
INTERNATIONAL CURRENCY BUZZ :
- Forex -Dollar falls against yen after Japan stops short of extra QE
- Forex -Dollar remains moderately lower in quiet trade
- Forex -Dollar gets altitude sickness as BOJ disappoints
The dollar slid lower against the euro on Friday, as markets took a breather after the Fed- eral Reserve’s rate hike on Wednesday and as the Bank of Japan’s kept its monetary policy unchanged.EUR/USD rose 0.30% to 1.0858. The dollar had strengthened broadly after the Fed raised interest rates by a quarter of a percentage point to between 0.25% and 0.50% at the conclusion of its two-day policy meeting on Wednesday. It was the first rate hike in the U.S. since 2006.Commenting on the decision, Fed Chair Janet Yellen said that further rate hikes would be gradual and data dependent.The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.44% at 98.76, off the previous session’s two-week high of 99.35.
The pound rose against the U.S. dollar on Friday, easing off an eight-month low as investors digested the Federal Reserve’s decision to raise interest rates on Wednesday. GBP/USD hit 1.4950 during European morning trade, the session high; the pair subsequently consolidated at 1.4934, rising 0.21%.Cable was likely to find support at 1.4861, Thursday’s low and an eight-month low and resistance at 1.5003, Thursday’s high.The dollar had strengthened broadly after the Fed raised interest rates by a quarter of a percentage point to between 0.25% and 0.50% at the conclusion of its two-day policy meeting on Wednesday. It was the first rate hike in the U.S. since 2006.Meanwhile, the pound remained mildly supported after the U.K. Office for National Statistics reported on Thursday that retail sales increased by 1.7% last month, blowing past forecasts for a gain of 0.5%.
- BUY GBP/USD ABOVE 1.4930 TARGET 1.4950 1.4980 SL 1.4910
- SELL GBP/USD BELOW 1.4900 TARGET 1.4880 1.4850 SL 1.4930
MARKET UPDATES :
- The Straits Times Index (STI) ended 8.34 points or 0.29% lower to 2852.84, taking the year-to-date performance to -15.22%.
- The top active stocks today were DBS, which declined 1.57%, SingTel, which declined 0.53%, UOB, which declined 0.05%, OCBC Bank, which declined 0.57% and Keppel Corp, with a 0.62% advance.
- The FTSE ST Mid Cap Index gained 0.08%, while the FTSE ST Small Cap Index declined 0.13%.
- The outperforming sectors today were represented by the FTSE ST Industrials Index, which rose 1.21%. The two biggest stocks of the Index – Jardine Matheson Holdings and Jardine Strategic Holdings – ended 2.98% higher and 0.49% higher respectively.
- The underperforming sector was the FTSE ST Consumer Goods Index, which slipped 1.21%. Wilmar International shares declined 1.37%and Thai Beverage remained unchanged.
- The three most active Exchange Traded Funds (ETFs) by value today were : Is Msci India 100 (+0.15%), Sti Etf (-0.69%),Spdr Gold Shares (-1.18%)
- The three most active Real Estate Investment Trusts (REITs) by value were : Ascendas Reit (+2.67%), Suntec Reit (+0.64%), Capitamall Trust (+1.04%)
- The most active index warrants by value today were : HSI21200MBePW160128 (-0.94%), HSI22400MBeCW160128 (-5.94%), HSI21400MBePW151230 (-1.79%)
- The most active stock warrants by value today were : DBS MB eCW160704 (-10.40%), DBS MB eCW160215 (-14.71%), UOB MB eCW160704 (-3.91%)
STOCK RECOMMENDATION :
- BUY ASCENT REIT ABOVE 2.310 TARGET 2.340 2.400 SL 2.260