Daily Archives: February 24, 2016


Oil prices fall in early trade Wednesday


  • Oil prices slid in early trading on Wednesday, extending sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles.
  • U.S. West Texas Intermediate (WTI) crude futures <CLc1> were trading at $31.46 per barrel at 0012 GMT, down 41 cents from their last settlement. They had already dropped 6 percent the previous day.
  • The falls were a result of an apparent lack in cooperation among members of the Organization of the Petroleum Exporting Countries (OPEC) to freeze or cut production to rein in ballooning oversupply that has pulled down prices by 70 percent since mid-2014.
  • Saudi Arabia’s veteran oil minister Ali Al-Naimi said on Tuesday at a conference in Houston, Texas, that a coordinated production cut by OPEC and non-OPEC exporters was “not going to happen because not many countries are going to deliver.”

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SGX : Opening market update

Market Update :

  • Singapore shares open lower as oil corrects.
  • SINGAPORE’S benchmark Straits Times Index on Wednesday opened lower at 2,651.69 points, down 20.38 points or 0.76 per cent, amid a correction in the oil price.
  • Some 59.6 million stocks worth S$129.7 million changed hands by 9.02am. Losers outnumbered gainers 92 to 40.
  • Top stocks by value traded are DBS, Singtel, Jardine Cycle and Carriage, United Overseas Bank, and Singapore Exchange.

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Comex Trading Signals and Market News – 24 February 2016


  • Gold futures were higher in Europe trade on Tuesday, rebounding from the prior session’s losses as the oil price rally that boosted global stock markets fizzled out.gold for April delivery on the Comex division of the New York Mercantile Exchange tacked on $7.90, or 0.65%, to trade at $1,218.00 a troy ounce by 09:10GMT, or 4:10AM ET.
  • Copper futures fell during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as weak demand from China the world’s biggest metals consumer soured sentiment. Copper stockpiles tracked by the Shanghai Futures Exchange hit a record high 277000 tons more than doubling since the end of August while China weakened the Yuan by the most in six weeks signaling a deepening slowdown in the world’s second biggest economy.
  • Crude oil dipped in Asia on Tuesday ahead of industry estimates of U.S. stockpiles later in the day. The American Petroleum Institute will release estimates of crude and refined product stockpiles in the U.S. last week later Tuesday. On Wednesday, more closely-watched figures from the U.S. Department of Energy are due.


  • The bosses at more than a third of Britain’s biggest companies said on Tuesday leaving the European Union would put the economy at risk, backing Prime Minister David Cameron’s call for Britain to vote to stay in the June referendum.The pound posted its biggest one-day loss in almost six years on Monday on concerns Britain could vote to leave the 28-member bloc, prompting the business leaders to join forces to argue for the economic merits of EU membership.
  • Poland’s ruling Law and Justice party wants central bank chief Marek Belka to move on at the end of his term and stand as the new president of the European Bank for Reconstruction and Development (EBRD), Puls Biznesu newspaper said on Tuesday. The conservative party declined to comment and Belka, who was Poland’s prime minister in the leftists’ government in 2004-2005, was not immediately available to react to the report, which the paper cited to unnamed sources.
  • China’s new securities regulator Liu Shiyu, a former central banker, has a tough job on his hands – not least managing a huge weight of expectation from millions of small investors smarting from a recent stock market collapse. Liu, appointed at the weekend to replace Xiao Gang, the scapegoat of the piece, inherits the fallout from near 50 percent drops in China’s major indexes from peaks in June, blamed on a confluence of mistakes made by multiple regulators.


  • BUY GOLD ABOVE 1122 TARGET 1127 1133 SL 1116
  • SELL GOLD BELOW 1112 TAGRET 1107 1101 SL 1118

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IForex Market Trading Signals and News – 24 February 2016


  • Forex -Yen up as rally in risky assets wanes, pound eyes BoE testimony
  • Forex -Aussie edges higher, kiwi slips in cautious trade
  • Forex – Dollar holds steady with U.S. data on tap

The euro is steady on Tuesday, after sustaining sharp losses on Monday. EUR/USD is trading at the 1.10 line in the European session. On the release front, Germany will release Ifo Business Climate, a key event. The markets are expecting a strong reading of 107.0 points. In the US, there are two key releases – Existing Home Sales and CB Consumer Confidence. The markets will be looking for a strong reading from German Business Climate, after some disappointing releases from the Eurozone’s largest economy. German PPI, which measure inflation in the manufacturing sector, looked dismal in January, with a decline of 0.7%. This was shy of the estimate of -0.3%. So it comes as no surprise that German Flash Manufacturing PMI also missed expectations, with a reading of 50.2 points, barely above the 50-line, which separates contraction and expansion.

The sterling is now wobbling around the 1.4100 handle vs. the greenback, with GBP/USD correcting lower from overnight tops in the 1.4160/50 band. While ‘Brexit’ fears are far from abated, the British pound has managed to bounce off yesterday’s fresh multi-year lows near 1.4050 and advance nearly a cent following the NA close.Market participants have perceived PM D.Cameron’s speech on Monday as stronger than expected, particularly when confronted with London’s mayor B.Johnson, giving some respite to GBP and allowing a rebound in spot.While the sterling remains vulnerable against the backdrop of ‘Brexit’ fears, today’s speech by BoE’s Carney before the Treasury Select Committee Hearing and the lecture by A.Haldane will grab all the attention.


  • BUY GBP/USD ABOVE 1.4140 TARGET 1.4160 1.4190 SL 1.4110
  • SELL GBP/USD BELOW 1.4100 TARGET 1.4080 1.4050 SL 1.4130

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Financial Sgx Singapore Stock Market Trading Picks And News – 24 February 2016


  • The Straits Times Index (STI) ended 13.11 points or 0.49% higher to 2673.76, taking the year-to-date performance to -7.25%.
  • The top active stocks today were DBS, which gained 0.51%, Global Logistic, which gained 0.86%, OCBC Bank, which gained 1.64%, SingTel, which gained closed unchanged and Wilmar Intl, with a 0.63% fall.
  • The FTSE ST Mid Cap Index gained 0.35%, while the FTSE ST Small Cap Index declined 28.11%.
  • The outperforming sectors today were represented by the FTSE ST Health Care Index, which rose 1.80%. The two biggest stocks of the Index – Raffles Medical Group and Biosensors International Group- ended 2.35% higher and remained unchanged respectively.
  • The underperforming sector was the FTSE ST Oil & Gas Index, which slipped 34.23%. Keppel Corp shares gained 1.15% and Sembcorp Industries gained 1.48%.
  • The three most active Exchange Traded Funds (ETFs) by value today were : SPDR Gold Shares (+0.57%), STI ETF (+0.37%), DBXT MSCI Indonesia ETF 10 (-2.20%)
  • The three most active Real Estate Investment Trusts (REITs) by value were : Capitamall Trust (-0.47%), Ascendas REIT (+0.84%), Capitacom Trust (+1.07%)
  • The most active index warrants by value today were : HSI19800MBeCW160330 (-4.46%), HSI18400MBePW160330 (+4.60%), HSI20600MBeCW160330 (-8.20%)
  • The most active stock warrants by value today were : DBS MB eCW161004 (+1.38%), KepCorp MBeCW161212 (+2.27%), KepCorp MB eCW161205 (+2.26%)


  • BUY RIVERSTONE ABOVE 1.000 TARGET 1.040 1.100 SL 0.945

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