Post Reply
281-300 of 1135
Asia Bunker-Singapore down, regional discounts widen
SINGAPORE, Nov 28 (Reuters) - Singapore bunker prices fell on Wednesday, while its differential to fuel oil cargo values remained in deep discount at steady levels.
Prices for the 380-centistoke (cst) grade fell $2.00 from the last session to $476.00-$478.00 a tonne, while its discount extended by a marginal 10 cents to $2.25.
In the regional markets, outright prices fell across the board from week-ago levels, while the differentials were lower with the exception of South Korea.
In Japan, prices for the 380-cst grade fell $59.00 to $525.00-$527.00 a tonne compared to week-ago levels, while the premium plunged by $38.00 to $46.50.
"Prices are coming down as the refineries will start discharging more supplies in early December," a Tokyo-based trader said.
Demand is expected to be weaker in December as most Japanese owners have already fulfilled their requirements ahead of the festive season, added the trader.
Japanese traders are hoping to lower the price differential between Singapore cargo values and Japanese bunker prices next month to attract international buyers to make up for poor domestic demand.
In Hong Kong, prices for the 380-cst grade fell $23 to $498-$500 a tonne versus week-ago levels, while the differentials were fairly steady, down $1.00 to $19.50.
"Prices are following crude down as supply and demand is well balanced. Competition from China is also not very apparent at the moment," said a Hong Kong-based trader.
In South Korea, prices for the 380-cst grade edged down $11 to $503-$505 a tonne compared to week-ago levels, but the differentials widened $10.00 to $24.50.
SINGAPORE, Nov 28 (Reuters) - Singapore bunker prices fell on Wednesday, while its differential to fuel oil cargo values remained in deep discount at steady levels.
Prices for the 380-centistoke (cst) grade fell $2.00 from the last session to $476.00-$478.00 a tonne, while its discount extended by a marginal 10 cents to $2.25.
In the regional markets, outright prices fell across the board from week-ago levels, while the differentials were lower with the exception of South Korea.
In Japan, prices for the 380-cst grade fell $59.00 to $525.00-$527.00 a tonne compared to week-ago levels, while the premium plunged by $38.00 to $46.50.
"Prices are coming down as the refineries will start discharging more supplies in early December," a Tokyo-based trader said.
Demand is expected to be weaker in December as most Japanese owners have already fulfilled their requirements ahead of the festive season, added the trader.
Japanese traders are hoping to lower the price differential between Singapore cargo values and Japanese bunker prices next month to attract international buyers to make up for poor domestic demand.
In Hong Kong, prices for the 380-cst grade fell $23 to $498-$500 a tonne versus week-ago levels, while the differentials were fairly steady, down $1.00 to $19.50.
"Prices are following crude down as supply and demand is well balanced. Competition from China is also not very apparent at the moment," said a Hong Kong-based trader.
In South Korea, prices for the 380-cst grade edged down $11 to $503-$505 a tonne compared to week-ago levels, but the differentials widened $10.00 to $24.50.
Today a mixed closing. Only slightly down, which following DJ future. Can be much worse.
| Name | Prev | Last | +/- | % | High | Low |
| All-S Equities Com | 1120.93 | 1160.02 | +39.09 | +3.5 | 1166.61 | 1135.24 |
| All-S Equities Cons | 551.26 | 548.67 | -2.59 | -0.5 | 563.38 | 548.67 |
| All-S Equities Fin | 2316.74 | 2299.43 | -17.31 | -0.7 | 2333.22 | 2299.43 |
| All-S Equities Hotels | 1377.16 | 1371.53 | -5.63 | -0.4 | 1378.87 | 1369.70 |
| All-S Equities Mfg | 1479.85 | 1472.27 | -7.58 | -0.5 | 1488.33 | 1472.05 |
| All-S Equities MultiI | 2630.01 | 2623.94 | -6.07 | -0.2 | 2653.96 | 2618.33 |
| All-S Equities Prop | 1350.32 | 1342.83 | -7.49 | -0.5 | 1358.95 | 1337.09 |
| All-S Equities TSC | 1698.13 | 1705.84 | +7.71 | +0.5 | 1715.00 | 1696.35 |
| All-SingEquities | 935.09 | 933.67 | -1.42 | -0.1 | 941.78 | 932.31 |
| BT-SRI | 1745.93 | 1741.00 | -4.93 | -0.3 | 1759.69 | 1740.63 |
| SingEquities Elect | 100.33 | 101.21 | +0.88 | +0.9 | 101.49 | 100.07 |
| SingEquities Foreign | 348.01 | 344.96 | -3.05 | -0.9 | 348.02 | 344.39 |
| SingEquities Mainbd | 176.23 | 175.80 | -0.43 | -0.2 | 177.33 | 175.62 |
| Straits Times Index | 3372.64 | 3369.72 | -2.92 | -0.1 | 3397.06 | 3362.47 |
| UOB Sesdaq | 211.03 | 206.04 | -4.99 | -2.4 | 211.66 | 206.04 |
Let's see whether STI will follow DOW movement today. UP! UP!
STOCKS NEWS ASIA-Markets subdued, resource stocks down
Asian stock markets were subdued on Wednesday with a confidence-boosting $7.5 billion capital injection for Citigroup
Oil steadied after falling more than 3 percent on Tuesday on expectations that OPEC will boost supply and amid concerns that U.S. economic problems will crimp demand growth. U.S. crude
That weighed on gold
At 0023 GMT, Tokyo's Nikkei average <.N225> had edged up just 0.1 percent, while MSCI's measure of other Asia Pacific stocks <.MIAPJ0000PUS> was little changed.
On Tuesday, the MSCI index halved its losses to settle 1 percent lower on news that Abu Dhabi Investment Authority was buying a 4.9 percent stake in Citigroup, which is wrestling with the fallout from the subprime mortgage crisis.
"Citigroup's decision to sell a stake showed that it is making serious efforts to prevent the subprime fallout from widening further, and that's raising hopes for the overall banking sector," said Rho Y.S., a strategist at Hyundai Securities in South Korea.
"A drop in oil prices will also help the market stage a rebound." South Korea's key KOSPI <.KS11> climbed 0.4 percent, but Australia's benchmark S&P/ASX 200 index <.AXJO> slipped 0.5 percent on weakness in some of the major mining stocks.
Bank stocks were mixed with Australia's ANZ
Citigroup <8710.T> fell 4.4 percent in Tokyo, despite a 1.5 percent rise in its U.S.-listed shares.
But resource stocks were mostly under pressure. Mining giant BHP Billiton
On Wall Street, a rebound in stocks sparked by the Citigroup stake news helped push the blue-chip Dow <.DJI> and tech-laden Nasdaq Composite Index <.IXIC> both up about 1.6 percent.
Asian stock markets were subdued on Wednesday with a confidence-boosting $7.5 billion capital injection for Citigroup
Oil steadied after falling more than 3 percent on Tuesday on expectations that OPEC will boost supply and amid concerns that U.S. economic problems will crimp demand growth. U.S. crude
That weighed on gold
At 0023 GMT, Tokyo's Nikkei average <.N225> had edged up just 0.1 percent, while MSCI's measure of other Asia Pacific stocks <.MIAPJ0000PUS> was little changed.
On Tuesday, the MSCI index halved its losses to settle 1 percent lower on news that Abu Dhabi Investment Authority was buying a 4.9 percent stake in Citigroup, which is wrestling with the fallout from the subprime mortgage crisis.
"Citigroup's decision to sell a stake showed that it is making serious efforts to prevent the subprime fallout from widening further, and that's raising hopes for the overall banking sector," said Rho Y.S., a strategist at Hyundai Securities in South Korea.
"A drop in oil prices will also help the market stage a rebound." South Korea's key KOSPI <.KS11> climbed 0.4 percent, but Australia's benchmark S&P/ASX 200 index <.AXJO> slipped 0.5 percent on weakness in some of the major mining stocks.
Bank stocks were mixed with Australia's ANZ
Citigroup <8710.T> fell 4.4 percent in Tokyo, despite a 1.5 percent rise in its U.S.-listed shares.
But resource stocks were mostly under pressure. Mining giant BHP Billiton
On Wall Street, a rebound in stocks sparked by the Citigroup stake news helped push the blue-chip Dow <.DJI> and tech-laden Nasdaq Composite Index <.IXIC> both up about 1.6 percent.
SE Asia Stocks-Fall, financials pare losses
By Chua Baizhen SINGAPORE, Nov 27 (Reuters) - Southeast Asian stock markets mostly ended lower on Tuesday, but a recovery in financial stocks such as Singapore's DBS Group
Singapore's Straits Times Index <.STI> ended down 1.3 percent, bouncing back from a 2.6 decline after news of a Citigroup
Citigroup will sell a near 5-percent stake, or $7.5 billion worth of equity units that will convert into common shares, to the investment arm of the Abu Dhabi government, a move returning confidence to the battered banking industry. [ID:nSP71907] Malaysian shares <.KLSE> reversed losses to close 0.1 percent higher, brushing off the day's decline with a round of last-minute bargain hunting.
Indonesian stocks <.JKSE> slid 0.8 percent, the Philippine index <.PSI> dropped 0.4 percent, Thai stocks <.SETI> were down 1.2 percent, and Vietnam shares <.VNI> fell 0.3 percent.
"Volatility is going to be the trademark from this point on.
A lot of people are holding tonnes of liquidity but not daring to do anything," said Leslie Phang, Asia head of investments at Commonwealth Private Bank, who helps manage $1 billion of funds.
In Singapore, the region's largest bank DBS Group ended just 1 percent lower compared to a 3.1 percent drop early in the session, while No. 2 lender United Overseas Bank
Singapore Exchange
While some analysts cheered Citi's stake sale and said the subprime crisis may be nearing an end, Phang said he would still steer clear of Singapore's banks.
"We certainly do not think Singapore banks, notably DBS, has made adequate provisions for collateralised debt obligation-related losses," he said.
By contrast, Credit Suisse maintained an "overweight" call on the sector in a client note on Tuesday and said bank stocks should be turning around now.
In Malaysia, leisure firm Genting Bhd's
In Thailand, major energy firms <.SETEN> fell as oil prices slipped, with top oil and gas firm PTT
It is better to stay away from the market for the time being. Don't be caught in a bear trap and end up with shares you don't want to hold for the next few weeks!
Tomorrow should be a better day as DJ future is very positive now.
| Name | Prev | Last | +/- | % | High | Low |
| All-S Equities Com | 1125.85 | 1120.93 | -4.92 | -0.4 | 1128.22 | 1102.07 |
| All-S Equities Cons | 563.20 | 551.26 | -11.94 | -2.1 | 561.77 | 548.56 |
| All-S Equities Fin | 2342.00 | 2316.74 | -25.26 | -1.1 | 2340.45 | 2282.73 |
| All-S Equities Hotels | 1370.45 | 1377.16 | +6.71 | +0.5 | 1377.44 | 1354.42 |
| All-S Equities Mfg | 1496.70 | 1479.85 | -16.85 | -1.1 | 1483.88 | 1465.63 |
| All-S Equities MultiI | 2657.32 | 2630.01 | -27.31 | -1.0 | 2640.09 | 2586.71 |
| All-S Equities Prop | 1373.08 | 1350.32 | -22.76 | -1.7 | 1356.86 | 1332.67 |
| All-S Equities TSC | 1739.76 | 1698.13 | -41.63 | -2.4 | 1723.85 | 1690.19 |
| All-SingEquities | 948.74 | 935.09 | -13.65 | -1.4 | 941.55 | 925.91 |
| BT-SRI | 1780.53 | 1745.93 | -34.60 | -1.9 | 1767.38 | 1735.39 |
| SingEquities Elect | 102.87 | 100.33 | -2.54 | -2.5 | 101.70 | 100.07 |
| SingEquities Foreign | 348.83 | 348.01 | -0.82 | -0.2 | 348.01 | 341.67 |
| SingEquities Mainbd | 178.52 | 176.23 | -2.29 | -1.3 | 177.03 | 174.53 |
| Straits Times Index | 3418.58 | 3372.64 | -45.94 | -1.3 | 3404.91 | 3329.28 |
| UOB Sesdaq | 209.47 | 211.03 | +1.56 | +0.7 | 212.98 | 207.45 |
It was about 6 months ago when Financials (banks) were so loved. Now, many avoid it as if got communicable disease. Temasek too looking for buyers to take over some of its Bank of China BOC shares (over a billion shares). BOC has over USD 10 Billions in Sub-prime exposure. Enough to sink its full year earnings.
Sometime next year when all the Financials badnews have settled down, it would be good opportunity to buy banks again. There is this UOB Fund called Global Capital Fund. Has anyone any experience with that fund to share what your thoughts are. Thx
STI to hit 4800 next year is possible.
If the index stock consists of crude oil price and gold price.
GLOBAL MARKETS-Credit worries hit stocks, lift bonds
Asian stock markets fell across the board on Tuesday with investors dumping shares in favour of the relative safety of government bonds on worries that credit market problems will dent economic growth.
The drop in investor risk appetite kept the dollar pinned near 2-½ year lows versus the low-yielding yen, while oil
"Rather than thinking that the credit issue is going to have a limited impact on a small number of financial institutions, it now looks like we're seeing a general easing in global growth that will extend into 2008," said Angus Gluskie, portfolio manager at White Funds Management in Australia.
In the latest sign of trouble in the credit market, UBS downgraded home financing providers Freddie Mac
The MSCI index has fallen 14 percent from the Nov. 1 peak, but is still up 28 percent so far this year, four times the gains for MSCI's main global stock index <.MIWD00000PUS>.
Amid the stock market ructions, investors dived for the cover of safe-haven government bonds, sending yields sharply lower. The benchmark 10-year Japanese bond yield
Yield spreads between emerging market debt and U.S. Treasury notes <11EMJ> -- a key gauge of risk aversion -- blew out 19 basis points on Monday, but were steadier on Tuesday.
FINANCIALS HIT News of the downgrades for HSBC and Freddie Mac cast a shadow on financial stocks, sending banks lower across the region.
National Australia Bank
HSBC <0005.HK>, which said on Monday it was supporting its two structured investment vehicles with funding of up to $35 billion to prevent forced sales of assets, slid 2.9 percent.
[ID:nL26540208] Also pressured, Rio Tinto
Japanese exporters were further weighed by the stronger yen, which tends to hurt the value of dollar sales.
The dollar, at 107.40 yen
"It's become increasingly easy for the market to react to dollar-negative factors," said Hideaki Inoue, forex manager at Mitsubishi Trust and Banking.
The euro held below 160 yen
Gold
Asian stock markets fell across the board on Tuesday with investors dumping shares in favour of the relative safety of government bonds on worries that credit market problems will dent economic growth.
The drop in investor risk appetite kept the dollar pinned near 2-½ year lows versus the low-yielding yen, while oil
"Rather than thinking that the credit issue is going to have a limited impact on a small number of financial institutions, it now looks like we're seeing a general easing in global growth that will extend into 2008," said Angus Gluskie, portfolio manager at White Funds Management in Australia.
In the latest sign of trouble in the credit market, UBS downgraded home financing providers Freddie Mac
The MSCI index has fallen 14 percent from the Nov. 1 peak, but is still up 28 percent so far this year, four times the gains for MSCI's main global stock index <.MIWD00000PUS>.
Amid the stock market ructions, investors dived for the cover of safe-haven government bonds, sending yields sharply lower. The benchmark 10-year Japanese bond yield
Yield spreads between emerging market debt and U.S. Treasury notes <11EMJ> -- a key gauge of risk aversion -- blew out 19 basis points on Monday, but were steadier on Tuesday.
FINANCIALS HIT News of the downgrades for HSBC and Freddie Mac cast a shadow on financial stocks, sending banks lower across the region.
National Australia Bank
HSBC <0005.HK>, which said on Monday it was supporting its two structured investment vehicles with funding of up to $35 billion to prevent forced sales of assets, slid 2.9 percent.
[ID:nL26540208] Also pressured, Rio Tinto
Japanese exporters were further weighed by the stronger yen, which tends to hurt the value of dollar sales.
The dollar, at 107.40 yen
"It's become increasingly easy for the market to react to dollar-negative factors," said Hideaki Inoue, forex manager at Mitsubishi Trust and Banking.
The euro held below 160 yen
Gold
Oh no! I have been away for just one week......and come back to see this red bath... sianzzzzzzzzzz...
STI 4800 next year??? Unless US did not go into recession....
Singapore's Straits Times Index falls 2 pct on financials
SINGAPORE, Nov 27 (Reuters) - Singapore's Straits Times Index <.STI> fell 2.1 percent in opening trade on Tuesday, as financial stocks were weighed down by investor fears of credit market losses and an economic slowdown in the United States. [.N] By 0100 GMT, the STI was down to 3,347.09 points, dragged down by DBS Group's
SINGAPORE, Nov 27 (Reuters) - Singapore's Straits Times Index <.STI> fell 2.1 percent in opening trade on Tuesday, as financial stocks were weighed down by investor fears of credit market losses and an economic slowdown in the United States. [.N] By 0100 GMT, the STI was down to 3,347.09 points, dragged down by DBS Group's
Today is very likely to wipe out yesterday's gain.
Back to square one. Sianz.
Santa is not coming to town this year.
Not likely if DJ keep sliding down breaking new lows.
STOCKS NEWS ASIA-Markets seen weaker on credit worries
Asian stocks are likely to resume their decline on Tuesday after those listed on Wall Street <.BKAS> slid 0.8 percent as credit market worries offset optimism about the U.S. holiday shopping season.
In the latest sign of trouble in the U.S. housing sector, UBS downgraded home financing providers Freddie Mac
HSBC, which is backing its structured investment vehicles with funding of up to $35 billion to prevent forced sales of assets, lost 2.6 percent.
Weakness in financial stocks weighed on Wall Street, dragging both the blue-chip Dow <.DJI> and tech-heavy Nasdaq Composite Index <.IXIC> about 2 percent lower.
On Monday, MSCI's measure of Asia Pacific stocks excluding Japan <.MIAPJ0000PUS> climbed 3.3 percent, snapping a six-session losing run on early reports of a robust start to the U.S. holiday shopping season.
I read JP Morgan super bullish on Singapore index of blue chips. JP says STI end of 2008 will rise to 4800 points. I see they been putting some money recently in some counters here.
Is STI at 4800 next year something we can look forward to???
What a great day we had.
DJ premarket is also green. Hopefully this is a start of great days to come.
| Name | Prev | Last | +/- | % | High | Low |
| All-S Equities Com | 1094.44 | 1125.85 | +31.41 | +2.9 | 1126.05 | 1106.73 |
| All-S Equities Cons | 551.90 | 563.20 | +11.30 | +2.1 | 566.33 | 557.13 |
| All-S Equities Fin | 2288.13 | 2342.00 | +53.87 | +2.4 | 2344.46 | 2316.24 |
| All-S Equities Hotels | 1359.85 | 1370.45 | +10.60 | +0.8 | 1370.45 | 1359.08 |
| All-S Equities Mfg | 1456.07 | 1496.70 | +40.63 | +2.8 | 1501.68 | 1475.37 |
| All-S Equities MultiI | 2578.69 | 2657.32 | +78.63 | +3.1 | 2665.64 | 2605.63 |
| All-S Equities Prop | 1318.60 | 1373.08 | +54.48 | +4.1 | 1373.96 | 1337.31 |
| All-S Equities TSC | 1704.89 | 1739.76 | +34.87 | +2.1 | 1748.76 | 1718.95 |
| All-SingEquities | 924.36 | 948.74 | +24.38 | +2.6 | 949.85 | 934.90 |
| BT-SRI | 1749.13 | 1780.53 | +31.40 | +1.8 | 1785.56 | 1766.97 |
| SingEquities Elect | 100.86 | 102.87 | +2.01 | +2.0 | 103.51 | 102.56 |
| SingEquities Foreign | 343.45 | 348.83 | +5.38 | +1.6 | 349.69 | 344.00 |
| SingEquities Mainbd | 174.17 | 178.52 | +4.35 | +2.5 | 178.58 | 175.94 |
| Straits Times Index | 3325.89 | 3418.58 | +92.69 | +2.8 | 3423.09 | 3364.94 |
| UOB Sesdaq | 209.43 | 209.47 | +0.04 | 0.0 | 213.59 | 208.25 |
Jason... :)
I thought the trend is so obvious... especially when there's mention of "certainty" of a rise...
GLOBAL MARKETS-Shares rally on signs of U.S. retail strength
SINGAPORE, Nov 26 (Reuters) - Asian stocks surged more than 3 percent on Monday, cutting losses from four straight weeks of falls, on signs of strength in U.S. retail sales, while a report that China is looking to buy Japanese stocks supported the Nikkei and the yen.
European shares were set for a firmer start, with financial bookmakers predicting opening gains of at least half a percent for major markets in London <.FTSE>, Paris <.FCHI> and Frankfurt <.GDAXI>.
Crude oil
The weak dollar also supported precious metals, with gold near a 28-year peak and platinum at an all-time high.
Signs of a stronger start to the U.S. holiday shopping season boosted Wall Street on Friday, with the positive mood flowing to Asia and Europe.
Last Friday, also known as Black Friday, marked the first official day of the shopping season in the United States, where more than 147 million shoppers flocked to stores over the Thanksgiving holiday.
Black Friday once marked the day many retailers turned a profit, or went into the black, for the year.
"A lot of people were expecting the figure to be very weak, but the data suggests that spending during the Christmas season may be stronger than expected," said Yasutoshi Nagai, chief economist for Daiwa Securities SMBC's economic research group.
Tokyo's Nikkei average <.N225> closed 1.7 percent higher, while MSCI's measure of other Asia Pacific stocks <.MIAPJ0000PUS> added 3.6 percent, recovering from last week's 4.7 percent drop -- its fourth-straight weekly decline.
The MSCI index, while still up 32 percent this year, has fallen more than 10 percent from a Nov. 1 peak, on growing worries that a deep U.S. housing slump and credit losses suffered by major U.S. banks could hurt Asia's top export destination.
South Korea's KOSPI <.KS11> jumped 4.7 percent, while Hong Kong shares <.HSI> added 3.4 percent.
Australian shares <.AXJO> rose 2.2 percent, taking a change of government at weekend general elections in their stride.
EXPORTERS, MINERS RISE Investors bought major exporters on hopes that U.S. consumers will remain resilient, sending Canon Inc <7751.T> up 2.6 percent and Sony Corp <6758.T> 4.6 percent higher.
Major miners were on the rebound after the recent sell-off, with BHP Billiton
Both benefited from a report in a Chinese newspaper that China's sovereign wealth fund was considering bidding with the country's major steel producers to offer about $200 billion for Rio. The fund, China Investment Corp (CIC), denied the report.
[ID:nSYD42724] A separate report in Japan's Nikkei newspaper said the $200 billion fund was expected to invest some of its assets in Japanese stocks, lending support to beaten down Tokyo stocks and lifting the yen more than 1 percent. CIC said it had not yet made any stock investment decisions. [ID:nT295336] YEN RECOVERS The yen erased earlier losses on the report, with the dollar sliding to 108.40 yen
The euro fell to 160.55 yen
Investors remain on edge about more fallout from the credit crunch as the year-end approaches and potentially forces investors to dump assets or scramble for cash to get their books in order as banks and funds grapple with the market strains.
"There's definitely a lot of negative articles around about
SINGAPORE, Nov 26 (Reuters) - Asian stocks surged more than 3 percent on Monday, cutting losses from four straight weeks of falls, on signs of strength in U.S. retail sales, while a report that China is looking to buy Japanese stocks supported the Nikkei and the yen.
European shares were set for a firmer start, with financial bookmakers predicting opening gains of at least half a percent for major markets in London <.FTSE>, Paris <.FCHI> and Frankfurt <.GDAXI>.
Crude oil
The weak dollar also supported precious metals, with gold near a 28-year peak and platinum at an all-time high.
Signs of a stronger start to the U.S. holiday shopping season boosted Wall Street on Friday, with the positive mood flowing to Asia and Europe.
Last Friday, also known as Black Friday, marked the first official day of the shopping season in the United States, where more than 147 million shoppers flocked to stores over the Thanksgiving holiday.
Black Friday once marked the day many retailers turned a profit, or went into the black, for the year.
"A lot of people were expecting the figure to be very weak, but the data suggests that spending during the Christmas season may be stronger than expected," said Yasutoshi Nagai, chief economist for Daiwa Securities SMBC's economic research group.
Tokyo's Nikkei average <.N225> closed 1.7 percent higher, while MSCI's measure of other Asia Pacific stocks <.MIAPJ0000PUS> added 3.6 percent, recovering from last week's 4.7 percent drop -- its fourth-straight weekly decline.
The MSCI index, while still up 32 percent this year, has fallen more than 10 percent from a Nov. 1 peak, on growing worries that a deep U.S. housing slump and credit losses suffered by major U.S. banks could hurt Asia's top export destination.
South Korea's KOSPI <.KS11> jumped 4.7 percent, while Hong Kong shares <.HSI> added 3.4 percent.
Australian shares <.AXJO> rose 2.2 percent, taking a change of government at weekend general elections in their stride.
EXPORTERS, MINERS RISE Investors bought major exporters on hopes that U.S. consumers will remain resilient, sending Canon Inc <7751.T> up 2.6 percent and Sony Corp <6758.T> 4.6 percent higher.
Major miners were on the rebound after the recent sell-off, with BHP Billiton
Both benefited from a report in a Chinese newspaper that China's sovereign wealth fund was considering bidding with the country's major steel producers to offer about $200 billion for Rio. The fund, China Investment Corp (CIC), denied the report.
[ID:nSYD42724] A separate report in Japan's Nikkei newspaper said the $200 billion fund was expected to invest some of its assets in Japanese stocks, lending support to beaten down Tokyo stocks and lifting the yen more than 1 percent. CIC said it had not yet made any stock investment decisions. [ID:nT295336] YEN RECOVERS The yen erased earlier losses on the report, with the dollar sliding to 108.40 yen
The euro fell to 160.55 yen
Investors remain on edge about more fallout from the credit crunch as the year-end approaches and potentially forces investors to dump assets or scramble for cash to get their books in order as banks and funds grapple with the market strains.
"There's definitely a lot of negative articles around about
So what will be the trend today?
Seem to rebound but negative sentiment is still around. The US sub-prime is not over and US economy slow down is hard fact now which will affect the world economy.
So what DBS Vickers forcasted STI to go 4000 is unlikely
Singapore Oct output fall disappoints
SINGAPORE, Nov 26 (Reuters) - Singapore's October manufacturing output fell a much worse-than-expected seasonally adjusted 3.0 percent from September, data showed on Monday, marking the third straight month of falling industrial output.
Four economists had forecast output would rise a seasonally adjusted 4.0 percent in October from September as faster drugs output offset continued weakness in electronics production.
KEY POINTS: - From a year ago, October factory output rose 0.9 percent (Reuters poll forecast 7.0 percent) - From a year ago, October electronics production rose 5.7 percent; semiconductors rose 10.3 percent, disk drives were up 2.9 percent.
- October drugs output fell 19.5 percent from a year ago.
COMMENTARY: VISHNU VARATHAN, ECONOMIST AT FORECAST LTD.
"It's drugs, what else could it be? Usually the weakness is coming from electronics but this time electronics is up and because pharmaceuticals is such a large component the effect won't be unfelt.
"The very measured recovery in electronics has to be taken with a pinch of salt. It's definitely not at a turning point and lead indicators, such as the book-to-bill ratio, suggest that we have not come to the pivot yet.
"It is hard to read any U.S. demand factors into these figures -- the signals are still pretty mixed but some kind of slowing is expected. We remain cautious and electronics is not out of the woods yet and it heavily depends on the U.S.
performance." DAVID COHEN, ECONOMIST AT ACTION ECONOMICS "There is clearly the fear that exports to the United States are softening, but it's still a big question mark right now. And things are being balanced somewhat by exports of intermediate products to China, Taiwan and South Korea.
"For October, pharmaceuticals was the key area of disappointment, but drug operations in Singapore has been expanding and in the long run production should even out." ROBERT PRIOR-WANDESFORDE, ECONOMIST AT HSBC "Strikingly poor. Clearly month-on-month data is incredibly volatile but what it seems to be is the failure of the pharmaceuticals sector to bounce back. The other manufacturing bits, electronic and all, seem to be fairly robust. So there's no reason to panic.
"It's not the impact from the U.S. It appears to be a very pharmaceuticals-specific story and the sector is very volatile." MARKET REACTION: - The Singapore dollar
dollar, compared with 1.4408/17 before the announcement.
- The benchmark Straits Times Index <.STI> was up 2.21 percent at 3,399.33 points during the midday market close before the announcement.
SINGAPORE, Nov 26 (Reuters) - Singapore's October manufacturing output fell a much worse-than-expected seasonally adjusted 3.0 percent from September, data showed on Monday, marking the third straight month of falling industrial output.
Four economists had forecast output would rise a seasonally adjusted 4.0 percent in October from September as faster drugs output offset continued weakness in electronics production.
KEY POINTS: - From a year ago, October factory output rose 0.9 percent (Reuters poll forecast 7.0 percent) - From a year ago, October electronics production rose 5.7 percent; semiconductors rose 10.3 percent, disk drives were up 2.9 percent.
- October drugs output fell 19.5 percent from a year ago.
COMMENTARY: VISHNU VARATHAN, ECONOMIST AT FORECAST LTD.
"It's drugs, what else could it be? Usually the weakness is coming from electronics but this time electronics is up and because pharmaceuticals is such a large component the effect won't be unfelt.
"The very measured recovery in electronics has to be taken with a pinch of salt. It's definitely not at a turning point and lead indicators, such as the book-to-bill ratio, suggest that we have not come to the pivot yet.
"It is hard to read any U.S. demand factors into these figures -- the signals are still pretty mixed but some kind of slowing is expected. We remain cautious and electronics is not out of the woods yet and it heavily depends on the U.S.
performance." DAVID COHEN, ECONOMIST AT ACTION ECONOMICS "There is clearly the fear that exports to the United States are softening, but it's still a big question mark right now. And things are being balanced somewhat by exports of intermediate products to China, Taiwan and South Korea.
"For October, pharmaceuticals was the key area of disappointment, but drug operations in Singapore has been expanding and in the long run production should even out." ROBERT PRIOR-WANDESFORDE, ECONOMIST AT HSBC "Strikingly poor. Clearly month-on-month data is incredibly volatile but what it seems to be is the failure of the pharmaceuticals sector to bounce back. The other manufacturing bits, electronic and all, seem to be fairly robust. So there's no reason to panic.
"It's not the impact from the U.S. It appears to be a very pharmaceuticals-specific story and the sector is very volatile." MARKET REACTION: - The Singapore dollar
dollar, compared with 1.4408/17 before the announcement.
- The benchmark Straits Times Index <.STI> was up 2.21 percent at 3,399.33 points during the midday market close before the announcement.