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http://www.bloomberg.com/news/2013-10-22/biggest-china-banks-triple-debt-write-offs-to-brace-for-defaults.html
China?s Stocks Fall as Small Companies Tumble on Money Rates
Oct. 23 (Bloomberg) -- China?s stocks fell, with the
benchmark index for smaller companies posting the biggest two-
day loss in 21 months, after money-market rates surged.
Leshi Internet Information & Technology (Beijing) Co., the
operator of online-video portal LeTV.com, plunged by the 10
percent daily limit for a second day. Inner Mongolia Yili
Industrial Group Co., China?s biggest dairy producer by sales,
declined by the most in five months. Huaneng Power International
Inc., the listed unit of China?s largest power group, slumped
4.9 percent after third-quarter earnings missed estimates.
The Shanghai Composite Index slid 1.3 percent to 2,182.09
at 1:02 p.m., while the ChiNext index of smaller companies
plunged 3.9 percent. China?s benchmark money-market rate jumped
the most since July as the People?s Bank of China refrained from
adding funds to markets. The nation?s consumer-price index rose
the most since February last month and Song Guoqing, an academic
adviser to the PBOC, said on Oct. 20 the authority may tighten
policy this year if inflation quickens.
?Monetary policies will be slightly tight for the rest of
the year as the pressure from rising housing prices and
inflation is building up,? said Wang Weijun, a strategist at
Zheshang Securities Co. in Shanghai. ?The valuations of small-
caps are too high and it looks like the bubble has started to
burst.?
The CSI 300 Index sank 1.2 percent to 2,417.08. The Hang
Seng China Enterprises Index slipped 0.4 percent. The Bloomberg
China-US Equity Index fell 0.1 percent yesterday. Trading
volumes on the Shanghai index rose 8.7 percent above the 30-day
average for this time of day, according to data compiled by
Bloomberg. The Shanghai measure was headed for a three-week low.
Smallcaps Slump
Leshi Internet tumbled 10 percent to 41.55 yuan, trimming
its gain to 320 percent this year. Beijing TRS Information
Technology Co. slumped 8.7 percent to 18.92 yuan. Lepu Medical
Technology (Beijing) Co. lost 7.9 percent to 13.83 yuan. Film
company Huayi Brothers Media Corp. fell 1.2 percent to 26.44
yuan after posting a 69 percent drop in net income last quarter
and adding to yesterday?s 10 percent plunge.
The ChiNext has rallied 82 percent this year, taking its
estimated price-to-earnings ratio to 42 times for the next 12
months. The Shanghai Composite trades at 9.6 times, compared
with the seven-year average of 15.4, according to data compiled
by Bloomberg.
A measure of consumer-staples stocks in the CSI 300 slid
3.5 percent, the second most among 10 industry groups. Inner
Mongolia Yili fell 4.5 percent to 48.69 yuan after posting a 132
percent gain this year through yesterday.
Tighter Liquidity
The People?s Bank of China has suspended selling reverse-
repurchase contracts since Oct. 17, leading to a net withdrawal
of 44.5 billion yuan ($7.3 billion) from the financial system
last week.
The seven-day repurchase rate, a gauge of funding
availability in the banking system, surged 45 basis points, or
0.45 percentage point, to 4.03 percent in Shanghai, according to
a weighted average compiled by the National Interbank Funding
Center. That was the biggest advance since July 29. The
overnight repo rate jumped 70 basis points, the most since June
20, to 3.79 percent.
With the economy on course to meet growth targets and
inflation quickening, the central bank may start tightening
policy, said Li Yiming, a Beijing-based analyst at Citic
Securities Co., China?s largest brokerage.
Property Curbs
Consumer prices rose 3.1 percent in September as food costs
advanced the most since May 2012, statistics bureau figures
showed on Oct. 14. Home prices in China?s four major cities
jumped last month by the most since January 2011, government
figures showed this week.
China may issue new property curbs in the fourth quarter,
the China Securities Journal reported today on its front page,
citing unidentified analysts.
Huaneng Power lost 4.9 percent to 5.60 yuan. The company
said it posted third-quarter net income of 3.29 billion yuan,
trailing the median analyst estimate of 3.87 billion yuan.
Sichuan province-based companies rallied after the Sichuan
Daily said the province plans to unveil investment projects
worth 4.3 trillion yuan. Sichuan Road & Bridge Co. surged by the
10 percent daily limit to 7.05 yuan. Sichuan Expressway Co.
jumped 10 percent to 3.42 yuan.
The Shanghai index has rebounded 12 percent from its four-
year low on June 27 on speculation the government will take
reform measures to sustain long-term economic growth.
China may signal plans to ease the nation?s one-child
policy, encourage companies to increase dividend payouts and
start pilot programs to reform rural land rights and allow more
free-trade zones during next month?s meeting of the Communist
Party, according to Bank of America Corp.
There won?t be material reforms of state-owned enterprises
nor a major breakthrough in reform of Hukou residency permits,
Ting Lu, an economist at BofA, wrote in a report.
may have some retracement for a few days before coming back up
Minor profit taking for today. Tml will be a better green day! Chiong ah.. Huat
Stock Futures
Americas
Index Future Future Date Last Net Change Open High Low Time
Dow Jones Indus. Avg Dec 13 15,314.00 -84.00 15,392.00 15,395.00 15,310.00 04:19:03
S& P 500 Dec 13 1,738.10 -11.30 1,748.10 1,748.50 1,737.60 04:19:29
NASDAQ 100 Dec 13 3,335.25 -21.25 3,351.00 3,354.50 3,334.25 04:19:03
Nikkei 225 -287.20pt -1.95% to 14,426.05 points.
teeth53 ( Date: 23-Oct-2013 13:48) Posted:
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Am out of the market. Will be busy from tomorrow until Mid November. Won't be posting from tomorrow. Wish everybody huat arh!!!
Nikkei 225 -232.78pt -1.60% to 14,480.47 points.
Nikkei 225 - 170.63pt -1.16% to 14,542.62 points, while Hang Seng is trading red.
USA: Another One Trillion Dollars ($1,000,000,000,000) In Debt
Just one day after the deal in Congress was reached, the U.S. national debt rose by an astounding 328 billion dollars. In the blink of an eye we shattered the 17 trillion dollar mark with no end in sight. We are stealing about $100,000,000 from our children and our grandchildren every single hour of every single day. This goes on 24 hours a day, month after month, year after year without any interruption. The U.S. national debt is now 37 times larger than it was 40 years ago, and we are on pace to accumulate more new debt under the 8 years of the Obama administration than we did under all of the other presidents in U.S. history combined. So what will happen when the rest of the world decides that they don't need to use our dollars or buy our debt any longer? At that point the consequences of decades of incredibly foolish decisions will result in an avalanche of economic pain that the American people are not prepared for.
Sometimes we forget just how much money a trillion dollars is. I included some illustrations that I believe are helpful...
-If you were alive when Jesus Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now.
STI (60 MIN)
One scenario: as long as 3174 is support, we are bullish. In this case, the upside breakout of 3220 will trigger a bullish acceleration towards 3260.
Alternative scenario: a break below 3174 would open the way to 3155.
PUBLISHED OCTOBER 23, 2013
STOCKS
Market bets on weak US jobs report
STI up for fifth straight session, accumulating a total gain of 45 points
BY R SIVANITHY
HE Straits Times Index yesterday rose for the fifth consecutive trading day - this time by 14.45 points to 3,210.21, taking its five-day gain to about 45 points or 1.4 per cent - due most likely to positioning ahead for the release later in the day of a weak US jobs report for Sept - PHOTO: SPH
THE Straits Times Index yesterday rose for the fifth consecutive trading day - this time by 14.45 points to 3,210.21, taking its five-day gain to about 45 points or 1.4 per cent - due most likely to positioning ahead for the release later in the day of a weak US jobs report for September.
Activity in the broad market was mainly in penny stocks, though volume this time was enhanced by heavy selling of Keppel Reit, whose four cent fall to $1.19 with 163 million traded came after rumours that Temasek Holdings was selling and after the counter traded ex-dividend.
In total, turnover came to 3.1 billion units worth $1.5 billion, which means that business done in Keppel Reit - valued at $194 million - accounted for 13 per cent of the dollar value.
Overall, it was a session very much in keeping with recent weeks, marked mainly by cautious optimism because of expectations that the US Federal Reserve would delay tapering its quantitative easing (QE) programme worth US$85 billion a month, which should provide liquidity support for stocks for the immediate future.
My sharejunction a bit ki siao on my iphone. Cannot load properly
Stocks up on hopes Fed stimulus will continue
By Hibah Yousuf @CNNMoneyInvest October 22, 2013: 4:32 PM ET
Click the chart for more stock market data.
NEW YORK (CNNMoney)
The September jobs report wasn't great, but stocks rose Tuesday as investors anticipated that lackluster hiring will push the Federal Reserve to keep its monetary stimulus as is in the months ahead.
The
Dow Jones industrial average,
S& P 500 and the
Nasdaq ended modestly higher, with the S& P 500 closing at a fresh record high for a fourth straight day. The Dow finished at its highest level in a month.
The
jobs report, which was delayed more than two weeks because of the government shutdown, showed the economy gained just 148,000 jobs last month. But the unemployment rate ticked down to 7.2%, the lowest since November 2008.
Still, the numbers suggest that the U.S. economic recovery remains fragile and that the Fed will likely keep buying $85 billion in bonds each month for a bit longer.
In light of the " moderate tone" of the jobs report, Barclays economist Michael Gapen said in a note to clients Tuesday that he now thinks the Fed will wait until March 2014 to scale back, or
taper, its bond buying program. He had previously expected the Fed would taper this December.
The Fed has repeatedly said it wants to see more improvement in the job market before it begins to cut back on its $85 billion a month in bond purchases. Plus, economists expect the Fed will want more data on how the shutdown impacted the economy before it will be ready to start tapering.
World Markets
North and South American markets finished broadly higher today with shares in Mexico leading the region. The IPC is up 1.16% while Brazil's Bovespa is up 0.68% and U.S.'s S& P 500 is up 0.57%.
North and South American Indexes
look at VALLIANZ- mINI kREUZ IN THE MAKING....
WanSiTong ( Date: 22-Oct-2013 09:19) Posted:
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SMALL IS GOOD: DBS VICKERS
Growth matters
Recent sell down presents window of opportunity for quality small mid caps (SMC)with superior growth & visibility.
...
Near-term winners are potential earnings outperformers this results season.
O& G still has legs to run, thanks to new contracts and strong earnings visibility.
Higher volumes and lower costs are propelling recovery for CPO stocks.
Superior growth. At current levels, valuation discount of SMC (13.6x FY14 PE) to large caps (14.4x FY14 PE) has narrowed from about 40% four years ago to less than 10% now.
It remains to be seen if this valuation gap will eventually flip in favour of small caps, as in the expansionary years of 2007/08 when SMCs traded at 10-20% premiums to large caps (LC). Growth, we believe, will be the key game changer here as the economic expansion underway will draw investors to focus on growth.
Indeed, our universe of SMCs has packed in superior growth of 24% in 2014 vs 12% for LCs. 3Q13 earnings scorers. Despite expectations of an uninspiring Q3, companies poised to report healthy y-o-y and
q-o-q growth also have a good chance of beating forecasts.
Nam Cheong could surprise on the upside with stronger than expected vessel sales YTD. Ezion could also beat forecasts in
extending a very strong margin trend from last quarter. Other
positive earnings report cards can be expected from Goodpack
(stronger synthetic rubber demand), Centurion (higher
dormitory occupancy rate) and Yoma, as indicated in its last
quarter?s outlook statement.
O& G high growth picks. Oil & Gas is among our strongest growing sectors in 2014, thanks to the high oil price environment that supports sustained investments into E& P. Utilisation rates for all offshore rig classes continue to climb. In tandem, day rates have also risen.
Our sector picks are Ezion and Kreuz for support services and Rex for robust upstream activities.
CPO recovery play. Despite lower prospective palm oil prices in the near term, our Plantations analyst expects most planters? 2H13 earnings to show a decent rebound vis-à-vis 1H13 premised on seasonally higher CPO sales volumes and lower unit costs. For SGX-listed small mid cap planters, our analyst expects FY14 earnings for Bumitama and Indofood Agri to rebound 62% and 132% respectively. |
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Huat la my Dow... Getting more and more profit...
Goldman: " Weaker Than Expected" Jobs Report Means No Taper Before March
yummy good..!
By Inyoung Hwang & Nikolaj Gammeltoft - Oct 22, 2013 9:30 PM GMT+0800
U.S. stocks rose, extending a record for the Standard & Poor?s 500 Index, as weaker-than-forecast hiring in September fueled speculation the Federal Reserve will delay trimming monetary stimulus.
The S& P 500 gained 0.2 percent to 1,748.27 at 9:30 a.m. in New York after the gauge closed at a record yesterday.
?This report indicates the Fed is joining us for the holiday season at the current level of quantitative easing,? Darrell Cronk, the New York-based regional chief investment officer at Wells Fargo Private Bank, which oversees $170 billion, said by phone. ?And it will probably be ringing in the New Year with us as well as it continues QE through the end of 2013. Right now the data is not suggesting any kind of tapering.?
Payrolls climbed by 148,000 last month, less than the 180,000 projected by economists in a Bloomberg survey, indicating the U.S. economy had little momentum leading up to the federal government shutdown. The jobless rate fell to an almost five-year low.
Progress in the labor market depends on how quickly the world?s largest economy can bounce back from the loss of business caused by the 16-day closure. The budget dispute weighed on fourth-quarter growth and will prompt Fed policy makers to wait until March before starting to scale back the $85 billion of monthly bond purchases, a Bloomberg survey showed last week.
World Markets
North and South American markets are higher today with shares in Brazil leading the region. The Bovespa is up 0.88% while U.S.'s S& P 500 is up 0.72% and Mexico's IPC is up 0.54%.
North and South American Indexes
New123 ( Date: 22-Oct-2013 22:06) Posted:
US mkt keep on going up. trade cautiously.
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