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Market News that affect STI

DOW solid bounce to closed off -  Dow  +284.54 pt to 10,258.99 pt by +2.85%

                                                            FTSE 100  +157.09 pt to   5,195.17 pt by +3.12%   

Today / current trading Nikkei 225

165.74

9,805.46

Hang Seng

397.45

19,828.82

teeth53      ( Date: 27-May-2010 21:00) Posted: Wishes all a Happy Vesak day. DOW post for solid bounce, STI may move up further on Monday. Stocks set for solid bounce | Track futures

 

Considering the unusual number of potentially catastrophic events big and small happening now and recently, it is surprising that the stock markets can display this kind of huge euphoric rallies.

At this moment the Dow is propelling ahead like nobody's business right from the opening bell...

In a a straight vertical rocket-like shooting up...

 

3 days for N Korea to make a move. Maybe Mr Kim has a trading account n is happily shorting away in his hole somewhere. haha...

 

Wishes all a Happy Vesak day. DOW post for solid bounce, STI may move up further on Monday.

Stocks set for solid bounce | Track futures

 

Dow ends below 10,000

By Alexandra Twin, senior writerMay 26, 2010: 5:53 PM ET

NEW YORK (CNNMoney.com) -- Stocks erased gains by the close Wednesday, with the Dow ending below 10,000 for the first time in three months, as worries about global growth and a slide in the euro overshadowed upbeat economic news.

The Dow Jones industrial average (INDU) lost nearly 70 points, or 0.7%, ending at the lowest point since Feb. 8. The S&P 500 (SPX) index lost 6 points, or 0.6%, and the Nasdaq (COMP) lost 15 points, or 0.7%.

A global market rally and a strong housing market report gave stocks a boost in the morning, but trading was choppy through the rest of the session as the euro weakened. Stocks slipped in the last hour of trading.

Stocks have tumbled in May, with the three major indexes all losing more than 10% each, falling into "correction" mode as investors have worried that Europe's growing debt crisis is going to cut into U.S. and global economic growth.

A $1 trillion aid package announced by European leaders helped temper, but not eliminate, worries about the threat of so-called contagion stemming from problems with debt-plagued nations.

Greece got the ball rolling, but concerns remain about the other so-called PIIGS -- Portugal, Italy, Ireland and most recently, Spain. News that Spain's central bank had to take over one of the nation's oldest savings banks over the weekend ushered in the latest wave of European-crisis driven worries. Reports of heightened tensions between North and South Korea added to jitters Tuesday.

Whether the stock correction - a decline of more than 10% off the highs - becomes a bear market - a drop of 20% to 30% off the highs - remains to be seen.

"A lot of indicators I watch suggest there is a turnaround coming, but the problem is the pullback has been pretty dramatic," said Randy Frederick, director of trading and derivatives at Charles Schwab.

He said that a lot of investors who were skeptical of the huge rally off the March 2009 lows have been waiting for the ideal pullback to get back in, after several smaller pullbacks failed to cross the 10% threshold.

"That pullback is here," he said. "The question is whether they have enough nerve to come back in or will they look at it as evidence that the runup was a false rally."

Euro: The European currency has seesawed since falling to a four-year low of $1.2146 last week.

On Wednesday, the euro fell 1.4% versus the dollar but remained above that four-year low. The dollar lost 0.3% against the yen.

Volatility: The CBOE Volatility index, or the VIX (VIX), Wall Street's fear factor, ended modestly higher after having fallen through most of the session. The VIX had dropped as much as 13% as the market initially rallied, but turned higher when stocks fell.

Economy: New home sales jumped 15% in April, thanks to still-low mortgage rates and a homebuyer tax credit that expired at the end of last month. Sales rose to a seasonally adjusted rate of 504,000 from a revised 439,000 in the previous month. Economists surveyed by Briefing.com expected sales of 425,000.

Another report released before the start of trading showed that durable goods orders rose 2.9% in April, versus forecasts for a gain of 1.5%. Goods orders were flat in March, a revision on an earlier reading that showed a drop in orders.

However, orders excluding transportation fell 1% after rising 4.8% in the previous month. Economists thought orders excluding transportation would rise 0.7%.

World markets: Stocks around the world rebounded. Markets in Europe gained in late trading. Britain's FTSE 100 rose 2%, Germany's DAX gained 1.6% and France's CAC 40 climbed 2.3%.

Asian markets also bounced back following a steep sell-off Tuesday on increased tension between North and South Korea. Japan's Nikkei gained 0.7% and Hong Kong's Hang Seng rose 1.1%. China's Shanghai Composite ended just above unchanged.

Commodities: U.S. light crude oil for July delivery rose $2.76 to settle at $71.51 a barrel on the New York Mercantile Exchange, a gain of over 4%.

COMEX gold for June delivery rose $15.40 to settle at $1,213.40 an ounce.

Bonds: Treasury prices tumbled, raising the yield on the 10-year note to 3.24% from 3.16% late Tuesday. Treasury prices and yields move in opposite directions.

Trading volume: Market breadth was positive. On the New York Stock Exchange, winners beat losers three to two on volume of 1.94 billion shares. On the Nasdaq, advancers topped decliners seven to six on volume of 3.08 billion shares. 

 

SSE is wavering +ve/-ve.....hee looks like still quite unstable with NorthKorea's latest new twist of its 4x submarines which South Korea has lost tracked....hee

 

Index	Last	Change	%	High	Low	Time
STI	2692.83	42.22	1.59%	2700.83	2673.61	14:22:00
Hangseng	19214.06	228.56	1.2%	19242.06	19047.70	12:30:01
Nikkei225	9522.66	62.77	0.66%	9622.40	9477.45	15:00:02
SSE	2621.40	-1.23	-0.05%	2644.94	2610.51	14:20:58

 

 

Here's the report;

S'pore manufacturing output surges 51% on year in April
Posted: 26 May 2010 1305 hrs

	Photos 1 of 1

 

 

SINGAPORE : Singapore's manufacturing output rose for a fifth straight month, surging 51 per cent on year in April.

Excluding biomedical manufacturing, output expanded 31 per cent.

The headline number beat market expectations of about 19 per cent growth.

The Economic Development Board (EDB) says output expanded across all sectors except for the transport engineering cluster.

Output in the biomedical manufacturing cluster nearly doubled, up 95.8 per cent, on year in April, driven by a 102 per cent jump in the pharmaceuticals segment.

EDB says this was due to a different production mix in the active pharmaceutical ingredients.

The electronics cluster grew 60 per cent on year last month, led by semiconductors, as global demand for electronics remained strong.

In the precision engineering cluster, output expanded 56 per cent, spurred by strong demand for semiconductor related equipment worldwide.

Output in the chemicals cluster rose about 25 per cent due in part to new capacity coming online, as well as low base of production last year amidst the global economic downturn.

The general manufacturing cluster grew 17 per cent on year in April.

Bucking the trend, output in the transport engineering cluster fell 23 per cent in April, as a result of fewer ship repair and conversion jobs for the offshore and marine segment.

On a seasonally adjusted month-on-month basis, Singapore's manufacturing output increased 24 per cent in April.

 

Singapore manufacturing output surges 51%...

 

TOKYO
Japanese share prices opened higher on Wednesday, with the benchmark Nikkei-225 index rebounding 104.44 points, or 1.10 per cent, to 9,564.33 in the first minutes of trading.

 

 

Stocks recover from plunge

By Alexandra Twin, senior writerMay 25, 2010: 6:47 PM ET

NEW YORK (CNNMoney.com) -- Stocks erased most losses by the close Tuesday, with the Dow ending down just 22 points after having fallen close to 300 points earlier in the session, as worries about the global economy were tempered.

The Dow Jones industrial average (INDU) dropped 22 points, or 0.2%, recovering from larger losses earlier in the day. In the first hour of trading the Dow fell as much as 292 points to 9,774.48, the lowest level since Nov. 4.

The S&P 500 (SPX) was little changed and the Nasdaq (COMP) lost 2 points, or about 0.1%.

Stocks had been hit hard through the early afternoon, but began to recover late in the session, with investors nibbling at bank and select technology and consumer issues.

Bank stocks bounced after comments from Barney Frank that one of the more intensely disliked components of the Wall Street reform proposal could end up being cut from the final bill.

The House Financial Services Committee Chairman said that a provision of the Senate's version of the bill that requires banks to spin off their derivatives businesses goes too far. However, he said another provision that stops banks from wagering with their own money is likely to go through. The House and Senate are in the process of reconciling different versions of the bill.

Stocks have been sliding for most of the month on worries about how the European debt crisis will impact global growth. Meanwhile, the euro has been plunging. On Tuesday, the shared European currency briefly fell to levels just above a four-year low it hit earlier in the month. However, the euro cut its losses as U.S. stocks recovered.

"There's been very little news to cause investors to think the market is going to rally against the backdrop of global uncertainty," said Len Blum, managing director at Westwood Capital.

Greece's debt crisis sparked the initial worries about Europe that now encompass the other so-called PIIGS - Portugal, Italy, Ireland and Spain. Spain has been in the news most recently after the country's central bank had to take over a long-established savings bank last weekend.

"We're one international economy right now, and it would be hard for the U.S. to have meaningful growth if Europe is having a slowdown," Blum said.

But another analyst said that Europe's impact on the broad U.S. economy could be more limited than market participants seem to think.

"There's an element of herding and panic in the markets right now," said George Feiger, CEO at Contango Capital Advisors.

"But I don't think what's happening in Europe is as dramatic a problem for the U.S. economy as the stock market is suggesting," he said.

Feiger said that U.S. exports will be constricted as European growth slows and multinational companies will feel the impact of the weaker euro. However, he said that what happens in China and other emerging markets is more directly tied to U.S. growth than what happens in Europe.

The Chinese government has taken steps to slow growth to tamp down inflationary pressure, but demand for all kinds of products and natural resources from emerging markets is expected to stay strong over the next few years.

Volatility: The CBOE Volatility index, or the VIX (VIX), Wall Street's fear gauge, turned lower in the afternoon as stock selling eased and investors dipped back into select issues. The VIX fell nearly 10% to 34.61 after rising earlier in the afternoon.

But even the earlier advance was modest compared to a week ago when the stock selloff was more intense. Last Thursday the VIX jumped 30% to settle at a 14-month high of 45.48.

Correction: Stocks are also vulnerable in the aftermath of a big rally that propelled the Dow 71% between the March 2009 lows and highs hit in late April. In that same time period, the S&P 500 gained 80% and the Nasdaq gained 99%.

Since those rally highs, the Dow lost 10.2%, the S&P 500 slipped 11.8% and the Nasdaq dropped 12.5% through Monday's close.

A decline of more than 10% off the highs means the market has met the technical definition of a correction. The selling has also raised worries about whether stocks are heading into a bear market, technically a decline of 20% to 30% off the highs.

Europe: Markets in Europe tumbled on growing concerns about the debt crisis and how it might impact the global economy. Britain's FTSE 100 fell 2.5%, Germany's DAX lost 2.3% and France's CAC 40 slid 2.9%.

Euro/dollar: The euro lost 0.7% versus the dollar, falling to $1.2285. Earlier, the euro had dropped to within fractions of the four-year low of $1.2146 it hit earlier this month.

The dollar dropped 0.4% against the yen.

Asia: Asian markets were rattled by increased tension between North and South Korea, after reports said North Korean leader Kim Jong Il reportedly ordered the military to prepare for combat.

Japan's Nikkei fell 3.1% and Hong Kong's Hang Seng fell 3.5%. China's Shanghai Composite fell 1.9%.

Economy: Home prices fell in the first part of 2010, although they are up from a year ago, according to the Case-Shiller 20-city home price index. The index fell 3.2% in the first quarter from the fourth quarter of last year, although it gained 2% versus a year ago.

The index dipped 0.5% in March from February's levels, but rose 2.4% from a year ago.

The housing outlook has been mixed lately, with a report on Monday showing a spike in existing home sales in April on the back of a tax incentive that expired last month.

Consumer confidence rose in May, with a Conference Board index climbing to 63.3 from an downwardly revised 57.7 in April. Economists thought the index would climb to 58.3.

Commodities: U.S. light crude oil for July delivery fell $1.46 to settle at $68.75 a barrel on the New York Mercantile Exchange.

Washington focused on the BP (BP) oil spill in the Gulf with both the Senate and House of Representatives holding hearings. Lawmakers in the Senate argued about whether a cap on BP's liability for damages needs to be changed.

COMEX gold for June delivery rose $4 to $1,198 an ounce.

Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 3.16% from 3.23% where it stood late Monday. Treasury prices and yields move in opposite directions.

Trading volume: Market breadth was negative. On the New York Stock Exchange, losers beat winners three to two on volume of 1.89 billion shares. On the Nasdaq, decliners topped advancers two to one on volume of 2.9 billion shares. 

 

Stocks tumble as euro slumps

By Alexandra Twin, senior writerMay 18, 2010: 6:28 PM ET

NEW YORK  (CNNMoney.com) -- Stocks slumped Tuesday as the euro touched a fresh four-year low versus the dollar, keeping Europe's woes front and center and overshadowing better-than-expected earnings from big U.S. retailers.

The Dow Jones industrial average (INDU) lost 115 points, or 1.1%. The S&P 500 (SPX) index lost 16 points, or 1.4%. The Nasdaq composite (SPX) lost 37 points, or 1.6%.

Stocks had managed some early gains as investors focused on Home Depot and Wal-Mart Stores' earnings and an improved report on home construction. But the broader malaise that has afflicted the stock market soon returned.

The stock sell-off picked up steam in the afternoon as the euro flirted with and then fell below a four-year low hit on Monday.

"I think the euro issue has everyone unnerved now because they are worried it's the start of something bigger," said Tommy Williams, founder and president of Williams Financial Advisors. "But I think it's the tail-end of or aftermath of what we saw in 2008 rather than something new."

Williams said fears that European debt issues could spark a second recession are overblown as U.S. economic fundamentals remain positive.

Technology and financial shares led the declines Tuesday. Intel (INTC, Fortune 500), Cisco Systems (CSCO, Fortune 500), Hewlett-Packard (HPQ, Fortune 500) and Advanced Micro Devices (AMD, Fortune 500) were among the big losers. Bank of America (BAC, Fortune 500), Wells Fargo (WFC, Fortune 500) and a number of regional banks all declined, dragging down the KBW Bank (BKX) index by 3.7%.

The CBOE Volatility index, or the VIX (VIX), the market's fear gauge, spiked 7% to $33.24, its highest point in over a week.

Stocks ended with slight gains Monday after digging out of heavy losses accrued earlier in the day. Markets have been under pressure for several weeks amid worries about the European debt crisis, the deteriorating euro and the impact they may have on the global recovery.

World markets: Markets across the Atlantic rallied Tuesday, although the euro remained volatile.

The British FTSE 100 gained 0.9%, the German DAX gained 1.5% and the French CAC 40 gained 2.1%.

The dollar fell 0.2% versus the yen.

Asian markets ended higher, with the Hong Kong Hang Seng rising 1.2%, the Japanese Nikkei ending just above breakeven and the Shanghai Composite adding 1.4%.

Economy: A report on the housing market offered a mixed take on the health of the industry.

Housing starts rose 5.8% to a seasonally adjusted annualized rate of 672,000 in April from 635,000 in March. Economists surveyed by Briefing.com expected 655,000.

But building permits, a measure of builder confidence, fell 11.5% in April to a seasonally adjusted rate of 606,000 from 685,000 in March. Economists expected a rate of 680,000.

Another report showed that the Producer Price index (PPI), a key measure of wholesale inflation, fell 0.1% in April after rising 0.7% in March. The so-called Core PPI, which strips out volatile food and energy prices, rose 0.2% after rising 0.1% in March. Economists thought Core PPI would rise 0.1%.

Corporate profits: Dow retailers Home Depot (HD, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500) both reported better-than-expected quarterly results.

Home Depot reported a 41% jump in fiscal first-quarter earnings thanks to strength in seasonal items and better profitability. The home improvement retailer also boosted its full-year earnings outlook. Shares lost 2.4%.

Wal-Mart Stores reported improved earnings from a year ago that beat estimates, but issued a second-quarter earnings forecast that was short of expectations. Separately, the company said it was cutting prices on a number of food and household products. Shares gained 1.9%.

Wal-Mart was the Dow's only gainer, with 29 of 30 Dow issues falling, led by tech and financial names.

Commodities: U.S. light crude oil for June delivery fell 67 cents to settle at $69.41 a barrel on the New York Mercantile Exchange.

COMEX gold for June delivery fell $13.50 to settle at $1,216.80 an ounce.

Bonds: Treasury prices rose, lowering the yield on the 10-year note to 3.39% from 3.47% late Monday. Treasury prices and yields move in opposite directions.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by over three to one on volume of 1.53 billion shares. On the Nasdaq, decliners beat advancers nearly three to one on volume of 2.43 billion shares. 

 

Stocks recover after euro rebounds

By Hibah Yousuf, staff reporterMay 17, 2010: 4:43 PM ET

NEW YORK (CNNMoney.com) -- U.S. stocks erased losses and finished higher Monday after the euro rebounded from a four-year low and gained ground against the dollar, despite lingering worries about Europe's financial crisis.

The Dow Jones industrial average (INDU) erased its 184-point loss and added 6 points, or 0.1%. The S&P 500 (SPX) rose 1 point, or 0.1%, and the Nasdaq composite (COMP) gained 7 points, or 0.3%.

Before posting gains, all three indexes were more than 1% lower but began to trim losses with an hour left in the session.

Earlier on Monday, the euro sank below $1.23, as debt concerns weighed on investors. But the currency recovered its losses late in the afternoon.

U.S. stocks tumbled Friday, as the Dow lost 1.5%, and S&P 500 and Nasdaq slipped about 2% on a weak euro.

Investors remained concerned about soaring deficits throughout Europe despite the $1 trillion aid package for Greece and other debt-ridden nations that had triggered a rally in stocks early last week. Despite Friday's decline, the three major indexes ended higher for the week.

"Investors are trying to figure out how appropriately a slowdown in the euro zone is priced in," said Art Hogan, chief market strategist at Jefferies & Co.

Hogan expected stocks to move into positive territory as investors digest strong corporate earnings and a steady stream of economic data, which has been overshadowed by Europe's sovereign debt problems.

But the afternoon turnaround was also spurred by bargain hunting, said Kenny Landgraf, founder of Kenjol Capital Management.

"Stocks went down to the lows they saw last week, but didn't break break below those technical levels as money came back into the market," Landgraf said.

But stocks will continue on their roller coaster through the summer as Europe manages its fiscal crisis said Clark Capital Management Group Chief Executive Harry Clark. He doesn't expects U.S. markets to begin trending upward until the fall.

Economy: A report from the Federal Reserve Bank of New York showed that manufacturing growth slowed in the region in May. The Empire State Manufacturing Survey's index fell to 19.1 from 31.9 in April. Economists surveyed by Briefing.com expected the index to slip modestly to 30.

The Treasury said China boosted its holdings of U.S. debt in March for the first time in six months, increasing them by 2% to $895.2 billion. With mounting concerns over European debt and a strengthening U.S. economy, overall foreign holdings of Treasury securities rose by 3.5% to $3.88 trillion.

Companies: General Motors posted its first quarterly profit in nearly three years, earning $865 million on revenue of $31.5 billion. After emerging from bankruptcy last July, the company has trimmed costs and increased sales thanks to an improving economy and recall troubles at rival Toyota.

Hope improvement retailer Lowe's (LOW, Fortune 500) posted a profit that rose 2.7% from a year earlier and topped expectations as demand for big-ticket items improved. But the company's forecast for the second quarter came in lower than expectations, and shares of the retailer finished 3% lower.

World markets: European stocks finished mixed, with France's CAC 40 down 0.5%, Germany's DAX 0.2% higher and Britain's FTSE 100 lower less than 0.1%.

Asian markets finished the session lower. The decline was led by China, where the Shanghai Composite sank 5.1%. Japan's Nikkei ended 2.2% lower and the Hang Seng in Hong Kong fell 2.1%.

Dollar and commodities: : After holding firm against the euro most of the day, the dollar fell 0.3% late in the afternoon. But the greenback was 0.3% higher against the the British pound and rose 0.1% versus the Japanese yen.

U.S. light crude oil for June delivery slid $1.53, or 2.1% to settle at $70.08 a barrel -- a five-month high.

Gold prices continued to rise, gaining 70 cents, or 0.1%, to settle at $1,228.50 per ounce.

Bonds: Treasury prices gave up gains Monday afternoon. The price of benchmark 10-year note edged lower, and its yield edged up to 3.49%. Bond prices and yields move in opposite directions.  

 

 

Now the Dow and European markets are the leaders...

China needs to catch up... 

 

Stocks gain as European fears fade

By Hibah Yousuf, staff reporterMay 12, 2010: 4:58 PM ET

NEW YORK (CNNMoney.com) -- Stocks rallied Wednesday, with the Dow logging triple-digit gains, as European debt noise faded and investors focused on an improving domestic economy and corporate earnings.

The Dow Jones industrial average (INDU) gained 149 points, or 1.4%, ending for the first time above last Wednesday's close, before turmoil swept through the market, culminating in last Thursday's flash crash.

The S&P 500 index (SPX) added 16 points, or 1.4%, and the Nasdaq composite (COMP) rose 50 points, or 2.1%.

Tech and industrial stocks led the advance. Shares of Intel (INTC, Fortune 500), IBM (IBM, Fortune 500) and Cisco Systems (CSCO, Fortune 500), which reported its best quarter even after the close, finished up more than 3%. Manufacturers Boeing (BA, Fortune 500), Caterpillar (CAT, Fortune 500) and Du Pont (DD, Fortune 500) gained more than than 2%.

"At these early stages of an economic recovery, those sectors should be doing well on good days," said Paul Radeky, president of KDV Wealth Management. He added that investors are gaining confidence for riskier assets, such as stocks, because corporate earnings are coming in strong.

Stocks finished lower Tuesday in a volatile session as investors digested a $1 trillion European aid package, but remained cautious amid ongoing fears that the Greek debt crisis could spread to other nations if they don't work to reduce deficits.

"There seems to be less of a focus on the European debt problems in the marketplace, so we're seeing some buying" said Peter Cardillo, chief market economist at Avalon Partners. "The trade deficit report also came in better than we were expecting, so there's some build from that."

Investors were also calmed by Spain's Prime Minister Jose Luis Rodiguez Zapatero's announcement that civil servant salaries will be cut by 5% beginning in June in an effort to reduce costs.

The CBOE Volatility index, or the VIX (VIX), Wall Street's fear gauge, dipped 9%. Last week, the measure had shot up to 13-month highs as investors remained nervous about the sovereign debt crisis.

But Cardillo cautioned that fiscal problems in Europe will continue to resurface as long as deficits remain high.

He added that the market should begin to consolidate after the recent volatility and move into a tighter trading range, gearing up for a "solid bull run" in the second half of the year.

Economy: The Commerce Department said the trade deficit increased 2.5% in March, widening to $40.4 billion from a downwardly revised $39.4 billion the previous month. That was lower than the $40.5 billion that analysts surveyed by Briefing.com expected.

The Treasury reported the 19th consecutive monthly deficit, with a shortfall of $82.7 billion in its April budget. That's much larger than the $52 billion gap economists were expecting during month, and it also topped March's $65.4 billion deficit. Historically, the government's budget posts a surplus during the month thanks to the April 15 tax filing deadline.

Companies: U.S. federal prosecutors are looking into whether Morgan Stanley (MS, Fortune 500) misled investors about complex mortgage derivatives it designed, according to the Wall Street Journal. The company, however, denies any knowledge of the investigation. Shares of the bank fell more than 2%.

After the closing bell, Cisco Systems posted a fiscal third-quarter profit that surged 63% to $2.2 billion from a year earlier. Adjusted for one-time charges, the network equipment maker earned 42 cents per share, beating analyst estimates of 39 cents per share. Sales climbed 27% to $10.4 billion and also topped analysts' expectations. Shares of the company fell 1% in after-hours trading.

Disney (DIS, Fortune 500) reported profit and revenue that beat analysts' expectations late Tuesday. Thanks to the success of "Alice in Wonderland," the media giant's profit surged 55% to $953 million, or 48 cents per share, and sales climbed 6% to $8.58 billion. Stock in Disney ended 1.8% lower.

World markets: Stocks gained in Europe as the gross domestic product in the European Union rose 0.2% last quarter. Britain's FTSE 100 and France's CAC 40 finished up about 1%, and Germany's DAX rose more than 2.6%.

In Asia, Japan's Nikkei index closed 0.2% lower and the Hang Seng in Hong Kong ended up 0.3%.

Dollar and commodities: The dollar erased earlier losses and turned higher against the euro in the afternoon, rising 0.2%. The greenback also gained 0.9% against the British pound and was up 0.6% against the Japanese yen.

Gold prices continued to soar, rising $23.20 an ounce, or 1.9%, to settle at a record $1,243.50.

U.S. light crude oil slipped 72 cents, or 1%, to settle at $75.65 a barrel after a larger-than-expected build in crude supplies.

Bonds: Treasury prices extended gains, with the benchmark 10-year yield up to 3.63%, after a $24 billion auction of 10-year notes. Bond prices and yields move in opposite directions.

Market breadth was positive. On the New York Stock Exchange, winners topped losers six to one on volume of 1.3 billion shares. On the Nasdaq, advancers beat decliners five to one on volume of 2.3 billion shares. 

 

http://sg.news.yahoo.com/afp/20100507/tap-china-politics-economy-property-inte-8d4ea94.html

BEIJING (AFP) - – China's recent measures to rein in soaring property prices had been effective in stabilising the real estate market, on Friday during a rare online chat with Internet users.

Qi also warned excessive increases in property prices posed a risk to "living standards, security of the financial system and social harmony and stability".

"The trend of excessively fast rising residential property prices in some cities has been curbed, sparking a wide, positive response in society," Qi Ji, vice minister of housing and urban-rural development, told web users.

Hang Seng

-280.13 pt

20,146.51

 

 

SHANGHAI

Chinese shares closed at their lowest level in nearly a year on Tuesday

 

 

 

TOKYO - ASIAN stocks mostly rose for a second day on Tuesday as investors added to a global buying blitz after a nearly US$1 trillion (S$1.38 trillion) plan to contain Europe's debt crisis.

Japan's Nikkei 225 stock average gained just 0.1 per cent to 10,539.01 after jumping 1.6 per cent on Monday. South Korea's Kospi climbed 0.6 per cent to 1,688.4 and Australia's S&P/ASX 200 was up 0.4 per cent at 4,618.2.

Benchmarks in mainland China, Taiwan and Singapore also advanced, while Hong Kong's Hang Seng index retreated 0.5 per cent to 20,341.28. Overnight on Wall Street, stocks rocketed to their biggest gain in a year. The Dow Jones industrials surged 3.9 per cent to 10,785.14.

Investors were reassured after the European Union and the International Monetary Fund agreed to create a nearly $1 trillion rescue fund to support European nations burdened by heavy debt. The size of Europe's response was greater than most analysts had expected, and it signaled that policymakers are ready to take major measures to protect the euro and keep Europe's problems from spreading.

Markets were also relieved that the Federal Reserve and other central banks stepped up with financial support to corral what analysts warned was a growing financial crisis.

Financial issues in Sydney gained with National Australia Bank Ltd. up 0.7 percent. In currencies, the dollar fell to 93.04 yen from 93.29 yen late Monday. The euro held steady at $1.2791.

TOKYO
Japanese shares closed 1.14 per cent lower on Tuesday as market caution set in over the eurozone?s structural reform package aimed at heading off a financial crisis, brokers said.


The headline Nikkei index of the Tokyo Stock Exchange fell 119.60 points to 10,411.10, while the Topix index of all first section shares closed down 12.54 points, or 1.33 per cent, at 932.10.

HONG KONG
Hong Kong shares fell on Tuesday as euphoria over Europe?s bailout receded and worries returned about China?s credit tightening measures.

The benchmark Hang Seng Index gave up 291.28 points to 20,135.36. Turnover was 40.84 billion Hong Kong dollars (S$7.24 billion).

SHANGHAI
Chinese shares closed at their lowest level in nearly a year on Tuesday as higher-than-expected April inflation data and housing prices triggered fears of fresh credit tightening moves, dealers said

The Shanghai Composite Index, which covers both A and B shares, was down 1.90 per cent, or 51.18 points, at 2,647.57 on turnover of 101.0 billion yuan (S$20.4 billion).

The index hit its lowest closing level since May 27, 2009, when it finished at 2,632.93.

KUALA LUMPUR
Share prices on Bursa Malaysia remained firm as at mid-day on Tuesday as fears over Greece?s credit crisis subsided following the US$1 trillion bailout rescue plan announced Sunday, dealers said.

At lunch break, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rose 6.02 points to 1,339.99, pushed mostly by gains in Genting and Sime Darby. The FBM Emas Index added 36.26 points to 9,012.58 while the FBM ACE declined 8.83 points to 4,000.13.

Gainers led losers by 303 to 279 while 276 counters were unchanged, 514 untraded and 29 others suspended.

Turnover stood at 426.702 million shares worth RM617.893 million.

 

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Blastoff      ( Date: 04-May-2010 06:22) Posted: Stocks start May strong By Alexandra Twin, senior writerMay 3, 2010: 5:54 PM ET NEW YORK (CNNMoney.com) -- Stocks rallied Monday, bouncing back after a big selloff last week as investors welcomed news that European leaders agreed to provide Greece with $146 billion in aid over the next three years. A number of better-than-expected economic reports and some positive monthly sales numbers from the nation's automakers added to the gains. The Dow Jones industrial average (INDU) rallied 143 points, or 1.3%. The S&P 500 index (SPX) gained 15 points or 1.3%, surpassing 1,200, a key psychological level. The Nasdaq composite (COMP) rose 37 points or 1.5%. Investors welcomed reports that Greece will receive a substantial bailout from the European Union (EU) and the International Monetary Fund (IMF), as it set to rest worries that the country's ballooning deficit would drag on the euro and exacerbate problems for other debt-plagued nations. Portugal, Italy, Ireland, Greece and Spain - the so-called PIIGS, have all struggled to pay back debt. "We're seeing a reflex rally after last week's selling," said Jamie Cox, managing partner at Harris Financial Group. "The bailout happened and it's reassured us," he said. "You put Greece into the background, that means there is a template for all other EU bailouts." The Greek bailout, along with better-than-expected reports on manufacturing and construction spending in the U.S., overshadowed reports that China is boosting its bank reserves to counteract inflationary pressure. Concerns about China limiting its lending dragged on markets earlier this year. Investors may have also taken some comfort from comments from influential investor Warren Buffett over the weekend. Buffett said he doesn't think Goldman Sachs did anything wrong in the sale of subprime-related securities at the center of an SEC fraud charge and potential criminal probe from the Justice Department. Buffett's Berkshire Hathaway has a big investment in Goldman Sachs' preferred stock. Stocks tumbled Friday, posting a weekly decline for the first time in nine weeks, after reports that Goldman Sachs is facing a criminal probe sparked analyst downgrades and a selloff in the financial sector. Monday, Goldman Shares (GS, Fortune 500) gained 5%, rising along with a variety of financial shares. The KBW Bank (BKX) sector index added 1.7%. However, gains were broad-based, with 29 of 30 Dow stocks advancing, led by Boeing (BA, Fortune 500), United Technologies (UTX, Fortune 500), Chevron (CVX, Fortune 500), Hewlett-Packard (HPQ, Fortune 500), IBM (IBM, Fortune 500), 3M (MMM, Fortune 500) and Caterpillar (CAT, Fortune 500). Auto sales: Auto and truck sales were being released throughout the session. Ford Motor (F, Fortune 500) posted a 25% year-over-year sales gain in April, the fifth straight month of 20% or more improvement. General Motors (GM) said sales rose 6% from a year ago and fell 2% from last month. Toyota Motor (TM) said sales for April rose 24% versus a year ago, while Honda Motor (HMC) said sales rose 13% versus the previous year. Greece: Worries that Greece would default on its debt have dragged on the stock market for weeks, particularly with a May 19 deadline looming for the country to pay back over $11 billion. But over the weekend, the EU and the IMF agreed to provide $146 billion in aid over three years, with up to $40 billion available in the first year. The loans were granted after Greece announced it was taking on new "austerity" measures to cut expenses and bring down its budget. On Monday, influential Germany voted to provide $40 billion over three years, saying that letting the country go bankrupt would destabilize the euro. 0:00 /0:28Buffett: No fraud at Goldman Sachs Airlines: UAL (UAUA, Fortune 500)'s United Airlines said it will buy Continental (CAL, Fortune 500) in a $3.2 billion stock deal that will create the world's largest airline, overtaking current leader Delta Air Lines (DAL, Fortune 500). The combined company will use United's name and Continental's logo and is expected to have annual revenues of $29 billion. Apple: Apple (AAPL, Fortune 500) said it sold 1 million iPads in one month, with sales outpacing the first month for the iPhone by roughly two to one. Goldman has a big legal problem Economy: The Institute for Supply Management's April manufacturing index rose to 60.4 from 59.6 in March. Forecasts had called for a rise to 60, according to a consensus of economists surveyed by Briefing.com. March construction spending rose 0.2%, the government reported. Spending fell 2.1% in April and was expected to fall 0.3%. Personal income for March rose 0.3% after rising 0.1% in February, according to a Commerce Department report released before the start of trading. Economists thought income would rise 0.3%. Personal spending rose 0.6% in March, in line with forecasts, after rising 0.5% in the previous month. World markets: In overseas trading, European markets rose, with France's CAC 40 up 0.3% and Germany's DAX up 0.5%. London's FTSE was closed. Asian markets were mixed, with Hong Kong's Hang Seng index down 1.4% and Japan's Nikkei up 1.2%. The dollar and commodities: The dollar fell versus the euro and gained against the yen. U.S. light crude oil for June delivery rose 4 cents to settle at $86.19 a barrel on the New York Mercantile Exchange. COMEX gold for June delivery rose $2 to $1,182.70 per ounce. Bonds: Treasury prices slipped, raising the yield on the 10-year note to 3.70% from 3.66% Friday. Treasury prices and yields move in opposite directions. Market breadth was positive. On the New York Stock Exchange, winners topped losers by over three to one on volume of 1.18 billion shares. On the Nasdaq, advancers topped decliners by over two to one on volume of 2.34 billion shares.