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From: NetResearch Asia [mailto:postman@netresearch-asia.com]
Sent: Thursday, July 11, 2013 9:43 AM
To: NetResearch Asia 11 Jul 2013
Subject: US market takes a breather
Pre-Market Open Commentary for 11 July 2013
( CO. REG. NO.
199904258C )
DJIA: 15291.66 -8.68
Nasdaq Composite: 3520.76 +16.50
Good morning, fellow investors
US stock market closed largely unchanged in lacklustre trading on Wednesday
in the absence of fresh economic news and after the minutes to the Federal
Reserve. The minutes from the Fed's June meeting indicated that the central
bank is likely to scale back on economic stimulus measures soon but many
policymakers needed more assurance on the strength of the employment
recovery before scaling back its bond purchases.
On corporate news, shares of Family Dollar soared 7.1%, leading gains in
the S&P 500, after the retailer reported stronger than expected earnings
and raised its 2013 outlook. Shares of rival firms Dollar General and
Dollar Tree also rallied.
The three major US indices closed largely unchanged with the Dow Jones
Industrial Average dipping 0.06% while the S&P 500 edged higher by a modest
0.02% to close at 1652.62. The Nasdaq rose 0.47%.
On Thursday, market will take leads from readings on jobless claims, import
& export prices, Treasury budget as well as chain store sales.
Crude oil for August delivery rose US$2.99 a barrel, or 2.89%, to settle at
US$106.52 a barrel as stockpiles of crude dwindled and on rising tension in
Egypt.
In Singapore today:
Singapore stock market, along with most Asian bourses, trimmed earlier
gains led by positive leads from Wall Street after dismal Chinese trade
data re-ignited fears of slowing growth in the global and Chinese economy.
China’s trade numbers for June underperformed market expectations with both
exports and imports contracting, underscoring the severity of weakness in
both global and domestic demand. Chinese exports fell 3.1% YoY in June,
marking the first decline since January 2012 and below expectations of a
rise of 4% YoY, after a 1% YoY rise in May while imports fell 0.7% YoY in
June, below expectations of a growth of 8.0% YoY, after a 0.3% YoY decline
in May. The STI index hit an intra-day high of 3205.82 points with gains of
up to 27 points during the session but gains whittled in late trading and
at closing on Wednesday, the benchmark index advanced a modest 9.41 points,
or 0.30%, to 3188.04. For every stock that rose, 1.1 fell. Turnover was 1.9
bil shares with a value of $1.3 bil traded.
Despite lackluster reaction in the US market to the minutes of the Fed
meeting, expect the local bourse to extend gains today following the Fed
chairman’s supportive stance on monetary policy. After the minutes were
released, Fed Chairman Ben Bernanke commented that monetary policy would
remain accommodative for the foreseeable future, even if the US
unemployment rate hits the Fed's target of 6.5%.
1. Chartzones – 11 July 2013 (premium)
Consumer, Telecoms, Banks and Transport Stocks [read the report]
2. Chartzones – 10 July 2013 (free)
Technology Stocks [read the report]
3. Chartzones - 9 July 2013 (free)
Media, China Stocks and Technology Stocks [read the report]
4. Kevin's blog: Innotek queried by SGX on strong share price movement
on volume.... (free)
[read the report]
....
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