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US market retreats ahead of key central bank meetings Inbox | | | | | | From: NetResearch Asia [mailto:postman@netresearch-asia.com]
Sent: Tuesday, July 30, 2013 9:55 AM
To: NetResearch Asia 30 Jul 2013
Subject: US market retreats ahead of key central bank meetings
Pre-Market Open Commentary for 30 July 2013
( CO. REG. NO.
199904258C )
DJIA: 15521.97 -36.86
Nasdaq Composite: 3599.14 -14.03
Good morning, fellow investors
US stock market started the trading week on a weak note as investors
reduced exposure to equities ahead of policy meetings of the US Federal
Reserve, the European Central Bank and Bank of England. In particular,
market will look to the Fed for clues on the timing of tapering of its U$85
bil monthly bond-purchase program.
Pending home sales pulled back from a six-year high, as the pending home
sales index dipped 0.4% in June, a sign that rising mortgage rates were
starting to dampen home sales. However, the fall in sales was still less
severe than expectations of a fall of 1.0%.
Corporate merger news failed to lift sentiment in the broader market. Saks
surged 4.2% after Hudson’s Bay, parent company of rival luxury retailer
Lord & Taylor, announced it would acquire the department store chain for US
$2.4 bil. Omnicom and France's Publicis agreed to a merger to create the
world's largest advertising holding company, with a combined market value
of US$35.1 bil. US over-the-counter drugmaker Perrigo announced an US$8.6
bil deal comprising cash and stock that pays about a 26% premium for Elan
shareholders, to acquire Irish drugmaker Elan Corporation. Shares of Elan
rose 3.6%.
The three major US indices pulled back with the Dow Jones Industrial
Average losing 0.24% while the S&P 500 fell 0.37% to close at 1685.33. The
Nasdaq retreated 0.39%.
On Tuesday, market will take leads from S&P Case-Shiller home price index,
consumer confidence as well as earnings of major corporate including from
BP, Merck and Chrysler. The Federal Reserve is also scheduled to begin its
two-day policy meeting on the same day.
Crude oil for September delivery pulled back US$0.15 a barrel, or 0.14%, to
settle at US$104.55 a barrel.
In Singapore today:
Singapore stock market traded mostly in the red on Monday as traders turned
cautious ahead of central bank policy meetings in the US, Europe and the UK
this week. Reports of weak profits from Chinese industrial firms renewed
fears of slowing Chinese economic growth and further weighed on sentiment.
The STI index pulled back as much as 17.6 point to 3218.5 during the
session but reversed losses to close 0.87 points, or 0.03% higher at
3236.97. For every stock that rose, 1.9 fell. Turnover was 1.8 bil shares
with a value of $911.4 mil traded, as penny caps dominated trading.
Swiber Holdings, an offshore oil and gas construction and services provider
clinched two contracts comprising one valued at US$330 mil under the firm
and another valued at US$105 mil under a Swiber Group joint venture
company, taking the total value of its project wins in 2013 to cross the US
$500mil-dollar mark. These projects are expected to complete by 2015. In
February 2013, Swiber clinched a US$153 mil project. With the prospects of
the offshore oil and gas industry looking bright and Swiber’s competitive
edge, Swiber’s CEO is upbeat that the group will continue to attract
high-value work from international oil and gas majors in the Asia Pacific,
Latin America and Middle Eastern regions.
In the absence of fresh compelling leads, expect another day of range-bound
trading on the local bourse on cautious trading ahead of key central bank
meetings in the US and Europe.
1. Chartzones – 30 July 2013 (premium)
Media, China Stocks and Technology Stocks [read the report]
2. TEE International Ltd - 4Q13 results update (free)
Infrastructure services on the move [read the report] | |
....
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31-Jul 2013 Wednesday
9:03 AM (3925 days ago)
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