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03.08
Commodity Stock Down in Asia after Standard and Poor Cut US Credit Rating
Written By mine on Jumat, 15 Juli 2011 | 03.08
Stock commodity in Asia down after Standard & Poor?s said it may cut the U.S.?s credit rating and the Federal Reserve ruled out immediate further bond purchases, driving down oil and metal prices yesterday.
BHP Billiton Ltd. (BHP), the world?s largest mining company, sank 1.6 percent in Sydney. Woodside Petroleum Ltd. (WPL), the nation?s second-biggest oil and gas producer, lost 2.2 percent. Mitsubishi Corp., Japan?s largest commodities trader, dropped 0.5 percent in Tokyo. Asustek Computer Inc. (2357) jumped 4.9 percent in Taipei after Nomura Holdings Inc. named the company one of its top picks among Asian technology stocks.
The MSCI Asia Pacific Index fell 0.1 percent to 135.58 as of 5:02 p.m. in Tokyo. About five stocks rose for every four that fell. Last week, the gauge extended its rally for a third week as European leaders hammered out proposals to roll over debt to stop Greece defaulting, China?s latest interest-rate increase sparked speculation a tightening cycle may soon end, and a report showed U.S. retail sales rose.
?America still provides growth leadership and is the missing piece in the recovery story in many ways,? said James Holt, Sydney-based director of BlackRock Investment Management (Australia) Ltd., which oversees about $40 billion. ?The default position is that a deal on the debt ceiling will be struck, but markets are getting jittery about the lack of progress. You either have a deal or you have a default, and one is hugely positive while the other is hugely negative.?
U.S. Stalemate
S&P said there was at least a 50 percent chance it will lower the U.S. AAA rating within 90 days, citing the risk of a stalemate enduring beyond any near-term agreement to raise the nation?s debt ceiling. Moody?s Investors Service put the U.S. credit rating on review July 13 for a downgrade. The U.S. has held the top rating since 1917.
Hong Kong?s Hang Seng Index dropped 0.3 percent, led by developers after China said it?s seeking to limit residential property prices in smaller cities. Australia?s S&P/ASX 200 Index fell 0.4 percent. Japan?s Nikkei 225 (NKY) Stock Average rose 0.4 percent. South Korea?s Kospi Index gained 0.7 percent.
Futures on the Standard & Poor?s 500 Index dropped 0.1 percent today. In New York, the index slipped 0.7 percent yesterday to the lowest level this month as a stalemate continued in Washington on negotiations over the U.S. debt ceiling.
Bernanke?s Mix Message
Fed Chairman Ben S. Bernanke, testifying for a second day before the Senate Banking Committee, told lawmakers yesterday: ?We?re not prepared at this point to take further action.? A day earlier, he had said he was prepared to provide more stimulus if needed.
Even as the ratings companies warned of downgrades, U.S. Treasuries were still set for a weekly gain and three auctions this week attracted higher-than-average bidding as the worsening European debt crisis spurred investor demand for safer assets.
Ten-year Treasury yields were little changed at 2.96 percent, after falling to this year?s low of 2.81 percent earlier this week. The 10-year average is 4.06 percent.
BHP, also Australia?s No. 1 oil producer, sank 1.6 percent to A$42.89 in Sydney. Woodside fell 2.2 percent to A$39.17. Jiangxi Copper Co., China?s biggest producer of the metal by market value, slid 1.8 percent to HK$27.00 in Hong Kong. Mitsubishi Corp. (8058) dropped 0.5 percent to 2,049 yen in Tokyo. Inpex Corp. (1605), Japan?s largest energy exploration company, lost 1.5 percent to 588,000 yen.
Hong Kong Developers
Crude oil for August delivery dropped 2.4 percent to settle at $95.69 a barrel in New York yesterday. The London Metal Exchange Index of prices for six metals including copper and aluminum fell 1.8 percent.
Developers fell in Hong Kong after a summary of a State Council meeting chaired by Premier Wen Jiabao showed China will expand efforts to curb the growth in residential prices to smaller cities after limiting home purchases in Beijing and Shanghai.
China Overseas Land & Investment Ltd. (688), controlled by the nation?s construction ministry, sank 4.9 percent to HK$16.08, while China Resources Land Ltd. (1109), another state-controlled developer, dropped 2.9 percent to HK$14.68.
The MSCI Asia Pacific Index lost 1.5 percent this year through yesterday, compared with a gain of 4.1 percent by the S&P 500 and a drop of 2.9 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 13.5 times estimated earnings on average, compared with 13.2 times for the S&P 500 and 10.7 times for the Stoxx 600.
Technology Stocks
Asustek climbed 4.9 percent to NT$280 in Taipei, leading technology stocks higher. Nomura said the company will likely be able to exceed its shipment target with a new tablet computer model, according to a report yesterday.
Other technology stocks rose after Google Inc. (GOOG), owner of the world?s largest Internet-search engine, reported sales and profit that topped analysts? estimates.
MediaTek Inc., Taiwan?s largest chip designer, climbed 1.9 percent to NT$263. Lenovo Group Ltd., China?s biggest maker of personal computers, advanced 1 percent to HK$4.86 in Hong Kong.
Japanese electronics retailers advanced after the Nikkei newspaper reported that Japan may revive a program designed to promote sales of energy-efficient appliances to help cut power usage.
Yamada Denki Co. surged 2.4 percent to 6,880 yen. Bic Camera Inc. gained 3.1 percent to 49,250 yen.
Also in Tokyo, Hitachi Ltd., a maker of products from electronics to nuclear reactors, rose 1.9 percent to 484 yen after the company won preferential negotiating rights to join a Lithuanian nuclear plant project.
Mitsubishi Chemical Holdings Corp. (4188), a chemicals maker, gained 1.9 percent to 602 yen after the Nikkei said the company may report higher profit than previously forecast.
BHP Billiton Ltd. (BHP), the world?s largest mining company, sank 1.6 percent in Sydney. Woodside Petroleum Ltd. (WPL), the nation?s second-biggest oil and gas producer, lost 2.2 percent. Mitsubishi Corp., Japan?s largest commodities trader, dropped 0.5 percent in Tokyo. Asustek Computer Inc. (2357) jumped 4.9 percent in Taipei after Nomura Holdings Inc. named the company one of its top picks among Asian technology stocks.
The MSCI Asia Pacific Index fell 0.1 percent to 135.58 as of 5:02 p.m. in Tokyo. About five stocks rose for every four that fell. Last week, the gauge extended its rally for a third week as European leaders hammered out proposals to roll over debt to stop Greece defaulting, China?s latest interest-rate increase sparked speculation a tightening cycle may soon end, and a report showed U.S. retail sales rose.
?America still provides growth leadership and is the missing piece in the recovery story in many ways,? said James Holt, Sydney-based director of BlackRock Investment Management (Australia) Ltd., which oversees about $40 billion. ?The default position is that a deal on the debt ceiling will be struck, but markets are getting jittery about the lack of progress. You either have a deal or you have a default, and one is hugely positive while the other is hugely negative.?
U.S. Stalemate
S&P said there was at least a 50 percent chance it will lower the U.S. AAA rating within 90 days, citing the risk of a stalemate enduring beyond any near-term agreement to raise the nation?s debt ceiling. Moody?s Investors Service put the U.S. credit rating on review July 13 for a downgrade. The U.S. has held the top rating since 1917.
Hong Kong?s Hang Seng Index dropped 0.3 percent, led by developers after China said it?s seeking to limit residential property prices in smaller cities. Australia?s S&P/ASX 200 Index fell 0.4 percent. Japan?s Nikkei 225 (NKY) Stock Average rose 0.4 percent. South Korea?s Kospi Index gained 0.7 percent.
Futures on the Standard & Poor?s 500 Index dropped 0.1 percent today. In New York, the index slipped 0.7 percent yesterday to the lowest level this month as a stalemate continued in Washington on negotiations over the U.S. debt ceiling.
Bernanke?s Mix Message
Fed Chairman Ben S. Bernanke, testifying for a second day before the Senate Banking Committee, told lawmakers yesterday: ?We?re not prepared at this point to take further action.? A day earlier, he had said he was prepared to provide more stimulus if needed.
Even as the ratings companies warned of downgrades, U.S. Treasuries were still set for a weekly gain and three auctions this week attracted higher-than-average bidding as the worsening European debt crisis spurred investor demand for safer assets.
Ten-year Treasury yields were little changed at 2.96 percent, after falling to this year?s low of 2.81 percent earlier this week. The 10-year average is 4.06 percent.
BHP, also Australia?s No. 1 oil producer, sank 1.6 percent to A$42.89 in Sydney. Woodside fell 2.2 percent to A$39.17. Jiangxi Copper Co., China?s biggest producer of the metal by market value, slid 1.8 percent to HK$27.00 in Hong Kong. Mitsubishi Corp. (8058) dropped 0.5 percent to 2,049 yen in Tokyo. Inpex Corp. (1605), Japan?s largest energy exploration company, lost 1.5 percent to 588,000 yen.
Hong Kong Developers
Crude oil for August delivery dropped 2.4 percent to settle at $95.69 a barrel in New York yesterday. The London Metal Exchange Index of prices for six metals including copper and aluminum fell 1.8 percent.
Developers fell in Hong Kong after a summary of a State Council meeting chaired by Premier Wen Jiabao showed China will expand efforts to curb the growth in residential prices to smaller cities after limiting home purchases in Beijing and Shanghai.
China Overseas Land & Investment Ltd. (688), controlled by the nation?s construction ministry, sank 4.9 percent to HK$16.08, while China Resources Land Ltd. (1109), another state-controlled developer, dropped 2.9 percent to HK$14.68.
The MSCI Asia Pacific Index lost 1.5 percent this year through yesterday, compared with a gain of 4.1 percent by the S&P 500 and a drop of 2.9 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 13.5 times estimated earnings on average, compared with 13.2 times for the S&P 500 and 10.7 times for the Stoxx 600.
Technology Stocks
Asustek climbed 4.9 percent to NT$280 in Taipei, leading technology stocks higher. Nomura said the company will likely be able to exceed its shipment target with a new tablet computer model, according to a report yesterday.
Other technology stocks rose after Google Inc. (GOOG), owner of the world?s largest Internet-search engine, reported sales and profit that topped analysts? estimates.
MediaTek Inc., Taiwan?s largest chip designer, climbed 1.9 percent to NT$263. Lenovo Group Ltd., China?s biggest maker of personal computers, advanced 1 percent to HK$4.86 in Hong Kong.
Japanese electronics retailers advanced after the Nikkei newspaper reported that Japan may revive a program designed to promote sales of energy-efficient appliances to help cut power usage.
Yamada Denki Co. surged 2.4 percent to 6,880 yen. Bic Camera Inc. gained 3.1 percent to 49,250 yen.
Also in Tokyo, Hitachi Ltd., a maker of products from electronics to nuclear reactors, rose 1.9 percent to 484 yen after the company won preferential negotiating rights to join a Lithuanian nuclear plant project.
Mitsubishi Chemical Holdings Corp. (4188), a chemicals maker, gained 1.9 percent to 602 yen after the Nikkei said the company may report higher profit than previously forecast.
06.09
Stock Rise as Commodity Related Share Rebound
Written By mine on Rabu, 11 Mei 2011 | 06.09
Stocks rose as commodity-related shares rebounded from last week's collapse, masking deeper doubts about what will sustain the market's long-term strength.
Last week a massive sell-off in materials and oil forced investors out of high-risk assets, and stocks ended down about 1 percent for the week.
The commodity-market slump comes at the end of a decent earnings season and as the Federal Reserve's bond-buying program also is due to end, leaving investors wondering what catalyst will fuel more stock-market gains.
"Commodities pulling back is both good and bad. It's certainly good in that oil prices have pulled back a little bit as that's one of the risks facing consumers and the economy overall, but at the same time a lot of S&P corporate profits are tied to commodities and...maybe the outlook for some sectors might be negatively impacted," said Jeff Kleintop, chief market strategist, LPL Financial in Boston.
Investors might also see increased volatility ahead, possibly keeping some on the sidelines, Kleintop said.
"The most pronounced characteristic of the market is going to be the return of volatility after two years where stocks did almost nothing but go straight up," he said. "That might keep individual investors out of the market."
Energy and materials sectors were the best performers on the S&P 500. The S&P energy index (.GSPE) was up 1.6 percent and the iShares Silver Trust exchange-traded fund (SLV.P) also gained, rising 7.3 percent to $36.98. It was the most actively traded issue on U.S. exchanges on Monday, with about 108 million shares traded.
The Dow Jones industrial average (.DJI) was up 45.94 points, or 0.36 percent, at 12,684.68. The Standard & Poor's 500 Index (.SPX) was up 6.09 points, or 0.45 percent, at 1,346.29. The Nasdaq Composite Index (.IXIC) was up 15.69 points, or 0.55 percent, at 2,843.25.
On the S&P 500, 1,340 and 1,333 are key levels that should provide strong support and entice buyers, according to Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.
Despite last week's losses, the S&P 500 held above important technical levels, with the week's low just below 1,330 and Friday's close above 1,340.
In the silver ETF, "a move to $38 would be targeted," Stifel Nicolaus options market strategist Elliot Spar said in a note. "There lies the 50-day moving average and the gap from last Thursday."
Among other worries for stock investors, Standard & Poor's downgraded Greece's rating into junk territory on doubts Athens can manage its debt without imposing losses on private bondholders.
In the financial sector, Citigroup Inc (C.N), which in recent months accounted for about 6 percent of total composite volume, fell 2.3 percent to $44.16 and pressured the market after the company's 1-for-10 reverse stock split. The S&P financial sector index (.GSPF) was down 0.2 percent.
Also, a group of mortgage bond investors is reaching out for help in a novel bid to force H&R Block Inc's defunct subprime lending unit to buy back billions of dollars in soured home loans, the group's lawyer said on Monday.
Shares of H&R Block (HRB.N), best known as a tax preparer, fell 7.6 percent to $15.93 after Reuters reported the investor campaign.
About 5.76 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, well below the average of 7.73 billion so far in 2011 and much lower than last week's levels, possibly reflecting the change in Citigroup volume.
Last week a massive sell-off in materials and oil forced investors out of high-risk assets, and stocks ended down about 1 percent for the week.
The commodity-market slump comes at the end of a decent earnings season and as the Federal Reserve's bond-buying program also is due to end, leaving investors wondering what catalyst will fuel more stock-market gains.
"Commodities pulling back is both good and bad. It's certainly good in that oil prices have pulled back a little bit as that's one of the risks facing consumers and the economy overall, but at the same time a lot of S&P corporate profits are tied to commodities and...maybe the outlook for some sectors might be negatively impacted," said Jeff Kleintop, chief market strategist, LPL Financial in Boston.
Investors might also see increased volatility ahead, possibly keeping some on the sidelines, Kleintop said.
"The most pronounced characteristic of the market is going to be the return of volatility after two years where stocks did almost nothing but go straight up," he said. "That might keep individual investors out of the market."
Energy and materials sectors were the best performers on the S&P 500. The S&P energy index (.GSPE) was up 1.6 percent and the iShares Silver Trust exchange-traded fund (SLV.P) also gained, rising 7.3 percent to $36.98. It was the most actively traded issue on U.S. exchanges on Monday, with about 108 million shares traded.
The Dow Jones industrial average (.DJI) was up 45.94 points, or 0.36 percent, at 12,684.68. The Standard & Poor's 500 Index (.SPX) was up 6.09 points, or 0.45 percent, at 1,346.29. The Nasdaq Composite Index (.IXIC) was up 15.69 points, or 0.55 percent, at 2,843.25.
On the S&P 500, 1,340 and 1,333 are key levels that should provide strong support and entice buyers, according to Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.
Despite last week's losses, the S&P 500 held above important technical levels, with the week's low just below 1,330 and Friday's close above 1,340.
In the silver ETF, "a move to $38 would be targeted," Stifel Nicolaus options market strategist Elliot Spar said in a note. "There lies the 50-day moving average and the gap from last Thursday."
Among other worries for stock investors, Standard & Poor's downgraded Greece's rating into junk territory on doubts Athens can manage its debt without imposing losses on private bondholders.
In the financial sector, Citigroup Inc (C.N), which in recent months accounted for about 6 percent of total composite volume, fell 2.3 percent to $44.16 and pressured the market after the company's 1-for-10 reverse stock split. The S&P financial sector index (.GSPF) was down 0.2 percent.
Also, a group of mortgage bond investors is reaching out for help in a novel bid to force H&R Block Inc's defunct subprime lending unit to buy back billions of dollars in soured home loans, the group's lawyer said on Monday.
Shares of H&R Block (HRB.N), best known as a tax preparer, fell 7.6 percent to $15.93 after Reuters reported the investor campaign.
About 5.76 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, well below the average of 7.73 billion so far in 2011 and much lower than last week's levels, possibly reflecting the change in Citigroup volume.
