Epic Research Singapore : Comex Market Update

Crude futures on the New York Mercantile Exchange also gained, outperforming the rise in Brent crude as traders waited for weekly petroleum-supply data that is expected to show a steep drawdown in distillate inventories.  
 As of the week ended Jan. 17, working gas in storage totalled 2.423 trillion cubic feet, according to the U.S. Energy Information Administration, down about 13% from the five-year average. 

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Epic Research Singapore : Comex Market Update

February natural gas NGG14 -1.15%  advanced 19 cents, or 3.8%, to settle at $5.03 per million British thermal units on Nymex. The contract expires at the close of Nymex trading on Wednesday. March natural gas NGH14 -0.97% , which will become the front month, added 27 cents, or 5.7%, to $4.94 per million British thermal units.  

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Epic Research Singapore : Yahoo Market Update

Yahoo Inc. YHOO -2.43%  will report after the U.S. market close Tuesday. 
 European stocks broke a three-day losing streak, while Asia closed with mostly mild losses. Crude-oil and natural-gas prices were higher, while gold was moving south. The dollar pared gains against the yen USDJPY +0.30%   after the durable goods data disappointed. 

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Epic Research Singapore : Apple Update

The pressure on technology stocks was attributed to Apple AAPL +0.41% , which posted disappointing iPhone sales in its fiscal second-quarter report after Monday’s close. Shares followed up a 7.6% after-hours drop with a continuing decline of 7.5% in premarket trading.  

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Epic Research Singapore : Forex Market Update

 The Australian dollar AUDUSD +0.41%   fetched 87.87 U.S. cents, up from 87.38 U.S. cents on Monday.
 Most economists hadn’t anticipated any change in the policy repurchases rate, according to Reuters. The dollar USDINR -0.79%  rose to 63.19 rupee from 62.97 rupees just after the central bank’s decision, but it soon pulled back to trade at 62.95 rupees.  

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Epic Research Singapore : Comex Market Update

Elsewhere in metals trading, platinum for April delivery PLJ4 +0.01%  rose $1.20, or 0.1%, to $1,422.30 an ounce while March palladium PAH4 +0.30%  added $2.60, or 0.4%, to $725.15 an ounce. High-grade copper for March delivery HGH4 +0.17%  tacked on a penny to $3.26 a pound.  

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Epic Research Singapore : Gold Market Update

In electronic trading, gold futures for February delivery GCG4 -0.29%  shed $6.40, or 0.5%, to $1,256.90 an ounce. March silver SIH4 +0.06%  held steady at $19.79 an ounce.  
Gold on Monday finally ran out of gas, logging its first decline in three sessions, but still managed to finish above the day’s lows thanks to a still-struggling U.S. stock market. 


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Epic Research Singapore : Hang Market Update

Hong Kong’s Hang Seng Index was down less than 0.1%, and Singapore’s Straits Times Index was also down less than 0.1%.

Global markets have been under pressure since last Thursday, when data pointed to a contraction in China’s manufacturing sector. This started selling in many emerging markets, with countries such as Turkey and Argentina in focus, which then spread to developed markets like the U.S. and Japan.  

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Epic Research Singapore : Google Market Update

Google Inc. GOOG -3.13% has acquired artificial-intelligence firm DeepMind Technologies Ltd., reports said Monday, with a Recode report citing a price of $400 million for the London-based start-up. The company was founded in 2012 and employs learning algorithms for use in simulations, e-commerce and games, Reuters said.  

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Epic Research Singapore : Hang Seng

The dollar was off sharply, having fallen 1% against the yen on Friday. It stabilized on Monday at ¥102.32. Elsewhere in Asia, Hong Kong’s Hang Seng Index sank 2.1%, South Korea’s Kospi dropped 1.7% and Indonesia’s JSX dived 2.8%.

Investors are also bracing for key events this week. Attention is focusing on Beijing to see how it will resolve a troubled loan involving a major Chinese bank and a shadow lender that is due to mature this Friday. A default could batter confidence in China’s loosely regulated shadow-banking sector.  

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Epic Research Singapore : Nikkei Stock

The Nikkei Stock Average JP:NIK -2.55% fell 2.5% to 15,007.72, and the broader Topix dropped 2.5% to 1,233.55. Stocks also came under pressure as the U.S. dollar briefly dipped below the 102-yen level ahead of the start of equity trading on Monday. Stock losses were broad-based, with industrial major Komatsu Ltd. JP:6301 -3.74% KMTUF +3.24% lower by 3.4%, Sony Corp. JP:6758 -2.84% SNE -0.42% down 3.2%, and Japan Airlines Co. JP:9201 -3.25% off 2.3%. Japanese companies are slated to begin rolling out quarterly results this week. 

A Nikkei newspaper report Monday said a weaker yen will be one of the factors to contribute to record operating profits at Subaru-brand vehicle maker Fuji Heavy Industries Ltd. JP:7270 -2.41% FUJHF -0.71% , Hino Motors Ltd. JP:7205 -4.87% HINOY -0.95% and Isuzu Motors Ltd. JP:7202 -2.40% ISUZF +0.83% for the nine months ended Dec. 31. But shares of the auto makers were caught up in the selloff, with Hino losing 4.2%, Fuji Heavy giving up 3% and Isuzu shedding 1.4%.  

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Epic Research Singapore : Comex Market Update

Elsewhere in metals trading, March palladium PAH4 +0.23%  rose $1.15, or 0.2%, to $735.95 an ounce while platinum for April delivery PLJ4 +0.48%  moved up $3.50 an ounce, or 0.2%, to $1,432.10. March high-grade copper HGH4 +0.08%  lost a penny to $3.27 a pound. 

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Epic Research Singapore : Comex Market Update

Gold for February delivery GCG4 +0.59%   jumped another $9.50, or 0.8%, to $1,273.80 an ounce. Prices ended Friday with a 1% rally for the week, closing at their highest level since Nov. 19. Over the past five weeks, gold has managed to tack on 5%.

March silver SIH4 +0.78%  also got into the act, rising 17 cents, or 0.8%, to $19.93 an ounce. 

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Epic Research Singapore : SGX Market Update

Oversea-Chinese Banking Corp, Singapore’s second-biggest lender, is set to extend exclusive talks to acquire Hong Kong’s Wing Hang Bank by as much as four weeks as it needs more time to secure regulatory approval, sources said on Friday.

A deal would represent OCBC’s biggest acquisition to date, giving it a much sought after gateway to China and helping it bridge the gap with bigger rival DBS Group Holdings , which operates Hong Kong’s fifth-biggest bank.

The two banks had given themselves one month to reach an agreement and that deadline was set to expire on Jan. 31.

A source with direct knowledge of the matter said that there had not been sufficient time to obtain regulatory approval due to the Lunar New Year holidays in Hong Kong.

An OCBC spokeswoman in Singapore declined to comment. Officials for Wing Hang were not immediately available to comment.

People familiar with the deal said this month that OCBC was offering nearly twice the Hong Kong lender’s book value or around US$5.3 billion ($6.8 billion), which has raised concerns about the likely need to tap shareholders for funds.

OCBC said this month it was in exclusive talks to buy Wing Hang in a deal that would first see it buy a 45% stake from the founding Fung family and BNY International Financing Corp before making a general offer for the remaining shares.
 
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Epic Research Singapore : STI Update

THE Straits Times Index (STI) ended the day’s trade 0.78 per cent lower at 3075.99 points yesterday.

The FTSE ST Mid Cap Index fell 0.67 per cent while the FTSE ST Small Cap Index lost 0.27 per cent.

Of the actives, DBS declined 1.01 per cent and Keppel Corp retreated by 1.84 per cent.

OCBC lost 0.73 per cent and CapitaLand depreciated by 1.39 per cent.

The outperforming sector, FTSE ST Telecommunications advanced 0.49 per cent. Of its two biggest stocks, SingTel gained 0.57 per cent and StarHub appreciated by 0.24 per cent.
 
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Epic Research Singapore : Comex Market Update

The SPDR Gold Trust exchange-traded fund GLD +0.41%  broke through levels on Thursday not seen since Dec. 10 and moved well above its 50-day moving average. Read more on The Tell . The ETF was little changed at last check, trading up 0.8% for the week.
 

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Epic Research Singapore : Comex Market Update

Gold for February delivery GCG4 +0.51%  rose $2, or 0.2%, to settle at $1,264.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices finished well below the day’s high of $1,273.20, but the settlement was still the highest since Nov. 19, according to FactSet data tracking the most-active contracts.  

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Epic Research Singapore : Twitter Market Update

Shares of Internet-related stocks were all suffering losses in premarket trading, with Twitter Inc. TWTR -0.71%  , Yahoo Inc. YHOO -0.03%  and Facebook Inc. FB -0.66%  all sagging.

Shares of Microsoft MSFT -0.18% MSFT -0.18% bucked a weaker tech tone, up 3.2% in premarket after the company beat Wall Street estimates with fourth-quarter results.  

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Epic Research Singapore : Apple Market Update

Weighing on techs, shares of Apple Inc. AAPL +0.21%  were pointing lower in thin premarket trade. Rival Samsung Electronics Co. KR:005930 +0.62%  forecast a weak first half after fourth-quarter earnings showed a sharp slowdown in growth. See Will Samsung outlook spook or rally Apple investors?  

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Epic Research Singapore : S&P Market Update

The day before, the S&P 500 SPX -2.09%  lost 0.9%, while the Dow industrials DJIA -1.97%  sank to the lowest level in five weeks, dropping 1.1%. The Nasdaq Composite COMP -2.15%  fell 0.6%. All were hit by a surprise contraction in China’s manufacturing sector, which came on top of worries about the country’s financial sector and fed concerns about a possible spillover to the rest of the global economy.  

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