Gold holds biggest jump since Brexit vote on lower Fed rate bets

Gold held the biggest daily increase since June and traded near the highest in almost three weeks as the dollar weakened amid diminishing bets on an interest-rate rise in September.

Bullion for immediate delivery traded at US$1,349.16 an ounce at 9:37am in Singapore, after surging 1.7 per cent on Tuesday, the most since the results of the Brexit vote came out on June 24, according to Bloomberg generic pricing.

The metal resumed its rally this year on reduced chances of the Federal Reserve tightening monetary policy this month after the Institute for Supply Management's index of US non-manufacturing industries slumped to its lowest level since Feb 2010.

A gauge of the greenback traded at the lowest level this month. The Federal Open Market Committee meets on Sept 20-21.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Oil falls near US$47 a barrel as US crude rig count unchanged

Oil fell near US$47 a barrel as the number of US rigs drilling for oil remained unchanged and Royal Dutch Shell Plc said production isn't affected by storm preparations in the Gulf of Mexico.

Futures in New York dropped as much as 1.2 per cent after advancing 1.9 per cent over the previous two sessions on speculation informal Opec talks next month could result in some kind of output freeze.

A tropical depression near Florida, forecast to become a storm on Monday, is expected to move into the Gulf of Mexico, according to the National Hurricane Center.

West Texas Intermediate for October delivery fell as much as 59 US cents to US$47.05 a barrel on the New York Mercantile Exchange and traded at US$47.09 a barrel at 8 am Tokyo time.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Taiwan: Stocks rise on bargain hunting as financials recover

Taiwan stocks rose on Thursday on bargain hunting after recent lows, with shares in Mega Financial, the focus of a local probe by prosecutors, rising for the first time in five sessions.

As of 0153 GMT, the main Taiex index rose 0.5 per cent, to 9,060.28, after closing 0.2 per cent lower in the previous session.

The electronics subindex rose 0.7 per cent, while the financials subindex gained 0.9 per cent.

Among active counters, Mega Financial was up over one per cent.

After being hit by a rare fine in the US for anti-money laundering violations, local prosecutors earlier this week began their own investigation on whether the financial giant broke any local criminal laws.

The Taiwan dollar firmed T$0.017 to T$31.755 per US dollar.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Asia: Markets struggle, oil resumes losses on glut woe

Most Asian markets slipped on Wednesday as traders trod water ahead of a key speech by Federal Reserve boss Janet Yellen this week, while oil suffered fresh losses on persistent glut worries.

With speculation growing that US interest rates could rise by the end of the year, Ms Yellen's comments at a global central bankers meeting in Jackson Hole Friday will be scoured for forward guidance on US central bank policy.

There is a chance borrowing costs could rise as soon as next month, analysts say, but most bets are on a move just before the end of the year, or in February.

"While recent US data has been mixed, the base case for the Fed is probably to increase rates in the absence of any compelling reason not to," Michael McCarthy, chief market strategist in Sydney at CMC Markets, told Bloomberg News.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Singapore shares open higher on Friday

SINGAPORE share prices opened higher on Friday, following gains on Wall Street on Thursday.

The benchmark Straits Times Index edged up 9.14 points or 0.32 per cent to 2,846.12 at 9.02am.

Some 44.2 million shares worth S$49.4 million had changed hands by then, with gainers outnumbering losers at 72 to 34.

Gainers included Jardine Matheson, Dairy Farm, UOB, DBS and Singtel.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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US dollar drops after Fed minutes dampen hike expectations

The US dollar dropped Thursday as records from the Federal Reserve's last meeting dampened hopes of an imminent US interest rate hike.

Minutes from the US central bank's July gathering said policymakers were keeping their "options open" but remained divided on the threat of inflation.

A hike in US borrowing costs would tend to lift the dollar by stirring demand for dollar-denominated assets, so Wednesday's minutes weighed on the unit.

The news comes after William Dudley, the influential head of the Federal Reserve's New York branch, unexpectedly hinted this week that a rate hike was possible as early as September.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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US STOCKS UPDATE WITH EPIC RESEARCH

Stocks had dipped to fresh lows midday following a climb in oil rigs for a seventh week in a row, which took some steam out of energy gains. However, oil futuresCLU6, +2.76% rose 2.3% to settle at $44.49 a barrel in choppy action, as officials from Saudi Arabia sparked fresh hopes for a collective production freeze. Crude finished up 6.4% for the week.

Earlier, investors grappled with weaker-than-expected retail sales data and an unexpected drop in wholesale prices.

U.S. retail sales stalled in July after three straight monthly ga

ins, according togovernment data released Friday. Retail sales, which have increased 2.3% over the past 12 months, are an important part of consumer spending, which is the backbone of the U.S. economy.

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U.S. stocks post modest weekly gains; Nasdaq hits record

The S&P 500 and Dow industrials pared most of the losses to finish slightly lower Friday, limiting the main benchmarks’ weekly gains, as weakness in shares of mining and chemical companies weighed on the indexes.
The S&P 500 index SPX, -0.08% retreated 1.74 points, or less than 0.1%, to 2,184.05, weighed by sharp declines in materials, while seven of the index’s 10 sectors closed in negative territory. The index ended the week roughly where it started.
Meanwhile the Nasdaq Composite Index COMP, +0.09% shook off earlier losses to close up 4.5 points, or 0.1%, at 5,232.89. The tech-heavy index gained 2.3% over the week.

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Singapore shares close lower

STI's loss capped by jump in Singtel on Thursday helped offset the effect on the Straits Times Index (STI) of losses in all three banks. Also helping were positive sessions in Hong Kong and the Dow futures market, with the latter gaining about 50 points, indicating a likely firm Thursday for Wall Street. The net effect was the STI's loss was capped at 5.75 points at 2,869.82, which came with average turnover of one billion units valued at S$1.02 billion. Singtel's support amounted to about seven points.


Oil and gas (O&G) stocks had a mixed session, perhaps to be expected given the volatility of the past fortnight after the bankruptcy of O&G company Swiber Holdings. Keppel Corp, Ezra and Ezion ended unchanged, while in Sembcorp Marine's case, its S$0.07 or 5.4 per cent jump to S$1.37 on volume of 23.5 million drew a mid-afternoon query from the Singapore Exchange.

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I-FOREX UPDATE of 10th AUG'2016 BY EPIC RESEARCH

EUR/USD is currently trading with a bearish bias. Yesterday, Euro dropped sharply but

could not close below 1.1073. The level 1.1073 is a key short term support level and will

require a bit of bearish pressure to break below. But as long as the level protects the lower

side we expect a possible bullish rebound from this level to go long with an ideal target at

1.111 and 1.1159. This pair should be traded alongside AUD/USD, GBP/USD, NZD/USD and

EUR/HKD. These pairs have a strong positive correlation of up to +0.93 and will have a

similar price action during this intraday.

The pound fell to fresh one-month lows against the U.S. dollar on Tuesday, after the release

of downbeat U.K. manufacturing data added to concerns over the strength of the

British economy.GBP/USD hit 1.2968 during European morning trade, the pair’s lowest

since July 11; the pair subsequently consolidated at 1.2978, declining 0.47%.Cable was

likely to find support at 1.2848, the low of July 11 and resistance at 1.3178, the high of August

5.The U.K. Office for National Statistics said manufacturing production decreased by

0.3% in June, worse than expectations for a decline of 0.2% and following a drop of 0.6% a

month earlier that was revised down from an initial 0.5% decrease.On an annualized basis,



manufacturing production rose 0.9% in June, worse than forecasts for a 1.3% increase.
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GASOLINE UPDATE OF 10TH AUG'2016 BY EPIC RESEARCH

U.S. gasoline prices are set to fall below $2 a gallon on average in October and stay there through the winter, government forecasters said Tuesday.

The Energy Information Administration cut its price forecast for national average retail gasoline prices to $1.95 a gallon in the fourth quarter, down from last month’s forecast of $2.07 a gallon, according to the agency’s short-term energy outlook released Tuesday. The EIA expects gasoline prices to hold below $2 a gallon on average from October through February.

Gasoline prices have slid in recent weeks on concerns refiners have produced a glut of the fuel that is set to persist despite strong driving demand this summer. Gasoline futures  have fallen about 20% from a year ago, and U.S. oil futures are down about 5%.

“High gasoline production is leading to motor fuel inventories that are the highest on record for this time of year, which is helping to keep prices down at the pump,” EIA Administrator Adam Sieminski said in a statement.

The EIA also lowered its oil-price forecasts. The agency sees U.S. oil prices averaging $41.16 a barrel this year and $51.58 a barrel next year, down from its prior expectations of $43.57 a barrel in 2016 and $52.15 a barrel in 2017.

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Gold Update of 10th aug'2016 BY EPIC RESEARCH

Gold prices closed up modestly on Tuesday as weakness in the U.S. dollar delivered a boost to the yellow metal. 

December gold rose $5.40, or 0.4%, to settle at $1,346.70 an ounce, ending two consecutive sessions of losses for gold.

Technical traders said some short-covering, or buying back borrowed securities to close an open short position, emerged in the futures market to account for some of Tuesday’s rebound.

Gold prices have been subdued since last week’s stronger-than-expected July jobs report pushed down precious metals prices as expectations for a U.S. interest-rate hike in 2016 increased. So far this month, gold futures are off about 0.8%, but year to date are up 27%, underpinned by global economic uncertainty and bets that the rates will stay lower for longer.

The CME Group’s Fed Watch tool, which tracks pricing in short-term interest-rate futures, puts the chance of a rate increase by year-end at about a coin toss. That is up from a 30% chance for such a scenario priced in before last week’s stronger-than-expected July jobs report. Tuesday’s relatively thin economic calendar could extend the wait for fresh, market-moving data.

Meanwhile, new buyers for precious metals have emerged since Friday’s data-induced volatility, analysts said.

“There has been record buying of gold ETFs since Friday and this is sign of a healthy market,” said Maxwell Gold, director of investment strategy for ETF Securities. Some investors see the pullback in prices as a good buying opportunity. According to Gold, new players, such as private wealth managers, are beginning to enter the market, and there is potential for more demand from this group.

The exchange-traded fund SPDR Gold Trust ended 0.4% higher Tuesday, while the silver ETF iShares Silver Trust gained 0.7%.

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Singaporesharesopen higher on Wednesday

SINGAPORE share prices opened 0.46 per cent higher on Wednesday with the Straits Times Index up 13.08 points to 2,883.86 at 9.03am.

This was despite Tokyo stocks opening lower on Wednesday as a stronger yen hit exporters. But on Wall Street, the Nasdaq composite rose to a record-high close on Tuesday while other major indices hovered near their own recent all-time highs in a session with thin trading volume.

On the Singapore bourse, the highest value traded stocks were Singapore Telecommunications (flat at S$4.20), DBS Bank (down 10 cents to S$14.94) and #JardineMatheson Holdings (down 17 US cents to US$57.59).

Overall on the stock market, 57.1 million shares worth S$137 million changed hands. Gainers outnumbered losers 99 to 33 as at 9.03am.
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Stocks to watch: Ezra, Swiber, OUE, CapitaLand, Mapletree Commercial Trust, Frasers Commercial Trust

THE overnight rally on Wall Street may fuel trading activities here on Thursday trading, with trading cues coming from companies releasing their quarterly earnings results and some capital-raising updates.

But it remains to be seen if sentiment hanging over the oil and gas sector will continue to rear its ugly head.

In response to articles saying that Ezra Holdings was looking for fresh capital, the offshore marine company clarified on Wednesday night that it reviews options to preserve value for both the company and its shareholders an ongoing basis and to strengthen its financial position. In relation to this, it holds discussions with parties regarding possible transactions, which may include potential fund raising via new loans, issue of new securities, sale of non-core assets, or refinancing of existing loans.

But no definitive agreements in relation to any transactions have been entered into by the company or its subsidiaries, and there can be no assurance or reasonable certainty that any discussions or prospects will be successfully concluded, Ezra said.

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Singapore shares open lower on Thursday; STI sheds 0.7%

SINGAPORE shares opened lower on Thursday, with the Straits Times Index (STI) shedding 0.7 per cent or 20.48 points to 2,921.01 as at 9.03am.

Losers outnumbered gainers 83 to 42, or about two to one, after 98.9 million shares worth S$67.9 million had changed hands.


Offshore contractor Vallianz Holdings was an early mover, dropping 44.4 per cent or 1.6 Singapore cents to trade at two Singapore cents on the back of 13.6 million traded shares. The company announced late on Wednesday that non-executive chairman Raymond Goh had resigned for health reasons. Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Forex Market Update : Epic Research Singapore

The dollar fell against the pound Thursday after the Bank of England took steps to strengthen rules on mortgage lending, and extended losses against the yen after U.S. economic data.

The pound GBPUSD +0.07%   rose to $1.7028 from $1.6983 late Wednesday.

The dollar USDJPY -0.28%   fell to ¥101.68 from ¥101.87 late Wednesday, with losses accelerating in the wake of the U.S. data.

The ICE dollar index DXY -0.12%  , a gauge of the currency’s strength against a basket of six rivals, was at 80.214 versus 80.210 late Wednesday. The euro EURUSD +0.11%  declined to $1.3611 from $1.3631 late Wednesday.

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Forex Market Update : Epic Research Singapore

The dollar on Monday rose against the pound and euro, pushing the shared currency to a four-month low.

The euro EURUSD -0.04%   fell to $1.3593 from $1.3641 late Friday, hitting the lowest level since Feb. 12.

The ICE dollar index DXY -0.01%  , a gauge of the greenback’s strength against six rivals, rose to 80.624 from 80.425 late Friday. The WSJ Dollar Index XX:BUXX -0.03%  , which pits the dollar against a wider basket of rivals, rose to 73.33 from 73.24.

The pound GBPUSD +0.02%   inched down to $1.6802 from $1.6808 in the prior session. The dollar USDJPY -0.20%   was unchanged at ¥102.52 from late Friday.

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