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. Click Here To Register For Free Trial Services
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The S&P 500’s SPX -0.49% biggest company AAPL -8.08% is generating buzz among value investors, especially after the brutal reaction to Monday’s earnings report.
Apple shares were down 7.5% to $505.89 after-hours, denting Nasdaq 100 futures, and sending ETFs that contained a big chunk of Apple — including the Technology Select Sector SPDR XLK -0.86% — down 1%. Click Here To Register For Free Trial Services
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Investors were unsure about how Monday’s session will go. On Friday, the Dow Jones Industrial Average DJIA -0.26% lost 2%, or 318 points, in its worst one-day percentage fall since June 20. For the week, a 3.5% loss marked the worst decline since Nov. 25, 2011. The S&P 500 index SPX -0.49% shed 2.6% on the week, and the Nasdaq Composite Index COMP -1.08% dropped 1.7%. Click Here To Register For Free Trial Services
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Extending earlier gains, futures for the Dow Jones Industrial Average DJH4 +0.35% rose 49 points, or 0.3%, to 15,865, while those for the S&P 500 index SPX -0.49% rose 6.9 points to 1,789. Futures for the Nasdaq-100 index NDH4 -0.66% gained 5.75 points to 3,538. Click Here To Register For Free Trial Services
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The Asian markets are tumbling on concerns that a reduction in the U.S. central bank’s stimulus efforts may trigger capital outflows. Amid a sell-off in emerging market assets, investors are seeking safety in U.S. Treasuries, the Japanese yen and gold. Gold rallied to a two-month high, extending its longest run of weekly gains since September 2012, while the yen climbed to a seven-week high against the dollar.
China’s Shanghai Composite is down 0.9 percent, Hong Kong’s Hang Seng is losing 2.1 percent, Indonesia’s Jakarta Composite index is tumbling 2.7 percent, Japan’s Nikkei index is declining 2.5 percent and South Korea’s Kospi is down 1.7 percent. The Australian market is closed for a public holiday. Click Here To Register For Free Trial Services
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“The first mover advantage is very important in the ETF market,” he said. But Nadig said FXI in some ways has the “most naive” approach to China. He likened the large-cap ETF to the Dow Jones Industrial Average DJIA , which is well known, but far from the only benchmark that pros use to track U.S. stocks.
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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%. Click Here To Register For Free Trial Services
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Meanwhile, the Australian dollar AUDUSD +0.23% rose modestly to 87.15 U.S. cents from Friday’s 87.03 U.S. cents. The greenback on Monday bought 2.3251 Turkish lira USDTRY -0.35% , easing from 2.3376 lira on Friday, when the dollar recorded its 10th consecutive win against the currency. The lira has been dogged by a government corruption scandal that’s prompted mass protests calling for the resignation of Prime Minister Recep Tayyip Erdogan. Click Here To Register For Free Trial Services
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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. Click Here To Register For Free Trial Services
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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. Click Here To Register For Free Trial Services
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The Dow Jones Industrial Average DJIA -1.97% , which was down 267 points, or 1.7%, in recent activity, was on track to lose 3.3% for the week, its worst percentage weekly loss since the week ended May 18, 2012. The S&P 500 Index SPX -2.09% fell 33 points, or 1.8%, on the day, and was down 2.4% for the week. For the week, the VIX was up 41%, its largest weekly gain since the week ending July 29, 2011. Click Here To Register For Free Trial Services
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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. Click Here To Register For Free Trial Services
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Recouping some of the earlier losses, futures for the Dow Jones Industrial Average DJH4 -2.11% were down 71 points, or 0.5%, to 16,080, while those for the Standard & Poor’s 500 index SPH4 -2.41% were 8.6 points, or 0.5%, lower to 1,815.50. Futures for the Nasdaq-100 index NDH4 -2.36% lost 15.25 points, or 0.4%, to 3,598.50. Click Here To Register For Free Trial Services
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SHARES in Singapore finished lower yesterday, despite firm performance of other Southeast Asian markets.
The key Straits Times Index ended 33.5 points, or 1.07 per cent, lower to to 3100.24.
The FTSE ST Mid Cap Index declined 0.70 per cent, while the FTSE ST Small Cap Index eased 0.87 per cent. Among the actives, DBS fell 1.81 per cent and UOB eased 0.34 per cent.
The outperforming sector, the FTSE ST Utilities Index, was up 0.07 per cent. Its biggest stocks, Hyflux and HanKore, closed 0.86 per cent higher and unchanged, respectively. Click Here To Register For Free Trial Services
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The British pound GBPUSD -0.03% , however, was little changed at $1.6635, after breaking above the $1.66 level for the first time since May 2011.
But the Australian dollar AUDUSD -0.68% couldn’t shake off its 1.1% fall on Thursday, sitting unchanged at 87.64 U.S. cents. The Australian dollar was hit following the data from China, which is Australia’s largest export market. The euro EURUSD -0.08% gave up some ground Friday, fetching $1.3682 compared with $1.3691, while the Swiss franc USDCHF +0.10% eased as the dollar won back some of its prior-session decline to buy 0.8998 franc versus 0.89761 franc. Click Here To Register For Free Trial Services
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Heating oil led the price gains among the Nymex energy futures, with the February contract settling at $3.077 a gallon, up by almost 4 cents, or 1.3%. February gasoline RBG4 +0.06% slipped 1.5 cents, or 0.6%, to $2.66 a gallon.
Distillate stockpiles, which include heating oil, fell by 3.2 million barrels, the EIA said, while gasoline supplies climbed 2.1 million barrels. Analysts were looking for distillate inventories to fall by 1.2 million barrels and gasoline supplies to rise by 1.7 million barrels. Click Here To Register For Free Trial Services
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Shares of Microsoft rose 4% to $37.51 on very heavy volume after the company reported adjusted fiscal second-quarter earnings of 78 cents a share on revenue of $24.52 billion, while analysts surveyed by FactSet expected 68 cents a share on revenue of $23.66 billion. Investors keen to hear whether Microsoft has made progress in naming a successor to Chief Executive Steve Ballmer were disappointed. Analysts on the company’s conference call didn’t ask anything about Ballmer’s replacement. Read our live blog of the call. Click Here To Register For Free Trial Services
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Shares of IBM IBM -0.09% could be active after Lenovo Group Ltd. HK:992 +2.71% announced a $2.3 billion cash-and-stock deal for the company’s low-end server business. IBM was a drag for the Dow industrials DJIA -1.08% on Wednesday after disappointing results, though markets overall managed a mostly higher close. Click Here To Register For Free Trial Services
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EBay Inc. EBAY +0.29% posted a 13% sales gain, due in part to a 19% rise at its PayPal unit. Its shares jumped 7.5% in after-hours trading. The online marketplace said Carl Icahn, who holds an 0.8% interest in eBay, is pushing for it to spin off its payments arm PayPal into a separate company. Click Here To Register For Free Trial Services
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Elsewhere in metals trading, platinum for April delivery PLJ4 -0.56% sank $11.70, or 0.8%, to $1,450.70 an ounce with South African strikes at platinum mines set for a strike on Thursday.
March palladium PAH4 -0.45% lost $3,80, or 0.5%, to $745.05 an ounce. High-grade copper for March HGH4 -0.44% gave up two cents, or 0.5%, to $3.32 a pound. Click Here To Register For Free Trial Services
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