Asian Market Update : Epic Research Singapore

The slump in stocks and commodities continued into Asian trading, with futures pointing to a selloff in Chinese equities following a holiday break.

The Asia-Pacific benchmark headed for its lowest close since November 2012 as futures traders bet Shanghai stocks will fall on their first day of trading since Wednesday. Copper and nickel slipped with crude oil, while Malaysia's ringgit led emerging-market currencies lower. The yen held gains after posting its biggest advance of 2015 last week amid anxiety in markets.

"Trading in Asia today will be driven by two major factors: the delayed response to Friday's nonfarm payrolls number and the reopening of the Chinese stock markets," Angus Nicholson, a markets analyst in Melbourne at IG Ltd, said in an e-mail to clients. "Both of these factors are likely to spur further selling in Asian markets today, with the outcome of the Chinese market reopening being the greater cause for concern." China worked to soothe concern over its economy at the Group of 20 meeting in Turkey at the weekend, with officials predicting stabilisation in the currency and stock markets. Friday's payrolls report showed that while wages and the number of hours worked increased last month, the US added fewer workers than expected, leaving bets on a rate hike in September around 30 per cent. International Monetary Fund chief Christine Lagarde emphasised that the Federal Reserve must be certain the US can handle higher rates given the impact it will have on the global economy.

Stocks The MSCI Asia Pacific Index slipped 0.6 per cent by 10:06 am in Tokyo, as Japan's Topix index lost 0.6 per cent. FTSE China A50 Index futures slid 0.8 percent in Singapore, while contracts on the Standard & Poor's 500 Index gained 0.2 per cent after the index fell 1.5 per cent Friday, ahead of a three-day weekend in the US. Markets in Canada and Brazil are also shut Monday.

Energy producers and mining stocks drove Australia's S&P/ASX 200 Index down 1 percent, while the Kospi index in Seoul declined 0.3 per cent, extending last week's 2.7 per cent drop.

Gauges of volatility in Japanese and Korean stock markets rose for a second day, following a 8.6 per cent bounce back in the Chicago Board Options Exchange Volatility Index Friday. The gauge of expected US stock swings, known as the VIX, reached a an almost four-year high on Aug 24.

The MSCI All-Country World Index also retreated, losing 0.1 per cent in early Monday trading after sinking 1.7 per cent on Friday. More than US$8 trillion has been erased from the value of global equities since Aug 11, when China roiled markets by unexpectedly devaluing its currency. Concern over the slowdown there and the potential impact of higher US borrowing costs has fueled swings in equity to currency and commodity markets the past month.

Commodities Copper and nickel fell at least 0.2 pervcent after also retreating on Friday, while oil decreased a second day.

West Texas Intermediate crude sank 1.5 pervcent to US$45.37 a barrel with all electronic transactions to be booked with Tuesdays for settlement purposes because of the Labor Day holiday in the US Brent also slipped a second day, losing 1.3 per cent to US$48.99 per barrel after Venezuela proposed an OPEC summit to stabilise prices amid a global oil glut.

Gold - which despite its reputation as a haven has been wrong-footed by the recent market gyrations - was little changed at US$1,122.03 an ounce following a three-day drop. While the payrolls gain trailed economists' estimates, the US jobless rate dropped to a seven-year low, the Friday data showed, driving home that while it may not happen this month, US rates are on the rise.

Currencies In the foreign exchange markets, developing-nation currencies caught up with Friday's action, while Australia's dollar pared some of last session's slide to a six-year low.

The ringgit, which is already at a 17-year low, weakened another 1 per cent as Korea's won slipped 0.5 per cent and New Zealand's dollar lingered near its lowest level since 2009. The yen maintained two days of gains, trading at 119.08 per dollar after gaining 2.2 per cent last week.

China's yuan climbed 0.2 per cent in offshore trading to 6.4532 per dollar. G-20 leaders pledged to avoid a currency war in the wake of the yuan's devaluation, the first time they have used such language since 2013. Chinese Finance Minister Lou Jiwei told the meeting he expects Asia's largest economy to grow at a rate of about 7 per cent over the next four or five years, according to an account on the PBOC's website.

Intervention in the market helped ease Chinese stocks into last week's two-day break, with the Shanghai Composite Index set to reopen at the same level it traded at Aug 27. People's Bank of China Governor Zhou Xiaochuan said in a statement at the weekend that the rout in Chinese equities is close to ending, and that the state's actions prevented systemic risk by stopping a free-fall.

China will deliver an update on its foreign-currency reserves Monday, providing investors with some idea of how much has been spent by regulators to shore up local markets and the yuan. Singapore and Indonesia also report on reserves, while Taiwan issues trade data.

Bonds in Asia shrugged off Friday's gains in US Treasuries, with yields on 10-year Japanese notes rising one basis point, or 0.01 percentage point, to 0.37 per cent. Rates on similar maturity Australian debt climbed two basis points to 2.65 per cent. Yields on Treasury notes due in a decade ended Friday down four basis points to 2.13 per cent.

Odds the Fed will raise rates at their meeting next week are at 30 per cent, up from 26 per cent before the jobs data, though below the 48 per cent priced in before China's surprise yuan depreciation on Aug 11. Payrolls rose by 173,000 workers, training the 217,000-person increase projected by economists. The jobless rate sank to 5.1 per cent for August.

"The overall tone of the data was certainly solid enough to leave the Fed in play later this month," Philip Borkin, a senior economist in Auckland at ANZ Bank New Zealand Ltd, said in a note to clients. "But to be fair, the Fed's decision of whether to hike or not is not really about the labour market, it hasn't been for a few months now. The main questions - and what is polarising markets and creating plenty of debate - are the outlook for inflation, the impact of tighter financial conditions and the state of the global economy."

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

Read More

Asian Market Update : Epic Research Singapore

Asian stocks rose ahead of the monthly US jobs report, after the European Central Bank signaled it could expand stimulus if the rout in financial markets continues to weigh on growth and inflation.

The MSCI Asia Pacific Index gained 0.3 per cent to 126.54 as of 9:01 a.m. in Tokyo. The gauge has slumped 3.5 per cent this week, on course for its longest streak of weekly losses in four years. The measure has declined for seven weeks and is down almost 20 per cent from its seven-year high in April.

US shares on Thursday pared gains in afternoon trading in New York as optimism about European stimulus gave way to anxiety over Friday's jobs report and its implications on Federal Reserve interest-rate policy.

"A weaker jobs number on Friday may be the straw that breaks the camel's back for a September rate hike," said Jasper Lawler, a London-based market analyst at CMC Markets Plc. "Mario Draghi didn't let markets down. He obliged with not only a promise of more QE if needed, but also announced the ECB can now purchase more of any one debt issue." The payrolls report on Friday represents the last major data point before the Fed meets to discuss the first increase in interest rates in nearly a decade. US data on Thursday showed jobless claims rose more than forecast last week, while a measure of the services industry hovered just below a 10-year high.

Futures traders are betting the Fed will push back raising its fed funds rate. The probability of an increase in September has fallen to 30 per cent, from 38 per cent at the end of last week, according to data compiled by Bloomberg.

Japan's Topix index rose 0.5 per cent. South Korea's Kospi index gained 0.3 per cent and Australia's S&P/ASX 200 Index advanced 0.2 per cent. New Zealand's NZX 50 Index slipped 0.2 per cent.

Markets in Hong Kong reopen after a holiday, while mainland Chinese markets remain closed.

The Stoxx Europe 600 Index climbed 2.4 per cent, as investors took assurances of central-bank support after the China-fueled volatility of the past month. The Standard & Poor's 500 Index advanced 0.1 per cent in New York, after briefly erasing gains of more than one per cent.

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

Read More

Asian Market Update : Epic Research Singapore

Asian shares were skittish in early on Tuesday after logging their worst month in three years and the dollar struggled as investors braced for data from China that could raise fresh fears about the health of its economy.

Losses on Wall Street also soured sentiment after comments from Federal Reserve Vice Chairman Stanley Fischer heightened fears among investors of a potential US interest hike in September.

That shook investors who were already jumpy after weeks of wild volatility caused by concerns about the stumbling Chinese economy. US stock futures in Asia fell 1 per cent.

China's official factory sector activity likely shrank at its fasted pace in three years in August, according to a Reuters poll of economists. Similar surveys on service sector activity will also be released in the early morning.

MSCI's broadest index of Asia-Pacific shares outside Japan was up slightly in early trading, after shedding more than 10 per cent in the month of August, its worst monthly performance since 2012, on fears of global fallout from slowing momentum in China.

China's cooling demand is already knocking the economies of its trade-reliant Asian neighbours. South Korea reported on Tuesday its exports fell 14.7 per cent in August from a year earlier, worse than expected and the biggest drop in six years.

Japan's Nikkei stock index was down 0.9 per cent in early trade. The Nikkei lost 8.2 per cent in August, its biggest monthly decline since January 2014.

Chinese shares remained in focus, after both the Shanghai Composite Index and the CSI300 index skidded around 12 per cent in August, their third straight monthly decline.

China's stock markets have now lost nearly 40 per cent of their value since mid-June despite unprecedented government support steps. "We should see an extension of yesterday's losses in the equity market, although how Chinese markets fare is anyone's guess," IG Markets chief market strategist Chris Weston wrote in a note to clients on Tuesday.

The Australian dollar edged down ahead of its US counterpart, losing about 0.1 per cent to US$0.7108 ahead of the Reserve Bank of Australia's latest policy decision at 0430 GMT.

The RBA is considered almost certain to hold interest rates steady and some are expecting a more dovish statement from the central bank amid worries about China, which is Australia's biggest export market.

The US dollar remained under pressure as investors shunned risk and remained wary ahead of US employment data later in the week that could offer clues about the timing of the US Federal Reserve's long-awaited hike to interest rates.

The greenback was down about 0.1 per cent at 121.14 yen, while the euro rose about 0.1 per cent to US$1.1224 .

In commodities trading, crude oil futures gave back some of their biggest three-day price surge in 25 years that saw prices soar more than US$10 a barrel.

On Monday, oil jumped more than 8 per cent on downward revision of US crude production data and OPEC's expressed willingness to discuss curbs on output.

US crude slipped 3.1 per cent to US$47.70 a barrel, while Brent lost 2.8 per cent to US$52.63 a barrel.

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

Read More

Asian Market Update : Epic Research Singapore

Asia stocks staged another rally in early trade on Friday, taking heart from strong US growth figures to cement a recovery after a torrid week when global markets took fright over China's gloomy economic outlook.

Tokyo led the gains, with Hong Kong and Shanghai in tow, and oil prices zoomed higher after the US reported a surprisingly strong new estimate of economic growth in the second quarter.

The latest data, which showed the world's biggest economy grew at an annual rate of 3.7 per cent in the April-June quarter, buoyed markets that have been worried over the prospects for China's economy, which accounts for some 13 per cent of global output.

"We end the week on another positive note, and the craziness we've seen over the last couple of weeks seems to be dissipating," Chris Weston, chief markets strategist at IG Markets, said in a note.

Markets across the world saw recoveries, with the S&P 500 surging to its second straight gain on Wall Street, while stock indexes in London and Paris also rose.

In Asia, Tokyo rose 2.37 per cent, while Hong Kong opened 1.66 per cent higher and Shanghai gained 1.35 per cent.

The gains come as a relief to investors who at one point saw US$8 trillion wiped off global markets in a stock market rout led by fears over the outlook for China.

Beijing has sought to mitigate those concerns in recent days by taking a series of measures, from allowing its massive state pension fund to invest up to 30 percent of assets in stocks, cutting interest rates and slashing the amount of money banks need to hold in reserve.

The measures are not only aimed at boosting cash flow in China, but also at reviving confidence that Beijing can steer the economy away from a hard landing and keep global growth on course.

Markets took their lead, however, from the US growth report, which, though it covered only through June, confirmed the economy has not yet been hit much by China's downturn.

It added to other strong recent data on consumer confidence and durable goods orders.

"The US economy continues to perform on a consistent basis... (showing) that its economic recovery is sustainable," said FXTM chief market analyst Jameel Ahmad.

Concerns in the recent stock market panic focused on the fact that in recent years China has been the main driver of global growth, with Europe in the doldrums and the United States struggling to maintain a recovery.

But Chris Green, an Auckland-based strategist at First NZ Capital Ltd, said the US figures showed the US economy was in better shape.

"It gave credence to the story that the US economy could be building momentum," he said.

"We seem to have gained some sort of stability and people are focusing more on the underlying strength of the US economy." The latest data boosted the dollar against both the yen and the euro, as well as oil prices.

In Tokyo trading on Friday, the dollar was at or near one-week highs at 121.10 yen and US$1.1243.

US benchmark West Texas Intermediate, meanwhile, gained 80 cents to US$43.36 and Brent crude rose 40 cents to US$47.96.

Eyes were turning toward a central banking symposium that the US Federal Reserve was hosting in Jackson Hole, Wyoming from Thursday to Saturday.

Fed Chair Janet Yellen is not attending, but her deputy, Stanley Fischer, will make keynote remarks on Saturday that could point to whether the central bank believes the global turmoil is severe enough to hold off on a long-expected hike in interest rates.

On Wednesday New York Federal Reserve head William Dudley, seen as close to Ms Yellen and Mr Fischer in his thinking, said that the Chinese turmoil had made the arguments for a rate rise in September "less compelling".

Gains from upbeat releases in the US were tempered, however, by data in Japan that showed that inflation in the Asian powerhouse fell back to zero in July while household spending dropped for a second straight month.

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

Read More

Asian Market Update : Epic Research Singapore

Asian stocks rose on Thursday as a sharp rebound on Wall Street helped soothe investors' tattered nerves, while the dollar rallied as risk aversion eased.

Stock markets around the world had tumbled earlier in the week as a slump in Shanghai shares fueled worries over China's economic health, but some calm returned after Beijing rolled out strong policy easing steps late on Tuesday.

Japanese and South Korean stocks gained strongly on Wednesday after U.S. stocks racked up their biggest one-day gain in four years.

Ironically, US stocks rallied on Wednesday on expectations that the Federal Reserve will hold off from hiking interest rates next month due to mounting global uncertainties, including China - the very factors that prompted heavy selling in the previous sessions.

The Dow jumped 4 per cent and the S&P 500 rose 3.9 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent early on Thursday, pulling away from a three-year low hit earlier in the week.

Tokyo's Nikkei rose 2 per cent and added to the previous day's 3.2 per cent gain, while South Korea's Kospi climbed 0.7 per cent. Australian shares advanced 0.7 per cent.

Still, investors remained uneasy, with European shares remaining highly sensitive to angst over Chinese growth and sliding nearly 2 per cent overnight.

Chinese shares, the epicentre of recent financial market tremors, failed to rally on Wednesday and ended lower in spite of the People's Bank of China's (PBOC) decision to cut the benchmark bank lending rate and relax reserve requirements for large banks.

A fresh slide in China's equities and worries that China may allow a further depreciation of the yuan risked hampering a recovery in other riskier assets in Asia and beyond. "Rather than getting ahead of the game with a well thought out plan for stabilising the economy, the PBOC appears to be reluctantly easing policy any time there's a drop in share prices," wrote Jasper, market analyst at CMC Markets. "The net effect is that markets clamour for more stimulus while at the same time losing faith it will actually work." In currencies, the dollar dipped briefly overnight after New York Fed President William Dudley said the prospect of a September rate hike "seems less compelling" than it was only weeks ago given the threat posed to the US economy by recent market turmoil.

However, he warned about overreacting to "short-term" market moves, and left the door ajar to raising rates when the US central bank holds a policy meeting on Sept 16-17.

But the greenback soon rallied as ebbing risk aversion reduced demand for the yen and euro, which had been sought as safe havens during the recent equity selling.

The greenback gained additional boost on upbeat US durable orders data.

Against the Japanese currency, the greenback fetched 120.07 yen, recovering from a seven-month low of 116.15 plumbed on Monday The euro was little changed at US$1.1335 after losing 1.7 per cent overnight, knocked further away from a seven-month peak of US$1.1715 scaled on Monday.

The common currency was also hurt by comments from a senior European Central Bank official. Peter Praet said the risk of the ECB missing its inflation target has increased due to commodity price falls and weakness in some overseas economies.

Crude oil rebounded amid a general thaw in global risk aversion. US crude futures bounced 1.8 per cent to US$39.28 a barrel. The contracts had slumped to a 6-1/2-year low on Monday, dogged by supply glut woes and worries of a hard landing by China's economy.

Gold slid as the dollar rebounded and US stocks rallied. Spot gold inched down to US$1,124.86 an ounce. The precious metal has lost 3 per cent so far this week.

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

Read More

Asian Market Update : Epic Research Singapore

Asian shares tumbled Tuesday after a meltdown in Chinese stocks sparked a global equities rout and fuelled mounting fears over the outlook for the world economy.

Shanghai stocks tumbled 6.41 per cent at the open, extending the previous day's plunge on mounting worries over China's faltering economy and its impact on global growth.

The dollar was weak against other currencies and oil prices remained in the doldrums after finishing Monday below US$40 a barrel for the first time in six years, as financial markets sold off around the world.

Tokyo fell 4.13 per cent in early trade, following a bruising session overnight that saw US stocks fall the most since the height of the financial crisis and European equities slump.

Hong Kong opened 0.67 per cent lower, after closing at a fresh 15-month low on Monday, while Seoul was trading flat in early deals.

Sydney dropped sharply at the open before recovering to stand 1.52 per cent higher by mid-morning.

"The world's capital markets are in meltdown, and investors are asking what can stop the panic," said IG Markets' chief market strategist Chris Weston.

"Despite the outrageous moves in the European and US futures markets overnight, it is Asia that is at the epicentre of this concern." Global equities took a battering overnight, with US and European markets plunging after an almost 8.50 per cent slump in Shanghai - the heaviest daily loss since 2007 - sparked panic among world investors.

World equity markets have seen some US$5 trillion wiped off their value since China's surprise devaluation of the yuan on August 11 added to fears the world's second-largest economy is weaker than thought.

Chinese shares have been extremely volatile since a huge debt-fuelled rally, which saw the market rise 150 per cent in 12 months, collapsed in mid-June prompting Beijing to unleash unprecedented measures to support the equity market.

Dealers were braced for more heavy falls Tuesday, as they await news of more intervention from Beijing to rescue its free-falling markets.

It looks likely "that we will carry on the recent trend and if we do, it will be a rough day," James Lee, managing director of First NZ Capital, told Bloomberg News.

The dollar remained low at 118.78 yen, little changed from 118.51 yen in New York trade Monday, but dramatically weaker than 122.06 yen seen in US trading on Friday.

The euro stood at $1.1570 and 137.50 yen in Tokyo, compared with US$1.1606 and 137.55 yen in New York overnight.

US benchmark West Texas Intermediate (WTI) for October delivery was trading at $38.47 after closing at US$38.24 a barrel on the New York Mercantile Exchange, its first below-US$40 close since February 2009.

Brent North Sea crude for October, the international benchmark, was as US$42.86 a barrel after closing at US$42.69 a barrel in London, its lowest level since March 2009.

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

Read More

Asian Market Update : Epic Research Singapore

Asian stocks extended declines as a global rout deepened, pushing a measure of equities around the region toward a two-year low.

The MSCI Asia Pacific Index retreated 2.8 per cent to 127.83 as of 10:46 am in Tokyo, heading for the lowest close since June 2013, as stock gauges from Sydney to Hong Kong
tumbled. Equities worldwide have lost more than US$5 trillion in value since China's shock currency devaluation on Aug 11, with US shares succumbing to the selloff at the end of last week.

"Things are probably going to get worse before they get better," Nader Naeimi, Sydney-based head of dynamic asset allocation at AMP Capital Investors Ltd, which oversees about US$118 billion, said by phone. "You really need rate cuts and more policy easing in China. In the meantime, things can get worse. We've got to see more clarity around the Fed" and its timeline for raising interest rates.

Hong Kong's Hang Seng Index, which entered a bear market last week, fell 3.5 per cent. Japan's Topix index dropped 3.3 per cent, heading for a correction. Singapore's Straits Times Index slid 2.3 per cent, set for a three-year low. The Shanghai Composite Index tumbled 5.6 per cent, while Australia's S&P/ASX 200 Index retreated 2.6 per cent. New Zealand's NZX 50 Index lost 2 per cent.

Calm in the US stock market was shattered last week, with volatility soaring by the most on record as the Dow Jones Industrial Average entered a correction and investors dumped the biggest winners of 2015. E-mini futures on the Standard & Poor's 500 Index fell 1 per cent Monday.

Taiwan on Sunday slapped a ban on short-selling of borrowed stocks at prices lower than the previous day's close, while South Korea's finance ministry said it will act "pre- emptively" after the nation's largest exchange-traded fund suffered the biggest weekly withdrawal since its inception 15 years ago. The Taiex index slumped 3.5 per cent on Monday, while the Kospi index fell 0.7 per cent in Seoul.

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

Read More

Asian Market Update : Epic Research Singapore

Asian shares were mixed on Wednesday, with Shanghai continuing a sharp sell-off on concerns the world's number two economy is slowing and as investors awaited clues for the timing of a US interest rate rise.

Sydney rose 1.33 per cent in early trading while Seoul dropped 1.10 per cent.

Tokyo fell 0.45 per cent after news Japan's trade deficit fell a less-than-expected 72.3 per cent year-on-year in July due to falling energy costs and a pick-up in exports.

Hong Kong rose 0.25 per cent but Shanghai dropped 1.87 per cent, continuing its downward trajectory the day after China's benchmark share index suffered its steepest fall in three weeks.

"Market sentiment is likely to be influenced by what happens on the Chinese exchanges today," Ric Spooner, chief market analyst at CMC Markets in Sydney, told Bloomberg News.

"Investors remain particularly sensitive to developments in China after last week's currency devaluation and are looking for comfort that things are not worse than they seem."

Tuesday's more than six per cent slump in Shanghai dragged down European shares and hit commodities, rattling markets already jittery after Beijing's surprise devaluation.

Falling demand in the world's top consumer of industrial metals and energy - and the prospect of an impending US interest rate hike - pushed Bloomberg's commodity index to its lowest level since 2002.

Oil prices fell further in Asia ahead of the release of minutes from the most recent meeting of the US Federal Reserve.

US benchmark West Texas Intermediate for September lost 22 cents to US$42.40 and Brent crude for October lost 28 cents to US$48.53 a barrel in morning trade.

Concerns about China also weighed on Tokyo shares after data showed Japan's deficit shrank to 268.05 billion yen (S$3 billion) last month against 966.5 billion yen a year earlier.

Economists had predicted the shortfall would shrink to around 53 billion yen, but a rise in automobile exports and a fall in energy imports cut the trade disparity even further.

The lacklustre data came two days after news the world's third-biggest economy contracted last quarter, boosting speculation the central bank will unleash more stimulus as Tokyo's Abenomics growth blitz stumbles.

"Another big drop in Chinese equities is leading to concern over the Chinese economy and a lack of transparency in the global economy," Hiroichi Nishi, a manager at SMBC Nikko Securities, told Bloomberg News.

"We're lacking reasons to aggressively buy in Japan." The dollar traded sideways in Asia ahead of the release of the Fed minutes, due later on Wednesday, for clues on when it will next hike interest rates.

Some dealers expect that the first rise in US interest rates in almost a decade could come as early as next month after a raft of signs the world's top economy is strengthening.

The greenback fetched 124.38 yen, unchanged from New York trade late Tuesday.

The euro was slightly up at US$1.1031 and 137.20 yen against US$1.1029 and 137.19 yen.

Gold was at US$1,117.65 compared to US$1,119.83 late Tuesday.

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

Read More

Asian Market Update : Epic Research Singapore

Asian shares mostly rose on Tuesday, lifted by gains on Wall Street after strong US housing data added to signs the world's top economy is strengthening.

The dollar headed higher Monday, notching its third straight day of gains against the euro, helped by improving confidence in the US housing sector.

Tokyo added 0.60 per cent in early trades, Sydney gained 0.35 per cent and Seoul dipped 0.21 per cent.

Hong Kong shares rose 0.61 per cent and Shanghai pushed up 0.14 per cent.

The Thai baht slid 0.5 per cent to 35.565 per dollar, it's lowest level since 2009, after an unprecedented bomb attack killed at least 21 people and injured scores in Bangkok. Thai shares had not yet started trading.

Wall Street rose on Monday led by gains in Disney, which got a boost from plans to add "Star Wars" attractions in its theme parks, along with tech giant Apple and McDonald's.

Investors were also cheered by a report from the National Association of Home Builders showing homebuilder sentiment hit its highest level since the recession ended in 2009.

"There is a gradual strengthening in the US housing market, with positive implications for employment and economic growth if sustained," Michael Sherwood, head of investment strategy at Perpetual in Sydney, told Bloomberg News.

Traders are now awaiting the release of minutes from the Federal Reserve on Wednesday, which could shed light on the US central bank's timing for an interest rate rise.

Speculation over when the Fed will raise its key rate for the first time in almost a decade has taken stage after China's central bank stabilised the yuan after a surprise devaluation last week.

"While the market reaction to the yuan's depreciation last week was completely overdone, it will be equally unproductive for investors to believe that the currency's depreciation will reduce China's macro risk," Sherwood said.

Chinese shares also got a boost from a pledge by the securities regulator on Friday to support equities for years, extending measures unleashed during a market crash in June.

In currency markets, the dollar was quoted at 124.47 yen, slightly up from 124.41 yen in New York late Monday.

The euro traded at US$1.1076 and 137.81 yen from US$1.1078 and 137.81 yen.

Oil prices continued their longest losing streak this year, after notching seven weeks of falls, as fears of a lasting global oversupply weighed on the market.

US benchmark West Texas Intermediate for September delivery fell seven cents to US$41.84 and Brent crude for October tumbled 13 cents to US$48.61 a barrel in morning trade.

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

Read More

Asian Market Update : Epic Research Singapore

Asian shares and the dollar crept higher in early trade on Thursday, with investors cautiously watching China's next move after it allowed the yuan to decline for two straight sessions.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent, taking heart from a late recovery on Wall Street that saw two out of three main indexes end in positive territory.

Japan's Nikkei stock index was up 0.3 per cent, shrugging off downbeat capital expenditure figures.

Japanese data released before the market open showed Japan's core machinery orders fell a greater-than-expected 7.9 per cent in June, down for the first time in four months.

China's currency fell to a four-year low on Wednesday, slumping for a second day.

Sources told Reuters that the move to devalue the yuan reflects a growing clamour within Chinese government circles for a devaluation of perhaps up to 10 per cent to help struggling exporters."The continued weakness in China growth will provide more pressure for CNY depreciation, in our view," Barclays strategists said in a note to clients.

The risk-averse mood after China's moves this week heightened the appeal of safe-haven government debt, which has pushed down US Treasury yields and pressured the U.S. dollar.

But benchmark 10-year note prices fell from three-month highs after a lacklustre auction, with the 10-year yield at 2.139 per cent in Asian trading, compared to its US close of 2.130 per cent.

The US dollar also weakened as investors pared back bets that the US Federal Reserve's long-awaited interest rate hike would come as early as its Sept. 16-17 meeting. Short-term US int
erest rates markets indicated investors were pricing in no more than a 40 per cent chance that the Fed will raise rates next month.

Against the yen, the dollar was slightly higher at 124.30 . The euro was steady at US$1.1155 after scaling a one-month peak of US$1.1215 on Wednesday, helped by the unwinding of euro-funded carry trades in the yuan and other emerging market currencies.

In commodities trading, spot gold was steady at US$1,123.81 an ounce after logging its fifth straight session of gains.

Crude oil futures extended overnight gains made on a weaker dollar and lower US crude stockpiles, but remained not far from six-year lows plumbed this week on fears that China's weaker currency would hit imports. US crude was up about 0.3 per cent at US$43.43 a barrel, while Brent also added about 0.3 per cent to US$49.83.

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

Read More

Asian Market Update : Epic Research Singapore

Asian shares were on the defensive on Monday after new indications of a slowdown in the Chinese economy strained the nerves of markets already unsettled by the prospect of a US interest rate hike in September.

Japan's Nikkei fell 0.4 per cent and South Korean shares dropped 0.3 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan stood near its 1 1/2-year low hit last month and stood flat.

"The markets are beginning to price in structurally lower growth in China and an end to the so-called commodity super-cycle," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management.

Chinese exports tumbled 8.3 per cent in July, their biggest drop in four months and far worse than economists' forecast of a one per cent fall, data showed on Saturday.

Producer price deflation deepened to 5.4 per cent, sending wholeale prices to their lowest since late 2009.

The data came as many emerging currencies came under pressure from expectations that the US Federal Reserve will end nearly a decade of its zero interest rates.

The US Department of Labor said on Friday employers added 215,000 jobs in July, only slightly below a Reuters poll of 223,000 jobs. The unemployment rate held at a seven-year low of 5.3 per cent and there were signs that wages were beginning to pick up.

Taken together, the figures promoted traders to ratchet up expectations that the Fed would raise interest rates in September, even though money market futures pricing 0#FF: 0#ED: suggest it remained a close call.

On Wall Street, the Dow Jones industrial average fell 0.3 per cent, hitting a six-month low. The S&P 500 shed also about 0.3 per cent.

Emerging market shares were beaten harder, with MSCI's emerging market index falling to a two-year low on Friday.

The prospect of higher US interest rates has made the dollar more attractive to investors in the past year, which in turn has lowered demand for commodities and crimped US corporate earnings from exports.

The US dollar index, which tracks the greenback versus a basket of euro, yen and four other currencies, reached 98.334, its highest since late April after the US job data, before turning lower. On Monday, it stood at 97.670.

The euro traded at US$1.0957 while the yen was 124.35 to the dollar.

Oil prices kept sliding on the global slowdown, a US gasoline glut and a rise in the US oil rig count.

Crude futures prices fell to fresh multi-month lows early on Monday. Brent fell to US$48.26 per barrel, not far from a six-year low of US$45.19 hit in January.

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

Read More

Asian Market Update : Epic Research Singapore

Asian shares were mostly higher on Wednesday on hopes that Beijing could stem the rout in its markets without damage to the economy, though caution was the watchword ahead of a policy decision from the US Federal Reserve.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen gained 0.6 per cent in choppy morning trade, while the Shanghai Composite rose 0.7 per cent.

Sentiment has been soothed a little by pledges from Chinese regulators to buy shares to stabilise stocks if needed and hints of more policy easing from the central bank.

Yet investors remain understandably wary of a market that, without warning, fell more than 8 per cent on Monday.

The steadier tone was enough to lift Australia's main index 1 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.7 per cent.

Japan's Nikkei was one of the few markets in the red with a loss of 0.4 per cent.

On Wall Street, the Dow had ended on Tuesday with gains of 1.09 per cent, while the S&P 500 rose 1.24 per cent and the Nasdaq 0.98 per cent.

Not faring so well was Twitter, which sank 11 per cent in extended trade after the microblogging company said its monthly average users grew at the slowest pace since it went public in 2013.

The Fed ends a two-day policy meeting later on Wednesday with markets divided on whether it will take a hawkish or dovish stance, while some suspect it might chose to do neither. No move on rates is expected this week.

In recent congressional testimony, Fed Chair Janet Yellen neither ruled out a September hike nor guided the market toward thinking it was a done deal. "We think the upcoming FOMC statement will reflect this non-committal approach," said Tom Porcelli, chief US economist at RBC Capital Markets. "In other words, there will be no explicit tweak to the guidance signalling a hike is imminent." At most, the Fed might sound a little more positive on the economy and describe risks to the outlook as balanced rather than "nearly" balanced, Mr Porcelli added.

In currency markets, investors seemed to decide it was safer not to be short of the US dollar ahead of the policy statement at 1800 GMT.

The dollar was holding at 123.45 yen, from a low of 123.04 on Tuesday, while the euro stood at US$1.1082.

Against a basket of currencies, the dollar was off 0.2 per cent at 96.505.

In energy markets, oil prices were subdued ahead of official data on US stockpiles.

Brent futures were down 8 cents at US$53.21 a barrel and near their lowest since February. US crude futures slipped 6 cents to US$47.92 a barrel.

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

Read More

Asian Market Update : Epic Research Singapore

Asian stocks fell to three-week lows on Tuesday as a deepening rout in Chinese stocks erased risk appetite - sending investors flocking to safe-haven instruments such as government bonds and the Japanese yen.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8 per cent in early deals, its lowest level since July 9 as mainland Chinese indexes opened 2- 5 per cent lower. "Volatility is the enemy of investor appetite," said the head of index trading at a US fund. "Any sign of government support to prop up the market will be used by investors to exit the market completely rather than add fresh positions." Since hitting a peak in early June, Chinese shares have gone through a roller-coaster ride with main China indexes falling by a third in less than a month before rebounding by a quarter, only to stage its biggest one-day fall since 2007.

While broader Asian markets have been initially resilient to the fireworks in Chinese stocks, they have started to move more closely in step with the mainland over recent days in the absence of fresh triggers elsewhere.

Correlations between the MSCI gauge for regional stocks and the Shanghai index has risen to 0.5 - its strongest in nearly a year - indicating the market rout is starting to have a broader regional impact.

Tokyo's Nikkei fell more than 1 per cent, with a strong yen accelerating the decline. Australian shares fell 0.9 per cent and South Korea's Kospi shed 1 per cent.

Investor sentiment was also cautious ahead of a two-day US Federal Reserve meeting beginning later today where some investors believe the Fed's rate-setting Open Market Committee will make its case for hiking rates as early as September.

Overnight, the Dow dropped 0.7 per cent and Nasdaq fell 1 per cent while share indices in Frankfurt and Paris tumbled more than 2.5 per cent.

In currencies, the dollar was on the back foot at 123.12 yen as safe-haven assets were boosted by market jitters, offsetting upbeat US durable good orders data.

The euro was little changed at US$1.1091 after surging to a two-week high of US$1.1129 overnight thanks to a bullish Ifo survey of German business sentiment.

Bonds were the solitary bright spot in Asia with US Treasuries and Japanese government debt standing tall in a sea of red across stock markets as investors dumped riskier bets.

Ten-year Japanese bond yields held firm at 0.40 per cent, from 0.55 per cent two weeks earlier, a large move for the markets while 10-year US Treasuries held at 2.2 per cent.

Oil struggled at four-month lows after the Chinese stock market crash fuelled worries the world's biggest energy consumer may cut back and as more evidence emerged of a global crude supply glut.

US crude was down nearly a percent at US$46.98 a barrel, n
ear US$46.91, its lowest since late March.

Copper, heavily influenced by demand from key consumer China, languished near a six-year low of US$5,164 a tonne on the London Metal Exchange.

The broader Thomson Reuters CRB commodities index also hit a six-year low.

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

Read More

Asian Market Update : Epic Research Singapore

Asian markets retreated Monday following a fourth successive sell-off in New York, while investors await the Federal Reserve's next policy meeting looking for a handle on its plans for interest rates.

The dollar also remained weak after a disappointing read on the US housing market, while oil was also under pressure owing to a global supply glut.

Tokyo eased 0.41 per cent, Hong Kong shed 1.48 per cent, Shanghai gave up 1.49 per cent, Seoul was 0.30 per cent lower and Sydney was flat.

Investors took a lead from their US counterparts, who continued to cash out on Friday as data showing sales of new single-family homes fell in June and May sales were much lower than previously reported.

The news, which followed a downbeat Chinese manufacturing report, trumped forecast-busting earnings from Amazon.

The Dow fell 0.92 per cent, the S&P 500 dropped 1.07 per cent and the Nasdaq sank 1.12 per cent.

"Share markets are likely to remain volatile as we are still going through a seasonally weak period of the year for shares," Shane Oliver, Sydney-based global strategist at AMP Capital Investors Ltd., told Bloomberg News.

"Uncertainties remain regarding Chinese economic growth and a likely Fed interest rate hike lies ahead for later this year." Focus is now on the Fed's policy meeting this week. While it is not expected to raise rates, dealers are hoping for some forward guidance, with most analysts tipping a hike in either September or December.

On forex markets the dollar was at 123.71 yen early Monday, down from 123.81 yen in New York and well off the levels above 124 yen earlier Friday in Asia.

The euro changed hands at $1.0996 and 135.90 yen against $1.0977 and 135.89 yen in US trade.

Oil resumed its downtrend as demand weakens in the face of a slowing Chinese economy, weakness in Europe, oversupply and expectations of a flood of Iranian crude onto world markets.

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

Read More

Asian Market Update : Epic Research Singapore

Asian markets retreated Wednesday following a negative lead from Wall Street, while Japanese shares were dragged by a stronger yen.

The euro held on to most of its gains after a recent sell-off, with Greek lawmakers due to vote later in the day on another round of reforms aimed at getting access to much-needed bailout cash.

Tech firms linked to Apple retreated after the world's biggest company's latest earnings report left investors disappointed.

Tokyo lost 1.23 per cent after coming within a whisker Tuesday of a fresh 18-year high, while Hong Kong lost 0.89 per cent, Shanghai eased 0.18 per cent, Sydney shed 1.00 per cent and Seoul was down 0.85 per cent.

After a broadly healthy set of gains in recent sessions, investors took a step back after losses in New York that come in response to weak quarterly reports from tech giants Microsoft and United Technologies. The figures raised concerns about the upcoming US earnings season.

The Dow sank 1.00 per cent, the S&P 500 dropped 0.43 per cent and the Nasdaq lost 0.21 per cent, snapping a streak of three straight record highs.

And in after-hours US trade Apple tumbled about eight percent as it released a report showing net profit leapt almost 40 per cent in April-June but iPhone sales were weaker than expected and sales forecasts also fell short.

Nader Naeimi, head of dynamic asset allocation at AMP Capital Investors in Sydney, told Bloomberg News: "The earnings season in the US is going to be quite weak. Investors are expecting too much from Apple and that's already reflected in the share price."

Asian suppliers to Apple retreated. Hon Hai Precision slipped 0.80 per cent in Taipei, while Pegatron slipped 2.40 per cent. In Tokyo Japan Display sank more than four percent and Seoul-listed Samsung Electronics fell 1.34 per cent.

The dollar slipped on profit-taking after a recent rally, although the weakness is not expected to last as the Federal Reserve holds its next policy meeting on July 29, with traders looking for clues about its timetable for lifting interest rates.

Analysts have forecast a rise in either September or December after Fed chief Janet Yellen said this month she saw a move by the end of the year.

The dollar was at 123.64 yen in Tokyo Wednesday, slightly up from 123.86 yen in New York, but lower than 124.35 yen in Tokyo earlier Tuesday.

The euro fetched US$1.0956 and 135.45 yen, against US$1.0942 and 135.53 yen in US trade but well up from US$1.0825 and 134.61 yen Tuesday in Asia.

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

Read More

Asian Market Update : Epic Research Singapore

Asian stocks were slightly higher Monday as concerns over Greece and China's recent market rout eased, while the dollar pushed higher on expectations for a US interest rate hike by the end of the year.

Shanghai led the gains but was undergoing some fresh volatility as more firms trade again after being suspended at the height of the latest stock crisis that wiped billions off mainland valuations.

Shanghai added 0.91 percent, Hong Kong gained 0.23 per cent, Singapore was 0.44 per cent higher and Wellington put on 0.25 per cent.

Sydney slipped 0.11 per cent and Seoul was flat.

Tokyo and Jakarta were closed for public holidays.

Analysts said investors are now beginning to focus back on macro-economic data after the past few months that saw the Greek debt crisis and a more than 30 percent plunge in Chinese stocks.

Last week Greece agreed to a swathe of new austerity measures from creditors in exchange for much needed cash that will keep it in the eurozone for now.

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

Read More

Asian Market Update : Epic Research Singapore

Asian stocks rose and Treasuries retreated after Greek lawmakers voted in favor of new bailout demands, damping concern over a break up in the currency union for now. New Zealand's dollar slumped amid speculation over further policy easing, extending a selloff in commodity currencies.

The MSCI Asia Pacific Index added 0.3 per cent by 10 am in Tokyo, rising for the fifth time in six days as Japanese and Australian gauges rose at least 0.6 per cent. Standard & Poor's 500 Index futures gained 0.1 per cent. Ten-year Treasury yields snapped a two-day retreat, while the euro extended losses against the dollar. The kiwi slid to a six-year low after inflation data and slumping dairy prices enforced concerns over New Zealand's economy. Australia's dollar also weakened.

Greece's parliament endorsed the fresh set of austerity measures as riot police tussled with protesters outside. The focus now shifts to whether the European Central Bank will bolster the nation's financial system. Economists predict New Zealand will join Canada in cutting rates again next week, with commodity-linked currencies leading losses this year amid the retreat in oil to raw materials. Meanwhile, the Federal Reserve is continuing to predict a gradual pace of tightening in 2015.

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

Read More

Asian Market Update : Epic Research Singapore

Asian stocks climbed ahead of Chinese economic data, with the regional index set for its longest run of gains since April amid a rebound in global equities. Oil advanced with copper, while the dollar held declines.

The MSCI Asia Pacific Index rose 0.3 per cent by 10 am in Tokyo, set for its highest close since July 3 as stock gauges from Japan to Korea gained at least 0.2 per cent. US index futures were little changed after the longest equity rally there since January. Oil rose a second day on speculation the nuclear deal won't spur a rush of Iranian crude exports. Copper added 0.3 per cent, while wheat extended losses. The Bloomberg Dollar Spot Index held on to Tuesday's 0.2 per cent retreat.

Chinese gross domestic product data is projected to paint a muted picture for the second quarter. Reports on retail sales and factory output also due Wednesday amid signs authorities have halted the equity rout, for now. Federal Reserve Chair Janet Yellen addresses Congress with traders paring bets on interest-rate increases after an unexpected drop in retail sales. The Bank of Japan also reviews monetary policy.

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

Read More

Asian Market Update : Epic Research Singapore

Asian stocks mostly fell on Monday after Greek voters rejected more austerity demands from creditors, fuelling fears the country will crash out of the eurozone, but the euro recovered from initial losses as dealers wait for European leaders' next move.

In a separate drama, Chinese shares surged almost eight percent in the first few minutes of trade after Beijing introduced measures to support mainland markets, which have plunged by a third over the past three weeks.

Despite warnings from European leaders that Sunday's referendum was effectively an in-out poll on the euro, more than 60 percent of the voters heeded the government's call to vote "No", sending traders running for the doors.

Tokyo fell 1.34 per cent, Seoul shed 0.74 per cent, Sydney lost 1.33 per cent and New Zealand was off 0.80 per cent.

However, Shanghai opened up 7.82 per cent before easing to 4.08 per cent higher, while Hong climbed 0.70 per cent, riding the coat-tails of the mainland gains.

In Japanese trade the euro was at US$1.1054 and 135.50 yen, clawing back some of the losses suffered in New York electronic trade Sunday, when it fell to US$1.0963 and 134.91 yen.

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

Read More

Asian Market Update : Epic Research Singapore

Asian equities and the euro tumbled Monday on fears Greece will crash out of the eurozone after Athens called off debt reform talks and announced a referendum on creditors' proposals next weekend, days after a repayment deadline.

Tokyo sank 2.25 per cent, Sydney shed 1.62 per cent, Seoul lost 1.17 per cent and Taipei was 1.70 per cent lower.

Hong Kong was down 1.11 per cent, but Shanghai added 2.31 per cent.

Mainland Chinese shares rebounded from Friday's plunge of more than seven percent after the country's central bank announced another interest rate cut, its fourth since November.

Greek Prime Minister Alexis Tsipras at the weekend stunned world markets when he announced the national poll for July 5 in which voters will be asked to decide on creditors' reform proposals, as five months of talks failed to find common ground.

The EU and IMF responded by rejecting a request to extend Greece's bailout beyond its June 30 expiry date, meaning it will default on a key payment and possibly crash out of the eurozone.

Mr Tsipras has now imposed capital controls throughout the country to avoid flight of cash, with banks closed until July 6 and ATM withdrawals limited to 60 euros a day.

Speaking on national television on Sunday evening, Mr Tsipras said the Bank of Greece had recommended a "bank holiday and restriction of bank withdrawals" after the European Central Bank said it would not increase its financial support to Greek lenders, despite early signs of a chaotic bank run.

The euro tumbled to US$1.0952 and 135.38 yen in early Asian trade, from US$1.1160 and 138.26 yen in New York at the end of last week.

The dollar was at 122.96 yen against 123.89 yen in US trade, with investors rushing to safer investments.

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

Read More