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. Click Here To Register For Free Trial Services
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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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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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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. Click Here To Register For Free Trial Services
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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. 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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The dollar USDJPY +0.21% hit a low of ¥101.73 during Asian trading hours, according to FactSet data, a pullback from ¥102.24 late Friday in North America. The dollar later reversed course, buying ¥102.43. Following last week’s 1% gain for the euro versus the dollar, the euro EURUSD +0.03% extended its advance Monday, trading at $1.3683 compared with $1.3676 late Friday. The British pound GBPUSD +0.05% , meanwhile, was on par with Friday’s level around $1.6502. The pound last week temporarily broke above the $1.66 mark for the first time since May 2011. 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 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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EBay Inc. EBAY -0.31% eased under 1% in premarket. Carl Icahn said he is ready for a proxy fight to win two seats on the board of the online auctioneer, with the intent of pushing eBay to spin off PayPal.
Honeywell HON +0.03% shares eased slightly in premarket. The company reported earnings per share of $1.19 and $1.24 on an adjusted basis. The company was forecast to post earnings of $1.22 a share in the fourth quarter. Click Here To Register For Free Trial Services
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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. Click Here To Register For Free Trial Services
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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? 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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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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McDonald’s MCD +0.46% reported nearly flat earnings in the fourth quarter, as sales edged down slightly while expenses rose. Earnings per share were $1.40, slightly ahead of consensus expectations. Chief Executive Don Thompson called 2013 “ a challenging year”. Shares in the fast-food chain were slightly lower in premarket.
Starbucks Corp. SBUX +1.17% and Microsoft Corp. MSFT +3.51% will report after the market closes. Click Here To Register For Free Trial Services
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Futures for the Dow Jones Industrial Average DJH4 +0.06% fell 103 points, or 0.6%, to 16,214, while those for the S&P 500 SPH4 +0.11% dropped 9.4 points, or 0.5%, to 1,829.20. Futures for the Nasdaq 100 NDH4 +0.15% were down 13 points, or 0.4%, at 3,607.50. Click Here To Register For Free Trial Services
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