Australia shares languish ahead of US payrolls; NZ slightly lower

Australian shares lost ground for a third consecutive session on Friday as apprehension mounted around potentially robust US jobs data, expected later in the day, which could bolster the argument for a US Federal Reserve rate rise in the near term.

The market also took cues from overnight moves on Wall Street, where stocks were flat with gains in the tech sector offsetting a disappointing US factory activity report and lower oil prices.

The S&P/ASX 200 index shed 52 points, or one per cent, to 5364.1 by 0316 GMT. The benchmark finished 0.3 per cent lower on Thursday.

Strength in the US labour market has inspired hawkish comments from some Federal Reserve officials of late, with vice chair Stanley Fischer and Cleveland Fed President Loretta Mester both hinting at an imminent rate hike.
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Australia shares bounce on Wall Street, financials lead; NZ stocks up

Australian shares bounced on Tuesday, supported by overnight strength on Wall Street and upbeat US consumer spending data, with gains in the financial sector leading the way.

The S&P/ASX 200 index rose 28.2 points, or 0.5 per cent, to 5497.6 by 0245 GMT, after hitting its lowest in over a month in the previous session due to concerns of a near-term US interest rate hike.

But strong US consumer spending, which accounts for more than two-thirds of US economic activity, lifted the mood.

Investors are now turning their attention to US payroll data later on Friday to gauge if the Federal Reserve might be in a position to raise rates before year-end.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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Stocks to watch: ST Engineering, Midas, China Everbright Water, Raffles Education

THE following stocks may be in focus on Thursday:

ST Marine: The turnkey shipbuilding subsidiary of Singapore Technologies Engineering is well-placed to land the first newbuilding contract that the Singapore Civil Defence Force (SCDF) is set to award in 2016, just over four years after the SCDF assumed the fire-fighting function within Singapore's waters. The Business Times understands that ST Marine has emerged as the frontrunner in a tender for the construction of three new vessels to undertake marine fire-fighting and rescue operations in Singapore's maritime waters.

Midas Holdings: Its subsidiary, Jilin Midas Aluminium Industries Co, has landed two supply contracts worth 53.8 million yuan (S$10.9 million) from customers in China, the company said in a release to Singapore Exchange on Wednesday.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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Gold futures Update on 05- Aug'2016

Gold futures finished moderately higher Thursday after the Bank of England announced a rate cut for the first time since 2009 and unveiled a batch of stimulus measures aimed at stimulating the country’s economy in the wake of the June 23 vote to exit the European Union.

December gold GCZ6, +0.17%   rose $2.70, or 0.2%, to settle at $1,367.40 an ounce.

The BOE cut its key lending rate by a quarter of a percentage point to 0.25% and unfurled a mix of measures, including reviving its bond-buying program. Although the rate cut was expected, the additional stimulus measures surprised the market, and providing a jolt to haven assets.

This, coupled with easing measures from the Bank of Japan earlier in the week, are being viewed as supportive to the long-term outlook for gold prices.

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Singapore shares open lower on Friday; STI down 0.06% to 2,830.22

SINGAPORE shares slipped early on Friday, with the Straits Times Index (STI) easing by 0.06 per cent, or 1.74 points, to 2,830.22 as at 9.04 am.

However, gainers outnumbered losers 77 to 48, or about three up for every two down, after 74 million shares worth S$125.2 million had changed hands.

DBSGroup Holdings slipped by 0.5 per cent, or eight Singapore cents, to S$14.96 as at 9.03 am amid concerns about the bank's exposure to the oil and gas sector following client Swiber Holdings' winding-up application.

Genting Singapore slid 4.4 per cent, or 3.5 Singapore cents, to 76 Singapore cents. The casino operator reported overnight that it had narrowed its second-quarter loss to S$10.5 million from a year-ago S$16.9 million.

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Epic Research Singapore : Hang Seng Update

Hong Kong stocks bounced back on Wednesday after the previous day's heavy losses, with the Hang Seng Index HK:HSI -0.02% up 0.6% at 21,534.96. Haitong International Securities Group Ltd. HK:665 +3.29% , the subsidiary of China's leading broker Haitong Securities, climbed 4.3%, after the company said it expected its 2013 net profit to rise significantly mainly due to the growth of brokerage and retail-margin financing businesses. Other mainland brokers also advanced, as Guotai Jun'an International Holdings Ltd. HK:1788 -0.50% rose 0.8%, and China Everbright Ltd. HK:165 -0.39% moved up 0.4%. Casino stocks shined, as investors looked ahead to Macau's casino revenue data due later in the day. Wynn Macau Ltd. HK:1128 +2.58% WYNMF +2.10% gained 2.7%, after Macquarie raised its rating to neutral. MGM China Holdings Ltd. HK:2282 +4.01% MCHVF -1.77% jumped 4.2% and Melco Crown Entertainment Ltd. HK:6883 +1.07% MPEL -0.05% added 1.6%. The mainland stock markets remained closed for the Lunar New Year holiday and were scheduled to reopen on Friday.

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Epic Research Singapore : Nikkei Stock

The Nikkei Stock average lost 2.0% to end at 14619.13. That's well down from final day of 2013 trading, when the index hit a six-and-a-half year peak.

Japan share trading action typically reflects both the dollar and prior Wall Street indexes, and so Friday's U.S. share selloff following poor earnings reports from Amazon.com AMZN -11.00% and Chevron CVX -4.14% —combined with a selloff in the dollar—hurt the market, say traders.

As of the close of trading on the Tokyo Stock Exchange, the dollar was changing hands at ¥102.16.  

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Epic Research Singapore : Forex Market Update

Dollar strength was visible in most major crosses, with the euro EURUSD -0.03%  dropping to $1.3556 from $1.3662 late Wednesday in North America. The pound GBPUSD -0.05%  also fell to $1.6488 from $1.6561 late Wednesday.

The dollar USDJPY -0.27%  rose to ¥102.72 from ¥102.19 late Wednesday.

The New Zealand dollar NZDUSD -0.38%  fell to 81.57 U.S. cents from 82.15 U.S. cents late Wednesday. New Zealand’s central bank on Wednesday left rates on hold.

The Australian dollar AUDUSD -0.34% rose to 87.88 cents from 87.41 U.S. cents late Wednesday.  



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Epic Research Singapore : Comex Market Update

Gold futures dropped on Thursday, with a climb in U.S. equities and strength in the dollar dulling investment demand for the metal. April gold GCJ4 +0.06% shed $19.70, or 1.6%, to settle at $1,242.50 an ounce on the Comex division of the New York Mercantile Exchange. The continued march forward by the Fed with its tapering program caught a few people offguard on Wednesday, though it shouldn't have, given the strong economic growth the U.S. is enjoying, said Richard Gotterer, managing director at Wescott Financial Advisory. This, along with dollar strength and a rebound in equity prices took "a little bit of the shine off of gold for today."  

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Epic Research Singapore : Comex Market Update

March natural gas NGH14 -2.32% , which became the front-month contract after the February contract expired on Wednesday, dropped 45 cents, or 8.3%, to settle at $5.01 per million British thermal units. The March contract had gained 10.6% on Wednesday.  
In other energy trading, February gasoline RBG4 +0.50%  closed little changed at $2.66 a gallon and February heating oil ended at $3.22 a gallon, up 3.5 cents, or 1.1%. The February contracts for the two petroleum products expire at the close of Friday’s trading session. 

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Epic Research Singapore : Comex Market Update

March crude oil CLH4 -0.31%  rose 87 cents, or 0.9%, to settle at $98.23 a barrel on the New York Mercantile Exchange after slipping a nickel on Wednesday. It was the highest close of the year so far for a most-active contract, according to FactSet data.  

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Epic Research Singapore : Hang Seng Index

The Hang Seng Index HK:HSI +0.95% tacked on 0.9% to 22,156.15. Chinese PC maker Lenovo HK:992 +4.96% LNVGF +6.31% climbed 4.2%, after the company said that it would reorganize itself into four business groups and diversify its business. Software developer Kingsoft Corp. HK:3888 +2.83% KSFTF +0.30% jumped 4.7%, as the company said it plans to spin off its information-security software business for listing on the Nasdaq or the New York Stock Exchange. Other tech stocks also pushed higher, as Tencent Holdings Ltd. HK:700 +4.57% TCTZF +4.69% rose 4.6%, and online game developer NetDragon Websoft HK:777 +1.52% gained 2%.
 
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Epic Research Singapore : Forex Market Update

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

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Epic Research Singapore : U.S Market Update

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.  

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Epic Research Singapore : Asian Market Update

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.
 
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Epic Research Singapore : Hang Seng

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

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

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Epic Research Singapore : Forex Market Update

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. 

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Epic Research Singapore : Twitter Market Update

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

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

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Epic Research Singapore : U.S Market Update

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.  

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Epic Research Singapore : Forex Market Update

 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.

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