MARKET ROUNDUP
Most U.S. Stocks Rise as Investors Weigh Data, Speech
As
investors weighed economic reports and President Barack Obama’s State
of the Union address. The S&P 500 advanced 0.1 percent to 1,520.33
at 4 p.m. in New York. The Dow Jones Industrial Average lost 35.79
points, or 0.3 percent, to 13,982.91. Four stocks gained for every three
that fell on U.S. exchanges, with about 6 billion shares changing
hands, 2.9 percent lower than the three-month average. Retail sales in
the U.S. rose 0.1 percent last month, matching the median forecast of
economists surveyed by Bloomberg, which showed household spending is
holding up even as an increase in the payroll tax takes a bigger bite
from paychecks.
WTI OIL FALLS ON IRAN NUCLEAR NEGOTIATIONS
After
Iran said it was nearing agreement with nuclear inspectors and as the
Energy Information Administration said U.S. crude output rose to the
highest level in 20 years. Crude oil for March delivery fell 50 cents to
settle at $97.01 a barrel on the New York Mercantile Exchange. Futures
have declined 3.9 percent in the past year.
PALM OIL EXPORTS FROM INDONESIA SEEN FALLING TO FOUR-MONTH LOW
The
world’s largest grower, may decline to the lowest level in four months
in February as more buyers turn to Malaysia after it extended duty-free
shipments to clear record stockpiles. Malaysia, the second-largest
producer, set its tax on crude exports at zero for January and February
after revamping tariffs to combat the biggest ever reserves. Prices in
Kuala Lumpur, which lost 23 percent last year as the stockpiles
accumulated, have climbed 3.2 percent in 2013 amid speculation the
reserves will drop as exports gain and supply contracts. Futures on the
Malaysia Derivatives Exchange, the regional benchmark, fell 1.7 percent
to 2,516 ($814) a ton at 5:34 p.m. yesterday after the Palm Oil Board
released January data for reserves, shipments and output. Stockpiles
fell 1.9 percent from a record to 2.58 million tons, a smaller decline
than forecast. Exports declined 1.6 percent as production dropped 10
percent. - Bloomberg
NEWS
AZRB signs RM1.55bil East Klang Valley Expressway deal
AZRB
said in a note to Bursa Malaysia that the concession period shall be
for a period of 50 years, adding that the Government had agreed to
provide a loan amounting to RM635mil at an interest rate of 4% per
annum. Under the concession agreement, AZRB said the works would involve
the design and construction of the expressway, including the upgrading
works and the widening of the existing road, as well as the supply and
installation of tolling and other equipment (including
telecommunications equipment) at the toll plaza, and managing, operating
and maintaining the same on the expressway during the concession
period. The concession also grants AZRB the right to demand, collect and
retain the toll for its own benefit from all vehicles liable to pay
toll using the expressway during the operating period.
http://biz.thestar.com.my
Online insurance attractive, Tune and others competing for its strong profit margins
One
insurer intending to lead the pack is Tune Ins Holdings Bhd. Although
there are some hurdles in this new channel of distribution, the company,
like other insurers, is bullish on the scope of this channel going
forward. Tune Ins, which had a database of 7.6 million online
policyholders as at Dec 31, 2012, sold six million insurance policies
online last year, putting the company at the forefront of this growing
business segment. An industry observer felt that the longstanding
tariffs for products such as motor insurance and fire insurance had been
holding Malaysia back. Essentially, motor tariff insurance companies,
on average, lose money, while the fire tariff insurance companies make
decent profits. http://biz.thestar.com.my
People world-wide are buying fewer mobile-phones for the first time in four years
Smartphone
sales, a category dominated by Samsung and Apple, continued to rise, he
said, and the higher-end devices would account for more than half the
market for the first time this year. Total worldwide mobile sales to
endusers fell 1.7% to 1.75 billion units in 2012, Gartner said. Samsung
and Apple continued to dominate the market, with the South Korean
company selling 385 million phones in 2012, of which 53.5% were
smartphones, with Apple selling 130 million smartphones. In the fourth
quarter alone, Apple and Samsung accounted for 52% of smartphone sales,
up from 46% in the third quarter. China's Huawei reached third spot in
worldwide smartphone sales for the first time in the fourth quarter,
Gartner said. The company sold 27.2 million smartphones to end-users in
2012, up 74%. - Reuters
MRCB-Gapurna deal excites investors and analysts
MRCB
on Sunday entered into a collective share sale agreements to acquire
Nusa Gapurna Development Sdn Bhd's (NGD) subsidiaries, Gelanggang
Harapan Construction Sdn Bhd (GHC) and Gapurna Global Solutions for a
RM729 million. Its acquisition of NGD's subsidiaries include Gapurna
Builders Sdn Bhd, Gapurna Land Sdn Bhd, Puncak Wangi Sdn Bhd and 70%
owned PJ Sentral Development Sdn Bhd for RM459 million. The subsidiaries
own a combined 13.23ha of land in the Klang Valley, increasing MRCB's
depleting landbank from 20.23ha to 33.59ha. The total GDV of NGD's land
is estimated at RM5.7 billion. http://www.thesundaily.my
Jupiter Securities Research - 14 Feb 2013
Wednesday 13 February 2013
Morning Coffee - 13 Feb 2013
MARKET ROUNDUP
U.S. Stocks Rise on Earnings as Investors Await Obama
As earnings topped estimates and investors awaited President Barack Obama’s State of the Union address. The Standard & Poor’s 500 Index gained 0.2 percent to 1,520.27. The Dow Jones Industrial Average increased 57.19 points, or 0.4 percent, to 14,028.43. Both gauges are poised for the highest close since 2007. Trading in S&P 500 companies was 5.9 percent below the 30-day average at this time of day. -Bloomberg
WTI Oil Climbs to One-Week High as OPEC Raises Demand
As OPEC raised its demand forecast and the Group of Seven pledged to avoid devaluing their currencies. Crude oil for March delivery advanced 48 cents to $97.51 a barrel on the New York Mercantile Exchange, the highest settlement since Feb. 1. Futures fell to $94.97 yesterday, the least since Jan. 23. -Bloomberg
Jupiter Securities Research - 13 Feb 2013
U.S. Stocks Rise on Earnings as Investors Await Obama
As earnings topped estimates and investors awaited President Barack Obama’s State of the Union address. The Standard & Poor’s 500 Index gained 0.2 percent to 1,520.27. The Dow Jones Industrial Average increased 57.19 points, or 0.4 percent, to 14,028.43. Both gauges are poised for the highest close since 2007. Trading in S&P 500 companies was 5.9 percent below the 30-day average at this time of day. -Bloomberg
WTI Oil Climbs to One-Week High as OPEC Raises Demand
As OPEC raised its demand forecast and the Group of Seven pledged to avoid devaluing their currencies. Crude oil for March delivery advanced 48 cents to $97.51 a barrel on the New York Mercantile Exchange, the highest settlement since Feb. 1. Futures fell to $94.97 yesterday, the least since Jan. 23. -Bloomberg
Jupiter Securities Research - 13 Feb 2013
Thursday 7 February 2013
Morning Coffee - 8 Feb 2013
MARKET ROUNDUP
U.S. STOCKS FALL ON DRAGHI COMMENTS, EARNINGS REPORTS
As corporate earnings reports disappointed and European policy makers warned the euro’s advance could hamper the region’s recovery. The S&P 500 slid 0.2 percent to 1,509.39 at 4 p.m. in New York. It earlier fell as much as 0.9 percent and is poised for its first weekly drop of the year. The Dow Jones Industrial Average lost 42.47 points, or 0.3 percent, to 13,944.05. About 6.6 billion shares traded hands on U.S. exchanges today, 5.6 percent higher than the threemonth average. -Bloomberg
Oil prices fall on ECB chief's comments on euro
The euro weakened a little against the dollar on Thursday, and benchmark crude for March delivery fell 79 cents to finish at $95.83 a barrel on the New York Mercantile Exchange. The price of oil fell below $96 per barrel Thursday after the head of the European Central A strong euro hurts the export prospects of the 17 countries in the common currency zone. -The Associated Press
Jupiter Securities Research - 7 Feb 2013
U.S. STOCKS FALL ON DRAGHI COMMENTS, EARNINGS REPORTS
As corporate earnings reports disappointed and European policy makers warned the euro’s advance could hamper the region’s recovery. The S&P 500 slid 0.2 percent to 1,509.39 at 4 p.m. in New York. It earlier fell as much as 0.9 percent and is poised for its first weekly drop of the year. The Dow Jones Industrial Average lost 42.47 points, or 0.3 percent, to 13,944.05. About 6.6 billion shares traded hands on U.S. exchanges today, 5.6 percent higher than the threemonth average. -Bloomberg
Oil prices fall on ECB chief's comments on euro
The euro weakened a little against the dollar on Thursday, and benchmark crude for March delivery fell 79 cents to finish at $95.83 a barrel on the New York Mercantile Exchange. The price of oil fell below $96 per barrel Thursday after the head of the European Central A strong euro hurts the export prospects of the 17 countries in the common currency zone. -The Associated Press
Jupiter Securities Research - 7 Feb 2013
Tuesday 5 February 2013
Morning Coffee - 6 Feb 2013
MARKET ROUNDUP
U.S. Stocks Rise on Earnings as Dell Agrees to Be Bought Rebounding from the biggest loss of the year for benchmark indexes, as earnings topped forecasts and
Dell Inc. (DELL) agreed to be taken private in the largest leveraged buyout since the financial crisis. The Standard & Poor’s 500 Index rose 1 percent to 1,511.24 at 4 p.m. in New York. The benchmark equity index sank 1.2 percent yesterday amid concern that the European debt crisis may intensify. The Institute for Supply Management’s index (SPX) of U.S. nonmanufacturing businesses, which covers about 90 percent of the economy, fell to 55.2 in January from the prior month’s 55.7, the Tempe, Arizona-based group said.
Oil Rebounds on Services Report
After the biggest decline in two months as U.S. service industries expanded at a better-than-expected pace in January, signaling growth in 90 percent of the U.S. economy and stronger demand for crude. Oil advanced 0.5 percent as the Institute for Supply Management’s index of U.S. non-manufacturing businesses reached 55.2, beating the estimate of 55 in a Bloomberg survey of economists. West Texas Intermediate crude oil for March delivery rose 47 cents to settle at $96.64 a barrel on the New York Mercantile Exchange. Prices dropped the most since Dec. 6 yesterday. Trading was 10 percent above the 100-day average at 4:32 p.m. Prices have gained 5.2 percent this year.
(Source: Bloomberg)
NEWS
IJM ropes in China firm to grow Kuantan Port
IJM, via its unit Road Builder (M) Holdings Bhd (RBH), yesterday signed a memorandum of understanding (MOU) with Guangxi to outline the basic principles for the disposal of 48 million shares or 40% stake in KPC. The proposed disposal is conditional on the approval of the Malaysian government, which holds a golden share in KPC, and the change of shareholdings in KPC under the privatisation agreement signed between the government and KPC in November 1997. It is also conditional on a 60-year extension of the current concession to KPC, which expires in 2027, as well as the granting of a 60-year concession to KPC for a new deep water terminal. Under the deal, a joint venture company will be set up by IJM and Guangxi on a 60:40 equity participation, which will acquire and jointly develop 280ha of industrial land north of Kuantan Port with the assistance of the Pahang state government. Guangxi is a China stateowned company that operates four ports in China, namely Fangchenggang, Beihai, Tieshan and Qinzhou. http://www.thesundaily.my
Hartalega Q3 net profit up 19%
Revenue rose 7% to RM259.6 million from RM242.0 million. For the nine-month period, the group's net profit rose 14% to RM172.4 million from RM151.6 million a year ago, while revenue grew 10% to RM762.3 million from RM690.7 million. The group also declared a second interim dividend of 3.5 sen per share for the financial year ending March 31, 2013, payable on March 21. This brings total dividends declared to date for the first and second interim periods to 7
sen. In a statement today, Hartalega managing director Kuan Mun Leong said the group is bullish on growth prospects in the nitrile market, given that global demand for nitrile rubber gloves has continued to grow at an exponential rate of
20% driven by customer switching from latex to nitrile. http://www.thesundaily.my
UMW lands US$140m Sabah Shell project
UMW Holdings Bhd has received a letter of award from Sabah Shell Petroleum Company Ltd for a US$140mil contract. UMW said on Tuesday its unit UMW Petrodril (Malaysia) Sdn Bhd received the letter for the contract to supply a single combo top tension riser for Sabah Shell's Malikai project. "The contract is expected to contribute positively to the 2013 earnings and net assets of the UMW Group," it said. Some websites state top tensioned riser systems connect the subsea well bore to the floating production vessel. Top tensioned riser pipes are normally in contact with high-pressure production fluids and are subjected to dynamic loads. http://biz.thestar.com.my
UMW’s capex to hit RM4b over next 3 years, says RAM Ratings
RAM Ratings issued the statement after the finalisation of transaction documents and it assigned a final AAA long-term rating to UMW's proposed RM2bil Islamic medium-term notes programme (2013/2028) while the rating had a stable outlook. To recap, UMW assembles and distributes Toyota vehicles, trading of heavy and industrial equipment (Komatsu, Toyota, Case and Bomag), provision of oil and gas (O&G) services (with drilling and oil-field services as core offerings), manufacture of automotive parts, and distribution of lubricants (Pennzoil and Repsol). RAM Ratings said the rating predominantly reflected UMW's strong market position and solid financial profile. UMW's 51%-owned UMW Toyota Motor Sdn Bhd distributes the Toyota marque that leads the non-national segment of the Malaysian automotive industry. Toyota accounted for 14.49% of the total industry volume as at end-2011; its best-selling models are Vios, Camry, Hiluxand Hiace - the most popular brands in their respective segments. http://biz.thestar.com.my
Jupiter Securities Research - 6 Feb 2013
U.S. Stocks Rise on Earnings as Dell Agrees to Be Bought Rebounding from the biggest loss of the year for benchmark indexes, as earnings topped forecasts and
Dell Inc. (DELL) agreed to be taken private in the largest leveraged buyout since the financial crisis. The Standard & Poor’s 500 Index rose 1 percent to 1,511.24 at 4 p.m. in New York. The benchmark equity index sank 1.2 percent yesterday amid concern that the European debt crisis may intensify. The Institute for Supply Management’s index (SPX) of U.S. nonmanufacturing businesses, which covers about 90 percent of the economy, fell to 55.2 in January from the prior month’s 55.7, the Tempe, Arizona-based group said.
Oil Rebounds on Services Report
After the biggest decline in two months as U.S. service industries expanded at a better-than-expected pace in January, signaling growth in 90 percent of the U.S. economy and stronger demand for crude. Oil advanced 0.5 percent as the Institute for Supply Management’s index of U.S. non-manufacturing businesses reached 55.2, beating the estimate of 55 in a Bloomberg survey of economists. West Texas Intermediate crude oil for March delivery rose 47 cents to settle at $96.64 a barrel on the New York Mercantile Exchange. Prices dropped the most since Dec. 6 yesterday. Trading was 10 percent above the 100-day average at 4:32 p.m. Prices have gained 5.2 percent this year.
(Source: Bloomberg)
NEWS
IJM ropes in China firm to grow Kuantan Port
IJM, via its unit Road Builder (M) Holdings Bhd (RBH), yesterday signed a memorandum of understanding (MOU) with Guangxi to outline the basic principles for the disposal of 48 million shares or 40% stake in KPC. The proposed disposal is conditional on the approval of the Malaysian government, which holds a golden share in KPC, and the change of shareholdings in KPC under the privatisation agreement signed between the government and KPC in November 1997. It is also conditional on a 60-year extension of the current concession to KPC, which expires in 2027, as well as the granting of a 60-year concession to KPC for a new deep water terminal. Under the deal, a joint venture company will be set up by IJM and Guangxi on a 60:40 equity participation, which will acquire and jointly develop 280ha of industrial land north of Kuantan Port with the assistance of the Pahang state government. Guangxi is a China stateowned company that operates four ports in China, namely Fangchenggang, Beihai, Tieshan and Qinzhou. http://www.thesundaily.my
Hartalega Q3 net profit up 19%
Revenue rose 7% to RM259.6 million from RM242.0 million. For the nine-month period, the group's net profit rose 14% to RM172.4 million from RM151.6 million a year ago, while revenue grew 10% to RM762.3 million from RM690.7 million. The group also declared a second interim dividend of 3.5 sen per share for the financial year ending March 31, 2013, payable on March 21. This brings total dividends declared to date for the first and second interim periods to 7
sen. In a statement today, Hartalega managing director Kuan Mun Leong said the group is bullish on growth prospects in the nitrile market, given that global demand for nitrile rubber gloves has continued to grow at an exponential rate of
20% driven by customer switching from latex to nitrile. http://www.thesundaily.my
UMW lands US$140m Sabah Shell project
UMW Holdings Bhd has received a letter of award from Sabah Shell Petroleum Company Ltd for a US$140mil contract. UMW said on Tuesday its unit UMW Petrodril (Malaysia) Sdn Bhd received the letter for the contract to supply a single combo top tension riser for Sabah Shell's Malikai project. "The contract is expected to contribute positively to the 2013 earnings and net assets of the UMW Group," it said. Some websites state top tensioned riser systems connect the subsea well bore to the floating production vessel. Top tensioned riser pipes are normally in contact with high-pressure production fluids and are subjected to dynamic loads. http://biz.thestar.com.my
UMW’s capex to hit RM4b over next 3 years, says RAM Ratings
RAM Ratings issued the statement after the finalisation of transaction documents and it assigned a final AAA long-term rating to UMW's proposed RM2bil Islamic medium-term notes programme (2013/2028) while the rating had a stable outlook. To recap, UMW assembles and distributes Toyota vehicles, trading of heavy and industrial equipment (Komatsu, Toyota, Case and Bomag), provision of oil and gas (O&G) services (with drilling and oil-field services as core offerings), manufacture of automotive parts, and distribution of lubricants (Pennzoil and Repsol). RAM Ratings said the rating predominantly reflected UMW's strong market position and solid financial profile. UMW's 51%-owned UMW Toyota Motor Sdn Bhd distributes the Toyota marque that leads the non-national segment of the Malaysian automotive industry. Toyota accounted for 14.49% of the total industry volume as at end-2011; its best-selling models are Vios, Camry, Hiluxand Hiace - the most popular brands in their respective segments. http://biz.thestar.com.my
Jupiter Securities Research - 6 Feb 2013
Monday 4 February 2013
Morning Coffee - 5 Feb 2013
MARKET ROUNDUP
S&P 500 HAS BIGGEST DROP SINCE NOVEMBER ON EUROPE CONCERN
On concern that the European debt crisis may intensify. The S&P 500 slipped 1.2 percent, the most since Nov. 14, to 1,495.71 in New York, after reaching a five-year high last week. The Dow (INDU) Jones Industrial Average lost 129.71 points, or 0.9 percent, to 13,880.08. Orders placed with U.S. factories increased less than forecast in December, reflecting a drop in non-durable goods that overshadowed gains in construction equipment and computers. Bookings climbed 1.8 percent after a revised 0.3 percent drop in November that was initially reported as unchanged, Commerce Department figures showed.
OIL TRADES NEAR ONE-WEEK LOW ON IRAN TALKS OFFER, EUROPE CRISIS
as tension eased over Iran’s nuclear program and investors speculated Europe’s debt crisis will worsen, derailing the global economic recovery. Crude for March delivery was at $96.01 a barrel, down 16 cents, in electronic trading on the New York Mercantile Exchange at 10:47 a.m. Sydney time. The volume of all futures traded was 10 percent below the 100-day average. The contract slid $1.60 yesterday to $96.17, the lowest close since Jan. 25 and the biggest decrease since Dec. 6. (Source: Bloomberg)
Jupiter Securities Research - 5 Feb 2013
S&P 500 HAS BIGGEST DROP SINCE NOVEMBER ON EUROPE CONCERN
On concern that the European debt crisis may intensify. The S&P 500 slipped 1.2 percent, the most since Nov. 14, to 1,495.71 in New York, after reaching a five-year high last week. The Dow (INDU) Jones Industrial Average lost 129.71 points, or 0.9 percent, to 13,880.08. Orders placed with U.S. factories increased less than forecast in December, reflecting a drop in non-durable goods that overshadowed gains in construction equipment and computers. Bookings climbed 1.8 percent after a revised 0.3 percent drop in November that was initially reported as unchanged, Commerce Department figures showed.
OIL TRADES NEAR ONE-WEEK LOW ON IRAN TALKS OFFER, EUROPE CRISIS
as tension eased over Iran’s nuclear program and investors speculated Europe’s debt crisis will worsen, derailing the global economic recovery. Crude for March delivery was at $96.01 a barrel, down 16 cents, in electronic trading on the New York Mercantile Exchange at 10:47 a.m. Sydney time. The volume of all futures traded was 10 percent below the 100-day average. The contract slid $1.60 yesterday to $96.17, the lowest close since Jan. 25 and the biggest decrease since Dec. 6. (Source: Bloomberg)
Jupiter Securities Research - 5 Feb 2013
Sunday 3 February 2013
Morning Coffee - 4 Feb 2013
MARKET ROUNDUP
U.S. STOCKS RALLY FOR FIFTH STRAIGHT WEEK ON JOBS REPORT
The S&P 500 rose 0.7 percent to 1,513.17 for the week. The benchmark equity gauge is up 6.1 percent for the year. The Dow Jones Industrial Average rallied 113.81 points, or 0.8 percent, to 14,009.79. The gauge closed above 14,000 for the first time since 2007 and is 1.1 percent below the all-time record it reached in October 2007.
OIL COMPLETES LONGEST RUN OF WEEKLY GAINS SINCE 2004
Futures climbed 0.3 percent after the Labor Department said payrolls rose 157,000 in January and the Institute for Supply Management’s U.S. factory index reached a nine-month high. The Dow Jones Industrial Average gained 1 percent. Brent oil’s premium to crude traded in New York widened because of limits on a pipeline linking the Midwest to the Gulf Coast. West Texas Intermediate oil for March delivery rose 28 cents to settle at $97.77 a barrel on the New York Mercantile Exchange. Trading at 3:21 p.m. was 65 percent above the 100-day average for the time of day. The weekly gain of 2 percent is the eighth in a row, matching a streak that ended in August 2004. (Source: Bloomberg)
Jupiter Securities Research - 4 February 2013
U.S. STOCKS RALLY FOR FIFTH STRAIGHT WEEK ON JOBS REPORT
The S&P 500 rose 0.7 percent to 1,513.17 for the week. The benchmark equity gauge is up 6.1 percent for the year. The Dow Jones Industrial Average rallied 113.81 points, or 0.8 percent, to 14,009.79. The gauge closed above 14,000 for the first time since 2007 and is 1.1 percent below the all-time record it reached in October 2007.
OIL COMPLETES LONGEST RUN OF WEEKLY GAINS SINCE 2004
Futures climbed 0.3 percent after the Labor Department said payrolls rose 157,000 in January and the Institute for Supply Management’s U.S. factory index reached a nine-month high. The Dow Jones Industrial Average gained 1 percent. Brent oil’s premium to crude traded in New York widened because of limits on a pipeline linking the Midwest to the Gulf Coast. West Texas Intermediate oil for March delivery rose 28 cents to settle at $97.77 a barrel on the New York Mercantile Exchange. Trading at 3:21 p.m. was 65 percent above the 100-day average for the time of day. The weekly gain of 2 percent is the eighth in a row, matching a streak that ended in August 2004. (Source: Bloomberg)
Jupiter Securities Research - 4 February 2013
Wednesday 30 January 2013
Morning Coffee - 31 Jan 2013
MARKET ROUNDUP
U.S. Stocks Fall as Fed Maintains Plan as Economy Shrinks
The S&P 500 fell 0.4 percent to 1,501.96 at 4 p.m. in New York. The Dow Jones Industrial Average lost 44 points, or 0.3 percent, to 13,910.42. Both measures yesterday reached their highest levels since 2007. Gross domestic product, the volume of all goods and services produced, dropped at a 0.1 percent annual rate in the fourth quarter, weaker than any economist forecast in a Bloomberg survey and the worst performance since the second quarter of 2009, when the world’s largest economy was still in the recession. Companies in the U.S. added 192,000 workers in January, data from the Roseland, New Jersey-based ADP Research Institute showed today. The median forecast of 38 economists surveyed by Bloomberg called for an advance of 165,000.
Oil Rises to Four-Month High as Fed Keeps Asset Buying
West Texas Intermediate for March delivery rose 37 cents, or 0.4 percent, to $97.94 a barrel on the New York Mercantile Exchange, the highest settlement since Sept. 14. Prices are up 6.7 percent this month. The Fed asset purchases will remain divided between $40 billion a month of mortgage-backed securities and $45 billion a month of Treasury securities.
Gold Heads for Biggest Gain in 3 Weeks on U.S. GDP Data
After a report showed the U.S. economy unexpectedly shrank in the fourth quarter, boosting demand for the metal as a havenGold futures for April delivery climbed 1.1 percent to settle at $1,681.60 an ounce at 2:01 p.m. on the Comex in New York, the biggest gain for a mostactive contract since Jan. 10. Prices rose as much as 1.3 percent in electronic trading after the Fed’s announcement. (Source: Bloomberg)
Jupiter Securities Research - 31 January 2013
U.S. Stocks Fall as Fed Maintains Plan as Economy Shrinks
The S&P 500 fell 0.4 percent to 1,501.96 at 4 p.m. in New York. The Dow Jones Industrial Average lost 44 points, or 0.3 percent, to 13,910.42. Both measures yesterday reached their highest levels since 2007. Gross domestic product, the volume of all goods and services produced, dropped at a 0.1 percent annual rate in the fourth quarter, weaker than any economist forecast in a Bloomberg survey and the worst performance since the second quarter of 2009, when the world’s largest economy was still in the recession. Companies in the U.S. added 192,000 workers in January, data from the Roseland, New Jersey-based ADP Research Institute showed today. The median forecast of 38 economists surveyed by Bloomberg called for an advance of 165,000.
Oil Rises to Four-Month High as Fed Keeps Asset Buying
West Texas Intermediate for March delivery rose 37 cents, or 0.4 percent, to $97.94 a barrel on the New York Mercantile Exchange, the highest settlement since Sept. 14. Prices are up 6.7 percent this month. The Fed asset purchases will remain divided between $40 billion a month of mortgage-backed securities and $45 billion a month of Treasury securities.
Gold Heads for Biggest Gain in 3 Weeks on U.S. GDP Data
After a report showed the U.S. economy unexpectedly shrank in the fourth quarter, boosting demand for the metal as a havenGold futures for April delivery climbed 1.1 percent to settle at $1,681.60 an ounce at 2:01 p.m. on the Comex in New York, the biggest gain for a mostactive contract since Jan. 10. Prices rose as much as 1.3 percent in electronic trading after the Fed’s announcement. (Source: Bloomberg)
Jupiter Securities Research - 31 January 2013
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