MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Rise After Housing Starts Increase: rose for a second day after companies from Intel Corp. (INTC) to Honeywell (HON)International Inc. reported profit that beat estimates and housing starts increased to the fastest rate in
almost four years. The S&P 500 (SPX) gained 0.7 percent to 1,372.78. The benchmark gauge rose 0.7 percent yesterday. The Dow Jones Industrial Average added 103.16 points, or 0.8 percent, to 12,908.7.
Housing starts rose 6.9 percent last month to a 760,000 annual pace after a revised 711,000 rate in May that was faster than initially estimated, the Commerce Department reported. The median forecast of 79 economists surveyed by Bloomberg News called for a 745,000 rate. Building permits fell, reflecting a drop in applications for apartment construction.
European Stocks Advance As Banks Beat Analyst Estimates: advanced for the third time in four days after lenders including Credit Suisse Group AG (CSGN) reported profits that beat estimates, while minutes showed the Bank of England may reconsider the case for an interest-rate cut. The U.K.’s FTSE 100 gained 1 percent. France’s CAC 40 climbed 1.8 percent and Germany’s DAX advanced 1.6 percent.
Crude Advances On Housing Starts, Gasoline Inventories: advanced for a sixth day, exceeding $90 a barrel for the first time since May, as U.S. housing starts increased more than forecast and gasoline inventories fell. Oil for August delivery increased 65 cents, or 0.7 percent, to settle at $89.87 a barrel on the New York Mercantile Exchange. The price ranged from $88.59 to $90.04, the highest intraday level since May 30. Prices are down 9.1 percent this year.
CORPORATE NEWS
Inflation in June roses 1.6% y-o-y: The Consumer Price Index (CPI) in June rose 1.6% year-on-year from 103.2 to 104.8, up 0.1% month-on-month, the Statistics Department said. The CPI from January to June increased 2% to 104.6 compared with the same period last year, it said. The index for food and nonalcoholic beverages and non-food for June was up 2.9% and 1% respectively, when compared with the same month last year, it said in a statement.
SC to develop mercantile exchange, private market: Malaysian capital market could see the introduction of a trading venue for unlisted companies for their fund-raising exercises and a mercantile exchange for investors to invest and hedge in gold futures and other precious metals. It's not a stock exchange or a third board, but a matching facility area for companies and investors to access risk capital without the formalities of a listed market. The SC will also work towards the establishment of a mercantile exchange to provide opportunities to invest and hedge in gold futures and other precious metals, which is expected to be launched within one year.
SunBiz
Tanjung unit gets RM40m purchase order: Gas Generators (M) Sdn Bhd, has received a purchase order worth RM40 million from Farab International LLC of Dubai. The order involves the engineering, construction, commissioning and delivery of gas generator packages, which is expected to be completed in August next year, Tanjung said in a statement.
Btimes
MISC sees profit after exiting liner business: is confident of returning to the black in the second quarter ended June 30 after making a total provision of RM1.67bil from exiting its liner business. This provision was the main factor dragging down the shipping giant one of the world's leading owner-operator of liquefied natural gas (LNG) vessels into the red in the previous two quarters. The liner exit also marked the company's renewed focus towards its energy transportation and logistics businesses, which include its stable income segments such as LNG shipping, offshore and tank terminal.
BizTheStar
Source:Jupital Securities Research 19 July 2012
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