Morning Market Brief (10-10-2017)
10 October 2017, Tuesday 🙂
US Market :
U.S. equities closed lower on Monday as investors looked ahead to the start of earnings season. Some of the major companies scheduled to report quarterly results this week include BlackRock, Citigroup, Bank of America and Wells Fargo. Equities have been at record levels on renewed hopes of tax reform and strong economic data.
Europe Market :
European stocks finished Monday’s trade mostly higher, as investors took note of the individual stock news, while keeping watch of what was going on economically and politically.
Precious Metal Gold :
Gold rose on Monday, erasing all of the previous week’s losses, as a steadier dollar and the resilience of a key chart level removed some downward pressure, while the return of Chinese buyers to the market also lent support.
Crude Oil :
Oil prices inched higher on Monday after one of the most bearish weeks in months, propped up by OPEC comments signaling the possibility of further action to restore market balance in the long term.
Indices & Commodities :
DJIA: 22,761.07 (-12.60)
S&P500: 2,544.73 (-4.60)
NASDAQ: 6,579.73 (-10.45)
DAX: 12,976.40 (+20.46)
FTSE: 7,507.89 (-14.98)
EuroStoxx50: 3,610.19 (+6.87)
Comex Gold: 1,285.0 (+10.1)
Comex Copper: 3.0310 (+.0020)
WTI Crude Oil: 49.58 (+.29)
Brent Crude Oil: 55.79 (+.17)
BMD FKLI: 1763.5 (+1.5)
BMD FCPO: 2735 (+5)
Economic Events :
Tentative – CNY New Loans
8.30AM – AUD NAB Business Confidence
1.45PM – CHF Unemployment Rate n.s.a. & s.a.
2.00PM – EUR German Trade Balance
4.30PM – GBP Manufacturing Production, Industrial Production, Trade Balance, Trade Balance Non-EU
8.00PM – GBP NIESR GDP Estimate
8.15PM – CAD Housing Starts
8.30PM – CAD Building Permits
FX & Bonds :
USD/MYR – 4.233
EUR/USD – 1.174
GBP/MYR – 5.561
AUD/MYR – 3.283
SGD/MYR – 3.104
Msia 10 yr Bond Yield – 3.90%
9/10/2017 Bursa Trade Stat :
Retail (25.33%) – net SELL 16.06mil
Institution (61.49%) – net SELL 10.57mil
Foreign (13.18%) – net BUY 26.63mil
Total traded value 1709.85mil
• *Hovid Bhd* has received a conditional voluntary takeover offer from its controlling shareholder, managing director and chairman, David Ho Sue San.
• Loss-making *Sanichi Technology Bhd*, whose share price has been declining since April, is proposing a rights issue with warrants to raise some RM59.26 million on base case scenario an amount that is more than its existing market capitalisation of RM48.9 million which will be used mainly for its property development activities.
• In its bid to expand into the enterprise data management market, particularly in Hong Kong and Taiwan, *Kronologi Asia Bhd* is buying over Quantum Storage (Hong Kong) Ltd for RM45 million.
• *Serba Dinamik Holdings Bhd* is going to jointly set up and operate a chlorine skid mounted chlor-alkali plant in Tanzania, which marks its expansion into the African continent.
• *Prestariang Bhd* is buying eight semi-detached signature corporate offices and retail suites in Cyberjaya for a total of RM11.41 million.
• *EKA Noodles Bhd* said its wholly-owned unit has been sued by two suppliers over non-payment of debts, totalling RM1.27 million.
• *Mudajaya Group Bhd’s* wholly-owned unit Mudajaya Corp Bhd clinched a contract worth RM1.16 billion for works related to the Light Rail Transit Line 3 (LRT3).
• Datuk Zakaria Arshad has been reinstated as *Felda Global Ventures Holdings Bhd’s* (FGV) group president and chief executive officer effective Oct 16.
_Source from_: www.theedgemarkets.com