KUALA LUMPUR, April 18 — The oil and gas (O&G) sector is likely to see a recovery on all fronts this year, having seen its earnings trough in 2017, said RHB Research Institute. In its strategy note focusing on Malaysia, the research firm said…
NEW YORK: European stocks ran into profit-taking Friday as many investors, wary of global uncertainty and US President Donald Trump's volatile Twitter diplomacy, cashed out before the weekend, traders said.
Bourses in Paris and Frankfurt had posted solid gains earlier in the session after Trump put off a decision about military strikes in Syria, giving investor nerves a welcome break.
Although tensions appeared to be easing, few dared to carry positions into the weekend, fearing they may regret it come Monday morning. Equity markets in Europe finished with modest gains.
“Traders remain cautious heading into the weekend,” said Craig Erlam at OANDA. “Given the backdrop of a trade conflict with China and rising tensions with Russia over Syria, any rallies may be somewhat gradual”.
Despite the lackluster ending to the week, European markets “have pulled off a third straight week of gains”, said Jasper Lawler at LCG, crediting “Trump Twitter fatigue” for the overall resilience of equity markets.
US stocks opened in positive territory but quickly were under pressure after a batch of earnings reports from large US banks sparked a selloff in financial shares.
Although earnings from JPMorgan Chase and other large banks bested analyst expectations, the sector had risen in anticipation of the reports and the results — while good — were not strong enough to propel the stocks higher, analysts said.
“You had a sector selloff in financials,” said Art Hogan, chief market strategist at Wunderlich Securities. “When the group started selling off, it took the whole market with it”.
“It feels like we just ramped up expectations too much,” he added.
US earnings season picks up momentum next week with results from other large banks, as well as from General Electric, Netflix and others.
Analysts are hoping a successful US corporate earnings season will lift US stocks following a rocky period.
The market has been pressured by fears of a trade war, concerns about higher US interest rates and worries about the Trump administration's prospects following myriad controversies and the near-constant churn of White House staff.
Among other markets, oil prices finished at fresh three-year highs after a report by the International Energy Agency highlighted turbulence in Syria in the oil-rich Middle East and the effectiveness of a deal between OPEC and Russia to limit output.
Key figures around 2100 GMT, (5am Malaysia time)
New York – Dow: DOWN 0.5% at 24,360.14 (close)
New York – S&P 500: DOWN 0.3% at 2,656.30 (close)
New York – Nasdaq: DOWN 0.5% at 7,106.65 (close)
London – FTSE 100: UP 0.1% at 7,264.56 (close)
Frankfurt – DAX 30: UP 0.2% at 12,442.40 (close)
Paris – CAC 40: UP 0.1% at 5,315.02 (close)
EURO STOXX 50: UP 0.2% at 3,448.12 (close)
Tokyo – Nikkei 225: UP 0.6% at 21,778.74 (close)
Hong Kong – Hang Seng: DOWN 0.1% at 30,808.38 (close)
Shanghai – Composite: DOWN 0.7% at 3,159.05 (close)
Euro/dollar: UP at US$1.2338 from US$1.2327 at 2100 GMT
Dollar/yen: UP at 107.35 yen from 107.33
Pound/dollar: UP at US$1.4241 from US$1.4228
Oil – Brent North Sea: UP 56 cents at US$72.58 per barrel
Oil – West Texas Intermediate: UP 32 cents at US$67.39 per barrel — AFP
US$1 = RM3.87
KUALA LUMPUR (April 12): The FBM KLCI trended higher this morning but gains are seen capped in line with global markets. At 9.05am, the FBM KLCI rose 3.14 points to 1,873.03. The early gainers included Fraser & Neave Holdings Bhd, Heineken Malaysia Bhd, Axiata Group Bhd, Tenaga Nasional Bhd, Globetronics Technology Bhd, Kuala Lumpur Kepong Bhd and MMS Ventures Holdings Bhd. Asian stocks came under pressure on Thursday as the threat of imminent U.S. military action in Syria rattled investors and sent oil prices to their highest levels since lateRead More
Asian stocks were firm on Wednesday as investors lapped up the positive mood in markets after China’s President Xi Jinping helped ease fears over a U.S.-China trade row, while the euro hovered near two-week highs, according to Reuters. In overnight trade, Wall Street rallied strongly, taking the baton from a solid Asian session that was driven by Xi’s speech seen as striking a more conciliatory stance following a week of tit-for-tat tariff threats between Beijing and Washington, it said. JF Apex Securities Research in a market preview today said US and European markets ended higher following Chinese President Xi Jinping’s statement on further liberalization of the nation’s economy and ease of trade war concerns among investors. “On the local bourse, the FBM KLCI gained 11.27 points or 0.61% in line with the positive performance of other Asian bourses as investors shrug off concerns of a trade war. “Following the stellar performance posted by the US and Europe markets, the local benchmark index is expected to test its resistance level of 1880 points,” it said.
(April 11): UOB Kay Hian upgraded the recommendation on Astro Malaysia Holdings Bhd to buy from hold. * Price target (PT) set to RM2.21, implies 24% increase from last close. Astro Malaysia average PT is RM2.59. * Astro Malaysia had 11 buy, eight holds, one sell previously. * Analysts lowered their consensus one-year target price for the stock by 12% in the past three months. Forecasts range from RM1.85 to RM3.22. Performance Metrics * Astro Malaysia reported earnings and sales that trailed estimates for the quarter on Mar 28. Read More
KUALA LUMPUR (April 11): The FBM KLCI edged higher this morning, in line with firmer regional markets, lifted by gains at key index-linked blue chips. At 9.05am, the FBM KLCI rose 3.61 points to 1,864.59. The gainers included KESM Industries Bhd, Nestle (M) Bhd, Malaysian Pacific Industries Bhd, Petronas Gas Bhd, Petron Malaysia Refining & Marketing Bhd, British American Tobacco (M) Bhd, Top Glove Corp Bhd, Globetronics Technology Bhd, Telekom Malaysia Bhd and Bursa Malaysia Bhd. Asian stocks were firm on Wednesday as investors lapped up the positive mood inRead More
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It was a see-saw experience in the local stock market last week. The market was staying out on anticipation of a general election announcement and mixed market and economic data. The FBM KLCI was closed marginally lower on a week-to-week basis, falling only 0.1 per cent to 1,863.46 points. Bursa Malaysia was bucking the generally […]
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