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World stock markets daily report (September 02, 2010)
A hump day rally sparked by strong Chinese PMI and Aussie GDP data was followed up by much better than expected US ISM and the sentiment was for sure “RISK-ON” this was also helped by WSJ article about further stimulus from Obama administration and rumours of massive $6bn asset reallocation trade out of German bunds (the bond bubble) into S&P 500 futures as it was the start of a new quarter.
Indian stock market daily morning report (September 02, 2010, Thursday)
Indian markets ended positive to a one month high yesterday on fund buying across the sector after firm global markets, strong auto sales, rising exports and expansion in manufacturing sector. Positive European markets also aggravated buying in the markets. TCS gained ~1.5% as its UK subsidiary Diligenta bagged contracts worth 250mn pounds. All sectoral indices closed positive with metal, real estate, IT and oil & gas led the market to close positive. Metals stocks rallied as a rebound in manufacturing in China propelled base metals.
US stock market daily report (September 01, 2010, Wednesday)
Stocks rallied in the first trading session in September, with the Dow being up triple digits. Thanks to a better than expected report on manufacturing, all three major indexes were on the rise. Typically in September, stocks post losses for the month. Investors say that maybe this year's September was in August. Stocks took a big hit in August; all three major indexes reported pretty significant losses. Coming in first was the Nasdaq; the index lost 6.2% in August, the Standard & Poor's 500 index is down 4.7% and the Dow Jones Industrial Average lost 4.3%. Recently when economic reports are released and they are better than expected stocks rise. Investors are looking for any positive news on the economy. They have feared throughout the summer that the economic recovery is headed towards a stand still. Analysts believe that the market will more than likely continue to fall overall. Despite the weary report from ADP stocks continued to rise. ADP is a payroll processing firm whose report is used as a way to tell what kind of report we will get from the Labor Department in their weekly report on the job market. ADP reported that employers cut 10,000 jobs in August, down from the 37,000 jobs added in July.
Indian stock market daily closing report (September 02, 2010)
The markets traded within a tight range after the positive momentum witnessed for two days and ended with modest gains. All the major sectoral indices ended on a very flat note. Sugar counters witnessed a significant spike on decontrol reports. The Sensex closed at 18,238 up 34 points and the Nifty was at 5,486 up 14 points after making an intra-day high of 5,513. The Mid cap and Small cap indices were up by 0.78% and 1.11% respectively. The breadth of the market was positive and the total turnover recorded at Rs.1,02,680 Cr. The Sept future ended with 3 points discount
World stock markets news summary (US, UK, Europe, Asia) (September 02, 2010)
Nationwide House Prices SA (Aug) M/M -0.9% vs. Exp. -0.3% (Prev. -0.5%); NSA (Aug) Y/Y 3.9% vs. Exp. 4.9% (Prev. 6.6%) (RTRS) UK house prices fell the most in six months in August as increased supply of property gave buyers more bargaining power, according to Nationwide Building Society.Britain’s deficit is constraining public finances, says IMF report. (Independent) Britain’s public finances remain “constrained” and among the most precarious of the major advanced economies, the International Monetary Fund (IMF) warned yesterday. Ranking nations by their “fiscal space” – the insulation that they have against further unforeseen shocks to their economic systems – the IMF said the UK was only one notch above those countries most commonly thought of as being bust.
Indian stock market and companies daily report (September 02, 2010, Thursday)
The market extended gains in morning trade and turned range bound in mid-morning trade. Strong global cues pushed the market sharply higher in the second half of trade. The market spurted to the day's high in mid-afternoon trade and extended gains in late trade as European stocks and US index futures rose. Strong auto sales, expansion in the manufacturing sector in August 2010 and resumption of buying by foreign funds underpinned sentiments. All the sectoral indices on the BSE were in green and the market breadth was strong. The Sensex and Nifty closed up by 1.3% each. BSE mid-cap and the small-cap indices closed up by 1.7% and 1.8%, respectively. Among the front liners, RCOM, Hindalco Industries, Sterlite Industries, Bharti Airtel and Tata Steel gained 3–5%, while Hero Honda, HDFC and ONGC lost 0–2%. Among mid caps, STC, FDC, United Breweries, Dredging Corp. and State Bank of Mysore gained 10–14%, while Allcargo Global, Shree Global Tradefin, Jain Irrigation, Fresenius Kabi Oncology and GSK Consumer lost 2–4%.
Malaysia stock market and companies daily report (September 02, 2010)
Petroliam Nasional (Petronas) will acquire BP’s 15% and 60% interests in Ethylene Malaysia (EMSB) and Polyethylene Malaysia (PEMSB) respectively for US$363m (RM1.14b). Greepacket expects to secure at least three more contracts worth US$7.5m (RM23.5m) for its WiFi modems and software from the Middle East and American continent by year-end.AmResearch is maintaining its Buy call on Naim Holdings and raised the fair value from RM4.60 a share to RM5.09 after factoring in the Sabah Oil & Gas Terminal (SOGT) project. Naim had on 1st Sept, Wednesday revealed that the Samsung-Naim JV had received a letter of award from Petronas Carigali for the SOGT project.
Singapore stock market and companies daily report (United Fiber System ,Yangzijiang Shipbuilding,Sri Trang Agro-Industry ) (September 02, 2010)
United Fiber System (UniFiber) has proposed to raise $178m through the issue of subscription shares to Falcon Capital Global Holding (Falcon) at an issue price of $0.05 apiece. This will lead to Falcon taking a majority stake of 51.5% of the enlarged share capital of UniFiber.Yangzijiang Shipbuilding (Hldgs) is issuing 240m underwritten Taiwan Depository Receipts (TDRs) at NT$18.8 apiece. This translates to about $1.585 for every share since every 2 TDRs represent 1 share of the firm. Thailand-listed Sri Trang Agro-Industry Public Company (Sri Trang) is delaying its dual primary listing in Singapore due to recent volatility in the equity markets globally. The firm is conditionally eligible to list on the mainboard of Singapore Exchange (SGX) based on the eligibility-to-list letter from SGX.
Australian stock market and companies daily report (September 02, 2010)
US stocks rallied on Wednesday, with Bank of America, Caterpillar and JP Morgan Chase leading broad gains in a strong start to September after manufacturing data topped expectations.The Dow Jones Industrial Average advanced 2.54%, marking its biggest one-day gain since July 7 and its fifth-largest one-day gain this year. All 30 of the measure's components rose, led by Bank of America, which jumped 6.1%. Caterpillar was also strong, up 4.6%, and JP Morgan added 3.8%.The Nasdaq Composite gained 2.97%. The Standard & Poor's 500 index climbed 2.95%, with all of its sectors ending the session higher. The industrial and financial sectors posted the biggest percentage increases.
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| | Commodities |
Gold and silver daily commentary (September 02, 2010)
While equity markets in Asia were generally stronger, stock markets in Europe are mixed this morning. U.S. stock indices have posted slight losses during the early Thursday trade. The Dollar is generally weaker against the major currencies during overnight trading, although posting a moderate gain against the Pound. Two officials from the Fed stated separately that further US monetary easing would not solve current Unemployment problems. France and Spain held bond auctions this morning, with both nations seeing higher than expected demand for longer-term debt. Euro zone second quarter GDP was up 1.0 %, higher than forecasts
Nymex crude oil prices closed at $73.91/bbl yesterday.
Crude oil prices gained by 2.8% on the Nymex to close at $73.91/bbl. Oil prices hit an intra-day high of $74.48/bbl yesterday. On the MCX platform, crude oil prices gained 1.2%, after touching an intra-day high of Rs.3496/bbl.Crude oil prices will take cues from the movement in the DX today. The DX is expected to trade with the negative bias today and this factor will act as a supportive factor for the crude oil prices today. Moreover, revival in the equity markets will also support the commodity prices today.
Spot Gold prices declined, albeit marginally on Wednesday to close at $1243/oz.
Spot Gold prices declined, albeit marginally on Wednesday to close at $1243/oz. On the MCX platform, gold prices declined by Rs 134 to close at Rs 19,000 per 10gms. Smart rally in the global financial markets yesterday led to lower demand for the yellow metal. The global financial markets including the US and the European markets posted strong gains in the equities segment. The Dow Jones gained 254 points, up around 2.5% to close at 10,269 on Wednesday.
Gold and silver daily commentary (September 01, 2010)
Equity markets in Asia and Europe are generally stronger this morning. U.S. stock indices have posted moderate gains during the early Wednesday trade. The Dollar is generally weaker against the major currencies during overnight trading, although posting a slight gain against the Yen. China's official Purchasing Managers Index for August rose to 51.7, in line with expectations. Australia's second quarter GDP was up 1.2%, higher than forecasts. Japanese Housing Starts during July were up 4.3% year-on-year, much higher than expected. German Retail Sales for July were down 0.3%, lower than forecasts. A private survey index of Euro zone Purchasing Managers during August fell to 55.1, in line with expectations. US economic numbers released this morning include a private survey of national Purchasing Managers at 9:00 AM, July Construction Spending at 9:00 AM, and two private Employments surveys early in the session. In addition, a Fed Governor and a regional Fed President will give speeches around mid-session.
| | Forex |
Risk sentiment boosted the high-yield assets’ rally, 2 September 2010
The Bank of Japan decided to expand its financial stimulus plan., 31 August 2010
Technical analysis. 30% trading bonus is on again, 31 August 2010
The release of the negative US fundamentals changes the market dynamics., 20 August 2010
Daily Forex Analysis (August 19, 2010), 19 August 2010
Currency pairs technical review (August 19, 2010), 19 August 2010
The BOE meeting minutes pushed pound to maximums, 19 August 2010
Daily Forex Analysis (August 18, 2010), 18 August 2010
Currency pairs technical review (August 17, 2010), 17 August 2010
The released Japanese GDP pressured the outlook for the world economy rehabilitation, 17 August 2010
Currency pairs technical review (August 16 - August 20, 2010), 17 August 2010
Currency market weekly review (August 09 - August 13, 2010), 17 August 2010
The unexpected growth of the US jobless claims disappointed investors, 13 August 2010
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| Latest Blog Entry |
How to Invest in Junior Gold and Silver Companies | 31 August 2010
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| Stocks Recommendations |
 Tullow Oil (LON:TLW.L) report:East African Rift acquisition, 2 September 2010
Tullow has bought a 50% operated interest in sis adjacent licenses in the East Africa Rift Basins of Kenya and Ethiopia covering an area of 97,000Km2.Tullow has signed agreements with Africa oil Corp for interests in five licenses: 10BB, 10A, 12A and 13T in Kenya and the South Omo Block in Ethiopia and expands on the farm-in to Block 10BA from Centric Energy.
Salamander Energy (LON:SMDR.L) report:Dambus-1 Exploration Well, 2 September 2010
The trident-1X jackup rig has arrived at the Kutai PSC, East Kalimantan, Indonesia and drilling operating have begun.The well is targeting multiple deltatic sandstone reservoirs to a depth of 2,700m sub sea.
JKX Oil & Gas (LON:JKX.L) report:Exploration Update, 2 September 2010
The first of two wells testing gas prospects onshore in Bulgaria have spudded today.The Staro Oryahovo South R-1 will drill to a TD of 1,800m to test a submarine fan target of the Eocene age in the Kamchia Basin. Estimates are for gas of between 20 - 30Bcf. Drilling should complete by end of September.
SOCO Petroleum (LON:SIA.L) report:Vietnam Discovery, 1 September 2010
The joint operating company Hoang Long and operator of Block 16-1 int eh Cuu Long basin announces that the Te Giac Den appraisal well TGD-2x has encountered hydrocarbons.The encounter was in clastics at c.4,450mMD in the Oligocene.
Rio Tinto (LON:RIO.L) report:Go-ahead for Hope Downs 4 iron ore project, 31 August 2010
Rio Tinto has announced the go-ahead for the Hope Downs 4 iron ore project in Western Australia. The total cost of the mine and associated infrastructure is US$1.6 billion, to be shared by Rio Tinto and its joint venture partner, Hope Downs Iron Ore.The project benefits from a proven reserve of 73Mt of ore grading 63.0% iron and a probable reserve of 64Mt grading 63.2% iron.
Gulfsands Petroleum (LON:GPX.L) report:Tunisia drilling updates, 31 August 2010
Australian listed ADX Energy, the operator of the Kerkouane exploration license, reports that it has drilled from 2,291m through the Aboid formation to a current depth of 2,785m.Plans are to drill to total depth and then proceed with formation evaluation and petrophysical analysis.Gulfsands is in the process of acquiring a 30% interest in the Kerkouane Licence and Pantelleria Permit.
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| Global Outlook |
Uranium, 1 September 2010
We have stated many times in the Clarion that we are a long-term bull on uranium and uranium stocks. There was a recent flurry of price activity in uranium stocks in anticipation that the recovery in the price of uranium was finally at hand. This flurry ended abruptly last week as the price of U3O8 actually fell by US$0.50/lb. Uranium stocks have been out of favour for so long that it will not take much to send them upwards. If the next price posting (expected shortly) is an uptick, uranium stocks could continue their advance. If the uptick is sizable, uranium stocks could soar.
Bernanke Pledge on Economy Gives Some Relief to Oil Prices, 30 August 2010
Oil prices recovered some lost ground Friday after Federal Reserve chairman Ben Bernanke said the Fed stands ready to do whatever it takes to support economic recovery.The benchmark West Texas Intermediate October futures contract gained 2.5% on Friday, settling at $75.17 a barrel and wiping out losses from the beginning of the week. The expiring September contract closed at $73.46 a week ago.In a widely anticipated speech Friday morning, Bernanke stopped short of announcing new measures to inject money into the economy but made it clear that the central bank was monitoring the situation closely and would act if necessary to prevent a deflationary spiral.
Energy and Security Issues in the Red Sea Transforming as “the Age of Gas” Begins in Earnest, 27 August 2010
Major new energy issues are about to transform still further the strategic balance of the Horn of Africa and the Red Sea, with foreseeable consequences for the global energy market over the coming decade. Soon-to-be-evident new wealth in the Red Sea/Horn of Africa region will transform the intensity of conflict there, which in turn will affect not only the region, but the world’s most important trading route: the Red Sea/Suez sea line of communication (SLOC).
International Sanctions Inflicting Pain At Gas Pump, Stalling Energy Projects, 26 August 2010
Although the Iranian government insists that countries like China and Russia can make up lost Western investment in the petroleum sector, rising gas prices and stalled energy projects are signs that the regime is beginning to buckle under international sanctions.The United States, Canada and Australia, as well as the United Nations and the European Union, have stiffened financial penalties over the last several weeks against Iran for its nuclear program, which Tehran argues is meant for civilian uses like power generation and medical purposes.In recent weeks, Tehran has begun to feel “a lot of pressure” on the gasoline front, said Houchang Hassan-Yari, a professor of international relations at the Royal Military College of Canada in Kingston, Ontario. The government is now curbing from 100 liters to 60 liters (roughly 26.4 gallons to 15.9 gallons) the amount of subsidized gas consumers can buy each month, Hassan-Yari told OilPrice.com.
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