The Star Online: Business
The Star Online: Business |
| Posted: 30 Nov 2011 05:52 PM PST KUALA LUMPUR: Asian markets open higher in morning trade Thursday taking their cue from the overnight strong performance in overseas markets. Key U.S. equity bourses ended higher by between 4.2% and 4.3% after central banks in the US, Europe, UK, Canada, Japan and Switzerland took coordinated actions to lower the cost of US dollar borrowings. "Such a powerful rally on Wall Street will surely reverberate across Asia today," Hwang DBS told clients ahead of the opening bell in Asia. The benchmark FBM KLCI will likely build on its two-day cumulative gains of 40.6-point or 2.8%, possibly overcoming the immediate resistance level of 1,475 ahead, it said. At 10am, all key Asian markets were up by at least 0.5% each while the FBM KLCI was higher by 1.27% to 1,490. Market breadth was positive with 460 counters up and 104, down. Nymex crude oil added 16 cents to US$100.52 per barrel. Spot gold added US$1.68 to US$1,748.10 per ounce. The ringgit was quoted at 3.149 to the US dollar. Full content generated by Get Full RSS. |
| Posted: 30 Nov 2011 04:56 PM PST SEOUL (Reuters) U.S. crude futures edged up in early Asian trade on Thursday on the news that top central banks took coordinated steps to prevent a global liquidity crunch, although the rise was trapped by an unexpected increase in U.S. crude inventories. FUNDAMENTALS * On the New York Mercantile Exchange, January crude was up 16 cents at $100.52 a barrel as of 0041 GMT. * The world's major central banks acted jointly on Wednesday to provide cheaper dollar funding to European banks facing a credit crunch as the euro zone's debt crisis drove EU ministers to urge more IMF help to avert financial disaster. * U.S. crude oil stocks rose last week as crude imports increased and refineries scaled back their processing rates, U.S. Energy Information Administration data showed on Wednesday. Crude inventories rose 3.93 million barrels to 334.75 million barrels in the week to Nov. 25, while analysts polled by Reuters had projected a 200,000 barrel drawdown, on average. MARKETS NEWS * The Nikkei share average jumped above its 25day moving average to a twoweek high on Thursday after the world's central banks took coordinated action overnight to ease funding strains among banks, easing worries about a meltdown of the global financial crisis. * The euro and commodity currencies stayed sharply higher in Asia on Thursday while the dollar languished after major central banks took steps to ease a credit squeeze stemming from the euro zone debt crisis. * U.S. stocks also surged on Wednesday on the central banks move news. The Dow posted its best day since March 2009 and the S&P 500 scored its best daily percentage gain since August. Full content generated by Get Full RSS. |
| Korea Nov exports top forecasts, inflation up Posted: 30 Nov 2011 04:53 PM PST SEOUL (Reuters) South Korean exports in November grew more than expected while inflation climbed back above the central bank's target band, data showed on Thursday, reinforcing market views interest rates would remain steady for an extended period. Analysts said the robust readings were unlikely to last as the global economy would slow further and domestic demand in Asia's fourthlargest economy is expected to remain depressed. "I don't think the resilient exports are sustainable. The whole world is cooling, so exports will inevitably weaken in the coming months," said Park Sanghyun, economist at HI Investment & Securities. "Inflation will move sideways or gradually head downward, although the latest coordinated liquidity supply measures and the resultant spike in some commodities prices are now emerging as a fresh boost to inflation here." Exports in November grew 13.8 percent from a year earlier, beating the 12.7 percent growth forecast in a Reuters poll, while yearonyear inflation for the month picked up to 4.2 percent from 3.6 percent in October, separate government data showed. Overseas sales recovered after suffering a weakerthanexpected 8.0 percent annual gain in October but the outlook remains grim with the euro zone debt crisis seen weighing on the region's economies for a long time. The Bank of Korea has a target of keeping annual consumer price index growth between 2 percent and 4 percent on average for the 20102012 period. Domestic demand in South Korea remains weak as households struggle under a growing debt burden while the construction sector suffers from a sluggish property market. A survey also showed on Thursday South Korea's manufacturing sector activity shrank for a fourth consecutive month and by the most in 13 months in November as orders declined from customers both at home and abroad. The HSBC/Markit purchasing managers' index (PMI) on South Korea's manufacturing sector fell to a seasonally adjusted 47.12 in November from 47.99 in October, Markit Economics said in a statement. November's reading was the lowest since October last year. It was the fourth month in a row that the index came below 50, which demarcates expansion from contraction in manufacturing activity, its longest losing streak since February 2009. The subindex on new export orders received by South Korean manufacturers fell to a seasonally adjusted 47.76 in November from 48.21 in October, also staying below the 50point mark for a fourth consecutive month. Full content generated by Get Full RSS. |
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