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US market closes mixed on concerns over retailers’ bottomline I | | | From: NetResearch Asia [[email protected]] Sent: Tuesday, November 27, 2012 9:45 AM To: NetResearch Asia 27 Nov 2012 Subject: US market closes mixed on concerns over retailers’ bottomline Pre-Market Open Commentary for 27 November 2012 ( CO. REG. NO. 199904258C ) DJIA: 12967.37 -42.31 Nasdaq Composite: 2976.78 +9.93 Good morning, fellow investors US stock market closed mixed on Monday following weakness on retail shares on concerns about heavy discounts at the start of the US holiday shopping season which could eat into retailers’ bottomline. The Dow Jones Industrial Average and S&P 500 slipped 0.33% and 0.20% respectively. Bucking the trend was the Nasdaq which gained 0.33% led by gains in eBay. Shares of eBay rose 4.9% to US$51.40 following reports its PayPal unit enjoyed a 193% YoY increase in mobile payment volume on Black Friday. Amazon shares also advanced, gaining 1.6% to US$243.62. Lingering concerns over the upcoming economic negotiations in Washington and Europe further weighed on market sentiment. Sentiment has picked up after leaders of the Senate and House emerged from the first-post-election meeting at the White House, indicating they would be flexible in efforts to settle fiscal policy differences. However, there remains lingering doubts on whether a quick agreement can be reached. Also weighing on market is the meeting between euro zone finance ministers and the International Monetary Fund (IMF) as they make their third attempt to agree on releasing emergency aid for Greece, with policymakers saying a write-down of Greek debt is off the table for now. On Tuesday, market will assess the US manufacturing sector through report on durable goods orders. Global manufacturing data has shown a mixed picture in November with the manufacturing industry in the US and China exhibiting signs of improvement in November but a report last week showed that the European manufacturing sector are still contracting. Crude oil for January delivery slipped US$0.54 a barrel to settle at US $87.74 a barrel. In Singapore today: Asian stock markets ended mixed on Monday as investors stayed cautious ahead of a key meeting amongst euro zone ministers on Monday. The Shanghai Composite index, the Hang Seng and the Kospi fell 0.49%, 0.24% and 0.15% respectively. However, the Nikkei 225 hit a seven-month high after gaining 0.24% on the back of a weaker yen. Singapore shares opened higher following a strong finish to an abbreviated session on Wall Street last Friday though bouts of profit-taking trimmed some of the day’s earlier gains. At closing, the STI index rose 15.22 points, or 0.51%, to 3004.50 with strong resistance at 3030 eyed. Market breadth also fell throughout the day to 3 gainers for every 2 losers. Turnover was 1.99 bil shares with a value of $919.7 mil traded. Expect range-bound trading on the local bourse today as market participants are likely to remain on the sidelines amid uncertainties pertaining to the negotiations between US lawmakers to cut out a deal to avert the “fiscal cliff” and between the euro zone finance ministers and IMF to finalize the details of a debt-reduction package for Greece. 1. Chartzones – 27 November 2012 (premium) Media, China Stocks and Technology Stocks [read the report] | |
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