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“Progress” in fiscal cliff negotiations lifts US market | | | | | From: NetResearch Asia [[email protected]]
Sent: Tuesday, December 18, 2012 8:54 AM
To: NetResearch Asia 18 Dec 2012
Subject: “Progress” in fiscal cliff negotiations lifts US market
Pre-Market Open Commentary for 18 December
2012
( CO. REG. NO.
199904258C )
DJIA: 13235.39 +100.38
Nasdaq Composite: 3010.60 +39.26 Good morning, fellow investors
US stocks surged on Monday, led by the financial and housing sectors, on
rising hopes that a deal to the "fiscal cliff" negotiation in Washington is
taking shape and could be reached in days. After weeks of political
wrangling and negotiation stalemate between President Obama and Congress,
House Speaker John Boehner edged closer to Mr Obama's position by proposing
to extend lower tax rates for everyone who earns less than US$1 mil and
offered to extend the debt limit for a year in order to reduce the deficit.
Although his position is still far from that of President Obama, it
provided positive signal to market that the a deal will ultimately be
reached.
Market was further underpinned by hopes for new stimulus measures in Japan,
after an election win as prime minister over the weekend for Shinzo Abe who
has promised monetary and fiscal stimulus to rescue the world's third
largest economy from recession.
Market surged higher despite a weaker than expected reading on the
manufacturing conditions in the New York State as the index fell to -8.1 in
December, from -5.2 in November.
Further underpinning markets were gains in Apple share which edged higher
by 1.8% to US$518.83, even though two firms cut their price targets on the
stock on Monday citing weaker-than-expected sales of iPhones and iPads. The
tech giant had announced sale of more than 2 mil new iPhone 5 smartphones
in China during the three days after its launch there on Friday but
concerns over stiff competition still prevailed. Apple shares have tumbled
more than 25% in about three months.
The major US indices rallied with the Dow Jones Industrial Average gaining
0.76% while the S&P 500 climbed 1.19% to 1430.36. The Nasdaq Composite
index outperformed, gaining 1.32%.
Market will take leads from readings on housing market index as well as the
earnings result of tech giant, Oracle which are scheduled for release on
Tuesday.
Crude oil January delivery rose US$0.47 a barrel, or 0.54%, to settle at US
$87.20 a barrel.
In Singapore today:
Following last week’s strong rally, Asian stock markets closed mixed on
Monday on profit-taking. The Nikkei 225 rose 0.94% after the electoral
triumph of Liberal Democratic Party which favours aggressive monetary
easing and fiscal spending to beat deflation and tame a strong yen. The
Shanghai Composite index extended gains from last week following reports
that China will maintain steady economic policies in 2013. However, the
Hang Seng index slipped 0.41%.
Singapore shares retreated on profit-taking on Monday, snapping eight
consecutive days of gains, after Friday’s losses on Wall Street. An
unexpected dip in Singapore’s non-oil domestic exports (NODX) which raised
the prospect of a technical recession, further dampened sentiment. NODX
fell 2.5% YoY in November, against expectations of a 1.7% YoY rise, dragged
down by a big drop in electronic exports and fewer shipments to the key
markets of Hong Kong, Malaysia and the US. Trading continued to be light
ahead of the Christmas and New Year festive season. At closing, the STI
index declined 9.73 points, or 0.31%, to 3158.7 points. For every stock
that rose, 1.4 fell. Turnover was 1.95 bil shares with a value of $1.02 bil
traded.
Expect the local bourse to climb higher today taking leads from overnight
strength on Wall Street. Positive signs of negotiations in Washington
coming closer to arrive at a deal to avert the US “fiscal cliff” before the
expiry at the end of this year will underpin advances.
Please note that there will be no market commentaries from 24 – 31 Dec
2012. NRA Research will resume with market commentaries on the first
trading day of 2013. | |
....
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