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Sluggish Wall Street waits for next week's Fed signals | | | | | From: NetResearch Asia [[email protected]]
Sent: Friday, September 13, 2013 9:10 AM
Subject: Sluggish Wall Street waits for next week's Fed signals
Pre-Market Open Commentary for 13 September
2013
( CO. REG. NO.
199904258C )
DJIA: 15,300.64 -25.98
Nasdaq Composite: 3715.97 =9.04 Good morning, fellow investors
After a good run, Wall Street dipped overnight on the lack of fresh news
and also concerns over the outcome of the Federal Reserve Board meeting
scheduled for next week. Speculation is rife that the Fed may decide to cut
back on its quantitative easing program at that meeting, as it has been
hinting it will do. As if in anticipation of that, gold prices also eased
some 2.4% overnight.
Economic data seemed to support the recovery theory - first time claims for
unemployment benefits dropped sharply to 292,000, a seven year low, though
the Labor Department also noted that two states did not report complete
data last week, which would have distorted the total picture.
Crude futures continued to rise on expectations of firm demand. Crude for
October delivery rose US$1.04 to US$108.60 per barrel.
In Singapore today:
Asian stock markets were mixed Thursday as speculation focused on the size
of the reduction of the Federal Reserve's bond buying program ahead of next
week's FOMC meeting. At closing, the STI index rose 12.89 points at 3121.08
points. For every stock that fell about 1.8 rose. Turnover was 9.4 bil
shares with a value of $1.7bil shares traded. The unusually high volume
traded points at the dominance of penny stocks under current environment,
the average trading value of 18 cents per unit is probably one of the
lowest daily average this year.
These penny caps included the likes of WE Holdings, Plastoform, Linair,
CNA, M Devt, Xpress and Contel gaining between 1 and 41 percent in active
dealings.
Elsewhere, shares of SP Land, Noble Group, Venture, UE, Yangzijiang,
SuperGroup, CoscoCorp, Raffles Medical, Asiasons, Wee Hur, Courts Asia,
SunVic and CDL HTrust rose between 3 and 23 cents.
On the balance, shares of Jardine C&C, Jardine Strategic, DairyFarm,
Fortune Reit, ST Engg, ARA, Ezra, Cache, SinoGrandness, Ossia, Mapletree
Ind, Pac Cent, Yoma and Golden Agri eased between 1 and 47 cents.
Expect the STI to close flat today ahead of concerns over how Wall Street
will perform later today in anticipation of the Fed meeting next week. | |
....
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10:41 AM (3880 days ago)
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