Global, Asian Markets by UOB Economic-Treasury Research
US Mortgage Bankers Association data showed mortgage applications rose by 1.3 per cent in the week ending July 30, possibly due to lower interest rates that fuelled demand for home refinancing loans, providing a glimmer of positive news for the beleaguered housing market. The report stated that low rates buoyed demand for home refinanc- ing...
Global Markets by UOB Economic-Treasury Research
The US ISM manufacturing index fell to 55.5 points, the major US equity indexes were notably higher on Monday, buoyed by better-than-expected US data as well as earn- ings from European banks. The US ISM manufacturing index fell to 55.5 points, from 56.2 in June. Expanding for the twelfth straight month, the reading beat market...
Weekly Market Commentary: 2 August 2010
Source: Asiasons WFG A series of better than expected results and strong perfor- mance in global markets powered the Singapore market to its fourth consecutive week of advances. The benchmark Straits Times Index (STI) rose 14.23 points or 0.48 per cent to close the week at 2,987.70. Average daily turnover improved to 1.47 billion shares...
UOB Economic-Treasury Research
EU Bank Stress Test Results Not Exactly Stress- ful, But a Good Start The Committee of European Banking Supervisors (CEBS) released its summary report on the results of the EU-wide stress test exercise on Friday. The overall objective of the 2010 exercise is to provide policy information for assessing the EU banking system’s resilience to...
Market Outlook
World Economy to Slow in 2H2010, Roubini Says Government bonds of countries such as Germany, Canada and the US will represent a haven from increasingly volatile markets over the next few months, Nouriel Roubini, the New York University economist credited with predicting the financial crisis, said. Roubini expects the global economy to slow in the...
News Highlights for Global Markets
(Source: UOB) Setting off the negative tone Wednesday night were worries about jobs after ADP said that the US private sector added just 13,000 jobs in June, well below expectations. Markets were looking for 61,000 jobs to be created this month. Wednesday’s report is closely watched ahead of the government’s jobs report, due this Friday....
Global Markets by UOB Economic-Treasury Research
News Highlights • Asian currencies weakened against the US dollar Tuesday, as enthusiasm over the RMB reform ebbed. Even as China kept the central parity rate stronger Tuesday, the Chinese central bank was suspected of keeping the RMB weaker through several state-owned banks, to show the markets that the RMB’s direction in the future may...
Global Markets by UOB Economic-Treasury Research
Renewed talk of a bailout for Spain re-ignited euro-zone debt fears Wednesday. Spanish newspaper ‘El-Economista’reported that the EU, IMF and the US Treas- ury are in talks about a EUR250bn (US$308.68 billion) line of credit for Spain. The report said that a liquidity plan specifi- cally aimed at Spain had been discussed by IMF board...
Monthly Outlook by Rabobank
United States US Economy Gets Back on Its Feet Despite the downward revision of first quarter GDP growth to 3.0 per cent, the US economy has rebounded impressively. After a recession in 2008 and the first half of 2009, GDP grew by 2.2 per cent in 3Q2009, and 5.6 per cent in 4Q2009. How- ever,...
OCBC Fund Poll Outlook for 2H2010
What Are Fund Managers Saying About the Outlook? OCBC Bank’s Wealth Management unit polled 19 fund managers for their views on the investment outlook for the second half of this year and beyond. Aberdeen Asset Management, Allianz Global Investors, APS Asset Management, Aviva Investors, Blackrock Investment Management, BNP Paribas Investment Partners, DBS Asset Management, Deutsche...
Oil, Gas, Semiconductor Sector by OCBC Investment Research
Oil & Gas Sector Thoughts on the Gulf of Mexico Oil Spill Fewer rigs impacted than earlier estimate. According to news reports (refer footnote 1) and the US Minerals Management Service, US President Obama’s six-month offshore drilling moratorium in the Gulf of Mexico (GOM) is expected to shut down 25 active operations, including nine rigs...
Infrastructure Source by OCBC Investment Research
Indiscriminate Selling Presents Buying Opportunities Bargain hunting amid broad market sell down. Europe’s debt concerns have sent global equity markets reeling. US’ Dow Jones and Germany’s DAX have fallen by 10 per cent from their recent highs, while Hong Kong’s HSI has tumbled by as much as 14 per cent. The STI was also not...
