Morning Highlights
There Are No Quick Picks For Today
Singapore stocks advanced slightly on Tuesday, after US shares closed overnight at their highest levels in 10 weeks as a weaker greenback lifted the energy and raw materials sectors. STI in positive territory, open at 3039.25.
Other Asian Stock Markets are broadly higher after Wall Street overnight rally, with financial plays leading regional gains.
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Noble concludes record US$1.55 billion loan facility
Please note that Index broke out of important resistance of 3037 in opening trades, but unable to sustain its gains and pull back. The next resistance to watch out for is 3200. We advise to stay at the sidelines when index is trading near these resistances!
Watch out for Economic News Release Today:
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U.S. June Factory Orders, June Personal Spending, Result Earnings from Pfizer and P&G
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China Non-Manufacturing PMI in July
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Singapore July PMI
Corporate Announcements:
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Yangzijiang’s subsidiary in Jiangsu has been accredited as a “High/New Technology Enterprise”. The company will be enjoying a preferential enterprise income tax rate of 15% for a period of 3 years.
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OCBC announced 8% increase year-on-year in 2Q 10 net profit to $503 million.
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Coscoannounced 91% increase year-on-year in 2Q 10 net profit to $99.6 million.
News Updates:
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European banks strong manufacturing-sector data and robust earnings renewed investors’ faith in the global.
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Dow jumps 130 points early Monday; energy sector is biggest gainer, as oil tops $80 mark.
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ISM gauge shows U.S. factory-sector expansion but at 2010’s slowest pace.
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U.S. stocks rally 2%, adding to July’s solid gains; Dow’s up 208 points
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Australia’s central bank kept its key cash rate steady at 4.5% on Tuesday, a move widely expected given inflation has moderated in the wake of six previous rate hikes.
