Singapore Stock Market Updates On 04/08/10

Morning Highlights

Singapore stocks traded lower, with STI opened at 3,010.88, after Wall Street slipped on signs of weaker consumer spending. .  

• Straits Asia broke 2.15
• Wilmar mandates 3 banks for US$1.1 billion financing

Most of the Asian Markets, including Singapore, continued to drop further in midday trading. Hong Kong indexes are turning negative and Japan’s markets are also weighed by a rising yen…

Watch out for Economic News Release Today:

1. U.S. ABC Consumer Confidence, ADP Employment Change
2. China HSBC Services PMI (China’s service-sector growth accelerated in July, marking the fastest pace of expansion in three months, according to HSBC’s Purchasing Managers’ Index. The PMI came in at 56.3 in July, up from 55.6 in June)
3. Hong Kong HSBC Manufacturing PMI in July

Corporate Announcements:

1. SGX announced that its derivative and commodities trading grew in July. Securities daily average trading value picked up into the new financial year, up 16% in July from a month earlier. 
2. Capitaland’ssubsidiary has acquired the remaining 39.24% stake in Eurimeg SA which holds serviced residences in Europe. 
3. CapitaMall Asia announced 23.7% decrease year-on-year in 2Q 10 net profit to $113.1 million.
4. Sembcorp Marine announced 25.8% increase year-on-year in 2Q 10 net profit to $138.4 million.

News Updates:

1. Barnes & Noble says it may consider sale of company; shares jump 25% after hours   
2. Major U.S. stock indexes fall; Pfizer gains 5% to buck Dow downtrend  
3. U.S. pending-home-sales index falls in June; dropping to 75.7, the lowest level since data began in 2001.   The demand kept decreasing after a homebuyer tax credit expired.
4. Economists forecast that the jobless rate data in July due on August 6 will climb to 9.6% from 9.5% in June
5. BP selling operations in Colombia for $1.9 billion  
6. U.S. personal incomes unchanged in June; consumer spending edges upward  
7. Pfizer’s second-quarter income reaches $2.48 billion; reaffirms full-year guidance  
8. Sales grow 5% at Procter & Gamble to $18.9 billion; earnings per share slip to 71 cents
9. China Q3 GDP to slow to 9.2%: think tank
10. Australia’s seasonally adjusted trade surplus rose to 3.54 billion Australian dollars ($3.2 billion) in June, an increase of A$1.71 billion from May’s revised surplus, the Australian Bureau of Statistic reported Wednesday.

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Stock Prices last updated at 12:05 (Singapore Time)