Singapore Stock Market Updates On 10/06/10

Morning Highlights

Singapore market is slightly higher on optimism over the Chinese economy, with STI open up 6.57 points at 2752.37.

Lookout for Economic News Release For Today:

1. The U. of Michigan
2. U.S’ Trade Balance in Apriland Fed Beige Book
3. European Central Bank will announce any change in interest rates
4. China’s Export and Import numbers (China’s exports jumped an unadjusted 48.5% in May from the same month a year earlier, while monthly imports surged 48.3%, according to figures released Thursday.)

Corporate Announcements:

1. Yanlord entered a joint venture agreement with an affiliate of GIC Real Estate Pte. Ltd. to set up a US$300mn company for the development a prime residential development site in Chengdu, China.

News Updates:

1. U.S. stocks close lower; after surrendering triple-digit gain, Dow ends 40 points in red; euro falls below $1.20.
2. Bernanke: Recovery can withstand tightening fiscal conditions.
3. BP’s U.S. shares sank 16%, the most since at least 1980, and credit-default swaps on its bonds jumped 126.8 basis points to 387.6 basis points, according to CMA DataVision. More than 40 U.S. lawmakers called on BP yesterday to suspend its shareholder dividend, stop its advertising and shift spending to stopping and cleaning up the oil spill, which began after an April 20 drilling-rig explosion that killed 11 people. BP’s U.S. shares have tumbled 52% since April 20. (Bloomberg)
4. US Federal Reserve will continue to balance its dual objectives of stimulating economic activity while keeping prices stable, Richmond Fed president Jeffrey Lacker said on Wednesday.
5. Australia’s jobless rate fell to 5.2% in May, down from 5.4% in April.

Quick Picks: Here is a quick pick screen that we have designed to pick out potential stocks, both Bullish and Bearish. These are measured with emphasis on larger changes in price and volume.

Bearish Stocks (Singapore)

Stock Prices last updated at 9.05 (Singapore Time)