Morning Highlights
There Are No Quick Picks For Today
Singapore shares move lower, taking their cue from weakness on Wall Street. STI gapped down 33.12 points to 2749.43 in opening trade.
Investor sentiment was hit by weaker-than-expected U.S. February consumer confidence data released Tuesday, which eroded expectations for sustainable consumer spending and an economic recovery in the U.S.
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Bought OSIM at 0.72, Stop Loss at 0.695 and Take Profit at 0.745 (Small Risk) – Overnight, Current Price at 0.705
Corporate Announcements
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Noble Group announced FY09 net profit of US$556mn, down 4% Year-on-Year (YoY). The company’s 2009 revenue of US$31.2 billion was supported by record Group tonnage volumes.
News Updates
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U.S. home prices down 0.2% in December: Case-Shiller. Dow finishes down 101 points after U.S. consumer confidence suffers unexpectedly sharp February decline.
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The Conference Board’s index of U.S consumer sentiment declined to 46, the weakest level in 10 months and below the lowest forecast in a Bloomberg News survey of economists. Together with the Ifo institute’s German business climate index which unexpectedly declined for the first time in 11 months, the reports spurred concern that an 11 month global rally in stocks has overshot the economy’s prospects.
