Morning News Update

US Market :

U.S. stocks closed mostly lower on Friday after data showed the labor market experienced its first contraction in seven years. The U.S. lost 33,000 jobs September due large part to two major hurricanes hitting the country. The S&P 500 snapped its longest winning streak since 2013.

Europe Market :
European stocks closed in the red Friday as investors digested the latest set of payrolls data from the U.S. and monitored political events in Spain.

Precious Metal Gold :
Gold bounced up from a two-month low on Friday, on concerns stoked by a Russian report that North Korea is preparing to test a long-range missile and on support from the U.S. dollar’s shift into negative territory.

Crude Oil :
Oil prices fell about 3 percent on Friday, as a week of profit-taking and the return of oversupply concerns led the market lower, snapping a multi-week bull run.

Indices & Commodities :
DJIA: 22,773.67 (-1.72)
S&P500: 2,549.33 (-2.74)
NASDAQ: 6,590.18 (+4.82)
DAX: 12,955.94 (-12.11)
FTSE: 7,522.87 (+14.88)
EuroStoxx50: 3,601.40 (-12.14)
Comex Gold: 1,274.9 (+1.7)
Comex Copper: 3.0290 (-.0175)
WTI Crude Oil: 49.29 (-1.50)
Brent Crude Oil: 55.62 (-1.38)
BMD FKLI: 1762.0 (+3.0)
BMD FCPO: 2732 (+12)

Economic Events :
Holiday South Korea – Hangul Day
Holiday Canada – Thanksgiving Day
Holiday Japan – Health-Sports Day
Tentative – EUR Eurogroup Meetings
9.45AM – CNY Caixin Services PMI (Sep)
2.00PM – EUR German Industrial Production (MoM) (Aug)
12.00AM – EUR ECB’s Lautenschlaeger Speaks
5.45AM – NZD Electronic Card Retail Sales (MoM) (Sep)
7.01AM – GBP BRC Retail Sales Monitor (YoY) (Sep)
7.50AM – JPY Adjusted Current Account, Current Account n.s.a. (Aug)

FX & Bonds :
USD/MYR – 4.240
EUR/USD – 1.173
GBP/MYR – 5.541
AUD/MYR – 3.297
SGD/MYR – 3.096
Msia 10 yr Bond Yield ? 3.90%

6/10/2017 Bursa Trade Stat :
Retail (23.6%) – net SELL 23.7mil
Institution (56.4%) – net BUY 77.3mil
Foreign (20.0%) – net SELL 53.6mil
Total traded value 1951.8mil


Delegation to strengthen ties with Vietnam


With the market for products in Vietnam anticipated that would see huge development in the following couple of years, a Malaysian appointment drove by Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong went to the nation to fortify reciprocal participation in the division.

Mah said the official visit was additionally to investigate chances to increment vital cooperation in innovation advancement, especially in the palm oil, elastic and pepper segments. Amongst January and July 2017, exchange amongst Malaysia and Vietnam in the wares and ware based items area saw a 27% expansion to RM2.8bil, contrasted with a similar period in 2016. Fares in the palm oil division likewise observed a 27% development to RM1.3bil, while the elastic segment recorded a 29% ascent to RM254mil from a similar period a year prior.

The minister’s assignment was joined by delegates from organizations under the service including the Malaysian Palm Oil Board, Malaysian Palm Oil Council, Malaysian Rubber Board, Malaysian Rubber Export Promotion Council and Malaysian Pepper Board. Amid the visit, Mah, together with the Malaysian designation, paid a politeness approach the nation’s Minister of Agriculture and Rural Development, Nguyen Xuan Cuong. Amid the civility call, the two clergymen expressed their responsibility regarding increment reciprocal collaboration in the advancement of estate area.

“Malaysia, as seat of the International Tripartite Rubber Council (ITRC) for 2017, likewise stretched out a solicitation to Vietnam to join the chamber as a full part to fortify the ITRC’s part and capacity in driving the worldwide elastic industry,” said Mah in an announcement. To this, Nguyen Xuan Cuong submitted that the nation would send an appointment to Malaysia to go to the ITRC meeting in Kuala Lumpur one year from now.

The ITRC right now comprises of three nations – Malaysia, Thailand dan Indonesia.


FBM KLCI gained 4.91 points to 1,764 points on Friday

The FBM KLCI increased 4.91 focuses to 1,764 focuses on Friday, following playful Asian markets that took their lead from record-breaking Wall Street closes the previous evening. At 5pm, turnover was 2,49 billion offers esteemed at RM1.95bil. Advancers beat decliners 468 to 315 while 478 counters were unaltered. Lotte Chemicals Titan was back in the focus on Friday as it declared that the stop-work arrange on its synergist breaking reactor had been lifted. Financial specialists took to the positive news, lifting the counter 13 sen to RM5.23.


In the managing an account segment, CIMB increased one sen to RM6.41, Ambank increased one sen to RM4.48 and Hong Leong Bank rose two sen to RM15.88. Hong Leong Financial added eight sen to RM16.98. Heavyweight counters Sime Darby went up against eight sen to RM9.12 while Genting rose seven sen to RM9.68. English American Tobacco added 82 sen to RM43.52. Telco players Maxis rose four sen to RM5.89, DIgi increased three sen to RM4.94 and Axiata increased two sen to RM5.32. Telekom Malaysia fell one sen to RM6.29. Oil costs were on the decay as Tropical Storm Nate heads towards the US Gulf, making organizations from BP Chevron to shade stages. In the mean time, information demonstrating huge increments in US oil creation a week ago additionally hosed costs.

WTI Crude fell seven pennies to US$50.62 a barrel while Brent Crude increased five pennies to US$57.05 a barrel. Spot gold rose 38 pennies to US$1,268.60 per troy ounce. In the interim, the ringgit debilitated 0.2% against a rising dollar to 4.2370. The neighborhood money was 0.69% more grounded against the pound sterling at 5.5400 and 0.12% more grounded against the Singapore dollar at 3.1008.


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Yen Hit By Mixed Earning Data

Yen Hit By Mixed Earning Data


  • Japanese work money profit ascended at their speediest pace for over a year
  • However general profit stay exceptionally lethargic
  • The Yen properly endured a shot

The Japanese Yen was bring down against the US Dollar Friday following the arrival of some broadly shifting profit information.

Work money profit climbed a thick 0.9% on the year in August, as per official figures. That was the most grounded ascend since July 2016 and well above both the 0.9% expected and July’s 0.6% slide. Be that as it may, the more extensive measure of genuine money income climbed only 0.1% on the year. That was somewhat superior to anything expected yet the earlier month’s information were overhauled forcefully, down show to a 1.1% fall.

Additional time pay and base wages rose, however not by much. All things considered, the numbers show up extensively to travel toward a path which the Bank of Japan might want and USD/JPY’s little shoot up to the 112.80 territory in the outcome isn’t clearly clarified by them. It might be that business sectors are somewhat more daintily exchanged than they may somehow or another be following seven days of across the board territorial occasions and before Friday’s US nonfarm finance discharge.

Income are a vital general swelling segment and, with Japanese expansion desires low and moored, they are one a player in the valuing mosaic which the Bank of Japan has attempted to change. The nation’s Consumer Price Index has hinted at long-missing life this year. Following eight straight long stretches of additions it ascended at a 0.7% annualized rate in August. That was a two-year high yet in addition and inevitably well beneath the BoJ’s 2% focus after numerous years and numerous trillion Yen in boost measures.


Yen Hit By Mixed Earning Data

The Japanese Yen has been under wide weight against the US Dollar since early September as business sectors have moved to cost in further, continuous financial fixing from the US Federal Reserve. The difference between this guess and that for the Bank of Japan, which still has the jolt taps totally open, has favored the greenback and will likely keep on doing so even as the current USD/JPY rally has all the earmarks of being losing some steam.


 Yen Hit By Mixed Earning Data


Malaysian palm oil price hits 1-week high


Malaysian palm oil futures hit one-week highs on Wednesday, upheld by technical buying and desires of a slight rise in end-September stock levels.

The benchmark palm oil contract for December conveyance on the Bursa Malaysia Derivatives Exchange was up 1.2 percent at 2,715 ringgit ($642.45) a ton at the end of exchange, graphing a moment straight increase after four continuous losing sessions.

Prior in the session, it rose to its most grounded since Sept. 27 at 2,724 ringgit.

Palm, which shed 1.5 percent a week ago, its second in a row week after week decrease, has increased 0.7 percent so far this week.”Stocks are additionally not anticipated that would increment by much, and there is some purchasing that we see from India and Africa. Individuals did not purchase excessively a month ago when costs were high, so now they are purchasing to keep up stock levels,” he said.

Palm oil shipments from Malaysia, the world’s second biggest maker of the tropical oil, ascended around 10 percent for the entire month of September, contrasted and the earlier month, information from payload surveyors appeared. In other related palatable oils, the December soybean oil contract on the Chicago Board of Trade was up 1 percent.

China’s Dalian Commodity Exchange is closed for an open occasion. Palm oil costs are influenced by the execution of related palatable oils including soy, as they seek an offer of the worldwide vegetable oils advertise.


Market Update

US Market :

U.S. equities closed at record highs on Monday as Wall Street kicked off the fourth quarter on a high note with the Dow, S&P and Nasdaq closing at record highs. Gains in health care and financials helped lift the major indexes higher.

Europe Market :
Major European bourses closed the first day of trading in October largely in the green, though Spain’s IBEX was down 1.21 percent on the back of growing political concerns following Sunday’s unofficial independence referendum in the region of Catalonia.

Precious Metal Gold :
Gold fell to its lowest since mid August on Monday as rising U.S. Treasury yields pushed the dollar higher, while concerns over violence during Catalonia’s independence vote at the weekend weighed on the euro.

Crude Oil :
Oil fell more than $1 a barrel on Monday, as a rise in U.S. drilling and higher OPEC output put the brakes on a rally that saw prices score their biggest third-quarter gain in 13 years.

Indices & Commodities :
DJIA: 22,557.60 (+152.51)
S&P500: 2,529.12 (+9.76)
NASDAQ: 6,516.72 (+20.76)
DAX: 12,902.65 (+73.79)
FTSE: 7,438.84 (+66.08)
EuroStoxx50: 3,599.02 (+4.17)
Comex Gold: 1,275.8 (-9.0)
Comex Copper: 2.9555 (+.0005)
WTI Crude Oil: 50.58 (-1.09)
Brent Crude Oil: 56.12 (-.67)
BMD FKLI: 1747 (-7.0)
BMD FCPO: 2665 (-30)

Economic Events :
Holiday South Korea – Chusok – Full Moon Festival
Holiday Germany – Unification Day
Holiday China – National Day
11.30AM – AUD RBA Interest Rate Decision (Oct), RBA Rate Statement
4.30PM – GBP Construction PMI (Sep)

FX & Bonds :
USD/MYR – 4.233
EUR/USD – 1.173
GBP/MYR – 5.622
AUD/MYR – 3.316
SGD/MYR – 3.110
Msia 10 yr Bond Yield  3.96%

2/10/2017 Bursa Trade Stat :
Retail (20.7%) – net SELL 16.5mil
Institution (55.5%) – net BUY 95.7mil
Foreign (23.8%) – net SELL 79.2mil
Total traded value 1739.8mil



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Middle East oil producers now focusing on crude trading to increase income

middleeastMiddle East oil producers are wandering into exchanging rough as three years of weak oil costs has urged them to discover new wellsprings of salary past the matter of sending out their yield.

Association of the Petroleum Exporting Countries (OPEC) boss Saudi Arabia, the world’s greatest oil exporter, is among those making the move. A backup of state-possessed Saudi Aramco wants to begin exchanging non-Saudi rough, as per sources acquainted with the issue.

Iraq has collaborated with a Russian firm to set up an exchanging wander, while Abu Dhabi and Kuwait are contemplating exchanging plans.

Till now, the oil exchange has been overwhelmed by global brokers, for example, Vitol, Gunvor, Trafigura and Glencore, and in addition vitality majors, as BP and Shell. “It is about advancement,” said a senior oil source acquainted with improvements at Saudi Aramco, which is wanting to dispatch an underlying open offer (IPO) one year from now.

Aramco set up a unit, Aramco Trading Company (ATC), in 2012 to advertise refined items, base oils and mass petrochemicals.

Unrefined exchanging was not at first in its command, but rather ATC now intends to exchange non-Saudi rough essentially to bolster Aramco’s universal joint endeavors, for example, its U.S. Motiva refinery and S-Oil in South Korea, industry sources said. The activity fits into Saudi Aramco’s expressed point of turning into the world’s biggest incorporated vitality firm, with plans to grow its refining operations and petrochemical yield.

“In accordance with ADNOC’s system to extend the business estimation of each barrel that we deliver, we are in the beginning periods of investigating non-theoretical, resource upheld exchanging and are in discourse with different potential industry accomplices,” an ADNOC representative said.Iraq’s state oil advertiser SOMO has collaborated with Russia’s Lukoil in a wander in Dubai to exchange unrefined, industry sources said in May. The wander may extend later into refined items and petrochemical exchanging, the sources said.


29th Sep Fx Market Update

EUR/USD encourages ought to flop in the 1.1817/36 band – Commerzbank

In perspective of Karen Jones, Head of FICC Technical Analysis at Commerzbank, incidental up ticks in spot should battle in the 1.1817/36 zone.

“EUR/USD’s standpoint stays negative after the current disintegration of the 5 month uptrend and the 1.1836/23 September lows and we search for assist shortcoming at first to the 1.1662 August low and afterward the midJune high at 1.1296 and the more critical 1.1110 end of May low. Extremely close term the market is ricocheting off the 200 week mama at 1.1721, however intraday encourages ought to flop in the 1.1817/36 locale, the 55 day mama and late August and mid-September lows”.

“Over 1.2092 would focus on the half retracement starting from the move from the 2014 high at 1.2168 and the 1.2372 200 month mama, yet in the event that seen, that is relied upon to hold”.


EUR/USD revives ought to bomb in the 1.1817/36 band


Genneva Malaysia liabilities 10 times over its own assets, BNM not approved to return investors money


Gold dealer Genneva Malaysia’s liabilities was more than 10 times the quantity of their own assets not withstanding sold the gold at as much as 25 for every penny more than the gold market cost, confirming that their operation was unsustainable after some time, Bank Negara Malaysia clarified as of late.

The national bank moreover specified preparatory examinations uncovered that the association had depended significantly on money from crisp gold purchasers to guarantee that it remains beneficial, which developed to confirm stresses that the organization had abused various saving money and additionally monetary enactment, that incorporate tolerating stores without conveying gold in return, distorting itself as a gold venture organization, also showing deluding depictions on their association after a few people held up objections with the law implementation authorities.

“Beginning criminological bookkeeping has revealed huge misfortunes being experienced by the firm in 2012 while the association has liabilities going over 10 times its benefits,” BNM clarified in a common articulation with the specialists, the Domestic Trade, Co-agent and in addition Consumerism Ministry and the Companies Commission of Malaysia ( CCM ).

“In such manner, the income for the firm to keep up their business has depended particularly on the money gathered from new buyers,” Bank Negara expressed.

It incorporated that this sort of a wander was not enduring, fundamentally in light of the fact that demonstrated by seized reports that uncovered the firm presently couldn’t seem to discharge the more than 4 ,000kg of gold to more than 8,000 paid purchasers. It additionally said the information indicated Genneva Malaysia had not paid out around RM80 million to customers who had exchanged their valuable metals to the firm for the guaranteed money paybacks. Genneva has certain 60,000 clients together with a month to month turnover of RM2 billion, as stressed by its merchants talked with a month ago, however the organization’s site states 50,000 clients and a turnover of RM3 billion . Bank Negara Governor Tan Sri Zeti Akhtar Aziz has likewise expressed the national bank was optimizing examinations concerning the flawed gold exchanging organization to guarantee that its purchasers would not be held sitting tight for a really long time . Genneva , Pageantry Gold Bhd , Caesar Gold Sdn Bhd , Worldwide Far East Bhd and Bestino Group Bhd are among 25 people and organizations offering unlicensed exercises which have been added to a speculator ready rundown by the national bank a year prior, expanded twofold the figure from 2010 and the most astounding on record as far back as 2003. Genneva Malaysia’s ledgers alongside resources esteemed at RM99 .8 million in real money and in addition 126kg in gold bullion were seized and bolted up as confirmation Bank Negara since October 1, following doubt that the association professedly broke a clothing rundown of managing an account and budgetary laws and controls for example illicit store taking, illegal tax avoidance, tax avoidance additionally making utilization of operators without permit, after a few people stopped grumblings with the specialists.

Prior today, Deputy Finance Minister Datuk Donald Lim educated the affected gold dealers to petition for a court arrange as an approach to get back their cash from accounts associated with connected in unlawful speculation programs as BNM does not have any lawful expert to the resume speculators’ hard money from accounts it got solidified. “Such money and gold are required for the examinations which will exclusively be taken care of at the direction of the courts,” the national bank announced, affirming the delegate pastor’s remarks to the senate.


Hong Kong stocks dipped on Tuesday

41989118.1 (41989891) - 21_03_2017 - HONGKONG-MARKETS_HSHARES_0

*Stocks to watch:*

PETRONAS to award maintenance, construction & modification (MCM) jobs, worth RM6 billion. It might be split into 6 packages for a 5-year duration. Companies can now replenish their order books.

Market Report For Tuesday 19/09/2017

Blue chips closed mostly lower on Tuesday on profit taking especially of CIMB Group and IHH Healthcare and Genting Malaysia as investors ahead of the outcome of the US Fderal Reserve meeting this week.

At 5pm, the KLCI was down seven points or 0.39% to 1,776.66. Turnover was 2.01 billion shares valued at RM1.92bil. There were 309 gainers, 485 losers and 453 counters unchanged.
The ringgit shed 0.07% to the US dollar to 4.1915 and fell 0.45% to the euro at 5.0244. It rose 0.52% to the pound sterling to 5.6530 and eked out a gain of 0.08% to the Singapore dollar at 3.1089.

Crude palm oil fell RM25 to RM2,780 per tonne. Among the plantations, KL Kepong lost 10 sen to RM24.50, IOI Corp fell three sen to RM4.65, PPB Group two sen to RM16.68 and Sime Darby one sen to RM9.18.


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