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MARKET UPDATES :
RHB Research is upbeat on Sunway Bhd’s continuous effort in unlocking its asset values.”Sunway announced its proposed disposal of Sunway Hotel Georgetown (RM74 million) and Wisma Sunway (RM60 million), worth a combined value of RM134 million, to Sunway REIT.”The four-star hotel has 250 rooms, the office has an net letatble area (NLA) of 172,000 square feet. The disposal will likely be completed in late Q2 2015
STOCK RECOMMENDATION :
BUY PETRONAS CHEML ABOVE 5.140 TARGET 5.170 5.210 5.260 SL 5.090
TRADING TIPS :
EUR/USD hit 1.2367 during European late morning trade, the pair’s highest since December 5; the pair subsequently consolidated at 1.2361, gaining 0.38%.Official data earlier showed that Germany’s trade surplus widened to €20.6 billion in October from €18.6 billion in September, whose figure was revised up from a previously estimated trade surplus of €18.5 billion. Analysts had expected the trade surplus to widen to €19.2 billion in October.The report came a day after data showed that German industrial production rose just 0.2% in October, while September’s figure was revised down to 1.1% from 1.4% previously.The data had fuelled concerns over the outlook for fourth quarter growth.
INTRADAY OUTLOOK
Support: 1.2318
Resistance: 1.2380
RECOMMENDATION:
1. Buy EUR/USD Above 1.2382-TG:1.2402/1.2432 SL 1.2352
2. Sell EUR/USD Below 1.2315-TG:1.2295/1.2265 SL 1.2345
INTRADAY OUTLOOK
Immediate Support: 119.66
Immediate Resistance: 120.22
RECOMMENDATION:
1. Buy USD/JPY Above 120.25-TG:120.45/120.75 SL 120.05
2. Sell USD/JPY Below 119.64-TG:119.44/119.14 SL 119.94
INTERNATIONAL COMMODITY NEWS :
Brent crude fell more than $1 on Wednesday, resuming its fall caused by a glut of oil in the market after a short-lived reprieve the previous day when a weaker dollar had provided some support. Worries about oversupply have pushed Brent down 40 percent since June. On Wednesday, as the dollar inched higher, Brent’s front-month futures contract traded down $1.06 at an intraday low of $65.78 a barrel at 0225 GMT (09:25 p.m. EST), remaining above a five-year low of $65.29 touched on Tuesday.
TRADING STRATEGY :
SELL GOLD BELOW 1225 TARGET 1220 1214 SL 1231
BUY GOLD ABOVE 1234 TARGET 1239 1245 SL 1228
The U.S. stock market staged a rebound on Tuesday but still ended the day lower, even after erasing steep opening losses sparked by China’s tightening of lending rules and Greece’s surprise elections announcement.
The S&P 500 SPX, -0.02% ended the session virtually flat at 2,059.88 after staging an impressive rebound from session lows.
The U.S. dollar weakened against its major rivals Tuesday, despite more indicators of weak economic growth outside the U.S., as a selloff in global equities forced investors to book profits elsewhere.
But the greenback gained against the ruble as analysts said they didn’t expect a bounce in oil prices to last.The ICE U.S. Dollar Index DXY, -0.13% a measure of the dollar’s strength against a trade-weighted basket of six rival currencies, was down 0.34% to 88.7410.
The dollar USDCNY, -0.09% traded at 6.18 yuan, compared to 6.17 yuan Monday. The yuan’s exchange rate remains controlled within a trading band set daily by the People’s Bank of China
In other Asian currencies, the dollar USDJPY, -0.74% tumbled to 119.60 yen as Asian equities ended lower. It had traded above ¥121 Tuesday night, its highest level in seven years. Chinese stocks were slammed Tuesday, falling over 4%.
The euro EURUSD, +0.16% traded at $1.2371 Tuesday. It traded around $1.23 Monday afternoon.
The pound GBPUSD, +0.08% traded at $1.5663 Tuesday, compared to $1.56 Monday afternoon.
