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MARKET UPDATES :
Federal Land Development Authority (FELDA) subsidiary, Felda Investment Corporation (FIC), recently acquired Grand Plaza Kensington Hotel in London, in a move to diversify its investment assets. FELDA Group Chairman Tan Sri Mohd Isa Abdul Samad said the acquisition would enable the company to maximise its investment returns for the ultimate benefit of stakeholders. “It marked an important milestone in the company’s history as its first stepping stone in creating a brand name for FELDA with the previously acquired Grand Plaza Serviced Apartments in Bayswater, the hot-spot area among Malaysians visiting London.
STOCK RECOMMENDATION :
BUY FELDA GLOBAL VENTURES ABOVE 2.3900 TARGET 2.4200 2.4600 SL 2.3400
TRADING TIPS :
EUR/USD was down 0.19% at 1.2438.The Federal Reserve reported earlier that industrial production rose by 1.3% in November, beating expectations for a gain of 0.7%.Industrial production for October was revised up to 0.1% from a previously reported decline of 0.1%.The report added that the capacity utilization rate, a measure of how full firms are using their resources, rose to 80.1% last month from an upwardly revised 79.3% in October, beating market calls for an unchanged reading.The data boosted demand for the dollar on expectations that the Federal Reserve will tighten monetary policy next year.The Federal Reserve is due to release its latest statement on interest rates and monetary policy on Wednesday, and expectations the statement will contain language describing a more robust U.S. economy firmed the dollar, which shrugged off a soft regional factory gauge.
INTRADAY OUTLOOK
Support: 1.2410
Resistance: 1.2468
RECOMMENDATION:
1. Buy EUR/USD Above 1.2470-TG:1.2490/1.2520 SL 1.2440
2. Sell EUR/USD Below 1.2408-TG:1.2388/1.2358 SL 1.2438
INTRADAY OUTLOOK
Immediate Support: 117.43
Immediate Resistance: 118.00
RECOMMENDATION:
1. Buy USD/JPY Above 118.02-TG:118.22/118.52 SL 117.72
2. Sell USD/JPY Below 117.45-TG:117.65/117.95 SL 117.15
INTERNATIONAL COMMODITY NEWS :
Crude oil prices fell in Asia on Tuesday as a key HSBC gauge of manufacturing in China declined into contraction. The HSBC China flash PMI fell to 49.9 in December from 50.0 in November. On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in February traded down at $56.04 a barrel, off 0.39%, after hitting an overnight session low of $56.25 a barrel and off a high of $59.00 a barrel. Brent crude, the global benchmark, slid 1.3% to $61.06 a barrel, the lowest level since July 2009, on ICE Futures Europe on Monday. Overnight, oil prices tumbled on Monday after a key OPEC country said the oil cartel won’t trim output to shore up prices, which fueled ongoing concerns that supply far outstrips demand.
TRADING STRATEGY :
BUY GOLD ABOVE 1208 TARGET 1218 SL 1198
SELL GOLD BELOW 1190 TARGET 1180 SL 1200
The dollar rose to new record highs against the ruble Monday, as unraveling oil prices were compounded by fears that some of Russia’s largest companies could default on their dollar-denominated debts.
In recent trade, the dollar rose to 65.5870 rubles RUBUSD, +7.16% — its highest level ever — as the price of West Texas Intermediate crude oil for January delivery sunk below $56 a barrel. The dollar was worth 58 rubles Friday.
Worries about the falling price of oil pushed the dollar lower against the yen Monday. The buck USDJPY, -0.35% was worth 117.64 yen Monday, compared to ¥118.80 Friday.
The euro traded lower against the dollar at $1.24, compared to $1.25 Friday
The ICE U.S. Dollar Index DXY, -0.13% , a measure of the greenback’s strength against a basket of six currencies, was flat for the day at 88.4360.
The U.S. stock market ended Monday’s volatile session lower, as an unabated fall in oil prices continued to erode investor confidence.
The S&P 500’s SPX, -0.63% traded in a 29 point range, but ended 12.60 points, or 0.6% lower at 1,989.63. Utilities and financials were the biggest decliners, while all 10 sectors finished with losses.
