8th March 2012 Thursday

good morning all
so early these 2 days davors?

morning everyone [You must be registered and logged in to see this image.]

Good 'GREEN' Morning

morning [You must be registered and logged in to see this image.]

(Reuters) - Asian shares and the euro recovered on Thursday on brightening prospects for Greece to secure a crucial bond swap to avoid a messy default and U.S. data suggesting a recovery in the labor market ahead of key jobs figures.

Greece's debt swap deal and Friday's U.S. nonfarm payrolls data are seen as a test case for gauging whether markets can build on the optimism of recent months and overcome patchy growth figures which have dented sentiment.

The European Central Bank is expected to hold interest rates steady at a policy meeting later in the day and may make an assessment of last month's liquidity injection, the second such move which helped soothe market jitters and boost risk appetite.

The MSCI Asia Pacific ex-Japan index .MIAPJ0000PUS inched up 0.2 percent, snapping a three-day losing streak, while Japan's Nikkei average .N225 opened up 1 percent, also breaking three days of losses. .T

The euro steadied at $1.3151, recovering from a three-week low of $1.3096 touched on Wednesday, and commodity currencies gained, with the Australian dollar moving away from a six-week low of $1.0508 to stand at $1.0580.

"EM asset prices have pulled lower on mainly global developments that have included uncertainty over the Greek PSI (private sector involvement) deal and some negative growth-related news. This should be viewed as an opportunity for adding to or putting on new longs, rather than as a precursor to a deeper sell-off," Barclays Capital analysts said.

Major banks and pension funds, representing about 40 percent of Greece's outstanding debt, threw their weight behind Athens' bond swap offer to private creditors on Wednesday, raising the likelihood that the deal will go through and a 130 billion euro international bailout package would be secured. The offer expires at 2000 GMT on Thursday.

"Any suggestion the deadline might be extended would probably send shivers down the spine of any 'risk-on' traders and EUR would likely suffer badly," BNP Paribas analysts warned.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

ADP vs. the U.S. Labor Dept: link.reuters.com/jef96s

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

The yen slipped to around 81.32 yen against the dollar from around 81.13 yen after data showed Japan logged a record current account deficit in January.

US DATA

U.S. and European stocks rose on Wednesday after data showed the pace of job creation by U.S. private employers picked up in February. The private sector added 216,000 jobs last month, the ADP National Employment Report showed, topping economists' expectations for a gain of 208,000.

Friday's report is expected to show a gain of 210,000 in nonfarm payrolls, with a gain in the private sector of 225,000 jobs offsetting a modest decline in government jobs.

The ADP data "will likely dictate a positive USD reaction in the event of at least +180K increase in February's NFP reading due this Friday," said Ashraf Laidi, chief global strategist City Index Group. "This would be explained not only via an improved US growth/data differential relative to the Eurozone, but also on risk aversion flows as equities face the challenge of diminishing chances for QE3 (quantitative easing)," he said.

The dollar fell broadly on Wednesday after The Wall Street Journal reported that officials of the U.S. Federal Reserve are considering a new bond-buying program, a move that would undermine the value of the dollar. But the report boosted U.S. shares.

Positive sentiment lifted oil prices on Wednesday. Brent crude settled up 1.75 percent at $124.12 a barrel. U.S. crude was steady above $106 a barrel after settling up 1.4 percent on Wednesday. The geopolitical risk premium fell on news that major powers had accepted Iran's offer for more talks about its nuclear program.

Sentiment in Asian credit markets also improved, narrowing the spread on the iTraxx Asia ex-Japan investment-grade index by about 4 basis points early on Thursday.

morning

Market Thoughts

US stocks ended higher last night recovering a portion of Tuesday's steep decline, buoyed by some better-than-expected economic reports and amid optimism over Greece's bond swap offer. Similarly, European shares closed up on renewed confidence about Greece's bond swap offer to private creditors, and a better-than-expected U.S. ADP private-sector job report.

On the local market, the FBM KLCI plunged 15.08 points to 1574.83 yesterday. Given the rebound in US and European markets, we expect the KLCI to recover some grounds today. However, the index is expected to remain below its resistance and all time high at 1597 points at the moment.

Malaysia News & Highlights

Ho Wah targets marked rise in tin ore output
Ho Wah Genting Bhd expects production of its tin ore output to markedly increase to 1,000 tonnes this year. “Last year, we only managed an output of about 62 tonnes, but for the first two months of this year, we’ve already exceeded the 62-tonne level,” Ho Wah chief executive officer and managing director William Teo Tiew said in an interview with Business Times. (Source: Business Times)

Oil palm growers to push for change
Disgruntled oil palm growers want the Roundtable on Sustainable Palm Oil (RSPO) to “bring some direction” to the world’s largest commodity certification body, with a Malaysian or Indonesian as the head. Claiming that they have been overlooked by the RSPO, they are taking advantage of the rescheduled annual general meeting today to push for some sweeping changes to the eight-year old outfit. (Source: Business Times)

Diversification key to Winsun's growth plan
Winsun Technologies Bhd, a solution provider, system designer of engineering systems and high-end automation systems, is banking on its diversification plan to take the company to the next level of growth. The company received a letter of intent from Ningbo Shanghao yesterday, indicating the latter's intention to purchase 60,000 tonnes of iron ore a month for a period of two years. (Source: Business Times)

Govt-owned 1MDB buys Tanjung Energy Holdings for RM8.5 bn
The government-owned 1 Malaysia Development Bhd (1MDB) is buying Tanjong Energy Holdings Sdn Bhd for RM8.5 billion as part of its long-term strategic investment from T. Ananda Krishnan. According to 1MDB on Wednesday, it signed a definitive agreement on March 2 on the equity purchase. (Source: The Edge)

Maxis expects lower spending by subscribers with new plans and competition
Maxis Bhd expects its margins for voice to continue to be under pressure. This is due to potentially lower spending by subscribers as Maxis introduces new affordable prepaid plans and the impact of keen competition. (Source: The Star)

Foreign News

S&P 500 Rebounds on Employment Data
U.S. stocks advanced, following the biggest decline in 2012 for the Standard & Poor’s 500 Index, after a private report showed American companies increased hiring and more investors signed on to a Greek debt swap. The S&P 500 rose 0.7 percent to 1,352.63 at 4 p.m. New York time, after slumping 1.5 percent yesterday. The Dow Jones Industrial Average added 78.18 points, or 0.6 percent, to 12,837.33. The Russell 2000 Index of small companies gained 1.1 percent to 795.95. About 6.1 billion shares changed hands on U.S. exchanges, or 9.1 percent below the three-month average.

Investors With 60% of Greek Bonds Agree to Swap
Investors with about 60 percent of the Greek bonds eligible for the nation’s debt swap have so far indicated they’ll participate, putting the country on the verge of the biggest sovereign restructuring in history. Greece’s largest banks, most of the country’s pension funds, and more than 30 European banks and insurers including
BNP Paribas SA, Commerzbank AG and Assicurazioni Generali SpA have agreed to the offer. That brings the total to about 124 billion euros ($163 billion), based on data compiled by Bloomberg from company reports and government statements.

Consumer Credit in U.S. Rises More Than Forecast, Capping Three-Month Gain
Consumer borrowing in the U.S. rose more than forecast in January, capping the biggest three-month gain in more than a decade, as demand for autos improved and Americans sought more education. Credit increased by $17.8 billion to $2.51 trillion, Federal Reserve figures showed today in Washington. The gain topped the $10.5
billion median forecast of economists surveyed by Bloomberg News. In the three months to January, borrowing climbed by the most since mid 2000. Improving finances as hiring strengthens may be allowing households to take on more debt in order to sustain spending on big-ticket items like automobiles.

Europe Stocks Advance on U.S. Hiring Report, Greek Debt Swap; Cobham Jumps
European stocks rose, rebounding from biggest drop since November, after a report showed hiring in U.S. companies accelerated and as investors with more than half of Greek bonds agreed to a debt swap. The Stoxx Europe 600 Index climbed 0.6 percent to 260.10 at the close in London. The benchmark gauge retreated 2.7 percent yesterday, the biggest drop since Nov. 21, and has still gained 6.4 percent so far this year.

(Source: Bloomberg)

good morning n at least open Green la, bc can breach 3 pages today [You must be registered and logged in to see this image.]

wah,, alot bouced quite a bit so far. On a hindsight should have collected more yesterday.

market lai liao!!

davors wrote:[You must be registered and logged in to see this image.]

+1, when davors open thread i always strike small dragon..trust him guys [You must be registered and logged in to see this image.]

drb cf and bimb cb cc

avoid dayang cause ex date

Sis Chandra off couple of days already.....Dunno she still hold Kulim or not. Expiry date for CB left not long and if she want to let go when gap up I think this few days have to monitor while the news is turning to positive.

from chart and trading flows...bimb may challenge all time high 2.45 level...let's watch..

maxims wrote:from chart and trading flows...bimb may challenge all time high 2.45 level...let's watch..

sifu back [You must be registered and logged in to see this image.]

phoenix777 wrote:

maxims wrote:from chart and trading flows...bimb may challenge all time high 2.45 level...let's watch..

sifu back [You must be registered and logged in to see this image.]

i am leaving soon..but i be back

morning all , morning max

DRB started engine again...Turbo engine??

mbsb 2.40

eh mane orang semua??

watch msm man..may have surprise