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Sluggish Wall Street waits for next week's Fed signals | | | From: NetResearch Asia [[email protected]] Sent: Friday, September 13, 2013 9:10 AM Subject: Sluggish Wall Street waits for next week's Fed signals Pre-Market Open Commentary for 13 September 2013 ( CO. REG. NO. 199904258C ) DJIA: 15,300.64 -25.98 Nasdaq Composite: 3715.97 =9.04 Good morning, fellow investors After a good run, Wall Street dipped overnight on the lack of fresh news and also concerns over the outcome of the Federal Reserve Board meeting scheduled for next week. Speculation is rife that the Fed may decide to cut back on its quantitative easing program at that meeting, as it has been hinting it will do. As if in anticipation of that, gold prices also eased some 2.4% overnight. Economic data seemed to support the recovery theory - first time claims for unemployment benefits dropped sharply to 292,000, a seven year low, though the Labor Department also noted that two states did not report complete data last week, which would have distorted the total picture. Crude futures continued to rise on expectations of firm demand. Crude for October delivery rose US$1.04 to US$108.60 per barrel. In Singapore today: Asian stock markets were mixed Thursday as speculation focused on the size of the reduction of the Federal Reserve's bond buying program ahead of next week's FOMC meeting. At closing, the STI index rose 12.89 points at 3121.08 points. For every stock that fell about 1.8 rose. Turnover was 9.4 bil shares with a value of $1.7bil shares traded. The unusually high volume traded points at the dominance of penny stocks under current environment, the average trading value of 18 cents per unit is probably one of the lowest daily average this year. These penny caps included the likes of WE Holdings, Plastoform, Linair, CNA, M Devt, Xpress and Contel gaining between 1 and 41 percent in active dealings. Elsewhere, shares of SP Land, Noble Group, Venture, UE, Yangzijiang, SuperGroup, CoscoCorp, Raffles Medical, Asiasons, Wee Hur, Courts Asia, SunVic and CDL HTrust rose between 3 and 23 cents. On the balance, shares of Jardine C&C, Jardine Strategic, DairyFarm, Fortune Reit, ST Engg, ARA, Ezra, Cache, SinoGrandness, Ossia, Mapletree Ind, Pac Cent, Yoma and Golden Agri eased between 1 and 47 cents. Expect the STI to close flat today ahead of concerns over how Wall Street will perform later today in anticipation of the Fed meeting next week. | |
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