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Singapore Money Matters
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Ivan's Blog of Singapore Money Matters
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More correlation between stocks and oil
Source: Wall Street Journal
Crude oil is now influenced more by the stock market than by its own inventory levels or demand patterns. Lately, that lockstep has reached an extreme, with the correlation between crude oil and the Standard & Poor’s 500-stock Index hovering around 70%, doubling the average of 34% since [...]
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US Jobless Claims Rise Unexpectedly
WASHINGTON: The number of Americans filing new claims for jobless benefits jumped unexpectedly last week to the highest level in six months, the government said on Thursday, adding to US recovery concerns.
Initial claims were well above most economists’ expectations of 465,000, climbing by 2,000 to 484,000 in the week to August 7 [...]
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Fed kept rates unchanged
As expected, the Fed kept its benchmark rates unchanged and adopted a more dovish tone in its press release by downgraded its US economic outlook
The phrase “for an extended period” appeared again. Once again, Fed Governor Thomas Hoenig was opposed to keeping this part of the statement. The Fed insisted on the fact that the [...]
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Be Aware of Contango Trap in Commodity ETF
Exchange Traded Fund (ETF) has become very popular in recent years. However, it appears to me that many people misunderstand the functions and abilities of ETFs
Today, I am going to just share a simple example of Contango Trap in Commodity ETF which deteriorate the return of your investment. After 2008 financial market crash, a lot [...]
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Europe released its stress tests
Only 7 (One German, One Greek and 5 Spanish Cajas) of the 91 banks that went through the stress test will need to be recapitalized by EUR3bn. The market was more expecting USD40 to USD60bn of new capital needed.
This shows that tests where not stringent enough. but also, given every analyst knew the criteria for [...]
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S&P 500 and Euro STOXX 50 approaches 200 days moving average
Last week, I wrote an entry “S&P 500, The end of Elliott Wave” Just before the rebound of the stock market world wide. Until today, the markets have up almost 10%. and after last night, Both S&P 500 and Euro STOXX 50 is approaching 200 days moving average. As the trading volume is slowly picking [...]
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Bank of Korea raised its policy rate by 25 bp to 2.25%
[Exane] The Bank of Korea (BOK) raised its policy rate by 25 bp to 2.25%, after keeping a record low rate for 16 consecutive months.
The timing of the hike is somewhat earlier than what the consensus forecasted (3Q10).
Key takeaways from the statement and the press conference:
First, the rate hike should not be seen as the [...]
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IMF raises global growth forecast despite worries
HONG KONG – The International Monetary Fund (IMF) yesterday raised its global growth forecast for this year even as it warned of renewed financial turbulence stemming from a European sovereign debt crisis that sharply raised potential risks.
The IMF projected the world economy would grow by 4.6 per cent, up from its [...]
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S&P 500, The end of Elliott Wave?
Last night, Stocks surged, sending U.S. benchmark indexes up the most since May, while the dollar and Treasuries slid as growth in American retail sales bolstered optimism in the earnings season and investors speculated European banks will pass stress tests. (Source: Bloomberg )
I was monitoring S&P 500 recently and interestingly, I found they have formed [...]
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U.S. Lawmakers reach agreement on Financial Reform
[Bloomberg] Congressional negotiators today approved the most sweeping overhaul of U.S. financial regulation since the Great Depression, reshaping oversight of Wall Street and some of its most opaque concoctions.
Lawmakers from the House and Senate worked through the night in a 20-hour session to reach deals on two of their most far-reaching and contentious proposals — [...]
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