FKLI Related News

Investors pulled the "buy" lever as Americans headed into voting booths to determine who will lead the nation for the next four years. The Dow was on pace for its biggest gain in nearly two months as Americans went to the polls to determine the nation's next president. Chris Dieterich reports on The News Hub. Photo: Getty Images.

The Dow Jones Industrial Average advanced 133.24 points, or 1%, to 13245.68. Energy and industrials shares in the index rose the most. Hewlett-Packard HPQ +2.78%lead the Dow, adding 39 cents, or 2.8%, to $14.40. United Technologies UTX +2.66%gained 2.07, or 2.7%, to 79.97, and Boeing BA +2.29%gained 1.61, or 2.3%, to 72.02.  Telecommunications stocks were the only sector to sink, and AT&T's T -0.09%decline of three cents, or 0.1%, to 34.80, made the stock one of only two Dow members to lose ground. The Standard & Poor's 500-stock index added 11.13 points, or 0.8%, to 1428.39. The Nasdaq Composite Index rose 12.27 points, or 0.4%, to 3011.93.

Traders said a clean resolution to the election likely would give stocks a boost in the short term regardless of whether the winner is President Barack Obama or Republican rival Mitt Romney. "Any time you take an element of uncertainty off the table, volatility comes down and the market tends to look higher," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab SCHW 0.00%. The Dow industrials have recorded an average gain of 0.8% on Election Day since 1896, rising 0.1%, on average, the day after.

The Stoxx Europe 600 added 0.6%, up three of the past four trading days. Germany's DAX index gained 0.7%, while France's CAC-40 climbed 0.9%. Asian markets were mostly lower, weighed down by uncertainty surrounding the beginning of China's Communist Party Congress on Thursday, in which Asia's largest economy is expected to unveil its next generation of political leaders. China's Shanghai Composite and Japan's Nikkei Stock Average both shed 0.4%. Crude-oil prices surged 3.6%, to settle at $88.71 a barrel, while gold gained 1.9%, to $1,714.10 a troy ounce. The dollar edged lower against the euro but rose versus the yen. The yield on the 10-year Treasury TWE.AU +0.41%note rose to 1.742% as prices fell.          [The Wall Street Journal]

Stocks on Bursa Malaysia dipped at the end of trading session yesterday as investors avoided riskier assets on uncertainties over the outcome of the US presidential election. Malaysia's index futures spot month contract opened slightly higher this morning at 1645 following a surge in U.S. stocks as voters headed to the polls on Tuesday.  Today’s Support and Resistance for November contract is located around 1630 and 1658  respectively.

FCPO Related News

Crude palm oil futures on Malaysia’s derivatives exchange fell to a three-week low Monday on the back of concerns over rising palm oil inventories and weaker U.S. soy futures prices.The benchmark January contract at Bursa Malaysia Derivatives ended 3.4% lower at 2,411 ringgit a metric ton after tumbling as much as 4.6% to MYR2,381/ton, the lowest level since Oct. 12. 

Palm oil stock levels in the world's No. 2 producer probably surpassed September's record of 2.48 million tons–toward 2.55 million-2.60 million tons, a trading executive in Singapore said ahead of industry crop data due to be issued by the Malaysian Palm Oil Board next Monday.Palm oil "hasn't bottomed out yet", the executive said as many expect stockpiles to reach or surpass 3 million tons early next year–a record high–due in part to tepid demand growth. 

Cautiousness ahead of several key events this week also spurred speculative investors to liquidate riskier positions, a trading executive in Kuala Lumpur said, noting that a fall rival soyoil at the Chicago Board of Trade toward 47.50 cents a pound could weigh on palm oil as well. CBOT December soyoil was down 0.4% at 49.08 cents/lb at 1043 GMT.Regional equities and commodities are mostly lower amid investor caution ahead of Tuesday's U.S. presidential election and China's Party Congress on Thursday.

Today's Support and Resistance for benchmark January contract is located around 2379 and 2447 respectively.

FKLI Related News

NEW YORK, Nov 5 (Reuters) - U.S. stocks advanced modestly on Monday in light trading in one of the year's quietest sessions on the day before the U.S. presidential election.Whatever the outcome of the race between incumbent President Barack Obama and Republican challenger Mitt Romney, the election's resolution will finally end the uncertainty that has kept the market stagnant for the past few weeks. "No one's going to make big bets today," said Perry Piazza, director of investment strategy at Contango Capital Advisors in San Francisco.


Just 5.16 billion shares changed hands on the New York Stock Exchange, the Nasdaq and the NYSE MKT on Monday, below this year's average daily volume of 6.5 billion. "[The market] has been directionless over the last few weeks because of what fiscal and tax policy looks like next year. You could argue that just having the uncertainty behind us could lead to a bit of a relief rally," Piazza said. The Nasdaq was the strongest of the three major U.S. stock indexes, helped by a rally in Apple Inc, the most valuable publicly traded U.S. company. Apple's stock rose 1.4 percent to close at $584.62. The stock has fallen 17 percent from its closing high of $705.07 on Sept. 21. 

Once the election is over, the market will turn to the "fiscal cliff," the $600 billion worth of tax hikes and spending cuts that could hit the economy hard in 2013 unless Congress comes to an agreement that will soften the blow."I guess, academically, you could convince yourself a president generally doesn't have that much influence over the economy near-term, but the fact remains, they could impact the market," said Jack Ablin, chief investment officer of Harris Private Bank in Chicago.A budget crisis in the United States could hamper growth around the world. On Sunday, economic leaders pressed the United States to avert the fiscal cliff in the interest of avoiding a large-scale economic slowdown.  

Another drag on trading volume was the residual impact of Hurricane Sandy, which has left about 30,000 to 40,000 Americans homeless. The superstorm wreaked havoc on infrastructure and housing in the Northeast. "I think Sandy is still affecting volume a little bit," Piazza said. "Folks we deal with in New York seem to be back at work now, but they were out most of the week last week, and still have other things on their minds."
  
The Dow Jones industrial average advanced 19.28 points, or 0.15 percent, to end at 13,112.44. The Standard & Poor's 500 Index rose 3.06 points, or 0.22 percent, to 1,417.26. The Nasdaq Composite Index gained 17.53 points, or 0.59 percent, to close at 2,999.66. "It's just a few people taking positions ahead of the election, to protect themselves against a pullback," said Randy Frederick, managing director of trading and derivatives at Charles Schwab. "I think this will go on tomorrow as well," adding that he believes the market will be flat while the VIX is likely to show "a bigger move, as it's just the nature of hedging ahead of big news like the election." Despite the light volume on Monday, the market's breadth was positive. Advancers slightly outnumbered decliners on the New York Stock Exchange by a ratio of 15 to 14. On the Nasdaq, about three stocks rose for every two that fell.  

[Dow Jones] Malaysian shares end down 0.1% at 1654.04, with profit-taking hitting select financial stocks. "On the local front, a slew of key data is expected this week with the BNM rate decision, followed by September IPI and trade figures," a dealer at a local bank says, adding that investors will continue to lock in profits ahead of Tuesday's U.S Presidential elections and China's Party Congress on Thursday. Immediate support is tipped at 1645.FKLI spot month contract price opened slightly higher this morning at 1651 . Today's Support and Resistance level for November contract is located around 1640 and 1655 respectively.

FCPO Related News

 Crude palm oil futures on Malaysia’s derivatives exchange fell Friday, tracking declines in Chicago soyoil futures and as investors refrained from aggressive bets ahead of U.S. nonfarm payrolls data due later in the day. The benchmark January contract at Bursa Malaysia Derivatives ended 1.6% lower at 2,496 ringgit a metric ton after trading in a MYR2,490-MYR2,533/ton range.

December soyoil futures on the Chicago Board of Trade were down 1.1% at 49.89 cents a pound at 1052 GMT. Palm oil also fell as "funds and speculative traders sold toward the end of trade on talk that [U.S.] soybean crop size and yields were getting better. Rumors about Indonesian exporters selling [CPO] aggressively into the export market sent some jitters to the futures market here," said Mr. S. Paramalingam, executive director at Kuala Lumpur-based Pelindung Bestari.But Mr. Paramalingam expects palm oil's downside to be limited due to possible flooding in key oil palm growing regions that could disrupt harvesting and curb output in the world's largest producer of palm oil after Indonesia.

"Additionally, palm oil's wide price spread to rival soyoil makes CPO more attractive" to price-sensitive Chinese and Indian buyers, he said. Palm oil is currently trading $280/ton cheaper than soyoil, compared with a historical average of $100/ton.

[Dow Jones Newswire]


Malaysian palm oil futures edged down on Friday to a two-week low, as investors remained cautious on market expectations of record high stocks in October. Prices were earlier locked in a tight range as traders looked for fresh trading cues, although bearish sentiment seemed to dominate despite strong export numbers that could help ease stocks.  "The market is still stuck within a range and finding direction," said a dealer with a foreign commodities brokerage in Malaysia.

"End stocks in October are going to hit higher, around 2.63-2.65 million tonnes. With record-high stocks, the market can't be bullish." The benchmark January contract on the Bursa Malaysia Derivatives Exchange reached a low of 2,490 ringgit, a level last seen on Oct. 18. Total traded volumes stood at 25,866 lots of 25 tonnes each, a tad higher than the usual 25,000 lots.   

For the week, the edible oil posted a 4.1 percent loss as  prices came under pressure on lower November taxes in top producer Indonesia and as Sandy, one of the worst storms to hit the United States in years, triggered fears of slower commodity demand. Malaysian October palm oil exports surged to 1.6 million tonnes, the highest so far this year, thanks to significantly stronger European demand. But concerns remained that stocks could still climb above an all-time high of 2.48 million tonnes in September on seasonally high output. The industry regulator, the Malaysian Palm Oil Board, will release official data for October inventory levels on Nov. 12.

Brent crude held steady near $108 a barrel on Friday as investors look ahead to key jobs data from the United States for more signs of economic recovery, which would boost fuel demand. In other vegetable oil markets, U.S. soyoil for December delivery slipped 1.1 percent in late Asian trade. The most active May 2013 soybean oil contract on the Dalian Commodity Exchange also fell, closing 2.2 percent lower.

Technicals showed palm oil will retest a support at 2,497 ringgit per tonne, with a good chance of breaking it and falling to 2,469 ringgit, said Reuters market analyst Wang Tao. Today's Support and Resistance for benchmark January contract is located around 2490 and 2530 respectively.

 [Reuters]

FKLI Related News

The Dow finished down 139 points, or 1.1%, to 13093, despite a relatively upbeat monthly jobs report. The decline erased yesterday’s 136-point gain. It was also the biggest slide on a day when nonfarm payrolls topped economists’ expectations since June 6, 2008, according to FactSet.

Some say better jobs data diminish the odds of even more QE, a prospect that doesn’t sit well with traders. Others think President Obama’s reelection chances got a boost by the better jobs data, which could hurt the market in the short term as Wall Street generally prefers a Romney victory. No matter the explanation, what seems fairly certain is investors are getting a bit antsy ahead of the election.

“The more that equities sell off before the election, the more chance there is that we have at least a brief risk rally thereafter,” he says, “as some immediate political uncertainty is removed, even if fiscal cliff uncertainty will linger.” He also says investors should analyze today’s downturn with a degree of caution, especially considering Wall Street is still recovering from Sandy and many market participants are still operating under emergency conditions. That said, Ruskin is particularly concerned about the looming budget showdown that has become commonly referred to as the fiscal cliff. That scenario is coming, no matter who wins the election.

The S&P 500 fell 0.9% to 1414. Its materials and energy shares slid as oil, gold and natural-gas prices fell. Front month crude-oil futures slumped $2.23, or 2.6%, to $84.86 a barrel, while gold futures shed $40, or 2.3%, to $1,674.10 an ounce.  The tech-heavy Nasdaq Comp fell 1.3% to 2982 while Apple Inc. AAPL -3.31% shares tumbled 3.3% to $576.80, its lowest level since July 26. The stock closed below its 200-day moving average for the first time this year. The dollar's advance against the euro and yen helped contribute to the weakness in commodities prices, Mr. Wilkinson said.

Friday's labor data "is in the right direction, but it's not anything to shoot off fireworks about," said Darrell Cronk, regional chief investment officer for Wells Fargo WFC -0.94% Private Bank. "I don't know if there's any vaulting positive message that the market can take. Now you'll see people holding pat until the elections." U.S. factory orders rose 4.8% in September, the Commerce Department reported. The gain was the steepest in 1½ years but fell short of economists' prediction for a 4.9% increase.

European markets were mostly higher, with the Stoxx Europe 600 up 0.4%. The final reading of Markit's October purchasing managers' index for the euro zone was revised up slightly to 45.4 from a previous reading of 45.3. Still, that marked the 15th-consecutive month of contraction in manufacturing activity for the region. Asian markets were broadly higher on the back of strong gains in the U.S., resulting from encouraging economic data. Japan's Nikkei Stock Average rallied 1.2%, and China's Shanghai Composite rose 0.6% for a fourth-straight gain.

In corporate news, TripAdvisor notched the biggest gain among stocks in the S&P 500, climbing $5.71, or 19%, to $35.12 after its third-quarter results topped analysts' views. Priceline rose 48.64, or 8.3%, to 634.74, and Starbucks rallied 4.22, or 9.1%, to 50.84 as their results also were better than expected.

FKLI spot month price opened lower this morning at 1644.5, following Dow Jones' more than 100 points sell-off. Today's Support and Resistance is located around 1630 and 1660 respectively.
[The Wall Street Journal]

FCPO Related News

Crude palm oil futures on Malaysia’s derivatives exchange rose Thursday, as signs of a recovery in Chinese manufacturing and firm export demand buoyed investor sentiment. The benchmark January contract at Bursa Malaysia Derivatives ended 1.6% higher at 2,537 ringgit a ton after rising as much as 1.8% to MYR2,541/ton.

The official Chinese manufacturing Purchasing Managers Index came in at 50.2 in October, up from 49.8 in September. The above-50 level indicates an expansion in activity after two straight months below 50. Market participants took this as a bullish demand signal, given that China is the world’s second-largest palm oil consumer after India.

Firm shipments of palm oil from Malaysia to major consumer markets India and the European Union helped underpin prices, as some exporters with refineries overseas are also shipping as much oil as possible over the next few months, as a duty-free CPO export quota will be discontinued at the end of the year.

Still, trade will likely be mixed on Friday, as investors may liquidate positions ahead of U.S. non-farm payrolls data and concerns that Malaysian palm oil stocks might hit another record, a vegetable oil exporter in Jakarta said. Stockpiles rose to a record 2.48 million tons in September due to seasonally higher production.

U.S. soybean futures rose for a third straight day on Thursday, led by strength in Chinese soy markets tied to encouraging economic data in that country, the world's biggest soy importer.  Brent crude prices fell on Thursday on returning North Sea supply and euro-zone concerns, while U.S. gasoline edged higher as support from supply disruptions after super storm Sandy countered any pressure from data showing rising inventories.

Today’s Support and Resistance for benchmark January contract is located around 2495 and 2550 respectively.

FKLI Related News

NEW YORK, Nov 1 (Reuters) - U.S. stocks jumped on Thursday after encouraging data in the labor market, consumer confidence and manufacturing, an improvement in the economic outlook that led investors to move away from the safe-haven dollar and government debt.

U.S. companies added jobs in October at the fastest pace in eight months, a sign of modest healing in the labor market, while consumer confidence climbed to a more than four-year high in October and growth in U.S. manufacturing picked up modestly. The Dow and Nasdaq rose more than 1 percent while the broad S&P 500 advanced almost as much. Major stock indexes in Europe also extended gains to also rise about 1 percent after the release of U.S. data. "Investors took some comfort from the mostly encouraging U.S. jobs reports that suggest that Friday's nonfarm payrolls has a smaller chance of disappointing," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "Risk appetite has found some footing."

The Dow Jones industrial average .DJI was up 138.11 points, or 1.05 percent, at 13,234.57. The Standard & Poor's 500 Index .SPX was up 12.44 points, or 0.88 percent, at 1,424.60. The Nasdaq Composite Index .IXIC rose 1.15 percent, or 34.37 points, to 3,011.6. In Europe, the FTSE Eurofirst .FTEU3 index of top European shares was up 1.0 percent at 1,107.55. U.S. Treasuries prices slipped slightly from already modestly lower levels following the data releases, while the euro rose against the dollar. The euro EUR= was up 0.11 percent at $1.2972.

Brent crude oil futures fell to $108 a barrel as investors analyzed the aftermath of super storm Sandy. The destruction wrought by the storm affected millions of people across the eastern United States and could dampen fuel demand just as the world's largest economy was showing signs of recovery, analysts said. "Many refineries are still out or with low runs so a build in crude oil inventories is expected next week and a draw on diesel, heating oil with gasoline moving sideways because no cars are moving," said Michael Poulsen, oil analyst at Global Risk Management in Copenhagen. Brent crude futures slipped 33 cents to $108.37 a barrel, whle U.S. crude future rose 16 cents to $86.40 a barrel.

FBM KLCI ended 2.62 points higher to 1,675.69 while index futures for Nov contract was traded 1.50 points lower 1,672 level. Today’s Support and Resistance for Nov contract is likely located around 1,668 and 1,678 respectively.