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- A + A KUALA LUMPUR (May 26): The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives reversed Wednesday’s losses to end on a three-week high on Thursday amid growing expectation of weaker-than-expected output. Palm oil trader David Ng said prolonged labour issues are also putting pressure on CPO production. “Lower production will likely reduce overall stock levels in the country. We locate support at RM6,300 a tonne and resistance at RM6,800 a tonne,” he told Bernama. At the close, the CPO futures contract for spot month June 2022 rose RM127 to RM7,087 a tonne, July 2022 was up RM194 to RM6,891 a tonne, August 2022 jumped RM150 to RM6,533 a tonne and September 2022 gained RM117 to RM6,318 a tonne. October 2022 was RM95 firmer at RM6,206 a tonne while November 2022 added RM95 to RM6,164 a tonne. Total volume increased to 65,892 lots from Wednesday’s close of 64,780 lots while open interest widened to 266,461 contracts from 264,260 contracts … [Read more...] about CPO futures hit three-week high on lower output concerns

Pfizer Inc. ( PFE ) reported better-then-expected earnings on April 30, and shares of the pharmaceutical giant responded with an upside move. However, the stock is under a " death cross " on its daily chart and still trades under a negative weekly chart. Pfizer is a component of the Dow Jones Industrial Average and is one of the eight members of the " Dogs of the Dow " for 2019. The company has a P/E ratio of 13.19 with a dividend yield of 3.55%, according to Macrotrends. Pfizer shares closed Wednesday, May 1, at $40.77, down 14.1% year to date and up 18.6% from the low of $34.37 posted on May 4, 2018. The stock is in correction territory at 12.3% below its Dec. 4 high of $46.47. The daily chart for Pfizer The daily chart for Pfizer shows that a "death cross" was confirmed on April 22, when the 50-day simple moving average fell below the 200-day simple moving average, indicating that lower prices lie ahead. Under this warning, the strategy is to sell strength to … [Read more...] about Pfizer Stock Rebounds Under Cloud of Negative Charts

Hopes of a trade deal breakthrough between Washington and Beijing have played a major part in driving China's benchmark stock index, the SSE Composite (000001.SS), up over 17% year to date (YTD). Therefore, it's not surprising to see the key Asian index suffer its largest one-day drop since February 2016 on Monday – a fall of 5.6% – after U.S. President Donald Trump fired off a Sunday tweet indicating that he plans to raise tariffs on $200 billion of Chinese goods to 25% on Friday because trade talks are moving too slowly. "We felt we were on track to get somewhere. Over the course of last week, we have seen an erosion of commitments by China. That in our view is unacceptable," said U.S. Trade Representative Robert Lighthizer, elaborating further on the president's social media threat, per Bloomberg . Fears across financial markets were somewhat alleviated later in the global trading day when it emerged that a Chinese delegation still planned to visit Washington on Thursday … [Read more...] about Inverse China ETFs Stage Breakout After Tariff Threat Tweet

Major Moves The European and U.S. equity markets rebounded today in anticipation of future central bank dovishness. The Federal Open Market Committee (FOMC) has signaled that it is potentially looking to cut interest rates as early as this month, and the European Central Bank (ECB) announced at its monetary policy meeting today that it expects key ECB interest rates to remain at their present levels at least through the first half of 2020.” Traders are buying large-cap stocks in anticipation that low rates could both stimulate the economy and make it cheaper for large corporations to continue funding their share buyback programs with more debt. They are also anticipating that low rates and economic expansion could spur demand for crude oil . Crude oil can be a great indicator for anticipated economic strength. Oil prices tend to climb when traders expect the economy to get stronger, and they tend to fall when traders expect the economy to get weaker. Crude oil bounced … [Read more...] about Dovish ECB Joins the FOMC to Rally Markets

Oil prices have been steadily pulling back from six-month highs as trade worries intensify, with the U.S. threat to raise tariffs against Chinese goods appearing likely to become reality tonight. Both sides have been hardening their stance, and if we see an all-out tariff war, oil could slide lower along with a global rout in equities and commodity currencies. The trade spat is raising global growth concerns, which could put a dent in the demand side of the argument for higher oil prices. If talks do not completely fall apart, we could see oil markets quickly focus on the geopolitical risks from Iran, Russia, Venezuela and Libya. Iran The escalation in the rift between the U.S. and Iran is showing no signs of slowing down. The ending of U.S. sanction waivers at the beginning of the month is adding further pressure to an already weak Iranian economy . A year ago, President Trump decided to pull the U.S. from the landmark nuclear deal reached under President Obama. The U.S. … [Read more...] about Oil’s Geopolitical Risks to Outweigh Trade Concerns

Major Moves Trading was aimless during today's session as economic and earnings data came in below expectations. While there was plenty of bad news, some of the media's hand-wringing was a great example of post-hoc rationalization. This was particularly true in the energy sector. Each Wednesday, the Energy Information Administration (EIA) releases a report of oil inventories held by commercial firms in the U.S. Like most weekly reports, the data can be very "noisy," with wide swings from week to week. In a bullish oil market, we would like to see inventories fall because purchases and shipping are picking up. The weekly oil inventory report swung back hard today to show an increase of 7.1 million barrels versus a decrease of 8.6 million barrels last week. When the two data points are added together, we see a small net decrease over the past two weeks that is more likely to be an accurate reflection of the market. Most traders expected today's news after inventories were … [Read more...] about Resistance Firms Ahead of Labor Report

Major Moves After President Trump postponed the tariffs that U.S. importers would have had to pay on $200 billion of Chinese goods beginning on March 2, the S&P 500 hit a new short-term high today. However, a new tariff deadline or a schedule for meetings with Chinese President Xi were not provided by President Trump via his Twitter feed. The initial rally in U.S. equities faded through the rest of the day as interest rate-sensitive sectors like utilities and real estate declined. However, Chinese stock indexes continued to have the best day since 2015 following the trade news. As you can see in the following chart, the Shanghai Composite Index reached its full price projection based on the depth of the double bottom pattern formed in January. S&P 500 The worst performing sectors and stocks in the S&P 500 included just about anything paying a larger than average dividend yield like consumer staples, utilities and real estate investment trusts (REITs). … [Read more...] about Trade Rally Fades on Rising Uncertainty

BANGKOK ( The Nation ): The inaugural summit of five Asian nations scheduled to take place next month in Phuket has been postponed indefinitely after India’s Prime Minister, Atal Behari Vajpayee, canceled due to internal politics. Mr Vajpayee’s Bharatiya Janata Party is gearing up for general elections in April or May. A new date for the summit of the five leaders of the Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation (Bimstec) forum will be fixed when India is ready, the Thai Foreign Ministry said. “After consultation with other leaders, we all agreed not to proceed with the summit without India, which is deemed an important element of Bimstec,” said ministry spokesman Sihasak Phuangketkeow. However, meetings of senior officials, economic and commerce ministers and foreign ministers of the group will still go ahead from February 6 to 8 in Phuket, the spokesman said. Prime Minister Thaksin Shinawatra made the decision to postpone the summit after he received a … [Read more...] about Phuket summit meeting postponed

- A + A KUALA LUMPUR (May 26): There is no need for panic buying since the supply of raw chicken is still available and can be easily obtained in the open market, even though stock is limited. A nationwide Bernama survey revealed that the limited chicken stock was due to higher demand, resulting in traders having to cease operations much earlier than normal. It has also resulted in an increase in price as demand is higher than supply. In KUALA LUMPUR, the sale of raw chicken was lower than normally sold at Pasar Muhibbah Taman Nirwana in Ampang and Datuk Keramat Wet Market. Traders admitted that they had to raise the ceiling price due to the limited stock. Chicken seller Hakim Abdul Rashid, 40 said the government's move to stop chicken exports beginning June 1 was fair to stabilise the supply and price of raw chicken at domestic level. Meanwhile, in SELANGOR, a trader at Pasar Moden Seksyen 16, Sazali Ramli, 43, said customers now need to place their orders one … [Read more...] about Supply of raw chicken adequate, rising price due to higher demand

- A + A WASHINGTON (May 26): The number of Americans filing new claims for unemployment benefits fell more than expected last week as the labour market remains tight amid strong demand for workers, despite rising interest rates and tightening financial conditions. But the outlook for the economy is uncertain, with other data on Thursday showing corporate profits falling across the board in the first quarter. Some economists believe the erosion of profits and falling share prices could force companies to pause hiring or start laying off workers. Several retailers, including Walmart Inc have lowered their full-year earnings forecasts, citing high inflation. Snap, the parent of Snapchat, issued a profit warning this week, sparking a sell-off of social media stocks. "The biggest expense for most companies is labor always," said Christopher Rupkey, chief economist at FWDBONDS in New York. "High-flying tech companies have seen their share prices plummet which will force … [Read more...] about US labour market hot, but declining profits cast shadow over economy