U.S. stocks fell five straight days, driving the Standard & Poor’s 500 Index to its biggest weekly loss in a year, as lawmakers’ failure to agree on raising the federal government’s debt limit brought the nation to the brink of default.
All 10 groups in the S&P 500 tumbled at least 2.1 percent. United Parcel Service Inc. (UPS), the largest package-delivery company, dropped 6.7 percent after saying the third quarter will be “fairly slow.” 3M Co. (MMM) lost 8.6 percent, the most in the Dow Jones Industrial Average, after missing forecasts for profit margins and sales. Sprint Nextel Corp. (S) plunged 18 percent as the wireless-network operator trailed estimates.
The S&P 500 declined 3.9 percent to 1,292.28, the biggest weekly drop since the period ended July 2, 2010. The Dow retreated 537.92 points, or 4.2 percent, to 12,143.24. The Chicago Board Options Exchange Volatility Index, which measures the cost of using options as insurance against S&P 500 losses, soared 44 percent, the most since May 2010, to 25.25.
“Markets don’t like uncertainty, and that’s been the key word,” John Canally, who helps oversee $330.1 billion as an investment strategist at LPL Financial Corp., said in a telephone interview from Boston. “The market’s comfortable with the idea that there’s no default, but what the market doesn’t know is the path to getting there.”
Debate, Earnings
The S&P 500 posted a third straight monthly loss, the longest streak since 2008, amid speculation Republicans in the U.S. House would fail to reach a compromise with the Senate, controlled by Democrats, and President Barack Obama to boost the nation’s ability to borrow by an Aug. 2 deadline. That concern helped overshadow a second-quarter earnings reporting season in which 78 percent of S&P 500 companies have exceeded analysts’ income projections.
Treasuries rallied yesterday, driving 10- and 30-year yields to the lowest levels this year, on speculation lawmakers will break the deadlock and avoid defaulting on the nation’s $9.34 trillion of marketable debt outstanding.
After markets closed yesterday, the Republican-controlled House passed Speaker John Boehner’s plan to cut spending and raise the debt limit. Within hours, the Senate rejected it as Democrats pressed for passage of their own alternative.
“This whole debacle is leading to lower growth, higher unemployment and more erosion of the U.S. in the standing of the global economy,” Pacific Investment Management Co.’s Mohamed El-Erian said during a July 27 radio interview on “Bloomberg Surveillance” with Tom Keene. El-Erian is chief executive and co-chief investment officer at Pimco, the world’s biggest manager of bond funds, in Newport Beach, California.
Missing Forecasts
Stocks also fell this week after government reports showed orders for durable goods unexpectedly decreased and the U.S. economy grew less than forecast in the second quarter.
The Morgan Stanley Cyclical Index of stocks most-tied to economic growth decreased 5.6 percent, the most in a week since July 2010. The Dow Jones Transportation Average had the biggest loss since August, falling 4.5 percent.
UPS slumped 6.7 percent to $69.22. The company, considered a bellwether of the economy, said that Asian growth outside of China was slower than expected and the U.S. will continue to be “extremely sluggish.” Second-quarter net income rose 26 percent in an “uneven economic environment,” UPS said.
3M had the biggest decline since December 2008, falling 8.6 percent to $87.14. The company projected full-year earnings that trailed analysts’ estimates after lower demand for LCD televisions curbed sales in its display and graphics business, its third-biggest unit.
Losing Customers
Sprint sank 18 percent to $4.23. The carrier lost 101,000 customers on monthly contracts after dropping 114,000 in the previous three-month period. That started a new losing streak following a fourth-quarter gain in the lucrative users that was the first increase in more than four years.
S&P placed the U.S. AAA rating on “CreditWatch” on July 14, saying there’s a 50 percent chance it would be cut within 90 days even if an agreement is reached by the Aug. 2 deadline. S&P said it needs to see a “credible solution to the rising U.S. government debt burden.”
“My definition of AAA has always been a credit so good that we don’t bother talking about it,” Michael Shaoul, who oversees $1 billion as chairman of New York-based Marketfield Asset Management LLC, said in a telephone interview. “Once you’re talking about it, it’s not really AAA anymore.”
He added: “Even if the U.S. is downgraded, I don’t think it would have any major effect on anything right now.”
REITs Plunge
Real estate investment trusts that buy mortgage debt tumbled yesterday, adding to their biggest weekly loss in more than a year, on concern the markets that finance them will be roiled if the U.S. government defaults on its debt.
A Bloomberg index of shares of 32 mortgage REITs, such as Annaly Capital Management Inc. (NLY) and Invesco Mortgage Capital Inc. (IVR), dropped up to 8.5 percent yesterday, the most since May 6, 2010. For the week, the measure slumped 6.5 percent.
Quarterly reports scheduled for next week include Pfizer Inc., the biggest drugmaker; MasterCard Inc., the second-largest bank-card network; and Archer Daniels Midland Co., the world’s largest grain processor. Time Warner Inc., owner of the Warner Bros. studios, and CVS Caremark Corp., the largest U.S. provider of prescription drugs, are also due.
Sunday, July 31, 2011
冷眼分享锦集:产业股被低估
绿野集团副主席丹斯里李金友受报界访问时宣称：假如他有足够的资金的话，他会买完所有上市产业股，因为它们的价值被低估得离谱（Crazy）。
此话出自一名产业界名人之口，实在值得我们深思。
不但深思，而且应该深入研究上市产业公司，看看以它们目前的股价，其股票价值是否一如丹斯里李所说的，价值被低估到离谱的地步。
低价入股良机
如果真的是这样，那么，从反向投资的角度，也许产业股股价不振，提供了一个低价入股产业公司的良机。
在过去两年中，房地产价值暴涨，涨幅由数十巴仙至数百巴仙不等，视产业地点及种类而定。
上市产业公司都拥有宝贵的房产和地皮，而且多数是在多年前，甚至一、二十年前买进的，买价非常低廉，现在价值均已暴涨，产业股的价值水涨船高，照理股价应该跟着上升才对，但产业股的股价表现却每况愈下，落后于大势甚远，实在令人费解。
上市公司所拥有的产业可以分为两类：
第一类是已落成的产业，如办公大楼、购物中心、酒店、工厂、高尔夫球场等，作为长期投资，以收取租金，使公司有稳定的收入。
不用说，这些年来，这些产业已经大幅度增值，市值肯定比账目中的价值上升了一大截。
第二类是地皮。
产业公司的主要业务，是买进地皮，分割成许多小段的屋地，建屋出售，以赚取利润，这也是大部份上市产业公司主要的盈利来源。
为了确保他们所拥有的地库，足以供多年发展之用，上市产业公司通常会买进及囤存面积相当大的地皮，以确保业务不至因为缺乏土地而中断。
这些公司囤存地皮，就好像货仓囤存货物一样，所以叫“地库”。
每一家上市产业公司的年报，都会列出所拥有地皮的地点、面积、种类（例如农业地、屋地、商用地等），买进日期及买价（或是重估价）。通常是在年报最后数页，与30名最大股东名单相毗邻。
地价翻几倍
假如你细读年报中的“产业名单”（List of Properties）的话，你会发现，许多地皮是在一、二十年前买进的，买价低得离谱，十多二十年来，地价已不知翻了多少番，目前的价格，肯定比“账面价值”高数倍，甚至数十倍。
5月7日，我曾在本专栏发表一篇“3000令吉可买多少地？”的文章，那是我偶尔重读柏年（Brem）的年报，有感而作的，17年前，柏年以3000令吉，在巴生的武吉拉惹买进4.7英亩的永久权土地，收藏到现在，价值恐怕已上升了数十倍，但在该公司的年报中，这4.7英亩地皮的价值还是3000令吉，其价值被低估的程度可想而知。
其实，假如你逐家细读上市公司的年报的话，此类情况俯拾即是，可见产业股价值被低估并非耸人听闻。
账面价值计算法
上市条例规定，产业公司所拥有的地皮，如果是作为“发展”（即建屋出售）用途的话，只准以“成本”（买价）入账，不准以重估价值入账。
理由是这些地皮在建屋后就卖掉，所以是属“贸易资产”，其性质跟制造业的原料相同（地皮就是建屋的原料），所以不准以重估后的价值入账，以防止制造虚胖的资产价值。
成本入账
所以，上市产业公司买进作为“发展”用途的地皮，只准以成本入账。
这些在十多二十年前买进的地皮，价值已不知涨了多少倍，但在公司的账目中，十多二十年来，每年仍保持买进时的价值，这个价值，称为“账面价值”（Book Value），以区别于“重估价值”。
十多年前，公司以每英亩3万令吉买进的地皮，现在已涨至50万令吉，但在公司的账面中，价值还是3万令吉，这3万令吉就是“账面价值”。
这种情形，就好像你在20年前，以3万令吉买进吉隆坡孟沙区的一间双层排屋，在你个人的财产账中，仍保持3万令吉，这3万令吉就是你的财产的“账面价值”。
现在这间排屋的价值已涨至100万令吉以上，假如你重估屋子的价值的话，你的“身家”早已超过百万令吉，所以，根据“账面价值”，你的身家只有3万令吉，实际上你是一名百万富翁。
同样的情形，许多上市产业公司在十多二十年前买进的地皮，收藏至今，价值早已上升了10倍至数10倍不等，但是在公司的账目中，这些地皮还是保持买进时的价值，就是“账面价值”。
产业公司根据地皮的“账面价值”，计算出它的资产总值，再根据这总值计算出每股的净有形资产价值（NTA），这就是公司的“账面价值”。
用这种方法计算出来的每股资产价值，假设是1令吉50仙的话，如果公司按市价重估（作为参考价，不用作入账）其地皮的价值的话，每股资产价值可能增至4令吉，假如公司以市价脱售这些地皮，套取现金的话，股东每股可以取回4令吉的现金。
低过NTA
然而目前的股价，可能只是1令吉，甚至比1令吉50仙的账面每股资产价值更低，产业股被低估，再明显不过了。
我曾加以统计，发现80%以上产业股的股价，低过其每股净有形资产价值（NTA），其被低估情况可想而知。
最近美合实业（Merge Housing）和侨丰产业（OSK Properties）的大股东分别以每股65仙和87仙全面献购小股东的股票，假如你阅读两公司的财报的话，你会发现，美合和侨丰的每股净有形资产价值分别为1令吉11仙和1令吉74仙，比献购价几乎高一倍，不要忘记这还是“账面价值”。
假如两公司重估其地皮的话，每股净有形资产价值可能更高，可见两家公司的大股东，是通过全面献购，以半价购买两公司的地皮。
请注意，是“账面价值”的半价，不是重估后的半价。
买进前须严加筛选
从以下的事实，也可以证明丹斯里李金友指上市产业公司的股票被低估到离谱的地步，是有道理的：
●以目前产业股的市值（每股股价x股票总数＝市值），要买到他们目前所拥有的地皮，是不可能的事。
●以上市产业公司目前的资金，根据市价买地皮，恐怕只能买到目前的一半或更少的地皮。
●大部份产业公司，假如按市价脱售所拥有的地皮的话，股东可以取回比每股净有形资产价值（NTA）更高，甚至比目前股价高出1倍以上的现金（视公司被低估程度而定）。
散户资金有限，多数买不起地皮，所以无法参与土地投资，以分享地皮涨价的利益。
其实，只要购买上市产业公司的股票，就是购买土地（尽管只是很小的一部份）。
长期投资
假设一家上市产业公司每股净资产价值为2令吉，而现在的股价仅为1令吉，等于你以半价购买地皮，而没有寻找地皮以及办理土地过户手续的费用和麻烦，不是更合算吗？为什么不敢买？
抱着买地皮的态度买产业股，并且像买地皮般作长期投资，肯定不会错到那里去。
必须提醒的是，产业股也好像别类股票那样，良莠不齐，买进之前，必须严加筛选，只买好股，就好像买地皮只买好地皮一样。
丹斯里李金友说，产业股被低估得离谱，有理！
http://www.nanyang.com.my/node/372075?tid=808
此话出自一名产业界名人之口，实在值得我们深思。
不但深思，而且应该深入研究上市产业公司，看看以它们目前的股价，其股票价值是否一如丹斯里李所说的，价值被低估到离谱的地步。
低价入股良机
如果真的是这样，那么，从反向投资的角度，也许产业股股价不振，提供了一个低价入股产业公司的良机。
在过去两年中，房地产价值暴涨，涨幅由数十巴仙至数百巴仙不等，视产业地点及种类而定。
上市产业公司都拥有宝贵的房产和地皮，而且多数是在多年前，甚至一、二十年前买进的，买价非常低廉，现在价值均已暴涨，产业股的价值水涨船高，照理股价应该跟着上升才对，但产业股的股价表现却每况愈下，落后于大势甚远，实在令人费解。
上市公司所拥有的产业可以分为两类：
第一类是已落成的产业，如办公大楼、购物中心、酒店、工厂、高尔夫球场等，作为长期投资，以收取租金，使公司有稳定的收入。
不用说，这些年来，这些产业已经大幅度增值，市值肯定比账目中的价值上升了一大截。
第二类是地皮。
产业公司的主要业务，是买进地皮，分割成许多小段的屋地，建屋出售，以赚取利润，这也是大部份上市产业公司主要的盈利来源。
为了确保他们所拥有的地库，足以供多年发展之用，上市产业公司通常会买进及囤存面积相当大的地皮，以确保业务不至因为缺乏土地而中断。
这些公司囤存地皮，就好像货仓囤存货物一样，所以叫“地库”。
每一家上市产业公司的年报，都会列出所拥有地皮的地点、面积、种类（例如农业地、屋地、商用地等），买进日期及买价（或是重估价）。通常是在年报最后数页，与30名最大股东名单相毗邻。
地价翻几倍
假如你细读年报中的“产业名单”（List of Properties）的话，你会发现，许多地皮是在一、二十年前买进的，买价低得离谱，十多二十年来，地价已不知翻了多少番，目前的价格，肯定比“账面价值”高数倍，甚至数十倍。
5月7日，我曾在本专栏发表一篇“3000令吉可买多少地？”的文章，那是我偶尔重读柏年（Brem）的年报，有感而作的，17年前，柏年以3000令吉，在巴生的武吉拉惹买进4.7英亩的永久权土地，收藏到现在，价值恐怕已上升了数十倍，但在该公司的年报中，这4.7英亩地皮的价值还是3000令吉，其价值被低估的程度可想而知。
其实，假如你逐家细读上市公司的年报的话，此类情况俯拾即是，可见产业股价值被低估并非耸人听闻。
账面价值计算法
上市条例规定，产业公司所拥有的地皮，如果是作为“发展”（即建屋出售）用途的话，只准以“成本”（买价）入账，不准以重估价值入账。
理由是这些地皮在建屋后就卖掉，所以是属“贸易资产”，其性质跟制造业的原料相同（地皮就是建屋的原料），所以不准以重估后的价值入账，以防止制造虚胖的资产价值。
成本入账
所以，上市产业公司买进作为“发展”用途的地皮，只准以成本入账。
这些在十多二十年前买进的地皮，价值已不知涨了多少倍，但在公司的账目中，十多二十年来，每年仍保持买进时的价值，这个价值，称为“账面价值”（Book Value），以区别于“重估价值”。
十多年前，公司以每英亩3万令吉买进的地皮，现在已涨至50万令吉，但在公司的账面中，价值还是3万令吉，这3万令吉就是“账面价值”。
这种情形，就好像你在20年前，以3万令吉买进吉隆坡孟沙区的一间双层排屋，在你个人的财产账中，仍保持3万令吉，这3万令吉就是你的财产的“账面价值”。
现在这间排屋的价值已涨至100万令吉以上，假如你重估屋子的价值的话，你的“身家”早已超过百万令吉，所以，根据“账面价值”，你的身家只有3万令吉，实际上你是一名百万富翁。
同样的情形，许多上市产业公司在十多二十年前买进的地皮，收藏至今，价值早已上升了10倍至数10倍不等，但是在公司的账目中，这些地皮还是保持买进时的价值，就是“账面价值”。
产业公司根据地皮的“账面价值”，计算出它的资产总值，再根据这总值计算出每股的净有形资产价值（NTA），这就是公司的“账面价值”。
用这种方法计算出来的每股资产价值，假设是1令吉50仙的话，如果公司按市价重估（作为参考价，不用作入账）其地皮的价值的话，每股资产价值可能增至4令吉，假如公司以市价脱售这些地皮，套取现金的话，股东每股可以取回4令吉的现金。
低过NTA
然而目前的股价，可能只是1令吉，甚至比1令吉50仙的账面每股资产价值更低，产业股被低估，再明显不过了。
我曾加以统计，发现80%以上产业股的股价，低过其每股净有形资产价值（NTA），其被低估情况可想而知。
最近美合实业（Merge Housing）和侨丰产业（OSK Properties）的大股东分别以每股65仙和87仙全面献购小股东的股票，假如你阅读两公司的财报的话，你会发现，美合和侨丰的每股净有形资产价值分别为1令吉11仙和1令吉74仙，比献购价几乎高一倍，不要忘记这还是“账面价值”。
假如两公司重估其地皮的话，每股净有形资产价值可能更高，可见两家公司的大股东，是通过全面献购，以半价购买两公司的地皮。
请注意，是“账面价值”的半价，不是重估后的半价。
买进前须严加筛选
从以下的事实，也可以证明丹斯里李金友指上市产业公司的股票被低估到离谱的地步，是有道理的：
●以目前产业股的市值（每股股价x股票总数＝市值），要买到他们目前所拥有的地皮，是不可能的事。
●以上市产业公司目前的资金，根据市价买地皮，恐怕只能买到目前的一半或更少的地皮。
●大部份产业公司，假如按市价脱售所拥有的地皮的话，股东可以取回比每股净有形资产价值（NTA）更高，甚至比目前股价高出1倍以上的现金（视公司被低估程度而定）。
散户资金有限，多数买不起地皮，所以无法参与土地投资，以分享地皮涨价的利益。
其实，只要购买上市产业公司的股票，就是购买土地（尽管只是很小的一部份）。
长期投资
假设一家上市产业公司每股净资产价值为2令吉，而现在的股价仅为1令吉，等于你以半价购买地皮，而没有寻找地皮以及办理土地过户手续的费用和麻烦，不是更合算吗？为什么不敢买？
抱着买地皮的态度买产业股，并且像买地皮般作长期投资，肯定不会错到那里去。
必须提醒的是，产业股也好像别类股票那样，良莠不齐，买进之前，必须严加筛选，只买好股，就好像买地皮只买好地皮一样。
丹斯里李金友说，产业股被低估得离谱，有理！
http://www.nanyang.com.my/node/372075?tid=808
Stocks to watch 20110801 : Jotech, AIC, AutoV, Chin Teck
Written by Surin Murugiah of theedgemalaysia.com
Saturday, 30 July 2011 14:38
KUALA LUMPUR: The local stock market is expected to remain on tenterhooks in the week beginning Monday, Aug 1 on emerging worries of a potential double-dip global recession.
With just days before the US runs out of cash to pay all of its bills, a deadlock in reaching a consensus on the world’s largest economy’s debt ceiling has just about rattled most global markets.
Furthermore, rating agency Moody's put Spain on review for a possible downgrade on Friday, adding to concerns that a Greek rescue package has done little to halt the spread of Europe's debt crisis.
Given the slew of negative newsflow, trading at the local stock market could remain sluggish and the FBM KLCI could well extend its losses after dropping more than 30 points in July.
Meanhile, stocks that could be in focus on Monday are JOTECH HOLDINGS BHD [], AIC CORPORATION BHD [] and AutoV Corporation Bhd, Chin Teck PLANTATION []s and TASEK CORPORATION BHD [].
Jotech, AIC Corp and AutoV resume trade following Temasek Formation Sdn Bhd (TFSB), a special purpose company, proposing to acquire their entire interests including assets and liabilities for a total of RM696 million.
TFSB, which is owned by Jotech executive chairman Datuk Goh Tian Chuan, will then merge the companies to create a larger entity.
Under the exercise, the company is offering 18 sen for each Jotech share, RM1.80 for each AIC share and RM2.38 per AutoV share.
Based on the above, the proposed swap ratios are three new TFSB shares for every two existing Jotech shares; 15 new TFSB shares for every 1 existing AIC share and 119 new TFSB shares for every six AutoV shares.
Goh last Friday said the merger would create a larger manufacturing group with diverse customer portfolios in a wide range of industries comprising medical and life sciences, automotive industry, the electrical and electronics industry (including the semiconductor industry).
Chin Teck declared a second gross interim dividend 30 sen per share in respect of the financial year ending Aug 31, to be paid on Aug 26.
Its net profit for the third quarter ended May 31, 2011 surged to RM24.18 million from RM10.89 million a year ago. Revenue for the quarter increased to RM45.04 million from RM29.62 million in 2010.
Tasek could see continued interest after it declared a gross interim dividend of 20 sen per share for FY ending Dec 31, 2011 after its net profit for the second quarter ended June 30, 2011 rose to RM24.21 million from RM23.11 million a year earlier.
Saturday, 30 July 2011 14:38
KUALA LUMPUR: The local stock market is expected to remain on tenterhooks in the week beginning Monday, Aug 1 on emerging worries of a potential double-dip global recession.
With just days before the US runs out of cash to pay all of its bills, a deadlock in reaching a consensus on the world’s largest economy’s debt ceiling has just about rattled most global markets.
Furthermore, rating agency Moody's put Spain on review for a possible downgrade on Friday, adding to concerns that a Greek rescue package has done little to halt the spread of Europe's debt crisis.
Given the slew of negative newsflow, trading at the local stock market could remain sluggish and the FBM KLCI could well extend its losses after dropping more than 30 points in July.
Meanhile, stocks that could be in focus on Monday are JOTECH HOLDINGS BHD [], AIC CORPORATION BHD [] and AutoV Corporation Bhd, Chin Teck PLANTATION []s and TASEK CORPORATION BHD [].
Jotech, AIC Corp and AutoV resume trade following Temasek Formation Sdn Bhd (TFSB), a special purpose company, proposing to acquire their entire interests including assets and liabilities for a total of RM696 million.
TFSB, which is owned by Jotech executive chairman Datuk Goh Tian Chuan, will then merge the companies to create a larger entity.
Under the exercise, the company is offering 18 sen for each Jotech share, RM1.80 for each AIC share and RM2.38 per AutoV share.
Based on the above, the proposed swap ratios are three new TFSB shares for every two existing Jotech shares; 15 new TFSB shares for every 1 existing AIC share and 119 new TFSB shares for every six AutoV shares.
Goh last Friday said the merger would create a larger manufacturing group with diverse customer portfolios in a wide range of industries comprising medical and life sciences, automotive industry, the electrical and electronics industry (including the semiconductor industry).
Chin Teck declared a second gross interim dividend 30 sen per share in respect of the financial year ending Aug 31, to be paid on Aug 26.
Its net profit for the third quarter ended May 31, 2011 surged to RM24.18 million from RM10.89 million a year ago. Revenue for the quarter increased to RM45.04 million from RM29.62 million in 2010.
Tasek could see continued interest after it declared a gross interim dividend of 20 sen per share for FY ending Dec 31, 2011 after its net profit for the second quarter ended June 30, 2011 rose to RM24.21 million from RM23.11 million a year earlier.
Friday, July 29, 2011
U.S. Stock Futures Sink, Treasuries Rally on GDP
U.S. stock-index futures extended losses and Treasuries rallied after gross domestic product grew less than estimated in the second quarter, adding to concern the economic rebound is slowing as the federal government inches closer to default. Gold gained.
Futures on the Standard & Poor’s 500 Index expiring in September tumbled 0.9 percent to 1,285.2 at 8:45 a.m. in New York. Dow Jones Industrial Average futures sank 120 points, or 1 percent, to 12,073. Ten-year Treasury yields slid seven basis points to 2.88 percent, while gold futures climbed 0.5 percent to $1,625.00 an ounce.
"It’s coming from all sides today," Richard Sichel, who oversees $1.6 billion as chief investment officer at Philadelphia Trust Co., said in telephone interview. “The economy is not moving along at a robust pace, the consumer is not spending and overshadowing all of this is the uncertainty in Washington,” he said. "We need more confidence for people to buy risky assets such as stocks."
Gross domestic product rose at a 1.3 percent annual rate in the second quarter following a 0.4 percent gain in the prior quarter that was less than previously estimated, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 1.8 percent increase. Household purchases, about 70 percent of the economy, climbed 0.1 percent.
Weekly Slide
The S&P 500 has tumbled 3.3 percent this week, the largest weekly retreat in almost a year, as concern mounted that lawmakers will fail to agree to increase the U.S. debt ceiling by the Treasury Department’s Aug. 2 deadline. House Speaker John Boehner fell short of the votes within his own party needed to increase the borrowing limit after a night of one-on-one appeals to members. President Barack Obama had threatened to veto the House’s plan.
Senate Democrats plan to break the impasse by devising a strict enforcement mechanism to guarantee future deficit savings, according to Democratic officials. The talks center on setting up automatic spending cuts or tax increases, or some combination of the two, if the government fails to stay within the debt limit.
The standoff in Washington has overshadowed the second- quarter earnings season. Per-share profit has topped analysts’ estimates at about 77 percent of the 299 companies in the S&P 500 that have released results since July 11, data compiled by Bloomberg show. Net income has grown 17 percent and sales have increased 13 percent for the group, the data show.
Futures on the Standard & Poor’s 500 Index expiring in September tumbled 0.9 percent to 1,285.2 at 8:45 a.m. in New York. Dow Jones Industrial Average futures sank 120 points, or 1 percent, to 12,073. Ten-year Treasury yields slid seven basis points to 2.88 percent, while gold futures climbed 0.5 percent to $1,625.00 an ounce.
"It’s coming from all sides today," Richard Sichel, who oversees $1.6 billion as chief investment officer at Philadelphia Trust Co., said in telephone interview. “The economy is not moving along at a robust pace, the consumer is not spending and overshadowing all of this is the uncertainty in Washington,” he said. "We need more confidence for people to buy risky assets such as stocks."
Gross domestic product rose at a 1.3 percent annual rate in the second quarter following a 0.4 percent gain in the prior quarter that was less than previously estimated, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 1.8 percent increase. Household purchases, about 70 percent of the economy, climbed 0.1 percent.
Weekly Slide
The S&P 500 has tumbled 3.3 percent this week, the largest weekly retreat in almost a year, as concern mounted that lawmakers will fail to agree to increase the U.S. debt ceiling by the Treasury Department’s Aug. 2 deadline. House Speaker John Boehner fell short of the votes within his own party needed to increase the borrowing limit after a night of one-on-one appeals to members. President Barack Obama had threatened to veto the House’s plan.
Senate Democrats plan to break the impasse by devising a strict enforcement mechanism to guarantee future deficit savings, according to Democratic officials. The talks center on setting up automatic spending cuts or tax increases, or some combination of the two, if the government fails to stay within the debt limit.
The standoff in Washington has overshadowed the second- quarter earnings season. Per-share profit has topped analysts’ estimates at about 77 percent of the 299 companies in the S&P 500 that have released results since July 11, data compiled by Bloomberg show. Net income has grown 17 percent and sales have increased 13 percent for the group, the data show.
Stocks to watch 20110728 : Gadang, WCT, Unisem, Tasek, MAHB, Genting
Written by Surin Murugiah of theedgemalaysia.com
Thursday, 28 July 2011 21:03
KUALA LUMPUR: Indications of an anticipated slower economic expansion in Europe in the second half of this year, and the looming debt crisis in the US could weigh on regional markets on the final trading day of July.
The European Commission's monthly sentiment index, based on a survey of businessmen and consumers across the 17-nation euro zone, fell to 103.2 in July from 105.4 in June. This month's figure was the lowest reading since 102.2 in August 2010.
European markets opened sharply lower on Thursday on news of the data as well as on weaker corporate earnings.
However, there could be some respite at the US markets as initial jobless claims in the United States dropped a very sharp 24,000 in the July 23 week to 398,000 for the first sub-400,000 reading since early April.
But overall, market observers have cautioned the sentiment could remain tepid at regional markets until the US debt ceiling issue is resolved.
Among the stocks that could be in focus today on Bursa Malaysia are GADANG HOLDINGS BHD [], WCT BHD [], UNISEM (M) BHD [], TASEK CORPORATION BHD [], Malaysia Airports Holdings Bhd, GENTING BHD [] and Tasek Corporation Bhd.
Gadang cautioned that it sees a more challenging year moving forward, with the tendering process getting more competitive with lower operating margins, after it slipped into the red for the financial year ended May 31, 2011.
Gadang posted net loss RM4.25 million compared to net profit RM14.87 million in 2010, despite revenue increasing to RM348.32 million from RM270.45 million.
WCT secured a RM115.09 million contract from Vale Malaysia Manufacturing Sdn Bhd (VMM) for earthwork services in Teluk Rubiah, Perak.
It said on Thursday, July 28 that its unit WCT CONSTRUCTION [] Sdn Bhd had been awarded the project comprising earthwork, drainage, roads and pavement, slope protection works and temporary sedimentation ponds at VMM's Project - Phase 1A (Stage 1), Teluk Rubiah,
Unisem net profit for the second quarter ended June 30l, 2011 fell 75% to RM12.03 million from RM48.05 million a year earlier due mainly to a decline in revenue.
It said on Thursday, July 28 that its revenue fell 14.5% to RM307.52 million from RM359.50 million in 2010.
Tasek declared a gross interim dividend of 20 sen per share in respect of the financial year ending Dec 31, 2011 after its net profit for the second quarter ended June 30, 2011 rose to RM24.21 million from RM23.11 million a year earlier.
MAHB net profit for the second quarter ended June 30, 2011 jumped 37.4% to RM81.92 million from RM59.62 million a year earlier due mainly to a positive growth in revenue.
It said on Thursday, July 28 that its revenue for the quarter rose to RM654.23 million from RM525.01 million in 2010.
Meanwhile, RAM Ratings reaffirmed the respective long- and short-term corporate credit ratings of Genting at AAA and P1.
It has also concurrently reaffirmed the enhanced long-term AAA(s) rating of GB Services Bhd’s (GB Services) RM1.6 billion Medium-Term Notes Programme (2009/2024).
Thursday, 28 July 2011 21:03
KUALA LUMPUR: Indications of an anticipated slower economic expansion in Europe in the second half of this year, and the looming debt crisis in the US could weigh on regional markets on the final trading day of July.
The European Commission's monthly sentiment index, based on a survey of businessmen and consumers across the 17-nation euro zone, fell to 103.2 in July from 105.4 in June. This month's figure was the lowest reading since 102.2 in August 2010.
European markets opened sharply lower on Thursday on news of the data as well as on weaker corporate earnings.
However, there could be some respite at the US markets as initial jobless claims in the United States dropped a very sharp 24,000 in the July 23 week to 398,000 for the first sub-400,000 reading since early April.
But overall, market observers have cautioned the sentiment could remain tepid at regional markets until the US debt ceiling issue is resolved.
Among the stocks that could be in focus today on Bursa Malaysia are GADANG HOLDINGS BHD [], WCT BHD [], UNISEM (M) BHD [], TASEK CORPORATION BHD [], Malaysia Airports Holdings Bhd, GENTING BHD [] and Tasek Corporation Bhd.
Gadang cautioned that it sees a more challenging year moving forward, with the tendering process getting more competitive with lower operating margins, after it slipped into the red for the financial year ended May 31, 2011.
Gadang posted net loss RM4.25 million compared to net profit RM14.87 million in 2010, despite revenue increasing to RM348.32 million from RM270.45 million.
WCT secured a RM115.09 million contract from Vale Malaysia Manufacturing Sdn Bhd (VMM) for earthwork services in Teluk Rubiah, Perak.
It said on Thursday, July 28 that its unit WCT CONSTRUCTION [] Sdn Bhd had been awarded the project comprising earthwork, drainage, roads and pavement, slope protection works and temporary sedimentation ponds at VMM's Project - Phase 1A (Stage 1), Teluk Rubiah,
Unisem net profit for the second quarter ended June 30l, 2011 fell 75% to RM12.03 million from RM48.05 million a year earlier due mainly to a decline in revenue.
It said on Thursday, July 28 that its revenue fell 14.5% to RM307.52 million from RM359.50 million in 2010.
Tasek declared a gross interim dividend of 20 sen per share in respect of the financial year ending Dec 31, 2011 after its net profit for the second quarter ended June 30, 2011 rose to RM24.21 million from RM23.11 million a year earlier.
MAHB net profit for the second quarter ended June 30, 2011 jumped 37.4% to RM81.92 million from RM59.62 million a year earlier due mainly to a positive growth in revenue.
It said on Thursday, July 28 that its revenue for the quarter rose to RM654.23 million from RM525.01 million in 2010.
Meanwhile, RAM Ratings reaffirmed the respective long- and short-term corporate credit ratings of Genting at AAA and P1.
It has also concurrently reaffirmed the enhanced long-term AAA(s) rating of GB Services Bhd’s (GB Services) RM1.6 billion Medium-Term Notes Programme (2009/2024).
Thursday, July 28, 2011
Nasi Lemak 2.0 辣死你媽!!!
好期待这部电影。。。。加油黄明志！！！
（吉隆坡26日讯）电影《Nasi Lemak 2.0 辣死你妈！》即将于9月8日上映；日前在记者会上，黄明志澄清电影名称中的“2.0”并非效仿“净选盟 2.0”，并直呼“我两年前就已经有这个idea，不知道是谁在抄我。”
黄明志在媒体与娱乐公司UB葡萄子娱乐机构的协助下，一共花了2年时间制作的《Nasi Lemak 2.0辣死你妈》即将于9月8日在全马60家院线上映。原本要申请国家电影发展局（FINAS）基金拍摄电影的他，最终被问是否成功时，他就笑言“虽然经济上没有资助，不过还好政府通过我的电影，让我有机会完成这部电影。”
被问电影名称时，他就直言，并无抄袭任何东西。他澄清说“早在两年前，我就已在首相署获得部长的认同，通过我这部电影的名字，之后刚好有人用2.0（暗指净选盟2.0），所以不知道是谁再抄我。”话毕，他就立即在记者会上出示由首相署发出的信件，看来他早有准备。
电影中邀来了多位“重量级”演员演出，其中就包括有马来综艺天后Adibah Noor、综艺天王Afdlin Shauki、性感女神Nur Fathia、龚柯允、印度创作才子Reshmonu、张少林等人。
多位“重量级”演员演出
对此，黄明志感恩的表示“其实开始我在写剧本时，我只是想像是他们演，那时我真的觉得自己有痴心妄想。谁知后来当我把剧本交到他们手中后，他们都答应前来支持，并以友情价来拍，真的出乎我的预料。”
电影上映前 将巡回12城市宣传
值得一提的是，在电影上映前，黄明志将到全马12个城市，包括各大商场（巴生、槟城、马六甲、沙巴和砂拉越等地方）宣传这部电影。而电影也会推出周边商品、包括原声带，照片写真食谱和服饰配件等等。欲知更多详情，可浏览www.nasilemak2.com。
相关照片
■ “我电影的名称早在两年前已通过，所以“2.0”这个idea，不知是谁在抄我。”~~黄明志
■ 出席记者会的演员包括（左起）发财宝、Dian Sharlin、张少林、执行制片人张捷惟、Reshmonu、黄明志、刘凯彦、Nur Fathia，以及叶静仪等。
■ 电影《Nasi Lemak 2.0 辣死你妈！》即将于9月8日上映。
http://www.kwongwah.com.my/news/2011/07/27/8.html
（吉隆坡26日讯）电影《Nasi Lemak 2.0 辣死你妈！》即将于9月8日上映；日前在记者会上，黄明志澄清电影名称中的“2.0”并非效仿“净选盟 2.0”，并直呼“我两年前就已经有这个idea，不知道是谁在抄我。”
黄明志在媒体与娱乐公司UB葡萄子娱乐机构的协助下，一共花了2年时间制作的《Nasi Lemak 2.0辣死你妈》即将于9月8日在全马60家院线上映。原本要申请国家电影发展局（FINAS）基金拍摄电影的他，最终被问是否成功时，他就笑言“虽然经济上没有资助，不过还好政府通过我的电影，让我有机会完成这部电影。”
被问电影名称时，他就直言，并无抄袭任何东西。他澄清说“早在两年前，我就已在首相署获得部长的认同，通过我这部电影的名字，之后刚好有人用2.0（暗指净选盟2.0），所以不知道是谁再抄我。”话毕，他就立即在记者会上出示由首相署发出的信件，看来他早有准备。
电影中邀来了多位“重量级”演员演出，其中就包括有马来综艺天后Adibah Noor、综艺天王Afdlin Shauki、性感女神Nur Fathia、龚柯允、印度创作才子Reshmonu、张少林等人。
多位“重量级”演员演出
对此，黄明志感恩的表示“其实开始我在写剧本时，我只是想像是他们演，那时我真的觉得自己有痴心妄想。谁知后来当我把剧本交到他们手中后，他们都答应前来支持，并以友情价来拍，真的出乎我的预料。”
电影上映前 将巡回12城市宣传
值得一提的是，在电影上映前，黄明志将到全马12个城市，包括各大商场（巴生、槟城、马六甲、沙巴和砂拉越等地方）宣传这部电影。而电影也会推出周边商品、包括原声带，照片写真食谱和服饰配件等等。欲知更多详情，可浏览www.nasilemak2.com。
相关照片
■ “我电影的名称早在两年前已通过，所以“2.0”这个idea，不知是谁在抄我。”~~黄明志
■ 出席记者会的演员包括（左起）发财宝、Dian Sharlin、张少林、执行制片人张捷惟、Reshmonu、黄明志、刘凯彦、Nur Fathia，以及叶静仪等。
■ 电影《Nasi Lemak 2.0 辣死你妈！》即将于9月8日上映。
http://www.kwongwah.com.my/news/2011/07/27/8.html
European Stocks Slide; Credit Suisse Drops
European stocks declined for a fourth day as U.S. lawmakers moved no closer to a deal to avert a default and as companies from Credit Suisse Group AG (CSGN) to BASF SE (BAS) reported profit that missed analysts’ estimates. Asian stocks fell and U.S. index futures gained.
Credit Suisse, Switzerland’s second-biggest bank, and BASF, the world’s largest chemical maker, both retreated more than 1 percent. Volkswagen AG (VOW) sank 3.3 percent as it posted first-half earnings that missed analysts’ estimates. Technip SA (TEC), Europe’s second-largest oilfield-services provider, climbed 2.9 percent after increasing its 2011 operating margin estimate.
The Stoxx 600 slid 0.7 percent to 265.29 at 10:19 a.m. in London. The index has fallen 8.9 percent from this year’s high on Feb. 17 as investors speculated that Europe’s sovereign-debt crisis will derail the economic recovery and as concern mounted that U.S. lawmakers will fail to agree on the federal government’s debt ceiling by next week’s deadline.
“What’s really weighing on the market is the problem of the U.S. debt ceiling,” said Jerome Forneris, who helps manage $11 billion at Banque Martin Maurel in Marseille. “We only have 4 1/2 days left. If the U.S. defaults, it’s bad for the whole world. They have to resolve this problem. Investors are pulling money out of stocks and buying gold. People are worried about the uncertainty and are looking for safe havens.”
Futures on the Standard & Poor’s 500 Index expiring in September advanced 0.3 percent today, while the MSCI Asia Pacific Index decreased 0.9 percent.
Sovereign Credit Rating
The House of Representatives planned to vote today on a Republican proposal to increase the debt limit. House Speaker John Boehner of Ohio gained support among fellow Republicans after reworking the legislation to cut $917 billion over 10 years, more than he originally planned. All 51 Senate Democrats and two independents signed a letter yesterday pledging to oppose the measure.
Moody’s Investors Service, Standard & Poor’s and Fitch Ratings have said they may cut the U.S.’s top-level sovereign rating if officials fail to resolve the stalemate on the $14.3 trillion borrowing ceiling before the Treasury Department’s deadline on Aug. 2.
The S&P 500 sank 2 percent yesterday, its biggest drop in almost two months, and the cost of insuring against a U.S. default climbed to the highest level since February 2010.
A report at 10 a.m. in Washington will show that the number of contracts to buy previously owned U.S. homes fell in June for the second time in three months, a sign the housing market is struggling to regain its footing two years into the expansion, economists predicted.
Earnings Miss Estimates
Of the 135 Stoxx 600 companies that have reported quarterly earnings since July 11, 50 percent have missed analysts’ estimates for profit per share and 41 percent have beaten predictions.
The VStoxx Index, a measure of the cost of insuring against losses in the Euro Stoxx 50 Index, advanced 4.2 percent, extending yesterday’s 8.3 percent gain.
Credit Suisse dropped 1.3 percent to 28.88 Swiss francs. The lender said it plans to cut about 2,000 jobs after second- quarter profit fell 52 percent to 768 million francs ($959 million) on lower earnings from trading. That missed the 1.06 billion-franc average estimate of analysts surveyed by Bloomberg.
Chemical makers fell the most among the 19 industry groups in the Stoxx 600, losing 2.2 percent, as BASF and Kemira Oyj (KRA1V) retreated.
BASF plunged 5.2 percent to 62.45 euros for its biggest drop in more than four months. The chemical company reported second-quarter profit that fell short of analysts’ estimates, held back by a weaker U.S. dollar and shrinking margins. Earnings before interest, taxes and one-off items were little changed at 2.24 billion euros ($3.2 billion).
Kemira, SBM Offshore
Kemira sank 9.4 percent to 10.82 euros. The Finnish maker of water-treatment chemicals reported second-quarter net income of 30.7 million euros, missing the 34.3 million-euro mean estimate of six analysts surveyed by Bloomberg.
Volkswagen AG slipped 3.3 percent to 139.35 euros as Europe’s largest carmaker posted first half Ebit of 6.09 billion euros. That fell short of the 6.17 billion-euro average estimate of 14 analysts surveyed by Bloomberg.
Technip gained 2.9 percent to 75.94 euros. The company said second-quarter net income rose to 132.5 million euros from 106.1 million euros a year earlier. That beat the average analyst estimate of 108.6 million euros. The company lifted its full- year estimates.
Lafarge, Siemens Slip
Construction and industrial stocks decreased, led by Lafarge SA (LG), which dropped 2.9 percent to 38.53 euros. The world’s biggest cement maker said second-quarter operating profit declined to 702 million euros from 838 million euros a year earlier. Analysts surveyed by Bloomberg had estimated operating profit of 741 million euros.
Siemens decreased 1.5 percent to 89.78 euros. Europe’s largest engineering company said profit in its fiscal third quarter fell 47 percent to 763 million euros because of a fine tied to a nuclear-energy joint venture and charges at its health-care unit. The company reiterated that profit will exceed 7.5 billion euros for the year ending Sept. 30.
Air France-KLM (AF) Group slumped 7.4 percent to 8.69 euros. Deutsche Lufthansa AG (LHA) declined 3.1 percent to 14.03 euros. Europe’s biggest airlines posted earnings that missed analysts’ estimates as fuel costs soared and uprisings in north Africa clipped demand.
SBM Offshore NV (SBMO) tumbled 17 percent to 15.88 euros, its biggest slide in more than two years. The company said it will report a first-half net loss after booking a $450 million impairment charge.
Vallourec SA (VK) plunged 16 percent to 70.38 euros for its biggest retreat since 2008. The French producer of steel pipes for the oil and gas industry said that second-quarter profit declined from a year earlier as rising raw material costs cut the company’s margins.
Credit Suisse, Switzerland’s second-biggest bank, and BASF, the world’s largest chemical maker, both retreated more than 1 percent. Volkswagen AG (VOW) sank 3.3 percent as it posted first-half earnings that missed analysts’ estimates. Technip SA (TEC), Europe’s second-largest oilfield-services provider, climbed 2.9 percent after increasing its 2011 operating margin estimate.
The Stoxx 600 slid 0.7 percent to 265.29 at 10:19 a.m. in London. The index has fallen 8.9 percent from this year’s high on Feb. 17 as investors speculated that Europe’s sovereign-debt crisis will derail the economic recovery and as concern mounted that U.S. lawmakers will fail to agree on the federal government’s debt ceiling by next week’s deadline.
“What’s really weighing on the market is the problem of the U.S. debt ceiling,” said Jerome Forneris, who helps manage $11 billion at Banque Martin Maurel in Marseille. “We only have 4 1/2 days left. If the U.S. defaults, it’s bad for the whole world. They have to resolve this problem. Investors are pulling money out of stocks and buying gold. People are worried about the uncertainty and are looking for safe havens.”
Futures on the Standard & Poor’s 500 Index expiring in September advanced 0.3 percent today, while the MSCI Asia Pacific Index decreased 0.9 percent.
Sovereign Credit Rating
The House of Representatives planned to vote today on a Republican proposal to increase the debt limit. House Speaker John Boehner of Ohio gained support among fellow Republicans after reworking the legislation to cut $917 billion over 10 years, more than he originally planned. All 51 Senate Democrats and two independents signed a letter yesterday pledging to oppose the measure.
Moody’s Investors Service, Standard & Poor’s and Fitch Ratings have said they may cut the U.S.’s top-level sovereign rating if officials fail to resolve the stalemate on the $14.3 trillion borrowing ceiling before the Treasury Department’s deadline on Aug. 2.
The S&P 500 sank 2 percent yesterday, its biggest drop in almost two months, and the cost of insuring against a U.S. default climbed to the highest level since February 2010.
A report at 10 a.m. in Washington will show that the number of contracts to buy previously owned U.S. homes fell in June for the second time in three months, a sign the housing market is struggling to regain its footing two years into the expansion, economists predicted.
Earnings Miss Estimates
Of the 135 Stoxx 600 companies that have reported quarterly earnings since July 11, 50 percent have missed analysts’ estimates for profit per share and 41 percent have beaten predictions.
The VStoxx Index, a measure of the cost of insuring against losses in the Euro Stoxx 50 Index, advanced 4.2 percent, extending yesterday’s 8.3 percent gain.
Credit Suisse dropped 1.3 percent to 28.88 Swiss francs. The lender said it plans to cut about 2,000 jobs after second- quarter profit fell 52 percent to 768 million francs ($959 million) on lower earnings from trading. That missed the 1.06 billion-franc average estimate of analysts surveyed by Bloomberg.
Chemical makers fell the most among the 19 industry groups in the Stoxx 600, losing 2.2 percent, as BASF and Kemira Oyj (KRA1V) retreated.
BASF plunged 5.2 percent to 62.45 euros for its biggest drop in more than four months. The chemical company reported second-quarter profit that fell short of analysts’ estimates, held back by a weaker U.S. dollar and shrinking margins. Earnings before interest, taxes and one-off items were little changed at 2.24 billion euros ($3.2 billion).
Kemira, SBM Offshore
Kemira sank 9.4 percent to 10.82 euros. The Finnish maker of water-treatment chemicals reported second-quarter net income of 30.7 million euros, missing the 34.3 million-euro mean estimate of six analysts surveyed by Bloomberg.
Volkswagen AG slipped 3.3 percent to 139.35 euros as Europe’s largest carmaker posted first half Ebit of 6.09 billion euros. That fell short of the 6.17 billion-euro average estimate of 14 analysts surveyed by Bloomberg.
Technip gained 2.9 percent to 75.94 euros. The company said second-quarter net income rose to 132.5 million euros from 106.1 million euros a year earlier. That beat the average analyst estimate of 108.6 million euros. The company lifted its full- year estimates.
Lafarge, Siemens Slip
Construction and industrial stocks decreased, led by Lafarge SA (LG), which dropped 2.9 percent to 38.53 euros. The world’s biggest cement maker said second-quarter operating profit declined to 702 million euros from 838 million euros a year earlier. Analysts surveyed by Bloomberg had estimated operating profit of 741 million euros.
Siemens decreased 1.5 percent to 89.78 euros. Europe’s largest engineering company said profit in its fiscal third quarter fell 47 percent to 763 million euros because of a fine tied to a nuclear-energy joint venture and charges at its health-care unit. The company reiterated that profit will exceed 7.5 billion euros for the year ending Sept. 30.
Air France-KLM (AF) Group slumped 7.4 percent to 8.69 euros. Deutsche Lufthansa AG (LHA) declined 3.1 percent to 14.03 euros. Europe’s biggest airlines posted earnings that missed analysts’ estimates as fuel costs soared and uprisings in north Africa clipped demand.
SBM Offshore NV (SBMO) tumbled 17 percent to 15.88 euros, its biggest slide in more than two years. The company said it will report a first-half net loss after booking a $450 million impairment charge.
Vallourec SA (VK) plunged 16 percent to 70.38 euros for its biggest retreat since 2008. The French producer of steel pipes for the oil and gas industry said that second-quarter profit declined from a year earlier as rising raw material costs cut the company’s margins.
Asian Stocks Decline on U.S. Debt, Falling Goods Orders; China Banks Slide
Asian stocks fell for a third day this week as U.S. lawmakers failed to break a deadlock over raising the federal debt limit, and durable goods orders in the world’s biggest economy unexpectedly declined.
Toyota Motor Corp. (7203), the No. 1 carmaker, slid 2.2 percent in Tokyo. Mitsubishi UFJ Financial Group Inc. (8306), Japan’s biggest publicly traded lender, fell 1.5 percent. China Construction Bank Corp. led Chinese lenders lower after the government prohibited banks from renewing loans to local financing vehicles. BHP Billiton Ltd. (BHP), the world’s largest mining company by market value, retreated 2.3 percent in Sydney after oil and metal prices declined. Nan Kang Rubber Tire Co. surged in Taipei after a newspaper said development of land by the company may reap sales of $3.5 billion.
“There’s increased nervousness in equity markets as the debt ceiling deadline draws near,” said Tim Schroeders, who helps manage $1 billion in global equities at Pengana Capital Ltd. in Melbourne. “A de-rating of U.S. debt down the track could reduce monetary liquidity, and some bank earnings may be hurt. Exporter-led earnings are increasingly at risk under such a volatile backdrop.”
The MSCI Asia Pacific Index slid 1 percent to 137.63 as of 7:38 p.m. in Tokyo. More than three stocks fell for each that rose on the gauge. The measure is headed for a decline this week as forecasts for higher earnings at companies from Canon Inc. to Baidu Inc. were overshadowed by concern the U.S. may default on its debt if lawmakers can’t reach an agreement on raising the government’s borrowing limit by Aug. 2
Regional Declines
Japan’s Nikkei 225 (NKY) Stock Average fell 1.5 percent, sliding below the 10,000 yen level for the first time in a week and its biggest drop in over a month. South Korea’s Kospi index declined 0.9 percent and Australia’s S&P/ASX 200 Index slipped 1.6 percent. Hong Kong’s Hang Seng Index (HSI) climbed 0.1 percent, reversing an earlier drop of 1.4 percent, while the broader Hang Seng Composite Index slipped 0.1 percent. China’s Shanghai Composite Index retreated 0.5 percent.
Futures on the Standard & Poor’s 500 Index were little changed after rising as much as 0.6 percent today. The index sank 2 percent yesterday in New York as lawmakers indicated they were no closer to reaching a compromise on the federal debt limit, while a government report showed orders for durable goods unexpectedly decreased.
The S&P 500’s biggest decline since June 1 came as House Speaker John Boehner’s reworked deficit-cutting plan gained support among Republicans, while Senate Majority Leader Harry Reid said his competing proposal to avert a potential U.S. default is the only “true compromise.”
Stocks extended declines after the U.S. Commerce Department yesterday said bookings for goods meant to last at least three years fell 2.1 percent in June after a 1.9 percent gain in May that was smaller than last reported. The median forecast of 76 economists surveyed by Bloomberg News projected a 0.3 percent increase. Demand for business equipment, including machinery and computers, also dropped.
Partial Greek Default
Declines also followed Standard & Poor’s saying that Greece will partially default on its debt once European officials push through a plan that will see bondholders foot part of the bill of a second bailout agreed to last week in Brussels. The rating company also cut its ranking for Greece to CC, two steps above default, from CCC.
A measure of consumer discretionary stocks including exporters such as Toyota and Honda Motor Co. in the Asia-Pacific gauge dropped 1 percent today.
Toyota, which counts North America as its biggest market for sales, slid 2.2 percent to 3,185 yen. Honda, the automaker which receives 83 percent of its revenue abroad, declined 1.9 percent to 3,085 yen in Tokyo. Samsung Electronics Co., a South Korean consumer and industrial electronics maker that gets about 85 percent of its revenue abroad, lost 1 percent to 837,000 won in Seoul. The companies were among the biggest drags on the MSCI Asia Pacific index.
‘Risk Avoidance’
“In addition to the recent debt impasse in the U.S., investors need to be more conscious about the deterioration of the actual economy,” said Mitsushige Akino, who oversees about $600 million in Tokyo at Ichiyoshi Investment Management Co. “Risk avoidance is increasing again.”
The U.S. government may lose its AAA credit rating even if lawmakers reach a plan to avoid a default, Mohamed A. El-Erian, whose Pacific Investment Management Co. is the world’s largest manager of bond funds, said in an e-mail to Bloomberg News on July 24. BlackRock Inc., Franklin Templeton Investments, Loomis Sayles & Co. and Western Asset Management have also said that the nation faces the loss of its top-level grade.
Mitsubishi UFJ Financial Group, the largest-listed Japanese holder of U.S. government debt, according to data compiled by Bloomberg, fell 1.5 percent to 397 yen. Westpac Banking Corp., Australia’s second-largest lender by market value, slumped 1.8 percent to A$20.65. Australia & New Zealand Banking Group Ltd., Australia’s No. 3, lost 1.4 percent to A$20.99.
A Heavy Drag
Banks as a group were the heaviest drags on the MSCI Asia Pacific Index among its 10 industry groups.
Chinese banks fell after commercial lenders were banned from rolling over or renewing their loans to local-government financing vehicles, according to a statement posted on the China Banking Regulatory Commission’s website today.
China Construction Bank slid 0.9 percent to HK$6.30 in Hong Kong. Industrial & Commercial Bank of China Ltd. (601988) slumped 0.5 percent to HK$5.96. Bank of China Ltd. declined 0.7 percent to 3.03 yuan in Shanghai.
Raw-material and energy producers dropped the most among the 10 industry groups on the MSCI Asia Pacific Index after crude oil dropped for a second day in New York, while the London Metal Exchange Index of prices for six metals including copper and aluminum slid 0.2 percent yesterday.
Copper, Oil Falls
BHP retreated 2.3 percent to A$42.03, the biggest single drag on the MSCI Asia Pacific Index. Woodside Petroleum Ltd., Australia’s second-biggest oil and gas producer, slumped 1.6 percent to A$38.92. Inpex Corp., a Japanese energy exploration company, declined 2 percent to 590,000 yen.
Crude oil for September delivery slid as much as 0.6 percent to $96.80 a barrel today, its second day of declines. Copper in London dropped as much as 0.3 percent to $9,750 a metric ton, also falling for a second day.
The MSCI Asia Pacific Index rose 0.9 percent this year through yesterday, compared with a gain of 3.8 percent by the S&P 500 and a drop of 3.2 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 13.7 times estimated earnings on average, compared with 13.1 times for the S&P 500 and 10.9 times for the Stoxx 600.
Among stocks that advanced, Nan Kang Rubber jumped 6.9 percent to NT$58.70 in Taipei, the biggest gain on the MSCI Asia Pacific Index. The Commercial Times newspaper reported the company’s plans to develop land in the Nan Kang district may reap sales of more than NT$100 billion ($3.5 billion), citing the chairman of Jaysanlyn Group, the sales agent of Nan Kang Rubber.
Hitachi Construction Machinery Co., which makes as well as repairs machinery, jumped 3.8 percent to 1,745 yen. The company boosted its forecast for net income to 3.8 billion yen from 1.5 billion yen for the six months ending Sept. 30, citing higher sales of parts and cost reductions.
Of 143 companies in the Asia-Pacific gauge that have reported net income since July 11, 67 have exceeded analysts’ estimates while 57 have fallen short, according to data compiled by Bloomberg. Overall, earnings have declined 17 percent, the data show.
Toyota Motor Corp. (7203), the No. 1 carmaker, slid 2.2 percent in Tokyo. Mitsubishi UFJ Financial Group Inc. (8306), Japan’s biggest publicly traded lender, fell 1.5 percent. China Construction Bank Corp. led Chinese lenders lower after the government prohibited banks from renewing loans to local financing vehicles. BHP Billiton Ltd. (BHP), the world’s largest mining company by market value, retreated 2.3 percent in Sydney after oil and metal prices declined. Nan Kang Rubber Tire Co. surged in Taipei after a newspaper said development of land by the company may reap sales of $3.5 billion.
“There’s increased nervousness in equity markets as the debt ceiling deadline draws near,” said Tim Schroeders, who helps manage $1 billion in global equities at Pengana Capital Ltd. in Melbourne. “A de-rating of U.S. debt down the track could reduce monetary liquidity, and some bank earnings may be hurt. Exporter-led earnings are increasingly at risk under such a volatile backdrop.”
The MSCI Asia Pacific Index slid 1 percent to 137.63 as of 7:38 p.m. in Tokyo. More than three stocks fell for each that rose on the gauge. The measure is headed for a decline this week as forecasts for higher earnings at companies from Canon Inc. to Baidu Inc. were overshadowed by concern the U.S. may default on its debt if lawmakers can’t reach an agreement on raising the government’s borrowing limit by Aug. 2
Regional Declines
Japan’s Nikkei 225 (NKY) Stock Average fell 1.5 percent, sliding below the 10,000 yen level for the first time in a week and its biggest drop in over a month. South Korea’s Kospi index declined 0.9 percent and Australia’s S&P/ASX 200 Index slipped 1.6 percent. Hong Kong’s Hang Seng Index (HSI) climbed 0.1 percent, reversing an earlier drop of 1.4 percent, while the broader Hang Seng Composite Index slipped 0.1 percent. China’s Shanghai Composite Index retreated 0.5 percent.
Futures on the Standard & Poor’s 500 Index were little changed after rising as much as 0.6 percent today. The index sank 2 percent yesterday in New York as lawmakers indicated they were no closer to reaching a compromise on the federal debt limit, while a government report showed orders for durable goods unexpectedly decreased.
The S&P 500’s biggest decline since June 1 came as House Speaker John Boehner’s reworked deficit-cutting plan gained support among Republicans, while Senate Majority Leader Harry Reid said his competing proposal to avert a potential U.S. default is the only “true compromise.”
Stocks extended declines after the U.S. Commerce Department yesterday said bookings for goods meant to last at least three years fell 2.1 percent in June after a 1.9 percent gain in May that was smaller than last reported. The median forecast of 76 economists surveyed by Bloomberg News projected a 0.3 percent increase. Demand for business equipment, including machinery and computers, also dropped.
Partial Greek Default
Declines also followed Standard & Poor’s saying that Greece will partially default on its debt once European officials push through a plan that will see bondholders foot part of the bill of a second bailout agreed to last week in Brussels. The rating company also cut its ranking for Greece to CC, two steps above default, from CCC.
A measure of consumer discretionary stocks including exporters such as Toyota and Honda Motor Co. in the Asia-Pacific gauge dropped 1 percent today.
Toyota, which counts North America as its biggest market for sales, slid 2.2 percent to 3,185 yen. Honda, the automaker which receives 83 percent of its revenue abroad, declined 1.9 percent to 3,085 yen in Tokyo. Samsung Electronics Co., a South Korean consumer and industrial electronics maker that gets about 85 percent of its revenue abroad, lost 1 percent to 837,000 won in Seoul. The companies were among the biggest drags on the MSCI Asia Pacific index.
‘Risk Avoidance’
“In addition to the recent debt impasse in the U.S., investors need to be more conscious about the deterioration of the actual economy,” said Mitsushige Akino, who oversees about $600 million in Tokyo at Ichiyoshi Investment Management Co. “Risk avoidance is increasing again.”
The U.S. government may lose its AAA credit rating even if lawmakers reach a plan to avoid a default, Mohamed A. El-Erian, whose Pacific Investment Management Co. is the world’s largest manager of bond funds, said in an e-mail to Bloomberg News on July 24. BlackRock Inc., Franklin Templeton Investments, Loomis Sayles & Co. and Western Asset Management have also said that the nation faces the loss of its top-level grade.
Mitsubishi UFJ Financial Group, the largest-listed Japanese holder of U.S. government debt, according to data compiled by Bloomberg, fell 1.5 percent to 397 yen. Westpac Banking Corp., Australia’s second-largest lender by market value, slumped 1.8 percent to A$20.65. Australia & New Zealand Banking Group Ltd., Australia’s No. 3, lost 1.4 percent to A$20.99.
A Heavy Drag
Banks as a group were the heaviest drags on the MSCI Asia Pacific Index among its 10 industry groups.
Chinese banks fell after commercial lenders were banned from rolling over or renewing their loans to local-government financing vehicles, according to a statement posted on the China Banking Regulatory Commission’s website today.
China Construction Bank slid 0.9 percent to HK$6.30 in Hong Kong. Industrial & Commercial Bank of China Ltd. (601988) slumped 0.5 percent to HK$5.96. Bank of China Ltd. declined 0.7 percent to 3.03 yuan in Shanghai.
Raw-material and energy producers dropped the most among the 10 industry groups on the MSCI Asia Pacific Index after crude oil dropped for a second day in New York, while the London Metal Exchange Index of prices for six metals including copper and aluminum slid 0.2 percent yesterday.
Copper, Oil Falls
BHP retreated 2.3 percent to A$42.03, the biggest single drag on the MSCI Asia Pacific Index. Woodside Petroleum Ltd., Australia’s second-biggest oil and gas producer, slumped 1.6 percent to A$38.92. Inpex Corp., a Japanese energy exploration company, declined 2 percent to 590,000 yen.
Crude oil for September delivery slid as much as 0.6 percent to $96.80 a barrel today, its second day of declines. Copper in London dropped as much as 0.3 percent to $9,750 a metric ton, also falling for a second day.
The MSCI Asia Pacific Index rose 0.9 percent this year through yesterday, compared with a gain of 3.8 percent by the S&P 500 and a drop of 3.2 percent by the Stoxx Europe 600 Index. Stocks in the Asian benchmark are valued at 13.7 times estimated earnings on average, compared with 13.1 times for the S&P 500 and 10.9 times for the Stoxx 600.
Among stocks that advanced, Nan Kang Rubber jumped 6.9 percent to NT$58.70 in Taipei, the biggest gain on the MSCI Asia Pacific Index. The Commercial Times newspaper reported the company’s plans to develop land in the Nan Kang district may reap sales of more than NT$100 billion ($3.5 billion), citing the chairman of Jaysanlyn Group, the sales agent of Nan Kang Rubber.
Hitachi Construction Machinery Co., which makes as well as repairs machinery, jumped 3.8 percent to 1,745 yen. The company boosted its forecast for net income to 3.8 billion yen from 1.5 billion yen for the six months ending Sept. 30, citing higher sales of parts and cost reductions.
Of 143 companies in the Asia-Pacific gauge that have reported net income since July 11, 67 have exceeded analysts’ estimates while 57 have fallen short, according to data compiled by Bloomberg. Overall, earnings have declined 17 percent, the data show.
U.S. Stocks Drop on Debt-Ceiling Concern, Decline in Durable Goods Orders
U.S. stocks fell, dragging the Standard & Poor’s 500 Index down the most in almost two months, as lawmakers indicated they were no closer to reaching a compromise on the federal debt limit.
Technology and industrial stocks led declines among 10 S&P 500 groups. Caterpillar Inc. (CAT) and General Electric Co. (GE) decreased more than 2.4 percent after a government report showed orders for durable goods unexpectedly decreased. Corning Inc. (GLW) dropped 7.2 percent after reducing its forecast for glass demand amid lower television-sales projections. Amazon.com Inc. (AMZN) rallied 3.9 percent after its Kindle e-reader and digital-media services helped second-quarter results beat analysts’ estimates.
The S&P 500 slipped 2 percent, its biggest decline since June 1, to 1,304.89 at 4 p.m. in New York. The Dow Jones Industrial Average retreated 198.75 points, or 1.6 percent, to 12,302.55. Treasury yields, which dropped yesterday on speculation lawmakers would reach an accord on the nation’s debt ceiling, rose today as the political stalemate continued.
“The macro events are clearly driving the market,” Sarah Hunt, portfolio manager at Alpine Mutual Funds in Purchase, New York, said in a telephone interview. Alpine oversees about $6.5 billion. “Beyond the fact that we have this political squabble, which never makes people feel better, you also have an underlying potential softening in the economic data.”
The S&P 500 has fallen 3 percent this week, its biggest three-day decline since June 3, as Republicans and Democrats sparred over separate plans to raise the federal debt limit and avoid a default by Aug. 2. S&P, Moody’s Investors Service and Fitch Ratings have said they may downgrade the U.S.’s top AAA rating if lawmakers fail to resolve the stalemate. Stocks rallied 2.2 percent last week as corporate profits topped analysts’ estimates.
‘True Compromise’
Equities declined today as an agreement remained elusive. House Speaker John Boehner’s reworked deficit-cutting plan was gaining support among Republicans, while Senate Majority Leader Harry Reid said his competing proposal to avert a potential U.S. default is the only “true compromise.”
The non-partisan Congressional Budget Office said Reid’s plan would cut $2.2 trillion over 10 years, shy of its $2.7 trillion target. The savings also fall below the $2.4 trillion needed to meet Republican demands that a debt-limit extension be accompanied by an equal amount of savings. President Barack Obama is insisting on a debt-limit increase large enough to last through the 2012 elections.
CBO said Boehner’s plan would save just $850 billion rather than its advertised $3 trillion, forcing him to make revisions and round up backing among fiscal conservatives after Republican leaders postponed a vote scheduled for today.
Investor Concern
Rates on six-month Treasury bills due Aug. 4 climbed 10 basis points to 0.15 percent, the highest since February, according to Bloomberg Bond Trader data, a signal investors are growing more concerned that lawmakers will fail to reach an agreement on the nation’s debt. The bills are the first government debt securities to mature after the deadline to increase the $14.3 trillion borrowing limit passes on Aug. 2.
Benchmark Treasury 10-year note yields increased two basis points to 2.98 percent.
Stock futures retreated earlier as the U.S. Commerce Department said bookings for goods meant to last at least three years fell 2.1 percent in June after a 1.9 percent gain the prior month that was smaller than last reported. The median forecast of 76 economists surveyed by Bloomberg News projected a 0.3 percent increase.
Stocks lost further ground in the afternoon after the Federal Reserve said the U.S. economy grew at a slower pace in more parts of the country since the beginning of June as shoppers restrained spending and factory production eased.
Beige Book
“Economic activity continued to grow,” the Fed said in its Beige Book survey released today in Washington. “However, the pace has moderated in many districts.” Growth slowed in eight of the Fed’s 12 regions, compared with four in the last survey, the central bank said.
The S&P 500 Industrials Index lost 2.7 percent, the second- most among 10 groups in the benchmark gauge for U.S. equities.
Caterpillar, the world’s largest maker of construction and mining equipment, slipped 3.7 percent to $101.34. General Electric decreased 2.4 percent to $18.11.
Boeing Co. (BA) rose the most in the Dow, adding 0.7 percent to $70.63, as the airplane maker lifted its forecast for full-year earnings. Net income rose 20 percent to $941 million, or $1.25 a share, buoyed by higher commercial sales. The average estimate of 22 analysts surveyed by Bloomberg was for 97 cents. Full-year profit will be $3.90 to $4.10 a share, Boeing said, a jump of 10 cents at each end of its previous range.
‘Tug of War’
“It’s a tug of war between the headline risk of the debt ceiling issue and earnings,” Matthew DiFilippo, who helps manage $1 billion as director of research at Stewart Capital Advisors LLC in Indiana, Pennsylvania, said in telephone interview. “The volatility may create buying opportunities because corporate earnings are coming in strong, and the market does appear to be cheap compared to the underlying earnings power.”
Since July 11, about 81 percent of S&P 500 companies that have released quarterly results beat estimates for earnings per share, according to data compiled by Bloomberg.
Technology companies lost 3 percent, the most among 10 groups in the S&P 500 today.
Corning slumped 7.2 percent to $16.04. The maker of glass for flat-panel televisions lowered its outlook for the global glass market and slashed its full-year sales forecast for its Gorilla Glass by 20 percent to $800 million.
Juniper, Cisco
Juniper Networks Inc. (JNPR) plunged 21 percent to $24.66. The second-largest maker of Internet networking equipment posted second-quarter profit excluding certain costs of 31 cents a share. Analysts on average projected profit of 33 cents a share, according to data compiled by Bloomberg.
Cisco Systems Inc. (CSCO), the largest maker of networking equipment, declined 3.7 percent to $15.69.
Amazon.com gained 3.9 percent to $222.52. The world’s largest online retailer reported second-quarter net income of $191 million, or 41 cents a share, topping the 34-cent average analyst estimate. Net sales rose to $9.91 billion, compared with the average prediction for $9.38 billion.
Total System Services Inc. (TSS) had the biggest gain in the S&P 500, adding 5.3 percent to $19.13. The credit-card processor said it earned 28 cents a share from continuing operations in the second quarter. That’s 1 cent more than the average analyst estimate in a Bloomberg survey. Barclays Plc raised the stock’s rating to “overweight” from “equal weight.”
Delta, Dunkin’
Delta Air Lines Inc. (DAL) fell 5.1 percent to $7.61. The world’s second-largest airline plans further seating-capacity cuts after higher fuel and maintenance costs pulled second-quarter profit below analysts’ estimates.
Dunkin’ Brands Group Inc. surged 47 percent to $27.85 on the first day of trading. The operator of Dunkin’ Donuts coffee shops sold 22.3 million shares at $19 each in an initial public offering.
“It’s a very mixed market environment,” Michael C. Aronstein, who manages $1.1 billion as president of New York- based Marketfield Asset Management LLC, said in a telephone interview. “There are sectors, companies and countries that are doing really well, while there are others that are very distressed.”
Technology and industrial stocks led declines among 10 S&P 500 groups. Caterpillar Inc. (CAT) and General Electric Co. (GE) decreased more than 2.4 percent after a government report showed orders for durable goods unexpectedly decreased. Corning Inc. (GLW) dropped 7.2 percent after reducing its forecast for glass demand amid lower television-sales projections. Amazon.com Inc. (AMZN) rallied 3.9 percent after its Kindle e-reader and digital-media services helped second-quarter results beat analysts’ estimates.
The S&P 500 slipped 2 percent, its biggest decline since June 1, to 1,304.89 at 4 p.m. in New York. The Dow Jones Industrial Average retreated 198.75 points, or 1.6 percent, to 12,302.55. Treasury yields, which dropped yesterday on speculation lawmakers would reach an accord on the nation’s debt ceiling, rose today as the political stalemate continued.
“The macro events are clearly driving the market,” Sarah Hunt, portfolio manager at Alpine Mutual Funds in Purchase, New York, said in a telephone interview. Alpine oversees about $6.5 billion. “Beyond the fact that we have this political squabble, which never makes people feel better, you also have an underlying potential softening in the economic data.”
The S&P 500 has fallen 3 percent this week, its biggest three-day decline since June 3, as Republicans and Democrats sparred over separate plans to raise the federal debt limit and avoid a default by Aug. 2. S&P, Moody’s Investors Service and Fitch Ratings have said they may downgrade the U.S.’s top AAA rating if lawmakers fail to resolve the stalemate. Stocks rallied 2.2 percent last week as corporate profits topped analysts’ estimates.
‘True Compromise’
Equities declined today as an agreement remained elusive. House Speaker John Boehner’s reworked deficit-cutting plan was gaining support among Republicans, while Senate Majority Leader Harry Reid said his competing proposal to avert a potential U.S. default is the only “true compromise.”
The non-partisan Congressional Budget Office said Reid’s plan would cut $2.2 trillion over 10 years, shy of its $2.7 trillion target. The savings also fall below the $2.4 trillion needed to meet Republican demands that a debt-limit extension be accompanied by an equal amount of savings. President Barack Obama is insisting on a debt-limit increase large enough to last through the 2012 elections.
CBO said Boehner’s plan would save just $850 billion rather than its advertised $3 trillion, forcing him to make revisions and round up backing among fiscal conservatives after Republican leaders postponed a vote scheduled for today.
Investor Concern
Rates on six-month Treasury bills due Aug. 4 climbed 10 basis points to 0.15 percent, the highest since February, according to Bloomberg Bond Trader data, a signal investors are growing more concerned that lawmakers will fail to reach an agreement on the nation’s debt. The bills are the first government debt securities to mature after the deadline to increase the $14.3 trillion borrowing limit passes on Aug. 2.
Benchmark Treasury 10-year note yields increased two basis points to 2.98 percent.
Stock futures retreated earlier as the U.S. Commerce Department said bookings for goods meant to last at least three years fell 2.1 percent in June after a 1.9 percent gain the prior month that was smaller than last reported. The median forecast of 76 economists surveyed by Bloomberg News projected a 0.3 percent increase.
Stocks lost further ground in the afternoon after the Federal Reserve said the U.S. economy grew at a slower pace in more parts of the country since the beginning of June as shoppers restrained spending and factory production eased.
Beige Book
“Economic activity continued to grow,” the Fed said in its Beige Book survey released today in Washington. “However, the pace has moderated in many districts.” Growth slowed in eight of the Fed’s 12 regions, compared with four in the last survey, the central bank said.
The S&P 500 Industrials Index lost 2.7 percent, the second- most among 10 groups in the benchmark gauge for U.S. equities.
Caterpillar, the world’s largest maker of construction and mining equipment, slipped 3.7 percent to $101.34. General Electric decreased 2.4 percent to $18.11.
Boeing Co. (BA) rose the most in the Dow, adding 0.7 percent to $70.63, as the airplane maker lifted its forecast for full-year earnings. Net income rose 20 percent to $941 million, or $1.25 a share, buoyed by higher commercial sales. The average estimate of 22 analysts surveyed by Bloomberg was for 97 cents. Full-year profit will be $3.90 to $4.10 a share, Boeing said, a jump of 10 cents at each end of its previous range.
‘Tug of War’
“It’s a tug of war between the headline risk of the debt ceiling issue and earnings,” Matthew DiFilippo, who helps manage $1 billion as director of research at Stewart Capital Advisors LLC in Indiana, Pennsylvania, said in telephone interview. “The volatility may create buying opportunities because corporate earnings are coming in strong, and the market does appear to be cheap compared to the underlying earnings power.”
Since July 11, about 81 percent of S&P 500 companies that have released quarterly results beat estimates for earnings per share, according to data compiled by Bloomberg.
Technology companies lost 3 percent, the most among 10 groups in the S&P 500 today.
Corning slumped 7.2 percent to $16.04. The maker of glass for flat-panel televisions lowered its outlook for the global glass market and slashed its full-year sales forecast for its Gorilla Glass by 20 percent to $800 million.
Juniper, Cisco
Juniper Networks Inc. (JNPR) plunged 21 percent to $24.66. The second-largest maker of Internet networking equipment posted second-quarter profit excluding certain costs of 31 cents a share. Analysts on average projected profit of 33 cents a share, according to data compiled by Bloomberg.
Cisco Systems Inc. (CSCO), the largest maker of networking equipment, declined 3.7 percent to $15.69.
Amazon.com gained 3.9 percent to $222.52. The world’s largest online retailer reported second-quarter net income of $191 million, or 41 cents a share, topping the 34-cent average analyst estimate. Net sales rose to $9.91 billion, compared with the average prediction for $9.38 billion.
Total System Services Inc. (TSS) had the biggest gain in the S&P 500, adding 5.3 percent to $19.13. The credit-card processor said it earned 28 cents a share from continuing operations in the second quarter. That’s 1 cent more than the average analyst estimate in a Bloomberg survey. Barclays Plc raised the stock’s rating to “overweight” from “equal weight.”
Delta, Dunkin’
Delta Air Lines Inc. (DAL) fell 5.1 percent to $7.61. The world’s second-largest airline plans further seating-capacity cuts after higher fuel and maintenance costs pulled second-quarter profit below analysts’ estimates.
Dunkin’ Brands Group Inc. surged 47 percent to $27.85 on the first day of trading. The operator of Dunkin’ Donuts coffee shops sold 22.3 million shares at $19 each in an initial public offering.
“It’s a very mixed market environment,” Michael C. Aronstein, who manages $1.1 billion as president of New York- based Marketfield Asset Management LLC, said in a telephone interview. “There are sectors, companies and countries that are doing really well, while there are others that are very distressed.”
Stocks to watch 20110727:Favelle Favco, LFIB, SCIB, Zecon, KNM
Written by Surin Murugiah of theedgemalaysia.com
Wednesday, 27 July 2011 21:59
KUALA LUMPUR: Key regional markets may take the cue from the US and European markets’ tepid sentiment and trade cautiously ahead of the weekend on Friday, July 28 as a confluence of factors including deadlock over raising the debt ceiling and a decline in durable goods orders in the US could kept investors on the sidelines.
Asian markets were mixed on Thursday, as while on the one hand 27 China’s industrial profits 28.7% in the first half from a year earlier to 2.4 trillion yuan (about US$373 billion), lifting sentiment at some of the markets, worries of the US debt woes dragged others.
Investor sentiment has been see-sawing this week as a Republican plan to cut the US deficit met stiff opposition, reducing the chances of a late compromise to avoid a crippling debt default.
Among the stocks to watch on Bursa Malaysia today are FAVELLE FAVCO BHD [], Sarawak Consolidated Industries Bhd (SCIB), LION FOREST INDUSTRIES BHD [] (LFIB), ZECON BHD [], KNM GROUP BHD []
Favelle Favco Bhd secured four separate contracts worth a combined RM79.3 million to supply offshore cranes, a tower crane and winches.
It said on Wednesday, July 27 that its subsidiaries Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes Pty Ltd, Favelle Favco Cranes Pte Ltd and Favelle Favco Winches Pte Ltd had received the purchase orders or letters of intent from their clients.
SCIB said it was not aware of any any corporate developments or rumours concerning its business that caused of the unusual market activity (UMA) in the company’s shares on Wednesday, July 27.
It said this in response to Bursa Malaysia Securities Bhd’s UMA query to the company earlier in the day after the stock hit limit-up in the morning trading session.
LFIB has proposed to acquire a parcel of land in Cambodia for RM11.77million as part of its plan to seek new opportunities to cultivate rubber, palm oil and other industrial crops in Southeast Asian countries.
It said on Wednesday, July 27 that its wholly owned unit Harta Impiana Sdn Bhd had identified a parcel of 9,995ha economic land concession in the Preah Vihear Province and was proposing to procure a minimum 70-year concession period from the Cambodian government to cultivate the land.
It said the land is for the purposes of cultivation and planting of oil palm and/or rubber trees.
Meanwhile, Zecon and KNM could see continued interest following the recent news of their JV for a multi-billion ringgit integrated petrochemical complex in Teluk Ramunia.
Wednesday, 27 July 2011 21:59
KUALA LUMPUR: Key regional markets may take the cue from the US and European markets’ tepid sentiment and trade cautiously ahead of the weekend on Friday, July 28 as a confluence of factors including deadlock over raising the debt ceiling and a decline in durable goods orders in the US could kept investors on the sidelines.
Asian markets were mixed on Thursday, as while on the one hand 27 China’s industrial profits 28.7% in the first half from a year earlier to 2.4 trillion yuan (about US$373 billion), lifting sentiment at some of the markets, worries of the US debt woes dragged others.
Investor sentiment has been see-sawing this week as a Republican plan to cut the US deficit met stiff opposition, reducing the chances of a late compromise to avoid a crippling debt default.
Among the stocks to watch on Bursa Malaysia today are FAVELLE FAVCO BHD [], Sarawak Consolidated Industries Bhd (SCIB), LION FOREST INDUSTRIES BHD [] (LFIB), ZECON BHD [], KNM GROUP BHD []
Favelle Favco Bhd secured four separate contracts worth a combined RM79.3 million to supply offshore cranes, a tower crane and winches.
It said on Wednesday, July 27 that its subsidiaries Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes Pty Ltd, Favelle Favco Cranes Pte Ltd and Favelle Favco Winches Pte Ltd had received the purchase orders or letters of intent from their clients.
SCIB said it was not aware of any any corporate developments or rumours concerning its business that caused of the unusual market activity (UMA) in the company’s shares on Wednesday, July 27.
It said this in response to Bursa Malaysia Securities Bhd’s UMA query to the company earlier in the day after the stock hit limit-up in the morning trading session.
LFIB has proposed to acquire a parcel of land in Cambodia for RM11.77million as part of its plan to seek new opportunities to cultivate rubber, palm oil and other industrial crops in Southeast Asian countries.
It said on Wednesday, July 27 that its wholly owned unit Harta Impiana Sdn Bhd had identified a parcel of 9,995ha economic land concession in the Preah Vihear Province and was proposing to procure a minimum 70-year concession period from the Cambodian government to cultivate the land.
It said the land is for the purposes of cultivation and planting of oil palm and/or rubber trees.
Meanwhile, Zecon and KNM could see continued interest following the recent news of their JV for a multi-billion ringgit integrated petrochemical complex in Teluk Ramunia.
Wednesday, July 27, 2011
美持续债务谈判僵局 美媒称进入“灾难倒计时”
摘要：美国国会两党至今仍未能就解决债务危机问题达成协议，“债务谈判僵局导致美元持续疲软”、“美国债务担忧重挫美元”这样的标题见诸于美国各大媒体及报端。如果美国国会无法在8月2日之前就提高国债上限达成一致，美国国债将面临违约风险。
美国国会两党至今仍未能就解决债务危机问题达成协议，“债务谈判僵局导致美元持续疲软”、“美国债务担忧重挫美元”这样的标题见诸于美国各大媒体及报端。如果美国国会无法在8月2日之前就提高国债上限达成一致，美国国债将面临违约风险。有的美国媒体在7月27日甚至已经打出了美国进入“灾难倒计时”的标题。
美国多家知名媒体在7月27日报道称，美国众议院推迟对一份共和党人短期提高债务上限计划的表决。美国《纽约时报》称，这份短期计划由美国众议院议长共和党人博纳提出，计划立即将美国债务上限额增加1万亿美元。但美国“茶党”以及保守派议员指出这一数额远小于政府的要求，进而提出反对，这也导致这项计划的表决时间被推迟至28日。
《纽约时报》称，博纳曾在本周一曾提出“分两步走”解决美国的赤字削减问题，即在今年将美国14.3万亿美元的债务上限额增加1万亿美元，然后在2012年继续提高债务上限。但奥巴马和和大多数民主党议员反对这一计划，他们指出这只是短期解决方案，可能会导致市场的不确定性和不稳定性。
美联社评论称，博纳的计划被推迟表决，这给了博纳更多的时间来拉选票，相对而言，白宫的表演时间则越来越少。美国知名的时事评论博客网站《赫芬顿邮报》则在页面上打出了“灾难倒计时”的标题，并标明“奥巴马威胁要使用否决权，博纳的计划存在风险”、“国会陷入僵局，议长遭保守派反对”。
基本面佳潛在併購 非銀行金融機構股估值誘人
（吉隆坡27日訊）非銀行的金融機構獲利成長更佳，但估值遠低于銀行股，券商認為，在優越基本面和潛在併購活動催化下，這些金融股下半年有望重估。
肯納格證券研究指出，比起銀行股，其他金融股項仍明顯折價交易。
該行在報告指出，大部分銀行在過去兩年已大幅重估，股價因不俗的每股盈利預測攀升了59%。
該行指出，銀行股目前看來更貴，目前以超過14倍的預期本益比在交易，其他金融股預期本益比僅5倍，但盈利預計將成長17%。
為此，肯納格證券研究上修非銀行金融股的投資評級至“增持”，首選永旺信貸（AEONCR，5139，主要板金融）和馬建屋（MBSB，1171，主要板金融）。
收益看俏
該行也建議，短線買入東太平（P&O，6009，主要板金融）。
“這3隻股項是國內私人開銷趨升的受惠者。再者，這些公司的業務性質可受惠于我國不俗的宏觀經濟成長（5.7%）和強勁的信貸成長（13%至15%）。”
該行指出，這3家公司各佔據穩固的利基市場，且零售觸角強勁。
永旺信貸已強化大眾消費者信用市場的地位，馬建屋則享有獨家的公務員薪資直接扣除貸款制。
東太平也具備優勢，在摩哆保險市場佔有53%份額。
除了業務成長強勁，這3家公司今明兩個財年的盈利成長率介于15%至48%，高于銀行股的10%至15%成長率。
除了獲利成長和基本面佳，該行相信，馬建屋和東太平可能因併購活動而獲得重估。
其他金融股走勢
股項 評級 目標價 閉市價
（令吉） 波動
（仙）
永旺信貸 維持買入 上修至7.30 4.91 -1
馬建屋 維持買入 維持2.40 1.44 +1
東太平 無評級 1.10 0.77 -
肯納格證券研究指出，比起銀行股，其他金融股項仍明顯折價交易。
該行在報告指出，大部分銀行在過去兩年已大幅重估，股價因不俗的每股盈利預測攀升了59%。
該行指出，銀行股目前看來更貴，目前以超過14倍的預期本益比在交易，其他金融股預期本益比僅5倍，但盈利預計將成長17%。
為此，肯納格證券研究上修非銀行金融股的投資評級至“增持”，首選永旺信貸（AEONCR，5139，主要板金融）和馬建屋（MBSB，1171，主要板金融）。
收益看俏
該行也建議，短線買入東太平（P&O，6009，主要板金融）。
“這3隻股項是國內私人開銷趨升的受惠者。再者，這些公司的業務性質可受惠于我國不俗的宏觀經濟成長（5.7%）和強勁的信貸成長（13%至15%）。”
該行指出，這3家公司各佔據穩固的利基市場，且零售觸角強勁。
永旺信貸已強化大眾消費者信用市場的地位，馬建屋則享有獨家的公務員薪資直接扣除貸款制。
東太平也具備優勢，在摩哆保險市場佔有53%份額。
除了業務成長強勁，這3家公司今明兩個財年的盈利成長率介于15%至48%，高于銀行股的10%至15%成長率。
除了獲利成長和基本面佳，該行相信，馬建屋和東太平可能因併購活動而獲得重估。
其他金融股走勢
股項 評級 目標價 閉市價
（令吉） 波動
（仙）
永旺信貸 維持買入 上修至7.30 4.91 -1
馬建屋 維持買入 維持2.40 1.44 +1
東太平 無評級 1.10 0.77 -
天盤測走勢． 貴族股買不起不要看
黃讀者問：
面對“超貴”股項如英美煙草（BAT）、雀巢（Nestle）、數碼電訊（Digi）等，投資者要採取怎樣的投資策略？應抱有怎樣的投資觀念？
答：
對于機構投資者，他們不一定是“超貴”的。而相對于散戶，他們是“超貴”的，既然是“超貴”的，不准備買進，也就可以不屑一顧，沒有什么特別的投資策略，也沒有什么投資觀念可言。
我們時常說股票投資買賣是一宗婚姻，這些超貴的股項就像是“貴族、皇族”一樣，高攀不起就不好勉強充大頭！
希望讀者不要往極端方向走，勸你不好買“爛臭股”也不應該挑超級“藍籌股”來投資，除非你自認是“貴族”，那就另當別論！
至于國家能源（TENAGA）又虧錢了，投資者何去何從？政聯企業都穩定嗎？
國能的價格走勢將在5.91至7.55令吉之間橫擺。第三季如跌破5.91令吉，最佳的吸納價格水平為東西線的5.20令吉。
面對“超貴”股項如英美煙草（BAT）、雀巢（Nestle）、數碼電訊（Digi）等，投資者要採取怎樣的投資策略？應抱有怎樣的投資觀念？
答：
對于機構投資者，他們不一定是“超貴”的。而相對于散戶，他們是“超貴”的，既然是“超貴”的，不准備買進，也就可以不屑一顧，沒有什么特別的投資策略，也沒有什么投資觀念可言。
我們時常說股票投資買賣是一宗婚姻，這些超貴的股項就像是“貴族、皇族”一樣，高攀不起就不好勉強充大頭！
希望讀者不要往極端方向走，勸你不好買“爛臭股”也不應該挑超級“藍籌股”來投資，除非你自認是“貴族”，那就另當別論！
至于國家能源（TENAGA）又虧錢了，投資者何去何從？政聯企業都穩定嗎？
國能的價格走勢將在5.91至7.55令吉之間橫擺。第三季如跌破5.91令吉，最佳的吸納價格水平為東西線的5.20令吉。
基不可失． 定期定額投資須堅持
投資看似簡單但不容易，加上大部分人都為工作和生活忙碌，無法花費更多時間精心研究每一種投資工具，因此定期定額投資（簡稱定投）是“懶人”最主要的投資策略。
但怎樣定投才會獲得回酬，是不是所有基金都適合定期定額投資呢？
專家指出，要通過定投獲得回酬，成功的秘訣在于堅持，不能因為基金賬面淨值一時虧損而覺得自己虧了錢，手忙腳亂。
定投最重要的概念是不管基金資產淨值變化如何，而是對定投所得單位數量和成本的平均成本作比較。
假設一個人連續做了三期定投，第一期的基金資產淨值是1.50令吉，第二期跌到了1令吉。市場再繼續下跌，到了第三期資產淨值只剩下50仙。
先不考慮基金的收費成本，在連續定投了3個月后，很多人會誤以為上述投資者投入的成本就是3者的平均數1令吉。
事實上，這並不對，而是要從3期定投所獲得的基金單位數量作衡量。
假設3個月里，投資者一共用450令吉買到了550個基金單位，也就是說平均每單位基金的成本是0.818令吉！（參考表）
定投投資者每月投資的總金額都是固定的，因此基金淨值若上漲，買到的基金份額就少，相反，若基金資產淨值下跌了，所獲得的基金份額也就相應增多。
但很多人只看到每份基金淨值的變化，而忽略了定投的重要概念。
一個字“守”
中國著名財經電視製作人李南在其部落格中指出，基金定投最大的好處就是可在市場下跌的過程中有效地分攤買入成本，然后在市場轉好時盡早獲得正收益。
她形容，定投就像種樹一樣， 在市場下跌時，以更便宜價格買到更多樹苗種下去。
等到市場好轉時，就靜待果子成熟。而且收成不只是一個果子，是額外多種的那棵樹的果子！
不過李南認為，定投的好處需要時間來證明。如果投資者覺得自己經歷的虧損好像越來越大，受不了打擊退場，最后還是虧！
只有市場下跌時堅持投資，等到市場反彈后才能收穫比別人更多。
她指出，一般基金定投計劃要持續一個資本市場週期，也就是一個熊市再加上一個牛市。
經一輪下跌和上漲之后，投資者就有90%以上的可能性是賺錢！
定期定投
基金單位
資產淨值
(令吉) 基金
成本
(令吉) 獲得基金
單位(個)
第一期 1.50 150 100
第二期 1.00 150 150
第三期 0.50 150 300
合計 450 550
盈虧點
(令吉)
450/550=0.8181
但怎樣定投才會獲得回酬，是不是所有基金都適合定期定額投資呢？
專家指出，要通過定投獲得回酬，成功的秘訣在于堅持，不能因為基金賬面淨值一時虧損而覺得自己虧了錢，手忙腳亂。
定投最重要的概念是不管基金資產淨值變化如何，而是對定投所得單位數量和成本的平均成本作比較。
假設一個人連續做了三期定投，第一期的基金資產淨值是1.50令吉，第二期跌到了1令吉。市場再繼續下跌，到了第三期資產淨值只剩下50仙。
先不考慮基金的收費成本，在連續定投了3個月后，很多人會誤以為上述投資者投入的成本就是3者的平均數1令吉。
事實上，這並不對，而是要從3期定投所獲得的基金單位數量作衡量。
假設3個月里，投資者一共用450令吉買到了550個基金單位，也就是說平均每單位基金的成本是0.818令吉！（參考表）
定投投資者每月投資的總金額都是固定的，因此基金淨值若上漲，買到的基金份額就少，相反，若基金資產淨值下跌了，所獲得的基金份額也就相應增多。
但很多人只看到每份基金淨值的變化，而忽略了定投的重要概念。
一個字“守”
中國著名財經電視製作人李南在其部落格中指出，基金定投最大的好處就是可在市場下跌的過程中有效地分攤買入成本，然后在市場轉好時盡早獲得正收益。
她形容，定投就像種樹一樣， 在市場下跌時，以更便宜價格買到更多樹苗種下去。
等到市場好轉時，就靜待果子成熟。而且收成不只是一個果子，是額外多種的那棵樹的果子！
不過李南認為，定投的好處需要時間來證明。如果投資者覺得自己經歷的虧損好像越來越大，受不了打擊退場，最后還是虧！
只有市場下跌時堅持投資，等到市場反彈后才能收穫比別人更多。
她指出，一般基金定投計劃要持續一個資本市場週期，也就是一個熊市再加上一個牛市。
經一輪下跌和上漲之后，投資者就有90%以上的可能性是賺錢！
定期定投
基金單位
資產淨值
(令吉) 基金
成本
(令吉) 獲得基金
單位(個)
第一期 1.50 150 100
第二期 1.00 150 150
第三期 0.50 150 300
合計 450 550
盈虧點
(令吉)
450/550=0.8181
張潔瑩：是我太窮嗎？
撇開精神和心靈的富裕和飽足感不提，單從物質生活來看，忍不住想捫心自問，是我太窮嗎？
接二連三耳聞、目睹市場呈現出來的“好景”，就連買個智能手機、高科技產品都得大排長龍，真實得讓“疑心病重” 的我有點質疑。
無論是原產品、房地產或是眼前的市況，分析師口中說將出現的泡沫，硬生生地就是沒有出現。
反之，上述貨品的價格反而越喊越高，現在就連看一場演唱會也可以創新高，入門票叫價上千令吉。
上週在檳島的房地產展覽親眼目睹盛況，現場的人潮就像房產大平賣，演講出席人數亦非常踴躍。
但事實是現場促銷的是百萬住宅，演講內容是如何抵抗泡沫到來，人們還是趨之若鶩。
檳城友人說，買房就像是檳城人的愛好，島上可以買、島外可以買，連吉隆坡的也可以買，這方面的購買力驚人。
樂觀地變富有
面對這樣的情況，就像聽見市場人士指出，橡膠供應趨向吃緊，未來膠價會像黃金價一樣，13.50令吉很快就會變1300美元（約3900令吉），一樣讓人覺得難以置信。
通脹高又怎樣，有錢的人因各種途徑而變得越來越有錢，普通上班族照舊不是宅男宅女，就是“月光族”；窮的人不得不消費則越來越窮。
惟薪資提高后消費又變得更高了，就像我國外資數據一樣，吸引了91億美元（約273億令吉）外資，卻流出了130億美元（約390億令吉）。
什么時候開始，大馬也成了像美國一樣的高消費國？樂觀來看是內需強勁，悲觀看來就是入不敷出。
就連向來以消費國著稱的美國，現在也要學習“少花費、少借貸”，同時要“多儲蓄”，一改以往的高消費模式。
要樂觀還是悲觀當然還是自己決定，看來培養個人理財投資和知足常樂的心態，才是變富有的最佳途徑。
接二連三耳聞、目睹市場呈現出來的“好景”，就連買個智能手機、高科技產品都得大排長龍，真實得讓“疑心病重” 的我有點質疑。
無論是原產品、房地產或是眼前的市況，分析師口中說將出現的泡沫，硬生生地就是沒有出現。
反之，上述貨品的價格反而越喊越高，現在就連看一場演唱會也可以創新高，入門票叫價上千令吉。
上週在檳島的房地產展覽親眼目睹盛況，現場的人潮就像房產大平賣，演講出席人數亦非常踴躍。
但事實是現場促銷的是百萬住宅，演講內容是如何抵抗泡沫到來，人們還是趨之若鶩。
檳城友人說，買房就像是檳城人的愛好，島上可以買、島外可以買，連吉隆坡的也可以買，這方面的購買力驚人。
樂觀地變富有
面對這樣的情況，就像聽見市場人士指出，橡膠供應趨向吃緊，未來膠價會像黃金價一樣，13.50令吉很快就會變1300美元（約3900令吉），一樣讓人覺得難以置信。
通脹高又怎樣，有錢的人因各種途徑而變得越來越有錢，普通上班族照舊不是宅男宅女，就是“月光族”；窮的人不得不消費則越來越窮。
惟薪資提高后消費又變得更高了，就像我國外資數據一樣，吸引了91億美元（約273億令吉）外資，卻流出了130億美元（約390億令吉）。
什么時候開始，大馬也成了像美國一樣的高消費國？樂觀來看是內需強勁，悲觀看來就是入不敷出。
就連向來以消費國著稱的美國，現在也要學習“少花費、少借貸”，同時要“多儲蓄”，一改以往的高消費模式。
要樂觀還是悲觀當然還是自己決定，看來培養個人理財投資和知足常樂的心態，才是變富有的最佳途徑。
3A國家變多 主權債恐成下個泡沫
（紐約26日訊）任何國家享有「AAA」頂級債信評級理應是一項殊榮，但是隨著「AAA」評級國家的總數大幅膨脹，加上「AAA」評級公債的發行量急速增加，不少觀察家擔心，下一波泡沫可能就是主權債券。
根據國際清算銀行（BIS）的資料，至2009年享有「AAA」評級的債券占55%，較1991年的20%大幅增加。此外，在2009年約有6兆美元的債券為「AAA」等級，其中3.5兆為主權債券，然而回顧十年前，總值不到5兆美元的「AAA」債券中，只有2兆美元屬於政府公債。
觀察家已經開始擔心主權債券泡沫。德意志銀行（Deustch Bank）信用策略分析師雷德就說，在週而復始的超級泡沫循環中，政府往往是最後一環。
保險和金融業的主管機關，幾乎強迫所有金融集團持有「AAA」頂尖評級的政府債券。
某個全球數一數二大保險公司的主席說：「我擔心我們會引發下一波泡沫。我們不想買債券，而是想買股票，可是我們不能這麼做。」
根據國際清算銀行（BIS）的資料，至2009年享有「AAA」評級的債券占55%，較1991年的20%大幅增加。此外，在2009年約有6兆美元的債券為「AAA」等級，其中3.5兆為主權債券，然而回顧十年前，總值不到5兆美元的「AAA」債券中，只有2兆美元屬於政府公債。
觀察家已經開始擔心主權債券泡沫。德意志銀行（Deustch Bank）信用策略分析師雷德就說，在週而復始的超級泡沫循環中，政府往往是最後一環。
保險和金融業的主管機關，幾乎強迫所有金融集團持有「AAA」頂尖評級的政府債券。
某個全球數一數二大保險公司的主席說：「我擔心我們會引發下一波泡沫。我們不想買債券，而是想買股票，可是我們不能這麼做。」
奧巴馬警告: 債務飆升重傷經濟
（華盛頓26日訊）美國總統奧巴馬警告，美國飆升的債務對經濟會造成「嚴重」傷害，國會必須妥協以解決未來財政赤字。
奧巴馬從白宮在黃金時段發表演講說：「如果照我們目前的步調，債務持續增加，將會損及就業，嚴重傷害經濟。」他呼籲國會議員放下政治立場，以「均衡」方式達成協議，而且他把現在協商陷入僵局的責任歸咎於眾議院一群共和黨眾議員，他們堅持削減預算，不加稅。25日稍早，美國眾議院議長博納和參議院民主黨領袖里德（Harry Reid）各自公佈提案內容。
奧巴馬贊同瑞德的計劃，並表示 博納的措施只是「緩兵之計」。奧巴馬說，雙方必須進一步妥協。「民主黨、共和黨都同意我們所需削減的財政赤字，辯論只是關於該如何執行。」俄亥俄州共和黨籍眾議員博納回應奧巴馬電視演講說，奧巴馬要求一張「空白支票」。
呼籲向國會議員施壓
「總統老是說我們需要均衡的方案，在華府這表示說，我們支出更多，你們要交更多稅，六個月前總統要一張空白支票，現在他還是要一張空白支票，天底下沒有這種事。」
奧巴馬表示，若無法提高舉債上限，美國部分債務會有違約風險。他呼籲美國人向國會議員施壓，讓他們採取行動。
如果國會不同意，「信用卡、房貸、汽車貸款的利率會飆升，等於是向美國人加稅，我們會引發深層經濟危機的風險，幾乎都是由華府造成的。」
華府舉債協商陷入僵局，美國股市、債市下跌。美國30年期公債殖利率上漲6個基點報4.32%。
http://www2.orientaldaily.com.my/read//246Y0qmK1awV1h9n0JjA7V422k2s7Uo3
奧巴馬從白宮在黃金時段發表演講說：「如果照我們目前的步調，債務持續增加，將會損及就業，嚴重傷害經濟。」他呼籲國會議員放下政治立場，以「均衡」方式達成協議，而且他把現在協商陷入僵局的責任歸咎於眾議院一群共和黨眾議員，他們堅持削減預算，不加稅。25日稍早，美國眾議院議長博納和參議院民主黨領袖里德（Harry Reid）各自公佈提案內容。
奧巴馬贊同瑞德的計劃，並表示 博納的措施只是「緩兵之計」。奧巴馬說，雙方必須進一步妥協。「民主黨、共和黨都同意我們所需削減的財政赤字，辯論只是關於該如何執行。」俄亥俄州共和黨籍眾議員博納回應奧巴馬電視演講說，奧巴馬要求一張「空白支票」。
呼籲向國會議員施壓
「總統老是說我們需要均衡的方案，在華府這表示說，我們支出更多，你們要交更多稅，六個月前總統要一張空白支票，現在他還是要一張空白支票，天底下沒有這種事。」
奧巴馬表示，若無法提高舉債上限，美國部分債務會有違約風險。他呼籲美國人向國會議員施壓，讓他們採取行動。
如果國會不同意，「信用卡、房貸、汽車貸款的利率會飆升，等於是向美國人加稅，我們會引發深層經濟危機的風險，幾乎都是由華府造成的。」
華府舉債協商陷入僵局，美國股市、債市下跌。美國30年期公債殖利率上漲6個基點報4.32%。
http://www2.orientaldaily.com.my/read//246Y0qmK1awV1h9n0JjA7V422k2s7Uo3
医药卡真的是“一卡在手，通行无阻”？
生病是生活中难于避免之事。给黑斑蚊叮上一口、意外受伤、吃错东西及其它小病驻进医院修养几天,也得花上好几千元。除非你有一卡在手，不是信用卡而是医药卡，否则变得钱包大出血了！但拥有了一张医药卡，是否就真的那么神奇“一触即通，通行无阻”呢？许多消费者在选购医药卡时，因为没有详细的了解医药卡保障的泛围与内容；或在促销的过程中受到一些事实的隐瞒或夸大的承诺。而到索赔时才发现到原来还有这么多被‘隐瞒’的条件，层时又要上演一场“保险骗人”的案件了！
与其在购买前，不加理会。不如事前掌握一些基本知识，清楚投保人的利益与限制，以避免‘打死狗才来谈价钱’尴尬场面的发生。当购买医药卡时，一般上所要注意的条款和细节是：－
1）30天等待期－在签下一份新的医药保单首30天内所发生任何疾病都是不受保的，唯有因为意外事故所导致的医药费用才能获得理赔。
2）现有病症－已经有了的病症或正在接受治疗的症状都不受保。
3）特别声明的病症－保单生效的首十二个月内，无论投保人知道与否，有某些疾病是不受保的。（有关疾病请参考各保险公司的保单）
4）其他－其他不受保项目包括：整容，生育，自杀，危险运动，战争或暴乱所引起的事故等。而每家保险公司都有个别的不受保项目；因此有必要在投保前逐一阅读详情，认为满意时才作决定。
此外经常引起争执和误会的个案是：
1）无需抵押
在投保人入住医院时，如果病原还未肯定，医生无法及时呈上报告给保险公司以获得保险公司的理赔担保书时，院方还是会要求投保人先付抵押，直至医药报告呈上并被证实是受保的病例。另一方面，投保人却会误以为“一卡在手，通行无阻”拒接支付任何抵押，而引起不愉快的事。
2）照单全赔
投保人往往会认为有了医药保险后，便不须支付分文，保险公司会照单全赔。但是在某些情况下保险理赔是无法照单全赔的，如：
i)所购买医药保单的种类是属於共同付款型的，因此保客必须与保险公司共同分担10%至20%的费用。
ii)当投保人入住病房的等级起出所投保病房津贴的等级，或所牵涉的费超出保险公司的顶限，所超出的费用，是必须由投保人分担的.
iii)有些费用如：私人看护，非医药性服务费（电视、电话、娱乐消费等)是不在保障泛围内的。故此，类似的费用一律无法获得理赔。
iv)当保险公司处理保险理赔时，它们会跟据大马医药公会所规定的“合理”医药治疗费作出赔赏。如院方或主治医生在有关的疗程中征收超出“合理”的医疗费，则保险公司保留权力只赔赏至“合理”的水平。
掌握了这些资讯之后，可别在沉醉於“一卡在手，通行无阻”的谜思当中，而必须为您的医药保障作出更俱体的“事前规划”咯！
与其在购买前，不加理会。不如事前掌握一些基本知识，清楚投保人的利益与限制，以避免‘打死狗才来谈价钱’尴尬场面的发生。当购买医药卡时，一般上所要注意的条款和细节是：－
1）30天等待期－在签下一份新的医药保单首30天内所发生任何疾病都是不受保的，唯有因为意外事故所导致的医药费用才能获得理赔。
2）现有病症－已经有了的病症或正在接受治疗的症状都不受保。
3）特别声明的病症－保单生效的首十二个月内，无论投保人知道与否，有某些疾病是不受保的。（有关疾病请参考各保险公司的保单）
4）其他－其他不受保项目包括：整容，生育，自杀，危险运动，战争或暴乱所引起的事故等。而每家保险公司都有个别的不受保项目；因此有必要在投保前逐一阅读详情，认为满意时才作决定。
此外经常引起争执和误会的个案是：
1）无需抵押
在投保人入住医院时，如果病原还未肯定，医生无法及时呈上报告给保险公司以获得保险公司的理赔担保书时，院方还是会要求投保人先付抵押，直至医药报告呈上并被证实是受保的病例。另一方面，投保人却会误以为“一卡在手，通行无阻”拒接支付任何抵押，而引起不愉快的事。
2）照单全赔
投保人往往会认为有了医药保险后，便不须支付分文，保险公司会照单全赔。但是在某些情况下保险理赔是无法照单全赔的，如：
i)所购买医药保单的种类是属於共同付款型的，因此保客必须与保险公司共同分担10%至20%的费用。
ii)当投保人入住病房的等级起出所投保病房津贴的等级，或所牵涉的费超出保险公司的顶限，所超出的费用，是必须由投保人分担的.
iii)有些费用如：私人看护，非医药性服务费（电视、电话、娱乐消费等)是不在保障泛围内的。故此，类似的费用一律无法获得理赔。
iv)当保险公司处理保险理赔时，它们会跟据大马医药公会所规定的“合理”医药治疗费作出赔赏。如院方或主治医生在有关的疗程中征收超出“合理”的医疗费，则保险公司保留权力只赔赏至“合理”的水平。
掌握了这些资讯之后，可别在沉醉於“一卡在手，通行无阻”的谜思当中，而必须为您的医药保障作出更俱体的“事前规划”咯！
适者生存
在当前的商业环境底下，大的未必可以大小通吃，小的如果拥有自己本身的优势，反而在竞争激烈的环境中茁壮成长起来。
迷你市场便是一个很好的例子，自从霸级市场有如雨后春笋般的涌现，并以大幅折价的零售策略方式经营之后，很多人都认为在我国存在已经相当长久的小型零售店，会面对相当严重的打击。
这也难怪大家有这样的想法，这主要是因为霸级市场的日常必需品一应俱全，消费人只要一进入霸级市场，便可以购买到，例如鲜鱼、疏菜、鲜鸡等。其他货品还包括纺织，服装以及其他家庭用品。
这意味着霸级市场结合了超级市场与百货公司的概念，所以它是一家大型零售商店，可以在同一屋簷下提供各类货品，消费人只须一次购物行程，即可购买足够一周所需的各类货品。
所以对于霸级市场进驻马来西亚，消费人是非常欢迎的，因为除了货品价格大幅低过杂货店之外，它们也有免费的广大停车场，清洁舒适的陈列长廊。
由于这个概念深受消费人欢迎，所以霸级市场也如雨后春荀般设立。还记得霸级市场是于1994年进入我国，那就是当年家乐福（Carrefour）在雪兰莪梳邦再也设立第一家商店。
接着一年，GiantCash&Carry私人有限公司也在UEP梳邦再也设立一家霸级市场。在这之后便引发了国内零售业的改革，无数的霸级市场纷纷地进驻我国，雪兰莪州拥有最多家霸级市场，但是最近数年内全国各地设立更多家霸级市场，包括东海岸州属。
当这些霸级市场如排山倒海式地设立之后，原本以为小型零售业者受到重创，甚至无法生存下去，
因为不论是财力和物力，小型零售业者都是不能与霸级市场比拟的。
然而十多年的时间过去之后，再环境零售市场情况，却令人惊讶地发现霸级市场的出现，并没有令到小型零售业者倒下去，反之近年来，国内各地的住宅区和城镇地区都出现越来越多的迷你市场。
这些迷你市场也不同的品牌，例如99SpeedMart、KKMart、MyDinMart、SaveMore和Pernama等都办得很成功。
这些以时代感、卫生、整齐的形象，为顾客提供便利的迷你市场能够脱颖而出，主要是因为它们以薄利多销为主，所卖得的物品比杂货店和超级市场还要便宜，这使到它们可以在竞争激烈的零售市场中，占有一席之位。
我国的零售市场出现这样的局面，相信这也是许多人所始料不及的事情，这也说明市场是适者生存，与大小没有关系。
迷你市场便是一个很好的例子，自从霸级市场有如雨后春笋般的涌现，并以大幅折价的零售策略方式经营之后，很多人都认为在我国存在已经相当长久的小型零售店，会面对相当严重的打击。
这也难怪大家有这样的想法，这主要是因为霸级市场的日常必需品一应俱全，消费人只要一进入霸级市场，便可以购买到，例如鲜鱼、疏菜、鲜鸡等。其他货品还包括纺织，服装以及其他家庭用品。
这意味着霸级市场结合了超级市场与百货公司的概念，所以它是一家大型零售商店，可以在同一屋簷下提供各类货品，消费人只须一次购物行程，即可购买足够一周所需的各类货品。
所以对于霸级市场进驻马来西亚，消费人是非常欢迎的，因为除了货品价格大幅低过杂货店之外，它们也有免费的广大停车场，清洁舒适的陈列长廊。
由于这个概念深受消费人欢迎，所以霸级市场也如雨后春荀般设立。还记得霸级市场是于1994年进入我国，那就是当年家乐福（Carrefour）在雪兰莪梳邦再也设立第一家商店。
接着一年，GiantCash&Carry私人有限公司也在UEP梳邦再也设立一家霸级市场。在这之后便引发了国内零售业的改革，无数的霸级市场纷纷地进驻我国，雪兰莪州拥有最多家霸级市场，但是最近数年内全国各地设立更多家霸级市场，包括东海岸州属。
当这些霸级市场如排山倒海式地设立之后，原本以为小型零售业者受到重创，甚至无法生存下去，
因为不论是财力和物力，小型零售业者都是不能与霸级市场比拟的。
然而十多年的时间过去之后，再环境零售市场情况，却令人惊讶地发现霸级市场的出现，并没有令到小型零售业者倒下去，反之近年来，国内各地的住宅区和城镇地区都出现越来越多的迷你市场。
这些迷你市场也不同的品牌，例如99SpeedMart、KKMart、MyDinMart、SaveMore和Pernama等都办得很成功。
这些以时代感、卫生、整齐的形象，为顾客提供便利的迷你市场能够脱颖而出，主要是因为它们以薄利多销为主，所卖得的物品比杂货店和超级市场还要便宜，这使到它们可以在竞争激烈的零售市场中，占有一席之位。
我国的零售市场出现这样的局面，相信这也是许多人所始料不及的事情，这也说明市场是适者生存，与大小没有关系。
投资必须先了解本质
在投资领域当中，投资的本质可分为两种即牺牲当前消费（Reduced current consumption）和计划未来消费（Planned later consumption）。
一个社会的物质财富最终取决于该社会经济的生产能力，即为社会成员提供产品与服务的能力。
这种生产能力是社会经济中的实物资产（Real Assets），而实物资产包括土地、建筑物、知识、用于生产产品的机械设备以及运用这些资源所必需的技术性工人。实物资产与“人力”资产包括了整个社会的产出和消费的内容。
与实物资产相对应的是金融资产（Financial Assets）。金融资产包括了固定收入与债务、普通股票或证券以及衍生证券。而固定收入与债务则可分为货币市场工具（银行定期存款证书）及资本市场工具（债券）。
这些金融资产并不是社会财富的代表，且股票并不比印制股票的纸张更有价值，它们对社会经济的生产能力并没有直按的贡献。
金融资产对社会经济的生产能力只有间接的作用，因为它们带来了公司的所有权和经营管理权的分离。由于金融资产对实物资产所创造的利润或政府收入有要求权，因此金融资产能够为持有它们的公司或个人带来财富。
金融资产在经济中的作用包括了几项重点：其一、讯息的角色（Information Role），如谷歌效应“Google Effect”；其二、消费的时间安排（Consumption Timing），即个人现实消费与现实收入分离，将高收入期的购买力转移到低收入期；其三、风险的分配（Allocation of Risk），风险源自实际资产，风险在全社会的分散和优化配置；其四、所有权与经营权分离（Separation of Ownership and Management），即复合所有权：变不可分割的资产为可分割资产，例如公司股东退出不影响公司运作。
企业管理及企业道德是非常重要的，如果缺乏这些的约束，企业将面对严重的问题，当中包括了会计史上著名的造假行为，如美国安然（Enron）、来德爱（RiteAid）以及康南（HealthSouth）公司的会计丑闻，以及安达信（Arthur Andersen）会计公司的分析师丑闻。
所以稽查师是各个机构关键的监督者，这里要特别提及是《萨班斯–奥克斯利法案》（Sarbanes-OxleyAct）。
《萨班斯–奥克斯利法案》是美国立法机构针对安然（Enron）、世界通讯公司（Worldcom）等财务欺诈事件破产暴露出的公司以及证券监管问题所订立的监管法案，简称为《SOX法案》或《索克思法案》。
法案全称为《2002年公众公司会计改革和投资者保护法案》由参议员银行委员会主席萨班斯（PaulSarbanes）和众议院金融服务委员会主席奥克斯利（MikeOcley）联合提出。
该法案对美国《1933年证券法》、《1934年证券交易法》作出大幅修订，在公司治理、会计职业监管、证券市场监管等方面作出了许多新规定。
尽管这些事件的演变是发生在外国，但是身为投资者的我们，如果可以多了解外国金融领域的演变，对日后在制定投资策略方面，将会有所帮助。
一个社会的物质财富最终取决于该社会经济的生产能力，即为社会成员提供产品与服务的能力。
这种生产能力是社会经济中的实物资产（Real Assets），而实物资产包括土地、建筑物、知识、用于生产产品的机械设备以及运用这些资源所必需的技术性工人。实物资产与“人力”资产包括了整个社会的产出和消费的内容。
与实物资产相对应的是金融资产（Financial Assets）。金融资产包括了固定收入与债务、普通股票或证券以及衍生证券。而固定收入与债务则可分为货币市场工具（银行定期存款证书）及资本市场工具（债券）。
这些金融资产并不是社会财富的代表，且股票并不比印制股票的纸张更有价值，它们对社会经济的生产能力并没有直按的贡献。
金融资产对社会经济的生产能力只有间接的作用，因为它们带来了公司的所有权和经营管理权的分离。由于金融资产对实物资产所创造的利润或政府收入有要求权，因此金融资产能够为持有它们的公司或个人带来财富。
金融资产在经济中的作用包括了几项重点：其一、讯息的角色（Information Role），如谷歌效应“Google Effect”；其二、消费的时间安排（Consumption Timing），即个人现实消费与现实收入分离，将高收入期的购买力转移到低收入期；其三、风险的分配（Allocation of Risk），风险源自实际资产，风险在全社会的分散和优化配置；其四、所有权与经营权分离（Separation of Ownership and Management），即复合所有权：变不可分割的资产为可分割资产，例如公司股东退出不影响公司运作。
企业管理及企业道德是非常重要的，如果缺乏这些的约束，企业将面对严重的问题，当中包括了会计史上著名的造假行为，如美国安然（Enron）、来德爱（RiteAid）以及康南（HealthSouth）公司的会计丑闻，以及安达信（Arthur Andersen）会计公司的分析师丑闻。
所以稽查师是各个机构关键的监督者，这里要特别提及是《萨班斯–奥克斯利法案》（Sarbanes-OxleyAct）。
《萨班斯–奥克斯利法案》是美国立法机构针对安然（Enron）、世界通讯公司（Worldcom）等财务欺诈事件破产暴露出的公司以及证券监管问题所订立的监管法案，简称为《SOX法案》或《索克思法案》。
法案全称为《2002年公众公司会计改革和投资者保护法案》由参议员银行委员会主席萨班斯（PaulSarbanes）和众议院金融服务委员会主席奥克斯利（MikeOcley）联合提出。
该法案对美国《1933年证券法》、《1934年证券交易法》作出大幅修订，在公司治理、会计职业监管、证券市场监管等方面作出了许多新规定。
尽管这些事件的演变是发生在外国，但是身为投资者的我们，如果可以多了解外国金融领域的演变，对日后在制定投资策略方面，将会有所帮助。
理财的要点
也许你老是向你的朋友抱怨自己的先生太会花钱，不懂得节制，以致于到现在还住在原来的一幢破旧的房子里。然而先生知道了，当然也有话要说：他认为自己每天已经很辛苦地在工作了，一个月少说也赚了好几千元，就是不懂为何家里钱还是不够用。其实追根究底，问题还是出在家庭理财上。
你可能听说过，有些有钱人不仅花费不多，而且能利用钱滚钱，赚取更多的财富。相对而言，多数人却让各种支出消耗了不少收入，能用于投资的，已经所剩无几。而且这些投资也常常是听人提及或看了报章上相关报道后，一时兴起作的投资，往往也赚不了什么钱，甚至还会亏本。而这两者之间的差异也是源自于理财的素质。有钱的人因为把钱财管理得好，懂得如何投资和开源节流，所以才能累积到财富。
理财可以说是生活重要的一部份，因为我们一生都无法与金钱脱离关系。而理财要理得好，就须像请理财顾问一样，要做好计划，并持续不断地去执行并改进，才能从理财中受益。一般而言，理财应该能达成下列目的，才能算理得好：
1)提高净收入
也许你已无法再增加自己的工作收入，但你绝对可以提高自己的净收入(扣除开支后，剩余可以储投的收入)。在花每一分钱之前都要仔细考虑一下，这一分钱是否该花，不要随意让钱从你手中溜出去。
人们常为自己不能得到满足的欲望所困扰，总以为金钱可以解决一切，获得一切，这种思想是不正确的。一个人的时间有限，精力有限，能做的事也有限。而欲望是无穷尽的，能满足的却非常少。
很多人已经形成了一种浪费的生活习惯，事实上其中的许多支出是不必要的。我们可以尽力地把支出减少。要把这句话当作格言：该省的一分钱也不多花。
把一切必须的开支作个预算，切记不要用尽所有的收入。光晓得如何拼命的赚钱，然后又拼命的把辛苦所赚的钱全花光是毫无意义的。一个人所以能成功致富并不是因为他的收入，而是开支后所剩下能供储投的净收入。
2)累积财富
当我们找到了每个月可以储投的净收入之后，下一个目标就是把这笔钱进行有效率的投资，再把投资收益连同接下来每个月可以投资的钱累积起来，继续投资。只有经过类似长年累月的累积，我们才能建立起财富。
许多人在投资的过程中只注重眼前的利益，稍为赚到一些钱便大事“奖赏”自己，不是大吃大喝，就是搬屋换车。反正这些钱都是投资多赚回来的，不用白不用。当投资亏损的时候，便被逼省吃省用，甚至必须依靠日后的收入来填补之前所挖的洞。
这种作法如同原地跑步，不管跑得多快，也丝毫不会有进展。理财的重点不在于你赚钱的能力，而是累积资产的纪律和耐力。
3)储备未来的养老所需
没有人希望自己工作一辈子，可是多数人在离开工作退休后，都会丧失固定收入，有些人有子女可以奉养，一般而言，还是需要有独立的经济能力，才不至于生活窘迫，晚景凄凉。所以，在自己还有工作能力时预做准备，储备退休后的养老所需，是有必要的。好的理财计划，应该包括这个重要项目。
要实现积极的理财，先征求顾问意见，再制定实际的目标。要知道目标会随着你实际经济情况的变化而变化，但要始终想办法支持你的计划。最终的目标是要实现财务自由，要从日复一日的繁重工作中解脱出来，不再为钱而工作。
你可能听说过，有些有钱人不仅花费不多，而且能利用钱滚钱，赚取更多的财富。相对而言，多数人却让各种支出消耗了不少收入，能用于投资的，已经所剩无几。而且这些投资也常常是听人提及或看了报章上相关报道后，一时兴起作的投资，往往也赚不了什么钱，甚至还会亏本。而这两者之间的差异也是源自于理财的素质。有钱的人因为把钱财管理得好，懂得如何投资和开源节流，所以才能累积到财富。
理财可以说是生活重要的一部份，因为我们一生都无法与金钱脱离关系。而理财要理得好，就须像请理财顾问一样，要做好计划，并持续不断地去执行并改进，才能从理财中受益。一般而言，理财应该能达成下列目的，才能算理得好：
1)提高净收入
也许你已无法再增加自己的工作收入，但你绝对可以提高自己的净收入(扣除开支后，剩余可以储投的收入)。在花每一分钱之前都要仔细考虑一下，这一分钱是否该花，不要随意让钱从你手中溜出去。
人们常为自己不能得到满足的欲望所困扰，总以为金钱可以解决一切，获得一切，这种思想是不正确的。一个人的时间有限，精力有限，能做的事也有限。而欲望是无穷尽的，能满足的却非常少。
很多人已经形成了一种浪费的生活习惯，事实上其中的许多支出是不必要的。我们可以尽力地把支出减少。要把这句话当作格言：该省的一分钱也不多花。
把一切必须的开支作个预算，切记不要用尽所有的收入。光晓得如何拼命的赚钱，然后又拼命的把辛苦所赚的钱全花光是毫无意义的。一个人所以能成功致富并不是因为他的收入，而是开支后所剩下能供储投的净收入。
2)累积财富
当我们找到了每个月可以储投的净收入之后，下一个目标就是把这笔钱进行有效率的投资，再把投资收益连同接下来每个月可以投资的钱累积起来，继续投资。只有经过类似长年累月的累积，我们才能建立起财富。
许多人在投资的过程中只注重眼前的利益，稍为赚到一些钱便大事“奖赏”自己，不是大吃大喝，就是搬屋换车。反正这些钱都是投资多赚回来的，不用白不用。当投资亏损的时候，便被逼省吃省用，甚至必须依靠日后的收入来填补之前所挖的洞。
这种作法如同原地跑步，不管跑得多快，也丝毫不会有进展。理财的重点不在于你赚钱的能力，而是累积资产的纪律和耐力。
3)储备未来的养老所需
没有人希望自己工作一辈子，可是多数人在离开工作退休后，都会丧失固定收入，有些人有子女可以奉养，一般而言，还是需要有独立的经济能力，才不至于生活窘迫，晚景凄凉。所以，在自己还有工作能力时预做准备，储备退休后的养老所需，是有必要的。好的理财计划，应该包括这个重要项目。
要实现积极的理财，先征求顾问意见，再制定实际的目标。要知道目标会随着你实际经济情况的变化而变化，但要始终想办法支持你的计划。最终的目标是要实现财务自由，要从日复一日的繁重工作中解脱出来，不再为钱而工作。
投资送保险
如今不管您在任何一个角落，您都会接收到一大堆“好事”。在家，您会接触电视的广告，甚至收到从银行、各机构寄给您的精美资料。在外，映入眼帘的更是多姿多彩、资讯丰富吸引人的广告，不是打折就是回馈，或者是买几送几，及各种各样最新的产品等。
每天各行各业都费尽心机地告诉您：有天大的馅饼正等着您拿，天大的便宜正等着您捡，不拿白不拿，不捡白不捡，不买真的会遗憾终身啊！
朋友，当您未真正的了解您的需要及产品时，就踏入这一个个的陷阱，您马上就会明白，白拿白捡超值的事是没有的，只是此时明白代价已叫人太沉重了。
因此，消费者都有必要知道及加于分析市场上各种理财产品，其销售策略及隐藏的弊端等。这样才不至于做错决定而跌入消费陷阱。
首先，让我们来谈谈周围时常听到的“投资送保险”。
近年来，投资联结型保险在我国销售量节节上升，这类在市场上还算是蛮新的保险种类到底有何魅力呢？
投资联结型保单是结合了保障与投资于单位信托的功能。就是因为其名称上有“投资”这两个字，所以消费者便以为买这类保险，便是作了一项投资计划。而一般的代理员也“顺水推舟”的将这类保单当投资卖，而且更容易切入，贯常用“投资送保险”来吸引购买者。
这类保单真的适合作为投资的管道吗？这是一个值得我们深思的问题。
在这里我们以“多期保费型”作为分析用途，这类型的投资联结型保单在市面上最为畅销。其操作方式是投保人必须定期缴交一定数额的保费（通常最低为每月RM100），所缴交的保费将根据该年的分配额来购买单位信托。不同寿险公司有各别分配额，但大体上都相差无几(请参考图表一)。其余的保费将用于支付佣金及公司行政费。
图表一
购买单位信托的分配额
年度 A 公司 B 公司
第一及第二年 40% 40%
第三及第四年 70% 70%
第五及第六年 100% 90%
第七以上年 100% 100%
根据上图显示，分配后所购得的单位还会被扣除来缴交以下费用如：
1）保险费（费用高低将视年龄及所选择的保障范围）；
2）保单费用及；
3）基金管理费。
之后，所剩余的单位才是属于投资。在这里值得留意的是，保障不是白白“送”的。
以下让我们分析一下一位A先生抱着“投资”的心态而投保了一份年缴RM5,000的投资联结型多期保费型保单；而另一位B先生则投资同一个数额在纯单位信托基金。在一个同样的回酬率（如12%）及年限，最后各别所得的回酬（请参考图表二）。
图表二
年份 投资联结型保险 纯单位信托投资
(12%回酬) (12%回酬)
人寿/疾病保障100K 每年投资：
每年投资：5千令吉 5千令吉
1 1千862 5千600
2 3千872 1万1千872
3 7千866 1万8千870
4 1万2千204 2万6千764
5 1万7千436 3万5千576
6 2万3千123 4万5千445
7 3万零088 5万6千498
8 3万7千666 6万8千878
9 4万5千915 8万2千744
10 5万4千888 9万8千273
从以上的分析，我们可以看到这类型的保单在七除八扣后所剩无几。与直接投资于单位信托相比，其投资回酬简直有天渊之别！
最后要谨记的是，投资型保险终归还是保险，绝非如传说中的一种高回酬保险投资。如果投资者已有足够的保障，无须再把部份的资金支付额外的保障及高昂的佣金，以降低日后的回酬，干脆把全部投资于纯单位信托以获取更可观的回酬。
每天各行各业都费尽心机地告诉您：有天大的馅饼正等着您拿，天大的便宜正等着您捡，不拿白不拿，不捡白不捡，不买真的会遗憾终身啊！
朋友，当您未真正的了解您的需要及产品时，就踏入这一个个的陷阱，您马上就会明白，白拿白捡超值的事是没有的，只是此时明白代价已叫人太沉重了。
因此，消费者都有必要知道及加于分析市场上各种理财产品，其销售策略及隐藏的弊端等。这样才不至于做错决定而跌入消费陷阱。
首先，让我们来谈谈周围时常听到的“投资送保险”。
近年来，投资联结型保险在我国销售量节节上升，这类在市场上还算是蛮新的保险种类到底有何魅力呢？
投资联结型保单是结合了保障与投资于单位信托的功能。就是因为其名称上有“投资”这两个字，所以消费者便以为买这类保险，便是作了一项投资计划。而一般的代理员也“顺水推舟”的将这类保单当投资卖，而且更容易切入，贯常用“投资送保险”来吸引购买者。
这类保单真的适合作为投资的管道吗？这是一个值得我们深思的问题。
在这里我们以“多期保费型”作为分析用途，这类型的投资联结型保单在市面上最为畅销。其操作方式是投保人必须定期缴交一定数额的保费（通常最低为每月RM100），所缴交的保费将根据该年的分配额来购买单位信托。不同寿险公司有各别分配额，但大体上都相差无几(请参考图表一)。其余的保费将用于支付佣金及公司行政费。
图表一
购买单位信托的分配额
年度 A 公司 B 公司
第一及第二年 40% 40%
第三及第四年 70% 70%
第五及第六年 100% 90%
第七以上年 100% 100%
根据上图显示，分配后所购得的单位还会被扣除来缴交以下费用如：
1）保险费（费用高低将视年龄及所选择的保障范围）；
2）保单费用及；
3）基金管理费。
之后，所剩余的单位才是属于投资。在这里值得留意的是，保障不是白白“送”的。
以下让我们分析一下一位A先生抱着“投资”的心态而投保了一份年缴RM5,000的投资联结型多期保费型保单；而另一位B先生则投资同一个数额在纯单位信托基金。在一个同样的回酬率（如12%）及年限，最后各别所得的回酬（请参考图表二）。
图表二
年份 投资联结型保险 纯单位信托投资
(12%回酬) (12%回酬)
人寿/疾病保障100K 每年投资：
每年投资：5千令吉 5千令吉
1 1千862 5千600
2 3千872 1万1千872
3 7千866 1万8千870
4 1万2千204 2万6千764
5 1万7千436 3万5千576
6 2万3千123 4万5千445
7 3万零088 5万6千498
8 3万7千666 6万8千878
9 4万5千915 8万2千744
10 5万4千888 9万8千273
从以上的分析，我们可以看到这类型的保单在七除八扣后所剩无几。与直接投资于单位信托相比，其投资回酬简直有天渊之别！
最后要谨记的是，投资型保险终归还是保险，绝非如传说中的一种高回酬保险投资。如果投资者已有足够的保障，无须再把部份的资金支付额外的保障及高昂的佣金，以降低日后的回酬，干脆把全部投资于纯单位信托以获取更可观的回酬。
马股估值昂贵 外资喊退
分析员强调，股市整体估值高并不会影响个别公司的IPO价格，只要即将上市的公司认为该价格合理，市场又有需求，认购活动将依然殷切。
马股今年下半年走势凌厉，创下连续多日突破“历史新高”的壮举，但高估值甚至导致一些外资为马股喊出“脱售”评级。
大型公司上市让综指成分股重新排位，或能促使外资调整投资组合，提高马股走高空间。
针对这点，冯廷秀就说，马股的估值相当昂贵，这多少影响了马股的吸引力，因为外资很可能忽略马股，转而投资其他市场。
本益比15倍
“目前，马股的本益比为15倍，相比之下泰国只有10到11倍，而且外资的投资组合，是以区域性区分，所以当马股估值太高时，他们可能撤离马股转而投入其他区域市场。”
另外，今年综指主要是受到产业及金融领域所推动，但金融股项已经扬升，国行调高法定储备利率（SRR）可能影响了赚幅，限制了马股的上涨空间。
调整投资组合
不过随着大型公司上市，综指成分股会因此洗牌，这有助外资重新调整投资组合。
“他们可能会寻找综指成分股中，不太贵的股项作为投资，购兴重新被点燃，综指也有再升空间。”
然而也有分析员强调，股市整体估值高并不会影响个别公司的IPO价格，只要即将上市的公司认为该价格合理，市场又有需求，认购活动将依然殷切。
朱瑞麒说：“马股现在的价格，比区域昂贵，就此情况分析，当然缺乏了一些吸引力，但是公司在为IPO定价时，仍以个别公司的表现计算，所以大可不必担心会发生因为IPO价格贵
了、投资者却步的情况。”
公司排队挂牌
短短半年内，新上市公司数目直逼去年总数，在大型转型计划及政府减持官联公司股权的情况下，预料还会有更多公司上市。
朱瑞麒相信，经济转型执行方案及官联公司售股情况下，接下来有更多优质公司上市。
此外，官联公司即将上市的子公司，一般市值都非常庞大，有助带动投资者购兴，为市场注入交投与活力。
同时，政府拟减持官联公司股权，不仅可刺激股市流通量，也可能影响大马在区域MSCI及富时指数中权重。
拉昔胡申投资研究的分析员也说：“减持活动已让大马在MSCI新兴市场及亚洲市场的权重，分别增加至3.1%及4.4%。对大马市场而言，综指及大马富时100的走势，则更进一步的仰
赖大资本股，尤其是官联公司的表现。”
新股太多 分散资金
新公司上市虽然让投资者有更多的选择，并刺激交投，但选择太多也许会导致资金分散，反而成为弊端。
冯廷秀说：“马股市值庞大， 但国人的投资金额却没有那么多，所以选择增多，资金就会分散，反而造成资金不够集中的现象，一些公司会因此不受热捧而无人问津。”
非所有新股表现佳
此外，上市公司数目虽多，但不是所有公司都有杰出的表现。
“通常，有两类公司比较容易吸引众人目光；一、专注在特定领域的公司，如世纪软件（CENSOF，5195，主板科技股）、Prestariang；及二、大型上市公司--这类公司很容易吸
引机构投资者的兴趣。”
此外，冯廷秀也提醒，虽然上市公司规模及流通量能吸引海外公司，但这只是海外公司到马投资的部分考量，还有很多的元素需要考虑，这包括了国家的发展潜能、国际经济、股市估
值等，股市需要其他方面配合，才能带动整体购兴。
“以泰国来说，该国的股市估值便宜，而且流通性也良好，但是在大选后很多外资因担心动荡所以退出市场，是其他因素也会左右市场表现的最佳例证之一。”
马股今年下半年走势凌厉，创下连续多日突破“历史新高”的壮举，但高估值甚至导致一些外资为马股喊出“脱售”评级。
大型公司上市让综指成分股重新排位，或能促使外资调整投资组合，提高马股走高空间。
针对这点，冯廷秀就说，马股的估值相当昂贵，这多少影响了马股的吸引力，因为外资很可能忽略马股，转而投资其他市场。
本益比15倍
“目前，马股的本益比为15倍，相比之下泰国只有10到11倍，而且外资的投资组合，是以区域性区分，所以当马股估值太高时，他们可能撤离马股转而投入其他区域市场。”
另外，今年综指主要是受到产业及金融领域所推动，但金融股项已经扬升，国行调高法定储备利率（SRR）可能影响了赚幅，限制了马股的上涨空间。
调整投资组合
不过随着大型公司上市，综指成分股会因此洗牌，这有助外资重新调整投资组合。
“他们可能会寻找综指成分股中，不太贵的股项作为投资，购兴重新被点燃，综指也有再升空间。”
然而也有分析员强调，股市整体估值高并不会影响个别公司的IPO价格，只要即将上市的公司认为该价格合理，市场又有需求，认购活动将依然殷切。
朱瑞麒说：“马股现在的价格，比区域昂贵，就此情况分析，当然缺乏了一些吸引力，但是公司在为IPO定价时，仍以个别公司的表现计算，所以大可不必担心会发生因为IPO价格贵
了、投资者却步的情况。”
公司排队挂牌
短短半年内，新上市公司数目直逼去年总数，在大型转型计划及政府减持官联公司股权的情况下，预料还会有更多公司上市。
朱瑞麒相信，经济转型执行方案及官联公司售股情况下，接下来有更多优质公司上市。
此外，官联公司即将上市的子公司，一般市值都非常庞大，有助带动投资者购兴，为市场注入交投与活力。
同时，政府拟减持官联公司股权，不仅可刺激股市流通量，也可能影响大马在区域MSCI及富时指数中权重。
拉昔胡申投资研究的分析员也说：“减持活动已让大马在MSCI新兴市场及亚洲市场的权重，分别增加至3.1%及4.4%。对大马市场而言，综指及大马富时100的走势，则更进一步的仰
赖大资本股，尤其是官联公司的表现。”
新股太多 分散资金
新公司上市虽然让投资者有更多的选择，并刺激交投，但选择太多也许会导致资金分散，反而成为弊端。
冯廷秀说：“马股市值庞大， 但国人的投资金额却没有那么多，所以选择增多，资金就会分散，反而造成资金不够集中的现象，一些公司会因此不受热捧而无人问津。”
非所有新股表现佳
此外，上市公司数目虽多，但不是所有公司都有杰出的表现。
“通常，有两类公司比较容易吸引众人目光；一、专注在特定领域的公司，如世纪软件（CENSOF，5195，主板科技股）、Prestariang；及二、大型上市公司--这类公司很容易吸
引机构投资者的兴趣。”
此外，冯廷秀也提醒，虽然上市公司规模及流通量能吸引海外公司，但这只是海外公司到马投资的部分考量，还有很多的元素需要考虑，这包括了国家的发展潜能、国际经济、股市估
值等，股市需要其他方面配合，才能带动整体购兴。
“以泰国来说，该国的股市估值便宜，而且流通性也良好，但是在大选后很多外资因担心动荡所以退出市场，是其他因素也会左右市场表现的最佳例证之一。”
财女风情：你的财商及格吗？
1999年4月，美国房地产和小型公司投资人罗伯特．T．清崎和注册会计师、资深经理和咨询专家莎伦．L．莱希特两人合着了《富爸爸，穷爸爸》一书。这也首次提出了财商（Financial Intelligence Quotient，简写成FQ）概念，轰动了全美和世界。
财商并不仅是人们现实的唯一能健康发展的智能，而且是人为观念和智能中的一种，当然是非常重要的一种。
财商是一个人最需要的能力，也是最被人们忽略的能力；财商不是孤立的，而是与人的其他智慧和能力密切相关的。
成功=智商+情商+财商
●智商(IQ)：是智力年龄除以生理年龄的商数，智力年龄是通过特定的问卷等测评系统检测出来的。智商反映了一个人的观察力、记忆力、思维力、想象力、创造力等。●情商
(EQ)：也称情绪智力，它不像智商那样代表一个具体的算术商数，它只是相对地指情绪控制能力。具体地讲，情商包括五种能力：自我认识能力、情绪管理能力、自我激励能力、了
解他人的能力和成功社交能力。●财商(FQ)：财商是指一个人在财务方面的智力，是理财的智慧，是能够深刻认识金钱的规律、懂得灵活运用金钱、让金钱为我们服务的智慧。
财商这个概念已有经一段时间了，但是了解的人不是很多。
缺一不可
财商是与智商、情商并列的现代社会能力三大不可或缺的素质。
可以这样的理解，智商反映人作为，一般生物的生存能力；情商反映人作为，社会生物的生存能力；而财商则是人作为经济人在经济社会中的生存能力。
三者的关系相辅相成，缺一不可。
现实生活 ，人和人之间没有多大的差别，为什么有的人富有，有的人贫穷？问题出在哪里？
人们最初认为“智商”决定了一个能否富有；后来发现仅仅因为有了智商也并不一定富有，于是人们开始研究“情商”。
可是在经济主导型社会，又发现既使智商高、情商高但仍然有人辛苦过一生，于是又把目光对准了人创造财富智慧能力的不同，那就是──财商。
可以说，对于个人，智商、情商、财商都很重要，可是影响一个人财富的，最重要的还是财商。
能给我们一生幸福生活提供物质保障的，那就是财富，而财富又来源于我们个人创造的财富能力，这个能力就是财商，人人都需要很好的财商，更需要用财商利用好智商、情商，创造更多的财富。
财商=智慧+行动
财商由两部分组成：智慧+行动。
这个概念里发现这个能力是有两部分组成，一部分是创造财富的“智慧”，一个是创造财富的“行动”，两者缺一不可。
仅仅有智慧，但是没用行动，仍然无法转化为财富，仅仅说明你有个很聪明的想法而已。
可如果没有这种“智慧”，而盲目的行动，一样不能创造财富，只能说明你很勤劳而已。
善用储蓄法
懂赚钱、懂花钱、懂理财，这样的人才算得上“高财商”，但善用储蓄法更能帮你迅速累积财富。
美国《华尔街日报》专栏作家Jeff Opdyke指出，个人理财的技巧，在于重新认识你的理财角度和态度，只要善次运用个人“财商”，灵巧地掌握理财窍门，寻找到适合自己的方法，
并以家庭财务为基础进行实践便成。
财富无处不在，只有挖掘财富之门的大脑智慧──财商，才是你生命中的点金术，再加上你的行动，就会变成财富了。
财商与赚钱能力无关
我们从小学到大学毕业，所有的老师都很少甚至忌讳在课堂提到有关“钱”的话题。
整个学生时代，我们拼的更多的是智商和努力，而当我们有一天走入社会，却发现生活因为“钱”而如此辛累。
这就是我们教育体系的一个盲区，这个盲区忘了给学生提供财商教育。
老师和家长一直认为“钱”太世俗而忽视了教导孩子正确的理财观，不仅让孩子丢失了“财商”，自己也为生活离不开钱的现实而烦恼，于是便不断希望通过努力工作来改善生活，然而
却又因为欲望、物价、动荡、变化而感到更辛苦和不安。
个人财商如何，与你能赚多少钱没有太大关系，财商高低是测算你如何运用自己的钱和财富为自己带来幸福生活指标。
简单地说就是：如果随着年龄增大，你手中的金钱能够不断地给你买回更多的自由、幸福、健康和人生选择的话，那就意味着你的财商在增加。
反之，如果你很有钱，但整天生活在想赚取更多钱或想着如何保住现有的财富而处于紧张与痛苦的生活状态，那就说明你的财商不足。
罗凤琴 金融系硕士/ 合格财务规划师/ 认证财务规划师/ 益资利投资银行经纪
http://www.nanyang.com.my/node/370985?tid=687
财商并不仅是人们现实的唯一能健康发展的智能，而且是人为观念和智能中的一种，当然是非常重要的一种。
财商是一个人最需要的能力，也是最被人们忽略的能力；财商不是孤立的，而是与人的其他智慧和能力密切相关的。
成功=智商+情商+财商
●智商(IQ)：是智力年龄除以生理年龄的商数，智力年龄是通过特定的问卷等测评系统检测出来的。智商反映了一个人的观察力、记忆力、思维力、想象力、创造力等。●情商
(EQ)：也称情绪智力，它不像智商那样代表一个具体的算术商数，它只是相对地指情绪控制能力。具体地讲，情商包括五种能力：自我认识能力、情绪管理能力、自我激励能力、了
解他人的能力和成功社交能力。●财商(FQ)：财商是指一个人在财务方面的智力，是理财的智慧，是能够深刻认识金钱的规律、懂得灵活运用金钱、让金钱为我们服务的智慧。
财商这个概念已有经一段时间了，但是了解的人不是很多。
缺一不可
财商是与智商、情商并列的现代社会能力三大不可或缺的素质。
可以这样的理解，智商反映人作为，一般生物的生存能力；情商反映人作为，社会生物的生存能力；而财商则是人作为经济人在经济社会中的生存能力。
三者的关系相辅相成，缺一不可。
现实生活 ，人和人之间没有多大的差别，为什么有的人富有，有的人贫穷？问题出在哪里？
人们最初认为“智商”决定了一个能否富有；后来发现仅仅因为有了智商也并不一定富有，于是人们开始研究“情商”。
可是在经济主导型社会，又发现既使智商高、情商高但仍然有人辛苦过一生，于是又把目光对准了人创造财富智慧能力的不同，那就是──财商。
可以说，对于个人，智商、情商、财商都很重要，可是影响一个人财富的，最重要的还是财商。
能给我们一生幸福生活提供物质保障的，那就是财富，而财富又来源于我们个人创造的财富能力，这个能力就是财商，人人都需要很好的财商，更需要用财商利用好智商、情商，创造更多的财富。
财商=智慧+行动
财商由两部分组成：智慧+行动。
这个概念里发现这个能力是有两部分组成，一部分是创造财富的“智慧”，一个是创造财富的“行动”，两者缺一不可。
仅仅有智慧，但是没用行动，仍然无法转化为财富，仅仅说明你有个很聪明的想法而已。
可如果没有这种“智慧”，而盲目的行动，一样不能创造财富，只能说明你很勤劳而已。
善用储蓄法
懂赚钱、懂花钱、懂理财，这样的人才算得上“高财商”，但善用储蓄法更能帮你迅速累积财富。
美国《华尔街日报》专栏作家Jeff Opdyke指出，个人理财的技巧，在于重新认识你的理财角度和态度，只要善次运用个人“财商”，灵巧地掌握理财窍门，寻找到适合自己的方法，
并以家庭财务为基础进行实践便成。
财富无处不在，只有挖掘财富之门的大脑智慧──财商，才是你生命中的点金术，再加上你的行动，就会变成财富了。
财商与赚钱能力无关
我们从小学到大学毕业，所有的老师都很少甚至忌讳在课堂提到有关“钱”的话题。
整个学生时代，我们拼的更多的是智商和努力，而当我们有一天走入社会，却发现生活因为“钱”而如此辛累。
这就是我们教育体系的一个盲区，这个盲区忘了给学生提供财商教育。
老师和家长一直认为“钱”太世俗而忽视了教导孩子正确的理财观，不仅让孩子丢失了“财商”，自己也为生活离不开钱的现实而烦恼，于是便不断希望通过努力工作来改善生活，然而
却又因为欲望、物价、动荡、变化而感到更辛苦和不安。
个人财商如何，与你能赚多少钱没有太大关系，财商高低是测算你如何运用自己的钱和财富为自己带来幸福生活指标。
简单地说就是：如果随着年龄增大，你手中的金钱能够不断地给你买回更多的自由、幸福、健康和人生选择的话，那就意味着你的财商在增加。
反之，如果你很有钱，但整天生活在想赚取更多钱或想着如何保住现有的财富而处于紧张与痛苦的生活状态，那就说明你的财商不足。
罗凤琴 金融系硕士/ 合格财务规划师/ 认证财务规划师/ 益资利投资银行经纪
http://www.nanyang.com.my/node/370985?tid=687
雄才大略：节流还不够 开源才稳当！
国际著名机构《经济学人》旗下的著名智库（EIU）最近展开的一项“全球最贵城市”调查显示，吉隆坡过去两年的生活费飙涨25%，显示在过去几年通货膨胀下，首都人的日子越来越难过。
根据该报告，吉隆坡的生活费用指数从2009年6月的67点，于今年6月骤增至82点，前后涨幅高达22%。这也令隆市在该调查的排名从去年6月的101名，跃升至今年的86名。
该调查是以美国纽约为标竿，对全球140座城市展开调查，调查范畴多达160个，涵盖食品、厕所用具、衣物、交通、水电等价格或收费。
另一边厢，美国美世公司（Mercer）针对全球214座城市生活费展开的“2011年全球生活成本”调查却显示，吉隆坡的生活成本排名仅落在第104位，属于生活费用中等水平的城市。
房产食品价高涨
这项调查涵盖了全球五大洲，衡量了各地200多个项目的相对成本，包括住房、交通、食品、服务、家居用品及娱乐等。
同样是调查生活费，为何吉隆坡在两者的排名有明显落差？根据智库的调查，吉隆坡生活费飙升，主要是房地产和食品价格高涨。
但同样的，美世公司的调查涵盖范围也大同小异，而且该调查中排名上升的城市，主因都是房地产价格飙涨。这是否表示，后者的调查，隆市房地产价格的涨幅不大，还是远远不如其他大城市？
收入追不上通胀
我想这不是重点，重点在于住在吉隆坡的市民，甚至整个巴生谷的人民，该如何设法开源节流，应对今后预料持续高企不下的生活费。而且不仅是吉隆坡或巴生谷，国内其他大城市如新山、槟城的生活费也越来越高。
根据人力资源部副部长玛兹娜，过去10年本地员工的年均薪金涨幅只有区区2.6%，比例偏低于先进高昂的生活水平不成正比。
该调查也显示，国内33%的员工月薪少过700令吉，属于赤贫水平。
大马人收入增长远远追不上通货膨胀率，每月收入绝大部分已被不断增加的生活费吞噬，甚至入不敷出，这是大家都感同身受的事实。
房屋价格高涨，许多中产阶级都买不起房子也是不争的事实，许多国人也在担心，他们的下一代能否拥有房子都已成为疑问。
量入为出，并作好储蓄应付未来之需，是每个人都必须有的理财美德，但在百货不断通胀，生活费不断提高的背景下，除了节流，只有主动积极的开源才是应对之策。
政府长期补贴政策造成一些东西卖的太便宜，使企业的盈利下降，或是本地员工加薪幅度长期偏低的主因之一，但对打工一族来说，老板要加薪多少，不是自己能掌控的，唯有设法提高技能、生产力和工作表现绩效，提升自己增加收入的能力才最实际。
一名企业家告诉我：“如果有两名应征者来面试，一个要求3000令吉薪金，但只懂得说两种语言，而另一个要求4000令吉月薪，但却良好运用三种语言，而且拥有多种工作技能，可以胜任相等于两三个人的工作，我宁可每月支付多1000令吉聘请后者。
道理很简单，我只需请一人，不必多付另外两笔3000元请多两个啊！”
除了设法提高技能和生产力，或自我提升让自己能同时拥有多种工作技能，争取加班、趁工余赚取外快，甚至兼职做两三分工，早已是部分城市人生活的一部分，而可以预见，将来也越来越多人加入这行列。
无法兼职或长期加班者，也许可以应用高科技，在网上做些生意，说不定将来也可闯出一片春天来呢！
http://www.nanyang.com.my/node/369570?tid=687
根据该报告，吉隆坡的生活费用指数从2009年6月的67点，于今年6月骤增至82点，前后涨幅高达22%。这也令隆市在该调查的排名从去年6月的101名，跃升至今年的86名。
该调查是以美国纽约为标竿，对全球140座城市展开调查，调查范畴多达160个，涵盖食品、厕所用具、衣物、交通、水电等价格或收费。
另一边厢，美国美世公司（Mercer）针对全球214座城市生活费展开的“2011年全球生活成本”调查却显示，吉隆坡的生活成本排名仅落在第104位，属于生活费用中等水平的城市。
房产食品价高涨
这项调查涵盖了全球五大洲，衡量了各地200多个项目的相对成本，包括住房、交通、食品、服务、家居用品及娱乐等。
同样是调查生活费，为何吉隆坡在两者的排名有明显落差？根据智库的调查，吉隆坡生活费飙升，主要是房地产和食品价格高涨。
但同样的，美世公司的调查涵盖范围也大同小异，而且该调查中排名上升的城市，主因都是房地产价格飙涨。这是否表示，后者的调查，隆市房地产价格的涨幅不大，还是远远不如其他大城市？
收入追不上通胀
我想这不是重点，重点在于住在吉隆坡的市民，甚至整个巴生谷的人民，该如何设法开源节流，应对今后预料持续高企不下的生活费。而且不仅是吉隆坡或巴生谷，国内其他大城市如新山、槟城的生活费也越来越高。
根据人力资源部副部长玛兹娜，过去10年本地员工的年均薪金涨幅只有区区2.6%，比例偏低于先进高昂的生活水平不成正比。
该调查也显示，国内33%的员工月薪少过700令吉，属于赤贫水平。
大马人收入增长远远追不上通货膨胀率，每月收入绝大部分已被不断增加的生活费吞噬，甚至入不敷出，这是大家都感同身受的事实。
房屋价格高涨，许多中产阶级都买不起房子也是不争的事实，许多国人也在担心，他们的下一代能否拥有房子都已成为疑问。
量入为出，并作好储蓄应付未来之需，是每个人都必须有的理财美德，但在百货不断通胀，生活费不断提高的背景下，除了节流，只有主动积极的开源才是应对之策。
政府长期补贴政策造成一些东西卖的太便宜，使企业的盈利下降，或是本地员工加薪幅度长期偏低的主因之一，但对打工一族来说，老板要加薪多少，不是自己能掌控的，唯有设法提高技能、生产力和工作表现绩效，提升自己增加收入的能力才最实际。
一名企业家告诉我：“如果有两名应征者来面试，一个要求3000令吉薪金，但只懂得说两种语言，而另一个要求4000令吉月薪，但却良好运用三种语言，而且拥有多种工作技能，可以胜任相等于两三个人的工作，我宁可每月支付多1000令吉聘请后者。
道理很简单，我只需请一人，不必多付另外两笔3000元请多两个啊！”
除了设法提高技能和生产力，或自我提升让自己能同时拥有多种工作技能，争取加班、趁工余赚取外快，甚至兼职做两三分工，早已是部分城市人生活的一部分，而可以预见，将来也越来越多人加入这行列。
无法兼职或长期加班者，也许可以应用高科技，在网上做些生意，说不定将来也可闯出一片春天来呢！
http://www.nanyang.com.my/node/369570?tid=687
玉楼金阙：保留良好准则●陈金阙
在证券委员会举办的资金市场五年大蓝图讨论会当中，有两个建议是让笔者听有点失望和迷惘的，不晓得所谓的“收集意见”，对象是那些德高望重的企业家、大股东、基金经理和分析员，还是大众、小股东、市井良民？
从最原始的合作模式来分析，大股东和小股东应该是有共同的利益，彼此互相扶持。
但大股东因大权在握，掌控了第一手资讯，往往比小股东更能知道公司未来的发展，下一步做出部署；而小股东除了有权力出席股东大会，行使投票权以外，其对公司的认知能力，不会优于一般大众，资讯方面，往往只能从公司发出的文告里寻找。
因此，关心公司的股东们，无不时时关注公司有甚么重要消息宣布，其中一个重要的资讯来源，就是公司每个季度的业务报告。
说到这个季度报告，笔者觉得相当自豪。
我国是首个要求上市公司、按每个季度提呈报告于交易所的国家，比起一些先进国家，至今仍未有此行动，它们该感到汗颜。
请原谅笔者不是会计师，不能了解每三个月准备报告是多么困难的事。
笔者只知道，做为一个关心业务发展的股东，每天登陆交易所网站查询公司最新进展已成为习惯；每三个月阅览公司业绩更是不可或缺的精神支撑：有甚么比早一步知道公司业务更重要呢？
季度报告应保留
从讨论会中，得知公司董事为准备这报告而疲于奔命，甚至以“没有意义”来形容它，深为劳苦功高的董事感到同情，百忙之余还要为这“没有意义”的东西开会；却也为如此不负责任的董事感到痛心，试问您一年开几次董事会议？
每三个月来聚一聚，了解公司进展不是挺好的吗？
这让我想到很多股东大会的议程，都是由大股东决策，例必通过的，那么提出来讨论，是否也浪费大家的时间，没甚么意义呀？难不成大股东太无聊了，来消遣一下自己？
到底季度报告，是否有展示的必要呢？站在小股东的立场，我认为是有绝对必要的。
我们小股东，平时已经很少机会知道公司业务进展，如今连这三个月一次的机会都被剥夺，在投资决策方面，肯定更陷于不利之地。
我们要抛出的第二个问题是，不公布季度报告，公司是否就不必准备报告了？答案是否定的。
那多做一个步骤，把它放上网，需要很困难的程序吗？那么最后一个问题，1999年推行至今，有没有公司做不到每个季度呈报这个要求？
答案是，还在挂牌的，从来没有。办不到的，公司业务必然出了问题，除牌或停牌很久已矣。
树良好准则不易
所以，唯有给予适当的压力，我们才能有所表现。推行了12年，业者早已适应，如今当局稍开偷懒之门，立刻引来逐臭之夫，须知，树立良好的行动准则不易，十年只可谓小有成就；败坏一个道德守则，三个月，不，三天就够了。
季度报告一废除，当权股东、基金经理，莫不喜上眉稍，第一手消息，已俨然成为囊中之物，无须尔等升斗小民分享。
至于提及要把半年业绩和一年业绩报告时限缩短成45天和2个月（目前为60天和6个月），市场的冷淡反应就如我们升斗小民预料中事，极尽揶揄所能。
我国前朝既然树立了每季业绩呈报的良好传统，今人何忍悔之？再举一铁证，国家的成长报告，有够复杂吗？再怎么复杂，国家可有意弃之，转为每半年呈报一次？与国家每季成长报告相比，阁下的公司可会更复杂？
如贪图个人之便，摧毁交易所的良好守则，为小股东制造诸多不便，希望阁下还是将公司下市，闭起门来自己爽，年年都不用呈报也没人投诉你。
●陈金阙 专业财务规划师
http://www.nanyang.com.my/node/369562?tid=687
从最原始的合作模式来分析，大股东和小股东应该是有共同的利益，彼此互相扶持。
但大股东因大权在握，掌控了第一手资讯，往往比小股东更能知道公司未来的发展，下一步做出部署；而小股东除了有权力出席股东大会，行使投票权以外，其对公司的认知能力，不会优于一般大众，资讯方面，往往只能从公司发出的文告里寻找。
因此，关心公司的股东们，无不时时关注公司有甚么重要消息宣布，其中一个重要的资讯来源，就是公司每个季度的业务报告。
说到这个季度报告，笔者觉得相当自豪。
我国是首个要求上市公司、按每个季度提呈报告于交易所的国家，比起一些先进国家，至今仍未有此行动，它们该感到汗颜。
请原谅笔者不是会计师，不能了解每三个月准备报告是多么困难的事。
笔者只知道，做为一个关心业务发展的股东，每天登陆交易所网站查询公司最新进展已成为习惯；每三个月阅览公司业绩更是不可或缺的精神支撑：有甚么比早一步知道公司业务更重要呢？
季度报告应保留
从讨论会中，得知公司董事为准备这报告而疲于奔命，甚至以“没有意义”来形容它，深为劳苦功高的董事感到同情，百忙之余还要为这“没有意义”的东西开会；却也为如此不负责任的董事感到痛心，试问您一年开几次董事会议？
每三个月来聚一聚，了解公司进展不是挺好的吗？
这让我想到很多股东大会的议程，都是由大股东决策，例必通过的，那么提出来讨论，是否也浪费大家的时间，没甚么意义呀？难不成大股东太无聊了，来消遣一下自己？
到底季度报告，是否有展示的必要呢？站在小股东的立场，我认为是有绝对必要的。
我们小股东，平时已经很少机会知道公司业务进展，如今连这三个月一次的机会都被剥夺，在投资决策方面，肯定更陷于不利之地。
我们要抛出的第二个问题是，不公布季度报告，公司是否就不必准备报告了？答案是否定的。
那多做一个步骤，把它放上网，需要很困难的程序吗？那么最后一个问题，1999年推行至今，有没有公司做不到每个季度呈报这个要求？
答案是，还在挂牌的，从来没有。办不到的，公司业务必然出了问题，除牌或停牌很久已矣。
树良好准则不易
所以，唯有给予适当的压力，我们才能有所表现。推行了12年，业者早已适应，如今当局稍开偷懒之门，立刻引来逐臭之夫，须知，树立良好的行动准则不易，十年只可谓小有成就；败坏一个道德守则，三个月，不，三天就够了。
季度报告一废除，当权股东、基金经理，莫不喜上眉稍，第一手消息，已俨然成为囊中之物，无须尔等升斗小民分享。
至于提及要把半年业绩和一年业绩报告时限缩短成45天和2个月（目前为60天和6个月），市场的冷淡反应就如我们升斗小民预料中事，极尽揶揄所能。
我国前朝既然树立了每季业绩呈报的良好传统，今人何忍悔之？再举一铁证，国家的成长报告，有够复杂吗？再怎么复杂，国家可有意弃之，转为每半年呈报一次？与国家每季成长报告相比，阁下的公司可会更复杂？
如贪图个人之便，摧毁交易所的良好守则，为小股东制造诸多不便，希望阁下还是将公司下市，闭起门来自己爽，年年都不用呈报也没人投诉你。
●陈金阙 专业财务规划师
http://www.nanyang.com.my/node/369562?tid=687
谈古纳今：只要结婚 不要负债●古纳西卡兰
智者有云，当你打算结婚时，必须警惕债务是否也会毫无必要地随着攀升，确保这段联姻有个美好的开始。
很不幸的是，建议中并且将成为我国最大的石油与天然气合并计划，并非如此。
沙布拉石油（SAPCRES，8575，主板贸服股）和肯油企业（Kencana，5122，主板贸服股）合并的建议，被标榜为另外一个“协作动力”（Synergy Drive），后者多年前的大合并，组成扩大后的森那美（SIME）。不过，两者之间有个重大的区别。
“协作动力”涉及的纯粹是股票交换，然而，最新的合并建议则涉及了巨额的现金成分，导致这个交易更加不同与复杂，也许还会创下另外一个第一。
承受巨额债务
的确，这宗合并交易可以创造营运上的协作效益以及更大的规模，包括了更大的营运范围，有助于取得新合约，包括了勘探小型油田，不过，现金的支付将招来沉重的债务压力。
因此，这引发了市场的诸多疑问，这宗交易计划能否设计得更好？不但可以创造业务优势，也能够维持账目上的实力，好让合并后的集团有足够的财力攫取新机会。
实际上，合并后的集团将会承受巨额的债务，主要是为了支付现金给沙布拉石油和肯油企业的股东，这导致债务将从过去的小数目，膨胀至16.2亿令吉。
实际上，合并后的集团需要借贷至少16.2亿令吉来支付现金给股东，让两家公司合并，这几乎相等于借钱派股息那样，这不是有效的营运方式。
这个合并计划的机制，是一家2令吉的特殊用途公司——Integral Key私人有限公司，收购沙布拉石油以及肯油企业的所有资产与债务，收购价格分别是59亿令吉和60亿令吉。
对于沙布拉石油来说，股东将会收到25亿股Integral Key的新股，每股价值2令吉，以及总值8.75亿令吉的现金；对于肯油企业来说，股东将会收到25亿股Integral Key的新股，以及总值9.69亿令吉的现金。支付的现金总额为18.4亿令吉。
沙布拉石油的大股东，是总裁兼总执行长拿督沙里尔的投资臂膀沙布拉科技有限公司（持股40.1%），它将会收到3.51亿令吉的现金。
相同的，肯油企业的大股东，即总执行长拿督莫扎尼，他将透过投资臂膀Khasera Baru私人有限公司（持股32.4%），获得3.14亿令吉。
财务实力削弱
由于合并后的集团只有约2.2亿令吉的净现金，因此，为了支付现金给沙布拉石油以及肯油企业的股东，合并后的集团的债务，将会飙升到至少16.2亿令吉的水平。
假设16.2亿令吉债务的利率为8%，这笔债务每年的利息开销将达1.3亿令吉，若根据个别公司最新的全年业绩为基础，利息开销相等于合并后3.70亿令吉净利的三分之一。
因此，从账目的角度衡量，支付现金的做法不但削弱了合并后集团的财务实力，也令损益表承受压力。这将限制该公司未来在油气业务上进一步扩充（包括了高成本、高风险的小型油田计划）的融资能力。
如果是为了合并后集团的利益，最好的做法是根据大家同意的估值再做换股，没有涉及现金支付，也不会有额外的债务。
合并后恐陷不利地位
目前，有些分析员吹嘘说现金支付是合并计划的“甜头”，然而，这种说辞是经不起考验的，因为要一家公司以8%的利率举债，仅仅只是为了支付现金给股东，这种做法是毫无意义的。
除非是拥有多余的现金，然而很清楚的是，目前的情况并非如此。
这就引出一个问题：为什么要设计这样的合并计划？可能的答案或许是，大股东要在合并成为更大、回酬更多，当然，承受的风险也更高之前，先从之前的投资里取回一些现金。
而吊诡的是，这种做法已经把合并后的集团陷入不利的地位，如果是纯粹换股，情况则会不一样。
只要稍微调整一下，仍然可以让大股东获得大部分他所想要的。透过纯粹换股，不涉及现金。如果有大股东需要现金，把股票配售即可。
这个方式，仅会稍微稀释了大股东的股权，而不会对合并后集团的财务实力构成任何影响，与此同时，可以吸引更广泛的股东，包括了机构投资者。
沙布拉石油和肯油企业合并，已经有够多的问题需要解决，例如营运整合与磨合，这一关是大部分合并计划皆失手的地方。
其实，很容易就能够避免陷入债台高筑的窘境，就像合并后重新启航一样。
很不幸的是，建议中并且将成为我国最大的石油与天然气合并计划，并非如此。
沙布拉石油（SAPCRES，8575，主板贸服股）和肯油企业（Kencana，5122，主板贸服股）合并的建议，被标榜为另外一个“协作动力”（Synergy Drive），后者多年前的大合并，组成扩大后的森那美（SIME）。不过，两者之间有个重大的区别。
“协作动力”涉及的纯粹是股票交换，然而，最新的合并建议则涉及了巨额的现金成分，导致这个交易更加不同与复杂，也许还会创下另外一个第一。
承受巨额债务
的确，这宗合并交易可以创造营运上的协作效益以及更大的规模，包括了更大的营运范围，有助于取得新合约，包括了勘探小型油田，不过，现金的支付将招来沉重的债务压力。
因此，这引发了市场的诸多疑问，这宗交易计划能否设计得更好？不但可以创造业务优势，也能够维持账目上的实力，好让合并后的集团有足够的财力攫取新机会。
实际上，合并后的集团将会承受巨额的债务，主要是为了支付现金给沙布拉石油和肯油企业的股东，这导致债务将从过去的小数目，膨胀至16.2亿令吉。
实际上，合并后的集团需要借贷至少16.2亿令吉来支付现金给股东，让两家公司合并，这几乎相等于借钱派股息那样，这不是有效的营运方式。
这个合并计划的机制，是一家2令吉的特殊用途公司——Integral Key私人有限公司，收购沙布拉石油以及肯油企业的所有资产与债务，收购价格分别是59亿令吉和60亿令吉。
对于沙布拉石油来说，股东将会收到25亿股Integral Key的新股，每股价值2令吉，以及总值8.75亿令吉的现金；对于肯油企业来说，股东将会收到25亿股Integral Key的新股，以及总值9.69亿令吉的现金。支付的现金总额为18.4亿令吉。
沙布拉石油的大股东，是总裁兼总执行长拿督沙里尔的投资臂膀沙布拉科技有限公司（持股40.1%），它将会收到3.51亿令吉的现金。
相同的，肯油企业的大股东，即总执行长拿督莫扎尼，他将透过投资臂膀Khasera Baru私人有限公司（持股32.4%），获得3.14亿令吉。
财务实力削弱
由于合并后的集团只有约2.2亿令吉的净现金，因此，为了支付现金给沙布拉石油以及肯油企业的股东，合并后的集团的债务，将会飙升到至少16.2亿令吉的水平。
假设16.2亿令吉债务的利率为8%，这笔债务每年的利息开销将达1.3亿令吉，若根据个别公司最新的全年业绩为基础，利息开销相等于合并后3.70亿令吉净利的三分之一。
因此，从账目的角度衡量，支付现金的做法不但削弱了合并后集团的财务实力，也令损益表承受压力。这将限制该公司未来在油气业务上进一步扩充（包括了高成本、高风险的小型油田计划）的融资能力。
如果是为了合并后集团的利益，最好的做法是根据大家同意的估值再做换股，没有涉及现金支付，也不会有额外的债务。
合并后恐陷不利地位
目前，有些分析员吹嘘说现金支付是合并计划的“甜头”，然而，这种说辞是经不起考验的，因为要一家公司以8%的利率举债，仅仅只是为了支付现金给股东，这种做法是毫无意义的。
除非是拥有多余的现金，然而很清楚的是，目前的情况并非如此。
这就引出一个问题：为什么要设计这样的合并计划？可能的答案或许是，大股东要在合并成为更大、回酬更多，当然，承受的风险也更高之前，先从之前的投资里取回一些现金。
而吊诡的是，这种做法已经把合并后的集团陷入不利的地位，如果是纯粹换股，情况则会不一样。
只要稍微调整一下，仍然可以让大股东获得大部分他所想要的。透过纯粹换股，不涉及现金。如果有大股东需要现金，把股票配售即可。
这个方式，仅会稍微稀释了大股东的股权，而不会对合并后集团的财务实力构成任何影响，与此同时，可以吸引更广泛的股东，包括了机构投资者。
沙布拉石油和肯油企业合并，已经有够多的问题需要解决，例如营运整合与磨合，这一关是大部分合并计划皆失手的地方。
其实，很容易就能够避免陷入债台高筑的窘境，就像合并后重新启航一样。
大選或提前‧經濟欠明朗‧野村：馬股風險溢價恐升高
（吉隆坡27日訊）隨近期政治人物放話，大選或年杪舉行，但股市政治風險雖低，卻有升溫現象，更對早已面臨經濟放緩的市場雪上加霜，目前在5年平均點下盤旋的市場風險溢價料隨可能在11月落實的大選進一步走高，令下半年馬股面對顯著下壓。
根據野村股市研究，大馬市場風險溢價（Market risk premium）早在2008年3月大選前走高，308市場風險溢價估計自2007年12月上揚303點，導致馬股當時重挫29%，今年或在11月舉行的大選，市場風險溢價恐與308一樣節節上升，惟市場如何詮釋大選結果將是關鍵。
選民增加
大選結果難測
此外，野村預計，2013年首季的額外合格選民達320萬人，促使總合格選民自2008年提高22%到1千760萬人，若包括258萬註冊卻未在2008年投票的選民，增加人數或達943萬人，該龐大數據難免加劇政府競爭挑戰，同時干擾轉型計劃，主要是執政黨在2008年僅以38萬4千688票取勝。
“選民增加導致大選結果更難以預測，也讓大馬前景更不明確。”野村認為，選民大幅增加下，下個大選料提前進行，為降低風險，首相拿督斯里納吉或在10月7日公佈預算案後數天內宣佈解散國會。
外資悄悄撤離
志必得證券研究主管馮廷秀表示，709後，大馬政治風險確實節節攀漲，外資悄悄撤離與馬股裹足不前已反映該風險。
他以泰國之前大選為例，當泰國宣佈選舉時，外資因潛在暴力風險驚恐撤退，直到大選結果出爐才逐步回巢，同樣的，709突顯大馬雖不至於出現泰國般的血腥事件，卻已流露動盪。
對外資而言，現難以預測政治對馬股的衝擊力，即使經濟成長可期，若資金因政治紛亂大幅撤離股市，勢必拖累馬股下半年走勢。
此外，政治往往左右經濟，大馬經歷前首相敦阿都拉與納吉的“改朝換代”後，政策不明朗也是一大挑戰；值得一提的是，大馬與其他國家一樣，已面臨經濟前景的不明朗，所以，政治風險無疑對大馬經濟雪上加霜。
上探潛力受限下，他對未來12個月的綜指目標為1700點，2011年杪為1650點。
下挫風險有限
馮廷秀相信，馬股下挫風險有限，主要是大馬市場結構不同，大型本地基金，如雇員公積金局的支持，仍有望抵銷外資與散戶卻步的問題。
他直言，牛市已過，領域輪流抬頭風潮也已結束，建議投資者按個股前景投資，並放眼具抗跌性股項，如消費相關股。
野村建議投資者採用保守的抗跌策略，兩大加碼領域為電訊與種植，投資者應避免高貝他與週期性領域。
野村：下半年存下壓隱憂
野村預見，馬股第三與第四季潛存顯著下挫風險，主要是政治風險加劇下的市場風險溢價提高，加上市場或開始反映，2012年國內生產總值動力走疲下盈利潛在放緩跡象。
另外，市場盈利下調與富時綜指表現的“分歧”已持續很長時間，目前漲潮，若自2009年全球金融危機低谷算起，已持續長達122週，創下史上最長的危機後漲潮，漲勢部份歸功於過去一到半年的經濟復甦，並推動市場至歷史新高。
盈利成長放慢
魅力大減
野村提到，過去122週的持續漲勢已推高市場估值，按未來12個月計，馬股以市場盈利14.7倍交易，相對歷史平均13.9倍，馬股顯然較其他區域同儕欠缺吸引力。
“盈利成長放慢與政治風險提高下，目前溢價估值更令馬股魅力大減。”
野村相信第三季下探風險顯著，事實上，次季預測下修風險已大幅提高，歸咎於4至5月的工業生產成長走疲3.4%，相對首季為增長3%。
針對銀行，野村相信，2012年領域貸款成長將自今年13%開始放緩至9%，主要是原產品價上升後回穩，明年淨利息賺幅也將面臨壓力，並挫額外10基點，歸咎於新房貸的較低回酬。
建築領域最受衝擊
最大失望恐怕來自建築領域，儘管市場預見盈利與建築訂單流持續看漲，但野村認為，即使訂單補充短期內改善，未來5年每年活動，相對2007至2010年，可能平均走低8%。
更重要的是，該領域對政治不明朗敏感度更高，2008年3月大選前3個月，金務大（GAMUDA, 5398, 主板建筑組）、怡保工程（IJM, 3336, 主板建筑組）與WCT公司（WCT, 9679, 主板建筑組）落後富時綜指4至7%，選舉結果後3個月，落後高達7至20%。
料陷“中收入陷阱”
次季成長或失動力
另一方面，首季經濟穩健擴張後，次季經濟成長可能逐步喪失動力，部份歸咎於日本地震打擊，除非6月經濟成長顯著反彈，否則次季成長或落後野村按年成長4.7%預期。
轉型動力疲弱
此外，大馬中期上探風險是經濟轉型迅速展開引發的投資漲潮，而轉型動力疲弱或意味大馬無法逃離“中收入陷阱”。
儘管如此，野村相信，原產品價的正面貿易條件效應有望持續帶動收入，並支撐下半年經濟反彈，原產品出口或隨日本重建提高。投資開銷料也隨政府經濟轉型計劃公佈的更多計劃提高。
野村持續預見全年經濟成長5.2%，並在2012年放慢步伐至5.3%，惟基於大馬轉型以突破中收入瓶頸仍是艱鉅挑戰，加上政治展望或再添壓，野村預見2013年經濟成長進一步放緩至5%。
“隨大馬人均國內生產總值仍較大部份東南亞國家高，大馬邁向附加價值‘階梯’更為迫切，但自亞洲金融危機，首季投資佔國內生產總值比重只有20%。”
另外，國家銀行保持隔夜政策利率3%，令市場與野村驚訝，野村相信，全球經濟展望脆弱是國行隱憂，但持續預見國行今年內提高額外25基點，或在9月議息會議中落實。
由於儲備替換比率（RRR）已重返危機前水平4%，野村認為，其上調潛力已受限，相信政策利率是處理通膨壓力的主要工具。
通膨料進一步走高
另外，電費6月上升，加上下半年國內需求重新凝聚動力，野村認為，通膨可能進一步走高。生產者物價也對全球原產品價走勢具敏感度，目前仍面臨價格壓力。
由於大馬是淨石油出口國，油價隨下半年全球成長走高的反彈是上探風險，但全球成長未復甦卻是下探風險。
“大選或帶來進一步的財政成長支撐，但任何執政黨失權的風險將對長期整型帶來負面影響。”（星洲日報／財經）
European Stocks Decline for Third Day After Clariant, Merck Miss Estimates
European stocks fell for a third day as earnings from Clariant AG (CLN) to Merck KGaA (MRK) missed estimates and U.S. politicians wrangled over the nation’s debt limit. U.S. index futures and Asian shares were little changed.
Clariant, a Swiss chemical maker, plunged 13 percent. Merck, Germany’s second-biggest drugmaker, dropped 5.2 percent as it reported an unexpected loss. PSA Peugeot Citroen tumbled 8.3 percent after saying its automotive division may post a second-half loss. Banco Santander SA (SAN) led financial shares lower after Spain’s biggest bank said profit declined as Spanish loan provisions surged.
The Stoxx Europe 600 Index slid 0.5 percent to 268.74 at 11:35 a.m. in London. The gauge has retreated 7.7 percent from this year’s high in February amid concern that Europe’s fiscal crisis will derail the economic recovery and speculation that U.S. lawmakers will fail to agree on increasing the nation’s debt ceiling by next week’s deadline.
“The earnings season has revealed that weakness in the global economy remains,” Philippe Gijsels, the head of research at BNP Paribas Fortis Global Markets, said in a phone interview from Brussels. “There have been some misses in terms of guidance and this shows us we’re in a mid-cycle slowdown with companies being held hostage by economic conditions.”
The MSCI Asia Pacific Index rose less than 0.1 percent today, while futures contracts on the Standard & Poor’s 500 Index fell less than 0.1 percent.
U.S. Rating
Moody’s Investors Service, Standard & Poor’s and Fitch Ratings have said they may cut the U.S.’s top-level sovereign rating if officials fail to resolve the stalemate on the $14.3 trillion borrowing ceiling. The government needs to boost the cap by Aug. 2 so it can keep paying its bills, according to the Treasury Department.
“The likelihood of a U.S. sovereign-rating downgrade is around 50 percent,” Andrew Garthwaite, the London-based head of global equity strategy at Credit Suisse Group AG, wrote in a report to clients today. “If there is no increase in the debt ceiling for a prolonged period -- say 3 months -- with no agreement in sight, we believe stock markets could easily fall 15 percent.” He predicted that an agreement will be made to raise the debt limit before next week’s deadline passes.
Profit has missed estimates by an average of 3 percent for companies in the Stoxx 600 that have reported results since July 11, according to data compiled by Bloomberg. That compares with an average 7.4 percent beat for S&P 500 members in the same period, the data show.
Clariant, Merck
Clariant plunged 13 percent to 13.39 Swiss francs. Second- quarter earnings before interest, taxes, depreciation and amortization declined to 241 million francs ($301 million) from 264 million francs, the Muttenz, Switzerland-based company said. JPMorgan Chase & Co. analysts had predicted 293 million francs.
Merck unexpectedly reported a second-quarter loss and cut its forecast for full-year operating profit. The Darmstadt, Germany-based company had a loss of 84 million euros ($122 million) in the quarter, compared with net income of 187 million euros a year earlier, and said operating profit will be about 1 billion euros this year due to one-time adjustments. The stock sank 5.2 percent to 73.45 euros.
Peugeot lost 8.3 percent to 27.04 euros after Europe’s second-largest carmaker abandoned a goal of increasing second- half earnings at the automotive division.
Banks Drop
Bank stocks posted the largest decline among 19 industry groups on the Stoxx 600.
Santander retreated 2.9 percent to 7.36 euros as second- quarter profit dropped 38 percent after Spanish loan provisions surged and it set aside funds for customers mis-sold personal- loan insurance in the U.K.
UniCredit SpA (UCG), Italy’s largest bank, slid 4.2 percent to 1.23 euros. Lloyds Banking Group Plc (LLOY) declined 3.8 percent to 43.45 pence.
Meda AB (MEDAA) rallied 7.2 percent to 76.15 kronor as two people with knowledge of the matter said Valeant Pharmaceuticals International Inc. approached the Swedish company about a takeover. The approach was informal and may not lead to a deal, said one of the people, who declined to be identified because the situation is private.
Provident Financial Plc climbed 8.5 percent to 1,116 pence after the U.K.’s biggest publicly traded subprime lender posted first-half profit that beat analyst estimates as bad loans declined.
Clariant, a Swiss chemical maker, plunged 13 percent. Merck, Germany’s second-biggest drugmaker, dropped 5.2 percent as it reported an unexpected loss. PSA Peugeot Citroen tumbled 8.3 percent after saying its automotive division may post a second-half loss. Banco Santander SA (SAN) led financial shares lower after Spain’s biggest bank said profit declined as Spanish loan provisions surged.
The Stoxx Europe 600 Index slid 0.5 percent to 268.74 at 11:35 a.m. in London. The gauge has retreated 7.7 percent from this year’s high in February amid concern that Europe’s fiscal crisis will derail the economic recovery and speculation that U.S. lawmakers will fail to agree on increasing the nation’s debt ceiling by next week’s deadline.
“The earnings season has revealed that weakness in the global economy remains,” Philippe Gijsels, the head of research at BNP Paribas Fortis Global Markets, said in a phone interview from Brussels. “There have been some misses in terms of guidance and this shows us we’re in a mid-cycle slowdown with companies being held hostage by economic conditions.”
The MSCI Asia Pacific Index rose less than 0.1 percent today, while futures contracts on the Standard & Poor’s 500 Index fell less than 0.1 percent.
U.S. Rating
Moody’s Investors Service, Standard & Poor’s and Fitch Ratings have said they may cut the U.S.’s top-level sovereign rating if officials fail to resolve the stalemate on the $14.3 trillion borrowing ceiling. The government needs to boost the cap by Aug. 2 so it can keep paying its bills, according to the Treasury Department.
“The likelihood of a U.S. sovereign-rating downgrade is around 50 percent,” Andrew Garthwaite, the London-based head of global equity strategy at Credit Suisse Group AG, wrote in a report to clients today. “If there is no increase in the debt ceiling for a prolonged period -- say 3 months -- with no agreement in sight, we believe stock markets could easily fall 15 percent.” He predicted that an agreement will be made to raise the debt limit before next week’s deadline passes.
Profit has missed estimates by an average of 3 percent for companies in the Stoxx 600 that have reported results since July 11, according to data compiled by Bloomberg. That compares with an average 7.4 percent beat for S&P 500 members in the same period, the data show.
Clariant, Merck
Clariant plunged 13 percent to 13.39 Swiss francs. Second- quarter earnings before interest, taxes, depreciation and amortization declined to 241 million francs ($301 million) from 264 million francs, the Muttenz, Switzerland-based company said. JPMorgan Chase & Co. analysts had predicted 293 million francs.
Merck unexpectedly reported a second-quarter loss and cut its forecast for full-year operating profit. The Darmstadt, Germany-based company had a loss of 84 million euros ($122 million) in the quarter, compared with net income of 187 million euros a year earlier, and said operating profit will be about 1 billion euros this year due to one-time adjustments. The stock sank 5.2 percent to 73.45 euros.
Peugeot lost 8.3 percent to 27.04 euros after Europe’s second-largest carmaker abandoned a goal of increasing second- half earnings at the automotive division.
Banks Drop
Bank stocks posted the largest decline among 19 industry groups on the Stoxx 600.
Santander retreated 2.9 percent to 7.36 euros as second- quarter profit dropped 38 percent after Spanish loan provisions surged and it set aside funds for customers mis-sold personal- loan insurance in the U.K.
UniCredit SpA (UCG), Italy’s largest bank, slid 4.2 percent to 1.23 euros. Lloyds Banking Group Plc (LLOY) declined 3.8 percent to 43.45 pence.
Meda AB (MEDAA) rallied 7.2 percent to 76.15 kronor as two people with knowledge of the matter said Valeant Pharmaceuticals International Inc. approached the Swedish company about a takeover. The approach was informal and may not lead to a deal, said one of the people, who declined to be identified because the situation is private.
Provident Financial Plc climbed 8.5 percent to 1,116 pence after the U.K.’s biggest publicly traded subprime lender posted first-half profit that beat analyst estimates as bad loans declined.
Tuesday, July 26, 2011
Debt Ceiling Deadlock: Why the Markets Don’t Seem to Care
The U.S. is inching closer to default, and in Washington the two sides are digging trenches whose depths rival the Mariana Trench. And yet the markets don't seem to care.
Over the weekend, both President Obama and House Speaker John Boehner insisted a deal needed to be completed before the Asian markets opened on Sunday afternoon New York time. Of course, the Asian markets greeted the lack of resolution with a collective shrug, as did the U.S. markets. On Monday, things only got worse, with a day of backbiting culminating in dueling prime-time speeches. And yet on Tuesday morning in New York, stock futures were up (although the market open mixed, with the Dow dragging close to 50 points) and the 10-year bond was trading at 3.00. Does that look like an impending crisis to you?
Many of my colleagues in the financial-political press seem to think we are about to see a repeat of the fall of 2008. Back then, amid market turmoil, the first Congressional vote on the TARP failed. But the horrific market reaction forced Congress to swiftly reconsider. The conventional wisdom holds that market turmoil forced Congress and the White House to bite the bullet and pass necessary, unpopular legislation. The presumption today is that only such market forces —- carnage in the bond market, a crash in the stock market, the hammer of a a credit agency downgrade -- will make Democrats and Republicans come together and strike a deal.
Don't hold your breath.
We're not supposed to say that it is different this time, but it is different this time. The 'markets,' to the degree that they have a mind, seem not to be too troubled by the debt-ceiling brinksmanship. Back in the 1990s, the common notion in Washington, popularized by Clinton adviser Robert Rubin and Federal Reserve Chairman Alan Greenspan, was that the bond market is like a crowd at a Roman gladiator match, signaling approval or disapproval of fiscal policy on a daily basis. But it clearly no longer serves that function.
Despite the hand-wringing about American decline and the constant refrain that the U.S. is the next Greece, the bond markets remain remarkably permissive. The U.S. government is currently borrowing for 10 years at almost exactly 3 percent, an extraordinarily low rate that is within spitting distance of a historic low. Look at the chart from the past six months. The Federal Reserve has stopped buying bonds, the political stalemate has worsened, inflation hasn't disappeared. And yet interest rates are contained. Why? As John Tamny and I discuss in the accompanying video, nobody really believes the U.S. government is going to default, even if it pierces the debt ceiling next week.
Nobody believes that the 10-year and 30-year bonds are not money good — i.e. they won't be paid off on time. This is emphatically not like the Lehman Brothers situation, when the world woke up one Monday and realized that $650 billion in debt was likely to be settled for pennies on the dollar. The government has revenues, and it has plenty of other people to stiff before it stiffs bondholders. In a time of turmoil and crisis, even when the crisis is over whether the government will pay its debts, the U.S. Treasury market is a safe haven. So don't look for it to be the fiscal enforcer.
As for the credit ratings, again, don't hold your breath. It would be an exceedingly bold move for S&P and Moody's to downgrade the U.S. sovereign credit rating. And, generally, these firms only act on sovereign credits after the market has made them look like chumps by driving up interest rates. If there has been a time in history when S&P downgraded a sovereign credit that was borrowing for 10 years at 3 percent, I'm not aware of it. Despite their desire to get ahead of the curve, the ratings agencies won't act until well after the market does.
What about the stock markets? Here, too, people hoping that a swift downdraft will spur action are likely to be disappointed. It's an enduring truism that the Dow and S&P 500, and indeed the global markets, are some barometer of opinion about how the U.S. is doing. That made sense in the late 1990s, when the U.S. represented about one-third of the global economy and its stock markets represented about 50 percent of global stock market capitalization.
While the U.S. is still the world's largest economy, global markets don't care so much about what happens here as they used to. Assuming the debt brinksmanship leads to a slowdown in U.S. growth, it won't put much of a crimp in Asian stock markets. The U.S. today is about 25 or 26 percent of the global economy and, more important, accounts for only a small sliver of the world's growth. As the rest of the world trades more with each other and less with the U.S., America has less ability to impact the trajectory of global growth. And if you believe the markets are rational and constantly factor in known data, well, sluggish U.S. growth and political dysfunction aren't exactly news.
Perhaps it is more surprising that the U.S. stock market has held up well in the face of this brinksmanship. And indeed, it's more likely that effects of a stalemate would be felt in the stock market than the bond market. Why? Huge deficit cuts, and a suspension of delay in the payment of salaries, benefits and entitlements would contribute to a demand shock, slowing growth (good for bonds, bad for stocks.) It could be that stock investors aren't watching cable news 24/7. But here, again, there's a sense that Washington, and even the U.S. economy, matters less and less with each passing day. Consider this: The typical member of the S&P 500 already gets about half of its revenues (and probably most or all of its growth) from overseas. The bigger the company, the less tethered to the U.S. Consider Intel, McDonald's, Coca-Cola, Apple; their earnings reports show that they are being driven by growth overseas.
If Washington is going to act on the debt ceiling and the long-term deficit, it will have to do so out of its own volition and sense of responsibility —- and not because of the savage demands of the credit and stock markets. Get ready for a few more weeks of brinksmanship.
Over the weekend, both President Obama and House Speaker John Boehner insisted a deal needed to be completed before the Asian markets opened on Sunday afternoon New York time. Of course, the Asian markets greeted the lack of resolution with a collective shrug, as did the U.S. markets. On Monday, things only got worse, with a day of backbiting culminating in dueling prime-time speeches. And yet on Tuesday morning in New York, stock futures were up (although the market open mixed, with the Dow dragging close to 50 points) and the 10-year bond was trading at 3.00. Does that look like an impending crisis to you?
Many of my colleagues in the financial-political press seem to think we are about to see a repeat of the fall of 2008. Back then, amid market turmoil, the first Congressional vote on the TARP failed. But the horrific market reaction forced Congress to swiftly reconsider. The conventional wisdom holds that market turmoil forced Congress and the White House to bite the bullet and pass necessary, unpopular legislation. The presumption today is that only such market forces —- carnage in the bond market, a crash in the stock market, the hammer of a a credit agency downgrade -- will make Democrats and Republicans come together and strike a deal.
Don't hold your breath.
We're not supposed to say that it is different this time, but it is different this time. The 'markets,' to the degree that they have a mind, seem not to be too troubled by the debt-ceiling brinksmanship. Back in the 1990s, the common notion in Washington, popularized by Clinton adviser Robert Rubin and Federal Reserve Chairman Alan Greenspan, was that the bond market is like a crowd at a Roman gladiator match, signaling approval or disapproval of fiscal policy on a daily basis. But it clearly no longer serves that function.
Despite the hand-wringing about American decline and the constant refrain that the U.S. is the next Greece, the bond markets remain remarkably permissive. The U.S. government is currently borrowing for 10 years at almost exactly 3 percent, an extraordinarily low rate that is within spitting distance of a historic low. Look at the chart from the past six months. The Federal Reserve has stopped buying bonds, the political stalemate has worsened, inflation hasn't disappeared. And yet interest rates are contained. Why? As John Tamny and I discuss in the accompanying video, nobody really believes the U.S. government is going to default, even if it pierces the debt ceiling next week.
Nobody believes that the 10-year and 30-year bonds are not money good — i.e. they won't be paid off on time. This is emphatically not like the Lehman Brothers situation, when the world woke up one Monday and realized that $650 billion in debt was likely to be settled for pennies on the dollar. The government has revenues, and it has plenty of other people to stiff before it stiffs bondholders. In a time of turmoil and crisis, even when the crisis is over whether the government will pay its debts, the U.S. Treasury market is a safe haven. So don't look for it to be the fiscal enforcer.
As for the credit ratings, again, don't hold your breath. It would be an exceedingly bold move for S&P and Moody's to downgrade the U.S. sovereign credit rating. And, generally, these firms only act on sovereign credits after the market has made them look like chumps by driving up interest rates. If there has been a time in history when S&P downgraded a sovereign credit that was borrowing for 10 years at 3 percent, I'm not aware of it. Despite their desire to get ahead of the curve, the ratings agencies won't act until well after the market does.
What about the stock markets? Here, too, people hoping that a swift downdraft will spur action are likely to be disappointed. It's an enduring truism that the Dow and S&P 500, and indeed the global markets, are some barometer of opinion about how the U.S. is doing. That made sense in the late 1990s, when the U.S. represented about one-third of the global economy and its stock markets represented about 50 percent of global stock market capitalization.
While the U.S. is still the world's largest economy, global markets don't care so much about what happens here as they used to. Assuming the debt brinksmanship leads to a slowdown in U.S. growth, it won't put much of a crimp in Asian stock markets. The U.S. today is about 25 or 26 percent of the global economy and, more important, accounts for only a small sliver of the world's growth. As the rest of the world trades more with each other and less with the U.S., America has less ability to impact the trajectory of global growth. And if you believe the markets are rational and constantly factor in known data, well, sluggish U.S. growth and political dysfunction aren't exactly news.
Perhaps it is more surprising that the U.S. stock market has held up well in the face of this brinksmanship. And indeed, it's more likely that effects of a stalemate would be felt in the stock market than the bond market. Why? Huge deficit cuts, and a suspension of delay in the payment of salaries, benefits and entitlements would contribute to a demand shock, slowing growth (good for bonds, bad for stocks.) It could be that stock investors aren't watching cable news 24/7. But here, again, there's a sense that Washington, and even the U.S. economy, matters less and less with each passing day. Consider this: The typical member of the S&P 500 already gets about half of its revenues (and probably most or all of its growth) from overseas. The bigger the company, the less tethered to the U.S. Consider Intel, McDonald's, Coca-Cola, Apple; their earnings reports show that they are being driven by growth overseas.
If Washington is going to act on the debt ceiling and the long-term deficit, it will have to do so out of its own volition and sense of responsibility —- and not because of the savage demands of the credit and stock markets. Get ready for a few more weeks of brinksmanship.
U.S. Stocks Decline on Debt Concerns, Disappointing Earnings
U.S. stocks fell for a second day amid wrangling between lawmakers over plans to raise the federal debt limit and outlooks from 3M Co. and United Parcel Service Inc. that disappointed investors.
3M lost 4.1 percent, the most in the Dow Jones Industrial Average, after projecting full-year earnings that trailed analysts’ estimates. UPS, the world’s largest package-delivery company, dropped 5.3 percent after saying the third quarter will be “fairly slow.” Industrial shares led losses among seven of the 10 main groups in the Standard & Poor’s 500 Index.
The S&P 500 dropped 0.2 percent to 1,334.69 at 10:55 a.m. in New York. The Dow Jones Industrial Average lost 68.04 points, or 0.5 percent, to 12,524.76. The S&P 500 fell 0.6 percent yesterday as Republicans and Democrats failed to find common ground over an agreement to raise the federal debt limit.
“We have multiple sources of uncertainty, including what’s happening in Washington with the debt ceiling,” Mark Freeman, co-chief investment officer at Westwood Management Corp. in Dallas, said in a telephone interview. His firm oversees $14 billion. “The longer the uncertainty goes on, the greater the risk is that it will negatively affect businesses.”
Republicans and Democrats are sparring over separate plans to raise the federal debt limit and avoid a government default. President Barack Obama, in an address last night from the White House, said he remains confident that the stalemate over raising the debt ceiling can be resolved if both sides compromise.
Paying Bills
The U.S. Treasury Department may still have enough cash to pay the government’s bills for days or even weeks if Congress fails to increase the debt limit before the Aug. 2 deadline, say analysts at UBS AG and Barclays Plc. Both S&P and Moody’s Investors Service are weighing a downgrade of the U.S. credit rating.
The S&P 500 rallied last week, erasing 81 percent of its loss since April 29 as Europe pledged support for Greece to end the region’s debt crisis and corporate profits topped analysts’ estimates. Since July 11, about 80 percent of S&P 500 companies that have released quarterly results beat projections, according to data compiled by Bloomberg.
Stocks maintained losses after a report showed sales of new U.S. homes unexpectedly declined for a second month in June, indicating housing is still languishing two years into the economic recovery. Purchases dropped 1 percent to a 312,000 annual pace, a three-month low, figures from the Commerce Department showed today in Washington. The median estimate in a Bloomberg News survey of economists called for a 320,000 rate.
Consumer Confidence
A separate report today from S&P/Case-Shiller showed home prices in 20 metropolitan areas declined 4.5 percent in May from the same month last year. The year-over-year decrease was the biggest since November 2009. Other data showed confidence among U.S. consumers unexpectedly rose in July from an eight-month low, led by a rebound in the outlook for jobs over the next six months. The Conference Board’s index climbed to 59.5 from a revised 57.6 reading in June.
3M lost 4.1 percent to $91.13 after the maker of Post-It Notes projected 2011 earnings that fell short of analysts estimates after lower demand for LCD televisions curbed sales in its display and graphics business, the company’s third-biggest unit.
UPS, a bellwether of the economy that handles goods ranging from financial documents to pharmaceuticals and industrial parts, tumbled 5.3 percent to $70.12 after saying in a conference call that the third quarter will be “fairly slow” before demand picks up in the last three months of 2011.
Netflix, Ford
Netflix Inc. tumbled 10 percent to $253.51 after its third- quarter sales and profit forecast missed estimates and the company said a price increase was crimping new-user signups.
Supervalu Inc. gained 9.6 percent to $9.34 as the supermarket chain reported first-quarter earnings of 35 cents a share, beating the average analyst estimate in a Bloomberg survey of 33 cents.
RadioShack Corp. surged 20 percent to $15.75 as the consumer-electronics retailer said it will provide Verizon Wireless products in its stores starting Sept. 15 and it was “comfortable with the range of analysts’ earnings estimates for the remainder of 2011.”
Baidu Inc., the owner of China’s most popular Internet search engine, climbed 4.9 percent to $164.28. The company said third-quarter sales will be at least $611.1 million, compared with the average analyst forecast for $568.4 million, Bloomberg data show.
Broadcom Corp., the supplier of communications chips for Apple Inc.’s mobile devices, rallied 10 percent to $38.39 after forecasting third-quarter sales that topped analysts’ predictions on booming demand for iPhones and iPads.
3M lost 4.1 percent, the most in the Dow Jones Industrial Average, after projecting full-year earnings that trailed analysts’ estimates. UPS, the world’s largest package-delivery company, dropped 5.3 percent after saying the third quarter will be “fairly slow.” Industrial shares led losses among seven of the 10 main groups in the Standard & Poor’s 500 Index.
The S&P 500 dropped 0.2 percent to 1,334.69 at 10:55 a.m. in New York. The Dow Jones Industrial Average lost 68.04 points, or 0.5 percent, to 12,524.76. The S&P 500 fell 0.6 percent yesterday as Republicans and Democrats failed to find common ground over an agreement to raise the federal debt limit.
“We have multiple sources of uncertainty, including what’s happening in Washington with the debt ceiling,” Mark Freeman, co-chief investment officer at Westwood Management Corp. in Dallas, said in a telephone interview. His firm oversees $14 billion. “The longer the uncertainty goes on, the greater the risk is that it will negatively affect businesses.”
Republicans and Democrats are sparring over separate plans to raise the federal debt limit and avoid a government default. President Barack Obama, in an address last night from the White House, said he remains confident that the stalemate over raising the debt ceiling can be resolved if both sides compromise.
Paying Bills
The U.S. Treasury Department may still have enough cash to pay the government’s bills for days or even weeks if Congress fails to increase the debt limit before the Aug. 2 deadline, say analysts at UBS AG and Barclays Plc. Both S&P and Moody’s Investors Service are weighing a downgrade of the U.S. credit rating.
The S&P 500 rallied last week, erasing 81 percent of its loss since April 29 as Europe pledged support for Greece to end the region’s debt crisis and corporate profits topped analysts’ estimates. Since July 11, about 80 percent of S&P 500 companies that have released quarterly results beat projections, according to data compiled by Bloomberg.
Stocks maintained losses after a report showed sales of new U.S. homes unexpectedly declined for a second month in June, indicating housing is still languishing two years into the economic recovery. Purchases dropped 1 percent to a 312,000 annual pace, a three-month low, figures from the Commerce Department showed today in Washington. The median estimate in a Bloomberg News survey of economists called for a 320,000 rate.
Consumer Confidence
A separate report today from S&P/Case-Shiller showed home prices in 20 metropolitan areas declined 4.5 percent in May from the same month last year. The year-over-year decrease was the biggest since November 2009. Other data showed confidence among U.S. consumers unexpectedly rose in July from an eight-month low, led by a rebound in the outlook for jobs over the next six months. The Conference Board’s index climbed to 59.5 from a revised 57.6 reading in June.
3M lost 4.1 percent to $91.13 after the maker of Post-It Notes projected 2011 earnings that fell short of analysts estimates after lower demand for LCD televisions curbed sales in its display and graphics business, the company’s third-biggest unit.
UPS, a bellwether of the economy that handles goods ranging from financial documents to pharmaceuticals and industrial parts, tumbled 5.3 percent to $70.12 after saying in a conference call that the third quarter will be “fairly slow” before demand picks up in the last three months of 2011.
Netflix, Ford
Netflix Inc. tumbled 10 percent to $253.51 after its third- quarter sales and profit forecast missed estimates and the company said a price increase was crimping new-user signups.
Supervalu Inc. gained 9.6 percent to $9.34 as the supermarket chain reported first-quarter earnings of 35 cents a share, beating the average analyst estimate in a Bloomberg survey of 33 cents.
RadioShack Corp. surged 20 percent to $15.75 as the consumer-electronics retailer said it will provide Verizon Wireless products in its stores starting Sept. 15 and it was “comfortable with the range of analysts’ earnings estimates for the remainder of 2011.”
Baidu Inc., the owner of China’s most popular Internet search engine, climbed 4.9 percent to $164.28. The company said third-quarter sales will be at least $611.1 million, compared with the average analyst forecast for $568.4 million, Bloomberg data show.
Broadcom Corp., the supplier of communications chips for Apple Inc.’s mobile devices, rallied 10 percent to $38.39 after forecasting third-quarter sales that topped analysts’ predictions on booming demand for iPhones and iPads.
European Stocks Drop for Second Day; BP, UBS Drop After Earnings Reports
European stocks retreated for a second day as companies from BP Plc to UBS AG reported earnings that missed analysts’ estimates and concern grew that U.S. lawmakers may fail to increase the nation’s debt limit.
BP, Europe’s second-biggest oil company, and UBS, Switzerland’s largest bank, slid more than 2 percent. STMicroelectronics NV, Europe’s biggest semiconductor maker, sank the most in almost 10 years after saying there will be a “correction” in sales.
The benchmark Stoxx Europe 600 Index slid 0.8 percent to 269.19 at 3:20 p.m. in London. The gauge has retreated 7.5 percent from this year’s high in February amid concern that Europe’s fiscal crisis will derail the economic recovery and speculation that U.S. lawmakers will fail to agree on increasing the nation’s debt ceiling by an Aug. 2 deadline.
“It will be a very mixed earnings season and the second half of the year is a bit more cloudy than some people expected,” said Heinz-Gerd Sonnenschein, an equity strategist at Deutsche Postbank AG in Bonn. “It’s a difficult situation for European banks at the moment because of the risk aversion of market participants.”
European stocks extended losses as Spanish and Italian notes slumped after demand fell at the nations’ first auctions of government debt after last week’s European Union agreement on further financial aid for Greece.
Obama Warning
President Barack Obama warned yesterday of a “deep economic crisis” without a compromise to avert a U.S. default as he dueled Republican House Speaker John Boehner in back-to back speeches on increasing the debt limit.
National benchmark indexes dropped in 11 of all of the 18 western European markets. France’s CAC 40 declined 1.1 percent and Germany’s DAX Index lost 0.5 percent. The U.K.’s FTSE 100 slipped 0.4 percent as a report showed the country’s economy grew 0.2 percent in the second quarter, matching the median forecast in a Bloomberg survey.
BP slid 2.4 percent to 464 pence after the company reported profit adjusted for one-time items and changes in inventory that missed analyst estimates.
UBS lost 3.4 percent to 13.43 Swiss francs after saying second-quarter net income fell to 1.02 billion francs ($1.27 billion) from 2.01 billion francs in the year-earlier period. That missed the 1.29 billion-franc mean estimate of 14 analysts surveyed by Bloomberg.
STMicro Slides
STMicroelectronics plunged 11 percent to 5.70 euros in Milan, the biggest drop since 2001, as Chief Executive Officer Carlo Bozotti said there will be a “correction” in sales and gross margin in the third quarter because of difficulties at customer Nokia Oyj.
The stock was downgraded to “reduce” from “hold” by Francesco Previtera, an equity analyst at Banca Akros.
Qiagen NV plummeted 4.8 percent to 11.82 euros, the lowest price in more than two years, after the Dutch company whose tools are used to predict disease and isolate DNA said “challenging market conditions” will affect results in the second half.
Kesko Oyj, Finland’s biggest retailer, fell 7.8 percent to 28.18 euros, its lowest price in a year, after reporting second- quarter net income of 54 million euros, missing analysts’ estimates of 59 million euros.
Groupe SEB SA sank 7.3 percent to 67.45 euros, the biggest decline in more than a year. The world’s largest maker of countertop kitchen appliances said first-half profit was 93 million euros compared with 89 million euros a year earlier.
Below Expectations
The results were “well below expectations,” Denis Moreau and Julie de Vigneral, analysts at UBS AG, wrote in a report. “SEB is exposed to raw materials prices volatility that may affect profitability.”
Norsk Hydro ASA, Europe’s third-largest aluminum producer, climbed 2.1 percent to 39.74 kroner as the company reported second-quarter net income of 1.41 billion kroner ($263 million), beating the 1.07 billion-krone average of 11 analysts’ estimates compiled by Bloomberg.
BG Group Plc rallied 3.8 percent to 1,479.5 pence, the largest increase this month. The U.K.’s third-biggest oil company said second-quarter profit doubled to $1.24 billion as prices for oil and gas and production rose.
Societe Television Francaise 1 surged 10 percent to 14 euros, the largest increase in 14 months, after the owner of France’s most-watched TV channel said first-half net income rose 60 percent to 118.6 million euros ($172 million).
KPN Climbs
Royal KPN NV advanced 3.2 percent to 10.15 euros as the biggest Dutch phone company reiterated its forecast that earnings before interest, taxes, depreciation and amortization will be more than 5.3 billion euros in 2011.
Metro AG rose for a fourth day, adding 1.7 percent to 39.27 euros. Germany’ biggest retailer confirmed its earnings projections for 2011 even as its Media-Saturn unit posted a second-quarter operating loss of 44 million euros.
Sky Deutschland AG soared 5.6 percent to 3.55 euros, its biggest advance in more than five weeks, after UniCredit SpA initiated coverage of Germany’s biggest pay-TV company with a “buy” recommendation and a price estimate of 5 euros.
BP, Europe’s second-biggest oil company, and UBS, Switzerland’s largest bank, slid more than 2 percent. STMicroelectronics NV, Europe’s biggest semiconductor maker, sank the most in almost 10 years after saying there will be a “correction” in sales.
The benchmark Stoxx Europe 600 Index slid 0.8 percent to 269.19 at 3:20 p.m. in London. The gauge has retreated 7.5 percent from this year’s high in February amid concern that Europe’s fiscal crisis will derail the economic recovery and speculation that U.S. lawmakers will fail to agree on increasing the nation’s debt ceiling by an Aug. 2 deadline.
“It will be a very mixed earnings season and the second half of the year is a bit more cloudy than some people expected,” said Heinz-Gerd Sonnenschein, an equity strategist at Deutsche Postbank AG in Bonn. “It’s a difficult situation for European banks at the moment because of the risk aversion of market participants.”
European stocks extended losses as Spanish and Italian notes slumped after demand fell at the nations’ first auctions of government debt after last week’s European Union agreement on further financial aid for Greece.
Obama Warning
President Barack Obama warned yesterday of a “deep economic crisis” without a compromise to avert a U.S. default as he dueled Republican House Speaker John Boehner in back-to back speeches on increasing the debt limit.
National benchmark indexes dropped in 11 of all of the 18 western European markets. France’s CAC 40 declined 1.1 percent and Germany’s DAX Index lost 0.5 percent. The U.K.’s FTSE 100 slipped 0.4 percent as a report showed the country’s economy grew 0.2 percent in the second quarter, matching the median forecast in a Bloomberg survey.
BP slid 2.4 percent to 464 pence after the company reported profit adjusted for one-time items and changes in inventory that missed analyst estimates.
UBS lost 3.4 percent to 13.43 Swiss francs after saying second-quarter net income fell to 1.02 billion francs ($1.27 billion) from 2.01 billion francs in the year-earlier period. That missed the 1.29 billion-franc mean estimate of 14 analysts surveyed by Bloomberg.
STMicro Slides
STMicroelectronics plunged 11 percent to 5.70 euros in Milan, the biggest drop since 2001, as Chief Executive Officer Carlo Bozotti said there will be a “correction” in sales and gross margin in the third quarter because of difficulties at customer Nokia Oyj.
The stock was downgraded to “reduce” from “hold” by Francesco Previtera, an equity analyst at Banca Akros.
Qiagen NV plummeted 4.8 percent to 11.82 euros, the lowest price in more than two years, after the Dutch company whose tools are used to predict disease and isolate DNA said “challenging market conditions” will affect results in the second half.
Kesko Oyj, Finland’s biggest retailer, fell 7.8 percent to 28.18 euros, its lowest price in a year, after reporting second- quarter net income of 54 million euros, missing analysts’ estimates of 59 million euros.
Groupe SEB SA sank 7.3 percent to 67.45 euros, the biggest decline in more than a year. The world’s largest maker of countertop kitchen appliances said first-half profit was 93 million euros compared with 89 million euros a year earlier.
Below Expectations
The results were “well below expectations,” Denis Moreau and Julie de Vigneral, analysts at UBS AG, wrote in a report. “SEB is exposed to raw materials prices volatility that may affect profitability.”
Norsk Hydro ASA, Europe’s third-largest aluminum producer, climbed 2.1 percent to 39.74 kroner as the company reported second-quarter net income of 1.41 billion kroner ($263 million), beating the 1.07 billion-krone average of 11 analysts’ estimates compiled by Bloomberg.
BG Group Plc rallied 3.8 percent to 1,479.5 pence, the largest increase this month. The U.K.’s third-biggest oil company said second-quarter profit doubled to $1.24 billion as prices for oil and gas and production rose.
Societe Television Francaise 1 surged 10 percent to 14 euros, the largest increase in 14 months, after the owner of France’s most-watched TV channel said first-half net income rose 60 percent to 118.6 million euros ($172 million).
KPN Climbs
Royal KPN NV advanced 3.2 percent to 10.15 euros as the biggest Dutch phone company reiterated its forecast that earnings before interest, taxes, depreciation and amortization will be more than 5.3 billion euros in 2011.
Metro AG rose for a fourth day, adding 1.7 percent to 39.27 euros. Germany’ biggest retailer confirmed its earnings projections for 2011 even as its Media-Saturn unit posted a second-quarter operating loss of 44 million euros.
Sky Deutschland AG soared 5.6 percent to 3.55 euros, its biggest advance in more than five weeks, after UniCredit SpA initiated coverage of Germany’s biggest pay-TV company with a “buy” recommendation and a price estimate of 5 euros.
Stocks to watch 20110726: Prestariang, Axiata, Uzma, Alam
Written by Joseph Chin of theedgemalaysia.com
Tuesday, 26 July 2011 20:12
KUALA LUMPUR: Stocks which could see trading interest on Wednesday, July 27 include ICT service provider Prestariang Bhd which will make its debut on the Main Market.
Other stocks to watch include Axiata Group Bhd, UZMA BHD [], ALAM MARITIM RESOURCES BHD [] and Berjaya Food Bhd.
On the eve of its listing, Prestariang announced it had secured an RM80 million contract with the Ministry of Higher Education for an industry based certification scheme.
The programme would be undertaken by its unit Prestariang Systems Sdn Bhd under a contract over four years at RM20 million a year.
The offer price of the shares is 90 sen. Hwang DBS Vickers Research has a fair value of RM1.09 based on sum-of-parts.
According to the research house, Prestariang intends to gradually reduce its dependency on government contracts going forward.
The company plans to expand its product offerings to include more in-house certification programmes, set up sales offices and training centres in three new locations within Malaysia in 2H11, widen clientele base from the Middle East region via partnership arrangements, and develop its own proprietary test and assessment centres with in-house proprietary procedures and systems in 2012.
Meanwhile, Axiata should see trading interest as share overhang has been finally cleared.
TELEKOM MALAYSIA BHD []’s unit has placed out 92.36 million Axiata Group Bhd at RM5.07 a share. The exercise raised gross proceeds of RM468.3 million for TM.
Uzma Bhd has secured a RM170 million contract from Petronas Carigali Sdn Bhd to provide integrated equipment and services for idle well reactivation project.
its subsidiary Uzma Engineering Sdn Bhd (UESB) had received the three year contact which would be effective from July 25, 2011 to July 24, 2014.
On project delays, Uzma said the execution of the contract was depending on work orders to be issued by Petronas from time to time.
Alam Maritim’s unit has received a letter of award from Petronas Carigali Sdn Bhd to provide one anchor handling tug supply vessel for RM10.6 million.
The contract started on July 13 and the duration is for a primary period of 150 days with two extension options of 45 days each.
Berjaya Food Bhd is expanding its Kenny Rogers Roasters (KRR) brand into Indonesia after it inked a joint venture (JV) agreement with three Indonesian companies to develop and operate the franchise.
It had entered into a conditional JV agreement with PT Mitra Samaya (MS), PT Harapan Swasti Sentosa (HSS) and PT Boga Lestari Sentosa (PT Boga) to operate the franchise in Java island and Bali, Indonesia under PT Boga.
Tuesday, 26 July 2011 20:12
KUALA LUMPUR: Stocks which could see trading interest on Wednesday, July 27 include ICT service provider Prestariang Bhd which will make its debut on the Main Market.
Other stocks to watch include Axiata Group Bhd, UZMA BHD [], ALAM MARITIM RESOURCES BHD [] and Berjaya Food Bhd.
On the eve of its listing, Prestariang announced it had secured an RM80 million contract with the Ministry of Higher Education for an industry based certification scheme.
The programme would be undertaken by its unit Prestariang Systems Sdn Bhd under a contract over four years at RM20 million a year.
The offer price of the shares is 90 sen. Hwang DBS Vickers Research has a fair value of RM1.09 based on sum-of-parts.
According to the research house, Prestariang intends to gradually reduce its dependency on government contracts going forward.
The company plans to expand its product offerings to include more in-house certification programmes, set up sales offices and training centres in three new locations within Malaysia in 2H11, widen clientele base from the Middle East region via partnership arrangements, and develop its own proprietary test and assessment centres with in-house proprietary procedures and systems in 2012.
Meanwhile, Axiata should see trading interest as share overhang has been finally cleared.
TELEKOM MALAYSIA BHD []’s unit has placed out 92.36 million Axiata Group Bhd at RM5.07 a share. The exercise raised gross proceeds of RM468.3 million for TM.
Uzma Bhd has secured a RM170 million contract from Petronas Carigali Sdn Bhd to provide integrated equipment and services for idle well reactivation project.
its subsidiary Uzma Engineering Sdn Bhd (UESB) had received the three year contact which would be effective from July 25, 2011 to July 24, 2014.
On project delays, Uzma said the execution of the contract was depending on work orders to be issued by Petronas from time to time.
Alam Maritim’s unit has received a letter of award from Petronas Carigali Sdn Bhd to provide one anchor handling tug supply vessel for RM10.6 million.
The contract started on July 13 and the duration is for a primary period of 150 days with two extension options of 45 days each.
Berjaya Food Bhd is expanding its Kenny Rogers Roasters (KRR) brand into Indonesia after it inked a joint venture (JV) agreement with three Indonesian companies to develop and operate the franchise.
It had entered into a conditional JV agreement with PT Mitra Samaya (MS), PT Harapan Swasti Sentosa (HSS) and PT Boga Lestari Sentosa (PT Boga) to operate the franchise in Java island and Bali, Indonesia under PT Boga.
Stocks to watch 20110725: KNM, Zecon, Ivory, Peterlabs
Written by Joseph Chin of theedgemalaysia.com
Monday, 25 July 2011 20:00
KUALA LUMPUR: KNM GROUP BHD [] and ZECON BHD [] are expected to generate trading interest are announcing plans for a massive RM17 billion development at Teluk Ramunia, Johor.
Other stocks which could see trading interest on Tuesday, July 26 include Ivory PROPERTIES [] Bhd, Peterlabs Holdings Bhd and PUBLIC BANK BHD [].
KNM and Zecon had on Monday inked heads of agreements with Gulf Asian Petroleum Sdn Bhd to undertake the projects worth RM17 billion at Teluk Ramunia.
The agreements were to build a 150,000/200,000 bpd petroleum refinery and 400,000/525,000 mtpa polypropylene unit for GAP with a total project value of US$5 billion (RM15 billion).
The other project is to construct a petroleum product storage terminal facility comprising four terminals with a total storage capacity of 2.328 million cubic metres, with supporting infrastructure and auxiliaries worth RM2 billion.
For the refinery project, KNM said it would together with Zecon and/or a Korea or Chinese contractor set up a consortium to undertake the refinery project.
Another stock to watch is Ivory Properties after it got the approval to undertake a mixed development over 102.56 acres on Penang island. The Penang Development Corporation (PDC) had approved the purchase and development of the land in Bayan Mutiara, near the Penang Bridge.
Of the 102.56 acres, it said 67.56 acres are existing land and 35 acres are to be reclaimed for a proposed mixed development.
Peterlabs Holdings Bhd will make its trading debut on Tuesday. The company manufactures and sells animal health and nutrition products in the domestic market. Its offer price is 30 sen while RHB Research has a fair value of 41 sen.
Public Bank Bhd’s earnings rose 19.9% to RM880.35 million in the second quarter ended June 30, 2011 from RM734.08 million a year ago. Revenue increased by 18.3% to RM3.17 billion from RM2.68 billion. Earnings per share were 25.14 sen compared with 20.96 sen.
It declared a first interim dividend of 20% or 20 sen a share which would result in a total dividend payout of RM700 million.
Monday, 25 July 2011 20:00
KUALA LUMPUR: KNM GROUP BHD [] and ZECON BHD [] are expected to generate trading interest are announcing plans for a massive RM17 billion development at Teluk Ramunia, Johor.
Other stocks which could see trading interest on Tuesday, July 26 include Ivory PROPERTIES [] Bhd, Peterlabs Holdings Bhd and PUBLIC BANK BHD [].
KNM and Zecon had on Monday inked heads of agreements with Gulf Asian Petroleum Sdn Bhd to undertake the projects worth RM17 billion at Teluk Ramunia.
The agreements were to build a 150,000/200,000 bpd petroleum refinery and 400,000/525,000 mtpa polypropylene unit for GAP with a total project value of US$5 billion (RM15 billion).
The other project is to construct a petroleum product storage terminal facility comprising four terminals with a total storage capacity of 2.328 million cubic metres, with supporting infrastructure and auxiliaries worth RM2 billion.
For the refinery project, KNM said it would together with Zecon and/or a Korea or Chinese contractor set up a consortium to undertake the refinery project.
Another stock to watch is Ivory Properties after it got the approval to undertake a mixed development over 102.56 acres on Penang island. The Penang Development Corporation (PDC) had approved the purchase and development of the land in Bayan Mutiara, near the Penang Bridge.
Of the 102.56 acres, it said 67.56 acres are existing land and 35 acres are to be reclaimed for a proposed mixed development.
Peterlabs Holdings Bhd will make its trading debut on Tuesday. The company manufactures and sells animal health and nutrition products in the domestic market. Its offer price is 30 sen while RHB Research has a fair value of 41 sen.
Public Bank Bhd’s earnings rose 19.9% to RM880.35 million in the second quarter ended June 30, 2011 from RM734.08 million a year ago. Revenue increased by 18.3% to RM3.17 billion from RM2.68 billion. Earnings per share were 25.14 sen compared with 20.96 sen.
It declared a first interim dividend of 20% or 20 sen a share which would result in a total dividend payout of RM700 million.
U.S. Stocks Extend Declines as Lawmakers Wrangle Over Federal Debt Plans
U.S. stocks retreated, pulling the Standard & Poor’s 500 Index down from a two-week high, as Republicans and Democrats wrangled over separate plans to raise the federal debt limit and avoid a government default.
Phone companies led losses among 10 groups in the S&P 500, losing 1.4 percent. Kimberly-Clark Corp. slipped 2.1 percent after reporting a decline in second-quarter profit, hurt by higher commodity prices. E*Trade Financial Corp. jumped 5.6 percent after agreeing to hire Morgan Stanley to explore a sale.
The S&P 500 fell 0.6 percent to 1,337.43 at 4 p.m. in New York after slumping as much as 1 percent. The index rallied to within 1.4 percent of a three-year high last week. The Dow Jones Industrial Average lost 88.36 points, or 0.7 percent, to 12,592.80 today.
“The market is trying to balance the macro risks of the debt ceiling negotiations and European contagion with good company earnings,” Rafi Zaman, managing director of global equities at DuPont Capital Management in Wilmington, Delaware, said in a telephone interview. His firm oversees about $26 billion. “The market is so volatile and moving depending on what’s in the forefront.”
Negotiations over the nation’s debt limit have whipsawed stocks. The S&P 500 jumped 1.6 percent on July 19, the biggest gain since March, amid optimism President Barack Obama and congressional Republicans would agree to raise the ceiling before the Aug. 2 deadline. Stocks fell the next day on concern a Senate plan to help the nation avoid default faced resistance from House Republicans.
Support for Greece
U.S. equities rallied last week as Europe pledged support for Greece to end the region’s debt crisis and companies from Apple Inc. to Morgan Stanley and Advanced Micro Devices Inc. beat earnings projections. The S&P 500 closed at 1,345.02 on July 22. When the measure climbed to 1,363.61 on April 29, it was the highest level since June 2008.
The S&P 500 Index pared its decline to less than 0.1 percent from as much as 1 percent earlier today. Stocks resumed declines as Senator Charles Schumer criticized House Speaker John Boehner’s two-step plan to cut the federal deficit, fueling concern lawmakers were no closer to a compromise. The Republican plan would allow a debt-limit increase of $1 trillion, to be followed later by about $1.6 trillion, while larger spending cuts would be required.
‘Far From Perfect’
“This plan is far from perfect, but it adheres to our principles of ensuring that spending cuts are greater than any debt hike and it includes no tax increases,” Boehner, an Ohio Republican, said in a statement.
Top Senate Democrat Harry Reid readied a separate plan which would hand Obama the full $2.4 trillion in additional borrowing authority he has requested tied to $2.7 trillion in spending cuts that would leave Medicare and Medicaid untouched.
Both S&P and Moody’s are weighing a downgrade of the U.S. credit rating. Even if the country defaults on some obligations after Aug. 2 and pays bondholders, S&P said short- and long-term interest rates would rise by 0.50 percentage point and 1 point, respectively.
“Missing the Aug. 2 deadline would be a serious issue and could result in a ratings downgrade,” Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc. in Boston, wrote in an e-mail. “Though some politicians’ comments this morning are giving markets a sliver of hope that they actually get it done.”
Senate Bob Corker, a Tennessee Republican, said investors should “chill out” and not worry that Congress will allow a default to occur.
“I would sort of chill out and not worry so much anymore about the debt-ceiling issue,” Corker said on CNBC. “We have a lot of things that we know will keep us from ever defaulting on our debt.”
Earnings Support
The S&P 500 erased 81 percent of its loss since April 29 through last week as corporate profits topped analyst estimates. Since July 11, 83 percent of S&P 500 companies that released quarterly results beat the average analyst earnings estimate, according to data compiled by Bloomberg. Between July 20 and July 22, analysts boosted estimates for S&P 500 income during the final three months of 2011 by 2.3 percent. That’s the biggest two-day increase for the quarter after the current one in data going back to 2006.
‘Cloud of Uncertainty’
“There are great companies that are making a ton of money underneath this cloud of uncertainty from the debt ceiling debate,” Frank Ingarra, who helps manage the CAN SLIM Select Growth Fund at Greenwich, Connecticut-based NorthCoast Asset Management LLC, said in a telephone interview. His firm oversees $1.5 billion. “Everyone’s conflicted over this politicking and that’s why we’re oscillating.” The S&P 500 Telecommunication Services Index sank 1.4 percent, the most among 10 industries within the S&P 500. Research In Motion Ltd. dropped 4.4 percent to $26.67. The maker of the BlackBerry smartphone said it’s cutting 2,000 positions and Chief Operating Officer Don Morrison, currently on temporary medical leave, is planning to retire after 10 years with the company.
A gauge of consumer staples companies retreated 1 percent. Kimberly-Clark fell 2.1 percent to $66.48. The maker of Scott toilet paper and Huggies diapers said net income fell 18 percent. Chief Executive Officer Tom Falk is raising prices on most items the company sells in North America to make up for rising costs for pulp, oil and other raw materials. In April, it more than doubled its estimate for raw materials expense inflation for this year.
Lorillard, Kroger
Lorillard Inc. fell 4.5 percent to $107.29. The cigarette maker reported second-quarter sales of $1.16 billion, missing the average analyst estimate of $1.17 billion in a Bloomberg survey.
Kroger Co. declined 1.9 percent to $24.82, while Safeway Inc. slipped 2.1 percent to $20.50. Goldman Sachs Group Inc. cut its recommendation on the grocers to “sell” from “neutral,” citing the possibility of accelerating inflation.
Financial stocks lost 0.8 percent as a group. Bank of America dropped 1.2 percent to $10.01, while JPMorgan Chase & Co. slumped 1.2 percent to $41.69.
Utility companies rose 0.3 percent for the biggest gain among 10 groups in the S&P 500. NRG Energy Inc. climbed 2.7 percent to $25.41 after being upgraded to “buy” from “neutral” at Bank of America Corp.
E*Trade rallied 5.6 percent to $16.52. The online brokerage plans to hire Morgan Stanley to explore a sale after its largest shareholder, Citadel LLC, said the company needed to take action to reverse “catastrophic losses” for investors.
The board of TD Ameritrade Holding Corp. plans to discuss a possible bid for E*Trade, the Wall Street Journal reported, citing people familiar with the matter. Kim Hillyer, a spokeswoman for TD Ameritrade, said it was the company’s practice not to comment on rumors or speculation. Ameritrade added 1.8 percent to $19.96.
Phone companies led losses among 10 groups in the S&P 500, losing 1.4 percent. Kimberly-Clark Corp. slipped 2.1 percent after reporting a decline in second-quarter profit, hurt by higher commodity prices. E*Trade Financial Corp. jumped 5.6 percent after agreeing to hire Morgan Stanley to explore a sale.
The S&P 500 fell 0.6 percent to 1,337.43 at 4 p.m. in New York after slumping as much as 1 percent. The index rallied to within 1.4 percent of a three-year high last week. The Dow Jones Industrial Average lost 88.36 points, or 0.7 percent, to 12,592.80 today.
“The market is trying to balance the macro risks of the debt ceiling negotiations and European contagion with good company earnings,” Rafi Zaman, managing director of global equities at DuPont Capital Management in Wilmington, Delaware, said in a telephone interview. His firm oversees about $26 billion. “The market is so volatile and moving depending on what’s in the forefront.”
Negotiations over the nation’s debt limit have whipsawed stocks. The S&P 500 jumped 1.6 percent on July 19, the biggest gain since March, amid optimism President Barack Obama and congressional Republicans would agree to raise the ceiling before the Aug. 2 deadline. Stocks fell the next day on concern a Senate plan to help the nation avoid default faced resistance from House Republicans.
Support for Greece
U.S. equities rallied last week as Europe pledged support for Greece to end the region’s debt crisis and companies from Apple Inc. to Morgan Stanley and Advanced Micro Devices Inc. beat earnings projections. The S&P 500 closed at 1,345.02 on July 22. When the measure climbed to 1,363.61 on April 29, it was the highest level since June 2008.
The S&P 500 Index pared its decline to less than 0.1 percent from as much as 1 percent earlier today. Stocks resumed declines as Senator Charles Schumer criticized House Speaker John Boehner’s two-step plan to cut the federal deficit, fueling concern lawmakers were no closer to a compromise. The Republican plan would allow a debt-limit increase of $1 trillion, to be followed later by about $1.6 trillion, while larger spending cuts would be required.
‘Far From Perfect’
“This plan is far from perfect, but it adheres to our principles of ensuring that spending cuts are greater than any debt hike and it includes no tax increases,” Boehner, an Ohio Republican, said in a statement.
Top Senate Democrat Harry Reid readied a separate plan which would hand Obama the full $2.4 trillion in additional borrowing authority he has requested tied to $2.7 trillion in spending cuts that would leave Medicare and Medicaid untouched.
Both S&P and Moody’s are weighing a downgrade of the U.S. credit rating. Even if the country defaults on some obligations after Aug. 2 and pays bondholders, S&P said short- and long-term interest rates would rise by 0.50 percentage point and 1 point, respectively.
“Missing the Aug. 2 deadline would be a serious issue and could result in a ratings downgrade,” Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc. in Boston, wrote in an e-mail. “Though some politicians’ comments this morning are giving markets a sliver of hope that they actually get it done.”
Senate Bob Corker, a Tennessee Republican, said investors should “chill out” and not worry that Congress will allow a default to occur.
“I would sort of chill out and not worry so much anymore about the debt-ceiling issue,” Corker said on CNBC. “We have a lot of things that we know will keep us from ever defaulting on our debt.”
Earnings Support
The S&P 500 erased 81 percent of its loss since April 29 through last week as corporate profits topped analyst estimates. Since July 11, 83 percent of S&P 500 companies that released quarterly results beat the average analyst earnings estimate, according to data compiled by Bloomberg. Between July 20 and July 22, analysts boosted estimates for S&P 500 income during the final three months of 2011 by 2.3 percent. That’s the biggest two-day increase for the quarter after the current one in data going back to 2006.
‘Cloud of Uncertainty’
“There are great companies that are making a ton of money underneath this cloud of uncertainty from the debt ceiling debate,” Frank Ingarra, who helps manage the CAN SLIM Select Growth Fund at Greenwich, Connecticut-based NorthCoast Asset Management LLC, said in a telephone interview. His firm oversees $1.5 billion. “Everyone’s conflicted over this politicking and that’s why we’re oscillating.” The S&P 500 Telecommunication Services Index sank 1.4 percent, the most among 10 industries within the S&P 500. Research In Motion Ltd. dropped 4.4 percent to $26.67. The maker of the BlackBerry smartphone said it’s cutting 2,000 positions and Chief Operating Officer Don Morrison, currently on temporary medical leave, is planning to retire after 10 years with the company.
A gauge of consumer staples companies retreated 1 percent. Kimberly-Clark fell 2.1 percent to $66.48. The maker of Scott toilet paper and Huggies diapers said net income fell 18 percent. Chief Executive Officer Tom Falk is raising prices on most items the company sells in North America to make up for rising costs for pulp, oil and other raw materials. In April, it more than doubled its estimate for raw materials expense inflation for this year.
Lorillard, Kroger
Lorillard Inc. fell 4.5 percent to $107.29. The cigarette maker reported second-quarter sales of $1.16 billion, missing the average analyst estimate of $1.17 billion in a Bloomberg survey.
Kroger Co. declined 1.9 percent to $24.82, while Safeway Inc. slipped 2.1 percent to $20.50. Goldman Sachs Group Inc. cut its recommendation on the grocers to “sell” from “neutral,” citing the possibility of accelerating inflation.
Financial stocks lost 0.8 percent as a group. Bank of America dropped 1.2 percent to $10.01, while JPMorgan Chase & Co. slumped 1.2 percent to $41.69.
Utility companies rose 0.3 percent for the biggest gain among 10 groups in the S&P 500. NRG Energy Inc. climbed 2.7 percent to $25.41 after being upgraded to “buy” from “neutral” at Bank of America Corp.
E*Trade rallied 5.6 percent to $16.52. The online brokerage plans to hire Morgan Stanley to explore a sale after its largest shareholder, Citadel LLC, said the company needed to take action to reverse “catastrophic losses” for investors.
The board of TD Ameritrade Holding Corp. plans to discuss a possible bid for E*Trade, the Wall Street Journal reported, citing people familiar with the matter. Kim Hillyer, a spokeswoman for TD Ameritrade, said it was the company’s practice not to comment on rumors or speculation. Ameritrade added 1.8 percent to $19.96.
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