Remember the LORD for it is he who gives you the ability to produce wealth and so confirms his covenant... Deut. 8:18

Tuesday, March 3, 2009

World Markets Brief

Asia:
Singapore financials plunges to 2003 level with banking UOB at $9.25 DBS at $7.41 and OCBC at $4.16
Property giants Capitaland slump to $1.80, City Dev fell to $4.60 and Keppel Land to $1.24
CIMB-GK sees more volatility in near term as STI seeks to test intra-day low of 1473, seen last October.
Japan's Feb new vehicle sales down 32% y/y. South Korea Jan industrial output slides 25% y/y.

Europe:
Eurozone manufacturing slump to lowest level in 11 years. HSBC posted 70% loss in profits.
Euro weakened agst USD after Euro leaders failed to agree on aid package for their Eastern Euro counterparts. Euro is set to slide to 1.25 and GBP is likely to test 1.40 USD
Dollar strengthen to 1.174 CHF

USA:
DJIA fell to 6800 level.
Yen strengthened agst dollar as repatriation of yen flow to support closing of Japan fiscal year in March. Yet April typically sees an outflow again. Dollar weakened to 97.40 yen

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