Pndl1989mar Asia Pacific Equity Research | Singapore

MARKET COMMENTARY US & European Indices Close Dow Jones 16014.38

p

Daily Market Brief 10 Feb 2016

Market Recap Chg -12.67

% Chg -0.08

S&P500

1852.21

-1.23

-0.07

Nasdaq FTSE 100 DAX CAC

4268.76 5632.19 8879.40 3997.54

-14.99 -57.17 -99.96 -68.77

-0.35 -1.00 -1.11 -1.69

Research Team (65) 6531 9800 [email protected]



US stocks finished Tuesday’s volatile session little changed as a rally in materials was offset by losses in the energy sector fueled by a fresh drop in oil prices amid a global stock selloff.



Five industries of the S&P 500 closed lower. The best performer was Materials (1.15%) and the laggard was Energy (-2.47%).



Mar WTI Crude fell US$1.75, or 5.89%, to close at US$27.94/barrel while Apr Brent lost US$2.56, or 7.79% to end at US$30.32/barrel.



Gold for Apr delivery added 70 cents or 0.06%, to finish at US$1198.60/ounce while Mar Silver increased by 2 cents, or 0.15%, to settle at US$15.45/ounce.

Implications for Singapore Technical Support/Resistance Levels Next Resistance 2700 Immediate Resistance 2650 STI Close 2623.21 Previous return +2.5% Immediate Support 2600 Next Support 2521

Market Statistics (SG) Volume Value No. of gainers No. of losers

1059.11m S$1323.19m 298 144



Although Wall Street recovered most of its early losses to end mostly flat overnight, the sharp sell-off over the long weekend in the global bourses could weigh heavily on local sentiment when the STI re-opens for trading this morning; this especially after the unexpectedly strong 2.5% surge last Friday.



As before, we are likely to see the index easing back to test the key 2600 resistance-turned-support, where a convincing break could rapidly send the STI sliding back towards 2521 in the near-term.



On the upside, we peg the next resistance at 2650 ahead of the strong 2700 hurdle.

Carey Wong (65) 6531 9808 [email protected]

Sources: Reuters, Bloomberg, News agencies

Please refer to important disclosures at the back of this document.

MCI (P) 007/06/2015

OCBC Investment Research Market Commentary

Key events this week Fri (5 Feb 2016) Economic: Nonfarm Payrolls Nonfarm Private Payrolls Unemployment Rate Hourly Earningss Average Workweek Trade Balance Consumer Credit Earnings: No significant releases

Actual

Consensus

Prior

151K 158K 4.9% 0.5% 34.6 -$43.4B $21.3B

188K 183K 5.0% 0.3% 34.5% -$43.5B $16.5B

262K 251K 5.0% 0.0% 34.5 -$42.2B $14.0B

Mon (8 Feb 2016) Economic: No economic releases Earnings: No significant releases

Actual

Consensus

Prior

Tues (9 Feb 2016) Economic: Wholesale Inventories JOLTS-Job Openings Earnings: Coca-Cola

Actual

Consensus

Prior

-0.1% 5.607M

0.0% NA

-0.4% 5.346M

0.38

0.37

0.44

Wed (10 Feb 2016) Economic: MBA Mortgage Index Crude Inventories Treasury Budget Earnings: Walt Disney Cisco Systems

Actual

Consensus

Prior

NA NA NA

-2.6% +7.79M -$14.4B

1.44 0.54

1.27 0.53

Thurs (11 Feb 2016) Economic: Initial Claims Continuing Claims Natural Gas Inventories Earnings: No significant releases

Actual

Consensus

Prior

NA NA NA

277K 2255K -152bcf

Fri (12 Feb 2016) Economic: Export Prices ex-ag. Import Prices ex-oil. Retail Sales Retail Sales ex-auto Business Inventories Mich Sentiment Earnings: No significant releases

Actual

Consensus

Prior

NA NA NA NA NA NA

-1.0% -0.4% -0.1% -0.1% -0.2% 93.3

Source: Reuters, Bloomberg, News agencies

Key Events and Disclaimer

OCBC Investment Research Market Commentary

DISCLAIMER FOR RESEARCH REPORT This report is solely for information and general circulation only and may not be published, circulated, reproduced or distributed in whole or in part to any other person without the written consent of OCBC Investment Research Pte Ltd (“OIR” or “we”). This report should not be construed as an offer or solicitation for the subscription, purchase or sale of the securities mentioned herein or to participate in any particular trading or investment strategy. Whilst we have taken all reasonable care to ensure that the information contained in this publication is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness, and you should not act on it without first independently verifying its contents. Any opinion or estimate contained in this report is subject to change without notice. We have not given any consideration to and we have not made any investigation of the investment objectives, financial situation or particular needs of the recipient or any class of persons, and accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of the recipient or any class of persons acting on such information or opinion or estimate. You may wish to seek advice from a financial adviser regarding the suitability of the securities mentioned herein, taking into consideration your investment objectives, financial situation or particular needs, before making a commitment to invest in the securities. In the event that you choose not to seek advice from a financial adviser, you should consider whether investment in securities and the securities mentioned herein is suitable for you. Oversea-Chinese Banking Corporation Limited (“OCBC Bank”), Bank of Singapore Limited (“BOS”), OIR, OCBC Securities Pte Ltd (“OSPL”) and their respective connected and associated corporations together with their respective directors and officers may have or take positions in the securities mentioned in this report and may also perform or seek to perform broking and other investment or securities related services for the corporations whose securities are mentioned in this report as well as other parties generally. The information provided herein may contain projections or other forward looking statements regarding future events or future performance of countries, assets, markets or companies. Actual events or results may differ materially. Past performance figures are not necessarily indicative of future or likely performance. Privileged / confidential information may be contained in this document. If you are not the addressee indicated in this document (or responsible for delivery of this message to such person), you may not copy or deliver this message to anyone. Opinions, conclusions and other information in this document that do not relate to the official business of OCBC Bank, BOS, OIR, OSPL and their respective connected and associated corporations shall be understood as neither given nor endorsed.

Co.Reg.no.: 198301152E Carmen Lee Head of Research For OCBC Investment Research Pte Ltd

Published by OCBC Investment Research Pte Ltd Key Events and Disclaimer

Published by OCBC Investment Research Pte Ltd

market commentary -

Economic: Wholesale Inventories. -0.1%. 0.0%. -0.4%. JOLTS-Job Openings. 5.607M. NA. 5.346M. Earnings: Coca-Cola. 0.38. 0.37. 0.44. Wed (10 Feb 2016).

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