Six world powers announced on Tuesday that they are ready to hold a new round of talks with Iran over the future of its nuclear programme in what many will see as a final attempt to reach a diplomatic compromise that avoids military action by Israel or the US.
In a move that paves the way for talks between Iran and the six powers to begin next month, Catherine Ashton, the European Union’s foreign policy chief, wrote to Saeed Jaleeli, Iran’s chief nuclear negotiator, accepting his proposal to resume dialogue.
Tuesday, 6 March 2012
Monday, 5 March 2012
Asia Stocks Fall Most in Two Weeks on China as Yen Strengthens
March 5 (Bloomberg) --
"Asian stocks fell the most in two weeks after China announced its lowest economic growth target since 2004 and the nation’s service industries shrank. The yen rose against its major peers, while oil climbed.
The MSCI Asia Pacific Index dropped 0.9 percent as of 1:46 p.m. in Tokyo. The Hang Seng China Enterprises Index slid 1.9 percent, led by insurers after American International Group Inc. said it’s selling AIA Group Ltd. shares. Standard & Poor’s 500 Index futures slipped 0.2 percent. The yen added 0.2 percent versus the dollar, while China’s yuan touched a four-week low. Oil advanced 0.2 percent after a U.S. pipeline was shut.
China’s government will aim for economic growth of 7.5 percent this year, the lowest goal since 2004, according to a transcript of Premier Wen Jiabao’s address to the National People’s Congress. Data today may show European retail sales declined for a third month, while U.S. services industries expanded, based on economist estimates compiled by Bloomberg.
“Asia is all about moderation now,” said Andrew Pease, the Sydney-based chief investment strategist for the Asia- Pacific region at Russell Investment Group, which manages about $150 billion. “It’s a much more challenging market to be bullish in. While the risk of financial armageddon in Europe is gone, Europe is still going to have a large recession.”
Asian Stocks
Almost three stocks fell for each that rose in the MSCI Asia Pacific Index, which rallied in each of the last 11 weeks. South Korea’s Kospi Index sank 1 percent, Australia’s S&P/ASX 200 Index retreated 0.4 percent and Japan’s Nikkei 225 Stock Average slipped 0.6 percent.
Hong Kong’s Hang Seng Index fell 1.1 percent. China’s non- manufacturing purchasing managers’ index fell to 48.4 from 52.9 in January, official data showed March 3. A reading above 50 indicates expansion. The Shanghai Composite Index was little changed as speculation policy makers will introduce measures to bolster Asia’s biggest economy eased concern about the outlook for economic growth.
AIA shares were suspended in Hong Kong. AIG said it’s selling as much as $6 billion of stock in the company to help repay a U.S. government rescue. The stake is being offered at a discount of as much as 7 percent to the March 2 closing price, based on a sales document obtained by Bloomberg. China Life Insurance Co., the nation’s biggest insurer, declined 3.3 percent. Ping An Insurance Group Co. lost 1.9 percent.
Sun Art Retail Group Ltd., China’s largest hypermarket operator, tumbled 6 percent after reporting slower same-store sales growth.
Yuan Weakens
The yuan declined 0.1 percent to 6.3043 per dollar and earlier touched 6.3075, the weakest level since Feb. 7, according to the China Foreign Exchange Trade System. South Korea’s won weakened 0.2 percent to 1,118.05 per dollar and Malaysia’s ringgit declined 0.4 percent to 3.0156.
Japan’s yen earlier fell to 81.87 per dollar, matching the weakest level in nine months. Futures traders are betting for the first time since May that the yen will fall against the dollar, figures from the Washington-based Commodity Futures Trading Commission show. The difference in the number of wagers by hedge funds and other large speculators on a decline in the yen compared with those on a gain -- so-called net shorts -- was 1,203 on Feb. 28, compared with net longs of 17,257 a week earlier.
Pipeline Shut
Oil climbed after falling 2.8 percent last week. Enbridge Inc. closed a pipeline in Illinois following a vehicle collision and fire at a pumping station. Gains were also spurred by concern of escalating tensions over Iran after President Barack Obama said the U.S. may use military force to stop the country from developing a nuclear weapon.
Rubber declined for the first time in four days as analysts estimate China’s automobile sales are having their worst start in seven years amid record gasoline prices. Deliveries of passenger autos in the first two months of 2012 fell 3 percent from a year earlier, based on the median estimate of five analysts surveyed by Bloomberg.
August-delivery rubber declined as much as 1.1 percent to 338 yen a kilogram ($4,137 a metric ton) on the Tokyo Commodity Exchange, the biggest drop since Feb. 28.
The cost of insuring Asia-Pacific bonds from default rose, according to traders of credit-default swaps. The Markit iTraxx Asia index of 40 investment-grade borrowers outside Japan advanced 3.5 basis points to 160.5 basis points, Credit Agricole SA prices show. The index is headed for its largest daily climb since Feb. 10, according to data provider CMA.
Ten-year Treasuries fell, pushing their yield two basis points higher to 1.99 percent. The Institute for Supply Management’s U.S. non-manufacturing index was probably 56.2 in February, versus 56.8 the month before, according to a Bloomberg News survey of analysts before the report today. The January figure was the highest since February 2011. "
===
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
"Asian stocks fell the most in two weeks after China announced its lowest economic growth target since 2004 and the nation’s service industries shrank. The yen rose against its major peers, while oil climbed.
The MSCI Asia Pacific Index dropped 0.9 percent as of 1:46 p.m. in Tokyo. The Hang Seng China Enterprises Index slid 1.9 percent, led by insurers after American International Group Inc. said it’s selling AIA Group Ltd. shares. Standard & Poor’s 500 Index futures slipped 0.2 percent. The yen added 0.2 percent versus the dollar, while China’s yuan touched a four-week low. Oil advanced 0.2 percent after a U.S. pipeline was shut.
China’s government will aim for economic growth of 7.5 percent this year, the lowest goal since 2004, according to a transcript of Premier Wen Jiabao’s address to the National People’s Congress. Data today may show European retail sales declined for a third month, while U.S. services industries expanded, based on economist estimates compiled by Bloomberg.
“Asia is all about moderation now,” said Andrew Pease, the Sydney-based chief investment strategist for the Asia- Pacific region at Russell Investment Group, which manages about $150 billion. “It’s a much more challenging market to be bullish in. While the risk of financial armageddon in Europe is gone, Europe is still going to have a large recession.”
Asian Stocks
Almost three stocks fell for each that rose in the MSCI Asia Pacific Index, which rallied in each of the last 11 weeks. South Korea’s Kospi Index sank 1 percent, Australia’s S&P/ASX 200 Index retreated 0.4 percent and Japan’s Nikkei 225 Stock Average slipped 0.6 percent.
Hong Kong’s Hang Seng Index fell 1.1 percent. China’s non- manufacturing purchasing managers’ index fell to 48.4 from 52.9 in January, official data showed March 3. A reading above 50 indicates expansion. The Shanghai Composite Index was little changed as speculation policy makers will introduce measures to bolster Asia’s biggest economy eased concern about the outlook for economic growth.
AIA shares were suspended in Hong Kong. AIG said it’s selling as much as $6 billion of stock in the company to help repay a U.S. government rescue. The stake is being offered at a discount of as much as 7 percent to the March 2 closing price, based on a sales document obtained by Bloomberg. China Life Insurance Co., the nation’s biggest insurer, declined 3.3 percent. Ping An Insurance Group Co. lost 1.9 percent.
Sun Art Retail Group Ltd., China’s largest hypermarket operator, tumbled 6 percent after reporting slower same-store sales growth.
Yuan Weakens
The yuan declined 0.1 percent to 6.3043 per dollar and earlier touched 6.3075, the weakest level since Feb. 7, according to the China Foreign Exchange Trade System. South Korea’s won weakened 0.2 percent to 1,118.05 per dollar and Malaysia’s ringgit declined 0.4 percent to 3.0156.
Japan’s yen earlier fell to 81.87 per dollar, matching the weakest level in nine months. Futures traders are betting for the first time since May that the yen will fall against the dollar, figures from the Washington-based Commodity Futures Trading Commission show. The difference in the number of wagers by hedge funds and other large speculators on a decline in the yen compared with those on a gain -- so-called net shorts -- was 1,203 on Feb. 28, compared with net longs of 17,257 a week earlier.
Pipeline Shut
Oil climbed after falling 2.8 percent last week. Enbridge Inc. closed a pipeline in Illinois following a vehicle collision and fire at a pumping station. Gains were also spurred by concern of escalating tensions over Iran after President Barack Obama said the U.S. may use military force to stop the country from developing a nuclear weapon.
Rubber declined for the first time in four days as analysts estimate China’s automobile sales are having their worst start in seven years amid record gasoline prices. Deliveries of passenger autos in the first two months of 2012 fell 3 percent from a year earlier, based on the median estimate of five analysts surveyed by Bloomberg.
August-delivery rubber declined as much as 1.1 percent to 338 yen a kilogram ($4,137 a metric ton) on the Tokyo Commodity Exchange, the biggest drop since Feb. 28.
The cost of insuring Asia-Pacific bonds from default rose, according to traders of credit-default swaps. The Markit iTraxx Asia index of 40 investment-grade borrowers outside Japan advanced 3.5 basis points to 160.5 basis points, Credit Agricole SA prices show. The index is headed for its largest daily climb since Feb. 10, according to data provider CMA.
Ten-year Treasuries fell, pushing their yield two basis points higher to 1.99 percent. The Institute for Supply Management’s U.S. non-manufacturing index was probably 56.2 in February, versus 56.8 the month before, according to a Bloomberg News survey of analysts before the report today. The January figure was the highest since February 2011. "
===
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
China Cuts GDP Target as Wen Seeks Sustainable Growth: Economy
"March 5 (Bloomberg) -- China pared the nation’s economic growth target to 7.5 percent from an 8 percent goal in place since 2005, a signal that leaders are determined to reduce reliance on exports and capital spending in favor of consumption.
Officials will also aim for inflation of about 4 percent this year, unchanged from the 2011 goal, according to a state- of-the-nation speech that Premier Wen Jiabao delivered to about 3,000 lawmakers at the annual meeting of the National People’s Congress in Beijing today.
Asian stocks fell as Wen, 69, said the nation needs to shift to a more sustainable and efficient economic model and achieve “higher-quality development over a longer period of time.” China must boost the incomes of ordinary people, count less on exports and investment and reduce the state’s role in favor of private enterprise, Zong Qinghou, the country’s second- richest man, said in a March 3 interview.
The gross domestic product target should be read as the lower bound of the government’s “comfort zone,” said Michael Buchanan, chief Asia-Pacific economist at Goldman Sachs Group Inc. in Hong Kong. “It can also be viewed as a gesture from the central government that local governments should not focus solely” on the pace of expansion.
Fiscal, Monetary Policy
Wen reiterated that the government will maintain a “proactive” fiscal policy and a “prudent” monetary policy. The government in February lowered banks’ reserve requirements for the second time in three months to boost lending and sustain growth, following five interest-rate increases from October 2010 to July 2011 aimed at slowing inflation.
The MSCI Asia Pacific Index, which has gained for 11 straight weeks, fell 1 percent as of 2:20 p.m. in Tokyo. The benchmark Shanghai Composite Index dropped 0.4 percent at 1:21 local time. The gauge, while up 12 percent in 2012, has declined 16 percent from a year ago as China’s growth decelerated to the slowest since the second quarter of 2009.
The yuan weakened 0.1 percent against the dollar to 6.3047.
Elsewhere in Asia, India’s services industries expanded at a slower pace in February, according to a purchasing managers’ index released today by HSBC Holdings Plc and Markit Economics. Taiwan may say inflation slowed in February from January, according to the median estimate of economists surveyed by Bloomberg.
Europe Slowing
European services and manufacturing contracted last month, a final composite gauge may show today. Italy, France and Germany will also release services PMI data today. Euro zone retail sales probably fell 0.1 percent in January from the previous month, the third consecutive decline, economists predicted ahead of the report.
The Institute for Supply Management may say service industries in the U.S. grew at a slower pace in February, while a Commerce Department report may show orders to U.S. factories fell in January.
China’s government plans a budget deficit of 800 billion yuan ($127 billion), or 1.5 percent of GDP, Wen said. That compares with last year’s target of 900 billion yuan, or 2 percent of GDP, and the actual deficit of 850 billion yuan, a figure altered by the use of a so-called budget stabilization fund and shifting some local-government spending, according to the speech. The Ministry of Finance in January gave preliminary budget data indicating a 2011 deficit of 519 billion yuan, or 1.1 percent of GDP.
Analyst Forecasts
The growth target matched the median forecast of 15 economists surveyed by Bloomberg News last month. Twelve of 15 economists forecast a 4 percent inflation goal, while the median estimate of 13 respondents was for a budget deficit of 1 trillion yuan.
Officials are targeting money-supply growth of 14 percent, according to the report, in line with the median forecast of 15 analysts for the rise in M2, the broadest measure. China has a goal of increasing fixed-asset investment by 16 percent this year, the National Development and Reform Commission said in a report. That’s below the 18 percent median estimate of 12 economists.
Wen and fellow officials from the ruling Communist Party are preparing to begin a once-in-a-decade handover of power later this year to a new set of leaders. President Hu Jintao and Wen will step down from their roles and let a younger generation of leaders step in that’s likely to include Vice President Xi Jinping and Vice Premier Li Keqiang.
Incomes ‘Too Low’
“The biggest hurdle facing China’s economy now is that the government’s income is too high and the people’s income is too low,” Zong, 66, chairman of Hangzhou Wahaha Group Co. and a member of China’s legislature, said in the interview.
The country’s leaders may cut the bank-reserve ratio further this year, Bank of China Ltd. Chairman Xiao Gang said in Beijing. Xiao also said the state-controlled bank, China’s fourth-largest by market value, will have loan growth this year be similar to that of 2011.
“This low growth target with relatively high inflation suggests monetary policy will be relatively relaxed,” said Liu Li-Gang, head of Greater China economics at Australia & New Zealand Banking Group Ltd. in Hong Kong. “This in turn will help increase bank lending and boost investment.”
The National People’s Congress, while often derided as a rubber-stamp parliament, counts some of China’s most powerful politicians and executives as its members. They wield power in their home provinces and weigh in on proposals such as levying a property tax, privatizing state-owned enterprises and changing how China manages its currency.
Global Contributor
China was the largest contributor to global GDP growth in 2010 as it surpassed Japan to become the world’s second-largest economy, after an average annual expansion of 10 percent for three decades lifted more than 600 million people out of poverty, according to the World Bank. The nation’s urban population last year surpassed that of rural areas for the first time.
The annual economic-growth targets have been routinely surpassed and are more indicative of the direction of policy. Even so, gross domestic product expanded 8.9 percent in the fourth quarter from a year earlier, the least since the second quarter of 2009. For the full year, growth was 9.2 percent after 2010’s 10.4 percent, compared with the 8 percent goal.
China’s consumer prices rose 5.4 percent last year, exceeding the 2011 official annual target of 4 percent while easing from July’s peak of 6.5 percent.
Average Target
Leaders are trying to ensure the expansion slows to no less than an average targeted pace of 7 percent for the five years through 2015.
At the same time, heightened pollution, a widening income gap and an aging population along with an under-developed social-security system are testing Communist Party leaders’ plans to shift to a more-balanced growth model.
On top of that, risks of a deeper slowdown may be rising as Europe’s sovereign-debt crisis is pushing the continent into recession, curbing China’s exports, while the country maintains rules that have ended a surge in home prices. Fifty-nine percent of global investors polled by Bloomberg in September said China’s economy will expand less than 5 percent annually by 2016.
Foreign companies are still looking to the country for growth. Yum! Brands Inc., owner of the KFC and Taco Bell fast- food chains, said fourth-quarter profit gained 30 percent as it opened a record 656 stores last year in China.
China’s exports fell 0.5 percent in January, the first drop in more than two years, as a sluggish global economy hurt demand and the weeklong Chinese New Year holiday disrupted trade. Sales to the European Union rose 14 percent in 2011 after a 32 percent gain in 2010, according to data from China’s customs administration. "
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
Officials will also aim for inflation of about 4 percent this year, unchanged from the 2011 goal, according to a state- of-the-nation speech that Premier Wen Jiabao delivered to about 3,000 lawmakers at the annual meeting of the National People’s Congress in Beijing today.
Asian stocks fell as Wen, 69, said the nation needs to shift to a more sustainable and efficient economic model and achieve “higher-quality development over a longer period of time.” China must boost the incomes of ordinary people, count less on exports and investment and reduce the state’s role in favor of private enterprise, Zong Qinghou, the country’s second- richest man, said in a March 3 interview.
The gross domestic product target should be read as the lower bound of the government’s “comfort zone,” said Michael Buchanan, chief Asia-Pacific economist at Goldman Sachs Group Inc. in Hong Kong. “It can also be viewed as a gesture from the central government that local governments should not focus solely” on the pace of expansion.
Fiscal, Monetary Policy
Wen reiterated that the government will maintain a “proactive” fiscal policy and a “prudent” monetary policy. The government in February lowered banks’ reserve requirements for the second time in three months to boost lending and sustain growth, following five interest-rate increases from October 2010 to July 2011 aimed at slowing inflation.
The MSCI Asia Pacific Index, which has gained for 11 straight weeks, fell 1 percent as of 2:20 p.m. in Tokyo. The benchmark Shanghai Composite Index dropped 0.4 percent at 1:21 local time. The gauge, while up 12 percent in 2012, has declined 16 percent from a year ago as China’s growth decelerated to the slowest since the second quarter of 2009.
The yuan weakened 0.1 percent against the dollar to 6.3047.
Elsewhere in Asia, India’s services industries expanded at a slower pace in February, according to a purchasing managers’ index released today by HSBC Holdings Plc and Markit Economics. Taiwan may say inflation slowed in February from January, according to the median estimate of economists surveyed by Bloomberg.
Europe Slowing
European services and manufacturing contracted last month, a final composite gauge may show today. Italy, France and Germany will also release services PMI data today. Euro zone retail sales probably fell 0.1 percent in January from the previous month, the third consecutive decline, economists predicted ahead of the report.
The Institute for Supply Management may say service industries in the U.S. grew at a slower pace in February, while a Commerce Department report may show orders to U.S. factories fell in January.
China’s government plans a budget deficit of 800 billion yuan ($127 billion), or 1.5 percent of GDP, Wen said. That compares with last year’s target of 900 billion yuan, or 2 percent of GDP, and the actual deficit of 850 billion yuan, a figure altered by the use of a so-called budget stabilization fund and shifting some local-government spending, according to the speech. The Ministry of Finance in January gave preliminary budget data indicating a 2011 deficit of 519 billion yuan, or 1.1 percent of GDP.
Analyst Forecasts
The growth target matched the median forecast of 15 economists surveyed by Bloomberg News last month. Twelve of 15 economists forecast a 4 percent inflation goal, while the median estimate of 13 respondents was for a budget deficit of 1 trillion yuan.
Officials are targeting money-supply growth of 14 percent, according to the report, in line with the median forecast of 15 analysts for the rise in M2, the broadest measure. China has a goal of increasing fixed-asset investment by 16 percent this year, the National Development and Reform Commission said in a report. That’s below the 18 percent median estimate of 12 economists.
Wen and fellow officials from the ruling Communist Party are preparing to begin a once-in-a-decade handover of power later this year to a new set of leaders. President Hu Jintao and Wen will step down from their roles and let a younger generation of leaders step in that’s likely to include Vice President Xi Jinping and Vice Premier Li Keqiang.
Incomes ‘Too Low’
“The biggest hurdle facing China’s economy now is that the government’s income is too high and the people’s income is too low,” Zong, 66, chairman of Hangzhou Wahaha Group Co. and a member of China’s legislature, said in the interview.
The country’s leaders may cut the bank-reserve ratio further this year, Bank of China Ltd. Chairman Xiao Gang said in Beijing. Xiao also said the state-controlled bank, China’s fourth-largest by market value, will have loan growth this year be similar to that of 2011.
“This low growth target with relatively high inflation suggests monetary policy will be relatively relaxed,” said Liu Li-Gang, head of Greater China economics at Australia & New Zealand Banking Group Ltd. in Hong Kong. “This in turn will help increase bank lending and boost investment.”
The National People’s Congress, while often derided as a rubber-stamp parliament, counts some of China’s most powerful politicians and executives as its members. They wield power in their home provinces and weigh in on proposals such as levying a property tax, privatizing state-owned enterprises and changing how China manages its currency.
Global Contributor
China was the largest contributor to global GDP growth in 2010 as it surpassed Japan to become the world’s second-largest economy, after an average annual expansion of 10 percent for three decades lifted more than 600 million people out of poverty, according to the World Bank. The nation’s urban population last year surpassed that of rural areas for the first time.
The annual economic-growth targets have been routinely surpassed and are more indicative of the direction of policy. Even so, gross domestic product expanded 8.9 percent in the fourth quarter from a year earlier, the least since the second quarter of 2009. For the full year, growth was 9.2 percent after 2010’s 10.4 percent, compared with the 8 percent goal.
China’s consumer prices rose 5.4 percent last year, exceeding the 2011 official annual target of 4 percent while easing from July’s peak of 6.5 percent.
Average Target
Leaders are trying to ensure the expansion slows to no less than an average targeted pace of 7 percent for the five years through 2015.
At the same time, heightened pollution, a widening income gap and an aging population along with an under-developed social-security system are testing Communist Party leaders’ plans to shift to a more-balanced growth model.
On top of that, risks of a deeper slowdown may be rising as Europe’s sovereign-debt crisis is pushing the continent into recession, curbing China’s exports, while the country maintains rules that have ended a surge in home prices. Fifty-nine percent of global investors polled by Bloomberg in September said China’s economy will expand less than 5 percent annually by 2016.
Foreign companies are still looking to the country for growth. Yum! Brands Inc., owner of the KFC and Taco Bell fast- food chains, said fourth-quarter profit gained 30 percent as it opened a record 656 stores last year in China.
China’s exports fell 0.5 percent in January, the first drop in more than two years, as a sluggish global economy hurt demand and the weeklong Chinese New Year holiday disrupted trade. Sales to the European Union rose 14 percent in 2011 after a 32 percent gain in 2010, according to data from China’s customs administration. "
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
Thursday, 1 March 2012
Eurozone finance ministers delay release of €130bn Greek bail-out
FT.com : Breaking News !!
"Eurozone finance ministers on Thursday approved a debt restructuring for Greece but failed to release all of the €130bn of bail-out funds for the country after concluding Athens had not completed all 38 “prior actions” required to receive the second rescue in two years from the European Union.
The minister's approved about €93bn for the private sector Greek debt restructuring but held up aid directly intended to go directly to the Greek government."
Steven
"Eurozone finance ministers on Thursday approved a debt restructuring for Greece but failed to release all of the €130bn of bail-out funds for the country after concluding Athens had not completed all 38 “prior actions” required to receive the second rescue in two years from the European Union.
The minister's approved about €93bn for the private sector Greek debt restructuring but held up aid directly intended to go directly to the Greek government."
Steven
Stocks Drop on China Speculation; Aussie, Gold Climb
Is the crack coming !!
"March 1 (Bloomberg) -- Stocks around the world fell the most in almost three weeks, while gold rebounded as better-than- expected data on Chinese manufacturing boosted speculation the nation will refrain from further steps to ease monetary policy.
The MSCI All-Country World Index slid 0.5 percent as of 8:10 a.m. in London, poised for the biggest drop since Feb. 10. The Stoxx Europe 600 Index lost 0.2 percent and Standard & Poor’s 500 Index futures retreated 0.3 percent. The yen strengthened against 13 of its 16 major counterparts. Ten-year Treasury yields climbed two basis points to 1.99 percent. Gold jumped 1.4 percent after falling the most since 2008 yesterday.
China’s manufacturing improved for a third month in February and data later today may show U.S. factory activity climbed to an eight-month high. Federal Reserve Chairman Ben S. Bernanke said yesterday that while keeping monetary stimulus is warranted, rising gasoline prices are likely to push up inflation temporarily, and the drop in unemployment has been more rapid than expected.
“As the U.S. economy continues to recover and with China’s manufacturing still expanding, there’s less likelihood of further monetary easing,” said Castor Pang, head of research at Core-Pacific Yamaichi International Ltd.
French 10-year yields were at 2.88 percent before the nation sells as much as 8 billion euros ($10.7 billion) of securities maturing in 2017, 2019, 2022 and 2026. The yield on benchmark German 10-year bunds rose less than one basis point to 1.83 percent. Spain plans to hold note auctions.
Monthly Performance
Commodities, led by oil, beat stocks, bonds and the dollar for the first time since July last month as the European Union prepared to embargo Iranian crude, the U.S. economy improved and China took steps to shore up growth. The Standard & Poor’s GSCI Total Return Index of 24 raw materials rose 6.5 percent in February, extending the previous month’s 2.2 percent gain, as Brent crude advanced 11 percent.
China, the largest foreign U.S. creditor, reduced its holdings of U.S. government securities last year for the first time since the Treasury Department began compiling the data in 2001. The country held $1.15 trillion Treasuries as of Dec. 31, down from $1.16 trillion at the end of 2010, according to data released yesterday.
The Nikkei 225 Stock Average slipped 0.2 percent, while Hong Kong’s Hang Seng Index fell 1.4 percent and Australia’s S&P/ASX 200 Index retreated 1 percent. Asian stocks entered a bull market yesterday after the MSCI Asia Pacific Index rose 20 percent from a two-year low in October. The equity benchmark has advanced for the past 10 weeks, the longest run since its inception in 1988.
Mining Stocks
Raw-material producers in the MSCI Asia gauge slid 1.8 percent for the biggest drop among 10 industries. Newcrest Mining Ltd., Australia’s largest gold mining company, fell 2.8 percent. BHP Billiton Ltd. slipped 1.5 percent. Silver, gold and lead fell more than 4 percent yesterday, leading declines in commodities.
Country Garden Holdings Co., the developer controlled by China’s second-richest woman, tumbled 8.8 percent after saying it’s selling 677 million shares in Hong Kong at a discount. Malaysian Airline System Bhd., the nation’s largest long-haul carrier, dropped 3.5 percent after its chairman said the company was “in crisis” following a fourth straight quarterly loss.
The dollar rose for a second day against the euro, adding 0.1 percent. The Institute for Supply Management’s factory index probably rose to 54.5 in February from 54.1, according to the median estimate of economists surveyed by Bloomberg. Readings above 50 signal growth. A separate report today may show U.S. consumer purchases increased 0.4 percent in January.
Manufacturing Expands
“Manufacturing is picking up across the globe,” said Justin Harper, head of research in Singapore at IG Markets. “Risk-on sentiment is definitely on the table at the moment,” weighing on haven currencies such as the dollar, he said.
Gold rose after exchange-traded product holdings advanced to a record. Spot silver, this year’s best-performing precious metal, rose 0.4 percent to $34.8075 an ounce.
Oil for April delivery retreated 0.4 percent to $106.61 a barrel in electronic trading on the New York Mercantile Exchange. Crude in New York dropped as much as 1.6 percent yesterday after a report from the U.S. Energy Department showed stockpiles increased almost four times more than forecast.
The MSCI Emerging Markets Index fell from a seven-month high, declining 0.9 percent. The BSE India Sensitive Index sank 1.4 percent and the Hang Seng China Enterprises Index lost 1.9 percent.
To contact the reporters on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net ; Jonathan Burgos in Singapore at jburgos4@bloomberg.net "
===
Sent from Bloomberg for Blackberry. Download it from the Blackberry App World!
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
"March 1 (Bloomberg) -- Stocks around the world fell the most in almost three weeks, while gold rebounded as better-than- expected data on Chinese manufacturing boosted speculation the nation will refrain from further steps to ease monetary policy.
The MSCI All-Country World Index slid 0.5 percent as of 8:10 a.m. in London, poised for the biggest drop since Feb. 10. The Stoxx Europe 600 Index lost 0.2 percent and Standard & Poor’s 500 Index futures retreated 0.3 percent. The yen strengthened against 13 of its 16 major counterparts. Ten-year Treasury yields climbed two basis points to 1.99 percent. Gold jumped 1.4 percent after falling the most since 2008 yesterday.
China’s manufacturing improved for a third month in February and data later today may show U.S. factory activity climbed to an eight-month high. Federal Reserve Chairman Ben S. Bernanke said yesterday that while keeping monetary stimulus is warranted, rising gasoline prices are likely to push up inflation temporarily, and the drop in unemployment has been more rapid than expected.
“As the U.S. economy continues to recover and with China’s manufacturing still expanding, there’s less likelihood of further monetary easing,” said Castor Pang, head of research at Core-Pacific Yamaichi International Ltd.
French 10-year yields were at 2.88 percent before the nation sells as much as 8 billion euros ($10.7 billion) of securities maturing in 2017, 2019, 2022 and 2026. The yield on benchmark German 10-year bunds rose less than one basis point to 1.83 percent. Spain plans to hold note auctions.
Monthly Performance
Commodities, led by oil, beat stocks, bonds and the dollar for the first time since July last month as the European Union prepared to embargo Iranian crude, the U.S. economy improved and China took steps to shore up growth. The Standard & Poor’s GSCI Total Return Index of 24 raw materials rose 6.5 percent in February, extending the previous month’s 2.2 percent gain, as Brent crude advanced 11 percent.
China, the largest foreign U.S. creditor, reduced its holdings of U.S. government securities last year for the first time since the Treasury Department began compiling the data in 2001. The country held $1.15 trillion Treasuries as of Dec. 31, down from $1.16 trillion at the end of 2010, according to data released yesterday.
The Nikkei 225 Stock Average slipped 0.2 percent, while Hong Kong’s Hang Seng Index fell 1.4 percent and Australia’s S&P/ASX 200 Index retreated 1 percent. Asian stocks entered a bull market yesterday after the MSCI Asia Pacific Index rose 20 percent from a two-year low in October. The equity benchmark has advanced for the past 10 weeks, the longest run since its inception in 1988.
Mining Stocks
Raw-material producers in the MSCI Asia gauge slid 1.8 percent for the biggest drop among 10 industries. Newcrest Mining Ltd., Australia’s largest gold mining company, fell 2.8 percent. BHP Billiton Ltd. slipped 1.5 percent. Silver, gold and lead fell more than 4 percent yesterday, leading declines in commodities.
Country Garden Holdings Co., the developer controlled by China’s second-richest woman, tumbled 8.8 percent after saying it’s selling 677 million shares in Hong Kong at a discount. Malaysian Airline System Bhd., the nation’s largest long-haul carrier, dropped 3.5 percent after its chairman said the company was “in crisis” following a fourth straight quarterly loss.
The dollar rose for a second day against the euro, adding 0.1 percent. The Institute for Supply Management’s factory index probably rose to 54.5 in February from 54.1, according to the median estimate of economists surveyed by Bloomberg. Readings above 50 signal growth. A separate report today may show U.S. consumer purchases increased 0.4 percent in January.
Manufacturing Expands
“Manufacturing is picking up across the globe,” said Justin Harper, head of research in Singapore at IG Markets. “Risk-on sentiment is definitely on the table at the moment,” weighing on haven currencies such as the dollar, he said.
Gold rose after exchange-traded product holdings advanced to a record. Spot silver, this year’s best-performing precious metal, rose 0.4 percent to $34.8075 an ounce.
Oil for April delivery retreated 0.4 percent to $106.61 a barrel in electronic trading on the New York Mercantile Exchange. Crude in New York dropped as much as 1.6 percent yesterday after a report from the U.S. Energy Department showed stockpiles increased almost four times more than forecast.
The MSCI Emerging Markets Index fell from a seven-month high, declining 0.9 percent. The BSE India Sensitive Index sank 1.4 percent and the Hang Seng China Enterprises Index lost 1.9 percent.
To contact the reporters on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net ; Jonathan Burgos in Singapore at jburgos4@bloomberg.net "
===
Sent from Bloomberg for Blackberry. Download it from the Blackberry App World!
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
Australian Dollar, Oil Gain as Japanese Stocks Rally
"March 1 (Bloomberg) -- The Australian dollar rose and Brent oil gained for a second day, while Japanese shares rallied after China’s manufacturing exceeded forecasts and South Korean exports rose by the most in six months. Gold rebounded from the biggest drop in three years.
Australia’s dollar strengthened 0.2 percent to $1.0754 as of 10:57 a.m. in Tokyo. The dollar and yen weakened against most major counterparts. Brent oil increased 0.2 percent to $122.96 a barrel. The Nikkei 225 Stock Average jumped 0.5 percent, while the MSCI Asia Pacific Index slipped 0.2 percent. Spot gold jumped 1.3 percent after a 4.9 percent plunge yesterday.
China’s manufacturing improved for a third straight month in February, signaling the world’s second-biggest economy is maintaining momentum amid Europe’s debt crisis. U.S. equities fell yesterday after Federal Reserve Chairman Ben S. Bernanke’s remarks to Congress damped speculation of more quantitative easing to support economic growth.
“Risk-on sentiment is definitely on the table at the moment,” said Justin Harper, head of research at IG Markets in Singapore. “You’re seeing the U.S. dollar, the yen, safe havens, start to show some pressure there as people think things are maybe getting better.”
Asian stocks entered a bull market yesterday after central- bank easing from the U.S. and Europe to China and Japan fueled the fastest rally in more than two years. The MSCI Asia Pacific Index has risen 20 percent from a two-year low in October and advanced for the past 10 weeks, the longest run since its inception in 1988.
Treasury Holdings
China, the largest foreign U.S. creditor, reduced its holdings of U.S. government securities last year for the first time since the Treasury Department began compiling the data in 2001. The country held $1.15 trillion Treasuries as of Dec. 31, down from $1.16 trillion at the end of 2010, according to Treasury data released yesterday.
South Korea’s overseas shipments rose 22.7 percent last month from a year earlier after falling a revised 7 percent in January, the Ministry of Knowledge Economy said. The median estimate in a Bloomberg News survey of 14 economists was for a 16.4 percent gain. South Korean markets are closed for a holiday today.
TDK Corp., a Japanese maker of electronic equipment, jumped 5 percent after saying it plans to buy back shares.
Newcrest Mining Ltd., Australia’s largest gold mining company, fell 2.5 percent. BHP Billiton Ltd., the world’s biggest mining company, slipped 1.1 percent. Silver, gold and lead fell more than 4 percent yesterday, leading declines in commodities.
To contact the reporters on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net ; Kristine Aquino in Singapore at kaquino1@bloomberg.net "
===
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
Sent from my BlackBerry® wireless device
Australia’s dollar strengthened 0.2 percent to $1.0754 as of 10:57 a.m. in Tokyo. The dollar and yen weakened against most major counterparts. Brent oil increased 0.2 percent to $122.96 a barrel. The Nikkei 225 Stock Average jumped 0.5 percent, while the MSCI Asia Pacific Index slipped 0.2 percent. Spot gold jumped 1.3 percent after a 4.9 percent plunge yesterday.
China’s manufacturing improved for a third straight month in February, signaling the world’s second-biggest economy is maintaining momentum amid Europe’s debt crisis. U.S. equities fell yesterday after Federal Reserve Chairman Ben S. Bernanke’s remarks to Congress damped speculation of more quantitative easing to support economic growth.
“Risk-on sentiment is definitely on the table at the moment,” said Justin Harper, head of research at IG Markets in Singapore. “You’re seeing the U.S. dollar, the yen, safe havens, start to show some pressure there as people think things are maybe getting better.”
Asian stocks entered a bull market yesterday after central- bank easing from the U.S. and Europe to China and Japan fueled the fastest rally in more than two years. The MSCI Asia Pacific Index has risen 20 percent from a two-year low in October and advanced for the past 10 weeks, the longest run since its inception in 1988.
Treasury Holdings
China, the largest foreign U.S. creditor, reduced its holdings of U.S. government securities last year for the first time since the Treasury Department began compiling the data in 2001. The country held $1.15 trillion Treasuries as of Dec. 31, down from $1.16 trillion at the end of 2010, according to Treasury data released yesterday.
South Korea’s overseas shipments rose 22.7 percent last month from a year earlier after falling a revised 7 percent in January, the Ministry of Knowledge Economy said. The median estimate in a Bloomberg News survey of 14 economists was for a 16.4 percent gain. South Korean markets are closed for a holiday today.
TDK Corp., a Japanese maker of electronic equipment, jumped 5 percent after saying it plans to buy back shares.
Newcrest Mining Ltd., Australia’s largest gold mining company, fell 2.5 percent. BHP Billiton Ltd., the world’s biggest mining company, slipped 1.1 percent. Silver, gold and lead fell more than 4 percent yesterday, leading declines in commodities.
To contact the reporters on this story: Lynn Thomasson in Hong Kong at lthomasson@bloomberg.net ; Kristine Aquino in Singapore at kaquino1@bloomberg.net "
===
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
Sent from my BlackBerry® wireless device
Asian Stocks Enter Bull Market Fueled by Central Banks
"March 1 (Bloomberg) -- Asian stocks entered a bull market yesterday after central-bank easing from the U.S. and Europe to China and Japan fueled the fastest rally in more than two years.
China Shipping Container Lines Co., which surged 163 percent, led gains since a low on Oct. 5 as efforts to prevent the spread of Europe’s debt crisis and improving U.S. economic reports boosted the outlook for the region’s exporters. S-Oil Corp., Korea’s No. 3 refiner, led energy stocks higher as crude prices surged. Agile Property Holdings Ltd., a Chinese developer, rose 137 percent on speculation the country will ease property curbs as inflation slows.
The MSCI Asia Pacific Index was little changed at 128.95 as of 10:21 a.m. today in Tokyo, after advancing more than 20 percent from its Oct. 5 low and entering a so-called bull market as of yesterday. The gauge has advanced the last 10 weeks, the longest such streak since its inception in 1988, as the European Central Bank expanded its balance sheet to a record, the U.S. Federal Reserve pledged near-zero interest rates and China lowered reserve ratios.
“One would have expected some kind of a pause by now because the market has been rising since mid-December,” said Mark Matthews, Singapore-based head of research for Asia at Julius Baer, which oversees about $180 billion in assets under management globally. “The major thing that put the floor on markets was the European Central Bank’s long-term refinancing operations that were introduced in December. U.S. data has been pretty robust too. All these things are good. It’s all good.”
The rally has boosted valuations for Asian stocks to the highest level in two years relative to global equities. The MSCI Asia Pacific Index trades at 15.1 times estimated profit, while the MSCI All-Country World Index has a multiple of 12.7, according to data compiled by Bloomberg.
Regional Gauges Surge
The Hang Seng China Enterprises Index, which added 46 percent from Oct. 5, has led gains as easing inflation and slowing growth in the world’s second-largest economy allowed the People’s Bank of China to cut reserve requirements twice.
Chinese property companies and infrastructure stocks such as CSR Corp., a railcar maker whose Hong Kong shares jumped 151 percent, have surged as HSBC Holdings Plc, JPMorgan Chase & Co. and Goldman Sachs Group Inc. said the government has a number of tools to fine tune the economy. Hong Kong’s Hang Seng Index advanced 33 percent in the period.
Japan’s Nikkei 225 Stock Average climbed 15 percent. Gains increased through February as further easing by the Bank of Japan and receding concern about financial meltdown in Europe saw the yen weaken, boosting the outlook for the nation’s exporters.
Easing Lends Strength
“The global trend towards monetary easing is the major factor giving equities strength,” Ayako Sera, a market strategist in Tokyo at Sumitomo Trust & Banking Co., which manages the equivalent of $298 billion. “Corporate earnings are holding up even amid some concern about the global economy, and easing measures are pushing up shares.”
Analysts are estimating that Asia-Pacific index companies will record earnings-per-share growth of 31 percent over the next four quarters, according to data compiled by Bloomberg. About half of companies that have issued quarterly reports since Jan. 9 have failed to meet analysts’ estimates.
Australia’s S&P/ASX 200 Index gained 9.5 percent. Korea’s Kospi Index increased 22 percent. The BSE India Sensitive Index advanced 12 percent.
“The rally looks sustainable,” said Khiem Do, Hong Kong- based head of multi-asset strategy at Baring Asset Management Ltd., which oversees $46 billion. “The recession in Europe doesn’t look that severe. The U.S. economy looks OK and China isn’t falling into a hard landing.”
China’s Manufacturing
China’s manufacturing improved for a third straight month in February, signaling the world’s second-biggest economy is maintaining momentum amid Europe’s debt crisis and a cooling domestic property market.
Energy companies had the biggest advance among the 10 industries in the Asia-Pacific gauge as the improving economic outlook and simmering tensions with Iran spurred an increase of more than 40 percent in the price of oil since October.
South Korean S-Oil jumped 52 percent to 125,500 won in the period. Japan Petroleum Exploration Co. increased 47 percent to 3,945 yen and Santos Ltd., Australia’s No. 2 oil company, climbed 27 percent. Sembcorp Marine Ltd., the world’s No. 2 maker of oil rigs, jumped 72 percent to S$5.35 in Singapore.
ECB President Mario Draghi’s unprecedented emergency lending to euro-region financial institutions helped persuade investors that a credit freeze will be averted. The ECB said yesterday it will lend banks 529.5 billion euros ($712.2 billion) for 1,092 days, topping the 489 billion euros handed out to 523 institutions in the first three-year operation in December.
Exporters Advance
Esprit Holdings Ltd., a Hong Kong-listed clothier that gets about 80 percent of revenue from Europe, climbed 85 percent to HK$17.40. Hutchison Whampoa Ltd., owner of ports in Germany, Spain and Italy, advanced 43 percent. Canon Inc., the Japanese camera maker that counts Europe as its biggest market, added 7.3 percent to 3,680 yen.
Exporters to the U.S. have also risen amid promises from the Federal Reserve to keep borrowing rates near zero through at least late 2014 to support growth. Applications for U.S. unemployment insurance benefits were unchanged in the week ended Feb. 18 at 351,000, the fewest since March 2008, Labor Department figures showed Feb. 23. Measures of consumer confidence and housing starts have also improved.
Li & Fung Ltd., the biggest supplier to Wal-Mart Stores Inc., jumped 54 percent to HK$17.80. James Hardie Industries NV, which makes most of its revenue selling home siding in the U.S., surged 36 percent to A$7.33 in Sydney. Samsung Electronics Ltd., the world’s second-largest seller of phone handsets, climbed 43 percent in Seoul.
Among stocks that fell, Elpida Memory Inc., the Japanese computer-memory maker, had the biggest decline, dropping 99 percent to 7 yen after filing for bankruptcy on Feb. 27. Hynix Semiconductor Inc., a Korean rival, has increased 51 percent since Oct. 5.
To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net ; Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net "
===
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
China Shipping Container Lines Co., which surged 163 percent, led gains since a low on Oct. 5 as efforts to prevent the spread of Europe’s debt crisis and improving U.S. economic reports boosted the outlook for the region’s exporters. S-Oil Corp., Korea’s No. 3 refiner, led energy stocks higher as crude prices surged. Agile Property Holdings Ltd., a Chinese developer, rose 137 percent on speculation the country will ease property curbs as inflation slows.
The MSCI Asia Pacific Index was little changed at 128.95 as of 10:21 a.m. today in Tokyo, after advancing more than 20 percent from its Oct. 5 low and entering a so-called bull market as of yesterday. The gauge has advanced the last 10 weeks, the longest such streak since its inception in 1988, as the European Central Bank expanded its balance sheet to a record, the U.S. Federal Reserve pledged near-zero interest rates and China lowered reserve ratios.
“One would have expected some kind of a pause by now because the market has been rising since mid-December,” said Mark Matthews, Singapore-based head of research for Asia at Julius Baer, which oversees about $180 billion in assets under management globally. “The major thing that put the floor on markets was the European Central Bank’s long-term refinancing operations that were introduced in December. U.S. data has been pretty robust too. All these things are good. It’s all good.”
The rally has boosted valuations for Asian stocks to the highest level in two years relative to global equities. The MSCI Asia Pacific Index trades at 15.1 times estimated profit, while the MSCI All-Country World Index has a multiple of 12.7, according to data compiled by Bloomberg.
Regional Gauges Surge
The Hang Seng China Enterprises Index, which added 46 percent from Oct. 5, has led gains as easing inflation and slowing growth in the world’s second-largest economy allowed the People’s Bank of China to cut reserve requirements twice.
Chinese property companies and infrastructure stocks such as CSR Corp., a railcar maker whose Hong Kong shares jumped 151 percent, have surged as HSBC Holdings Plc, JPMorgan Chase & Co. and Goldman Sachs Group Inc. said the government has a number of tools to fine tune the economy. Hong Kong’s Hang Seng Index advanced 33 percent in the period.
Japan’s Nikkei 225 Stock Average climbed 15 percent. Gains increased through February as further easing by the Bank of Japan and receding concern about financial meltdown in Europe saw the yen weaken, boosting the outlook for the nation’s exporters.
Easing Lends Strength
“The global trend towards monetary easing is the major factor giving equities strength,” Ayako Sera, a market strategist in Tokyo at Sumitomo Trust & Banking Co., which manages the equivalent of $298 billion. “Corporate earnings are holding up even amid some concern about the global economy, and easing measures are pushing up shares.”
Analysts are estimating that Asia-Pacific index companies will record earnings-per-share growth of 31 percent over the next four quarters, according to data compiled by Bloomberg. About half of companies that have issued quarterly reports since Jan. 9 have failed to meet analysts’ estimates.
Australia’s S&P/ASX 200 Index gained 9.5 percent. Korea’s Kospi Index increased 22 percent. The BSE India Sensitive Index advanced 12 percent.
“The rally looks sustainable,” said Khiem Do, Hong Kong- based head of multi-asset strategy at Baring Asset Management Ltd., which oversees $46 billion. “The recession in Europe doesn’t look that severe. The U.S. economy looks OK and China isn’t falling into a hard landing.”
China’s Manufacturing
China’s manufacturing improved for a third straight month in February, signaling the world’s second-biggest economy is maintaining momentum amid Europe’s debt crisis and a cooling domestic property market.
Energy companies had the biggest advance among the 10 industries in the Asia-Pacific gauge as the improving economic outlook and simmering tensions with Iran spurred an increase of more than 40 percent in the price of oil since October.
South Korean S-Oil jumped 52 percent to 125,500 won in the period. Japan Petroleum Exploration Co. increased 47 percent to 3,945 yen and Santos Ltd., Australia’s No. 2 oil company, climbed 27 percent. Sembcorp Marine Ltd., the world’s No. 2 maker of oil rigs, jumped 72 percent to S$5.35 in Singapore.
ECB President Mario Draghi’s unprecedented emergency lending to euro-region financial institutions helped persuade investors that a credit freeze will be averted. The ECB said yesterday it will lend banks 529.5 billion euros ($712.2 billion) for 1,092 days, topping the 489 billion euros handed out to 523 institutions in the first three-year operation in December.
Exporters Advance
Esprit Holdings Ltd., a Hong Kong-listed clothier that gets about 80 percent of revenue from Europe, climbed 85 percent to HK$17.40. Hutchison Whampoa Ltd., owner of ports in Germany, Spain and Italy, advanced 43 percent. Canon Inc., the Japanese camera maker that counts Europe as its biggest market, added 7.3 percent to 3,680 yen.
Exporters to the U.S. have also risen amid promises from the Federal Reserve to keep borrowing rates near zero through at least late 2014 to support growth. Applications for U.S. unemployment insurance benefits were unchanged in the week ended Feb. 18 at 351,000, the fewest since March 2008, Labor Department figures showed Feb. 23. Measures of consumer confidence and housing starts have also improved.
Li & Fung Ltd., the biggest supplier to Wal-Mart Stores Inc., jumped 54 percent to HK$17.80. James Hardie Industries NV, which makes most of its revenue selling home siding in the U.S., surged 36 percent to A$7.33 in Sydney. Samsung Electronics Ltd., the world’s second-largest seller of phone handsets, climbed 43 percent in Seoul.
Among stocks that fell, Elpida Memory Inc., the Japanese computer-memory maker, had the biggest decline, dropping 99 percent to 7 yen after filing for bankruptcy on Feb. 27. Hynix Semiconductor Inc., a Korean rival, has increased 51 percent since Oct. 5.
To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net ; Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net "
===
Steven Morris CA (SA)
Mobie : 083 943 1858
Fax: 086 671 2498
E-Mail: steven@global.co.za
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