Good Morning!!!
Malaysian and local market is closed today but lets take a look at what happened in US last night.
DJI -25
No clear direction for the day but in the short term still weak as the index is unable to break from the base of the short term down trend. No major impact on Asia markets then. The key will then lie in Asian markets' performance today, US and EU markets tonight.
Credit woos is still around and will be around for quite some time. As these issues start to blow, it will give more reasons for market players to turn away from equity and head towards safer haven like treasury.
News:
New Zealand dollar declines on prospects interest rate increases are over
Australian dollar declines to near 3 month low on credit market concern
Pound falls on BOE rate cut bets
Swedish Krona declines on lower growth forecast
Swiss Franc declines as Fed pump cash into banking system
Yen near 6 week low before BOJ interest rate decision
Japan gov bonds may gain on speculation credit losses to deepen
Taiwan may raise rate as oil, food spur inflation
Hong kong inflation likely accelerated as food, property price increase
EU notes gain as confidence index fell to 2yr low
Money market rates fall on ECB cash injection
US - Municipal bonds swoon with worst returns since 1999 as credit woes deepen
**Have a nice holiday...
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