Wall St rose 1.2%, on easing concern over default of Dubai World, which is seeking to restructure a smaller sum of USD26bln, and US pending home sales rose 3.7% in Oct, for the 9th month. However, auto sales were down sharply, 10-15%, in November from Oct, although year on year, the sales stabilised. Dollar is slightly down.Commodities recover.
- Dow is at 10,471, and heading to 10,723.
- Dollar is at 86.9 yen. Support is at 84.0
- Euro/dollar is higher at 1.509. Longer term upside is at 1.53
- Crude oil is higher at USD78, still targeting 84.
- Gold is higher at USD1198, heading to 1210, then 1237.
- Ringgit is slightly firmer at 3.38. With support at 3.45, it is likely to gain ahead of October exports this Friday, expected to be down 10.3% yoy, the smallest drop in 11 months. Long term upside of 3.34.
- S’pore ringgit is slightly soft at 2.446. With a pullback support at 2.42, the long term upside is at 2.52.
- Malaysia market closed higher at 1266. With support at 1256, it is targeting 1278, and 1291.
- CPO Jan futures is higher at RM2472, with support at RM2395. Upside is at RM2600.
- Today’s trading range is between 1262 and 1274.
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