Stocks to watch:Tesla Motors Inc.(TSLA) rose 4.7% after the electric-car maker posted its strongest quarter of sales ever (http://www.marketwatch.com/story/tesla-reports-its-best-ever-quarterly-vehicle-sales-2016-10-02), reiterated guidance and said sales in the fourth quarter should be at or slightly better than the third. The absence of top consumer China, where markets are shut from October 1-9 for the Chinese National Day holidays, is expected to keep trading volumes low. Once again, it wasn’t a good trading day for Healthcare.
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Apart from Britain’s FTSE, however, Europe failed to follow Asian stocks’ solid start to the quarter, and US futures pointed to a flat open on Wall Street.
Mainland China was closed for a week-long holiday but Hong Kong gained 1.2 percent and Indonesia shares rose 1.7 percent after export orders touched a four-year high. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and three have issued a buy rating to the stock. Utilities shed 1.4 percent. Investors hope Deutsche Bank will be able to negotiate down the massive cost of settling a US investigation into mortgage securities.
The comments by the British prime minister hurt the pound. “Markets will continue to assess the state of the US economy as well, given the release of nonfarm payrolls this Friday”.
“Its world print and eurocentric role are unrivaled, so it is going to drive the narrative nextweek”, said Peter Kenny, senior market strategist at Global Markets Advisory Group in NY. But now, “we have a timetable”. Stocks in Southeast Asian markets were higher.
Shares in fund management companies rose after Britain’s Henderson Global Investors agreed to an all-share US$6 billion (RM24.8 billion) merger with Janus Capital.
Deutsche was dealt a fresh blow at the weekend when a court in Milan ordered it as well and two other banks – Banca Monte dei Paschi di Siena and Nomura – to stand trial for alleged financial crimes.
“If you can’t raise prices”, Cecilia said, “how else are you going to grow?” Oil is flirting with $US50 a barrel and provided support for the energy sector which outperformed on Monday. Construction spending fell 0.7 percent in August, with analysts expecting a 0.2 percent increase. The stock has a weekly performance of 21.59 percent and is 21.08 percent year-to-date as of the recent close. The cancer drug developer announced that it would cut nearly a quarter of its workforce and look for a new CEO. This Does not Preclude the Dow and the S & P 500 To Suffer Declines of 0.5% and 0.1% respectivement over the whole of September, the Nasdaq Gaining 1.9% over the month.
The Australian dollar edged up 0.1 percent to $0.7679 AUD=D4 and Australian shares slipped 0.4 percent, ahead of a monthly policy decision later on Tuesday by the Reserve Bank of Australia (RBA).
ENERGY: Benchmark U.S. crude oil fell 9 cents to $48.15 a barrel, while brent crude, the worldwide standard, rose 25 cents to $50.44 a barrel in London.
The lender’s US$2b of 6 per cent additional Tier 1 bonds, the first to take losses in a crisis, fell US0.4 cents on the euro to about 75 cents, according to data compiled by Bloomberg.
On Monday, the December Brent contract was up 1.2 percent at $50.75 a barrel, while USA crude rose 1 percent to $48.70.
Precious and industrial metals prices closed lower.
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Silver followed gold, trading in a narrow range of $0.30 around last week’s close of $19.17 per ounce.
