Tuesday 31 July 2012
Revised central tendencyFX forecasts - Asia 31 July 2012
Revised central tendency FX forecasts - Asia 31 July 2012
Market Update - 1 August 2012
USD/MYR retreated after breaking the strong support of 3.1400 level yesterday. With expectations for a dovish outcome from FOMC and ECB to do more to boost the euro, it is possible for USD/MYR to track back close to the 3.1000 level.
The euro climbed yesterday and touched 1.2390 on intra-day trading, suggesting that Draghi’s comment last week has continued to fuel expectations of an aggressive easing by the ECB.
Wall Street falls for the second day as the FOMC commenced: the Dow -0.49%, S&P -0.43% and Nasdaq -0.21%.
Asian stocks fell, with the regional index heading for the first drop in five days, as investors await monetary policy decisions by the Federal Reserve and the ECB. Japanese shares led declines on disappointing earnings reports
China reiterated its growth priority and said it will pursue a prudent monetary policy and proactive fiscal policy.
KLCI edged lower 0.05% to 1,631.6 as the market probably adopted a wait and see approach ahead of the FOMC and ECB meeting. KLCI will likely see more profit taking today as markets await for more clarity on the FOMC outcome.
It is now August and Datuk Seri Mustapa Mohamad, minister of Internal Trade and Industry has commented that Malaysia is on track to achieve the official target growth rate of 5 – 6% this year.
Euro Holds Gain Versus Peers on Bets ECB to Step Up Crisis Fight
By Mariko Ishikawa and Masaki Kondo
Aug. 1 (Bloomberg) -- The euro remained higher against the dollar following an advance yesterday as optimism built that the European Central Bank will take steps at a meeting tomorrow to
stem the region’s debt crisis.
The 17-nation currency held gains against the yen after France’s President Francois Hollande and Italy’s Prime Minister Mario Monti said yesterday the countries are “determined” to do everything to protect the integrity of euro zone. The greenback maintained this week’s decline against the Japanese currency before the Federal Reserve concludes a two-day meeting today amid speculation the U.S. central bank will signal additional monetary easing.
“I’m bullish on the euro in the near term,” said Kengo Suzuki, a foreign-exchange strategist in Tokyo at Mizuho Securities Co., a unit of Japan’s third-largest bank by market value. “The ECB is expected to show its resolve and act to preserve the currency.”
The euro bought $1.2295 as of 8:51 a.m. in Tokyo after climbing 0.4 percent yesterday to $1.2304. The shared currency traded at 96.06 yen from 96.12 yesterday, when it advanced 0.3 percent. The dollar was little changed at 78.13 yen, having fallen for the past two days.
Spanish Economy Minister Luis de Guindos is pushing for additional budget cuts after his German counterpart, Wolfgang Schaeuble, signaled to him that such a move would be rewarded by bond market assistance, according to two people in Madrid familiar with his thinking.
German Aid
De Guindos wants further cuts in health and education spending after Schaeuble told him that such a move would enable Germany to support any steps by the ECB to push down Spanish borrowing costs, said the people, who asked not to be named as the discussions were confidential. ECB President Mario Draghi also backs de Guindos’s push, said one of the people.
Yields on Spanish government 10-year bonds traded at 6.75 percent yesterday, after rising to a euro-era record of 7.75 percent on July 25.
Draghi pledged last week to do whatever it takes to preserve the currency. He has a proposal that involves the European Financial Stability Facility buying government debt on the primary market, buttressed by ECB purchases on the secondary market to ensure lenders transmit its record-low interest rates, two central bank officials said on July 27 on condition of anonymity.
Further ECB interest-rate cuts and long-term loans to banks are also up for discussion, one of the officials said.
Fed Easing
The greenback remained lower versus the yen after data yesterday showed U.S. consumer spending stagnated in June, supporting bets the Fed will signal further monetary easing when it concludes its meeting today. Household purchases were unchanged after a 0.1 percent decrease the prior month that was previously reported as little changed, Commerce Department data showed.
While the Fed refrained from introducing a third round of asset purchases known as quantitative easing at its June meeting, Fed Chairman Ben S. Bernanke indicated it’s an option. The central bank bought $2.3 trillion of securities in two rounds from 2008 to 2011 to spur growth, and it has said its
benchmark interest rate will stay at “exceptionally low levels” at least through late 2014.
“I think the Fed will ease as growth in the U.S. economy is clearly slowing,” said Mizuho’s Suzuki. “The Fed most likely will lengthen its pledge to keep interest rates low. That could be a catalyst for the dollar to be sold.”
Aug. 1 (Bloomberg) -- The euro remained higher against the dollar following an advance yesterday as optimism built that the European Central Bank will take steps at a meeting tomorrow to
stem the region’s debt crisis.
The 17-nation currency held gains against the yen after France’s President Francois Hollande and Italy’s Prime Minister Mario Monti said yesterday the countries are “determined” to do everything to protect the integrity of euro zone. The greenback maintained this week’s decline against the Japanese currency before the Federal Reserve concludes a two-day meeting today amid speculation the U.S. central bank will signal additional monetary easing.
“I’m bullish on the euro in the near term,” said Kengo Suzuki, a foreign-exchange strategist in Tokyo at Mizuho Securities Co., a unit of Japan’s third-largest bank by market value. “The ECB is expected to show its resolve and act to preserve the currency.”
The euro bought $1.2295 as of 8:51 a.m. in Tokyo after climbing 0.4 percent yesterday to $1.2304. The shared currency traded at 96.06 yen from 96.12 yesterday, when it advanced 0.3 percent. The dollar was little changed at 78.13 yen, having fallen for the past two days.
Spanish Economy Minister Luis de Guindos is pushing for additional budget cuts after his German counterpart, Wolfgang Schaeuble, signaled to him that such a move would be rewarded by bond market assistance, according to two people in Madrid familiar with his thinking.
German Aid
De Guindos wants further cuts in health and education spending after Schaeuble told him that such a move would enable Germany to support any steps by the ECB to push down Spanish borrowing costs, said the people, who asked not to be named as the discussions were confidential. ECB President Mario Draghi also backs de Guindos’s push, said one of the people.
Yields on Spanish government 10-year bonds traded at 6.75 percent yesterday, after rising to a euro-era record of 7.75 percent on July 25.
Draghi pledged last week to do whatever it takes to preserve the currency. He has a proposal that involves the European Financial Stability Facility buying government debt on the primary market, buttressed by ECB purchases on the secondary market to ensure lenders transmit its record-low interest rates, two central bank officials said on July 27 on condition of anonymity.
Further ECB interest-rate cuts and long-term loans to banks are also up for discussion, one of the officials said.
Fed Easing
The greenback remained lower versus the yen after data yesterday showed U.S. consumer spending stagnated in June, supporting bets the Fed will signal further monetary easing when it concludes its meeting today. Household purchases were unchanged after a 0.1 percent decrease the prior month that was previously reported as little changed, Commerce Department data showed.
While the Fed refrained from introducing a third round of asset purchases known as quantitative easing at its June meeting, Fed Chairman Ben S. Bernanke indicated it’s an option. The central bank bought $2.3 trillion of securities in two rounds from 2008 to 2011 to spur growth, and it has said its
benchmark interest rate will stay at “exceptionally low levels” at least through late 2014.
“I think the Fed will ease as growth in the U.S. economy is clearly slowing,” said Mizuho’s Suzuki. “The Fed most likely will lengthen its pledge to keep interest rates low. That could be a catalyst for the dollar to be sold.”
Monday 30 July 2012
Malaysia most vulnerable to economic ‘perfect storm’, says Dr Doom’s consultancy
Malaysia most vulnerable to economic ‘perfect storm’, says Dr Doom’s consultancy
By Lee Wei Lian
July 30, 2012
KUALA LUMPUR, July 30 — Malaysia is one of the most vulnerable Asian economies should a “perfect storm” of a disorderly debt default in Europe, a slowdown in China and the US, and rising tensions in the Middle East materialise, Roubini Global Economics (RGE) has said in a recent report.
The strategic research firm, best known for its founder “Dr Doom” Nouriel Roubini who predicted the collapse of the US housing market and the 2008 global financial crisis, said that Malaysia had the highest exposure to a pullout of capital as its euro zone and US bank claims amount to more than 25 per cent of GDP.
File photo of people buying fruit at a market in Kuala Lumpur. A consultancy said the Malaysian economy was very vulnerable and exposed to global forces. —Reuters pic
RGE added that Malaysia was the second most exposed in terms of a demand slowdown in the US, the euro zone and China,making it the most exposed Asian economy overall.
The report also said that the country was among the lowest ranked in terms of monetary and fiscal capacity to respond to a crisis, coming in ahead of only Thailand, Japan and Indonesia.
“Malaysia, Taiwan, South Korea and Vietnam appear to be the most exposed to a perfect storm through their trade and financial linkages,while South Korea,Australia,Vietnam and the Philippines appear to have the most policy space to offset such an external shock,” saidRGE.
“Taking these two factors together, Malaysia, Taiwan, Japan and Thailand are the mostvulnerable of the 10 economies considered in this analysis, while Australia, India, South Korea and the Philippinesare the least.”
RGE said that while Malaysian government revenues have increased, the hole in its finances could grow due to “populist”spending and an expected cut in Petronas’ dividends.
“In the run-up to elections, the government is likely to offer more cash handouts in the 2013 Budget, leaving fewer resources for productive investment,” said the report.
“We see the debt-to-GDP ratio reaching 54.6 percent next year, leaving little room to manoeuvre in the event of an external shock.”
RGE noted that in its most recent effort to boost its popularity ahead of an upcoming general election, the Malaysian government announced a supplementary budget of RM13.8 billion in June, some 80per cent of which is allocated towards maintaining oil subsidies and raising civil servant wages.
It added that it expects Bank Negara to cut interest rates to 2.5 per cent by the end of 2013 to deal with slowing grow thin Europe and China.
Economists and analysts had earlier said that Malaysia’s federal government debt, which nearly doubled since 2007 to RM421 billion, pose a fiscal risk to the country if not managed carefully as it impairs the country’s resilience to the increasing frequency of economic shocks.
They said that while government debt — current lyat about 54 per cent of gross domestic product (GDP), and the second highest inAsia — has not significantly impacted the country and its credit standing sofar, the volatile nature of global markets may cause sentiment to turn with little warning.
Figures from the Federal Treasury’s Economic Reports show that the federal government’s domestic debt almost doubled in the space of less than five years — from RM247 billion in 2007 to an estimatedRM421 billion in 2011 — far outpacing its revenues which only grew 31 per cent or from RM140 billion to RM183 billion during the same period.
Government-backed loans rose rapidly as well between 1985 and 2010 — from RM11 billion to RM96 billion — representing a growth of 8.7 per cent per annum.
Investors in recent weeks have reportedly shown a preference for US and Singapore assets rather than Malaysia’s in times of uncertainty despite the 10-year MGS (Malaysian Government Securities) offering a yield of about 3.4 per cent compared to less than 1.5 per cent for both10-year Singapore government bond and 10-year US Treasury bonds.
Roubini had in May reportedly predicted that four elements — economic slowdown in the US, the debt crisis in Europe, as lowdown in China and emerging markets, and military conflict in Iran — would combine to create a storm fo rthe global economy in 2013.
By Lee Wei Lian
July 30, 2012
KUALA LUMPUR, July 30 — Malaysia is one of the most vulnerable Asian economies should a “perfect storm” of a disorderly debt default in Europe, a slowdown in China and the US, and rising tensions in the Middle East materialise, Roubini Global Economics (RGE) has said in a recent report.
The strategic research firm, best known for its founder “Dr Doom” Nouriel Roubini who predicted the collapse of the US housing market and the 2008 global financial crisis, said that Malaysia had the highest exposure to a pullout of capital as its euro zone and US bank claims amount to more than 25 per cent of GDP.
File photo of people buying fruit at a market in Kuala Lumpur. A consultancy said the Malaysian economy was very vulnerable and exposed to global forces. —Reuters pic
RGE added that Malaysia was the second most exposed in terms of a demand slowdown in the US, the euro zone and China,making it the most exposed Asian economy overall.
The report also said that the country was among the lowest ranked in terms of monetary and fiscal capacity to respond to a crisis, coming in ahead of only Thailand, Japan and Indonesia.
“Malaysia, Taiwan, South Korea and Vietnam appear to be the most exposed to a perfect storm through their trade and financial linkages,while South Korea,Australia,Vietnam and the Philippines appear to have the most policy space to offset such an external shock,” saidRGE.
“Taking these two factors together, Malaysia, Taiwan, Japan and Thailand are the mostvulnerable of the 10 economies considered in this analysis, while Australia, India, South Korea and the Philippinesare the least.”
RGE said that while Malaysian government revenues have increased, the hole in its finances could grow due to “populist”spending and an expected cut in Petronas’ dividends.
“In the run-up to elections, the government is likely to offer more cash handouts in the 2013 Budget, leaving fewer resources for productive investment,” said the report.
“We see the debt-to-GDP ratio reaching 54.6 percent next year, leaving little room to manoeuvre in the event of an external shock.”
RGE noted that in its most recent effort to boost its popularity ahead of an upcoming general election, the Malaysian government announced a supplementary budget of RM13.8 billion in June, some 80per cent of which is allocated towards maintaining oil subsidies and raising civil servant wages.
It added that it expects Bank Negara to cut interest rates to 2.5 per cent by the end of 2013 to deal with slowing grow thin Europe and China.
Economists and analysts had earlier said that Malaysia’s federal government debt, which nearly doubled since 2007 to RM421 billion, pose a fiscal risk to the country if not managed carefully as it impairs the country’s resilience to the increasing frequency of economic shocks.
They said that while government debt — current lyat about 54 per cent of gross domestic product (GDP), and the second highest inAsia — has not significantly impacted the country and its credit standing sofar, the volatile nature of global markets may cause sentiment to turn with little warning.
Figures from the Federal Treasury’s Economic Reports show that the federal government’s domestic debt almost doubled in the space of less than five years — from RM247 billion in 2007 to an estimatedRM421 billion in 2011 — far outpacing its revenues which only grew 31 per cent or from RM140 billion to RM183 billion during the same period.
Government-backed loans rose rapidly as well between 1985 and 2010 — from RM11 billion to RM96 billion — representing a growth of 8.7 per cent per annum.
Investors in recent weeks have reportedly shown a preference for US and Singapore assets rather than Malaysia’s in times of uncertainty despite the 10-year MGS (Malaysian Government Securities) offering a yield of about 3.4 per cent compared to less than 1.5 per cent for both10-year Singapore government bond and 10-year US Treasury bonds.
Roubini had in May reportedly predicted that four elements — economic slowdown in the US, the debt crisis in Europe, as lowdown in China and emerging markets, and military conflict in Iran — would combine to create a storm fo rthe global economy in 2013.
Bursa Malaysia Weekly Trading Participation (23 July to 27 July)
| Bursa Malaysia Weekly Trading Participation (23 July to 27 July) | |||
Local Retail
|
Local Instituion
|
Foreign
| |
(%)
|
(%)
|
(%)
| |
23-Jul-12
|
21.84
|
57.50
|
20.66
|
24-Jul-12
|
18.33
|
58.74
|
22.93
|
25-Jul-12
|
29.79
|
39.50
|
30.71
|
26-Jul-12
|
20.79
|
49.59
|
29.62
|
27-Jul-12
|
21.59
|
52.90
|
25.51
|
5 Days Average
|
22.47
|
51.64
|
25.88
|
Previous 5 Days Avg
|
23.49
|
55.76
|
20.73
|
Buy (Sell) RM Million
|
-304.34
|
-373.02
|
677.38
|
Data show that foreign fund is buying Malaysia's share with an amount of RM677.38million in a week time compare to last week buying RM519.84million. Daily accumulate Malaysia's share.
Local Institution continues and it is 6th week in the role selling share. Total selling is RM373.02million compare to last week RM335.37million, slightly increase.
Meanwhile, Local Retail continues 9th week dispose share and this time amount is RM304.34million compare to last week RM184.47million, an increase of 65%. It means that those penny stocks got not more support.
Bursa Malaysia Weekly Trading Participation (16 July to 20 July)
| Bursa Malaysia Weekly Trading Participation (16 July to 20 July) | |||
Local Retail
|
Local Instituion
|
Foreign
| |
(%)
|
(%)
|
(%)
|
|
16-Jul-12
|
21.44
|
52.92
|
25.63
|
17-Jul-12
|
24.73
|
57.70
|
17.57
|
18-Jul-12
|
25.11
|
59.54
|
15.35
|
19-Jul-12
|
21.92
|
56.04
|
22.04
|
20-Jul-12
|
24.29
|
52.64
|
23.06
|
5 Days Average
|
23.49
|
55.76
|
20.73
|
Previous 5 Days Avg
|
21.68
|
54.95
|
23.35
|
| Buy (Sell) RM Million |
-184.47
|
-335.37
|
519.84
|
Data show that foreign fund is buying Malaysia's share with an amount of RM519.84million in a week time compare to last week buying RM1040.27million. A 50% drop compare to past week.
Local Institution 5th week in the role selling share. Total selling is RM335.37million compare to last week RM880.92 million, decrease of 62%.
It seems like the market weaken after hitting record high.
Sunday 29 July 2012
Market Update - 30 July 2012
USD/MYR opened lower this morning, following the firm tone on preserving the EUR from ECB President Mario Draghi
Draghi sparked a global market rally last week by pledging to do whatever it takes to preserve the euro, is trying to build consensus among government and central bankers for a plan to ease borrowing costs in Spain and Italy before ECB policy makers convene on Aug 2
Wall Street continued to rise with the Dow +1.46%, S&P +1.91% and Nasdaq +2.24%.
FOMC will want to wait for more data, particularly on employment, before making any significant policy changes. If the economic data disappoints, the September meeting as a likely time to change policy, as the Fed’s updated economic projections will be released.
Investor sentiments are largely perked by Draghi’s comment to strengthen the Eurozone’s financial health.
Asian stocks advance for a third day, with the regional benchmark index extending the biggest gain in a month, on optimism European policy makers will act to ease the region’s debt crisis, Japanese shares advanced after the nation’s industrial production fell at a slower pace
KLCI gained a marginal 0.06% to 1,624.94 at closing on Friday. With expectation that the positive sentiments will be sustained today following gains in the regional bourses, we look for the KLCI to sustain its rally to a resistance of 1,631.5.
S&P affirmed Malaysia’s “A-/A-2” foreign currency and “A/A-1” local currency sovereign credit ratings with the outlook on the long-term rating remaining stable.
Wednesday 25 July 2012
Market Update - 24 July 2012
· Fresh out - Moody’s Places Germany, Netherlands, Luxembourg on Negative Outlook
· The theme overnight was very much a continuation of Friday’s with stocks being punished and safe haven bonds being snapped up.
· USD MYR opened higher again at 3.1750-3.1810 as markets continue to turn into risk off mode, not being able to sustain last week s slight increase in risk appetite. The 3.1400support in USD MYR is still very strong and we could see it test the high of 3.1950again this week
· We now have a list as long as your arm of Spanish regions who may try to access the bailout money put up by the Spanish Central government last week: Murcia, Catalonia,Valencia,Castilla La Mancha, Balearics, the Canary Islands and Andalucía. Valencia and Murcia confirmed their intentions to apply.
· The Spanish & Italian stock markets fell over 5% each again in early trade before short selling was banned on all stocks in Spain and 37.5% of FTSE MIB companies. Both indices rallied back on short covering over the day to close down 1.1% and 2.76% respectively.
· Angela Merkel and Wolfgang Schaeuble will both leave on vacation this week and the fact that many politicians and public servants will be holidaying over August is spooking the markets as the crisis needs fixing urgently. Euro Zone consumer confidence also printed a 3yrlow...
· European bourses all fell, Germany’s DAX fell 3.18% and the FTSE fell 2.09%in broad based selling that continued into the US session with the S&P shedding 0.89% and the DOW losing 0.79%.
· Coca Cola and McDonalds both posted disappointing earnings results and reports that despite headline earnings so far being strong the underlying sales growth figures are poor across all sectors.
· On Greece,we are unlikely to get a decision by the Troika on the disbursement of the next tranche of aid before September.Sadly for Greece they will run out of cash before then so we may see them attempt to raise money on the public markets in August.
· The theme overnight was very much a continuation of Friday’s with stocks being punished and safe haven bonds being snapped up.
· USD MYR opened higher again at 3.1750-3.1810 as markets continue to turn into risk off mode, not being able to sustain last week s slight increase in risk appetite. The 3.1400support in USD MYR is still very strong and we could see it test the high of 3.1950again this week
· We now have a list as long as your arm of Spanish regions who may try to access the bailout money put up by the Spanish Central government last week: Murcia, Catalonia,Valencia,Castilla La Mancha, Balearics, the Canary Islands and Andalucía. Valencia and Murcia confirmed their intentions to apply.
· The Spanish & Italian stock markets fell over 5% each again in early trade before short selling was banned on all stocks in Spain and 37.5% of FTSE MIB companies. Both indices rallied back on short covering over the day to close down 1.1% and 2.76% respectively.
· Angela Merkel and Wolfgang Schaeuble will both leave on vacation this week and the fact that many politicians and public servants will be holidaying over August is spooking the markets as the crisis needs fixing urgently. Euro Zone consumer confidence also printed a 3yrlow...
· European bourses all fell, Germany’s DAX fell 3.18% and the FTSE fell 2.09%in broad based selling that continued into the US session with the S&P shedding 0.89% and the DOW losing 0.79%.
· Coca Cola and McDonalds both posted disappointing earnings results and reports that despite headline earnings so far being strong the underlying sales growth figures are poor across all sectors.
· On Greece,we are unlikely to get a decision by the Troika on the disbursement of the next tranche of aid before September.Sadly for Greece they will run out of cash before then so we may see them attempt to raise money on the public markets in August.
Market Update - 25 July 2012
· Regrettably there’s not a lot of good news to report again this morning, USD MYR spiked up to3.1870-3.1920 as risk aversion dominates the market continuing this week’s bearish tone
· More risk aversion overnight began with the European PMI figures showing sharper than expected contractions in most of the metrics, perhaps the most troubling were the German figures which is are highly correlated to GDP growth and suggest a rough ride for Germany in H2.
· An article published by Reuters citing EU officials then suggested that another debt restructuring may be necessary to get Greece back on track; a full report will be published next month.
· The Euro legged lower on the news making a fresh low at 1.2043, it has stabilized this morning last 1.2065
· Stocks sank in Europe and the US with the Euro Stoxx index off 1.27% (led by Spain and Italy,down 3.6 and 2.7%) and the S&P down 0.9%
· Oil was higher by 0.4% while gold continues to hold up, itwas $6 higher at $1581.
· After Moody’s placed Germany, Lux and the Netherlands on negative outlook (leaving only Finland with a stable outlook in the 17 nation block) core Euro bonds were hurt. The yield on the German 10yr rose 6bps to 1.234% while the French equivalent rose12bps to 2.25%. US treasuries and UK gilts were in favour, yields off 4bps and 0.5bps respectively.
· Over in the States earnings season rumbled on under a darkening Euro-shaped cloud, with AT&T beating while Apple missed sales guidance for only the second time since 2003 with earnings at $9.32 vs guidance of $10.37 (the stock falling as much as 6%in post market trade). Du-Pont, UPS, Whirlpool and Texas Instruments also lost ground.
· Data in the US saw the Mark it manufacturing PMI hit a low not seen since Dec 2010 at 51.8 vs 52.5 last time but still expanding.Worrying signs.
· More risk aversion overnight began with the European PMI figures showing sharper than expected contractions in most of the metrics, perhaps the most troubling were the German figures which is are highly correlated to GDP growth and suggest a rough ride for Germany in H2.
· An article published by Reuters citing EU officials then suggested that another debt restructuring may be necessary to get Greece back on track; a full report will be published next month.
· The Euro legged lower on the news making a fresh low at 1.2043, it has stabilized this morning last 1.2065
· Stocks sank in Europe and the US with the Euro Stoxx index off 1.27% (led by Spain and Italy,down 3.6 and 2.7%) and the S&P down 0.9%
· Oil was higher by 0.4% while gold continues to hold up, itwas $6 higher at $1581.
· After Moody’s placed Germany, Lux and the Netherlands on negative outlook (leaving only Finland with a stable outlook in the 17 nation block) core Euro bonds were hurt. The yield on the German 10yr rose 6bps to 1.234% while the French equivalent rose12bps to 2.25%. US treasuries and UK gilts were in favour, yields off 4bps and 0.5bps respectively.
· Over in the States earnings season rumbled on under a darkening Euro-shaped cloud, with AT&T beating while Apple missed sales guidance for only the second time since 2003 with earnings at $9.32 vs guidance of $10.37 (the stock falling as much as 6%in post market trade). Du-Pont, UPS, Whirlpool and Texas Instruments also lost ground.
· Data in the US saw the Mark it manufacturing PMI hit a low not seen since Dec 2010 at 51.8 vs 52.5 last time but still expanding.Worrying signs.
Ringgit Advances as Bank License Talk Eases Europe Debt Concern
By Liau Y-Sing
July 25 (Bloomberg) -- Malaysia’s ringgit gained after European Central Bank council member Ewald Nowotny said there are arguments in favor of giving Europe’s rescue fund a banking license.
The currency reversed earlier losses after Nowotny’s comments, which reduced the concern the region’s debt crisis will worsen. Granting a banking license to Europe’s permanent bailout fund would give it access to ECB lending, easing concern that its 500 billion euro ($606 billion) cash pot won’t be enough if Spain or Italy require aid.
“Nowotny’s comments provided some impetus for the euro to strengthen and on the back of that, we’ve seen some decent gains for Asian currencies,” said Suresh Kumar Ramanathan, head of regional currency strategy at CIMB Investment Bank Bhd. in Kuala Lumpur. “The market has bought the story that they are discussing a proper banking license for the bailout fund.”
The ringgit climbed 0.2 percent to 3.1755 per dollar as of 5:04 p.m. in Kuala Lumpur, according to data compiled by Bloomberg. It touched 3.1921 earlier, the weakest level since July 13. One-month implied volatility, a measure of exchange- rate swings used to price options, rose 25 basis points to 6.75 percent.
Domestic demand will anchor Malaysia’s economic growth, with consumption and investment activity remaining resilient, the central bank said in a statement after its regular policy review on July 5.
Government bonds advanced. The yield on the 3.314 percent notes due October 2017 dropped three basis points, or 0.03 percentage point, to 3.13 percent, according to Bursa Malaysia.
July 25 (Bloomberg) -- Malaysia’s ringgit gained after European Central Bank council member Ewald Nowotny said there are arguments in favor of giving Europe’s rescue fund a banking license.
The currency reversed earlier losses after Nowotny’s comments, which reduced the concern the region’s debt crisis will worsen. Granting a banking license to Europe’s permanent bailout fund would give it access to ECB lending, easing concern that its 500 billion euro ($606 billion) cash pot won’t be enough if Spain or Italy require aid.
“Nowotny’s comments provided some impetus for the euro to strengthen and on the back of that, we’ve seen some decent gains for Asian currencies,” said Suresh Kumar Ramanathan, head of regional currency strategy at CIMB Investment Bank Bhd. in Kuala Lumpur. “The market has bought the story that they are discussing a proper banking license for the bailout fund.”
The ringgit climbed 0.2 percent to 3.1755 per dollar as of 5:04 p.m. in Kuala Lumpur, according to data compiled by Bloomberg. It touched 3.1921 earlier, the weakest level since July 13. One-month implied volatility, a measure of exchange- rate swings used to price options, rose 25 basis points to 6.75 percent.
Domestic demand will anchor Malaysia’s economic growth, with consumption and investment activity remaining resilient, the central bank said in a statement after its regular policy review on July 5.
Government bonds advanced. The yield on the 3.314 percent notes due October 2017 dropped three basis points, or 0.03 percentage point, to 3.13 percent, according to Bursa Malaysia.
Market Update - 26 July 2012
Central banks are digging deeper into their tool kits in search of innovative ways to unclog bank lending and keep a weakening world economy afloat. Policy makers from the Federal Reserve, the European Central Bank and the Bank of England all meet within 24 hours next week
Positive earnings results from Boeing and Caterpillar pushed the Dow higher (+0.47%), while general risk off sentiments continue to plague the rest of Wall Street with S&P and Nasdaq declining 0.03% and 0.31% respectively.
Bearish data was also seen overnight, with the UK GDP contracting by 0.8% yoy (expectation: -0.3%) while US new home sales saw a contraction of 8.4% mom (expectation: +0.7%).
Asia stocks rose snapping a four-day loss, as a drop in US new home sales fueled speculation in the Federal Reserve may take new steps to spur growth. Gains in shares were limited as Citigroup Inc. raised its bet for Greece’s exit from the euro to about 90 per cent
Selling pressures subsided slightly on Wednesday as the KLCI pulled back to gain some grounds during the session. Not like we are going to see any significant move in either direction, however, as market sentiment still hangs in balance amidst plenty of concerns stemming from the Eurozone.
Nomura Holdings Inc. CEO, Kenichi Watanabe will step down as the firm seeks to resolve an insider-trading scandal, the Nikkei reported, without saying where it got the information
Dorab Mistry compared the palm oil market in 1998 to the Titanic and correctly predicted a slump from then-record prices the next year. He is now forecasting another retreat as weakening demand outweighs a decline in Malaysian palm oil production.
USD/MYR tried but failed to close within its daily uptrend channel yesterday as the later part of the session saw a spike in the EUR/USD on ECB’s Nowotny’s comments about a banking license for the ESM. The dollar fell broadly and dragged USD/MYR lower.
Citigroup Sees 90% Chance of Greece Leaving Euro Currency Union
By Cheyenne Hopkins
July 25 (Bloomberg) -- Citigroup Inc. raised its estimate for Greece leaving the 17-nation euro currency union in the next 12 to 18 months to about 90 percent, with prolonged economic
weakness and spillover for the euro area.
In an analyst note, Citigroup updated its forecast for a Greek exit from a previous estimate of 50 percent to 75 percent, and said it would most likely happen in the next two to three quarters. Specifically, the bank assumes a Greece exit would occur on Jan. 1, 2013, while saying that is not a forecast of a precise date.
Greece’s so-called troika of international creditors, the European Central Bank, the European Commission and the International Monetary Fund, are in Athens this week amid doubt the country will meet its bailout targets and reluctance among Germany and other euro-area states to put up more funds should Greece fail to do so.
“Our base case is for prolonged economic weakness and financial market strains in periphery countries, spilling over into renewed recession for the euro area as a whole this year and the next,” the Citigroup note said.
Citigroup also said that even with the Spanish bank bailout, both Spain and Italy are “likely” to enter some form of bailout by the end of 2012.
July 25 (Bloomberg) -- Citigroup Inc. raised its estimate for Greece leaving the 17-nation euro currency union in the next 12 to 18 months to about 90 percent, with prolonged economic
weakness and spillover for the euro area.
In an analyst note, Citigroup updated its forecast for a Greek exit from a previous estimate of 50 percent to 75 percent, and said it would most likely happen in the next two to three quarters. Specifically, the bank assumes a Greece exit would occur on Jan. 1, 2013, while saying that is not a forecast of a precise date.
Greece’s so-called troika of international creditors, the European Central Bank, the European Commission and the International Monetary Fund, are in Athens this week amid doubt the country will meet its bailout targets and reluctance among Germany and other euro-area states to put up more funds should Greece fail to do so.
“Our base case is for prolonged economic weakness and financial market strains in periphery countries, spilling over into renewed recession for the euro area as a whole this year and the next,” the Citigroup note said.
Citigroup also said that even with the Spanish bank bailout, both Spain and Italy are “likely” to enter some form of bailout by the end of 2012.
Mr & Mrs Wong
Su Wong marries Lee Wong.
The next year,
the Wongs have a new baby.
The nurse brings out a lovely, healthy, bouncy,
but definitely a Caucasian, WHITE baby boy.
'Congratulations,' says the nurse to the new parents.
'Well Mr. Wong, what will you and Mrs. Wong name the baby?'
The puzzled father looks at his new baby boy and says, 'Well, two Wong's don't make a white, so I think we will name him...
Are you ready for this?
Sum Ting Wong
The next year,
the Wongs have a new baby.
The nurse brings out a lovely, healthy, bouncy,
but definitely a Caucasian, WHITE baby boy.
'Congratulations,' says the nurse to the new parents.
'Well Mr. Wong, what will you and Mrs. Wong name the baby?'
The puzzled father looks at his new baby boy and says, 'Well, two Wong's don't make a white, so I think we will name him...
Are you ready for this?
Sum Ting Wong
Monday 23 July 2012
MARKET UPDATE - 23 July 2012
· Friday was supposed to be the day that European leaders signed off on the Spanish bailout and returned markets to confidence but we saw a sea of red across equity indices and commodities
· The yield on the Spanish 10yr note implied by the secondary market came within 1bp/0.01% of its crisis high and closed at the highest level so far, rising 26bps to close at 7.185%.
· Risk was off the menu elsewhere too as stocks in Europe fell across the board; Spain’s IBEX -5.82%, Italy’s FTSE MIB -4.38%, Germany’s DAX -1.9% and the UK’s FTSE -1.09%.
· The announcement of the bailout approval came, but was overshadowed by the simultaneous downward revision of GDP forecasts by the Spanish Government which indicated that the economy would not emerge from recession until 2014.
· 2013 GDP is now forecast to contract by 0.5% rather than the previously forecast0.2% growth while unemployment will hang around the 25% level, just to put things in perspective, that’s 2.5X higher than the U.S.
· The Euro made fresh 2 year lows on Friday and has repeated the feat this morning, it’s 20 pips off its lows at 1.2127.
· USD MYR opened higher at 3.1650-3.1710 with the risk offen vironement and last week 3.1400 support proved to hold firm
· Oil was softer, it fell 80c or 0.9%,while softs were harder, corn up 2.2% and soybeans up 2.06%. Gold also rose slightly, up $3 to $1584.5.
· The US had no major data and despite earnings season continuing to surprise slightly on the upside, stocks were dragged lower b the escalating situation in Spain.The S&P fell 1.01% and the DOW shed 0.93%
· The yield on the Spanish 10yr note implied by the secondary market came within 1bp/0.01% of its crisis high and closed at the highest level so far, rising 26bps to close at 7.185%.
· Risk was off the menu elsewhere too as stocks in Europe fell across the board; Spain’s IBEX -5.82%, Italy’s FTSE MIB -4.38%, Germany’s DAX -1.9% and the UK’s FTSE -1.09%.
· The announcement of the bailout approval came, but was overshadowed by the simultaneous downward revision of GDP forecasts by the Spanish Government which indicated that the economy would not emerge from recession until 2014.
· 2013 GDP is now forecast to contract by 0.5% rather than the previously forecast0.2% growth while unemployment will hang around the 25% level, just to put things in perspective, that’s 2.5X higher than the U.S.
· The Euro made fresh 2 year lows on Friday and has repeated the feat this morning, it’s 20 pips off its lows at 1.2127.
· USD MYR opened higher at 3.1650-3.1710 with the risk offen vironement and last week 3.1400 support proved to hold firm
· Oil was softer, it fell 80c or 0.9%,while softs were harder, corn up 2.2% and soybeans up 2.06%. Gold also rose slightly, up $3 to $1584.5.
· The US had no major data and despite earnings season continuing to surprise slightly on the upside, stocks were dragged lower b the escalating situation in Spain.The S&P fell 1.01% and the DOW shed 0.93%
Friday 20 July 2012
Thursday 19 July 2012
Market Update - 19 July 2012
·
A lot of chatter about Greece
overnight as leaders met to try and agree on
€12bn of cuts to present to the Troika who arrive in town next week.
Doorstop interviews afterward said agreements had been made in “principal” but
more work needs to be done; no cuts will be made this year because of the worse
than expected recession but asset sales will be looked at and cuts in
subsequent years will make up the package.
·
The next tranche of
bailout money is due in September and still needs approval from the
Troika.
·
More positive earnings
reports saw Blackrock, IBM, eBay and AMEX all beat earnings
expectations by a small amount (a developing theme so far this season) and has
sent the S&P futures higher after the close.
· Equities charged higher in Europe and the States with the Euro STOXX up
1.51%, the CAC was the star (+1.84%) in a sea of green.
·
The S&P rose 0.67% and the DOW
added 0.81%.
·
Treasury yields fell 1.5bps to
1.494% as gilt and bund yields also dropped a couple of bps
each while Spain
underperformed the rest, 10yr yields up 16bps to 6.875%.
·
Commodities were stronger, oil
rose 0.86% in New York topping $90
for the first time since May while soft’s had another leg up, corn
rising 1.69% and wheat 2.06%. Gold slipped
$10 to $1574.
·
Bernanke had another session too but failed to offer
anything new, suggesting there were ”theoretical limits” to the Feds policies,
and that Europe would take a long time to
sort out.
·
The Fed also released the beige book for June which
“indicated that overall economic activity continued to expand at a modest to
moderate pace in June and early July,”
·
USDMYR opened a tad lower at 3.1500-3.1560 as we expect the 3.1500 support to be tested and potentially break
it to track lower to 3.1300
Wednesday 18 July 2012
HAI-O (7668)
HAI-O ENTERPRISE BHD today 18 July
2012 closes at RM2.10, day high RM2.10 and day low RM2.08. On 29 June 2012,
HAI-O hit RM2.28 which is 4 months high since 10 Feb 2012. A strong profit
taking had been run till date. It seems that this counter will be at side way
moving unless another dividend declares.
Average supporting level has been setup at RM2.07. The resistant level will be RM2.25
The moving trend in this few days will be RM2.05 to RM2.18, and
S1 is RM2.07, S2 is RM1,98, S3 is RM1.89
R1 is RM2.16, R2 is RM2.25, R3 is RM2.34
This is a health care cum with multi level marketing (MLM) company. Most of their profits come from MLM. Since Malaysia Government imposes new rules for MLM, HAIO’s profit has been drop and it took at least a year time to recover profit and market shares.
Useful Data:
Close 18 July RM2.10 (RM2.08~RM2.10)
S= Support Level
R= Resistant Level
Average supporting level has been setup at RM2.07. The resistant level will be RM2.25
The moving trend in this few days will be RM2.05 to RM2.18, and
S1 is RM2.07, S2 is RM1,98, S3 is RM1.89
R1 is RM2.16, R2 is RM2.25, R3 is RM2.34
This is a health care cum with multi level marketing (MLM) company. Most of their profits come from MLM. Since Malaysia Government imposes new rules for MLM, HAIO’s profit has been drop and it took at least a year time to recover profit and market shares.
Useful Data:
Close 18 July RM2.10 (RM2.08~RM2.10)
S= Support Level
R= Resistant Level
2012 Year
Highest 19 January 2012 RM2.40
2012
Year Lowest 3, 4 & 5 January 2012 RM1.86IJM (3336)
IJM (3336)
Average supporting level has been setup at RM4.95. The resistant level will be RM5.18
The moving trend in this few days will be RM4.50 to RM5.18, and
S1 is RM4.95, S2 is RM4,72, S3 is RM4.50
R1 is RM5.18, R2 is RM5.40, R3 is RM5.63
This is a construction company. It seems like they did not receive any new project, currently they are clearing their project in hand. Overall there is no buying support from this company. Investor has to be alert.
Useful Data:
Close 18 July RM4.94 (RM4.92~RM4.95)
S= Support Level
R= Resistant Level
IJM CORPORATION BHD today 18 July
2012 closes at RM4.94, day high RM4.95 and day low RM4.92. Since IJM hit RM6.07
at 8 February 2012, the prices keep dropping and trying to hit year low. 13 & 16 July 2012 it hit RM4.91 which is
this year low. It seems that this
counter is under Bearish. So far I did not see any rebound till date.
Average supporting level has been setup at RM4.95. The resistant level will be RM5.18
The moving trend in this few days will be RM4.50 to RM5.18, and
S1 is RM4.95, S2 is RM4,72, S3 is RM4.50
R1 is RM5.18, R2 is RM5.40, R3 is RM5.63
This is a construction company. It seems like they did not receive any new project, currently they are clearing their project in hand. Overall there is no buying support from this company. Investor has to be alert.
Useful Data:
Close 18 July RM4.94 (RM4.92~RM4.95)
S= Support Level
R= Resistant Level
2012 Year
Highest 8 February 2012 RM6.07
2012
Year Lowest 13 & 16 July 2012 RM4.91
Tuesday 17 July 2012
Dollar Trades Near Week-Low Ahead of Fed’s Beige Book Report
By Kristine Aquino and Masaki Kondo
July 18 (Bloomberg) -- The dollar was 0.3 percent from its lowest level in a week against the euro before the Federal Reserve releases its Beige Book assessment of economic conditions today.
Demand for the U.S. currency was tempered after Fed Chairman Ben S. Bernanke said yesterday in testimony to the Senate Banking Committee that policy makers are studying options for further easing. Bernanke is set to appear before a House committee today. The euro failed to extend an advance from yesterday versus the yen before Germany’s lower-house lawmakers vote tomorrow on aid to recapitalize Spanish banks.
“Markets are tilted toward the view that additional monetary easing will be needed, leading to dollar selling,” said Kengo Suzuki, a foreign-exchange strategist in Tokyo at Mizuho Securities Co., a unit of Japan’s third-largest bank by market value. “The possibility of more easing is gradually increasing as a series of economic indicators is worsening.”
The dollar fetched $1.2286 per euro as of 8:01 a.m. in Tokyo from yesterday, when it touched $1.2317, the weakest level since July 10. The greenback was at 79.11 yen after climbing 0.2 percent to 79.06 yesterday. The 17-nation euro was little changed at 97.20 yen after rising 0.4 percent to 97.21 in New York.
“We haven’t really come to a specific choice at this point, but we are looking for ways to address the weakness in the economy should more action be needed to promote a sustained recovery in the labor market,” Bernanke said, responding to questions during yesterday’s testimony in Washington.
Fed Policy
Bernanke and his colleagues on the Federal Open Market Committee are scheduled to gather for a two-day policy meeting starting on July 31. Last month, they decided to extend the so- called Operation Twist program that lengthens maturities of assets on the Fed’s balance sheet to the end of the year.
The Fed bought $2.3 trillion of bonds in two rounds of so- called quantitative easing from 2008 to 2011, seeking to cap borrowing costs and stimulate the economy.
A report from the Commerce Department today may show housing starts climbed to a 745,000 annual pace last month from 708,000 in May, according to the median estimate in a Bloomberg News survey. First-time claims for jobless benefits probably increased to 365,000 in the week ended July 14 from 350,000 in the previous period, a separate poll showed before figures form the Labor Department tomorrow.
In Germany, the Finance Ministry formally asked lawmakers in a letter dated July 16 to support Spanish bank recapitalizations of as much as 100 billion euros ($122.9 billion) by the European Financial Stability Facility and the transfer of the program to the future European Stability
Mechanism. Chancellor Angela Merkel will get “the majority she needs” at a vote tomorrow, Steffen Seibert, her spokesman, told reporters at a regular government press conference July 13.
July 18 (Bloomberg) -- The dollar was 0.3 percent from its lowest level in a week against the euro before the Federal Reserve releases its Beige Book assessment of economic conditions today.
Demand for the U.S. currency was tempered after Fed Chairman Ben S. Bernanke said yesterday in testimony to the Senate Banking Committee that policy makers are studying options for further easing. Bernanke is set to appear before a House committee today. The euro failed to extend an advance from yesterday versus the yen before Germany’s lower-house lawmakers vote tomorrow on aid to recapitalize Spanish banks.
“Markets are tilted toward the view that additional monetary easing will be needed, leading to dollar selling,” said Kengo Suzuki, a foreign-exchange strategist in Tokyo at Mizuho Securities Co., a unit of Japan’s third-largest bank by market value. “The possibility of more easing is gradually increasing as a series of economic indicators is worsening.”
The dollar fetched $1.2286 per euro as of 8:01 a.m. in Tokyo from yesterday, when it touched $1.2317, the weakest level since July 10. The greenback was at 79.11 yen after climbing 0.2 percent to 79.06 yesterday. The 17-nation euro was little changed at 97.20 yen after rising 0.4 percent to 97.21 in New York.
“We haven’t really come to a specific choice at this point, but we are looking for ways to address the weakness in the economy should more action be needed to promote a sustained recovery in the labor market,” Bernanke said, responding to questions during yesterday’s testimony in Washington.
Fed Policy
Bernanke and his colleagues on the Federal Open Market Committee are scheduled to gather for a two-day policy meeting starting on July 31. Last month, they decided to extend the so- called Operation Twist program that lengthens maturities of assets on the Fed’s balance sheet to the end of the year.
The Fed bought $2.3 trillion of bonds in two rounds of so- called quantitative easing from 2008 to 2011, seeking to cap borrowing costs and stimulate the economy.
A report from the Commerce Department today may show housing starts climbed to a 745,000 annual pace last month from 708,000 in May, according to the median estimate in a Bloomberg News survey. First-time claims for jobless benefits probably increased to 365,000 in the week ended July 14 from 350,000 in the previous period, a separate poll showed before figures form the Labor Department tomorrow.
In Germany, the Finance Ministry formally asked lawmakers in a letter dated July 16 to support Spanish bank recapitalizations of as much as 100 billion euros ($122.9 billion) by the European Financial Stability Facility and the transfer of the program to the future European Stability
Mechanism. Chancellor Angela Merkel will get “the majority she needs” at a vote tomorrow, Steffen Seibert, her spokesman, told reporters at a regular government press conference July 13.
Market update - 18 July 2012
·
The main event last night was the semi annual testimony of Fed chief Ben Bernanke.
He admitted that economic data had been disappointing and that job creation was
“likely to remain frustratingly slow”, reiterating that the committee is
prepared to take further action as appropriate.
·
He discussed buying
treasuries, buying MBS, cutting interest paid on excess reserves and
communication as potential tools but failed to commit to any of
them.
·
Stay put for more from Ben
tonight!
·
I would say it’s a very flat night but market at least in
the FX space seems a little risk on with
USDMYR opening lower at 3.1550-3.1610 and AUDUSD rallied to 1.0350
while EUR if off it’s 2 year low at 1.2300
·
Stocks reacted poorly initially, the S&P fell 1.3% top to bottom and treasury yields fell 3 bps in
yields however both recovered all of their losses and more by the
close.
·
At closing, S&P added
0.74% and the DOW was up 0.62%, while treasury yields added 3.5bps to 1.508%.
·
Equities in Europe were mixed but
overall flat again with the FTSE and the FTSE MIB
faring the worst as UK
inflation fell more than forecast and Italy
reeled from Moody’s downgraded before the bell.
·
Gold was resilient too, it
closed down only $6 on the night at $1583 while oil had another win (up 0.89%)
and soft commodities were flat. The US dollar tried to rally, most notably
against the Euro where it gained over a big figure before giving it all back.
·
As earnings season rolls on in the US, Yahoo!, INTEL,
Johnson & Johnson and Coca Cola all beat
estimates by a small amount, while Goldman
Sachs surprised by a healthy margin ($1.78 vs 1.18 est), however the
stock was only up 0.3% after rising 2.6% earlier.
·
Mario Monti, the Italian PM, expressed concern overnight
that the Sicily region may default while in Syria, fierce fighting has been
reported in the capital Damascus for a third day while Western countries are
still staunchly refusing to aid the rebels. Obama was reported on Monday to
have said America
cannot help until after the Presidential election in November.
·
The Bank of Canada also left
its benchmark overnight rate unchanged at 1%.
TWS (4421)
TWS (4421)
The moving trend in this few days will be RM8.10 to RM9.00, and
S1 is RM8.55, S2 is RM8,10, S3 is RM7.65
R1 is RM9.00, R2 is RM9.45, R3 is RM9.90
This is a GLC (Government Link Counter) company. The moving will depend on the coming General Election and the Hari Raya.
Useful Data:
Close 17 July RM8.89 (RM8.88~RM9.00)
S= Support Level
R= Resistant Level
2012 Year Highest 8 & 9 February 2012 RM10.58
2012 Year Lowest 28 May 2012 RM8.08
TRADEWINDS (M) BHD today 17 July
2012 close at RM8.89. Today also is ex-date to entitle of dividend of RM0.25 per
share. Therefore, tomorrow 18 July 2012, the adjusted price will be RM8.64. Since
8 & 9 Feb 2012 hit year highest level at RM10.58, the price keeps dropping
till 28 May 2012 at RM8.08. An rebound has been run till 21 June 2012 with the
high price of RM9.42 and went down again till today.
Average
supporting level has been setup at RM8.55, price adjusted after the dividend.
The resistant level will be RM9.00The moving trend in this few days will be RM8.10 to RM9.00, and
S1 is RM8.55, S2 is RM8,10, S3 is RM7.65
R1 is RM9.00, R2 is RM9.45, R3 is RM9.90
This is a GLC (Government Link Counter) company. The moving will depend on the coming General Election and the Hari Raya.
Useful Data:
Close 17 July RM8.89 (RM8.88~RM9.00)
S= Support Level
R= Resistant Level
2012 Year Highest 8 & 9 February 2012 RM10.58
2012 Year Lowest 28 May 2012 RM8.08
建議： 上班累的時間再看喔……. 千萬別笑的太大聲
保險套對衛生棉說： 我很怕你開工 ,你一開工我就七天沒生意做
衛生棉對避孕套說: 我更怕你開工, !
衛生棉對避孕套說: 我更怕你開工, !
一不小心 ,我就九個月沒生意做了!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
粽子愛上包子,兩人去開房間 包子去洗澡時,粽子趕快脫掉衣服戴上保險套,
包子出來看不見粽子, 便問:喂!糯米腸,你有看見我家的粽子嗎?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
一女子因胸小而嫁不出去,一次相親時問男方,
你嫌棄我胸小嗎? 男人問:有饅頭大嗎?
女說 : 有 成親之夜,男人衝出,跪地仰天長呼,
女說 : 有 成親之夜,男人衝出,跪地仰天長呼,
天啊!旺仔小饅頭!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
茶壺深愛著茶葉,表達愛意時卻遭到拒絕. 茶壺大吼:為什麼?這一切都是為什麼?
茶葉膽怯地說:「我媽說了,成天灌水的都不是好人.」
茶葉膽怯地說:「我媽說了,成天灌水的都不是好人.」
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
三個吸血鬼到酒bar 一個點了 濃血
一個點了 淡血
最後一個只點了 白開水
前面兩個問他為什麼? 他拿出衛生棉說:
我有帶茶包!!!
一個點了 淡血
最後一個只點了 白開水
前面兩個問他為什麼? 他拿出衛生棉說:
我有帶茶包!!!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
師: "成績單有沒給父母看?"
Eric: " 有."師: "那為什麼家長沒有簽章?"
Eric 捲起袖子露出傷 痕纍纍的手臂: "簽在這裡."
Eric: " 有."師: "那為什麼家長沒有簽章?"
Eric 捲起袖子露出傷 痕纍纍的手臂: "簽在這裡."
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
正在上基本教練時有一個大頭兵突然尿急,
所以就跑過去向班長說 :
" 報告班長, 我想上一號."班長若無其事地大喊一聲:
"一號過來 , 有人想上你!"
" 報告班長, 我想上一號."班長若無其事地大喊一聲:
"一號過來 , 有人想上你!"
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
期末考完後, 一位漂亮的女生走進了教授辦公室.富有磁性的嗓音說: "老師, 我今天考得不好.... 如果你給我及格我願為
你做任 何事情.." 教授眼睛一亮: "妳願為我做任何事情?"她媚態萬千 地說著: "是的! 只要你要求, 我一定答應."教授很興奮地叫 道:"那麼! 給我用功讀書!!"
你做任 何事情.." 教授眼睛一亮: "妳願為我做任何事情?"她媚態萬千 地說著: "是的! 只要你要求, 我一定答應."教授很興奮地叫 道:"那麼! 給我用功讀書!!"
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
幾個七, 八歲的小男孩決定湊錢買玩具. 七湊八湊之下湊了四百圓台幣.
"四百圓可以買什麼呢?" 其中一位問道..
"我想我們可 以去買衛生棉." 另一個回答.
"衛生棉有什麼好?" 大夥兒一齊 問他.
"我也不太清楚 不過電視上說有了它, 就可以爬山, 滑水, 打球,溜冰,自由快樂沒煩惱."
"四百圓可以買什麼呢?" 其中一位問道..
"我想我們可 以去買衛生棉." 另一個回答.
"衛生棉有什麼好?" 大夥兒一齊 問他.
"我也不太清楚 不過電視上說有了它, 就可以爬山, 滑水, 打球,溜冰,自由快樂沒煩惱."
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
一 對時常吵架的夫妻，有一天又爭吵不休！
於是先生很生氣的對 太太說：
以後妳死了我一定在妳墓碑上這麼寫著『這裡躺著一 個冰冷的女人。』
太太聽了不慌不忙的說：
是嗎？那麼你 以後死了，我就在你墓碑上刻著『這個男人終於硬了。』
於是先生很生氣的對 太太說：
以後妳死了我一定在妳墓碑上這麼寫著『這裡躺著一 個冰冷的女人。』
太太聽了不慌不忙的說：
是嗎？那麼你 以後死了，我就在你墓碑上刻著『這個男人終於硬了。』
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
某 太太在生了女孩後，不停
地求註生娘娘，希望下一胎是男孩， 結果她下一仍是女孩。
這太太不死心，仍繼續去祈求下一胎生 男孩，結果仍然生了女孩。
這太太仍不絕望，仍然繼續去求， 結果下一胎仍然是．．．
最 後這 太太受不了了：「我決定 了．．． , 我要換一間廟！」
結果這次她終於如願生了男 孩。
她的親朋好友問她：「到底是哪間的註生娘娘廟那麼靈讓 您生了男孩？」
地求註生娘娘，希望下一胎是男孩， 結果她下一仍是女孩。
這太太不死心，仍繼續去祈求下一胎生 男孩，結果仍然生了女孩。
這太太仍不絕望，仍然繼續去求， 結果下一胎仍然是．．．
最 後這 太太受不了了：「我決定 了．．． , 我要換一間廟！」
結果這次她終於如願生了男 孩。
她的親朋好友問她：「到底是哪間的註生娘娘廟那麼靈讓 您生了男孩？」
答：「誰說我這次拜的是註生娘娘？我這次拜 的是包公！」
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如果有100個停車位......給美國人停可 以停80輛 ; 因為美國人的車大
給德國人停可以停 100輛剛好 因為德國人最守紀律
給日本人停可以停120輛 因為日本車小
如果給台灣人停只可以停2輛 因為兩個出口各一輛
給德國人停可以停 100輛剛好 因為德國人最守紀律
給日本人停可以停120輛 因為日本車小
如果給台灣人停只可以停2輛 因為兩個出口各一輛
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
一位病重的老人即將死去。
醫生認為已經不需要再隱瞞他的病情了，
便在巡房後來到老人的病床旁。
「你的病已經很嚴重了。」醫生告訴他。
「我相信你必然想知道事實，現在你還想見什麼人嗎？」
虛弱的老人點了點頭說：「是的！」
他用幾乎聽不見的聲音說：「我想看另一位醫生。」
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一位婦人抱著BABY到一間婦產科。
醫生問婦人說：BABY是吃母乳還是牛奶啊？
婦人：吃母乳！
醫生：那請你把衣服脫下來。
婦人：啊！？為什麼？
醫生：請你不用緊張，這裡是婦產科，絕不會對你有任何侵犯的。
婦人半信半疑的脫去了上衣，醫生用他的手在婦人的胸部上摸摸，
下摸摸，左搓搓，右揉揉。
對這婦人說：難怪BABY會營養不良，妳根本就沒有母乳嘛！
婦人：廢話！我當然沒有母乳；我是他阿姨！
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