Wednesday 26 September 2012
Market Update 27 Sept 2012
- Overnight things in Europe took a turn for the worst as protests in Madrid and Athens got violent and a report by the Spanish central that said GDP continued to fall at a “significant rate”, not to mention the growing threat of a constitutional crisis with Catalan. We are expecting a budget update full of more nasty cuts tonight followed by the bank audit tomorrow.
- USDMYR opened higher again at 3.0800 as risk off headlines in Europe is driving the pair higher, expect low trading volumes today ahead of our Budget Meeting on Friday.
- Needless to say, more goodies will be distributed ahead of elections and there is expectations of each government employee getting a one off RM500.00/each. The areas with your best bet to get more money is likely the bang for bucks area as elections are now rumoured to be either in November or March.
- The Spanish IBEX fell 3.92% and the 10yr yield spiked 31bps to 6% while safe haven assets were gobbled up with German yields down 13bps and UK gilt yields down the same. The FTSE lost 1.56%, the CAC was off 2.82% and the DAX fell 2% in a horrid day where financials were battered the hardest fearing contagion. Rajoy did say earlier, rather candidly, that he would certainly request a bailout if yields stayed too high for too long.
- Things were even worse in Greece where a national strike took place, closing airports, schools and tourist sites. Demonstrations took place outside the parliament in Athens where at least 50,000 people were said to be chanting, "we won't submit to the troika" of lenders and "EU, IMF, out!".
- Chinese stocks yesterday touched levels not seen since 2009 and Japanese stocks were battered after China reportedly refused to meet Japan at the UN over the recent tensions and the Japanese opposition elected former PM Shinzo Abe as leader (a right wing nationalist). With elections due by next summer it could well raise tensions in the APAC region.
- New home sales in the US actually fell 0.3% to 373k annualised, an increase to 380k had been expected and the data really soured the mood as traders watched scenes in Europe and Asia with concern. The S&P fell for a 5th straight day and closed down 0.57% in broad based selling. Treasuries were well bid on haven demand with a 5yr auction going swimmingly with the bid to cover at 3.06 from 2.92 in Aug (7yr auction tonight). 10yr yields fell 6bps to 1.61%
- The Feds Evans (non-voting super dove) meanwhile came out urging policy makers to hold interest rates near zero until the unemployment rate falls to 7 percent or inflation rises to 3 percent.
Market Update 26 Sept 2012
- The gloom continued overnight despite Europe putting in a reasonable session against the odds. The Spanish parliament was surrounded by riot police as protesters gathered in Madrid and Catalan leader Mas called early elections for November 25th, presumably to seek a mandate for secession from Spain.
- Snippets of data in Europe were in line with expectations but still weak while S&P revised their growth forecasts for Euro Zone growth to -0.8% from -0.7% in 2012 and to 0% from 0.3% in 2013. So no growth until 2014.... Angela Merkel declared Europe would need “stamina” to see the crisis through. Indeed.
- USDMYR opened higher again at 3.0800 as market turns risk off and most Asian equity markets kick started the day down, range of 3.0500-3.1000 still holds strong and expect buy on dips to prevail in current market conditions
- US data released was all strong with consumer confidence rising to 70.3 from 60.6 (close to post GFC highs) the Richmond Fed manufacturing index bouncing nicely and house prices still growing steadily.
- Things were bubbling along nicely until Charles Plosser (FOMC non-voting super hawk) came out with plenty to say about QE3: he said that it would not help employment, it risks longer term inflation, makes the exit strategy incredibly risky and damages the credibility of the Fed.
- That was the nail in coffin for risk assets and everything went down for the remainder of the session, Caterpillar didn’t help by cutting earnings forecast for 2013 citing weak global growth. The S&P fell 1.05% (cyclical stocks battered), gold fell $15 to $1760, oil fell 1.2% to $90.84 (lowest close since early August) while treasury yields fell 4bps to 1.67%.
- More from the Japan/China island saga with Toyota cutting production headed for China as 10’s of thousands of Japanese cancelling flights and governments issue travel warnings.
Tuesday 25 September 2012
Monday 24 September 2012
Market Update - 25 Sept 2012
- Another quiet night as we saw equities fall and bonds are back in demand, and Asia continue to be on the back foot as fears of China’s severe slowdown is gripping everyone
- Oil fell 0.9% in the US and copper lost 1.3% while 10yr treasury yields fell 4bps to 1.709%. Risk currencies also fell with the Euro falling to a 2 week low at 1.2931 last.
- Data from Germany was a focal point early and it showed the business climate there falling for a 5th straight month to 101.4 from 102.3 last month. Drilling down shows that the outlook for manufacturing and construction going forward is weakening and is consistent with a tough final quarter for zie Germans.
- We know all about the rest of Europe, so that leaves America; the Chicago Fed National Activity Index last night fell to -.87 from -.13, the lowest since 2009 and again consistent with other indicators pointing to slowing. The Dallas Fed general activity index held up better but still negative at -0.9 from -1.6..
- The S&P recovered from its lows to close down just 0.2% while the Euro STOXX fell 0.75% after more wrangling over banking supervision. Since QE3 we’ve seen cyclical stocks underperform and defensive stocks do very well, oil, gas, financials and materials were soft again with healthcare and utilities strong.
- We also heard from a EU diplomat that a taskforce is working on a plan to quadruple the size of the ESM to €2 trillion by creating guarantees to encourage private investors to contribute. This smacks of desperation and highlights the point I raised yesterday that the ESM may face a funding problem as they scramble to gather 00’s of billions from the already bloated European sovereign bond market.
- Apple only sold 5 millions iPhone 5’s over the weekend, missing some analyst estimates. Apple fell 1.5%.
Sunday 23 September 2012
All eyes on Q4 economic data, corporate outlooks
By rob curran
Sept. 24 (Business Times) -- THIS week, traders will position themselves for the decisive fourth quarter.
During the third quarter, traders bet on the efficacy of central-bank intervention; fourth-quarter data and corporate outlooks will reveal whether or not those bets were savvy.
As the quarter draws to an end, there will likely be a round of "pre-announcements", as companies warn investors that earnings are tracking far above or - more typically - below the Wall Street target.
If the interventions from the European Central Bank, the Chinese government and the Federal Reserve are going to be effective, signs of economic life in the fourth quarter should already be reaching the corporate antennae.
If the corporate outlooks are downbeat, it may be an indication that the slowdowns in Europe, Chinaand, to a lesser extent, the US, are too pronounced for the stimulus measures to arrest. And there are already hints that this is the case.
Securities trading house Jefferies, whose business is among the most sensitive to changes in the outlook for interest rates and the survival of the euro, posted surprisingly lacklustre earnings growth in its latest quarterly report. Manufacturing reports from China, the eurozone and some of the industrial areas in the USreveal that summer weakness has persisted into September. FedEx has warned of diminished expectations for global economic activity and for its shipping orders going into the pivotal holiday season.
The principal bright spot in the US economy is, surprisingly, housing. As tomorrow's Standard & Poor's Case-Shiller index should confirm, house prices are consistently rising and builders such as KBHome are reporting their best sales since government credits were withdrawn for homebuyers.
This has caused something of a "wealth effect", as higher theoretical net worth boosts consumer confidence. This confidence has not yet translated into consistent consumer spending growth.
The lines around the block in New York for Apple's iPhone 5 last week may reflect the desperation of AT&T and Verizon for new subscribers more than any uptick in consumer spending. After all, everything on the phone is bigger, except the retail price.
Surveys of retailers by Goldman Sachs suggest they are upbeat about growth in the holiday season, but September sales have slowed from August levels.
Ben Bernanke's measures are working: central-bank support of the mortgage market is helping to revive the housing market. But the Fed's end, the whittling away of the unemployment rate, has proved far more elusive.
If Thursday's new weekly claims hold at their recent elevated levels, it is likely another month will have passed with unemployment above 8 per cent.
Thursday will bring another reminder of the global slowdown of production lines. Orders for capital goods in August are likely to have slowed by more than 6 per cent. This drop in demand for finished goods worldwide is taking a particular toll on the Japanese economy, say analysts at Nomura Securities.
Boycotts on Japanese goods in China amid territorial disputes between the two Asian giants are unlikely to help the long-struggling exporter to recapture its old magic. As elections or power shifts approach in Japan, China, and the US, observers say politics, economics and markets will increasingly cross paths.
"Especially in the lead-up to the election, every data point will be used to add to the mosaic for each political party of whether or not Americans are better off than they were when Barack Obama took office," said Quincy Krosby, investment strategist at Prudential Financial.
For now, the market has reconciled itself to a likely Obama victory, but much will depend on the Congressional races. After all, the only way to avoid a "fiscal cliff," or the automatic imposition of a severe budget, is through Congress.
One money manager argued that the central-bank stimulus will improve the economy and the stock market, but only as long as it lasts. "I bet you dollars to doughnuts there will be another 50 per cent correction in the S&P 500," says Oliver Pursche, president of Gary Goldberg Financial Services. "I'll even tell you when: six months after all this stimulus from the Fed and the ECB dries up."
Rather than economically sensitive stocks, Mr Pursche is loading up on precious metals. Gold prices have been among the biggest beneficiaries of the stimulus packages, approaching their record around US$1,900 an ounce.
Central-bank policies may eventually help the unemployed as much as they have the price of gold and securities; if not, the bull market in stocks is unlikely to survive the third quarter.
Market Update - 24 Sept 2012
- Market was relatively flat last night on Friday night closing with lack of data from this week, I expect market to be driven mostly by Equity markets as well as headlines from central banks and politicians.
- USDMYR went down to 3.0500 last Friday before opening higher again today at 3.0700 as the short USDMYR positions continue to gradually unwind and 3.0500-3.1000 still in tact for the week
- Dow was down 0.13% at 13,579.47 and the S&P is down 0.01% at 1,460.15, rest of the markets are mostly flat to slightly in the red as we expect Asia to continue the quiet tone and low trading volumes today.
- Treasuries gained for a second day, recouping almost half the losses posted since Federal Reserve policy makers announced more debt purchases last week, on bets the U.S. economy will struggle to expand even with stimulus.
- Reality of weak growth and a lot of hurdles await the global economy comes back to haunt the market as structurally, things are still fragile and deleveraging I think is still going to be an ongoing process for another 12-24 months.
- Expect range trade to be dominant this week with a slightly bearish tone coupled with lack of data and low conviction levels are likely combination of a sit and wait strategy market for the week.
Thursday 20 September 2012
Wednesday 19 September 2012
Market Update - 19 Sept 2012
- Market was relatively flat last night as there was no major datas in the market and conviction levels in general in the market is still low. Market is still skeptical of the US Fed’s ability to get themselves out of the current situation of low growth and high unemployment purely with asset purchase.
- USDMYR opened a tad higher again at 3.0700 as the short USDMYR positions continue to gradually unwind and 3.0500-3.1000 still in tact for the week as we await the China PMI numbers which will be keenly anticipated by market to see how the health of the major economic driver is.
- There’s more and more talk of Gold gunning for USD1900/oz and then USD2000/oz, and being the contrarian me, I reckon market will not likely hit those levels and if anything expect to see sell on rallies to dominate the precious metals. AUDUSD supported at 1.0400 and currently trading at 1.0420.
- Dow was up 0.09% at 13,564.64 and the S&P is down 0.13% at 1,459.32, rest of the markets are mostly flat to slightly in the red as we expect Asia to continue the quiet tone and low trading volumes today.
- Treasuries gained for a second day, recouping almost half the losses posted since Federal Reserve policy makers announced more debt purchases last week, on bets the U.S. economy will struggle to expand even with stimulus.
- Yields on 30-year bonds have declined eight basis points in the past two days, after surging 17 basis points following the conclusion of the Federal Open Market Committee meeting Sept.13.
- Spanish 10-year bonds advanced, snapping a three-day decline, as the country sold 4.6 billion euros ($6 billion) of bills at its first auction since the European Central Bank proposed buying sovereign debt.
- Spain’s 10-year yield, which earlier climbed above 6 percent for a second day, declined as Deputy Prime Minister Soraya Saenz de Santamaria said the country will consider seeking a bailout if the conditions imposed are acceptable.
Tuesday 18 September 2012
Monday 17 September 2012
Market Update 18 Sept 2012
As mentioned in our last Friday’s mail, once the euphoria of the asset purchase by the Fed is over and market focus back on other headlines such as slowdown in China and issues in Europe, risk appetite will turn again and we should see profit taking and defense trades come back into market, and true enough market’s risk-on is turning into risk-off again
The asset purchase announced by the FED last week caused a sell-off in USD but the 3% drop in the greenback’s value seems to have been a tad overdone as overnight we saw a wave of short Dollar covering and risk appetite turned lower.
On top of that, concerns in China and also potential rate cut from RBA (reserve bank Australia) later today has put the markets on the back foot. Market expects the RBA to cut another 25bps by year end as the demand for Iron and Coal from China is dropping and it is likely to spill over to the mass market.
AUDUSD pulled back towards the 1.0450 support while EURUSD headed lower to 1.3100 support.
USDMYR did not manage to close below the strong support of 3.0500 and we open today higher at 3.0600 as I suspect some of the short USDMYR got caught, expect the range of 3.0500-3.1000 to hold still for the week while we await the central banks and political announcements.
The Dow was down 0.30% to 13,533.10 while the S&P500 dropped 0.31% to 1,461.19, in general most indexes fall last night in NY trading session and we expect Asia to carry the momentum and likely to be trading on light volumes.
Thursday 13 September 2012
Market Update - 14 Sept 2012
German Finance Minister said ESM could come into force within next few weeks as wide expected.
Market is waiting for US FED tonight and 75% of people are expecting Bernanke will take action. The latest surveys show that people are also looking for open ended purchases in the vicinity of 30 billion in treasuries and 35 billion in mortgages. The minority expects a fixed amount of stimulus circa 600-700 billion.
USDMYR on the back of market’s anticipation of QE3 also opened lower with Ringgit stronger against the Dollar at 3.0750. Expect 3.0500 to hold a strong support for now and the new trading range of 3.0500-3.1000 to hold for this week at least.
The S&P index closed a few points higher to 1,436 and Gold closed at 1,734 as it continues its rally back towards USD1800/oz as QE and low rates environment is a stimulus for Gold rally.
US Equities continue its gains with the Dow +0.07%, S&P +0.21% and Nasdaq +0.32%. Leading gains were telecommunication and industrial stocks, while consumer staples and utilities fell. Apple saw a late-day rally of 1.4% after unveiling the long-awaited iPhone 5
This morning RBNZ left the cash rate unchanged at 2.50%, as expected. Statement had no real surprises and Bollard noted that the high NZD is encouraging import substitution and making life tough for exporters.
They have also lowered their GDP forecasts a touch for the out year. The RBNZ’s own 3 month bank bill forecast is for the cash rate to lift by only 25bp by the end of next year.
Market is waiting for US FED tonight and 75% of people are expecting Bernanke will take action. The latest surveys show that people are also looking for open ended purchases in the vicinity of 30 billion in treasuries and 35 billion in mortgages. The minority expects a fixed amount of stimulus circa 600-700 billion.
USDMYR on the back of market’s anticipation of QE3 also opened lower with Ringgit stronger against the Dollar at 3.0750. Expect 3.0500 to hold a strong support for now and the new trading range of 3.0500-3.1000 to hold for this week at least.
The S&P index closed a few points higher to 1,436 and Gold closed at 1,734 as it continues its rally back towards USD1800/oz as QE and low rates environment is a stimulus for Gold rally.
US Equities continue its gains with the Dow +0.07%, S&P +0.21% and Nasdaq +0.32%. Leading gains were telecommunication and industrial stocks, while consumer staples and utilities fell. Apple saw a late-day rally of 1.4% after unveiling the long-awaited iPhone 5
This morning RBNZ left the cash rate unchanged at 2.50%, as expected. Statement had no real surprises and Bollard noted that the high NZD is encouraging import substitution and making life tough for exporters.
They have also lowered their GDP forecasts a touch for the out year. The RBNZ’s own 3 month bank bill forecast is for the cash rate to lift by only 25bp by the end of next year.
Wednesday 12 September 2012
Market Update - 13 Sept 2012
German Finance Minister said ESM could come into force within next few weeks as wide expected.
Market is waiting for US FED tonight and 75% of people are expecting Bernanke will take action. The latest surveys show that people are also looking for open ended purchases in the vicinity of 30 billion in treasuries and 35 billion in mortgages. The minority expects a fixed amount of stimulus circa 600-700 billion.
USDMYR on the back of market’s anticipation of QE3 also opened lower with Ringgit stronger against the Dollar at 3.0750. Expect 3.0500 to hold a strong support for now and the new trading range of 3.0500-3.1000 to hold for this week at least.
The S&P index closed a few points higher to 1,436 and Gold closed at 1,734 as it continues its rally back towards USD1800/oz as QE and low rates environment is a stimulus for Gold rally.
US Equities continue its gains with the Dow +0.07%, S&P +0.21% and Nasdaq +0.32%. Leading gains were telecommunication and industrial stocks, while consumer staples and utilities fell. Apple saw a late-day rally of 1.4% after unveiling the long-awaited iPhone 5
This morning RBNZ left the cash rate unchanged at 2.50%, as expected. Statement had no real surprises and Bollard noted that the high NZD is encouraging import substitution and making life tough for exporters.
They have also lowered their GDP forecasts a touch for the out year. The RBNZ’s own 3 month bank bill forecast is for the cash rate to lift by only 25bp by the end of next year.
Market is waiting for US FED tonight and 75% of people are expecting Bernanke will take action. The latest surveys show that people are also looking for open ended purchases in the vicinity of 30 billion in treasuries and 35 billion in mortgages. The minority expects a fixed amount of stimulus circa 600-700 billion.
USDMYR on the back of market’s anticipation of QE3 also opened lower with Ringgit stronger against the Dollar at 3.0750. Expect 3.0500 to hold a strong support for now and the new trading range of 3.0500-3.1000 to hold for this week at least.
The S&P index closed a few points higher to 1,436 and Gold closed at 1,734 as it continues its rally back towards USD1800/oz as QE and low rates environment is a stimulus for Gold rally.
US Equities continue its gains with the Dow +0.07%, S&P +0.21% and Nasdaq +0.32%. Leading gains were telecommunication and industrial stocks, while consumer staples and utilities fell. Apple saw a late-day rally of 1.4% after unveiling the long-awaited iPhone 5
This morning RBNZ left the cash rate unchanged at 2.50%, as expected. Statement had no real surprises and Bollard noted that the high NZD is encouraging import substitution and making life tough for exporters.
They have also lowered their GDP forecasts a touch for the out year. The RBNZ’s own 3 month bank bill forecast is for the cash rate to lift by only 25bp by the end of next year.
Tuesday 11 September 2012
Market Update - 12 Sept 2012
The US trade deficit widened ever so slightly in July to USD 42.0bn from a downwardly revised USD 41.9bn in June.
With US likely to announce QE3 this month and ECB having recently announced “unlimited” bond buying last week, the immediate risk have been taken off the table and market is reacting accordingly with risky asset prices increasing at the start of the week.
USDMYR broke the 3.1000 support firmly and we have now shifted to the 3.1600-3.2100 trading range for this week. USDMYR opened lower again today at 3.0850 and we expect it to trend lower as risk-on sentiment prevails right now.
AUDUSD also rallied back above 1.0400 while EURUSD also broke the 1.2800 resistance, in fact the squeeze up could be due to a lot of stop loss orders being triggered as market traded very close to the resistance levels.
In the Eurozone, the German Constitutional Court reaffirmed that it will announce its ruling on the legality of the ESM on Wednesday (04:00 ET). A German parliamentarian had attempted to delay the decision following last week's announcement by the ECB of its bond buying program, but that will not stop the Court from rendering its decision Wednesday.
Moody warn on US rating, saying US could lost its Aaa rating if the policy makers fail to agree on measures to reduce the country debt to GDP ratio next year.
Looking forward, today’s data suggest that trade is on track to have a broadly neutral impact on GDP growth in Q3 as current trends in real exports and imports suggest that both are likely to grow anaemically in the quarter.
For those who are keen on the US trade deficit details - the broadly unchanged nominal deficit in the month was the result of two offsetting forces; an improvement in the terms of trade worked to lower the deficit while the real trade deficit widened significantly in the month.
Export prices received a particularly large boost in July from the recent surge in grains prices due to the drought. As expected, real goods exports weakened substantially in July, falling 2.2% after surprisingly gaining 3% in June.
Monday 10 September 2012
Sunday 9 September 2012
Market Update - 10 Sept 2012
US Non-farm Payroll in Aug was lower than expected at +96k (vs. est: +125k ; previous: +163k). Unemployment rate lower at 8.1% (vs. est: 8.3% ; previous: 8.3%)
Market was very positive and risk on before the data but the numbers disappointed, nonetheless market actually closed up as market now anticipates the Fed to have QE3 as soon as this month
The number actually reaffirms the weakness that is now permanent in the US economy and QE3 I personally think will have a lesser effect compared to QE1 and QE2, in addition the size and tenor of the QE3 will matter, anything less than market “hope” for will result in taking profits of the currently building long risky assets positions.
USDMYR on expectations of QE3 also moved lower to 3.1050 and currently testing the near term support of 3.1000. Expect 3.1000 to potentially break when London opens today or if low players decide to take the first move
European Central Bank may spend EUR 70-100 bio on bond purchases this year if interest rates on Spanish and Italian debt rise again “sharply” [Bloomberg]
Chinese President Hu Jintao said a slowdown in exports is putting downward pressure on the economy, and he pledged to boost domestic demand and promote more balanced growth.
Korea Housing Finance Corp. plans to more than triple sales of residential mortgage-backed securities to investors, allowing banks to expand home lending without adding to the consumer debt they carry on their books.
Overnight, DJIA up 0.11 % to finish at 13,306.64
Friday 7 September 2012
10分鐘 出綿滑白粥
【前线分享】10分鐘 出綿滑白粥
只要10分鐘就可以煮出綿滑的白粥？你相不相信？一開始
通常我們煮粥至少也要45分鐘，才可以煮出水米融合的白
它的原理是：經過冷凍，米粒的組織受到破壞，產生一個個
從此以後，我家的冰箱都會有一小盒一小盒的冷凍米，方便
做法
1. 大米洗淨，裝入容器裡，放入冰箱的冷凍室冷凍至大米結冰
2. 鍋裡放入清水大火煮開後，把冷凍大米倒入鍋裡
3. 大火煮至重新沸騰，轉中火煮10分鐘後，熄火，蓋上蓋子
只要10分鐘就可以煮出綿滑的白粥？你相不相信？一開始
通常我們煮粥至少也要45分鐘，才可以煮出水米融合的白
它的原理是：經過冷凍，米粒的組織受到破壞，產生一個個
從此以後，我家的冰箱都會有一小盒一小盒的冷凍米，方便
做法
1. 大米洗淨，裝入容器裡，放入冰箱的冷凍室冷凍至大米結冰
2. 鍋裡放入清水大火煮開後，把冷凍大米倒入鍋裡
3. 大火煮至重新沸騰，轉中火煮10分鐘後，熄火，蓋上蓋子
Thursday 6 September 2012
Market Update - 7 Sept 2012
“Outright Monetary Transaction”. That’s the name of Draghi’s bond buying plan which he announced last night to much fanfare, although it was exactly the plan that was leaked to the market yesterday: unlimited purchases of 1-3 year paper, sterilised, not senior and conditional upon bailout request. They left the benchmark overnight rate at 0.75%, a cut to 0.5% had been expected.
The Euro fell initially during the speech, hitting a low of 1.2562 before surging back to a high of 1.2652, the highest since June, before reverting to the technical level at 1.2630 (last). Break this level and we’ll head for the 200ma at 1.2840.
USDMYR still uneventful and sticky with the range as we expect to have another quiet session and yes the same 3.1000-3.1500 range still, currently trading at 3.1000, would be interesting to see if it can firmly break this level after testing it 2 weeks back
So the ball is in Spain’s court now but it was one way traffic down the risk on street for all asset classes, with good US data helping us along (see below). The S&P closed at its highest level since 2008 at 1432.60 , rising 2.04% on the night, and the NASDAQ the highest since 2000!! Meanwhile European equities all surged with the Stoxx 50 up 3.4%, led by Spain’s IBEX (up 4.91%).
Treasuries sold off, as did bunds and gilts (all down 7-8bps). Gold closed above $1700 for the first time since March (last $1701.35) but oil struggled after early gains, it fell 0.62% to $94.74.
Spain sold €1.43bn of 2015 bonds at an average yield of 2.676% versus 5.086% at previous auction, €1.39bn of 2016 bonds at 4.603% versus 5.971% last time. The auction took place before Draghi spoke and showed the effect rising confidence in the ECB as a backstop is having. 10 year yields fell 40bps on the night to 5.96%.
Data in the US was generally positive too, the ADP payrolls figure showed a gain of 201k jobs (survey was 140k) in August (the most since March) and the ISM non-manufacturing index rose to 53.7 from 52.6, beating expectations of 52.5. As with the manufacturing index on Tuesday, the component that rose the most was prices paid which shot up to 64.3 from 54.9.
The Bank of England left rates unchanged and did not add to their asset purchases, as expected (they haven’t finished buying the last lot yet).
Aussie bonds got a spanking overnight, with 3yrs being given on the close to go out on their low at 47/48, down 10 but not much volume in the last few ticks
10yrs were down 8.5pts to 91/91.5 on the close (the low) with the curve taken at 56.5 on the close, going out 56/57. Strong volumes all round.
The Aus/US spread bottomed out at 133 before coming back to 141 last. The AUD rose a big figure to 1.0286 last
Wednesday 5 September 2012
Market Update - 6 Sept 2012
- ECB speculation was the winner again last night with leaked reports ahead of tonight’s meeting. The crux of the leaked information being that the ECB would not set yield caps but would make sterilized purchases of Sovereign bonds. In my mind this is exactly what the Securities Market Program (SMP) was designed for, in which case the announcement tonight may be a bit of a non event and we are back to waiting for Spain to request aid while we watch their borrowing costs spike.
- USDMYR still stuck at 3.1150 and we are not expecting much movement with the pair, today’s tight range likely to be 3.0080-3.1230
- In Germany an auction of €5bln worth of 10yr paper, hitherto considered the safest of safe paper, proved to be a bit of a flop as the bid to cover ratio was only 1.1x (1.8x prior). The average yield was 1.42% (unchanged) and only €3.61bln was sold making it technically uncovered. This has only happened once this year and although it presents no threat to German financing it is symbolic of the uncertainty surrounding the European bond markets. German 10 yields rose 5bps to 1.48%
- The Euro rose 70 pips to 1.2602 last. Equities were up smalls in Europe, Euro Stoxx 50 up 0.22% with the UK and Italian indices lagging.
- In the US productivity rose and labour costs fell in what was an uncertain night on the markets. The trade bellwether FedEx fell 2% as it forecast its first decline in quarterly earnings in 3 years, stoking fears of continuing economic softness. Equities were mixed with the DOW up 0.09% and the S&P down 0.11%, defensive stocks outperformed.
- Treasuries were softer, yields rising 2.4bps to 1.596%. Commodities were mixed with oil stronger, copper and soft commodities weaker.
- Also in Europe the Services PMI figures showed further contraction in activity in the sector however the rate of contraction has visibly slowed now and in Italy the PMI actually rose to 44 from 43 last month; this isn’t the first positive data point from Italy of late. Retail sales in the region fell 0.2% from last month, as expected.
- The Bank of Canada left their headline rate unchanged at 1%, while Fitch reaffirmed their AAA rating on the country.
- Very interesting point in the FX markets: the Euro has finally managed to poke it’s head above the floor set by the SNB, I’ll hold my breath as to whether it can be sustained but this could well lead to the SNB starting to unwind holding of other currencies and see the Euro strengthen across the board.
Tuesday 4 September 2012
Baby food by age: 9 to 12 months
Approved by the BabyCenter Malaysia Medical Advisory Board
When can my baby join in with family meals?
At nine months, your baby is not quite ready to eat everything you can eat. But that doesn't mean to say she can't join in with your meals, as long as you take her needs into account.
Up to nine months, the goal has been to get your baby used to the idea of solid foods. Now your baby can be more adventurous with her meals, and she may love to try new flavours. But there are still some foods she should not have in her first year:
Help and encourage her by letting her hold onto the spoon as you feed her. Give her plenty of finger foods as well, so that she can feed herself.
Up to nine months, the goal has been to get your baby used to the idea of solid foods. Now your baby can be more adventurous with her meals, and she may love to try new flavours. But there are still some foods she should not have in her first year:
- Honey: this can contain a bacteria that can damage your baby's intestines, leading to a rare syndrome called infant botulism. Honey is also a type of sugar, which can be bad for her emerging teeth.
- Some types of fish: shark, swordfish or marlin may contain traces of mercury. This can affect your baby's growing nervous system. Also, don't give your baby raw shellfish, to reduce the risk of food poisoning.
- Uncooked or lightly cooked eggs: make sure eggs are cooked through until both the white and yolk are solid.
- Low-fat, low-calorie and high-fibre food: these are not suitable for for your baby. She needs high-energy foods.
- Whole nuts: don’t give whole nuts your child until she is five, because they could cause choking.
- Salt: don't add salt to your baby's food, because her kidneys can't cope with it. Limit the amount of salty foods that your baby eats, such as cheese, sausages and bacon. Check food labels. Babies should have less than 1g of salt (0.4g of sodium) a day.
- Sugar: sugary foods and drinks are bad for your baby's teeth and can encourage her to have a sweet tooth. Only add a little sugar to your baby's food if you really need to, for example, to stewed sour fruits, such as plums. Don't give your baby sugary puddings, ice creams, biscuits or sweets.
Help and encourage her by letting her hold onto the spoon as you feed her. Give her plenty of finger foods as well, so that she can feed herself.
When can my baby try new textures?
Now is the time to start introducing minced or chopped foods. Your baby will be eating three meals a day, with healthy snacks, such as fruit, in between meals (FSA nd).
But breastmilk or formula milk is still an important part of her diet. If she's formula-fed, she'll need between 500ml and 600ml a day.
By the time she reaches her first birthday, though, baby food will make up a big part of what she needs. You may find that your baby has dropped a milk feed or two (FSA nd). It's easier for her to swallow food and she has more teeth.
Your baby won't have the molars to chew food properly until she's between 18 months and 24 months old. Even so, her gums will be surprisingly efficient at grinding foods to a pulp.
She may find it soothing to gnaw on harder finger foods. Do make sure you choose something that dissolves after gumming because of the risk of choking.
Be extra careful with small, round foods, such as grapes. It's better to wait a bit longer before giving them to your baby. Try hard-baked crusts of bread, peeled slices of apple, and lightly cooked carrot sticks.
But breastmilk or formula milk is still an important part of her diet. If she's formula-fed, she'll need between 500ml and 600ml a day.
By the time she reaches her first birthday, though, baby food will make up a big part of what she needs. You may find that your baby has dropped a milk feed or two (FSA nd). It's easier for her to swallow food and she has more teeth.
Your baby won't have the molars to chew food properly until she's between 18 months and 24 months old. Even so, her gums will be surprisingly efficient at grinding foods to a pulp.
She may find it soothing to gnaw on harder finger foods. Do make sure you choose something that dissolves after gumming because of the risk of choking.
Be extra careful with small, round foods, such as grapes. It's better to wait a bit longer before giving them to your baby. Try hard-baked crusts of bread, peeled slices of apple, and lightly cooked carrot sticks.
Is it safe for babies and small children to eat raisins?
Julia Youll answers:
Any small piece of food is potentially a choking risk for your baby, especially if your baby is under a year old. It is therefore always a good idea to be present when your baby attempts finger foods such as raisins and to make sure he is ready developmentally to chew and sit up properly, as well as having the pincer grasp to pick things up with.
Older babies tend to gum raisins and spit them out without swallowing, which avoids them being a real hazard. They can be a handy and vitamin-packed snack when out and about with your toddler, providing he is not running about and playing at the same time, and a good alternative to sweets. On another note, raisins can be cooked into oats or other warm cereals where they soften up and become easier to chew then. It’s a good way to add delicate sweetness to cereals without excess sugar.
Remember that raisins are high in sugar and can stick to the teeth, so careful brushing may be needed afterwards. Occasionally, raisins have small grape pips still inside which could potentially be inhaled, and sometimes the packet will issue a warning about the product being prepared in the vicinity of nuts, so do check the packet before giving them to your child if he has a nut allergy.
Reviewed by Indra Balaratnam, a consultant dietitian who specialises in home visits to counsel patients with special dietary needs
Discipline and co-operation
Written for BabyCentre UK
Written by childcare expert and author Penelope Leach
As babies become toddlers, many parents begin to think and talk about discipline. No wonder: your baby learns to do a lot, and not all of it is what you'd choose.
The months around the first birthday
Your nearly-mobile, nearly-talking baby is certainly capable of understanding what "no" means, and of beginning to co-operate with adults, even (sometimes) when she doesn't actually want to. But she isn't ready to cope with adult anger when she doesn't co-operate because the reasons for the anger are beyond her understanding -- it seems to her to gather out of nothing: an act of god; a thunderbolt.
Your toddler has no way of knowing that the thing she did or that just happened -- milk down your clean shirt, a briefcase emptied out -- was the one more minor disaster that was your "last straw". Even if she had sensed your previous tension, she would not have understood what caused it: the failed alarm call that left you late in getting up, late in getting her up, late getting off to daycare and work. She doesn't understand much about your feelings or your affairs, nor should she. They are not yet her concern. If you scold, she may enrage you further by laughing; if you shout, she will jump and cry. If you lose your cool to a point where you actually punish her physically, shaking her, smacking her or dumping her in her cot, she will be as amazed and horrified as you would be if the family dog suddenly turned on you and took a chunk out of your leg. Until the reasons for adult anger become comprehensible, your toddler cannot learn anything useful from punishment. When the reasons do become comprehensible, she will be able to learn without punishment.
Suppose your child pulls a vase off the coffee table and breaks it. You may justify your angry scolding on the grounds that she should not have touched it because you have told her not to many times -- and anyway she should have been more careful. But think a minute. She touched the vase because it was there: her vital curiosity told her to examine it and her memory and understanding are not yet good enough to tell her which things are forbidden. She broke it because her manual dexterity is not yet adequate for handling delicate things gently. So was the accident really her fault? If the vase was really valuable, what was it doing left within her reach? She is being punished for being what she is. A baby.
Now suppose that she tips all the food out of her dish on to the freshly-washed floor. In fury you say that "she ought to know better". But ought she? A few minutes earlier you helped her to tip all the bricks out of their bag onto the floor. Is she supposed to share your ideas about the difference between food and toys? As to the clean floor, she probably watched you sloshing bubbly water over it. Is she supposed to understand that soapy water cleans things, but gravy dirties them? Once again you are being cross with her for being the age she is and for behaving as people in her age bracket are meant to behave.
Whatever other people may sometimes suggest, going gently with a baby this age cannot "spoil" her or create behaviour problems for later. In fact the more consciously you love her, and enjoy the way she loves you, the better. If you let yourselves realise and reciprocate her inexhaustible desire for smiles and hugs, it will be obvious that the last thing she wants is to displease you. It will be a long time yet before she can understand what pleases you, though. Your pleasures are not the same as hers. You don't like gravy on the floor....
Your toddler has no way of knowing that the thing she did or that just happened -- milk down your clean shirt, a briefcase emptied out -- was the one more minor disaster that was your "last straw". Even if she had sensed your previous tension, she would not have understood what caused it: the failed alarm call that left you late in getting up, late in getting her up, late getting off to daycare and work. She doesn't understand much about your feelings or your affairs, nor should she. They are not yet her concern. If you scold, she may enrage you further by laughing; if you shout, she will jump and cry. If you lose your cool to a point where you actually punish her physically, shaking her, smacking her or dumping her in her cot, she will be as amazed and horrified as you would be if the family dog suddenly turned on you and took a chunk out of your leg. Until the reasons for adult anger become comprehensible, your toddler cannot learn anything useful from punishment. When the reasons do become comprehensible, she will be able to learn without punishment.
Suppose your child pulls a vase off the coffee table and breaks it. You may justify your angry scolding on the grounds that she should not have touched it because you have told her not to many times -- and anyway she should have been more careful. But think a minute. She touched the vase because it was there: her vital curiosity told her to examine it and her memory and understanding are not yet good enough to tell her which things are forbidden. She broke it because her manual dexterity is not yet adequate for handling delicate things gently. So was the accident really her fault? If the vase was really valuable, what was it doing left within her reach? She is being punished for being what she is. A baby.
Now suppose that she tips all the food out of her dish on to the freshly-washed floor. In fury you say that "she ought to know better". But ought she? A few minutes earlier you helped her to tip all the bricks out of their bag onto the floor. Is she supposed to share your ideas about the difference between food and toys? As to the clean floor, she probably watched you sloshing bubbly water over it. Is she supposed to understand that soapy water cleans things, but gravy dirties them? Once again you are being cross with her for being the age she is and for behaving as people in her age bracket are meant to behave.
Whatever other people may sometimes suggest, going gently with a baby this age cannot "spoil" her or create behaviour problems for later. In fact the more consciously you love her, and enjoy the way she loves you, the better. If you let yourselves realise and reciprocate her inexhaustible desire for smiles and hugs, it will be obvious that the last thing she wants is to displease you. It will be a long time yet before she can understand what pleases you, though. Your pleasures are not the same as hers. You don't like gravy on the floor....
From one year to two-and-a-half
During these months, your child's developmental clock tells him that it is time to stop being a baby and move towards being a separate person. If you treat him as a baby, he will fight you every step of the way and, in the end, he will win his independence because he must. But he will win it at a terrible price paid in lost love.
But that clock does not yet read "childhood", so attempts to manage and discipline him as you would a child will not work either. You will be faced with a lack of comprehension that looks like defiance, and every battle you join will end with love lost. So don't try for absolute control and don't join moral battles. Your toddler will be "good" if he feels like doing what you happen to want him to do and does not happen to feel like doing anything you would dislike. With a little cleverness you can organise life as a whole, and issues in particular, so that you both want the same thing most of the time.
Your toddler has his bricks all over the floor and you want the room tidy. If you tell him to pick them up, he will probably refuse. If you insist, a fight will be on and you cannot win it. You can yell at him, punish him, reduce him to a jelly of misery but none of that will get those bricks off the floor. But if you say, "I bet you can't put those bricks in their bag before I've picked up all these books", you turn a chore into a game, an order into a challenge. Now he wants to do what you want him to do, so he does. He did not pick up (most of) the bricks "for Mummy"; he did not do it because he is a "good boy". He did it because you made him want to. And that is the best possible way to go. Conduct your toddler through his daily life by foreseeing the rocks and steering around them, avoiding absolute orders that will be absolutely refused, leading and guiding him into behaving as you want him to behave because nothing has made him want to behave otherwise.
The payoff now is fun instead of strife for you all but the later payoff is seriously important, too. This toddler, who does not know right from wrong and therefore cannot choose to behave well or badly, is growing up. Soon the time will come when he does remember your instructions and foresee the results of his actions; does understand the subtleties of everyday language; does recognise your feelings and your rights.
When that time comes, your child will be able to be "good" or "naughty" on purpose. Which he chooses will depend largely on how he feels about the adults who are special to him and have power over him. If he reaches that next stage of growing up feeling that you are basically loving, approving and on his side, he will want (most of the time) to please you so (with many lapses) he will behave as you wish.
But if he reaches that stage feeling that you are overpowering, incomprehensible and against him, he may already have decided not to bother trying to please you because you are never pleased; not to let himself mind when you are cross because you are cross so often; not to expose the depth of his loving feelings for you because you have not always seemed to reciprocate.
If you ever wonder whether you are being too gentle and accepting with your toddler, or anyone ever suggests that it is time to toughen up, look ahead. If your child reaches preschool age no longer seeking your approval, not feeling cooperative, not confident of loving and being loved, you will have lost the basis for easy, effective "discipline" all through childhood. At this in-between toddler stage, a happy child is an easy child. A child kept easy now will be easy to handle later.
But that clock does not yet read "childhood", so attempts to manage and discipline him as you would a child will not work either. You will be faced with a lack of comprehension that looks like defiance, and every battle you join will end with love lost. So don't try for absolute control and don't join moral battles. Your toddler will be "good" if he feels like doing what you happen to want him to do and does not happen to feel like doing anything you would dislike. With a little cleverness you can organise life as a whole, and issues in particular, so that you both want the same thing most of the time.
Your toddler has his bricks all over the floor and you want the room tidy. If you tell him to pick them up, he will probably refuse. If you insist, a fight will be on and you cannot win it. You can yell at him, punish him, reduce him to a jelly of misery but none of that will get those bricks off the floor. But if you say, "I bet you can't put those bricks in their bag before I've picked up all these books", you turn a chore into a game, an order into a challenge. Now he wants to do what you want him to do, so he does. He did not pick up (most of) the bricks "for Mummy"; he did not do it because he is a "good boy". He did it because you made him want to. And that is the best possible way to go. Conduct your toddler through his daily life by foreseeing the rocks and steering around them, avoiding absolute orders that will be absolutely refused, leading and guiding him into behaving as you want him to behave because nothing has made him want to behave otherwise.
The payoff now is fun instead of strife for you all but the later payoff is seriously important, too. This toddler, who does not know right from wrong and therefore cannot choose to behave well or badly, is growing up. Soon the time will come when he does remember your instructions and foresee the results of his actions; does understand the subtleties of everyday language; does recognise your feelings and your rights.
When that time comes, your child will be able to be "good" or "naughty" on purpose. Which he chooses will depend largely on how he feels about the adults who are special to him and have power over him. If he reaches that next stage of growing up feeling that you are basically loving, approving and on his side, he will want (most of the time) to please you so (with many lapses) he will behave as you wish.
But if he reaches that stage feeling that you are overpowering, incomprehensible and against him, he may already have decided not to bother trying to please you because you are never pleased; not to let himself mind when you are cross because you are cross so often; not to expose the depth of his loving feelings for you because you have not always seemed to reciprocate.
If you ever wonder whether you are being too gentle and accepting with your toddler, or anyone ever suggests that it is time to toughen up, look ahead. If your child reaches preschool age no longer seeking your approval, not feeling cooperative, not confident of loving and being loved, you will have lost the basis for easy, effective "discipline" all through childhood. At this in-between toddler stage, a happy child is an easy child. A child kept easy now will be easy to handle later.
Quick tip: childproofing made easy
"Here's a cheap and easy way to protect your baby's head when he's upright: Gather some old tennis balls and cut a slash in each one. Then fit the balls over the sharp corners of tables." - Holly
When and how should I add spices in my baby's food?
The BabyCenter Editorial Team answers:Malaysians happily chomp into Malay, Chinese, Indian, Nyonya, Arabic and a host of ethnic cuisines regardless of our own cultural background. When it comes to our babies, however, the spiciness and heavy flavours of Asian foods present some considerations.
Most doctors recommend waiting until eight months to introduce spices in your baby's diet. This is to help prevent stomach upsets as well as allergic reactions.
Don't be surprised if family and friends advise starting your baby on spiced food as early as six months. The idea behind this is that the sooner your baby develops a taste for spice, the easier it'll be to start him on your food. In some Indian families, parents offer spiced dishes to their babies during annaprashan, a ceremony symbolising the beginning of weaning. However, do keep in mind there is no need to rush your baby into spiced foods. If you have been eating spiced foods while breastfeeding, your baby may already have a taste for them anyway.
When starting to feed spices, introduce one spice at a time in very small amounts. Wait for four to six days before introducing another spice or new food. This way, any possible allergic reaction can be spotted quickly.
"Spice" does not just mean chillies and pepper, but also garlic, ginger, asafoetida, cumin, fennel, coriander, mustard, fenugreek, turmeric and so on. These herbs and spices flavour baby food and can have health benefits. Asafoetida, ginger, fennel seeds, carom and cumin are used in traditional Indian remedies to soothe upset tummies and help digestion. Garlic and turmeric have antiseptic and antioxidant benefits.
You may like to introduce spices to your baby in these ways:
- A clove of garlic or a tiny piece of ginger can be grated into foods like shredded chicken or dal while they are cooking.
- Powdered spices like turmeric, cumin and coriander can be added a pinch at a time to sambar, dal and other gravies during cooking.
- A few whole seeds like fennel, mustard and aniseed are often spluttered in a teaspoon of ghee as tempering for dal and rice.
- A pinch of cinnamon, nutmeg or cardamom powder can be added to rice puddings or other sweets.
- Fresh herbs like mint and coriander can be used as a garnish in vegetables, curries and rice.
It is best to buy branded spices and spice powders certified by the government or health authorities. Check the dates of manufacture and expiry and see that they are sealed well.
Once bought, store your spices properly:
- Keep the spices in a clean, dry place away from direct sunlight.
- Protect the spices from moisture by storing in airtight food grade containers.
- Wash and dry the containers well before refilling with new stock to prevent spoilage from old stock.
- For everyday use, keep spices in small quantities in a masala container to prevent frequent handling and contamination.
He's not naughty - he's a baby
As your baby starts asserting himself, you may be surprised by some of his behaviour. He may know what "no" means yet still do something forbidden over and over again, all the time looking over his shoulder to see how you'll react. Punishments and anger do little good at this age, although distracting him often works. He can't yet "behave" as he's too busy experimenting. Try suggesting something he can do, like "give me that, please" or offering a favourite toy. Praising things your baby does that you do like makes it more likely he will do them again. Saving the "no" for genuinely dangerous activities gives it more power - he will know you mean it!
Market Update - 3 Sept 2012
The much anticipated Jackson Hole Economic Symposium took place on the weekend and all anybody, not least the financial markets, cared about was whether Bernanke would change his language re: QE3. Well, he didn’t.
He still is “gravely” concerned about the employment situation in America and he still believes that the best way to combat the problem is to launch more quantitative easing, telling listeners that he would not rule out further easing.
USDMYR opened around 3.1200 where it pretty much closed last week again expecting a quiet market and rangey, 3.1000-3.1500 but I will be bias on the upside with market expecting some correction in September but there will be contrarians who buy sell on rally to keep the 3.1500 in tact.
AUDMYR moved significantly lower from last weeks 3.2400 to today’s 3.2050 as AUDUSD took another beating over NY close and this morning’s Asia open, expect more AUDUSD downside testing 1.0100.
US treasuries spiked higher with yields falling 8bps on the night to 1.55%. Gold rose $35 or 2.1% to close at $1691.85, the highest since March, this despite a 1% fall in the moments immediately after the speech notes were released. The S&P closed up 0.51% and he Dow up 0.69%.
Meanwhile Spain’s largest region Catalonia was cut to junk by S&P; the news sent Spanish 10 yields up 27bps to 6.80% and the Euro lower and hurt equity indices on both sides of the Atlantic, which managed to hold on to overall gains. The Euro Stoxx 50 rose 1.5%.
ECB governing council member Ewald Nowotny gave us a stark reminder of the tough economic conditions in Europe, signalling that the bank will be downgrading their growth forecasts for the Euro Zone next week.
The official Chinese manufacturing PMI figure was released on Saturday morning and caught most economists off guard; the figure fell to 49.2 from 50.1 in July.
Markets were closed when the figure was released but I expect a knee-jerk risk-off reaction today as the news headlines reverberate around Asia. It’s the first contraction we’ve seen since mid-last year with the main driver being a drop in orders, particularly export orders.
Market Update - 4 Sept 2012
Some market updates:
USD/MYR opened lower this morning, strong support tipped at 3.1000 and resistance at 3.1150 levels
The US market was closed for Labor Day yesterday.
European leaders are stepping up shuttle diplomacy this week as they brace for their central banker’s plan to defend the euro from a bond-market turmoil
The European Union’s outlook was cut to negative by Moody’s, reflecting the risks to Germany, France, the UK and the Netherlands that account for about 45% of the group’s budget revenue
PMI manufacturing in developed Europe were largely disappointing (except for UK), with the overall EC PMI mfg reading at 45.1 (expectation 45.3)
Most Asian stocks declined as European Union’s outlook was cut by Moody’s ahead of meeting of the region’s policy makers today
KLCI closed on a mixed tone despite returning back above the 1650 mark on Monday, as renewed concerns over a China hard-landing scenario seemed to have dampened the sentiment buoyed by Fed Bernanke’s comments last week
USD/MYR opened lower this morning, strong support tipped at 3.1000 and resistance at 3.1150 levels
The US market was closed for Labor Day yesterday.
European leaders are stepping up shuttle diplomacy this week as they brace for their central banker’s plan to defend the euro from a bond-market turmoil
The European Union’s outlook was cut to negative by Moody’s, reflecting the risks to Germany, France, the UK and the Netherlands that account for about 45% of the group’s budget revenue
PMI manufacturing in developed Europe were largely disappointing (except for UK), with the overall EC PMI mfg reading at 45.1 (expectation 45.3)
Most Asian stocks declined as European Union’s outlook was cut by Moody’s ahead of meeting of the region’s policy makers today
KLCI closed on a mixed tone despite returning back above the 1650 mark on Monday, as renewed concerns over a China hard-landing scenario seemed to have dampened the sentiment buoyed by Fed Bernanke’s comments last week
Is your baby playing enough?
Play helps your baby learn and develop socially and physically. Don't have a timetable for every minute of the day - allow time for your baby (and you!) to just play. Some babies this age love to play by imitating what they see around them - you may notice her try to brush her hair or sweep the kitchen floor. Be careful - she will imitate your bad habits, too!
Quick tip: baby food for older babies
"I wanted to make my ten-month-old's rice cereal more substantial. So I used my cheese grater (large-hole side) and grated a banana. This made the banana pieces small enough so my son wouldn't choke but still gave the cereal texture." - Kim
Test your knowledge: common childhood illnesses
Even the healthiest child gets ill once in a while. But if you familiarise yourself with the symptoms, you can act quickly and nip the most serious illnesses in the bud. Do you know which illnesses these symptoms point to?
• Blisters on her hands and feet, and in her mouth.
• A cough that sounds like a seal barking.
• A fever that develops three to five days after the start of a cold.
• A spotty rash on her body after her fever subsides.
• Bright red cheeks that look as if they've been slapped.
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