Market Update - 23 November 2012

• Wall Street was closed for the Thanksgiving holiday yesterday.

• China showed further signs of the Chinese economy bottoming out with the flash PMI soared to 50.4 from Oct’s 49.5.

• Eurozone remained below its 50 handle with its Eurozone flash PMI edging up marginally from 45.7 in Oct to 45.8 and consumer confidence falling to a 42-month low.

• EU leaders began their two-day summit yesterday to discuss a new seven year budget for the bloc. German Chancellor, Angela Merkel says that EU leaders unlikely to reach budget deal at the summit.

• Expectations for swings in the yuan climbed the most in the world in the past three months, sparking a rally in dim sum bonds as the central bank signaled a wider limit on daily exchange rate moves

• Asian stocks outside Japan fell, with a regional gauge heading for its first decline this week, as European official continue to work on an updated aid package for Greece

• KLCI sustained decline (-0.27%) to 1,618.55, the lowest since July this year. Losses were led by Genting Plantations, CIMB and RHB Capital.

• USD/MYR has been range trading for the past week, likely range for today: 3.0550 – 3.0650