Asia at a Glance

HK shares close at 3-year low; China banks slump
Hong Kong shares fell 4.4 percent to a three-year closing low on Friday as investors exited equity holdings ahead of the weekend, following a week of sharp gains and steep slides amid looming fears
of a global recession.

The benchmark Hang Seng Index closed 676.31 points lower at 14,554.21, after advancing to 15,300.07 earlier.

The blue-chip index ended the week 1.6 percent lower after a 2-day, 14 percent rally was outweighed by a 13.5 percent drop in the last three days of trade.

“The focus of the financial crises has now firmly moved to Asia,” said Linus Yip, strategist with First Shanghai Securities. “Given the way the Korean markets and currency have gone in the past few days people have a lot to be worried about.”

South Korea’s KOSPI closed at a three-year low on Friday, while its currency has fallen 17 percent in the last five weeks.

Mainland mobile phone operator China Unicom shed 6.7 percent on concerns its merger with fixed-line network China Netcom may hurt earnings. The two companies merged on Oct. 15 and on the same day, China Netcom reported a fall in revenue during the first nine months.

Asia’s largest oil & gas producer, PetroChina, slid 6.0 percent on fears that lower oil prices may dent profits. Crude oil prices fell more than $6 a barrel to below $70 overnight on rising U.S. inventories and slowing demand amid a global economic crisis.Offshore oil producer CNOOC plumetted 6.2 percent, adding to its two-day 14.6 percent slide.

Mainboard turnover fell to HK$59.3 billion ($7.6 billion) from HK$64.3 billion at on Thursday. Turnover spiked nearly 11 percent during the 10-minute closing auction window as investors bailed out of the markets ahead of the weekend.

“People are cautious ahead of the weekend in view of the extreme volatility on Wall Street, so the selling pressure remains,” said Howard Gorges, vice chairman at South China Securities. “Earnings estimates are being revised down and these are being priced in by the market. People are reckoning that earnings will be adversely affected by the crisis.”

Chinese bank shares fell on worries China’s slowing economy may cut demand for loans, trim profits and raise bad loans, said Y.K. Lee, an analyst at Core-Pacific Yamaichi. Investors also fretted that U.S. and European banks invested in mainland banks may sell their holdings in the wake of the turmoil in the financial markets.

China Construction Bank dropped 6.7 percent, while No.3 lender Bank of China slid 7.8 percent. The China Enterprises Index of top locally listed mainland Chinese companies tumbled 4.8 percent to 7,007.53.

Shares in gold miner Zijin Mining dropped 7.5 percent after the price of the precious metal eased further on Friday, following a 6 percent decline overnight as investors fled commodities, including bullion, and opted for the safety of cash.

Indian shares plummeted further on Friday, after gains in early trade, as a gloomy outlook about the global economy strengthened the bearish mood and triggered a sell-off across the counters.

“Global events have been largely responsible for the recent volatility in markets. India has been impacted primarily due to flight of capital and risk aversion with regard to emerging markets,” said Puneet Nanda, chief investment officer of ICICI Prudential Life.

Market regulator’s data showed foreign funds have dumped Indian equity worth more than $11.5 billion in 2008 so far.

The Bombay Stock Exchange’s benchmark Sensitive Index closed Friday at 9,975.35, its first sub-10,000 points finish since June 20, 2006, when it ended at 9,822.52. Today, it had risen almost 2 percent to the day’s high of 10,786.93 points before the downward slide. The barometer lost 5.25 percent this week and is down nearly 53 percent from its lifetime high of 21,206.77 touched on Jan. 10, 2008.

The National Stock Exchange also swung in a range of 300 points Friday to end 194.95 points or 5.96 percent lower at 3,074.35.

Dealers said fears of a global slowdown overshadowed the spate of measures recently announced by regulators to ease the liquidity crunch. In one such measure, the Indian central bank infused a trillion rupees (about $20.6 billion) into the money market on Oct. 11 by slashing the reserve requirements that lenders should park with it by 250 basis points to 6.5 percent.

ICICI Prudential Life’s Nanda added: “However, with GDP growth rate in the 7.5 percent to 8.0 percent range, high savings and investment rate along with reserves in excess of $275 billion, India’s macro fundamentals remain very strong. This coupled with extremely reasonable valuations, makes Indian equity markets an attractive destination for disciplined long term investors.”

Forex

FOREX-Yen up, dollar rises vs euro as risk appetite suffers
NEW YORK - The yen rose against the dollar and euro on Friday as more signs of weakness in the U.S. economy heightened fears that the ongoing credit crisis had pushed the global economy to the brink of recession.

Though governments worldwide have started pouring cash into troubled banks, helping reduce the cost of interbank borrowing, investors remain worried about high cost to the economy from a credit crisis that has persisted for more than a year now.

And with signs of trouble now emerging in economies in Eastern Europe and Asia, investors have reversed risky trades financed with low-yielding yen, helping lift the Japanese currency at the expense of its higher-yielding rivals.

The dollar, which benefits from risk aversion because dollar-based investors repatriate funds, gained on the euro. “The focus is shifting from the credit crisis to a looming global recession,” said Omer Esiner, senior currency analyst at Ruesch International in Washington. “I’d characterize recent U.S. data as dismal, but no matter how bad things get here, the global picture looks just as bad,” and that will support
the dollar and the yen, he said.

Early morning, the dollar was down 0.6 percent at 100.95 yen, while the euro was down 0.9 percent at 135.69 yen , edging closer to a three-year low around 132. European stocks pared earlier gains while U.S. stocks pointed toward a lower opening on Wall Street.

The euro also fell 0.4 percent to $1.3435, while sterling was flat at $1.7317. “We’re still in an incredibly unstable market which will persist for a long time. Although we’ve had all these policy initiatives, it won’t necessarily stop the extreme moves we’ve seen across markets,” said Bilal Hafeez, foreign exchange strategist at Deutsche Bank in London. “Given that context, I expect to see the yen strengthen across the board.”

U.S. economic data has discouraged traders this week, with reports on retail sales and industrial output showing sharp declines. On Friday, a Commerce Department report showed U.S. housing starts continued to fall in September, and markets awaited a fresh reading on consumer sentiment due at 10 a.m. (1400 GMT).

The dollar, however, has held its ground against most higher-yielding currencies, thanks to safe-haven flows. Esiner said much of that is also driven by concern about the economy beyond U.S. borders.

With the Federal Reserve having slashed interest rates to 1.5 percent, he said there is little room for further cuts. That’s not so in the eurozone, Britain and beyond, where rates are much higher. “That means they have a lot further to fall, so in a global recession scenario, the euro, sterling, Aussie and kiwi have a lot more room to the downside,” he said.

The Australian dollar, with rates of 6 percent, was down 2 percent against its U.S. counterpart at $0.6788 while the New Zealand dollar fell 1.3 percent to $0.6116.

Further unnerving investors on Friday was news that Ukraine and Hungary had turned to the International Monetary Fund and other foreign lenders to help bolster their financial systems. That soured sentiment on emerging markets in general and sent investors back into yen, considered low-risk because Japan’s key interest rate remains at just 0.5 percent.

Forex

FOREX-Yen up, dollar rises vs euro as risk appetite suffers
NEW YORK - The yen rose against the dollar and euro on Friday as more signs of weakness in the U.S. economy heightened fears that the ongoing credit crisis had pushed the global economy to the brink of recession.

Though governments worldwide have started pouring cash into troubled banks, helping reduce the cost of interbank borrowing, investors remain worried about high cost to the economy from a credit crisis that has persisted for more than a year now.

And with signs of trouble now emerging in economies in Eastern Europe and Asia, investors have reversed risky trades financed with low-yielding yen, helping lift the Japanese currency at the expense of its higher-yielding rivals.

The dollar, which benefits from risk aversion because dollar-based investors repatriate funds, gained on the euro. “The focus is shifting from the credit crisis to a looming global recession,” said Omer Esiner, senior currency analyst at Ruesch International in Washington. “I’d characterize recent U.S. data as dismal, but no matter how bad things get here, the global picture looks just as bad,” and that will support
the dollar and the yen, he said.

Early morning, the dollar was down 0.6 percent at 100.95 yen, while the euro was down 0.9 percent at 135.69 yen , edging closer to a three-year low around 132. European stocks pared earlier gains while U.S. stocks pointed toward a lower opening on Wall Street.

The euro also fell 0.4 percent to $1.3435, while sterling was flat at $1.7317. “We’re still in an incredibly unstable market which will persist for a long time. Although we’ve had all these policy initiatives, it won’t necessarily stop the extreme moves we’ve seen across markets,” said Bilal Hafeez, foreign exchange strategist at Deutsche Bank in London. “Given that context, I expect to see the yen strengthen across the board.”

U.S. economic data has discouraged traders this week, with reports on retail sales and industrial output showing sharp declines. On Friday, a Commerce Department report showed U.S. housing starts continued to fall in September, and markets awaited a fresh reading on consumer sentiment due at 10 a.m. (1400 GMT).

The dollar, however, has held its ground against most higher-yielding currencies, thanks to safe-haven flows. Esiner said much of that is also driven by concern about the economy beyond U.S. borders.

With the Federal Reserve having slashed interest rates to 1.5 percent, he said there is little room for further cuts. That’s not so in the eurozone, Britain and beyond, where rates are much higher. “That means they have a lot further to fall, so in a global recession scenario, the euro, sterling, Aussie and kiwi have a lot more room to the downside,” he said.

The Australian dollar, with rates of 6 percent, was down 2 percent against its U.S. counterpart at $0.6788 while the New Zealand dollar fell 1.3 percent to $0.6116.

Further unnerving investors on Friday was news that Ukraine and Hungary had turned to the International Monetary Fund and other foreign lenders to help bolster their financial systems. That soured sentiment on emerging markets in general and sent investors back into yen, considered low-risk because Japan’s key interest rate remains at just 0.5 percent.

World Stock Markets At A Glance (US Stocks, Forex, Europe, Asia, and Metals)

US Stocks at a Glance

NEW YORK - U.S. stocks slid on Friday as a report pointing to further deterioration in housing added to recession fears, and offset reassuring profits from manufacturer Honeywell International Inc and Google Inc.

The Dow Jones industrial average fell 234.88 points, or 2.62 percent, to 8,744.38. The Standard & Poor’s 500 Index lost 25.17 points, or 2.66 percent, to 921.26. The Nasdaq Composite Index was down 45.28 points, or 2.64 percent, at 1,672.43.

US September housing starts fall 6.3% to a 817,000 unit rate, permits fall 8.3%

WASHINGTON - Housing starts dropped much more than expected in September due to new record lows for single-family housing starts in three out of four regions in the US, the Commerce Department said today.

Commerce said US September housing starts fell 6.3% to an annual rate of 817,000 units, the lowest rate since January 1991.

Economists polled by Thomson Reuters IFR Markets were expecting starts to drop to an annual rate of 880,000.

Housing starts are down 31.1% from September 2007. New construction of single-family homes, a better and more stable indicator of new home trends, fell 12.0% in the month to an annual rate of 544,000 units. That’s the slowest pace since February 1982, and the largest monthly decline since October 2006.

Single family housing starts hit record low levels in the Northeast, West and Midwest, and starts in the South hit a low not seen since January 1991. Starts of homes for five or more families rose 5.8% in the month to an annual rate of 254,000.

Total housing starts in the Northeast fell 20.9% and fell 16.8% in the West, but rose in the South by 0.5% and rose 5.6% in the Midwest.

New building permits in September were down 8.3% to an annual rate of 786,000 units from the upwardly revised 857,000 reported in August. Economists were expecting a 850,000 annual rate for building permits in September.

Single-family permits fell 3.8% to 532,000 annual units, the lowest level seen since August 1982. Permits for buildings with five units or more fell 17.6% to 225,000 annual units.

Homes still under construction fell 2.7% overall, and fell 4.4% for single-family homes. The number of homes completed in the month rose 11.7%, and single-family homes completed rose 17.0%.

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What I am about to share with you, is a very unusual story.

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Above: Carl and Michael Programming “Marl”
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The story I am about to share with you is a strange one…

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THE “AMAZING ADWORDS TRAFFIC”

Posted by admin in June 10th 2008

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Forex is an acronym for Foreign Exchange and "FX" is an even shorter abbreviation. It refers to the world-wide cash inter-bank or inter-dealer market that uses a floating exchange rate system. Basically, it is an electronic marketplace where leading banks and large institutions trade currencies. Forex is the world's largest financial market with an estimated average daily trading volume of more than $2 trillion plus; approximately 75 times greater than that of the entire New York Stock Market! In addition, because of the tremendous liquidity, inter-bank currencies offer one of the most powerful and persistent price trends of any major market. A propensity for these strong and sustained movements give inter-bank currency traders a profit making edge that's unavailable in any other market! Over the last decade the volume in these markets has grown exponentially and is expected to continue this trend well into the future. However, for much of its history, Forex trading has been largely isolated to major financial institutions. As it has evolved and grown over time, the foreign exchange market has come to attract other participants such as Banks, Investment Funds, Brokerage Firms, International Companies, and Affluent Individuals. Reasons for participation have varied:

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Hello, Welcome to Wealth Wise Web, your pathway to financial freedom and the lifestyle of your choice. After years of raising a family, working hard in a family business and as an employee for various organisations. I found there was no apparent improvement in my financial position, with the future being much of the same. I was never going to achieve financial security and freedom by continuing to work harder and longer. It was time to learn how to work smarter! This situation was not bad management, but a combination of circumstances outside of my control. These included the structure, politics and policies of corporate organisations always looking at the bottom line and forgetting that employees are people striving to forge their way through life, also with mortgages, bills to pay and families to provide for. Or those who work the land, only to have the elements of Mother Nature bestow the wrath of flood, drought or other weather conditions that destroy the fruits of many months of hard and intensive labour required to grow their crops. I always felt that there had to be another way, others had managed to achieve and succeed in creating a lifestyle. I was fortunate I came across an article in a wealth magazine that offered a free DVD by Jaime McIntyre. That DVD started me on my pathway to meet the people that I was able to learn from, that helped guide and mentor me with the goals, mindset and financial freedom I wanted to achieve. This has also allowed me to help others work toward their dreams. No matter what your current situation is, you have the opportunity to make informed decisions regarding your future and not leave it to someone else to dictate the terms of your life. I found a way to step forward and change my life and I believe that if this is your desire, it is truly possible for each and every one of us to achieve our dreams. It all starts with the decision to make the change, begin your new life, follow your dreams and create the lifestyle you desire. Make your dreams a reality; improve the quality of your life and those around you. It’s worth every step on the journey through your life. What have you got to lose and gain? What would you like the future to be for you? Warmest wishes for a life of success, fulfilled dreams and financial freedom.