June 21 (Bloomberg) -- The failure of Standard & Poor’s 500 Index to hold above levels monitored by analysts is sending a bearish signal to traders who base day-to-day decisions on whether to buy or sell stocks on price charts. The benchmark index for U.S. stocks rose to 1,131.23 today before reversing course and falling to 1,113.20 at 4 p.m. in New York. The rally fizzled above 1,120.84, the level marking a 50 percent recovery of its October 2007 to March 2009 plunge, and 1,130.29, the midpoint of its intraday highs and lows in 2010.
Malaysia: Trade set to rebound to RM1trn this year
Malaysia's trade will bounce back to its RM1trn mark volume this year on the back of an improved global economy, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed. Total trade slipped off the RM1trn mark last year, with a decrease of 16.6% from RM1.2 trn recorded in 2008. MITI has targeted exports to grow between 6% and 7% this year as demand improves in tandem with the global economic recovery. (BT)
Malaysia: MITI targeting RM45bn in investments for services sector
The International Trade and Industry Ministry (MITI) is targeting RM45.8bn worth of approved investments for the services sector for 2010 as part of the Third Industrial Master Plan (IMP) targets. Besides this sector, the Third IMP included a target of RM27.5bn for the manufacturing sector for this year. According to the 2009 MITI report released yesterday, the Government would ensure the investment environment remained conducive and competitive. (Starbiz)
Taiwan: Export orders rose for eighth month in May
Taiwan’s export orders rose for an eighth consecutive month in May as Europe’s debt crisis failed to damp demand for the island’s computers and television screens. Orders, an indication of shipments in the next one to three months, advanced 34.0% from a year earlier, after a 35.2% gain in April, the Ministry of Economic Affairs said in Taipei. (Bloomberg)
Korea:Growth may exceed trend rate in second half
South Korea’s central bank governor said economic growth may exceed its trend rate and inflation could accelerate in the second half of the year, sending bond yields higher as traders bet the bank will raise interest rates. “It’s too early to say that actual economic growth has already exceeded potential output,” Governor Kim Choong Soo mentioned. That “will come in the second half.” He also said that inflation may approach the central bank’s 3% target. (Bloomberg)
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