Daily Market Watch - 21 September 2012

SINGAPORE

Genting Singapore (GENS) price target was raised to S$1.45 from S$1.17 at DBS Vickers.

Overseas Union Enterprise (OUE) price estimate was upped to S$3.35 from S$2.85 at Credit Suisse.

Tiger Airways (TGR) was downgraded to "hold" from "buy" at OCBC.

US markets were mixed on Thursday. On the US economic data front, initial jobless claims for the week ended September 15th rose to 382K (375K expected), Also, Philly Fed Manufacturing Index increased to -1.9 in September from -7.1 in August (-4.5 expected). Also, leading economic indicators index from the Conference Board fell 0.1 (-0.1% expected) in August. Stocks in the pharm biotech & life sciences and food beverage & tobacco sectors traded higher while shares in the transportation and automobiles & components sectors were under pressure. Looking at some US company news, Adobe Systems (ADBE +4.26% to $34.53) posted a 3Q adj EPS of $0.58 vs $0.59 expected ($0.55 a year ago) on revenue of $1.08B vs $1.10B expected ($1.01B a year ago). Separately, Bed Bath & Beyond (BBBY -9.75% to $62.08) reported a 2Q EPS of $0.98 vs $1.02 expected ($0.93 a year ago) with net sales up 12% YoY to $2.59B. In addition, JC Penney (JCP -11.21% to $25.83) was under pressure after presenting its outlook at an investor presentation. After the US market close, Oracle (ORCL) posted a 1Q ADJ EPS of $0.53 vs $0.53 expected on non GAAP revenue of $8.21B vs $8.42B expected.

In Europe , euro zone PMI composite decreased to 45.9 in September vs 46.3 the month before. PMI manufacturing increased to 46 vs 45.1 in August while PMI services fell to 46 vs 47.2 the month before. In Germany , PMI services advanced to 50.6 in September vs 48.3 in August. UK retail sales were down by 0.2% in August after gaining 0.3% in July. They were anticipated to be down by 0.3%. Regarding the stocks, Daimler gained ground after issuing a profit warning regarding its Mercedes Benz Cars unit. Telenet Group Holding jumped as Liberty Global offers E35 a share for the rest of the Co it doesn't already own. This morning, the Nikkei225 index opened slightly higher.

CHINA - HK

Overdue loans at China 's ten largest listed banks by assets rose by 112.88B yuan from the end of last year to 488.97B yuan  for the first half of 2012, Pricewaterhouse Coopers reported.

Some large cities in China , including Hangzhou , Nanjing , Wuhan and Wenzhou are unveiling large-scale land sales, Economic Information Daily reported, citing local authorities.

Hong Kong August composite CPI rose 3.7% YoY vs +3.9% expected and +1.6% for the previous month.

Macau government is unlikely to grand casino land this year, Jornal Tribuna de Macau reported.

CNOOC Ltd (883): Nexen shareholders approved the Co's takeover offer on Thursday.

Glencore International (805) and Xstrata boards are both holding a meeting today to discuss Glencore's revised takeover offer. Xstrata board may announce its decision Saturday, the Financial Times reported.

Li & Fung (494)'s unit, Direct Sourcing Group, entered into a new agency agreement with Wal-Mart Stores.

Sands China (1928)'s parent Las Vegas Sands Corp to invest $2.5B to build its new resort in Macau .

Great Wall Motor (2333) is in talks to build a plant in Brazil (Valor Economico).

Google Trend HK - popular searches: China Coal Energy Co (1898), Jiangxi Copper (358), SPDR Gold Shares (2840), Zhaojin Mining Industry Co (1818)

Hengan International Group Co (1044): ex-div HK$0.75 Ping An Insurance (2318): ex-div HK$0.135