Overnight global stock market watch, 10/27-28

[Newsjock]

http://www.reuters.com/article/marketsNews/idINTKW00310120081028?rpc=44

TOKYO, Oct 28 (Reuters) - Japan's Topix index slid 2 percent on Tuesday as Mitsubishi UFJ Financial Group and other large banks extended steep losses from the previous day.

Exporters were also hurt by the strong yen.

The Topix shed 18.91 points to 727.55, while the benchmark Nikkei .N225 lost 1.6 percent to 7,051.80, a 26-year intraday low.

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Early U.S. futures numbers:
S&P 500 +2.80 837.50 10/27 8:36pm
NASDAQ +8.00 1170.00 10/27 8:19pm
Dow Jones +72.00 8083.00 10/27 8:20pm

[Newsjock]

1. NZ and Australian markets down

http://www.radionz.co.nz/news/stories/2008/10/28/12437a8c5505

The New Zealand stock exchange is down further on Tuesday.

By 12.40pm, the NZX 50 had fallen 71 points to 2706 on turnover of $32 million. So far this year, the NZX50 has fallen about 32%.

... The Australian share market also opened slightly weaker on Tuesday following a late drop on Wall Street and further falls on Asian markets.

At 1015 AEDT, the S&P/ASX200 index was down 21.2 points, or 0.56%, at 3788, while the All Ordinaries lost 16.7 points, or 0.44%, to 3751.6.

[Newsjock]

8. Defying projections, Hong Kong opens up strongly

Nikkei 225 7,098.73 -64.17 -0.90%
Hang Seng 11,285.51 +269.67 +2.45%
Straits Times 1,510.29 -89.99 -5.62%

[Newsjock]

2. Singapore opens down nearly 7% after holiday

Straits Times 1,489.26 -111.02 -6.94%

http://www.tradingmarkets.com/.site/news/MARKET%20ANALYSIS/1974048/

(RTTNews) - Ahead of Monday's market holiday for the Deepavali celebration, the Singapore stock market has finished lower now in four straight sessions, shedding nearly 350 points or 20 percent in that span. Now resting at a five-year closing low, the Straits Times Index is clinging to support at the 1,600-point plateau - although analysts aren't sanguine about the market's chances to hold that line on Tuesday.

The global forecast calls for continued extreme volatility as fears of a deep worldwide recession continue to mount. Stocks have made wild swings in recent sessions as investors have taken any opportunity to lock in profits following sharp but temporary gains. Many of the Asian markets are now in the midst of lengthy losing streaks and rest at multi-year lows, tempting the bargain hunters - but there is little else in the way of positive news to affect stocks.

[Mojorabbit]

3. South Korea Consumer Sentiment Drops as Stocks Tumble

South Korea Consumer Sentiment Drops as Stocks Tumble (Update1)

By William Sim and Seyoon Kim
Enlarge Image/Details

Oct. 28 (Bloomberg) -- South Korea's consumer confidence fell in October after shares and the currency tumbled on concern the economy will sink into its first recession since the nation was bailed out by the International Monetary Fund 10 years ago.

The sentiment index dropped to 88 from 96 in September, the Bank of Korea said in Seoul today. That's close to the eight- year low of 84 reached in July. A reading below 100 indicates pessimists outnumber optimists.

South Koreans may further stem spending as shares plunge and companies cut workers, damping an economy that last quarter grew at the weakest pace in four years. The central bank slashed interest rates by a record yesterday to restore confidence in the nation after the Kospi stock index declined 21 percent last week, the biggest drop in at least two decades.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aRxIvBBEuMlU&refer=home

[MercutioATC]

4. DJIA futures still showing on the plus side...

...but it's early.

[Newsjock]

5. HK shares seen lower on fund redemptions, BEA eyed

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSHKG14934520081028

HONG KONG, Oct 28 (Reuters) - Hong Kong shares are expected to fall on Tuesday, building on the index's worst single day drop since 1997, as hegde funds and mutual funds cash out of the local market amid increased redemptions.

But index heavyweight HSBC, which shed more than 25 percent of its market value in the previous two sessions, is likely to rebound and lend some support to the benchmark Hang Seng Index .HSI, brokers said.

The stock closed on Monday at HK$75, the target price set for it by analysts at Morgan Stanley in a report on Friday.

Shares in Bank of East Asia, which fell 16 percent on Monday, will come under further pressure after Hong Kong's fifth-ranked lender said it registered a further decrease in the fair value of its collateralised debt obligation (CDO) portfolio since June, forcing it to dispose of the entire portfolio.

[Newsjock]

6. Nikkei nears 7000; U.S. futures turn red

Nikkei 225 7,014.63 -148.27 -2.07%
Hang Seng 11,015.84 0.00 0.00%
Straits Times 1,480.08 -120.20 -7.51%

S&P 500 -0.60 834.10 10/27 9:20pm
NASDAQ -0.50 1161.50 10/27 9:16pm
Dow Jones -5.00 8006.00 10/27 9:18pm

[Newsjock]

7. Slight recovery in Asia; Dow turns positive again

Nikkei 225 7,109.83 -53.07 -0.74%
Hang Seng 11,015.84 0.00 0.00%
Straits Times 1,495.68 -104.60 -6.54%


S&P 500 +3.70 838.40 10/27 9:52pm
NASDAQ -0.50 1161.50 10/27 9:16pm
Dow Jones +36.00 8047.00 10/27 9:52pm

[Newsjock]

9. Hong Kong shares bounce after five-session losing streak

http://www.marketwatch.com/news/story/hong-kong-shares-bounce-after/story.aspx?guid=%7B710221FF-12E4-44B4-B719-A58328D10A11%7D&dist=msr_1

HONG KONG (MarketWatch) -- Hong Kong shares bounced early Tuesday, recouping some deep losses suffered in the previous five sessions, as market heavyweight HSBC Holdings (HK:5:80.75, +5.75, +7.7%) (HBC:52.00, -3.01, -5.5%) as well as Industrial & Commercial Bank of China (HK:1398:2.92, +0.13, +4.7%) paced gains. The Hang Seng Index, which lost as much as 28% in the last five sessions, jumped 4.4% to 11,501.98, while the Hang Seng China Enterprises Index climbed 5.2% to 5,248.94.