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Kelvin Blacklock, CIO at Eastspring Investments says the markets that have moved up recently are those that have seen strong earnings growth. He says these defensive markets are looking expensive while the cyclicals appear cheap.
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LONDON, May 23- Gold rose on Thursday as the dollar remained under pressure after falling U.S. weekly jobless claims and as a senior Federal Reserve official said the central bank is in no hurry to start winding down its economic stimulus.
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SAN FRANCISCO/ DUBLIN, May 23- Apple has operated almost tax-free in Ireland since 1980, welcomed by a government keen to bring jobs to what was then one of Europe's poorest country, former company executives and Irish officials have said. Apple must have seemed attractive to Ireland and to Cork.
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*Copper falls as much as 3 pct, oil down for third day. *Gold bounces, grains shake off weakness on strong demand. LONDON/ SINGAPORE, May 23- Copper slid 3 percent and oil dropped for a third day on Thursday after factory surveys suggested that China's economic recovery has stalled and that the euro zone economy would contract again in the second quarter.
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This streak prompted investors to put a net $9.1 billion into Japan equity funds and exchange-traded funds in April. Yet investors might already hold more of Japan in their portfolio than they think.
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LONDON, May 23- Gold bounced back on Thursday from the previous session's losses as the dollar fell sharply and European shares dropped after weak Chinese factory activity added to concerns about a delayed recovery in the country.
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SINGAPORE, May 23- Hawkish comments by U.S. Federal Reserve Chairman Ben Bernanke and weakness in China's factory activity rocked Asian markets on Thursday, took the dollar to three-year highs, sent share markets lower, and hit the Japanese government bond market as yields rose to their highest in a year.
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*Copper falls as much as 3 pct, oil down for third day. SINGAPORE, May 23- Copper fell 3 percent and oil dropped for a third day on Thursday after a factory survey suggested China's economic recovery has stalled and Federal Reserve Chairman Ben Bernanke hinted at possible cutbacks in the U.S. stimulus plan.
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LONDON, May 23- Oil fell below $102 a barrel on Thursday in a broader commodities selloff as a decline in China's factory activity entrenched concern about weak demand and on worries about an early scale-back in Federal Reserve stimulus. China's factory activity shrank for the first time in seven months in May, a survey showed.
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*Gold reverses losses but still near two-year low of $1,321.35 Fed needs to see more from economy before scaling back bond-buying- Bernanke. SINGAPORE, May 23- Gold climbed off session lows on Thursday after weak Chinese factory activity jolted stock markets in Asia, sending investors back to the precious metal despite expectations the U.S.
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CHENNAI, India, May 23- Brent crude futures shed a dollar on Thursday to trade below $102 a barrel in a broad-based commodities sell-off, as data cast doubt on recovery in key consumer China and on worries about an early scale-back in Federal Reserve stimulus.
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Federal Reserve Chairman Ben Bernanke and weakness in China's factory activity rattled Asian markets on Thursday, sending stock prices down, the U.S. dollar to three-year highs, and Japanese government bond yields to their highest in a year.
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*Weak PMI casts doubt on China's recovery, oil demand. China's factory activity shrank in May, with the preliminary purchasing managers index slipping to a seven-month low, reflecting slower local demand as well as headwinds from the United States and the European Union. 1/ 8 ID: ID: nL3N0E40BA 3/ 8.
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SINGAPORE, May 23- Japanese government bonds plunged on Thursday, taking yields to their highest in a year and leading a selloff in bonds globally after Federal Reserve Chairman Ben Bernanke's remarks sparked worries of a reduction in U.S. monetary stimulus.
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*Weak PMI casts doubt on China's recovery, oil demand. China's factory activity shrank in May, with the preliminary purchasing managers index slipping to a seven-month low, reflecting slower external demand as well as headwinds from the United States and the European Union.
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SINGAPORE, May 23- London copper fell more than 2 percent on Thursday after a preliminary survey showed China's factory sector contracted in May, hitting sentiment already soured by concerns the United States may pull back on its bond-buying program.
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*Copper rallied to $7,533.75 a tonne in the previous session, its highest since April 12, but remains mired in losses of 7 percent for the year. *The most-traded September copper contract on the Shanghai Futures Exchange lost 0.75 percent to 53,080 yuan a tonne.
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*MSCI Asia Pacific ex- Japan falls but Nikkei climbs. SINGAPORE, May 23- Japanese government bond prices dived and 10- year JGB futures tumbled a full point, prompting the Tokyo Stock Exchange to temporarily suspend trade as the dollar hit a near three-year high versus a basket of currencies on Thursday.
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SINGAPORE, May 23- Gold fell for a third straight session on Thursday after U.S. *Spot gold dropped 0.3 percent to $1,363.96 an ounce by 0018 GMT, holding near a two-year low of $1,321.35 reached in April.
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SINGAPORE, May 23- Singapore's central bank said on Thursday it expects core inflation to be close to 2 percent in 2013, within its target range of 1.5 to 2.5 percent. Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore, said he expects core inflation to be "edging towards 2 percent."
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Kelvin Blacklock, CIO at Eastspring Investments says the markets that have moved up recently are those that have seen strong earnings growth. He says these defensive markets are looking expensive while the cyclicals appear cheap.