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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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SINGAPORE, Oct 10- Indian Oil Corp has sold a naphtha cargo for Oct. 25-27 lifting from Dahej port to Glencore at premiums of about $31 a tonne to its own price formula on a free-on-board basis, reflecting a firm naphtha market, traders said on Wednesday.
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SINGAPORE/ HONG KONG, Oct 10- Singapore has issued full banking licences to two Chinese lenders, moving it a step closer to getting a yuan-clearing bank that will let it compete more aggressively with Hong Kong in the growing market for yuan-denominated trades and financial products.
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SINGAPORE, Oct 10- Commodities trader Trafigura said on Wednesday it has raised $1.24 billion via a syndicated revolving credit- and term-loan facility. The funds will be used for general corporate purposes, a company spokesperson said.
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SINGAPORE, Oct 10- Chinese steel futures rose to two-month highs on Wednesday, driven by hopes of more stimulus measures from Beijing to aid a slowing economy and backing further gains in iron ore prices that have leapt by more than 12 percent in the past two days. The most briskly traded rebar contract for January delivery on the Shanghai Futures Exchange.
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*NATO says plans in place to defend Turkey from Syria. SINGAPORE, Oct 10- Brent crude slipped near $114 on Wednesday after a jump of 2 percent the previous day, with a cloudy economic outlook offsetting fears about disruptions to Middle East oil supply as a conflict between Turkey and Syria escalated.
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*WHAT: Singapore monetary policy statement. ,the world's 12th most-traded currency, has gained around 5.4 percent so far this year, helped by rising foreign investment in Singapore assets that are seen as a safe haven amid the turmoil in global financial markets.
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11:49 STOCKS NEWS SINGAPORE- Maybank ups target price on Keppel Corp. Maybank Kim Eng raised its target price on rigbuilder Keppel Corp Ltd to S $13.30 from S $12.90, and kept its' buy' rating to reflect the higher share prices of some of its units such as Dyna-Mac Holdings Ltd. At 0221 GMT, Keppel shares were down 0.97 percent at S $11.23.
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*Value of shipments lowest since December 2011. MANILA, Oct 10- The Philippine's annual exports fell by the most in eight months in August, casting doubt on the government's 2012 export growth goal and increasing the pressure on the central bank to ease policy further to support the trade-reliant economy.
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SINGAPORE, Oct 10- Singapore conglomerate Fraser and Neave Ltd, the takeover target of a Thai tycoon, said it had rebuffed a S $1.4 billion bid for its hospitality and serviced residence business.
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BANGKOK/ SINGAPORE, October 10 Fitch Ratings Limited says Thailand's economic performance has continued to show resilience to global shocks but slower regional growth and increasing leverage in the corporate and bank sectors will constrain ratings.
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*Turkey warns Syria about cross-border shelling. Shelling along the Turkey- Syria border, hostility between Iran and the West and an impending Israeli election have reinforced fears about potential threats to oil supplies from the Middle East Gulf.
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SINGAPORE, Oct 10- Singapore's economy probably contracted in the third quarter due to weak global demand for its manufacturing exports, reinforcing expectations of policy easing by the central bank on Friday.
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SINGAPORE, Oct 10- Religare Health Trust will raise S $511 million after pricing its initial public share offer in Singapore below the middle of an indicative range, two sources with direct knowledge of the matter said on Wednesday.
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SINGAPORE, Oct 10- Religare Health Trust will raise S $511 million after pricing its initial public share offer in Singapore below the middle of an indicative range, two sources with direct knowledge of the matter said on Wednesday.
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--Clyde Russell is a Reuters market analyst. LAUNCESTON, Australia, Oct 10- The job losses and cost-cutting at Australia's major iron ore producers show they are taking to heart the adage to never let a good crisis go to waste.
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SINGAPORE, Oct 10- Shares of Thai Beverage PCL. Companies linked to Thai billionaire Charoen Sirivadhanabhakdi, including Thai Bev, own 33.5 percent of F&N and have launched an offer to buy all of the Singapore group.
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SINGAPORE, Oct 10- Indian Oil Corp has sold a naphtha cargo for Oct. 25-27 lifting from Dahej port to Glencore at premiums of about $40 a tonne to its own price formula on a free-on-board basis, reflecting a firm naphtha market, traders said on Wednesday.
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*NATO says plans in place to defend Turkey from Syria. SINGAPORE, Oct 10- Brent crude slipped below $114 on Wednesday after a 2 percent jump the previous day, with a cloudy economic outlook offsetting fears about disruptions to Middle East oil supply as a conflict between Turkey and Syria escalated.
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*India plans to raise nearly $6 bln from stake sales by end-March. That choosiness comes at a bad time for India, which may struggle to hit its goal of raising nearly $6 billion from share sales in state companies by the end of March with investor demand for new shares expected to remain modest.
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SINGAPORE, Oct 10- Overseas Union Enterprise Ltd. made the S $1.4 billion bid for Fraser and Neave Ltd's hospitality and serviced residence unit that was rebuffed by the Singapore conglomerate, a source with knowledge of the matter said.