Wall Street declined overnight on a weak housing report, despite some strong earnings results. The Commerce Department said that construction starts on privately owned homes rose 0.5 per cent to 590,000, lower than expectations.
US stocks climbed to a 2009 new high on Thursday, as the oil prices surge buoyed energy companies. New York crude oil futures rose more than 3 per cent to a one-year high of US$77.58 a barrel after the government said US gasoline reserves fell sharply last week. The financial and IT stocks retreated over mixed economic data and corporate outlook.
STX Offshore & Shipbuilding (SEO:067250), the world's No.4 shipbuilder, is targeting a record US$2 billion in new orders for offshore vessels and plants this year.
Overnight US stocks rose for a fourth consecutive session led by industrial stocks. But market sentiment were dented after Federal Reserve report showed that consumer spending was still soft and retail sales were flat. The report also said labour market conditions remained weak across all districts.
US stocks ended flat overnight in light trade volumes as the market was awaiting the economic data this week. The Dow Jones Industrial Average edged higher to its highest close in more than nine months.
Seamless Green China (Holdings) Limited ("Seamless Green" or "the Company") (HKG:8150), an enterprise actively developing eco-road lighting system in the PRC, has signed a warrant placing agreement with independent third parties involving 200 million three-year non-listed warrants of total worth of HK$10 million. If the warrants are fully exercised, the Company will receive additional net proceeds of approximately HK$190 million, which it intends to use as capital expenditure, general working capital and to fund development of its eco-road lighting system business in the future.
US stocks traded slightly higher overnight with more buying in financials. Analysts expect there would be a short-term correction after the rally as investors lock in gains from a strong three-week rally.
