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Global Equities Roundup: Market Talk

15 Nov 2017 6:01 am

The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0601 GMT - CIMB is concerned about Golden Agri-Resources' unexciting output prospects, noting 47% of the plantation company's estates are more than 19 years old. That age typically signals a decline in productivity. The company itself lowered 2017 output-growth guidance earlier this week, and CIMB cuts EPS views through 2019 by 14-31%. The stock target falls 7.7% to S$0.36. Shares are up 1.3% at S$0.395 after yesterday's 2.5% slide. (saurabh.chaturvedi@wsj.com; @journosaurabh)

0558 GMT - Taiwanese stocks fell with the rest of the region, with earnings adding a further cloud over the local market. The Taiex fell 0.5% to 10630.65, a 6-week closing low, with heavy turnover of NT$127 billion ($4.2 billion). A major culprit was Apple assembler Hon Hai's 2.4% drop, along with rival Quanta's limit-down drop, following poor 3Q results. A significant earnings miss and slower margin recovery ahead prompts Daiwa to downgrade Hon Hai to Hold and lower its stock target 17%. While chip giant TSMC fell 1%, Largan Precision rose 0.6%. Most financials also climbed. (john.wu@wsj.com)

0543 GMT - China's stock slide today comes amid fears of escalating financial regulations which have already jittered the bond market in recent days. Investors are nervous about expected tougher deleveraging moves from Beijing, says Shen Zhengyang at Northeast Securities. That as with the 10-year government-bond yield briefly topping 4% this week, some funds may chase safer returns. "The market is driven mostly by speculative funds who favors small caps in Shenzhen," he notes. While off from recent session lows, the ChiNext index is down 1.3%. The Shenzhen Composite is off 0.9% and the Shanghai Composite has shed 0.6%. Perhaps the national team has started to do a little bottom-fishing. (yifan.xie@wsj.com)

0539 GMT - Australian stocks finished at session lows as retreating commodities prices continued to weigh on that market, as well as others throughout the region Wednesday. The S&P/ASX 200 fell 0.6% to 5934.2, building on yesterday's 2-month-worst 0.8% drop. The index is now as its lowest closing level in 2 weeks, coming just a week after hitting 10-year highs in part on strength in commodities prices. The energy subindex fell 1.7%, building on yesterday's 2.1% drop, the most since July. Meanwhile, miners BHP Billiton and Rio Tinto fell more than 2%, continuing to retreat from their recent multiyear highs. (robb.stewart@wsj.com; @RobbMStewart)

0527 GMT - As shares of Semiconductor Manufacturing slide further following its 3Q report, it's the outlook which has some shaking their heads. Sales and margin guidance came well below forecasts, says Credit Suisse, with another 4-percentage-point drop in gross margin from 3Q and higher operating costs raising the potential of a loss this quarter. It remains bearish on the chipmaker's stock on valuation. Shares are now up just 2.6% this year with today's 7.8% decline; SMIC is down 15% from Monday's 12-year high. (john.wu@wsj.com)

0500 GMT - The global cooldown in investor sentiment the past week is partly behind today's underperformance in Singapore stocks, says CMC Markets' Margaret Yang Yan. The Straits Times Index ended morning trading down 0.8%, putting it on pace for a 4th-straight decline; it hasn't done that in 3 months. "With the earnings season coming to an end, there's nothing much locally to drive the market," she adds, noting focus is shifting to US tax-reform efforts. The index is up 17% for 2017 and had been at 2-year highs recently. (saurabh.chaturvedi@wsj.com; @journosaurabh)

(END) Dow Jones Newswires

November 15, 2017 01:01 ET (06:01 GMT)

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