Headline News 02.03.11

US & GLOBAL 
• Kekhawatiran bahwa kenaikan harga minyak akan menghambat pemulihan ekonomi mendasari aksi jual investor yang melakukan mekanisme lindung nilai
terhadap prospek penurunan lebih lanjut. Harga minyak mentah Brent naik di atas 115 USD per barel akibat gangguan pasokan minyak dan menyebarnya
kekerasan politik di Timur Tengah dan Afrika Utara. Ketua The Fed Ben Bernanke mengatakan lonjakan harga minyak akhir‐akhir ini tidak akan menghambat
laju pertumbuhan ekonomi, namun demikian komentar tersebut tidak berhasil meyakinkan pelaku pasar yang sudah kadung khawatir bahwa kekacauan di
Timur Tengah akan menimpa Arab Saudi, eksportir minyak terbesar dunia. Indeks Dow Jones <.DJI> turun 169,38 poin atau 1,39% ke 12,056.96, S&P500
turun 21.04 poin, atau 1,59% ke 1,306.18 dan Nasdaq <. IXIC> turun 44,86 poin atau 1,61% ke 2,737.41.
 
• Harga minyak mentah Brent naik diatas 115 US per barel akibat gangguan pasokan dan potensi menyebarnya kerusuhan di Timur Tengah dan Afrika Utara.
Sementara harga minyak mentah Crude AS naik lebih dari 2% diatas 99 USD per barel menyusul adanya laporan dari Reuters bahwa aktivis hak asasi
manusia memperkirakan pihak berwenang Saudi telah menahan seorang ulama Syiah yang potensial memicu konflik sektarian di negara eksportir minyak
terkemuka dunia tersebut. Harga minyak Brent untuk pengiriman April <LCOc1> naik 3,59 USD menjadi 115,39 USD per barel dan Crude AS <CLc1> naik 2,66
USD ke 99,63 USD per barel, penutupan tertinggi sejak 30 September 2008.
 
• Sementara itu harga emas menguat lebih dari 1% mencapai level tertinggi sepanjang sejarah 1.434,65 USD per troy ounce akibat berlanjutnya kekacauan
politik di Libya yang dikhawatirkan menyebar ke negara lain di Timur Tengah yang kemudian mendorong minat investor pada aset safe haven. Kenaikan
emas juga dipengaruhi lonjakan harga minyak dunia seiring posisi emas sebagai instrumen inflation hedge. Harga spot emas <XAU=> naik 1.5% ke 1433.50
setelah sempat membukukan kenaikan harian ke level tertinggi sepanjang sejarah 1.434,65 USD per troy ounce.
 
• Dollar AS berhasil bangkit dari keterpurukannya dalam beberapa sesi ke level terendah dalam kurun 3‐1/2‐bulan month terakhir terhadap mata uang utama
lainnya seiring tertahannya rally euro untuk menembus level teknikal yang cukup penting. Analis memperkirakan euro tetap potensial untuk melanjutkan
penguatannya menjelang sidang ECB Kamis 03 Maret mendatang, dimana diperkirakan ECB akan menunjukkan sinyal kesediaan untuk menaikkan suku
bunga. Indeks dolar <.DXY>, yang merupakan panduan kinerja dollar AS terhadap sejumlah mata uang utama dunia, naik 0.2% dari penutupan sebelumnya
ke 77.053. Hingga akhir sesi New York, euro turun 0,2% ke 1,3773 <EUR=>. Ketidakpastian kondisi di Timur Tengah dan Afrika Utara masih berpotensi
menaikkan minat beli investor pada mata uang safe haven terutama Swiss franc dan yen.
 
• Ketua The Fed ‐ Ben Bernanke tidak memberikan banyak petunjuk apakah The Fed mulai mempertimbangkan pengetatan kebijakan moneter. Dalam
testimoni di hadapan Kongres AS, Bernanke mengatakan bahwa risiko penurunan pertumbuhan ekonomi AS telah berkurang dan untuk pertama kalinya
menegaskan bahwa risiko deflasi sekarang mulai "diabaikan." Namun Bernanke juga menyatakan pertumbuhan lapangan kerja masih rendah dan belum
memberikan petunjuk apakah The Fed sedang mempertimbangkan untuk mengakhiri program pembelian obligasi senilai 600 miliar USD sebagai langkah
stimulasi pertumbuhan ekonomi. Komentar Bernanke tersebut menekan kinerja euro terhadap dolar. Terhadap yen, dollar AS naik 0,2% ke 81,94 yen
<JPY=>, ditopang maraknya aksi beli dari eksportir Jepang. Terhadap Swiss franc, dollar AS naik 0,1% ke 0,9297 <CHF=>. Sterling <GBP=> sempat mencatat
penguatan tertinggi dalam kurun 13‐bulan terakhir ke level 1.6328 ditopang membaiknya rilis data ekonomi Inggris yang memicu berlanjutnya ekspektasi
kenaikan suku bunga BoE. Namun hingga akhir sesi New York, sterling ditutup stagnan di 1.6260.

Oil price fuels Wall Street selling

NEW YORK | Tue Mar 1, 2011 6:46pm EST

NEW YORK (Reuters) - Concerns that rising oil prices could hurt economic recovery prompted investors on Tuesday to sell stocks and hedge against further declines.

The CBOE Volatility Index VIX .VIX, Wall Street's so-called fear gauge, jumped 14.5 percent to 21.01 on growing uncertainty about oil. The index measures the cost of using options as insurance against a decline in the S&P 500 .SPX index.

"We've been seeing how quickly the VIX can spike up, and there is no reason to believe that it won't double from where it is now," said Harry Rady, CEO of Rady Asset Management in San Diego, California.
Brent crude rose above $116 a barrel as supply disruptions persist and political violence spreads in the Middle East and North Africa. Higher oil translates into increased energy and gasoline costs for consumers.

U.S. crude and gasoline futures extended gains in extended-hours trading after data showed domestic crude inventories unexpectedly fell. U.S. stock index futures fell slightly, with S&P futures off 3.3 points.
Federal Reserve Chairman Ben Bernanke said the recent surge in oil was unlikely to derail the economy, but his comments did little to reassure investors worried that turmoil in the Middle East could hit Saudi Arabia, the world's largest oil exporter. The Dow Jones Transports index .DJT fell 2.5 percent.

Stocks have taken their cue from oil since the start of turmoil in the Middle East and North Africa in January. The S&P had its weakest performance since November last week but still tallied three months of gains.
The Dow Jones industrial average .DJI fell 169.38 points, or 1.39 percent, at 12,056.96. The Standard & Poor's 500 Index dropped 21.04 points, or 1.59 percent, to 1,306.18. The Nasdaq Composite Index .IXIC lost 44.86 points, or 1.61 percent, to 2,737.41.

About 8.67 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, higher than last year's daily average of 8.47 billion. Volume has recently been solid on days when the market falls, but often comes under 7 billion on up days.

Investors took a cautious stance as cyclical sectors experienced the biggest losses, while defensive sectors such as utilities, healthcare and consumer staples limited losses.
Wal-Mart Stores Inc (WMT.N) and Coca-Cola Co (KO.N) helped the Dow to limit losses. Wal-Mart rose 0.2 percent to $52.06, while Coca-Cola was up 1.5 percent to $64.91.

Gasoline and heating oil futures each gained about 3.5 percent to $3. The S&P's materials .GSPM index dropped 2.3 percent while the industrials .GSPI dropped 2.2 percent. According to AAA, the national average price of regular unleaded gasoline is currently at $3.35 per gallon.
"The real story is gasoline," said Nick Kalivas an analyst, at MF Global in Chicago. "The market is getting worried that you could see $4 gasoline in the U.S."

Financial stocks came under pressure after JPMorgan Chase & Co (JPM.N) said it could face "material" fines and "significant" legal costs from a wide-ranging probe into the industry's foreclosure practices.
JP Morgan fell 2.3 percent to $45.60 while the KBW bank index .BKX fell 2.3 percent.
Declining stocks outpaced advancing stocks on the NYSE by a ratio of about 3 to 1, while on the Nasdaq, decliners beat advancers by a ratio of 10 to 3.