Sergey Golubev / 프로필

Goldman Sachs Sued By Singapore Client Oei Over Loss

Goldman Sachs Group Inc. (GS) was sued by Singaporean wealth-management client Oei Hong Leong over a $34.3 million loss on Brazilian real-yen options trades he claimed the bank misled him into making.

Oei accused the New York-based bank of fraudulent misrepresentation, breach of fiduciary duty, fraudulent inducement and unjust enrichment in papers filed yesterday in New York state court.

Goldman Sachs rejected allegations that it acted improperly or cheated him, according to a letter it wrote to Oei in July and filed in a Singapore court, where the businessman is suing a unit of the bank over the same loss. The bank has said it will defend that lawsuit, which it is seeking to halt in favor of private and confidential arbitration.

“A lot of clients are like me, they trust the big banks like they trust their doctors,” Oei, 65, said in an interview today. His friends have had similar experiences and he is suing for “justice and fairness” for all clients, he said.

Andrea Raphael, a spokeswoman for Goldman Sachs in New York, said Oei’s lawsuit is without merit and will be defended.


read more on bloomberg http://www.bloomberg.com/news/2013-12-04/goldman-sachs-sued-by-singapore-client-oei-over-loss.html

Earn 20% From Asia Next Year, Citi Says (source - forbes)

A new report published today says that Asia ex-Japan offers 20% upside, so bad has the period of underperformance been over the last year. "Asian equities have so little allure, are so under-owned, that it would be perverse to be pessimistic about future performance," says Markus Rosgen, head of pan-Asia equity strategy at Citi in Hong Kong.

Rosgen describes the recent performance of the 12 markets it covers in Asia as “the longest period of de-rating in 40 years,” during which trailing P/E ratios for the region ex-Japan have fallen from a peak of 25 times to 12.6 times today. Citi research shows that earnings have climbed 23% since their peak prior to the global financial crisis, but that equity prices have instead moved in the opposite direction and are down 20%.

5 Traits of a Highly Successful Investor (source - stocktradingtogo.com)

Five traits of a highly successful investor (in no particular order):

1. Discipline
2. Patience
3. Dedication
4. Guts
5. Perseverance

read more here /en/forum/12423

AUDZND Technical Analysis

EURUSD M5 : 38 pips price movement by Spain - GDP news event

Wall Street Stays Firm (based on forexminute.com article)

The U.S. stock market stays firm on Wednesday where the S&P 500 index manages to sustain itself above the psychological support level of 1800, even after the release of economic indicators including Chicago PMI, unemployment claims, and consumer sentiment that showed the outcome to be much better than expected. The point here to note is that the better the economic indicators come now, the higher the chances would be that the tapering of stimulus plan is done as soon as possible.

And if this happens, then the stock market would start falling because money supply would be curbed and this boom in the market or should we say the artificial optimism would not be there. Yet again, the role of overall market sentiment is coming into play where the overall market outlook is still bullish where the signs from different major economies show that the world economy is getting better.

AUD/USD near 4-month lows in thin trade (based on investing.com)

The Australian dollar edged down against its U.S. counterpart in thin trade on Wednesday, hovering close to almost four-month lows as expectations for the Federal Reserve to soon begin tapering its stimulus program continued to support the greenback.

AUD/USD hit 0.9138 during late Asian trade, the session high; the pair subsequently consolidated at 0.9105, slipping 0.21%.

The pair was likely to find support at 0.9038, the low of September 4 and resistance at 0.9204, Tuesday's high.