Asian shares near all-time peak, oil heads to $60 on economic revival hopes

SYDNEY - Asian shares hovered near record highs on Monday while oil edged closer to $60 a barrel on hopes a $1.9 trillion COVID-19 aid package will be passed by US lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.2 percent at 717.2, not far from last week’s record high of 730.6.

Japan’s Nikkei climbed 0.3 percent while Australian shares advanced 0.5 percent led by technology and mining shares.

E-mini futures for the S&P 500 rose 0.3 percent in early Asian trading.

Hopes of a quicker economic revival and supply curbs by producer group OPEC and its allies pushed oil to its highest level in a year as it edged near $60 a barrel.

Global equity markets have scaled record highs in recent days on hopes of faster economic revival led by successful vaccine rollouts and expectations of a large US pandemic relief package.

On Friday, the Nasdaq and S&P 500 hit all-time highs on stronger-than-expected corporate results in the fourth quarter and as companies were on track to post earnings growth for the first quarter instead of a decline.

The rallies came even as US data painted a dour picture of the country’s labor market with payrolls rising by 49,000, half of what economists were expecting.

The weak report spurred the push for more stimulus, underscoring the need for lawmakers to act on President Joe Biden’s $1.9 trillion COVID-19 relief package.

Biden and his Democratic allies in Congress forged ahead with their stimulus plan on Friday as lawmakers approved a budget outline that will allow them to muscle through in the coming weeks without Republican support.

US Treasury Secretary Janet Yellen predicted the United States would hit full employment next year if Congress can pass its support package.

“That’s a big call given full employment is 4.1 percent, but one that will sit well with the market at a time when the vaccination program is being rolled out efficiently in a number of countries,” said Chris Weston, Melbourne-based chief strategist at Pepperstone.

In currencies, the US dollar came off a four-month high against the Japanese yen to be last at 105.39 following the weak jobs report.

The euro edged up slightly after rising 0.7 percent on Friday to a one-week high of $1.2054. It was last at $1.2044.

The risk-sensitive Australian dollar held near a one-week high at $0.7678.

In commodities, Brent crude and US crude climbed 52 cents each to $59.86 and $0.57.37 respectively.

US gold futures were up 0.2 percent at $1,817 an ounce.

-reuters

It’s a season of hope and celebration with Ocampo’s Fine Jewellery

MANILA, Philippines - We’ve all gone through so much these past few months. This Christmas season is a time for hope and celebration. Ocampo’s Fine Jewellery ushers in the season with a diverse collection of accessories that revives vintage glam, ignites sparkly modern designs and romance.

Ocampo’s Fine Jewellery’s collection of diamonds and pearls in gold will bring you back to the days of gangster movies and jazz.  This December is also the month when most weddings happen. December brides and brides-to-be can check out Ocampo’s  array of engagement rings and wedding bands and get started on that journey to forever.

Ocampo’s Fine Jewellery stores are located at Robinsons Galleria (634-78-32); SM Mall of Asia (556-03-96); SM North Edsa Annex (441-12-30); Ocampo’s Olongapo (0920-903-1134); Ocampo’s Bataan (0920-903-1071); Ocampos Ayala in Harbor Point Mall (0920-918-4657).

source: philstar.com

A girl's very best friend: $55 million necklace on sale in Singapore

SINGAPORE - For someone with $55 million to spare on an egg-sized diamond, the world's most expensive necklace is on sale this month at a jewelry show in Singapore, reflecting Asia's growing appetite for precious gems and expensive baubles.

Known as L'Incomparable, the necklace created by luxury jeweler Mouawad features a yellow, internally flawless diamond of more than 407 carats suspended from a rose gold setting that is studded with 90 white diamonds weighing nearly 230 carats.

"Serious interest" has been expressed by a couple of potential buyers from Asia, said Jean Nasr, managing director of Mouawad in Singapore, declining to identify their nationalities.

"People who will get something like this are looking at it from a different perspective because this is definitely an investment piece," he told Reuters.

The necklace, whose centerpiece diamond was found by chance in a pile of mining rubble by a young girl in the Democratic Republic of Congo about 30 years ago, will be the flashiest item on offer at the Singapore JewelFest on October 11-20.

But there will be plenty of other glitz from American, European and Asian designers worth another $200 million or so.

Singapore, a tiny Southeast Asian nation with the world's highest concentration of millionaires, has positioned itself as a destination for the ultra-rich with a busy wealth management industry, luxury properties, top hotels, gourmet restaurants, high-end boutiques and two casinos.

While the city-state boasts a very low crime rate, security will be extremely tight with so much jewelry on display at a pavilion outside an upscale mall.

It seems unlikely there would be a robbery in Singapore like the daylight heist of about $136 million worth of jewelry on show at a hotel in the French Riviera resort of Cannes in July.

But Filippo Melchionni, in charge of guarding L'Incomparable and the rest of the jewelry on show, is taking no chances.

Security includes armed guards, plainclothes supervisors, cameras, motion detectors and bullet-proof display cases but the most critical time is when the pieces are shown to customers.

"This is the moment that the stones are under risk because they can be passed hand-by-hand, they can be exchanged," said Melchionni, chief operating officer for Asia-Pacific at the Ferrari Group, an Italian logistics company for luxury goods.

"Every night it is going back to our vault. We have an armored truck to move the stones."

L'Incomparable, completed in 2012 and certified as the priciest necklace in existence by Guinness World Records earlier this year, is an extravagant novelty.

But Asia, especially China, has become an important and resilient growth area for sellers of pricey jewelry, cars, boats, wine, artwork and other lavish items.

Australian miner Rio Tinto Ltd, which showed off its finest coloured diamonds in Hong Kong last month, believes the United States will remain its key market for diamonds but sees China growing fast.

Demand for diamonds in China, now the world's second-largest market after the United States, helped boost global sales at Tiffany & Co. in the latest quarter, leading the US jeweller to raise its annual profit forecast.

The show in Singapore, now in its 11th year, expects some Chinese buyers but many locals and visitors from Indonesia, Malaysia, Thailand, Vietnam, Cambodia and Russia will also be there, said Kean Ng, chairman of the Singapore JewelFest.

"You have the high-end customers but of course you have the browsers coming in and they usually end up buying something that's within their budget," he said.

source: interaksyon.com

Miraculous Mandarin tea for the Year of the Snake at TWG

MANILA, Philippines - TWG Tea, the world's finest luxury tea brand, celebrates Chinese New Year with the unveiling of new products for the occasion. In a tribute to the upcoming Year of the Snake, the brand launches the bewitching Sahara teapots and teacups and saucers in gold and in silver. And, to fill your cups with brimming prosperity and happiness and to perfume the air with an ambience of rare and precious essences, TWG Tea suggests the Miraculous Mandarin Caviar tin tea and Miraculous Mandarin tea scented candle.

A legendary symbol of knowledge and immortality, the serpent is a potent guardian of good fortune, health and vigor. The spectacular design and detailing of this majestic creature on each Sahara Teapot require weeks of precise handiwork by a master craftsman. The 18-carat gold Sahara Teapot boasts alluring green Swarovski crystal eyes, while the silver plated version has the same in red.

Star the Year of the Snake with a lucky pot of Miraculous Mandarin Tea, packaged in a perfectly round Caviar tea tin. This modern twist to your customary Chinese New Year offerings of mandarin oranges brings an extra tinge of sweetness to reunions. A mélange of warm, rich black tea blended with the fresh tartness of orchard fruits and notes of delicate sweetness, the blend is a miraculous tea of delight.

TWG Tea's talisman red scented candle, accented by alluring notes of Miraculous Mandarin Tea, is a perfect addition to your home during these festivities. Welcome the Chinese New Year with the color that wards off bad omens and the fragrance of sweet fruits that represents good luck for the future. This sensory feast of fresh tonalities of tea leaves, rare resins, warm spices and mythical blossoms bring to mind fond celebrations of family traditions. Miraculous Mandarin Tea Scented Candle is also available elegantly packaged in TWG Tea Gift Box with Sleeve accompanied by Saturn Tea Tin in Red filled with 100 grams of Miraculous Mandarin Loose Tea.

source: philstar.com