04:09
SHARE MARKET REVIEW
GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks fell as UBS AG cut its profit outlook for BHP Billiton Ltd. and the Bank for International Settlements said central banks are facing the limit of their ability to boost economic growth. The MSCI Asia Pacific Index (MXAP) slid 0.5 percent to 113.57 as of 3:20 p.m. in Tokyo as two stocks fell for every one that rose. The Asian benchmark has lost 12 percent from this year’s highest level in February.
U.S.STOCK MARKET
US stocks rebounded Friday after Thursday's sharp fall, helped by European leaders agreeing a 130 billion euro ($163 billion) stimulus plan for the euro zone economy. The Dow Jones Industrial Average made up 67.21 points of Thursday's 251 point plunge, gaining 0.53 percent for the day to end at 12,640.78.The S&P 500 gained 9.51 (0.72 percent) to 1,335.02, while the tech-rich Nasdaq rose 33.33 (1.17 percent) to 2,892.42.
EUROPEAN MARKET
European stocks declined for a third day as European Union leaders prepare for this week’s summit in Brussels. U.S. index futures and Asian shares retreated. The Stoxx Europe 600 Index (SXXP) fell 0.4 percent to 245.6 at 8:06 a.m. in London. The gauge fell at the end of last week after German business confidence slid to two-year low, adding to concern that Europe’s debt crisis is derailing growth. The measure is down 9.9 percent from its high in March. It has still gained 0.4 percent so far this year.
U.S.TREASURIES
Treasuries rose, snapping a decline from last week, after billionaire investor George Soros said the euro may dissolve if European Union leaders fail to curb the debt crisis at a two-day summit starting June 28. The U.S. 10-year yield declined four basis points, or 0.04 percentage point, to 1.64 percent at 8:31 a.m. in London. The rate increased 10 basis points last week. Ten-year yields will climb to 2 percent by year-end. They have averaged 3.78 percent over the past decade.
CURRENCY UPDATE
DOLLAR
The US dollar rallied this week as the Federal Reserve disappointed Forex market participants who expected a third round of quantitative easing. QE was priced in and its absence moved the currency higher. EUR/USD fell from 1.2694 to 1.2567 and GBP/USD declined from 1.5703 to 1.5586. USD/JPY advanced from 78.79 to 80.39, while its weekly high of 80.56 was the highest since May 2.
EURO
The euro fell against the dollar and the yen before Italy and Spain sell debt tomorrow amid concern Europe’s fiscal crisis is infecting bigger economies. The euro lost 0.6 percent to $1.2490 at 8:55 a.m. London time, the lowest since June 13. It slid 1.1 percent to 100.03 yen. The Japanese currency rose 0.5 percent to 80.07 per dollar after depreciating to 81.45, the weakest since April 27.
COMMODITY UPDATE
CRUDE OIL
Oil traded below $80 a barrel for a third day in New York after a report indicated that central banks will struggle to boost global economic growth, threatening demand for fuel. The contract increased $1.56 to $79.76 on June 22. Prices are 20 percent lower this year and have fallen 23 percent this quarter, the biggest decline since the final three months of 2008.
GOLD
Gold prices held steady above USD 1,571 per ounce on Monday after falling more than 3% last week, but a firm US dollar and deflation worries triggered by a global economic slowdown were expected to keep a lid on gains. An early drop to around USD 1,567 spurred bargain buying from speculators, which sent prices to an intraday high around USD 1,576. Bullion has shed most of its early gains and is trading almost flat for the year.
SILVER
Silver futures prices today fell by Rs 448, or 0.85%, to Rs 52,505 per kg as speculators booked profits amid a weak trend overseas. At the MCX, silver for delivery in July was trading Rs 448, or 0.85%, lower at Rs 52,505 per kg, with a turnover of 2,685 lots. The September contract dropped by Rs 441, or 0.81%, to Rs 53,819 per kg, with a business turnover of 384 lots. Meanwhile, silver fell by 0.07% to $26.85 an ounce in Singapore today.
COPPER
London Metal Exchange (LME) copper hovered near six-month lows on Friday as a firm dollar, weak German and U.S. data and a downgrade to some of the world's leading banks deepened concerns about the global economy and demand for raw materials. Copper dipped 1.43% to $7319 a metric ton. Copper prices rose on Monday after European leaders calmed the markets with promises of reform to combat the euro zone debt crisis, and after Germany, France, Spain and Italy agreed on a 130 billion euro ($156Billion) package to revive growth.
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ASIAN STOCKS MARKET
Asian stocks fell as UBS AG cut its profit outlook for BHP Billiton Ltd. and the Bank for International Settlements said central banks are facing the limit of their ability to boost economic growth. The MSCI Asia Pacific Index (MXAP) slid 0.5 percent to 113.57 as of 3:20 p.m. in Tokyo as two stocks fell for every one that rose. The Asian benchmark has lost 12 percent from this year’s highest level in February.
U.S.STOCK MARKET
US stocks rebounded Friday after Thursday's sharp fall, helped by European leaders agreeing a 130 billion euro ($163 billion) stimulus plan for the euro zone economy. The Dow Jones Industrial Average made up 67.21 points of Thursday's 251 point plunge, gaining 0.53 percent for the day to end at 12,640.78.The S&P 500 gained 9.51 (0.72 percent) to 1,335.02, while the tech-rich Nasdaq rose 33.33 (1.17 percent) to 2,892.42.
EUROPEAN MARKET
European stocks declined for a third day as European Union leaders prepare for this week’s summit in Brussels. U.S. index futures and Asian shares retreated. The Stoxx Europe 600 Index (SXXP) fell 0.4 percent to 245.6 at 8:06 a.m. in London. The gauge fell at the end of last week after German business confidence slid to two-year low, adding to concern that Europe’s debt crisis is derailing growth. The measure is down 9.9 percent from its high in March. It has still gained 0.4 percent so far this year.
U.S.TREASURIES
Treasuries rose, snapping a decline from last week, after billionaire investor George Soros said the euro may dissolve if European Union leaders fail to curb the debt crisis at a two-day summit starting June 28. The U.S. 10-year yield declined four basis points, or 0.04 percentage point, to 1.64 percent at 8:31 a.m. in London. The rate increased 10 basis points last week. Ten-year yields will climb to 2 percent by year-end. They have averaged 3.78 percent over the past decade.
CURRENCY UPDATE
DOLLAR
The US dollar rallied this week as the Federal Reserve disappointed Forex market participants who expected a third round of quantitative easing. QE was priced in and its absence moved the currency higher. EUR/USD fell from 1.2694 to 1.2567 and GBP/USD declined from 1.5703 to 1.5586. USD/JPY advanced from 78.79 to 80.39, while its weekly high of 80.56 was the highest since May 2.
EURO
The euro fell against the dollar and the yen before Italy and Spain sell debt tomorrow amid concern Europe’s fiscal crisis is infecting bigger economies. The euro lost 0.6 percent to $1.2490 at 8:55 a.m. London time, the lowest since June 13. It slid 1.1 percent to 100.03 yen. The Japanese currency rose 0.5 percent to 80.07 per dollar after depreciating to 81.45, the weakest since April 27.
COMMODITY UPDATE
CRUDE OIL
Oil traded below $80 a barrel for a third day in New York after a report indicated that central banks will struggle to boost global economic growth, threatening demand for fuel. The contract increased $1.56 to $79.76 on June 22. Prices are 20 percent lower this year and have fallen 23 percent this quarter, the biggest decline since the final three months of 2008.
GOLD
Gold prices held steady above USD 1,571 per ounce on Monday after falling more than 3% last week, but a firm US dollar and deflation worries triggered by a global economic slowdown were expected to keep a lid on gains. An early drop to around USD 1,567 spurred bargain buying from speculators, which sent prices to an intraday high around USD 1,576. Bullion has shed most of its early gains and is trading almost flat for the year.
SILVER
Silver futures prices today fell by Rs 448, or 0.85%, to Rs 52,505 per kg as speculators booked profits amid a weak trend overseas. At the MCX, silver for delivery in July was trading Rs 448, or 0.85%, lower at Rs 52,505 per kg, with a turnover of 2,685 lots. The September contract dropped by Rs 441, or 0.81%, to Rs 53,819 per kg, with a business turnover of 384 lots. Meanwhile, silver fell by 0.07% to $26.85 an ounce in Singapore today.
COPPER
London Metal Exchange (LME) copper hovered near six-month lows on Friday as a firm dollar, weak German and U.S. data and a downgrade to some of the world's leading banks deepened concerns about the global economy and demand for raw materials. Copper dipped 1.43% to $7319 a metric ton. Copper prices rose on Monday after European leaders calmed the markets with promises of reform to combat the euro zone debt crisis, and after Germany, France, Spain and Italy agreed on a 130 billion euro ($156Billion) package to revive growth.
With Best Indian Stock Market Tips you can make money from these markets by trading in our Intra-day & long term Stock Market Calls with great accuracy and high profitability…
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