Monday, 30 July 2012

economic data today | Stock tips 31 July | commodity tips


Asian stocks headed for the biggest three-day gain since December, as financial firms advanced amid optimism European policy makers will support the monetary union and after companies including Konica Minolta (4902) Holdings Inc. reported earnings. The MSCI Asia Pacific Index added 1.2 percent to 117.32 as of 7:33 p.m. in Tokyo, with almost three stocks rising for each that fell. It’s up 3.9 percent over the past three days, the biggest such gain since Dec. 5. Nine of the 10 industry groups rose on the index.

U.S. stock futures fell, signaling the Standard & Poor’s 500 Index may drop for the first time in three days, before reports this week that may show the country’s jobless rate remained above 8 percent and consumer confidence fell in July. S&P 500 futures expiring in September lost 0.3 percent to 1,379.1 as of 7:15 a.m. in New York. The benchmark gauge completed its third weekly gain, the longest stretch since March. Dow Jones Industrial Average futures slipped 20 points, or 0.2 percent, to 13,013 today.


European stocks rose to their highest level since April amid optimism the European Central Bank will win support from policy makers for a plan to ease the euro area’s debt crisis. U.S. index futures retreated, while Asian shares advanced. The benchmark Stoxx Europe 600 Index gained 0.9 percent to 262.24 at 11:22 am in London for a three-day rally of 4.7 percent, the largest in four weeks.


Treasury yields swung between increases and declines amid speculation the European Central Bank will purchase euro-region bonds to reduce their yields and stabilize the debt crisis. The rate reached 1.59 percent on July 27, the highest since July 6. The price of the 1.75 percent security due May 2022 was at 101 28/32.


Australia’s dollar slid from the highest level in four months before reports that may show the euro area’s deepening debt crisis is curbing prospects for growth, sapping demand for higher-yielding assets The Australian dollar fell 0.1 percent to $1.0469 as of 4:11 p.m. in Sydney, having earlier climbed as much as 0.1 percent to $1.0497, the strongest since March 27. The Aussie fell 0.3 percent to 82.06 yen after rising 2.9 percent in the past three days..

The euro fell for the first time in four days against the dollar and yen after Spain’s recession deepened, adding to concern the region’s fourth-largest economy will struggle to bring down its debt levels. The euro dropped 0.5 percent to $1.2265 at 7:10 a.m. New York time, after strengthening 1.4 percent last week.


Oil declined in New York for the first time in five days as European economic confidence worsened, fanning concern that fuel consumption may slow. Brent oil for September settlement was at $105.68 a barrel, down 79 cents on the London-based ICE Futures Europe exchange. The European benchmark crude was at a $16.23 premium to New York-traded West Texas Intermediate grade

Consolidating near the highest level in more than four weeks, and traders awaited a clear direction in prices even as weak monsoon rains threatened to cut demand from rural areas. The most-active gold for August delivery on the Multi Commodity Exchange was 0.01 percent lower at Rs 29,792 per 10 grams, after trading flat for three sessions in a row.

Silver lacks traction while price is stuck between 26.10 and 28.50. The medium-term outlook is neutral. Silver-ready ruled steady at Rs 53,000 per kg, while weekly-based delivery declined by Rs 15 to Rs 53,235 per kg on lack of buying support. Silver coins continued to be asked around previous level of Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

Copper fell in New York for a first session in four before central-bank meetings this week that may result in fresh steps to counter the euro-area debt crisis and economic slowdown threatening demand. Copper for September delivery declined 0.4 percent to $3.4125 a pound by 8:16 a.m. on the Comex in New York. The London Metal Exchange’s three-month contract fell 0.5 percent to $7,525 a metric ton.

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