GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks fell, with the regional benchmark index retreating from a two week high, as surging Spanish bond yields stoked concern that a bailout for the nation’s banks won’t tame the European debt crisis
U.S.STOCK MARKET
U.S. stock-index futures rose, signaling the Standard & Poor’s 500 Index will rebound from yesterday’s drop, after a Federal Reserve official added to speculation the central bank will take steps to revive growth.
S&P 500 futures expiring in September climbed 0.5 percent to 1,306.5 and Dow Jones Industrial Average futures rose 68 points, or 0.6 percent, to 12,378 today.
EUROPEAN MARKET
European stocks rose for the first time in three days on speculation that the Federal Reserve will opt for more stimulus and as Lafarge SA (LG) targeted cost savings. U.S. index futures advanced, while Asian shares retreated.
U.S.TREASURIES
Treasury 10-year notes fell for the first time in four days as the U.S. prepared to auction $66 billion of debt this week.
U.S. government securities also declined as European stocks advanced, damping demand for benchmark notes whose yields have dropped half a percentage point in the past three months. Ten-year rates slid five basis points yesterday on speculation a 100 billion-euro ($125 billion) bailout of Spanish banks will fail to contain Europe’s debt crisis.
CURRENCY UPDATE
DOLLAR
Despite the weakness of the US economy, high level of debt and downgrade of its long-term debt, the US dollar and the US Treasury securities continue to be in demand.
EURO
The euro fell for a fourth session against the dollar today, helping fuel losses in oil and copper, before erasing the drop. Bullion and the greenback tend to move in opposite directions.
COMMODITY UPDATE
CRUDEOIL
Oil fell a fourth day after Saudi Arabian Oil Minister Ali al-Naimi said OPEC may need a higher output limit and the U.S. issued more exemptions from sanctions on buying Iran’s crude, cutting the risk of supply disruption. Futures slid as much as 2 percent after closing at an eight-month low yesterday. The Organization of Petroleum Exporting Countries “maybe” needs to raise its production ceiling above 30 million barrels a day, al-Naimi said in Vienna yesterday.
GOLD
Gold declined for a first day in three in London, dropping with other commodities on concern a bailout of Spanish banks will fail to contain the euro-region debt crisis.
Greek voters head to the polls on June 17 to decide whether to honor the country’s bailout and potentially determine the currency bloc’s future shape.
SILVER
Silver edging higher as industrial metals on the back of US equities rally, Hopes of European resuce on Spain's banks help, Top Fed official said may need further easing and Coming up: U.S. weekly jobless claims Thursday
COPPER
Copper declined to near the lowest level in more than five months on skepticism Spain’s 100 billion euro ($125 billion) bailout will halt Europe’s debt crisis, curbing demand for industrial metals.
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