GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks gained, with the regional benchmark index heading for its biggest weekly advance in almost five months, as optimism that central banks from China to the U.S. will act to stimulate economic growth tempered concerns Europe’s debt crisis will worsen.
U.S.STOCK MARKET
U.S. stock-index futures rose, indicating the Standard & Poor’s 500 Index will gain for a second day, as a document showed that European Union leaders plan to link budget and banking policies for the 17 countries using the euro. The S&P 500 Index gained yesterday after Reuters reported central banks may take coordinated action to boost liquidity as markets brace for potential turmoil following the Greek elections. Dow Jones Industrial Average futures advanced 0.4 percent to 12,654 today.
EUROPEAN MARKET
European stocks rose for the first time in three days after the Bank of England announced credit- easing measures, boosting optimism central banks will take steps to stimulate the global economy. U.S. index futures and Asian shares also gained.
U.S.TREASURIES
Treasuries rose, set for a weekly gain, amid concern Greeks will elect a government hostile to the terms of its bailout and before U.S. reports that may show production slowed and consumer confidence fell.
Ten-year notes outperformed similar-maturity German bunds as investors favored securities from outside the euro area. Greeks vote in two days after a previous ballot on May 6 failed to yield a government. Two-year U.S. note yields declined for the first time in 10 days as theFederal Reserve meets June 19-20 amid mounting evidence growth is slowing. The central banks of major economies are preparing for coordinated action to provide liquidity if needed.
CURRENCY UPDATE
DOLLAR
The dollar slips on expectations of further quantitative easing by the Fed. The euro rises to 1.26 to the dollar. Meanwhile the dollar index slips below the 82 mark.
EURO
Euro appreciated on the overnight session driven by the rumors that European banks were set to take coordinated measures in case bad news come from Greek elections. Even negative data from debt markets didn't produce any influence on the euro, even though Italy's bond yields almost doubled, posting 5.3% and 6.13% versus 3.91% and 5.33% earlier.
COMMODITY UPDATE
CRUDE OIL
Oil rose in New York, heading for a second week of gains, on speculation that the U.S. Federal Reserve may take more steps to stimulate the economy and on OPEC’s call for members to cut production in excess of quotas.
Futures climbed as much as 1.1 percent, their second consecutive advance. Reports yesterday showed U.S. jobless claims unexpectedly increased and the cost of living fell by the most in more than three years.
GOLD
Gold traders are bullish for a fourth consecutive week after hedge funds added to bets that prices will rally, exchange-traded products backed by the metal expanded and Europe’s debt crisis roiled markets.
SILVER
Silver prices rose by 0.47 per cent to Rs 54,697 per kg in futures trading today largely in tandem with firming trend overseas.
At the Multi Commodity Exchange, silver for delivery in July rose by Rs 256, or 0.47 per cent, to Rs 54,697 per kg, with a business turnover of 4,757 lots.
Likewise, the white metal for delivery in September gained Rs 257, or 0.46 per cent, to Rs 56,078 per kg, with a business turnover of 246 lots.
COPPER
Copper prices rose on Friday and were on track to post their first weekly rise in seven weeks, helped by reports that major central banks are poised to inject liquidity should the results of weekend elections in Greece unleash havoc in financial markets.
Three-month copper on the London Metal Exchange rose 0.8 per cent to $7,480 a tonne by 0407 GMT, on course for its second consecutive daily rise and up 2.5 per cent for the week so far.
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