GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks outside Japan fell, with the regional benchmark index retreating from a one-month high, as a survey showed China’s manufacturing may shrink for an eighth month and after the Federal cut its U.S. growth estimate and extended its Operation Twist.
U.S.STOCK MARKET
U.S. stocks dropped, following a four-day gain in the Standard & Poor’s 500 Index, as the Federal cut its estimates for growth amid a slowdown in hiring. The S&P 500 retreated 0.2 percent to 1,355.69 at 4 p.m. New York time. The Dow Jones Industrial Average decreased 12.94 points, or 0.1 percent, to 12,824.39. Trading volume for exchange-listed stocks in the U.S. was about 6.6 billion shares, or almost in line with the three-month average.
EUROPEAN MARKET
European stocks fell from their highest level in five weeks as the Federal Reserve cut its growth forecast for the U.S. economy and a survey indicated China’s manufacturing industry may shrink for an eighth month. U.S. index futures and Asian shares also dropped. The Stoxx 600 lost 0.7 percent to 247.92 at 8:58 a.m. in London, sliding from its highest level since May 11. The benchmark measure has fallen 9 percent from its high on March 16 on concern that Greece will have to leave the euro currency union.
U.S.TREASURIES
Foreign portfolio inflows into naira –denominated treasury bills and government bonds, which had accelerated earlier in the year, have fallen off lately, on the back of weakened global economic outlook, as investors take a flight to safety, parking their assets in the U.S dollar, U.S treasuries and German bunds. Estimates of foreign purchases of long-term U.S. assets in April ranged from net buying of $20 billion to $70 billion, according to six economists surveyed by Bloomberg. The U.S dollar is considered the most stable currency in the world.
CURRENCY UPDATE
DOLLAR
The dollar weakened 0.2 percent to $1.2706 per euro at 11:26 a.m. New York time, after reaching $1.2748 two days ago, the highest since May 22. The shared currency added 0.8 percent to 100.90 yen. The yen fell 0.6 percent to 79.41 per dollar.
EURO
The euro reversed a decline against the yen, strengthening 0.2 percent to 101.25 as of 10:22 a.m. London time, after weakening as much as 0.5 percent to 100.54.
COMMODITY UPDATE
CRUDE OIL
Oil tumbled below $80 a barrel for the first time in eight months as U.S. inventories surged amid concern that the European debt crisis will drag down the global economy, reducing fuel demand. Futures dropped as much as 1.9 percent in New York to $79.92 a barrel, the lowest intraday level since Oct. 6. Prices have slumped 27 percent from this year’s settlement high as U.S.Stockpiles rose to the most in almost 22 years and growth slowed in the U.S., Europe and China.
GOLD
Gold fell $28.82 to as low as $1590.78 just after the fed’s announcement before it climbed back above $1620 over the next couple of hours of trade, but it then fell back off into the close and ended with a loss of 0.82%. Silver slipped to $27.73 just after the fed’s announcement before it also bounced back higher, but it then dropped again in late trade and ended with a loss of 1.23%.
SILVER
It touched an intraday high of Rs 54575.00 and an intraday low of Rs 54322.00. So far 36254 contracts have been traded. MCX SILVERMIC August contract was trading at Rs 55839.00 up Rs 22.00, or 0.04%. It touched an intraday high of Rs 55889.00 and an intraday low of Rs 55670.00. Much will depend on developments in the US dollar market and the global economy.
COPPER
Copper for three-month delivery settled 0.7 percent higher at $8,235.50 a metric ton on the London Metal Exchange. Copper rose in London, rebounding from the longest losing streak since September, after China eased reserve requirements to stoke lending in the world’s biggest consumer of the metal.
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