GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks fell, with the regional benchmark index headed for a one-week low, as raw-material suppliers dropped after commodities entered a bear market and reports on U.S. home sales and manufacturing missed estimates. The MSCI Asia Pacific Index (MXAP) fell 1.3 percent to 114.10 as of 3:51 p.m. in Tokyo, heading for its lowest close since June 14.
U.S.STOCK MARKET
U.S. stocks tumbled, while commodities entered a bear market, after signals of a global slowdown in manufacturing added to disappointing housing and labor market data at the world’s largest economy. The S&P 500 fell 2.2 percent to 1,325.51 at 4 p.m. in New York, its second-biggest loss in 2012. The Dow Jones Industrial Average slid 250.82 points, or 2 percent, to 12,573.57. Volume for exchange-listed stocks in the U.S. was about 7.2 billion shares, or 6.9 percent above the three-month average.
EUROPEAN MARKET
European (SXXP) stocks fell for a second day as German business confidence declined to its lowest level in more than two years. U.S. index futures advanced, while Asian shares dropped. The Stoxx Europe 600 Index has declined 9.5 percent from its high on March 16 on concern that Greece will have to leave the euro currency union. The gauge fell 0.5 percent yesterday 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.TREASURIES
U.S. 10-year notes stayed little changed after a report showed German business confidence fell to the lowest in more than two years in June. The securities yielded 1.62 percent as of 9:06 a.m. London time. The nation’s 30-year yield was also little changed at 2.69 percent. The Munich-based IFO institute said today its business climate index, based on a survey of 7,000 executives, dropped for a second straight month to 105.3 from 106.9 in May. That’s the lowest reading since March 2010.
CURRENCY UPDATE
DOLLAR
The dollar headed for a weekly advance against most of its major peers as shares fell. The dollar traded at $1.2539 per euro at 9:11 a.m. London time, from $1.2540 in New York yesterday, when it climbed 1.3 percent, the sharpest advance since Dec. 12. It has added 0.8 percent this week, the most since the five-day period ended May 25. The U.S. currency gained 0.1 percent to 80.37 yen, after appreciating to 80.52, the strongest level since May 16.
EURO
Expectations the European Central Bank will cut interest rates, offering investors a fresh excuse to sell the euro. The euro dropped 0.4 percent to $1.2650, having hit a high of $1.2744 on Wednesday. Bids from sovereign investors and macro funds were cited below $1.2620. Offers were reported above $1.2700 and stop-loss orders above $1.2720
COMMODITY UPDATE
CRUDE OIL
Oil traded near $79 a barrel Friday in Asia, rising slightly after signs of slowing global economic growth triggered a sharp plunge in the oil price this week. Crude fell from $84 earlier this week and has plummeted 26 percent in less than two months as signs mount of a slowdown in the global economy, led by Europe that would reduce demand for crude.
GOLD
Gold is set to gain for the first time in four days in London, cutting the biggest weekly loss in more than a month, as concern about Europe’s debt crisis spurs demand for a protection of wealth. Gold was steady while trading in a narrow range in Asia Friday following a sharp selloff overnight, and further downside was likely for at least the short term, analysts and traders said. Spot gold was at $1,666.80 a troy ounce, up $1.60 from its previous close. Gold slumped overnight, falling 2.6%.
SILVER
Market men attributed fall in silver futures to a weakening global trend and weak demand at the spot market. Meanwhile, silver declined 0.4 per cent to USD 26.78 an ounce, the lowest level since December 29 in Singapore. At the Multi Commodity Exchange, silver for delivery in July fell by Rs 123, or 0.23 per cent, to Rs 52,775 per kg, with a business turnover of 11,617 lots.
COPPER
Copper futures prices today fell by 0.37% to Rs 417.95 per kg after traders reduced positions, taking weak cues from global markets. The sluggish domestic demand also put pressure on the metal prices. The metal for delivery in June also fell by Rs 1.50, or 0.36%, to trade at Rs 413.10 per kg, with a trading volume of 21,052. Analysts said the fall in copper futures prices was mostly due to a weakening trend in overseas markets on concerns due to slowing growth and subdued demand at domestic spot markets.
Meanwhile, copper for three-month delivery dropped 0.9% to $7,277.75 a ton on the London Metal Exchange.
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