GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks fell, with the regional benchmark index heading for its first decline in seven days as a deepening economic slump in Europe outweighed expectations the region’s central bank will ease rates today. The MSCI Asia Pacific Index lost 0.1 percent to 119.13 as of 5:13 p.m. in Tokyo, with almost five shares falling for every four that rose. The gauge climbed yesterday to its highest level since May 10 after euro-zone leaders last week agreed to relax conditions for rescuing lenders, easing concern about the region’s debt crisis.
U.S.STOCK MARKET
U.S. stock-index futures were little changed, indicating the Standard & Poor’s 500 Index will remain near a two-month high, as investor’s awaited reports on jobless- benefit claims and service-industry growth. S&P 500 futures expiring in September slipped less than 0.1 percent to 1,367.8 at 10:22 a.m. in London after U.S markets were closed yesterday for the Independence Day holiday. Futures on the Dow Jones Industrial Average increased 1 point to 12,868.
EUROPEAN MARKET
European stocks climbed as investors awaited the outcome of today’s central bank meetings in Frankfurt and London. U.S. index futures and Asian shares were little changed. The Stoxx Europe 600 Index (SXXP) increased 0.3 percent to 257.97 at 10 a.m. in London, while Standard & Poor’s 500 Index futures rose less than 0.1 percent after U.S. markets were closed yesterday for the Independence Day holiday.
U.S.TREASURIES
Treasuries rose, led by longer maturities, before reports that economists said will show the U.S. is struggling to add jobs, boosting the case for more Federal Reserve stimulus. The benchmark 10-year yield fell four basis points, or 0.04 percentage point, to 1.59 percent at 9:09 a.m. in London, according to Bloomberg Bond Trader data. The yield dropped as low as 1.58 percent, approaching the record 1.44 percent set June 1. The 1.75 percent note due in May 2022 rose 11/32, or $3.44 per $1,000 face amount, to 101 14/32.
CURRENCY UPDATE
DOLLAR
The Australian dollar rose to within a whisker of a record high against the euro ahead of this evening's expected interest rate cut by the European Central Bank.The dollar hit a peak of 82.18 euro-cents shortly after 1am AEST, just shy of the record 82.42 euro-cents reached on February 7. It eased during the day and was buying 81.90 in late local trade.
EURO
The euro stayed lower against the yen after Spanish borrowing costs rose at an auction.The 17-nation shared currency was 0.4 percent weaker at 99.71 yen as of 9:47 a.m. London time, and was little changed at $1.2514. The Treasury sold its 10-year benchmark bond at an average yield of 6.43 percent, compared with 6.044 percent when the securities were last sold on June 7.
COMMODITY UPDATE
CRUDE OIL
Oil extended gains in London after Statoil ASA (STL) said it was preparing to shut down production on the Norwegian continental shelf as a labor dispute escalates. Brent crude for August settlement on the ICE Futures Europe exchange in London rose as much as 2.5 percent to $102.25 a barrel and was at $101.92 at 10:39 a.m. U.S. crude stockpiles probably decreased by 2.3 million barrels last week, according to a Bloomberg survey before an Energy Department report today.
GOLD
Gold swung between gains and losses in London before the European Central Bank’s rate decision. Gold for immediate delivery rose 0.2 percent to $1,618.10 an ounce by 9:10 a.m. in London. It gained as much as 0.2 percent and fell as much as 0.1 percent earlier today. August- delivery bullion fell 0.2 percent to $1,618.60 an ounce on the Comex in New York.
SILVER
In line with a general firming trend, silver ready strengthened by Rs 300 to Rs 53,800 per kg and weekly-based delivery by Rs 295 to Rs 54,090 per kg on increased off take. However, silver coins remained stable at Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces. Silver for immediate delivery declined 0.5 percent to $28.125 an ounce..Some sees relative strength in silver as compared to gold.
COPPER
Copper was largely flat on Thursday ahead of a European Central Bank meeting that is expected to cut rates but may disappoint investors if it fails to revive stimulus measures that could boost economic growth and metals demand. Three-month copper on the London Metal Exchange rose 0.2 percent to$7,741 per ton by 0917 GMT, after falling 1.2 percent in the prior session.Aluminium added 0.15 percent to $1,959 a ton.
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Commodity Markets: Gold - Silver -Crude-Copper -Nickle
