05:22
SHARE MARKET REVIEW
GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks climbed, with the regional benchmark index heading for its biggest gain since December, after European leaders meeting in Brussels agreed to ease repayment rules for Spanish banks and make it easier to recapitalize the region’s troubled lenders. The MSCI Asia Pacific Index (MXAP) climbed 2 percent to 117.21 as of 3:28 p.m. in Tokyo, with 10 stocks rising for each that fell. The gauge fell 12 percent through yesterday from a February high amid concern growth in China and the U.S. is slowing as the euro-zone debt crisis escalates..
U.S.STOCK MARKET
U.S. stocks pared losses in the final hour of trading amid speculation European leaders were nearing an agreement to halt contagion from the debt crisis. The S&P 500 dropped 0.2 percent to 1,329.04 at 4 p.m. New York time, paring a loss of as much as 1.4 percent. The Dow Jones Industrial Average slid 24.75 points, or 0.2 percent, to 12,602.26. Volume for exchange-listed stocks in the U.S. was 6.8 billion shares, about in line with the three-month average.
EUROPEAN MARKET
European stocks rallied after policy makers eased repayment rules for Spanish banks, relaxed conditions for possible aid to Italy and unveiled a $149 billion growth plan for the region’s economy. U.S. index futures and Asian shares also rose. The Stoxx Europe 600 Index advanced 2 percent to 249.51 at 8:05 a.m. in London. The benchmark gauge has gained 4.1 percent this month as Greece formed a coalition government after its second election in six months, easing concern the nation will leave the euro.
U.S.TREASURIES
Treasuries fell, with 10-year yields rising the most in a week, as demand for safety waned after euro-area leaders eased terms on loans to Spanish banks as part of measures to contain the region’s debt crisis. The benchmark 10-year yield rose seven basis points, or 0.07 percentage point, to 1.65 percent at 8:28 a.m. in London, according to Bloomberg Bond Trader prices. The 1.75 percent note maturing in May 2022 dropped 5/8, or $6.25 per $1,000 face amount, to 100 30/32.
CURRENCY UPDATE
DOLLAR
The dollar was able to benefit from risk aversion in the marketplace to make gains across the board yesterday. Investor concerns about the euro-zone debt crisis were largely responsible for the gains made by safe-haven assets. The GBP/USD fell over 100 pips during the European session, eventually reaching as low as 1.5506 before staging a very mild upward correction. Against the Aussie, the dollar advanced around 95 pips over the course of the day. The AUD/USD eventually fell to the 1.0025 level before staging a slight recovery and stabilizing at 1.0040.
EURO
The euro surged the most this year against the dollar after European leaders eased terms on loans to Spanish banks, taking a step to resolve the region’s debt crisis and boosting demand for the shared currency. The euro advanced 1 percent to $1.2571 at 9:01 a.m. London time after rising as much as 1.5 percent, the biggest intraday gain since Nov. 30. The currency jumped 1.2 percent to 100.09 yen after climbing 1.7 percent, the most since June 6.
COMMODITY UPDATE
CRUDE OIL
Oil rebounded from the lowest close in almost nine months in New York amid speculation a European Union embargo on Iran, OPEC’s second-largest exporter, and a strike in Norway will tighten crude supplies. Oil delivery increased as much as $2.26 to $79.95 a barrel in electronic trading on the New York Mercantile Exchange and was at $79.81 at 5:40 p.m. Sydney time. The contract yesterday plunged $2.52, or 3.1 percent, to $77.69, the lowest close since Oct. 4. Prices are down 19 percent this year and have dropped 23 percent this quarter.
GOLD
Gold traders are bullish for a sixth week on speculation that Europe’s debt crisis will boost demand from investors seeking to protect their wealth and drive prices higher after the biggest quarterly slump in eight years. Gold tumbled 6.2 percent to $1,564.88 an ounce since the end of March, the biggest retreat since the second quarter of 2004. The metal fell 3.8 percent last week, the most this year.
SILVER
Futures prices for silver peaked above $48 an ounce in April of last year. It traded above $37 at their peak this year so far. SILVER prices on MCX were trading higher. At 11:10 hrs MCX SILVER July contract was trading at Rs 52180.00 up Rs 424.00, or 0.82%. The SILVER rate touched an intraday high of Rs 52425.00 and an intraday low of Rs 51987.00.
COPPER
London copper posted on Friday its biggest daily rise since April after European leaders agreed to create a single supervisory body for euro zone banks. Three-month copper on the London Metal Exchange was up 2.2 percent at $7,545 per ton by 0723 GMT, its biggest daily rise since April 12. But it is down nearly 11 percent on the quarter, its worst performance since the third quarter of 2011.
ASIAN STOCKS MARKET
Asian stocks climbed, with the regional benchmark index heading for its biggest gain since December, after European leaders meeting in Brussels agreed to ease repayment rules for Spanish banks and make it easier to recapitalize the region’s troubled lenders. The MSCI Asia Pacific Index (MXAP) climbed 2 percent to 117.21 as of 3:28 p.m. in Tokyo, with 10 stocks rising for each that fell. The gauge fell 12 percent through yesterday from a February high amid concern growth in China and the U.S. is slowing as the euro-zone debt crisis escalates..
U.S.STOCK MARKET
U.S. stocks pared losses in the final hour of trading amid speculation European leaders were nearing an agreement to halt contagion from the debt crisis. The S&P 500 dropped 0.2 percent to 1,329.04 at 4 p.m. New York time, paring a loss of as much as 1.4 percent. The Dow Jones Industrial Average slid 24.75 points, or 0.2 percent, to 12,602.26. Volume for exchange-listed stocks in the U.S. was 6.8 billion shares, about in line with the three-month average.
EUROPEAN MARKET
European stocks rallied after policy makers eased repayment rules for Spanish banks, relaxed conditions for possible aid to Italy and unveiled a $149 billion growth plan for the region’s economy. U.S. index futures and Asian shares also rose. The Stoxx Europe 600 Index advanced 2 percent to 249.51 at 8:05 a.m. in London. The benchmark gauge has gained 4.1 percent this month as Greece formed a coalition government after its second election in six months, easing concern the nation will leave the euro.
U.S.TREASURIES
Treasuries fell, with 10-year yields rising the most in a week, as demand for safety waned after euro-area leaders eased terms on loans to Spanish banks as part of measures to contain the region’s debt crisis. The benchmark 10-year yield rose seven basis points, or 0.07 percentage point, to 1.65 percent at 8:28 a.m. in London, according to Bloomberg Bond Trader prices. The 1.75 percent note maturing in May 2022 dropped 5/8, or $6.25 per $1,000 face amount, to 100 30/32.
CURRENCY UPDATE
DOLLAR
The dollar was able to benefit from risk aversion in the marketplace to make gains across the board yesterday. Investor concerns about the euro-zone debt crisis were largely responsible for the gains made by safe-haven assets. The GBP/USD fell over 100 pips during the European session, eventually reaching as low as 1.5506 before staging a very mild upward correction. Against the Aussie, the dollar advanced around 95 pips over the course of the day. The AUD/USD eventually fell to the 1.0025 level before staging a slight recovery and stabilizing at 1.0040.
EURO
The euro surged the most this year against the dollar after European leaders eased terms on loans to Spanish banks, taking a step to resolve the region’s debt crisis and boosting demand for the shared currency. The euro advanced 1 percent to $1.2571 at 9:01 a.m. London time after rising as much as 1.5 percent, the biggest intraday gain since Nov. 30. The currency jumped 1.2 percent to 100.09 yen after climbing 1.7 percent, the most since June 6.
COMMODITY UPDATE
CRUDE OIL
Oil rebounded from the lowest close in almost nine months in New York amid speculation a European Union embargo on Iran, OPEC’s second-largest exporter, and a strike in Norway will tighten crude supplies. Oil delivery increased as much as $2.26 to $79.95 a barrel in electronic trading on the New York Mercantile Exchange and was at $79.81 at 5:40 p.m. Sydney time. The contract yesterday plunged $2.52, or 3.1 percent, to $77.69, the lowest close since Oct. 4. Prices are down 19 percent this year and have dropped 23 percent this quarter.
GOLD
Gold traders are bullish for a sixth week on speculation that Europe’s debt crisis will boost demand from investors seeking to protect their wealth and drive prices higher after the biggest quarterly slump in eight years. Gold tumbled 6.2 percent to $1,564.88 an ounce since the end of March, the biggest retreat since the second quarter of 2004. The metal fell 3.8 percent last week, the most this year.
SILVER
Futures prices for silver peaked above $48 an ounce in April of last year. It traded above $37 at their peak this year so far. SILVER prices on MCX were trading higher. At 11:10 hrs MCX SILVER July contract was trading at Rs 52180.00 up Rs 424.00, or 0.82%. The SILVER rate touched an intraday high of Rs 52425.00 and an intraday low of Rs 51987.00.
COPPER
London copper posted on Friday its biggest daily rise since April after European leaders agreed to create a single supervisory body for euro zone banks. Three-month copper on the London Metal Exchange was up 2.2 percent at $7,545 per ton by 0723 GMT, its biggest daily rise since April 12. But it is down nearly 11 percent on the quarter, its worst performance since the third quarter of 2011.
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