04:25
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GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks rose, with the regional benchmark index heading for its highest close in a month, amid speculation the Federal Reserve will expand stimulus measures and after the Group of 20 leaders pledged to support economic growth and help overcome Europe’s debt crisis.
U.S.STOCK MARKET
U.S. stock futures were little changed, after the Standard & Poor’s 500 Index yesterday rallied to a one-month high, as investors awaited the outcome of the Federal Reserve’s monetary policy meeting. S&P 500 futures expiring in September gained 0.1 percent to 1,351.4
EUROPEAN MARKET
Most European stocks advanced as investors awaited the outcome of the Federal Reserve’s monetary- policy meeting. European stocks advanced for the third day yesterday as Greece moved closer to forming a government and a Spanish debt sale met targets. The Stoxx 600 has lost 8.8 percent from its peak on March 16 amid concern Europe’s sovereign-debt crisis has derailed global economic growth.
U.S.TREASURIES
Treasury 10-year notes swung between gains and losses before the Reserve completes its two- day meeting amid speculation policy makers will take more steps to stimulate the economy. Yields on 30-year bonds were little changed after rising yesterday as euro-area leaders at a Group of 20 meeting pledged to take “all necessary policy measures” to defend the currency union.
CURRENCY UPDATE
DOLLAR
The dollar was within a cent of the weakest level in almost one month against the euro on prospects the Federal Reserve will announce further stimulus when it concludes its two-day meeting today. There’s a degree of hope the Fed will announce stimulus measures tonight and that’s been undermining the dollar.
EURO
G-20 leaders held their second consecutive summit dominated by the euro region crisis as officials told Europe to pull together to overcome its debt crisis. With Spain readying a request within days for as much as 100 billion Euros ($127 billion) for its banks, the euro region pledged to take “all necessary policy measures” to defend the currency union.
COMMODITY UPDATE
CRUDE OIL
Oil traded near the highest close in two days as rising imports by Japan and speculation the Federal Reserve will add stimulus to the U.S. economy countered concern Europe’s debt crisis will derail the global recovery. Futures were little changed in New York after falling as much as 0.3 percent. Japan’s crude imports gained 7.1 percent in May from a year ago. Oil slid earlier after an industry report showed U.S. crude stockpiles dropped 550,000 barrels. That decline is less than the 1.3 million forecast to be reported by the Energy Department today.
GOLD
Gold is set to decline for a second day in London as investors await the outcome of the Federal Reserve’s monetary-policy meeting. Central banks may buy more bullion this year than the purchases of about 456 tons in 2011 as countries diversify their reserves. Bullion for immediate delivery fell 0.1 percent to $1,617.02 an ounce by 9:16 a.m. in London. August-delivery futures were 0.4 percent lower at $1,617.50 on the Comex in New York.
SILVER
Silver for immediate delivery fell 0.2 percent to $28.3725 an ounce. After weeks of sailing on troubled waters, the silver market is giving mixed signals. Analysts are struggling to discern whether or not the metal will be able to consolidate above resistance at $28.50, or whether silver is still in danger of further sell-offs. Much will depend on developments in the US dollar market and the global economy.
COPPER
Copper fell on Wednesday as concerns about Spain's debt troubles kept investors cautious, although hopes the Federal Reserve could offer more stimulus for the US economy helped support the outlook for demand and limit falls in base metals.
Three-month copper on the London Metal Exchange (LME) fell to $7,579.50 a ton at 11:01 SA time, down 0.4 percent from Tuesday's close of $7,609 a ton.
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