04:24
SHARE MARKET REVIEW
GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks rose, snapping a four- day decline, as speculation the U.S. housing market is bottoming and China may step up economic stimulus tempered concern that the 19th summit on Europe’s debt crisis in three years won’t result in progress toward a resolution. The MSCI Asia Pacific Index (MXAP) advanced 0.8 percent to 114.15 at 3:51 p.m. in Tokyo after retreating 3 percent in the previous four days.
U.S.STOCK MARKET
U.S. stocks advanced, rebounding from yesterday’s selloff, as optimism about the housing market tempered concern about a worsening of Europe’s debt crisis. The S&P 500 (SPX) rose 0.5 percent to 1,319.99 at 4 p.m. New York time. It tumbled 1.6 percent yesterday. The Dow Jones Industrial Average increased 32.01 points, or 0.3 percent, to 12,534.67. Volume for exchange-listed stocks in the U.S. was about 6 billion shares, or 12 percent below the three-month average.
EUROPEAN MARKET
European stocks rose, snapping four days of losses, amid speculation China will introduce additional economic stimulus. The Stoxx Europe 600 Index (SXXP) advanced 0.3 percent to 243.26 at 10:04 a.m. in London. The benchmark gauge has climbed 4 percent since its 2012 low on June 4 as Greece formed a coalition government after its second election in six weeks.
U.S.TREASURIES
Treasuries snapped a loss from yesterday before a U.S. report on orders for durable goods that economists said will indicate manufacturing is poised to slow. U.S. government debt returned 3.2 percent this quarter through yesterday. The 10-year note yielded 1.63 percent at 8:24 a.m. in London, according to Bloomberg Bond Trader prices. The 1.75 percent note due in May 2022 was little changed at 101 1/8. The yield dropped to a record 1.44 percent on June 1.
CURRENCY UPDATE
DOLLAR
The US Dollar gained against the Euro yesterday, and also closed the day out a touch higher versus the Pound. This was despite disappointing data later in the day showing that US consumer confidence fell from 64.4 to 62.0 in June – which will be worrying for the market and the central bank; whose last publically broadcast view on the economic situation in the US was quite dour. India’s rupee dropped 0.2 percent to 57.1612 per dollar. The currency touched a record-low 57.3275 on June 22 and has lost 11 percent this quarter, making it Asia’s worst performer.
EURO
The euro advanced against the yen for the first time in three days as European stocks rose, damping demand for the safety of the Japanese currency. The euro climbed 0.2 percent to 99.5 yen at 8:49 a.m. London time. It was at $1.2495 after falling to $1.2442 yesterday, the lowest level since June 8. The yen traded 0.2 percent weaker at 79.65 per dollar.
COMMODITY UPDATE
CRUDE OIL
Brent crude oil fell on Wednesday on mounting concerns that European leaders would fail to solve the region's intractable debt crisis at a key meeting this week, offsetting tighter North Sea oil supply. Brent crude had fallen $1.13 to $91.89 per barrel by 0833 GMT. U.S. crude was down 59 cents at $78.77. The closure of oil platforms in the North Sea due to an oil strike in Norway saw a sharp spike in the price of Brent crude on Tuesday.
GOLD
Gold, typically seen as a hedge against inflation has seen an unbeaten 11-year winning run till 2011, but markets are now worried that slowing global economic activity could force jewelers, investors and speculators to curb spending. U.S. gold for August delivery fell $4.50 an ounce to $1,570.40. Trading volume was very thin at around 7,900 lots, versus around 100,000 lots at the close on Tuesday.
SILVER
Silver prices fell by Rs 208 to Rs 52,755 per kg in futures trading today due to reduced off take by traders on the back of sluggish demand at prevailing higher levels amid a weak trend in overseas markets. At the Multi Commodity Exchange, silver for delivery in July fell by Rs 208, or 0.39 per cent, to Rs 52,755 per kg in business turnover of 14,637 lots. Meanwhile, silver fell 0.9 per cent to $ 26.86 an ounce in London.
COPPER
Copper futures prices today fell marginally by 0.02% to Rs 416.70 per kg after traders reduced their positions, taking weak cues from global markets. Sluggish domestic demand at spot markets also put pressure on the metal's prices. At the MCX, copper for delivery in June lost 10 paisa, or 0.02%, to Rs 416.70 per kg, with a trading volume of 4,343 lots. Meanwhile, three-month copper dropped as much as 0.3%, to $7,335.50 a ton at the London Metal Exchange.
ASIAN STOCKS MARKET
Asian stocks rose, snapping a four- day decline, as speculation the U.S. housing market is bottoming and China may step up economic stimulus tempered concern that the 19th summit on Europe’s debt crisis in three years won’t result in progress toward a resolution. The MSCI Asia Pacific Index (MXAP) advanced 0.8 percent to 114.15 at 3:51 p.m. in Tokyo after retreating 3 percent in the previous four days.
U.S.STOCK MARKET
U.S. stocks advanced, rebounding from yesterday’s selloff, as optimism about the housing market tempered concern about a worsening of Europe’s debt crisis. The S&P 500 (SPX) rose 0.5 percent to 1,319.99 at 4 p.m. New York time. It tumbled 1.6 percent yesterday. The Dow Jones Industrial Average increased 32.01 points, or 0.3 percent, to 12,534.67. Volume for exchange-listed stocks in the U.S. was about 6 billion shares, or 12 percent below the three-month average.
EUROPEAN MARKET
European stocks rose, snapping four days of losses, amid speculation China will introduce additional economic stimulus. The Stoxx Europe 600 Index (SXXP) advanced 0.3 percent to 243.26 at 10:04 a.m. in London. The benchmark gauge has climbed 4 percent since its 2012 low on June 4 as Greece formed a coalition government after its second election in six weeks.
U.S.TREASURIES
Treasuries snapped a loss from yesterday before a U.S. report on orders for durable goods that economists said will indicate manufacturing is poised to slow. U.S. government debt returned 3.2 percent this quarter through yesterday. The 10-year note yielded 1.63 percent at 8:24 a.m. in London, according to Bloomberg Bond Trader prices. The 1.75 percent note due in May 2022 was little changed at 101 1/8. The yield dropped to a record 1.44 percent on June 1.
CURRENCY UPDATE
DOLLAR
The US Dollar gained against the Euro yesterday, and also closed the day out a touch higher versus the Pound. This was despite disappointing data later in the day showing that US consumer confidence fell from 64.4 to 62.0 in June – which will be worrying for the market and the central bank; whose last publically broadcast view on the economic situation in the US was quite dour. India’s rupee dropped 0.2 percent to 57.1612 per dollar. The currency touched a record-low 57.3275 on June 22 and has lost 11 percent this quarter, making it Asia’s worst performer.
EURO
The euro advanced against the yen for the first time in three days as European stocks rose, damping demand for the safety of the Japanese currency. The euro climbed 0.2 percent to 99.5 yen at 8:49 a.m. London time. It was at $1.2495 after falling to $1.2442 yesterday, the lowest level since June 8. The yen traded 0.2 percent weaker at 79.65 per dollar.
COMMODITY UPDATE
CRUDE OIL
Brent crude oil fell on Wednesday on mounting concerns that European leaders would fail to solve the region's intractable debt crisis at a key meeting this week, offsetting tighter North Sea oil supply. Brent crude had fallen $1.13 to $91.89 per barrel by 0833 GMT. U.S. crude was down 59 cents at $78.77. The closure of oil platforms in the North Sea due to an oil strike in Norway saw a sharp spike in the price of Brent crude on Tuesday.
GOLD
Gold, typically seen as a hedge against inflation has seen an unbeaten 11-year winning run till 2011, but markets are now worried that slowing global economic activity could force jewelers, investors and speculators to curb spending. U.S. gold for August delivery fell $4.50 an ounce to $1,570.40. Trading volume was very thin at around 7,900 lots, versus around 100,000 lots at the close on Tuesday.
SILVER
Silver prices fell by Rs 208 to Rs 52,755 per kg in futures trading today due to reduced off take by traders on the back of sluggish demand at prevailing higher levels amid a weak trend in overseas markets. At the Multi Commodity Exchange, silver for delivery in July fell by Rs 208, or 0.39 per cent, to Rs 52,755 per kg in business turnover of 14,637 lots. Meanwhile, silver fell 0.9 per cent to $ 26.86 an ounce in London.
COPPER
Copper futures prices today fell marginally by 0.02% to Rs 416.70 per kg after traders reduced their positions, taking weak cues from global markets. Sluggish domestic demand at spot markets also put pressure on the metal's prices. At the MCX, copper for delivery in June lost 10 paisa, or 0.02%, to Rs 416.70 per kg, with a trading volume of 4,343 lots. Meanwhile, three-month copper dropped as much as 0.3%, to $7,335.50 a ton at the London Metal Exchange.
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