04:55
SHARE MARKET REVIEW
GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks rose for a second day after reports showed U.S. home sales and durable goods orders climbed more than estimated and investors awaited the start of a summit on Europe’s debt crisis. The MSCI Asia Pacific Index (TPX) advanced 0.8 percent to 115.01 at 6:21 p.m. in Tokyo. Five stocks rose for every four that fell. The gauge fell 12 percent through yesterday from its highest level of 2012 in February amid concern growth in China and the U.S. is slowing as the euro-zone debt crisis escalates.
U.S.STOCK MARKET
U.S. stock futures fell, indicating the Standard & Poor’s 500 Index will snap a two-day rally, before European leaders meet for a two-day summit. S&P 500 Index futures expiring in September retreated 0.5 percent to 1,319.3 at 10:21 a.m. in London. Dow Jones Industrial Average futures lost 63 points, or 0.5 percent, to 12,490. U.S. stocks rose 0.9 percent yesterday amid better-than- estimated housing and durable goods orders data.
EUROPEAN MARKET
European stocks slid after Spain’s bond yields surged and Germany’s unemployment rate rose more than forecast before a two-day summit of the region’s leaders. U.S. index futures also fell, while Asian shares rose. The Stoxx Europe 600 Index declined 0.6 percent to 244.32 at 10:30 a.m. in London, paring yesterday’s 1.4 percent rally. The gauge has fallen 10 percent from its high in March, erasing its gains this year, as the euro area’s sovereign-debt crisis threatens global growth
U.S.TREASURIES
Treasuries advanced for a second day amid speculation European leaders gathering for a two-day summit in Brussels will fail to agree on a strategy to contain the region’s debt crisis. The 10-year yield fell two basis points, or 0.02 percentage point, to 1.6 percent at 10:24 a.m. in London, according to Bloomberg Bond Trader prices. The 1.75 percent note due in May 2022 gained 5/32, or $1.56 per $1,000-face amount, to 101 11/32. The yield dropped 61 basis points since March 31.
CURRENCY UPDATE
DOLLAR
The U.S. dollar fell against the Taiwan dollar Wednesday, shedding NT$0.03 to close at NT$29.960 as the local bourse staged a technical rebound to boost demand for the local unit, dealers said. However, turnover remained moderate amid cautious sentiment ahead of a summit of the European Union scheduled to kick off later this week, as many traders stayed on the sidelines waiting for possible measures reached during the meeting to take on the debt problems in the euro zone.
ASIAN STOCKS MARKET
Asian stocks rose for a second day after reports showed U.S. home sales and durable goods orders climbed more than estimated and investors awaited the start of a summit on Europe’s debt crisis. The MSCI Asia Pacific Index (TPX) advanced 0.8 percent to 115.01 at 6:21 p.m. in Tokyo. Five stocks rose for every four that fell. The gauge fell 12 percent through yesterday from its highest level of 2012 in February amid concern growth in China and the U.S. is slowing as the euro-zone debt crisis escalates.
U.S.STOCK MARKET
U.S. stock futures fell, indicating the Standard & Poor’s 500 Index will snap a two-day rally, before European leaders meet for a two-day summit. S&P 500 Index futures expiring in September retreated 0.5 percent to 1,319.3 at 10:21 a.m. in London. Dow Jones Industrial Average futures lost 63 points, or 0.5 percent, to 12,490. U.S. stocks rose 0.9 percent yesterday amid better-than- estimated housing and durable goods orders data.
EUROPEAN MARKET
European stocks slid after Spain’s bond yields surged and Germany’s unemployment rate rose more than forecast before a two-day summit of the region’s leaders. U.S. index futures also fell, while Asian shares rose. The Stoxx Europe 600 Index declined 0.6 percent to 244.32 at 10:30 a.m. in London, paring yesterday’s 1.4 percent rally. The gauge has fallen 10 percent from its high in March, erasing its gains this year, as the euro area’s sovereign-debt crisis threatens global growth
U.S.TREASURIES
Treasuries advanced for a second day amid speculation European leaders gathering for a two-day summit in Brussels will fail to agree on a strategy to contain the region’s debt crisis. The 10-year yield fell two basis points, or 0.02 percentage point, to 1.6 percent at 10:24 a.m. in London, according to Bloomberg Bond Trader prices. The 1.75 percent note due in May 2022 gained 5/32, or $1.56 per $1,000-face amount, to 101 11/32. The yield dropped 61 basis points since March 31.
CURRENCY UPDATE
DOLLAR
The U.S. dollar fell against the Taiwan dollar Wednesday, shedding NT$0.03 to close at NT$29.960 as the local bourse staged a technical rebound to boost demand for the local unit, dealers said. However, turnover remained moderate amid cautious sentiment ahead of a summit of the European Union scheduled to kick off later this week, as many traders stayed on the sidelines waiting for possible measures reached during the meeting to take on the debt problems in the euro zone.
EURO
The euro weakened against the yen and the dollar before European Union leaders meet in Brussels as they struggle to find a solution to the debt crisis. The euro depreciated 0.8 percent to 98.60 yen at 10:42 a.m. London time, and dropped 0.3 percent to $1.2432. The dollar weakened 0.5 percent against the yen to 79.32.
COMMODITY UPDATE
CRUDE OIL
Oil declined in London for the first time in five days amid speculation that the European Union’s economy will fail to grow, as the region’s leaders gathered in Brussels for a two-day summit. U.S. August crude settled up 85 cents at $80.21 a barrel, the highest in a week, after climbing to a session high of $80.92. The U.S. Energy Information Administration said crude oil stockpiles fell 133,000 barrels last week, less than expected, and distillates unexpectedly dropped by 2.28 million barrels.
GOLD
Weaker local currencies are weighing on gold demand from India, the world's largest consumer of the precious metal, and Indonesia, another leading Asian buyer, as traders also favour cash on concerns over deterioration in the euro zone crisis. Gold Prices fell as low as $1565 per ounce Wednesday morning in London – 1.4% down on this week's high – before recovering some ground by lunchtime, while stock markets posted slight gains ahead of tomorrow's European Union summit.
SILVER
MCX SILVER July contract was trading at Rs 52568.00 down Rs 199.00, or 0.38%. The SILVER rate touched an intraday high of Rs 52916.00 and an intraday low of Rs 52560.00. So far 9826 contracts have been traded. SILVER prices have moved down Rs 17519.00, or 25.00% in the July series so far. Silver prices meantime sank to a 2012 low at $26.64 an ounce – a 7.2% drop on last week's close.
COPPER
Copper rose for a third straight day, supported by a double-dose of positive U.S. data that stole some attention away from the European debt situation that has weighed heavily on industrial metal prices this quarter. London Metal Exchange (LME) three-month copper ended up $46 at $7,405 a tonne, recovering from an intraday low of $7,307.
The euro weakened against the yen and the dollar before European Union leaders meet in Brussels as they struggle to find a solution to the debt crisis. The euro depreciated 0.8 percent to 98.60 yen at 10:42 a.m. London time, and dropped 0.3 percent to $1.2432. The dollar weakened 0.5 percent against the yen to 79.32.
COMMODITY UPDATE
CRUDE OIL
Oil declined in London for the first time in five days amid speculation that the European Union’s economy will fail to grow, as the region’s leaders gathered in Brussels for a two-day summit. U.S. August crude settled up 85 cents at $80.21 a barrel, the highest in a week, after climbing to a session high of $80.92. The U.S. Energy Information Administration said crude oil stockpiles fell 133,000 barrels last week, less than expected, and distillates unexpectedly dropped by 2.28 million barrels.
GOLD
Weaker local currencies are weighing on gold demand from India, the world's largest consumer of the precious metal, and Indonesia, another leading Asian buyer, as traders also favour cash on concerns over deterioration in the euro zone crisis. Gold Prices fell as low as $1565 per ounce Wednesday morning in London – 1.4% down on this week's high – before recovering some ground by lunchtime, while stock markets posted slight gains ahead of tomorrow's European Union summit.
SILVER
MCX SILVER July contract was trading at Rs 52568.00 down Rs 199.00, or 0.38%. The SILVER rate touched an intraday high of Rs 52916.00 and an intraday low of Rs 52560.00. So far 9826 contracts have been traded. SILVER prices have moved down Rs 17519.00, or 25.00% in the July series so far. Silver prices meantime sank to a 2012 low at $26.64 an ounce – a 7.2% drop on last week's close.
COPPER
Copper rose for a third straight day, supported by a double-dose of positive U.S. data that stole some attention away from the European debt situation that has weighed heavily on industrial metal prices this quarter. London Metal Exchange (LME) three-month copper ended up $46 at $7,405 a tonne, recovering from an intraday low of $7,307.
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