04:53
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ASIAN STOCKS MARKET
Asian stocks rose, with the regional benchmark index headed for the biggest gain in almost eight months, after European Central Bank President Mario Draghi said policy makers will do whatever is needed to preserve the euro. The MSCI Asia Pacific Index fell about 12 percent from this year’s high on Feb. 29 through yesterday amid concern China’s economy is slowing and Europe’s sovereign-debt crisis will worsen.
U.S.STOCK MARKET
U.S. stock futures climbed as a report said the European Central Bank will prepare debt purchases with governments, while investors awaited an update on gross domestic product growth in the world’s largest economy. Standard & Poor’s 500 Index futures expiring in September increased 0.1 percent to 1,356.5 at 10:52 a.m. in London. The equity benchmark has declined 0.2 percent so far this week. Contracts on the Dow Jones Industrial Average added 23 points, or 0.2 percent, to 12,848 today.
EUROPEAN MARKET
European (SXXP) stocks rebounded after Le Monde reported that the European Central Bank is preparing to buy Spanish and Italian debt. Asian shares and U.S. index futures gained. The Stoxx Europe 600 Index advanced 0.2 percent to 257.12 at 10:49 a.m. in London, erasing an earlier drop of 0.3 percent. The gauge is still heading toward a 0.4 percent weekly drop amid worse-than-expected economic data in the U.S.
U.S.TREASURIES
Treasury yields were six basis points from a record low before a government report that economists said will show growth in U.S. gross domestic product slowed and inflation cooled. The benchmark 10-year yield was little changed at 1.44 percent at 10:07 a.m. in London, according to Bloomberg Bond Trader data. The all-time low was 1.379 percent set July 25. The 1.75 percent note due in May 2022 traded at 102 25/32.
CURRENCY UPDATE
DOLLAR
The Australian dollar hit a one-week high after European Central Bank (ECB) president Mario Draghi vowed to preserve the euro. At 1700 AEST, the local unit was trading at 104.26 US cents, up from 103.39 cents on Thursday. In recent trading, it was also buying 81.6 yen, almost 85 euro cents - not far from posting an 11th consecutive weekly gain against the currency - and 66.5 pence.
EURO
The euro weakened for the first time in three days after Germany’s Bundesbank said restarting the European Central Bank’s bond-purchase program was not the best way to resolve the region’s debt crisis. The euro fell 0.1 percent to $1.2276 at 10:49 a.m. London time after climbing to $1.2330 yesterday, the highest level since July 10. The single currency dropped 0.2 percent to 95.90 yen after surging 1.9 percent over the previous two days.
COMMODITY UPDATE
CRUDE OIL
Oil pared its weekly decline in New York amid speculation the European Central Bank may take further steps to address the region’s debt crisis and avert a deeper global slowdown. Oil for September delivery rose as much as 84 cents to $90.23 a barrel in electronic trading on the New York Mercantile Exchange and was at $89.59 at 11:11 a.m. London time. The contract climbed 0.5 percent yesterday to $89.39, the highest close since July 20. Prices are 2 percent lower this week.
GOLD
Gold climbed to a three-week high in London on speculation central banks around the world will do more to spur growth. Bullion for immediate delivery rose as much as 0.6 percent to $1,624.73 an ounce, the highest since July 3, and was at $1,623.91 by 11:10 a.m. in London. Prices are up 2.5 percent this week, the most since June 1. December-delivery futures were 0.5 percent higher at $1,627.30 on the Comex in New York.
SILVER
Immediate-delivery silver rose 0.6 percent to $27.7075 an ounce. Economists expect data today to show the U.S. economy expanded at the slowest pace in a year, increasing speculation the Federal Reserve will engage in a third round of quantitative easing. SILVER September contract was trading at Rs 53270.00 up Rs 53.00, or 0.10%. The SILVER rate touched an intraday high of Rs 53315.00 and an intraday low of Rs 53155.00. So far 3034 contracts have been traded. SILVER prices have moved down Rs 7130.00, or 11.80% in the September series so far.
COPPER
Copper rose on Friday, adding to the previous day's gains after comments by the European Central Bank about its commitment to protect the euro, and as investors hope further stimulus measures from the Federal Reserve could be on the cards. Three-month copper on the London Metal Exchange climbed to $7,519.50 a ton at 0923 GMT, up 0.7 percent from Thursday’s close of $7,470 a ton.
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