04:37
SHARE MARKET REVIEW
GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
The MSCI Asia Pacific Index lost 1.6 percent. Asian stocks fell for a sixth day as Australia’s jobless rate increased and South Korea unexpectedly cut interest rates, underscoring concern that the global economy is slowing. Hong Kong stocks slid ahead of a report from China tomorrow expected to show the slowest expansion since the financial crisis. Stocks on Asia’s benchmark index are valued at 11.8 times estimated earnings on average, compared with 12.9 times for the Standard & Poor’s 500 Index (SPX) and 10.7 times for the Stoxx Europe 600 Index.
U.S.STOCK MARKET
U.S. stock futures dropped, indicating the Standard & Poor’s 500 Index will fall for a sixth day, as an unexpected decline in Australian employment added to signs the global economy is weakening. S&P 500 (SPX) futures expiring in September slid 0.5 percent to 1,329.5 at 10:41 a.m. in London. The equity gauge retreated 2.4 percent over the past five days amid concern about corporate profits. Dow Jones Industrial Average futures declined 56 points, or 0.5 percent, to 12,480 today.
EUROPEAN MARKET
European (SXXP) stocks declined after the Federal Reserve failed to signal more quantitative-easing measures to spur growth in the world’s largest economy. U.S. index futures and Asian shares also dropped. The Stoxx Europe 600 Index fell 0.7 percent to 253.85 at 11:05 a.m. in London. The benchmark measure has slid 0.2 percent so far this week, after rallying for five weeks.
U.S.TREASURIES
Treasuries rose, pushing 10-year yields to within five basis points of a record low, as Japan, South Korea and Brazil took steps to counter the global economic slowdown and investors sought the safest securities. The benchmark 10-year yield fell three basis points, or 0.03 percentage point, to 1.48 percent. The 1.75 percent security maturing in May 2022 rose 10/32, or $3.13 per $1,000 face amount, to 102 13/32. The yield dropped to a record 1.4387 percent on June 1.
CURRENCY UPDATE
DOLLAR
Australia’s dollar weakened and bonds gained after a government report showed the nation’s employers unexpectedly cut payrolls in June. Australia’s dollar will finish the third quarter at 99 U.S. cents compared with an earlier projection of $1.01, and New Zealand’s currency will decline to 79 U.S. cents over the same period from an earlier forecast for 80 cents, Nomura Holdings Inc. said in a note yesterday.
EURO
The euro touched a two-year low against the dollar Tuesday, as concerns about the euro zone debt crisis continued. Despite a recession across much of the euro zone and even predictions of the currency's demise, however, the euro has held up relatively well during this crisis. Over the last 13 year, it has taken on average $1.21 to buy a euro. Now, even in this midst of this crisis, it's worth virtually the same ($1.22).
COMMODITY UPDATE
CRUDE OIL
Oil fell in New York on signs from Asia and the U.S. that the global recovery is faltering and eroding demand for fuels. Crude for August delivery declined as much as $1 to $84.81 a barrel in electronic trading on the New York Mercantile Exchange. It was at $84.98 at 11:04 a.m. London time. The contract yesterday climbed $1.90 to $85.81, the highest close since July 9. Prices have decreased 14 percent this year.
GOLD
Global gold edged lower, dropping for a fourth session out of six. Investors remained cautious on indications the Federal Reserve was unlikely to launch more monetary stimulus until US economic conditions weakened further. Indian gold prices were steady as pressure from overseas markets was offset by a weaker rupee, keeping physical traders away as they awaited direction in prices. At 1:59 p.m., the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was flat at Rs 29,264 per 10 grams.
SILVER
Silver prices on MCX slipped today. At 15:58 hrs MCX SILVER September contract was trading at Rs 52420.00 down Rs 315.00, or 0.60%. The SILVER rate touched an intraday high of Rs 52704.00 and an intraday low of Rs 52388.00. So far 15440 contracts have been traded. SILVER prices have moved down Rs 7980.00, or 13.21% in the September series so far. Silver futures for September delivery advanced 0.5 percent to close at $27.023 an ounce on the Comex. Globally, silver fell by 1.94% to USD 26.91 an ounce in New York yesterday.
COPPER
Copper slipped on Thursday as markets remained cautious ahead of the release of second-quarter economic growth figures from China and as sentiment soured after the U.S. Federal Reserve dampened speculation of further stimulus measures in the short-term. Benchmark copper on the London Metal Exchange (LME) slipped 0.3percent to $7,519.75 a ton at 0912 GMT. It was untraded at the close on Wednesday, but was bid at $7,539 a ton.
ASIAN STOCKS MARKET
The MSCI Asia Pacific Index lost 1.6 percent. Asian stocks fell for a sixth day as Australia’s jobless rate increased and South Korea unexpectedly cut interest rates, underscoring concern that the global economy is slowing. Hong Kong stocks slid ahead of a report from China tomorrow expected to show the slowest expansion since the financial crisis. Stocks on Asia’s benchmark index are valued at 11.8 times estimated earnings on average, compared with 12.9 times for the Standard & Poor’s 500 Index (SPX) and 10.7 times for the Stoxx Europe 600 Index.
U.S.STOCK MARKET
U.S. stock futures dropped, indicating the Standard & Poor’s 500 Index will fall for a sixth day, as an unexpected decline in Australian employment added to signs the global economy is weakening. S&P 500 (SPX) futures expiring in September slid 0.5 percent to 1,329.5 at 10:41 a.m. in London. The equity gauge retreated 2.4 percent over the past five days amid concern about corporate profits. Dow Jones Industrial Average futures declined 56 points, or 0.5 percent, to 12,480 today.
EUROPEAN MARKET
European (SXXP) stocks declined after the Federal Reserve failed to signal more quantitative-easing measures to spur growth in the world’s largest economy. U.S. index futures and Asian shares also dropped. The Stoxx Europe 600 Index fell 0.7 percent to 253.85 at 11:05 a.m. in London. The benchmark measure has slid 0.2 percent so far this week, after rallying for five weeks.
U.S.TREASURIES
Treasuries rose, pushing 10-year yields to within five basis points of a record low, as Japan, South Korea and Brazil took steps to counter the global economic slowdown and investors sought the safest securities. The benchmark 10-year yield fell three basis points, or 0.03 percentage point, to 1.48 percent. The 1.75 percent security maturing in May 2022 rose 10/32, or $3.13 per $1,000 face amount, to 102 13/32. The yield dropped to a record 1.4387 percent on June 1.
CURRENCY UPDATE
DOLLAR
Australia’s dollar weakened and bonds gained after a government report showed the nation’s employers unexpectedly cut payrolls in June. Australia’s dollar will finish the third quarter at 99 U.S. cents compared with an earlier projection of $1.01, and New Zealand’s currency will decline to 79 U.S. cents over the same period from an earlier forecast for 80 cents, Nomura Holdings Inc. said in a note yesterday.
EURO
The euro touched a two-year low against the dollar Tuesday, as concerns about the euro zone debt crisis continued. Despite a recession across much of the euro zone and even predictions of the currency's demise, however, the euro has held up relatively well during this crisis. Over the last 13 year, it has taken on average $1.21 to buy a euro. Now, even in this midst of this crisis, it's worth virtually the same ($1.22).
COMMODITY UPDATE
CRUDE OIL
Oil fell in New York on signs from Asia and the U.S. that the global recovery is faltering and eroding demand for fuels. Crude for August delivery declined as much as $1 to $84.81 a barrel in electronic trading on the New York Mercantile Exchange. It was at $84.98 at 11:04 a.m. London time. The contract yesterday climbed $1.90 to $85.81, the highest close since July 9. Prices have decreased 14 percent this year.
GOLD
Global gold edged lower, dropping for a fourth session out of six. Investors remained cautious on indications the Federal Reserve was unlikely to launch more monetary stimulus until US economic conditions weakened further. Indian gold prices were steady as pressure from overseas markets was offset by a weaker rupee, keeping physical traders away as they awaited direction in prices. At 1:59 p.m., the most-active gold for August delivery on the Multi Commodity Exchange (MCX) was flat at Rs 29,264 per 10 grams.
SILVER
Silver prices on MCX slipped today. At 15:58 hrs MCX SILVER September contract was trading at Rs 52420.00 down Rs 315.00, or 0.60%. The SILVER rate touched an intraday high of Rs 52704.00 and an intraday low of Rs 52388.00. So far 15440 contracts have been traded. SILVER prices have moved down Rs 7980.00, or 13.21% in the September series so far. Silver futures for September delivery advanced 0.5 percent to close at $27.023 an ounce on the Comex. Globally, silver fell by 1.94% to USD 26.91 an ounce in New York yesterday.
COPPER
Copper slipped on Thursday as markets remained cautious ahead of the release of second-quarter economic growth figures from China and as sentiment soured after the U.S. Federal Reserve dampened speculation of further stimulus measures in the short-term. Benchmark copper on the London Metal Exchange (LME) slipped 0.3percent to $7,519.75 a ton at 0912 GMT. It was untraded at the close on Wednesday, but was bid at $7,539 a ton.
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