05:23
SHARE MARKET REVIEW
GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks rose after Premier Wen Jiabao said China will increase measures to support growth in the world’s second-largest economy. Gains were limited amid concern about falling profits for Asian companies.
U.S.STOCK MARKET
U.S. stock futures fell after the Standard & Poor’s 500 Index posted its biggest single-day gain in two weeks, as investors awaited a report on retail sales in the world’s biggest economy. U.S. stocks rose last week, reversing losses on the final day, as a rally in JPMorgan Chase & Co. (JPM) and speculation China will boost stimulus measures tempered concern about earnings and the global economy.
EUROPEAN MARKET
European stocks fluctuated between advances and declines after the benchmark Stoxx Europe 600 Index completed its longest stretch of weekly gains in more than two years. U.S. index futures fell while Asian shares rose.
U.S.TREASURIES
Treasury yields extended last week’s decline after Germany’s top court said it will take more than eight weeks to rule on the euro-area’s bailout fund, holding up crisis resolution efforts and boosting demand for safer assets. Benchmark 10-year yields were about four basis points from a record low amid speculation Federal Reserve Chairman Ben S. Bernanke will highlight the need for low borrowing costs to spur the economy when he speaks tomorrow. U.S. retail sales rose for the first time in three month in June, economists forecast before a report today.
CURRENCY UPDATE
DOLLAR
The U.S. dollar started a new week on a slightly firmer footing in Asia Monday, as risk appetite weakened after weekend comments about the Chinese economy by Premier Wen Jiabao. Euro-dollar retreated to $1.2250 first as China's stock markets gave up their initial opening gains and then extended the session low to $1.2234 as euro-yen selling then added pressure on the eurozone currency.
EURO
The euro fell to a six-week low against the yen after European inflation stagnated in June, adding to evidence the region is moving toward its second recession in three years. The euro declined 0.8 percent to 96.25 yen at 10:57 a.m. in London after falling to 96.19 yen, the lowest level since June 1.
The 17-nation currency dropped below $1.22 for a third day versus the dollar after German Chancellor said she hasn’t softened her stance on measures to stem contagion that’s prompted five member countries to seek international aid.
COMMODITY UPDATE
CRUDE OIL
Oil fell from the highest close in more than a week after Premier Wen Jiabao said China’s economic recovery hasn’t gained momentum, stoking speculation that demand may ease in the world’s second-biggest crude consumer. Futures slid as much as 0.7 percent in New York, their first decline in four days. Oil for August delivery dropped as much as 64 cents to $86.46 a barrel in electronic trading on the New York Mercantile Exchange and was at $86.73 at 12:20 p.m. London time.
GOLD
Gold traded little changed on Monday as investors stayed on the sidelines ahead of a presentation by the US Federal Reserve chief later in the week that will be scoured for clues on the central bank's attitude to another round of quantitative easing. Spot gold was little changed at $1,589.75 an ounce by 0634 GMT, after rallying 1 per cent on Friday. US gold futures contract for August lost 0.1 per cent to $1,589.70.
SILVER
Silver prices fell Rs 176 to Rs 52,591 per kg in futures trade today as speculators reduced positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, silver for delivery in September traded Rs 176, or 0.33 per cent, to Rs 52,591 per kg, with a business turnover of 1,516 lots.
COPPER
Copper futures prices today fell by 0.32 per cent to Rs 424.70 per kg as traders reduced their positions, taking weak cues from global markets.
At the Multi Commodity Exchange, copper for delivery in August lost Rs 1.35, or 0.32 per cent, to Rs 424.70 per kg, with a trading volume of 3,655 lots. The metal for delivery in November also fell by Rs 1.30, or 0.31 per cent, to trade at Rs 429.10 per kg, with a trading volume of 195 lots.
ASIAN STOCKS MARKET
Asian stocks rose after Premier Wen Jiabao said China will increase measures to support growth in the world’s second-largest economy. Gains were limited amid concern about falling profits for Asian companies.
U.S.STOCK MARKET
U.S. stock futures fell after the Standard & Poor’s 500 Index posted its biggest single-day gain in two weeks, as investors awaited a report on retail sales in the world’s biggest economy. U.S. stocks rose last week, reversing losses on the final day, as a rally in JPMorgan Chase & Co. (JPM) and speculation China will boost stimulus measures tempered concern about earnings and the global economy.
EUROPEAN MARKET
European stocks fluctuated between advances and declines after the benchmark Stoxx Europe 600 Index completed its longest stretch of weekly gains in more than two years. U.S. index futures fell while Asian shares rose.
U.S.TREASURIES
Treasury yields extended last week’s decline after Germany’s top court said it will take more than eight weeks to rule on the euro-area’s bailout fund, holding up crisis resolution efforts and boosting demand for safer assets. Benchmark 10-year yields were about four basis points from a record low amid speculation Federal Reserve Chairman Ben S. Bernanke will highlight the need for low borrowing costs to spur the economy when he speaks tomorrow. U.S. retail sales rose for the first time in three month in June, economists forecast before a report today.
CURRENCY UPDATE
DOLLAR
The U.S. dollar started a new week on a slightly firmer footing in Asia Monday, as risk appetite weakened after weekend comments about the Chinese economy by Premier Wen Jiabao. Euro-dollar retreated to $1.2250 first as China's stock markets gave up their initial opening gains and then extended the session low to $1.2234 as euro-yen selling then added pressure on the eurozone currency.
EURO
The euro fell to a six-week low against the yen after European inflation stagnated in June, adding to evidence the region is moving toward its second recession in three years. The euro declined 0.8 percent to 96.25 yen at 10:57 a.m. in London after falling to 96.19 yen, the lowest level since June 1.
The 17-nation currency dropped below $1.22 for a third day versus the dollar after German Chancellor said she hasn’t softened her stance on measures to stem contagion that’s prompted five member countries to seek international aid.
COMMODITY UPDATE
CRUDE OIL
Oil fell from the highest close in more than a week after Premier Wen Jiabao said China’s economic recovery hasn’t gained momentum, stoking speculation that demand may ease in the world’s second-biggest crude consumer. Futures slid as much as 0.7 percent in New York, their first decline in four days. Oil for August delivery dropped as much as 64 cents to $86.46 a barrel in electronic trading on the New York Mercantile Exchange and was at $86.73 at 12:20 p.m. London time.
GOLD
Gold traded little changed on Monday as investors stayed on the sidelines ahead of a presentation by the US Federal Reserve chief later in the week that will be scoured for clues on the central bank's attitude to another round of quantitative easing. Spot gold was little changed at $1,589.75 an ounce by 0634 GMT, after rallying 1 per cent on Friday. US gold futures contract for August lost 0.1 per cent to $1,589.70.
SILVER
Silver prices fell Rs 176 to Rs 52,591 per kg in futures trade today as speculators reduced positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, silver for delivery in September traded Rs 176, or 0.33 per cent, to Rs 52,591 per kg, with a business turnover of 1,516 lots.
COPPER
Copper futures prices today fell by 0.32 per cent to Rs 424.70 per kg as traders reduced their positions, taking weak cues from global markets.
At the Multi Commodity Exchange, copper for delivery in August lost Rs 1.35, or 0.32 per cent, to Rs 424.70 per kg, with a trading volume of 3,655 lots. The metal for delivery in November also fell by Rs 1.30, or 0.31 per cent, to trade at Rs 429.10 per kg, with a trading volume of 195 lots.
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