04:51
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ASIAN STOCKS MARKET
Asian stocks rose for a third day amid optimism policy makers from China to the U.S. will do more to support the world’s largest economies amid a slowdown that prompted the International Monetary Fund to cut its forecast for global growth. The MSCI Asia Pacific Index (TPX) rose 0.4 percent to 116.18 as of 6:42 p.m. in Tokyo. More than five stocks rose for every four that fell. The gauge gained yesterday after Premier Wen Jiabao said China will increase measures to support growth in the world’s second-largest economy.
U.S.STOCK MARKET
U.S. stocks fell, dragging the Standard & Poor’s 500 Index lower for the seventh time in eight days, after the International Monetary Fund cut its global economic forecast and retail sales unexpectedly dropped. The S&P 500 declined 0.2 percent to 1,353.64 at 4 p.m. New York time after earlier retreating as much as 0.6 percent. The Dow slipped 49.88 points, or 0.4 percent, to 12,727.21 today.
EUROPEAN MARKET
European stocks were little changed as investors awaited Federal Reserve Chairman Ben S. Bernanke’s semi-annual report to Congress. Asian shares and U.S. index futures climbed. The Stoxx Europe 600 Index (SXXP) slipped 0.1 percent to 256.54 at 11:03 a.m. in London. The benchmark measure has sill climbed 9.7 percent from this year’s low on June 4 as the European and People’s Bank of China cut their benchmark interest rates and euro-area leaders eased repayment rules for Spanish banks and conditions for possible Italian aid.
U.S.TREASURIES
Treasury five-year note yields fell toward a record amid speculation Federal Reserve Chairman Ben S. Bernanke will hint at stimulus measures to revive the U.S. economic expansion when he addresses Congress starting today. Five-year Treasury note yields declined about one basis point, or 0.01 percentage point, to 0.59 percent at 8:48 a.m. London time, after dropping to a record 0.577 percent yesterday. The 0.75 percent security maturing in June 2017 changed hands at 100 25/32. Ten-year note yields were unchanged at 1.474 percent. They reached an all-time low of 1.4387 percent on June 1.
CURRENCY UPDATE
DOLLAR
The dollar weakened for a third day versus the euro amid speculation that Federal Reserve Chairman Ben S. Bernanke will hint at additional stimulus when he speaks to Congress about monetary policy starting today. The dollar dropped 0.2 percent to $1.2299 per euro at 10:36 a.m. in London after depreciating to $1.2317, the weakest level since July 10.
EURO
The euro climbed to a one-week high at $1.2314, having triggered stop-losses at $1.2300. It was last at $1.2302, up 0.2 percent on the day though still close to a two-year low of $1.2162 hit last week.
Traders said the huge bets against the euro raised the chance of a short squeeze, but elevated peripheral euro zone bond yields would keep gains limited.
COMMODITY UPDATE
CRUDE OIL
Crude oil for August delivery climbed 17 cents to $88.60 a barrel on the New York Mercantile Exchange. At the Multi Commodity Exchange, the July contract for crude oil rose by Rs 38, or 0.79%, to Rs 4,858 per barrel, with a business turnover of 11,527 lots. The August contract edged higher by Rs 37, or 0.76%, to Rs 4,900 per barrel in 1,969 lots.Marketmen attributed the rise in crude oil futures to a firming trend in Asian trade on hopes that China and the US will take new steps to bolster their economies.
GOLD
In London, gold rose 0.3 per cent to $1,594.30 an ounce and silver by 0.7 per cent to $27.51 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity shot up by Rs. 165 each to Rs. 29,770 and Rs. 29,570 per 10 grams, respectively. The metal lost Rs. 115 in the last three trading days. Gold recovered by Rs. 165 to Rs 29,770 per 10 grams in the bullion market here on Tuesday after three days of losses on good demand amid firm global cues.
SILVER
Silver also moved up by Rs. 100 to Rs. 52,500 per kg on increased off take by industrial units and coin makers. Silver coins spurted by Rs. 1,000 to Rs. 61,000 for buying and Rs. 62,000 for selling of 100 pieces on account of festive demand. Market analysts attributed the rise in silver futures to a firm global trend after data showed that US retail sales unexpectedly declined last month, raising speculation that the Federal Reserve will take more steps to shore up the world's biggest economy.
Meanwhile, silver rose 0.7 per cent to USD 27.53 an ounce in Singapore.
COPPER
Copper rose on Tuesday on expectations the U.S. Federal Reserve could signal further stimulus to prop up the flagging economy following weak economic data, but gains were capped by European debt crisis concerns and a cloudy outlook for metals demand. Three-month copper on the London Metal Exchange rose to $7,693.50 a ton at 05:37 a.m. EDT (0937 GMT), up from a close of $7,590 a ton on Monday.
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