04:31
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ASIAN STOCKS MARKET
Asian stocks declined after Chinese Premier Wen Jiabao warned of a “severe” jobs outlook and amid concern Asian companies’ profits are falling. Exporters to the U.S. gained as Federal Reserve Chairman Ben S. Bernanke said the central bank is prepared to act to spur growth. The MSCI Asia Pacific Index (MXAP) dropped 0.5 percent to 115.55 as of 6:44 p.m. in Tokyo, after rising as much as 0.4 percent.
U.S.STOCK MARKET
U.K. stocks increased for the first time in three days as Bank of England minutes showed policy makers may reconsider the case for an interest-rate cut. The FTSE 100 Index (UKX) rose 13.8, or 0.3 percent, to 5,642.89 at 10:31 a.m. in London after falling 0.7 percent the previous two sessions. The gauge has climbed 7.3 percent from its 2012 low on June 1 as central banks around the world announced measures to boost growth.
EUROPEAN MARKET
European stocks advanced for the third time in four days after lenders including Credit Suisse Group AG (CSGN) reported profits that beat estimates, while minutes showed the Bank of England may reconsider the case for an interest-rate cut. Asian shares and U.S. futures declined. The Stoxx Europe 600 Index (SXXP) gained 0.2 percent to 256.59 at 10:51 a.m. in London. European stocks climbed 9.7 percent from this year’s low on June 4.
U.S.TREASURIES
Treasuries rose, snapping a decline from yesterday, as a report on ownership of U.S. debt bolstered expectations demand will increase as investors seek a haven from slowing economic growth. The benchmark 10-year yield declined one basis point, or 0.01 percentage point, to 1.50 percent at 8:55 a.m. London time, according to Bloomberg Bond Trader prices. The 1.75 percent note due in May 2022 rose 3/32, or 94 cents per $1,000 face amount, to 102 9/32.The 30-year yield also fell one basis point to 2.59 percent after dropping to a record 2.51 percent on June 1.
CURRENCY UPDATE
DOLLAR
The Dollar Index traded within 1 percent of a two-year high before Federal Reserve Chairman Ben S. Bernanke testifies to Congress for a second day, after refraining from discussing specific stimulus measures yesterday. The Dollar Index, which tracks the U.S. currency against those of six trading partners, was little changed at 83.061 at 8:54 a.m. London time. It reached 83.829 on July 12, the highest level since July 13, 2010.
EURO
Euro bought £0.78500 British pounds, or 0.04 percent lower, whilst a euro bought $1.22840 US dollars, or 0.09 percent lower. The euro’s exchange rate is set to fall further against most major currencies in the short term at least as Europe’s debt crisis rages on with more uncertainty as German courts said yesterday that they could take up to 8 weeks before deciding whether or not Germany can legally participate in the launch of the ESM.
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
Oil futures fell in early Asian trade on Wednesday, snapping five days of gains as U.S.Federal Reserve Chairman Ben Bernanke offered no signs of further monetary stimulus to boost growth in the world's biggest oil consumer. U.S. crude slipped 24 cents to $88.98 a barrel by 0012 GMT after settling 79 cents higher. Brent crude slipped 57 cents to $103.43 after ending 63 cents higher.
SILVER
Silver ready declined by Rs 100 to Rs 52,400 per kg and weekly-based delivery by Rs 145 to Rs 52,725 per kg.Silver coins held steady at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces. Spot Silver prices declined 0.1 percent yesterday. However weakness in DX cushioned sharp fall in the prices. The white metal prices touched an intraday low of $26.9/oz and closed at $27.25/oz.
COPPER
London copper rose on Wednesday after two sessions of losses, as investors shifted focus from the lack of immediate stimulus measures by the U.S.Federal Reserve to hopes the central bank would ease policy in the future to shore up the economy. Three-month copper on the London Metal Exchange rose0.7 percent to $7,647 per ton by 0708 GMT. Copper traded higher on Wednesday in what traders described as a technical rebound following a fall of 1.2 percent in the prior session.
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