04:49
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ASIAN STOCKS MARKET
Asian stocks rose, with the benchmark index headed toward its biggest gain in almost three weeks, amid speculation China will do more to boost growth and after U.S. housing starts jumped to the highest in four years. The MSCI Asia Pacific Index gained 1.5 percent to 117.5 as of 6:44 p.m. in Tokyo, headed for its biggest advance since June 29. Almost three shares rose for every two that fell. The Asian gauge dropped 8.9 percent from this year’s high on Feb. 29.
U.S.STOCK MARKET
Millionaires added U.S. stocks more than any other asset in the latest year as average investors fled to bonds, according to a survey by Fidelity Investments. U.S. equity mutual funds suffered net withdrawals of $130 billion in the 12 months ended March 31, according to Chicago-based research firm Morningstar Inc. (MORN) Bond funds attracted $191 billion. The S&P 500 gained 9.2 percent this year through yesterday.
EUROPEAN MARKET
European stocks rose for a second day, to their highest level in three-and-a-half months, as companies reported earnings that exceeded analysts’ estimates. Asian shares and U.S. futures advanced. The Stoxx Europe 600 Index (SXXP) added 0.5 percent to 260.18 at 10:58 a.m. in London. Shares have climbed 11 percent from this year’s low on June 4 as the European Central Bank and People’s Bank of China cut their benchmark interest rates and euro-area leaders eased repayment rules for Spanish banks..
U.S.TREASURIES
Treasury 10-year yields were within six basis points of a record low before a government report that economists said will show claims for jobless benefits rose last week, boosting demand for the safest assets. The benchmark 10-year yield was little changed at 1.49 percent at 10:04 a.m. London time, according to Bloomberg Bond Trader prices. The 1.75 percent note due in May 2022 traded at 102 11/32. The yield fell to a record 1.4387 percent on June 1.
CURRENCY UPDATE
DOLLAR
The Australian dollar firmed to a record high against the euro and a 10-week peak against the greenback on Thursday as it found favor with investors seeking yield and safety, and dragged the New Zealand dollar higher in its wake. The Aussie showed a 0.3 percent gain on the day to reach $1.0399, its highest since May 1, before running into resistance. It last traded at $1.0392.
EURO
The euro dropped for a second day versus the yen after demand declined at a Spanish debt sale, adding to concern the region’s financial turmoil is worsening. The euro depreciated 0.3 percent to 96.50 yen at 9:56 a.m. in London after sliding 0.4 percent yesterday. The single currency dropped 0.1 percent to $1.2273. The yen gained 0.2 percent to 78.63 per dollar.
COMMODITY UPDATE
CRUDE OIL
Globally, crude oil for August delivery rose 5 cents to USD 89.92 a barrel on the New York Mercantile Exchange. Crude oil prices rose by 0.54 per cent to Rs 4,995 per barrel in futures trading today as speculators enlarged their positions, tracking gains in Asian trade following a dip in US crude stockpiles.
At the Multi Commodity Exchange, crude oil for delivery in July rose by Rs 27, or 0.54 per cent, to Rs 4,995 per barrel, with a business turnover of 4,846 lots. The oil for delivery in August edged higher by a similar margin to Rs 5,030 per barrel in 1,838 lots
GOLD
Gold edged up on Thursday after two straight sessions of losses as the dollar weakened, although investors were less than convinced of its direction given the uncertainty over Fed's stimulus measures and persistent worries about Europe. The dollar hit its lowest against a basket of currencies in nearly two weeks. But the greenback, a favored safe haven asset, was still up more than 3% so far this year. Spot gold gained 0.4% to USD 1,578.35 an ounce by 0317 GMT.US gold futures contract for August delivery rose nearly half a percent to USD 1,578.30.
SILVER
Other precious metals also rebounded. Spot silver rose 0.5% to USD 27.28 an ounce, on course for its biggest one-day rise in more than a week. Silver has been wallowing near USD 27 an ounce since earlier this month, and the relatively low prices have attracted buying interest in the physical market, Spot silver rose to this year's high above USD 37 in February.
COPPER
Copper rose on Thursday after stronger housing data from the United States and China eased concerns about the impact on demand for industrial metals from a slowdown in the global economy.
Prices were also propped up by signs that China could announce further monetary easing measures as soon as this weekend after Premier Wen Jiabao said the government would step up efforts to boost the economy in the second half. Three-month copper on the London Metal Exchange rose 1 percent to $7,712.50 per ton by 0727 GMT, extending gains after ending the prior session 0.6 percent higher.
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