04:39
SHARE MARKET REVIEW
ASIAN STOCKS MARKET
Asian stocks headed for the first advance in five days after a drop in U.S. new home sales fueled speculation the Federal Reserve may take new steps to spur growth, boosting demand for growth-sensitive shares. The MSCI Asia Pacific Index fell about 12 percent from this year’s high on Feb. 29 through yesterday amid concern China’s economy is slowing and Europe’s sovereign-debt crisis will worsen.
U.S.STOCK MARKET
U.S. stock futures advanced, erasing earlier losses, as European Central Bank President Mario Draghi said policy makers will do everything in their powers to ensure a survival of the euro. Standard & Poor’s 500 Index futures expiring in September rose 0.3 percent to 1,338.8 at 6:29 a.m. in New York, having previously fallen as much as 0.5 percent. The benchmark gauge has declined 2.8 percent over the past four days as concern grew that Europe’s debt crisis is deepening and a Chinese central- bank adviser said growth may slow further.
EUROPEAN MARKET
European stocks climbed after European Central Bank President Mario Draghi said policymakers will do whatever it takes to preserve the euro. U.S. index futures and Asian shares rose. The Stoxx Europe 600 Index (SXXP) rose 0.8 percent to 252.40 at 11:46 a.m. in London after swinging between gains and losses at least 10 times today.
U.S.TREASURIES
Treasuries declined for a second day on concern a slide in yields to record lows will erode demand as investors prepared to bid at the last of three U.S. note auctions being held this week. The 30-year yield climbed three basis points to 2.48 percent, after declining to 2.4405 percent, the lowest level since Bloomberg started tracking the securities in 1977.
CURRENCY UPDATE
DOLLAR
The Australian dollar is one US cent higher on hopes of a lasting solution to the euro zone government debt crisis. At 1700 AEST, the local unit was trading at 103.39 US cents, up from 102.42 cents on Wednesday. Since 0700 AEST on Thursday, the Australian dollar traded between 102.92 US cents and 103.47 cents. Aussie dollar is not only posing at the moment as a risk currency but as a bit of a safe-haven currency.
EURO
The euro rose against the dollar as European Central Bank President Mario Draghi said the ECB is ready to do whatever it takes to preserve the currency. Europe’s common currency gained 0.2 percent to $1.2177 at 11:25 a.m. London time, after weakening as much as 0.3 percent.
COMMODITY UPDATE
CRUDE OIL
Oil prices were lower in Asia today as Euro zone fears and a sharp spike in US crude inventories weighed on markets, analyst’s said. New York’s main contract, light sweet crude for delivery in September, dipped 35 cents to $88.62 a barrel in the afternoon while Brent North Sea crude for September delivery fell 39 cents to $103.99.
GOLD
Gold prices steadied above $1,600 an ounce on Thursday, taking a breather after posting their biggest one-day rise since late June the previous day, as a dip in the euro versus the dollar and a weaker tone to stocks took the heat out of its rally. The metal benefited on Wednesday from gains in the euro on speculation the euro zone's bailout fund could be given access to central bank money, and as weak U.S. data prompted fresh talk that more monetary easing could emerge later this year.
SILVER
Silver rose 2.1 percent to $27.51 an ounce. Silver prices fell by Rs 149 to Rs 53,304 per kg in futures trading today on reduced off take by traders on the back of sluggish demand at prevailing higher levels.
At the Multi Commodity Exchange, silver for delivery in September moved down by Rs 149, or 0.28 per cent, to Rs 53,304 per kg, with a business turnover of 6,809 lots.
COPPER
Copper rose on Thursday, recovering from a one-month low hit the previous session, as the dollar fell but weak corporate earnings reports and data that reflected the growing impact of the debt crisis in Europe subdued gains. Three-month copper on the London Metal Exchange was $7,482 from$7,446 at the close on Wednesday, when it touched the lowest in one month at $7,344.25 a tonne.The metal, used mainly in construction and power, has shed 15 percent from the year's peak hit in February.
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