04:30
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GLOBAL MARKET UPDATE ASIAN STOCKS MARKET
Asian stocks rose for a fourth day in the longest winning streak since March as economic data from China to Japan and steps by European leaders to address the sovereign-debt crisis eased concern global growth is slowing. The MSCI Asia Pacific Index advanced 0.4 percent to 117.67 as of 7:14 p.m. in Tokyo. Markets are closed in Hong Kong today. The stock gauge capped last week the biggest weekly gain since January, jumping 2.7 percent as euro-zone leaders agreed to relax conditions for recapitalizing lenders.
U.S.STOCK MARKET
U.S. stock-index futures pared earlier advances before a report that may show manufacturing in the world’s largest economy expanded at the slowest pace in eight months. S&P 500 Index futures expiring in September added 0.2 percent to 1,358.4 at 11:09 a.m. in London, after earlier rising as much as 0.4 percent. The benchmark gauge gained 2 percent last week, extending its monthly advance to 4 percent, the most since February, as an agreement by European leaders increased optimism the area’s debt crisis will be contained.
EUROPEAN MARKET
European stocks rose as investors bet central banks will add to measures unveiled by the region’s governments to contain the sovereign-debt crisis and reports from China and Japan fueled optimism Asia will drive global growth. The Stoxx Europe 600 Index (SXXP) climbed 0.8 percent to 253.1 at 11:01 a.m. in London. The gauge rallied 1.9 percent last week, trimming its second-quarter decline to 4.6 percent, as the region’s leaders eased repayment rules for Spanish banks and relaxed conditions for possible aid to Italy.
U.S.TREASURIES
Investors are plowing cash into new U.S. Treasuries at a record pace, making economic growth rather than budget austerity a key issue as President Barack Obama and Mitt Romney face off in November’s presidential election. Yields on 10-year Treasury notes declined three basis points last week, or 0.03 percentage point, to 1.65 percent and have fallen from 1.88 percent at the end of 2011 and this year’s high of 2.4 percent on March 20. The benchmark 1.75 percent security due May 2022 rose 8/32, or $2.50 per $1,000 face amount, to 100 30/32.
CURRENCY UPDATE
DOLLAR
The euro's weakness against the dollar has an immediate translation impact on the dollar earnings of U.S. companies with big European operations. It also tends to make U.S.-produced goods less competitive overseas. In the second quarter, the euro has fallen 5.2 percent against the dollar. The rupee rose marginally by 6 paise to trade at 55.55 against the US dollar in early trade on Monday at the Interbank Foreign Exchange on increased capital inflows amid stronger euro.
EURO
The euro fell, snapping its biggest gain versus the yen in more than 15 months, as a report showed euro-area unemployment climbed to a record in May, damping demand for the shared currency. The euro dropped 0.6 percent to 100.41 yen at 6:20 a.m. New York time after rising 2.2 percent on June 29, the steepest advance on a closing basis since March 2011. It fell 0.4 percent to $1.2619, after jumping 1.8 percent at the end of last week, the most since Oct. 27.
COMMODITY UPDATE
CRUDE OIL
Oil declined in New York as euro-area unemployment reached the highest level on record, prompting speculation that crude’s surge last week, its biggest in three years, may have been excessive. Crude for August delivery dropped as much as $1.44 to $83.52 a barrel in electronic trading on the New York Mercantile Exchange and was at $83.65 at 10:11 a.m. London time. The contract gained $7.27 on June 29 to $84.96, the highest close since June 7. GOLD
Gold prices edged down on Monday, taking a breather after a 3-percent rally in the previous session, as the initial euphoria over a euro zone dealt help its debt-laden members gave way to caution over its effectiveness. Spot gold edged down 0.3 percent to $1,591.64 announce by 0628 GMT. The precious metal posted a monthly gain of more than 2 percent in June, its first rise in five months. U.S. gold futures contract for August delivery lost 0.7 percent to $1,592.40.
SILVER
Spot silver slid as much as 1 percent to $27.215 an ounce, before trading at $27.3075. The metal surged 4.2 percent on June 29, the most in four months. The move below 26.75 in silver signals further downside toward 26.00 where signs of base may emerge. The medium term outlook is neutral. MCX SILVERMIC June contract was trading at Rs 52086.00 up Rs 311.00, or 0.60%.
COPPER
The most-active October copper contract on the Shanghai Futures Exchange edged up 0.5 percent to 55,540 Yuan ($8,700) per metric ton, catching up with London's gains and after rising 1.9 percent in the prior session. Copper declined as some investors weighed the effect of the European agreement to help contain the region’s debt crisis and as inventories in London expanded.
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