04:06
SHARE MARKET REVIEW
ASIAN STOCKS MARKET
Asian stocks climbed for a fifth day, the longest rising streak on the regional benchmark index since March, on expectations that central banks from Washington to Frankfurt may ease monetary policy to spur economic growth. The MSCI Asia Pacific Index (MXAP) advanced 0.7 percent to 118.61 as of 1:40 p.m. in Tokyo. Almost four stocks rose for each that fell. The Asian gauge last week posted its biggest weekly gain since January after euro-zone leaders agreed to relax conditions for recapitalizing lenders.
U.S.STOCK MARKET
Most U.S. stocks rose, sending the Standard & Poor’s 500 Index to an almost two-month high, as takeovers helped the market recover from earlier losses triggered by data showing a contraction in manufacturing. The S&P 500 rose 0.3 percent to 1,365.51 at 4 p.m. New York time, after dropping as much as 0.5 percent earlier. The index gained 4 percent last month, its best June since 1999. (SPX)The Dow Jones Industrial Average retreated 8.7 points, or 0.1 percent, to 12,871.39.
EUROPEAN MARKET
European (SXXP) stocks climbed for a third day, their biggest three-day rally this year, as investors awaited a report that may show factory orders stabilized in the world’s largest economy in May. U.S. index futures were little changed, while Asian stocks advanced. The Stoxx Europe 600 Index advanced 0.4 percent to 255.82 at 8:12 a.m. in London, its biggest three-day gain since December. The gauge increased 1.9 percent last week as European Union leaders opened the door to directly recapitalizing lenders using the European Stability Mechanism, the euro area’s permanent bailout fund
U.S.TREASURIES
Morgan Stanley (MS) successfully pushed Standard & Poor’s and Moody’s Investors Service Inc. to give unwarranted investment-grade ratings in 2006 to $23 billion worth of notes backed by subprime mortgages, investors claimed in a lawsuit, citing documents unsealed in federal court. Before the crisis, Moody’s Investors Service, a unit of Moody’s Corp. (MCO), had given AAA ratings to 42,625 mortgage-backed securities, the same seal of approval U.S. Treasury bonds get. Of those rated in 2006, 83 percent were downgraded within four years, according to the Financial Crisis Inquiry Commission.
CURRENCY UPDATE
DOLLAR
The dollar declined against most of its major peers on speculation Federal Reserve may introduce another round of bond purchases, known as quantitative easing, to stimulate faltering growth. The dollar slid 0.1 percent to $1.2582 per euro as of 10:35 a.m. in Tokyo yesterday when it advanced 0.7 percent.
EURO
The euro was firmer in Asian trade on Tuesday, after the unit pared a sharp rally late last week, with investors now focusing on a European Central Bank (ECB) rate-setting meeting.
The common currency was quoted at $1.2600 and 100.44 yen in Tokyo afternoon trade, modestly higher than $1.2582 and 100.05 yen in New York late Monday.
COMMODITY UPDATE
CRUDE OIL
Oil rebounded in New York on signs that central banks from Europe to China may ease monetary policy to spur economic growth and speculation sanctions against Iran will curb supply. Oil delivery climbed as much as 88 cents to $84.63 a barrel and was at $84.45 in electronic trading on the New York Mercantile Exchange at 4:14 p.m. in Sydney. The contract slid $1.21 yesterday to $83.75, the lowest close since June 28. Prices are 15 percent lower this year.
GOLD
Gold advanced, trading above $1,600 an ounce, as global manufacturing data boosted prospects of further stimulus by central banks from the U.S. to China to spur growth, increasing demand for bullion as a haven. Spot gold rose as much as 0.6 percent to $1,606.72 an ounce and was at $1,604.57 by 2:38 p.m. in Singapore. August-delivery bullion gained as much as 0.6 percent to $1,607 an ounce on the Comex in New York, before trading at $1,605.10.
SILVER
Silver prices, which slumped for four straight months, may rebound 25 percent after hitting a “double bottom,” according to technical analysis by Steel Vine Investments LLC.Silver futures for September delivery may climb to $34.50 an ounce this quarter after falling to $26.33 on Sept. 26 and $26.105 on June 28, this year’s low, said Spencer Patton, the Chicago-based chief investment officer for Steel Vine. Prices jumped 5 percent on June 29, the most since Jan. 3.
COPPER
Copper surged on Tuesday as hopes of further monetary easing by major central banks helped offset worries stoked by grim macroeconomic data and nagging concerns over the festering debt crisis in Europe. Three-month copper on the London Metal Exchange jumped 2.2 percent to a session high of $7,790 a ton on Tuesday, its highest since May 22, before paring $11 to $7,779 per ton by 0402 GMT.
With Best Indian Stock Market Tips you can make money from these markets by trading in our Intra-day & long term Stock Market Calls with great accuracy and high profitability…
Subscribe Free by Filling the TRIAL FORM...
