04:27
SHARE MARKET REVIEW
ASIAN STOCKS MARKET
Asian stocks rose for a sixth day, with the regional benchmark index recording its longest winning streak this year, as U.S. factory orders topped estimates and commodities climbed to a two-month high amid speculation central banks will act to boost economic growth. The MSCI Asia Pacific Index (MXAP) advanced 0.4 percent to 119.20 as of 5:20 p.m. in Tokyo. Five stocks rose for every three that fell. The gauge climbed to its highest level since May 10 after euro-zone leaders last week agreed to relax conditions for rescuing lenders, easing concern about the region’s debt crisis.
U.S.STOCK MARKET
U.S. stocks advanced, sending the Standard & Poor’s 500 Index to a two-month high, after data showed factory orders topped estimates and as speculation grew that global central banks will act to spur economic growth. The S&P 500 rose 0.6 percent to 1,374.02 at 1 p.m. New York time. The Dow Jones Industrial Average added 72.43 points, or 0.6 percent, to 12,943.82. The Russell 2000 Index rallied 1.3 percent to 818.48.
EUROPEAN MARKET
European stocks declined, dragging the Stoxx Europe 600 Index from a two-month high, as service- industry measures in the U.K. and Germany missed forecasts. U.S. index futures fell, while Asian shares advanced. The Stoxx 600 slipped 0.3 percent to 256.56 at 10:03 a.m. in London, after rallying 5.2 percent over the previous three days. The index is still on course for a fifth straight week of gains, the longest stretch since January.
U.S.TREASURIES
Treasury bonds lost ground as an upbeat U.S. factory orders report sapped demand for safe assets. The 0.7% rise in May, beating a 0.1% gain forecast by economists, was a relief for investors a day after a slump in a manufacturing gauge had fueled fears about the U.S. economic outlook. The U.S. bond market will be shut at 2 p.m. EDT Tuesday, one hour after the close of the U.S. stock markets. Both markets will remain shut today for the Independence Day holiday. Traders caution lighter trading could exaggerate part of the price moves as many investors stay on the sidelines.
CURRENCY UPDATE
DOLLAR
Australia’s dollar touched a two- month high as a government report showed retail sales rose in May, adding to signs of resilience in the nation’s economy. The currency climbed to $1.0320, the strongest since May 3, before trading at $1.0290 as of 4:24 p.m. in Sydney from $1.0283 in New York yesterday. The Aussie fetched 82.09 yen from 82.05. New Zealand’s dollar rose 0.1 percent to 80.49 U.S. cents, after strengthening 2 percent over the previous three trading sessions. The so-called kiwi was at 64.20 yen from 64.12.
EURO
The euro weakened against the yen and the dollar after German services contracted in June, adding to speculation the European Central Bank will cut interest rates to a record tomorrow. The euro fell 0.2 percent to 100.40 yen as of 10:33 a.m. London time after dropping to 98.33 on June 28, the weakest level since June 6. The shared currency declined 0.2 percent to $1.2581.
COMMODITY UPDATE
CRUDE OIL
Oil futures retreated from the highest close in more than a month on speculation that this week’s gains may have been excessive amid concern over the possible impact on demand of a global economic slowdown. Crude for August settlement was down as much as $1.36, or 1.4 percent, at $99.26 a barrel on the ICE Futures Europe exchange in London. It trimmed losses to trade at $99.96.
GOLD
Gold is set to decline in London as a rally to a two-week high spurs investors to sell the metal before European Central Bank policy makers meet tomorrow. Bullion for immediate delivery was little changed at $1,618.16 an ounce by 9:46 a.m. in London. Prices reached $1,625.07 yesterday, the highest since June 19. August-delivery futures were 0.2 percent lower at $1,618.10 on the Comex in New York.
SILVER
Silver for immediate delivery was little changed at $28.2575 an ounce. Spot silver prices rose by 3.2 percent to $28.36 on Tuesday, tracking gold's gains. Prices remain near their 2012 lows, however, and are little changed so far this year.SILVERM prices on MCX were trading firm. MCX SILVERM contract was trading at Rs 53690.00 up Rs 146.00, or 0.27%. The SILVERM rate touched an intraday high of Rs 53790.00 and an intraday low of Rs 53530.00. So far 30207 contracts have been traded.
COPPER
At the Multi Commodity Exchange, copper for delivery in August lost 60 paisa, or 0.14 per cent, to Rs 425.80 per kg, with a trading volume of 9,596 lots Analysts said the fall in copper futures prices was due to a weakening trend at the London Metal Exchange (LME) as this week's rally was seen by investors as excessive amid slowing growth in the US, Europe and China.
Meanwhile, three-month copper dropped as much as 0.9 per cent, to USD 7,750 a ton at the LME.
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