04:34
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GLOBAL MARKET UPDATE
ASIAN STOCKS MARKET
Asian stocks fell, with the regional benchmark index headed for the biggest slide in a month, after Premier Wen Jiabao said China’s economy faces “relatively large” downward pressure and Japanese machinery orders fell the most in a decade. The MSCI Asia Pacific Index fell 1.4 percent to 116.89 as of 4:09 p.m. in Tokyo, heading for its largest drop since June 4. Almost four stocks dropped for each that rose. The gauge slid July 6 as interest-rate cuts in Europe and China failed to allay concern that global economic growth is slowing amid a spreading sovereign-debt crisis.
U.S.STOCK MARKET
U.S. stock-index futures fell, indicating the Standard & Poor’s 500 Index may retreat for a third day, as Japan’s machinery orders dropped the most in more than a decade. S&P 500 Index (SPX) futures expiring in September fell 0.5 percent to 1,345.4 at 10:40 a.m. in London. The benchmark gauge slipped 0.6 percent last week, after reaching a two-month high, as jobs data heightened concern about a slowing economy and optimism faded that Europe will resolve its debt crisis. Dow Jones Industrial Average futures lost 64 points, or 0.5 percent, to 12,663 today.
EUROPEAN MARKET
European stocks fell for a fourth day as Japanese machinery orders tumbled the most in a decade and Spanish bonds sank before a meeting of euro-area finance ministers. U.S. index futures and Asian shares retreated. The Stoxx Europe 600 Index (SXXP) slipped 0.4 percent to 253.35 at 1:10 a.m. in London as the yield on Spain’s 10-year bonds climbed to more than 7 percent. The equity gauge has risen for five straight weeks, the longest winning streak since January.
U.S.TREASURIES
Treasuries rose, pushing yields toward a record low, as Goldman Sachs Group Inc. and other bond- trading firms said the Federal Reserve will add to its debt purchases to support the economy. Benchmark 10-year yields declined two basis points to 1.54 percent. They reached 1.53 percent, the lowest since June 5. The 1.75 percent security due in May 2022 rose 5/32, or $1.56 per $1,000 face amount, to 101 31/32.
CURRENCY UPDATE
DOLLAR
Disappointing US labour force figures were the key factor pushing the Australian dollar down on Monday. At 1700 the Australian dollar was trading at 101.91 US cents, down from Friday's close of 102.55 US cents. It had fallen to its weakest point in 10 days on Monday morning, after US non-farm payrolls data showed an increase of only 80,000 new jobs in June, compared to an expectation of 100,000.
EURO
The euro touched its lowest level in two years before regional finance ministers gather in Brussels today to discuss crisis-fighting measures adopted by heads of government at a summit last month. The euro slid to $1.2251, the weakest since July 2010, before trading at $1.2275. The shared currency bought 97.82 yen after earlier touching 97.43, the lowest since June 5.
COMMODITY UPDATE
CRUDE OIL
Oil rebounded in New York after the biggest drop in two weeks as a labor strike threatened to halt production in Norway, Western Europe’s biggest exporter. Brent crude for August settlement gained 66 cents, or 0.7 percent, to $98.85 a barrel on the London-based ICE Futures Europe exchange. The European benchmark’s premium to WTI was at $13.91 compared with $13.74 on July 6.
GOLD
Gold inched down on Monday, extending losses to a third session, on a lack of conviction the U.S. Federal Reserve would take measures to stimulate the economy anytime soon even after a disappointing jobs report. Spot gold dropped to its lowest in almost two weeks of $1,575.89 an ounce, before recovering slightly to $1,580.09 an ounce by 0346 GMT. U.S. gold futures contract for August delivery was up 0.2 percent to $1,581.20.
SILVER
In Singapore, silver gained 0.4 per cent to USD 27.21 an ounce. Silver weekly-based delivery rose by Rs 105 to Rs 53,230 per kg after losing Rs 965 in last two trading sessions. Silver prices recovered by Rs 350 to Rs 53,200 per kg in the bullion market here today on buying by stockiest amid strong global cues, while gold prices ended flat at Rs 30,030 per 10 grams on sluggish demand. Last week’s closing price of $27.02 per ounce (oz) marked the metal’s largest quarterly loss in almost four years – down 19 percent for the period
COPPER
Copper for three-month delivery slipped 0.1 percent to $7,525 a metric ton on the London Metal Exchange. Prices climbed as much as 0.4 percent and fell as much as 0.6 percent. Copper was seen falling for a fourth day in London as further evidence that economies are slowing fed concern about the outlook for demand. Prices may reach $6,500 this quarter, Widmer said. September-delivery metal was unchanged at $3.4095 a pound on the Comex in New York.
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