04:36
SHARE MARKET REVIEW
ASIAN STOCKS MARKET
Asian stocks rose for the first time in five days after Premier Wen Jiabao’s call for investment lifted Chinese railways shares and phone companies. Gains were limited on concern a global slowdown will hit earnings at companies from Advantest Corp. (6857) to BHP Billiton Ltd. The MSCI Asia Pacific Index (MXAP) added 0.2 percent to 116.83 as of 5:57 p.m. in Tokyo, with about five stocks falling for every four that rose.
U.S.STOCK MARKET
U.S. stock futures advanced, indicating the Standard & Poor’s 500 Index will snap four days of losses, as investors awaited minutes of last month’s Federal Reserve meeting for signs of further stimulus measures. S&P 500 futures expiring in September rose 0.3 percent to 1,339 at 10:27 a.m. in London. The equity gauge has retreated 2.4 percent over the past four days amid concern about corporate profits. Dow Jones Industrial Average futures added 33 points, or 0.3 percent, to 12,618 today.
EUROPEAN MARKET
European (SXXP) stocks dropped for the fifth time in six days amid concern that slowing global growth is pulling down company earnings. U.S. index futures advanced, while Asian shares were little changed. The Stoxx Europe 600 Index declined 0.3 percent to 254.89 at 10:50 a.m. in London. The benchmark measure rose for the first time in a week yesterday as manufacturing in the U.K. and Italy unexpectedly rose.
U.S.TREASURIES
Treasuries trimmed a four-day advance as the U.S. prepared to sell $21 billion of 10-year securities today, the second of three auctions this week. The U.S. 10-year yield raised one basis point, or 0.01 percentage point, to 1.51 percent at 10:19 a.m. London time, according to Bloomberg Bond Trader prices. The 1.75 percent security due in May 2022 fell 3/32, or 94 cents per $1,000 face amount to 102 5/32. The yield dropped to 1.5 percent yesterday, the lowest level since June 4.
CURRENCY UPDATE
DOLLAR
The dollar weakened amid speculation minutes of last month’s Federal Reserve meeting will show the central is moving closer to expanding its stimulus program, boosting demand for higher-yielding currencies. The dollar fell 0.2 percent to 79.28 yen at 9:59 a.m. London time. Against the euro it was 0.3 percent weaker at $1.2290. The U.S. currency slid against all but one of its 16 major peers tracked by Bloomberg, dropping most versus the Australian dollar and Mexican peso.
EURO
The euro steadied in Asian trade on Wednesday but hovered near two-year lows against the dollar as investors fretted about the outcome of a German hearing on the euro zone bailout fund, the latest obstacle to efforts to beat the region's debt crisis. The euro was changing hands at $1.2266, with Monday's EBS two-year low of $1.2225 in sight, a break of which would open the way to a test of support at $1.20. The euro fell to five-week low against the yen on EBS at 97.09 yen, and last traded at 97.33 yen.
COMMODITY UPDATE
CRUDE OIL
Oil rebounded from the lowest close in more than a week in New York on speculation declines may have been excessive amid shrinking stockpiles in the U.S., the world’s biggest crude consumer. Oil for August delivery gained as much as 84 cents to $84.75 a barrel in electronic trading on the New York Mercantile Exchange and was at $84.62 at 2:35 p.m. Singapore time. The contract fell $2.08 yesterday to $83.91, the lowest close since July 2. Prices are down 14 percent this year.
GOLD
Spot gold firmed on Wednesday after posting its biggest one-day decline since late June, but gains are expected to be reined in as the dollar continues to outstrip bullion as the preferred destination for safety amid a grim economic outlook. Spot gold gained half a percent to $1,575.74 an ounce by 0635 GMT, after losing 1.4 percent on Tuesday when it touched $1,563.89 -- lowest since June 29.
The US gold futures contract for August delivery edged down 0.2 percent to $1,576.10.
SILVER
Globally, silver fell by 1.94 per cent to USD 26.91 an ounce in New York yesterday.
Market analysts said apart from sluggish demand in the spot market, weakness in overseas markets also put pressure on the silver futures prices. Silver prices declined by Rs 154 to Rs 54,215 per kg in futures trade today mostly in line with a weakening trend in global markets as strong dollar reduced the appeal for the precious metals
COPPER
London copper crawled higher on Wednesday after recent losses, but metal prices were stuck in a tight range on caution ahead of this week's GDP data from top consumer China that is expected to yield fresh trading cues. Three-month copper on the London Metal Exchange inched up 0.1 percent to $7,494.75 per ton by 0410 GMT, after climbing to a high of $7,537 earlier in the session. LME copper has dropped 4 percent over the last 5 sessions, biggest 5-day loss in about two months.
Asian stocks rose for the first time in five days after Premier Wen Jiabao’s call for investment lifted Chinese railways shares and phone companies. Gains were limited on concern a global slowdown will hit earnings at companies from Advantest Corp. (6857) to BHP Billiton Ltd. The MSCI Asia Pacific Index (MXAP) added 0.2 percent to 116.83 as of 5:57 p.m. in Tokyo, with about five stocks falling for every four that rose.
U.S.STOCK MARKET
U.S. stock futures advanced, indicating the Standard & Poor’s 500 Index will snap four days of losses, as investors awaited minutes of last month’s Federal Reserve meeting for signs of further stimulus measures. S&P 500 futures expiring in September rose 0.3 percent to 1,339 at 10:27 a.m. in London. The equity gauge has retreated 2.4 percent over the past four days amid concern about corporate profits. Dow Jones Industrial Average futures added 33 points, or 0.3 percent, to 12,618 today.
EUROPEAN MARKET
European (SXXP) stocks dropped for the fifth time in six days amid concern that slowing global growth is pulling down company earnings. U.S. index futures advanced, while Asian shares were little changed. The Stoxx Europe 600 Index declined 0.3 percent to 254.89 at 10:50 a.m. in London. The benchmark measure rose for the first time in a week yesterday as manufacturing in the U.K. and Italy unexpectedly rose.
U.S.TREASURIES
Treasuries trimmed a four-day advance as the U.S. prepared to sell $21 billion of 10-year securities today, the second of three auctions this week. The U.S. 10-year yield raised one basis point, or 0.01 percentage point, to 1.51 percent at 10:19 a.m. London time, according to Bloomberg Bond Trader prices. The 1.75 percent security due in May 2022 fell 3/32, or 94 cents per $1,000 face amount to 102 5/32. The yield dropped to 1.5 percent yesterday, the lowest level since June 4.
CURRENCY UPDATE
DOLLAR
The dollar weakened amid speculation minutes of last month’s Federal Reserve meeting will show the central is moving closer to expanding its stimulus program, boosting demand for higher-yielding currencies. The dollar fell 0.2 percent to 79.28 yen at 9:59 a.m. London time. Against the euro it was 0.3 percent weaker at $1.2290. The U.S. currency slid against all but one of its 16 major peers tracked by Bloomberg, dropping most versus the Australian dollar and Mexican peso.
EURO
The euro steadied in Asian trade on Wednesday but hovered near two-year lows against the dollar as investors fretted about the outcome of a German hearing on the euro zone bailout fund, the latest obstacle to efforts to beat the region's debt crisis. The euro was changing hands at $1.2266, with Monday's EBS two-year low of $1.2225 in sight, a break of which would open the way to a test of support at $1.20. The euro fell to five-week low against the yen on EBS at 97.09 yen, and last traded at 97.33 yen.
COMMODITY UPDATE
CRUDE OIL
Oil rebounded from the lowest close in more than a week in New York on speculation declines may have been excessive amid shrinking stockpiles in the U.S., the world’s biggest crude consumer. Oil for August delivery gained as much as 84 cents to $84.75 a barrel in electronic trading on the New York Mercantile Exchange and was at $84.62 at 2:35 p.m. Singapore time. The contract fell $2.08 yesterday to $83.91, the lowest close since July 2. Prices are down 14 percent this year.
GOLD
Spot gold firmed on Wednesday after posting its biggest one-day decline since late June, but gains are expected to be reined in as the dollar continues to outstrip bullion as the preferred destination for safety amid a grim economic outlook. Spot gold gained half a percent to $1,575.74 an ounce by 0635 GMT, after losing 1.4 percent on Tuesday when it touched $1,563.89 -- lowest since June 29.
The US gold futures contract for August delivery edged down 0.2 percent to $1,576.10.
SILVER
Globally, silver fell by 1.94 per cent to USD 26.91 an ounce in New York yesterday.
Market analysts said apart from sluggish demand in the spot market, weakness in overseas markets also put pressure on the silver futures prices. Silver prices declined by Rs 154 to Rs 54,215 per kg in futures trade today mostly in line with a weakening trend in global markets as strong dollar reduced the appeal for the precious metals
COPPER
London copper crawled higher on Wednesday after recent losses, but metal prices were stuck in a tight range on caution ahead of this week's GDP data from top consumer China that is expected to yield fresh trading cues. Three-month copper on the London Metal Exchange inched up 0.1 percent to $7,494.75 per ton by 0410 GMT, after climbing to a high of $7,537 earlier in the session. LME copper has dropped 4 percent over the last 5 sessions, biggest 5-day loss in about two months.
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