ASIAN STOCKS MARKET
Asian stocks rose, with the benchmark index poised to snap six days of losses, on speculation policy makers will do more to support growth after China reported the slowest expansion in three years, South Korea cut its outlook and Singapore said its economy shrunk. The MSCI Asia Pacific Index rose 0.4 percent to 115.17 as of 7:09 p.m. in Tokyo, paring its weekly loss to 2.9 percent, the biggest drop since May.
U.S.STOCK MARKET
U.S. stock futures rose, indicating the Standard & Poor’s 500 Index will snap the longest losing streak in almost two months, as slowing expansion in China fueled speculation policy makers will boost stimulus measures. S&P 500 futures expiring in September added 0.4 percent to 1,334.8 as of 6:27 a.m. in New York. The benchmark gauge has lost 1.5 percent this week amid concern company earnings in the world’s largest economy may be lower than estimated. Dow Jones Industrial Average futures gained 49 points, or 0.4 percent, to 12,551 today.
EUROPEAN MARKET
European stocks gained as China reported the slowest expansion in three years, fueling speculation policy makers will add to stimulus measures. Asian shares and U.S. index futures advanced. The Stoxx Europe 600 Index added 0.3 percent to 253.7 at 9:32 a.m. in London. The gauge is heading for a 0.3 percent weekly decline amid mounting concern that slowing economic growth will curb earnings in the U.S. and Europe.
U.S.TREASURIES
Treasury 10-year yields were four basis points from a record low as slowing economic growth in China added to concern the global expansion is flagging, boosting demand for the safest securities. The 10-year note yielded 1.48 percent at 6:25 a.m. in New York, according to Bloomberg Bond Trader prices. The 1.75 percent security due in May 2022 traded at 102 15/32. The yield, which has declined seven basis points this week, dropped to a record 1.4387 percent on June 1.
CURRENCY UPDATE
DOLLAR
The Australian and New Zealand dollars rose, paring weekly losses, after a Chinese government report showed the nation’s economy grew in the second quarter. Australia’s currency rose 0.2 percent to $1.0163 at 3:55 p.m. in Sydney from yesterday, paring this week’s decline to 0.5 percent. It added 0.2 percent to 80.58 yen, after weakening 1.7 percent yesterday, the sharpest drop since May 30. New Zealand’s dollar gained 0.3 percent to 79.16 U.S. cents, having fallen 0.8 percent since July 6, and fetched 62.76 yen from 62.62.
EURO
The euro headed for a second weekly decline against the dollar after Moody’s Investors Service cut Italy’s credit rating, adding to concern the region’s debt crisis is worsening. The euro was little changed at $1.2201 at 10:34 a.m. London time, having dropped 0.7 percent this week. The single currency declined 0.1 percent to 96.69 yen after falling to 96.43 yen yesterday, the lowest level since June 1.
COMMODITY UPDATE
CRUDE OIL
Oil advanced, extending a weekly gain, as investors speculated that China’s government will boost stimulus measures and the U.S. tightened sanctions on Iran. Crude futures rose as much as 0.9 percent in New York after closing 0.3 percent higher yesterday. China’s economy grew at a less-than-estimated 7.6 percent in the second quarter, data from the National Bureau of Statistics showed. Oil in New York closed at a one-week high yesterday after the U.S. announced some additional sanctions on Iran..
GOLD
Spot gold was trading almost unchanged at USD 1,569.71 an ounce by 6.14pm GMT on Wednesday and inched up to about USD 1,572.80 in early Asian trade on Thursday. The metal has fallen nearly 20% since touching an all-time high of USD 1,918 in September last year, as a combination of Europe’s debt crisis and concerns over global economic growth triggered a selloff in risk assets like commodities.
SILVER
Silver advanced by Rs 500 to Rs 52,800 per kg and weekly-based delivery by Rs 485 to Rs 53,070 a kg.Silver coins also rose by Rs 1,000 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces. Silver bullion also gave back the last of July's rally to date, trading down to $27.75 per ounce. Spot silver rose as much as 0.5 percent to $27.31 an ounce, and was last at $27.285, reversing a 0.3 percent drop. The metal ended last week at $27.1125.
COPPER
Copper traders are the most bearish in six weeks on concern demand will slow in China, Europe and the U.S. at a time when hedge funds are betting on lower prices. Copper rose 0.7 percent to $7,653 a metric ton this year on the London Metal Exchange after slumping 21 percent last year. The MSCI All-Country World Index (MXWD) of equities gained 2.1 percent since the start of January and the Standard & Poor’s GSCI gauge of 24 commodities slid 3.9 percent. Treasuries returned 2.6 percent, a Bank of America Corp. index shows.
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