05:39
SHARE MARKET REVIEW
ASIAN STOCKS MARKET
Asian stocks rose, with the regional benchmark index headed for a second monthly gain, on speculation the Federal Reserve and the European Central Bank may signal their readiness to stimulate growth amid signs of a global economic slowdown, boosting the earnings outlook for exporters. The MSCI Asia Pacific Index rose 1.1 percent to 118.56 as of 6:00 p.m. in Tokyo with about more than two shares gaining for each that fell. The measure has added 1.2 percent this month, headed for a second monthly gain.
U.S.STOCK MARKET
U.K. stocks were little changed, with the FTSE 100 (UKX) heading for its second successive monthly rally, as investors awaited a Federal Reserve meeting for signs of stimulus, while BP Plc (BP/) posted earnings that missed forecasts. The FTSE 100 lost 8.57, or 0.2 percent, to 5,685.06 at 10:06 a.m. in London. The gauge has climbed 8.1 percent from its 2012 low on June 1, and is headed for a monthly rally of 2 percent.
EUROPEAN MARKET
Most European stocks declined, even as the Stoxx Europe 600 Index headed for its second successive monthly rally, as companies including BP Plc and UBS AG (UBSN) reported earnings that missed forecasts. U.S. index futures and Asian shares rose. The Stoxx 600 retreated less than 0.1 percent to 263.89 at 9:42 a.m. in London. Four shares fell for every three that rose.
U.S.TREASURIES
Treasuries headed for a monthly gain as Europe’s debt crisis underpinned demand for the safest securities and investors awaited the results of central-bank policy meetings in the U.S. and euro area this week. The U.S. 10-year note yielded 1.51 percent at 6:26 a.m. in New York, according to Bloomberg Bond Trader prices. The 1.75 percent security due in May 2022 traded at 102 6/32. The yield has declined 14 basis points this month and fell to a record 1.379 percent on July 25.
CURRENCY UPDATE
DOLLAR
Australia’s dollar touched its highest level in four months after a report showed the nation’s building approvals decreased by less than economists expected. The Australian dollar climbed 0.1 percent to $1.0517 as of 4:22 p.m. in Sydney after earlier touching $1.0537, the strongest level since March 27. The Aussie rose 0.2 percent to 82.26 yen. New Zealand’s currency gained 0.1 percent to 80.97 U.S. cents and reached 81.13 cents, the highest since May 2.
EURO
The euro advanced against the yen and pound, snapping declines from yesterday, amid optimism the European Central Bank will take decisive steps to stimulate the region’s economy at its monthly policy meeting this week. The euro has lost 3.4 percent in the past month, the worst performance among 10 developed-market currencies.
COMMODITY UPDATE
CRUDE OIL
Crude was mixed in Asia today as wary traders looked to meetings this week by the Federal Reserve and European Central Bank (ECB) for market leads, analysts said. New York's main contract, light sweet crude for delivery in September added six cents to $89.84 a barrel and Brent North Sea crude for September delivery shed 29 cents to $105.91.
GOLD
A firming trend in the global markets also influenced the sentiments. In London, gold rose by $1.30 to $1,623.20 an ounce. On the domestic front, gold of 99.9 and 99.5 per cent purity surged Rs. 220 each to Rs. 30,520 and Rs. 30,320 per 10 grams, respectively. Sovereign followed suit and rose by Rs. 50 to Rs. 24,500 per piece of eight grams.
SILVER
Silver rose by 0.25 per cent to $28.25 an ounce. Silver rose in the bullion market in New Delhi on Tuesday on buying by stockiest and jewellery makers for the coming festive season amid a firm global trend. Silver shot up by Rs. 1,000 to Rs. 54,000 per kg on increased off take by jewelers and industrial units. Silver coins followed suit and rose by Rs. 1,500 to Rs. 63,500 for buying and Rs. 64,500 for selling of 100 pieces. Traders said sentiment turned bullish on buying by stockiest and jewelers for the coming festival and marriage season.
COPPER
Copper rose on Tuesday as investors pinned hopes on fresh easing measures in Europe and after Chinese officials promised further support for the economy ahead of key factory figures in the world’s biggest metals consumer. The expectation that the European Central Bank would announce new steps on Thursday to shore up the fragile economy was twined with caution that markets may be disappointed yet again after previous rallies were deflated when no action was taken.
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