Friday, 3 August 2012

economic data today | Stock tips 6 Aug | commodity tips


Asian stocks fell for a third day after the European Central Bank failed to deliver immediate action to stem the debt crisis and amid speculation China will be slow to ease policy. Sharp (6753) Corp. led technology shares lower after it forecast a wider loss. The MSCI Asia Pacific Index fell 0.8 percent to 117.07 as of 5:19 p.m. in Tokyo, poised to drop a third day. More than three stocks declined for each that rose. The measure has gained 1 percent this week.

U.S. stock-index futures advanced, indicating the Standard & Poor’s 500 Index will rebound from a four-day slump, as investors awaited reports on the pace of hiring and the unemployment rate in the world’s largest economy. Futures on the S&P 500 expiring in September climbed 0.6 percent to 1,370.3 at 10:15 a.m. in London. The benchmark gauge has slipped 1.5 percent this week as pledges by the Federal Reserve and the European Central Bank disappointed investors looking for more definitive measures to stimulate the economy.

European stocks advanced, paring yesterday’s largest slide for the Stoxx Europe 600 Index in more than a week, as investors awaited the monthly U.S. jobs and unemployment report. U.S. index futures climbed, while Asian shares fell. The Stoxx 600 climbed 1 percent to 261.87 at 10:14 a.m. in London. The gauge is heading toward a 0.8 percent climb this week, even as the European Central Bank and the Federal Reserve failed to deliver immediate measures to stimulate a slowing global economy. 

Treasuries held their place as the world’s top-performing bonds over the past three months before a U.S. unemployment report that economists said will show the jobless rate is stuck at 8.2 percent. Benchmark 10-year yields were little changed at 1.47 percent as of 6:42 a.m. in London, according to Bloomberg Bond Trader prices. The record low yield was 1.38 percent set July 25. The price of the 1.75 percent security due in May 2022 was 102 1/2 today.


The dollar weakened before a report that economists said will show that the pace of U.S. hiring failed to bring the jobless rate below 8 percent, a level it has held above for more than three years. The dollar weakened 0.5 percent to $1.2238 per euro as of 6:06 a.m. in New York, paring this week’s gain to 0.7 percent. The U.S. currency was little changed at 78.25 yen. 

The euro gained 0.9 percent to 96.12 yen after falling to 94.12 yen on July 24, the lowest level since November 2000. The euro extended gains against the yen on Friday as investors cut short positions against the common currency after peripheral bond yields turned lower on expectations of future European Central Bank intervention. The euro was up 1 percent on the day at 96.238 yen , pulling away from the day's low of 95.04 yen and well above an 11-1/2 year low of 94.12 yen


Oil rebounded from the lowest close in almost three weeks in New York amid forecasts that hiring increased in the U.S., the world’s largest consumer of crude. The contract yesterday fell $1.78 to $87.13, the lowest close since July 13. Prices are 2.3 percent lower this week and down 11 percent this year.

Gold gained for the first time in five days in London on speculation investors will step up purchases after the metal’s worst week in six. Immediate-delivery bullion rose 0.4 percent to $1,594.82 an ounce by 11:08 a.m. in London. Prices are down 1.7 percent this week, the most since June 22. December-delivery futures were 0.4 percent higher at $1,597.50 on the Comex in New York.

Silver fell Thursday amid news that Mario Draghi and the European Central Bank aren’t going to take immediate action to push growth and rejuvenate the wallowing euro zone. Spot silver inched up 0.4 percent to $27.21 an ounce, on course for a weekly fall of nearly 2 percent, its biggest one-week decline since late June.COMEX silver futures contract for September delivery was up 0.7 percent to $27.17.

Copper was steady on Friday as the dollar fell, but looked vulnerable on renewed worries about the global economy after the European Central Bank failed to take action to solve the euro zone debt crisis. Commodity prices fell on Thursday and copper hit six-week lows after ECB President Mario Draghi failed to offer immediate action to fix the euro zone economy which the market had expected to come via an announcement of large scale bond purchases.

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