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India Morning Call - Global Markets
March 20, 2012 / 2:27 AM / 6 years ago

India Morning Call - Global Markets

----------------------------(07:50 a.m.)------------------------	
Stock Markets	
DJIA          13,239.13   +6.51  Nikkei      ---mkts closed ----
 	
NASDAQ         3,078.32  +23.06  FTSE           5,961.11   -4.47
 	
S&P 500        1,409.75   +5.58  Hang Seng     21,017.85  -97.44
 	
CRB Index        319.42   +1.49  	
  	
Bonds                                                           
 	
US 10 YR Bond     2.379  +0.081  	
US 30 YR Bond     3.482  +0.074  	
  	
Currencies                                      	
EUR US$          1.3229  1.3231  Yen US$           83.47   83.53
INR US$         50.23   50.24	
  	
Commodities                                                     
 	
Gold (Lon)      1661.50          Silver (Lon)     32.440        
 	
Gold (NY)       1653.49          Light Crude      108.02        
 	
---------------------------( March 20 )-------------------------
 	
 Overnight market action with Tuesday Hong Kong open.	
  	
    EQUITIES  	
    NEW YORK -  The S&P 500 extended its rally on Monday to
climb within 10 percent of its historic closing high, after
Apple said it would pay a $10 billion annual dividend and buy
back stock. 	
     The Dow Jones industrial average edged up 6.51
points, or 0.05 percent, to 13,239.13 at the close. The S&P 500
Index gained 5.58 points, or 0.40 percent, to 1,409.75.
The Nasdaq Composite rose 23.06 points, or 0.75 percent,
to 3,078.32.	
    For a full report, double click on  	
    - - - -   	
    LONDON - Britain's top shares eased back from last week's 	
2012 highs on Monday, as weakness in banks after recent strong 	
gains overshadowed a late-session recovery from miners, with 	
investors awaiting the next catalyst to drive the market.  	
    The benchmark FTSE 100 index closed down 4.47 	
points, or 0.1 percent, at 5,961.11.  	
    For a full report, double click on  	
    - - - -   	
    TOKYO - Japanese markets closed for Spring Equinox	
    For a full report, double click on  	
    - - - -  	
    HONG KONG - Hong Kong shares were set to start higher on
Tuesday bolstered by energy and utilities counters, with Hong
Kong and China Gas Co Ltd up 2.2 percent after posting
a 10 percent rise in 2011 profit late on Monday.   	
   The Hang Seng Index was set to start up 0.32 percent
at 21,183.04. The China Enterprises Index of top
mainland listings in Hong Kong was indicated to open up 0.18
percent at 11,056.07.	
    For a full report, double click on 	
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    FOREIGN EXCHANGE   	
    SINGAPORE - The dollar hovered near a one-week low against a
basket of currencies on Tuesday, but recent signs of improvement
in the U.S. economy and rises in U.S. Treasury yields were seen
likely to lend the greenback some support.  	
   The dollar index stood at 79.449, having regained a
bit of ground after dipping to 79.354 on Monday, its lowest
level since March 9. One possible support lies near 79.30, the
100-day moving average.	
     The euro held steady at $1.3240, having climbed to a
one-week high near $1.3266 at one point on Monday.	
	
    For a full report, double click on  	
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    TREASURIES   	
    NEW YORK - U.S. Treasuries prices fell 	
on Monday, with longer-dated debt yields touching 4-1/2 month 	
highs and investors likely to trim their bond holdings further 	
on signs of an improving U.S. economy and some stabilization of 	
Europe's debt troubles.	
     Benchmark 10-year Treasury notes fell for a 	
th consecutive session. They were last down 18/32 in price at 	
96-26/32 to yield 2.38 percent, up 6 basis points from late on 	
Friday.  	
    The 10-year yield has risen almost 60 basis points from late	
January and is within striking distance of 2.42 percent, last 	
touched on Oct 28, according to Tradeweb.  	
    The 30-year bond was last down 1 point, yielding	
3.46 percent, up almost 6 basis points from Friday. It flirted 	
above 3.49 percent, the highest level since early September 	
2011, for a second time in three sessions.  	
    For a full report, double click on  	
    - - - -   	
    COMMODITIES   	
    GOLD  	
    SINGAPORE - Spot gold edged up on Tuesday, extending gains
into a fourth consecutive session, as a weaker dollar helped
support prices.  	
    * Spot gold edged up 0.2 percent to $1,662.85 an 	
ounce by 0045 GMT, on course for its fourth session of straight 	
gains.  	
    * U.S. gold inched down 0.3 percent to $1,663.20.  	
    * The U.S. Federal Reserve has not yet decided whether to 	
embark on a third round of quantitative easing, or QE3, though 	
it remains an option, an influential Fed official said on 	
Monday.  	
    * The U.S. data continued to show signs of a steady 	
recovery. U.S. homebuilder sentiment was unchanged in March to 	
hold at the highest level since June 2007, and the Chicago 	
Federal Reserve Bank's Midwest manufacturing index edged up in 	
January from December.   	
    * The S&P 500 stood at its highest level since May 2008 and 	
10 percent below the record close set in October 2007. 	
  	
    * Jewellers in India plan to close shops for two more days, 	
continuing their protest against the duty increase on gold 	
imports announced by the government last Friday. 
 	
    * SPDR Gold Trust, the world's largest gold-backed 	
exchange-traded fund, said its gold holdings stayed unchanged at	
1,293.268 tonnes for the fifth straight session on Monday, 	
despite the sharp pull-back in prices last week. 
 	
    * Global photovoltaic solar installations jumped 40 percent 	
to a record 27.4 gigawatts, helped by a late surge of activity 	
ahead of subsidy cuts, according to a report by consultancy NPD 	
Solarbuzz issued on Monday.  	
    * Spot silver fell 1 percent to $32.86, wiping out 	
gains from the previous session.  	
    For a full report, double click on  	
    - - - -   	
    BASE METALS  	
    SINGAPORE - London copper edged higher for a second straight
session on Tuesday after an orderly auction of Greek default
insurance eased concerns about Greece's threat to the euro zone
and eroded safe-haven support for the dollar.   	
    * Three-month copper on the London Metal Exchange 	
rose $6.50 to $8,576.50 per tonne by 0127 GMT.  	
    * The most-traded June copper contract on the Shanghai 	
Futures Exchange gained 0.6 percent to 60,660 yuan 	
($9,600) per tonne.  	
    * Australia's parliament passed laws for a new 30 percent 	
tax on iron ore and coal mine profits on Monday after a bruising	
two-year battle with mining companies, in a major victory for 	
Prime Minister Julia Gillard and her struggling minority 	
government.  	
    * Venezuela's state-run aluminium producer Alcasa will use a	
$403 million loan from China to prop up its operations, which 	
would allow the company to resume exports to several Latin 	
American countries, Alcasa's president said on Monday.	
    For a full report, double click on  	
    - - - -   	
    OIL  	
    SEOUL - U.S. crude oil futures dipped on Tuesday, after
gaining in the previous session, as global supply worries eased
after Saudi Arabia increased oil shipments in January and Libya
announced plans to lift oil exports to pre-war levels.  	
   * On the New York Mercantile Exchange, crude for April
delivery, which expires on Tuesday, lost 29 cents a
barrel at $107.80 as of 0029 GMT after settling up $1.03 at
$108.09.  	
   * In London, ICE Brent crude for May delivery 
extended losses by 36 cents a barrel at $125.35 after settling
down 10 cents at $125.71 a barrel.      	
   * China will raise retail gasoline and diesel prices by
between 6 and 7 percent from Tuesday, marking the biggest
increase in 33 months, a move that will help refiners reduce
heavy losses but is unlikely to hit demand in a big way.
  	
   * U.S. Treasury Secretary Timothy Geithner said Europe was
only at the initial stages of a long and difficult path toward
fiscal sustainability and warned heavily indebted countries not
to resort to draconian measures to boost their economies,
according to congressional testimony released on
Monday.  	
   * U.S. homebuilder sentiment was unchanged in March to hold
at the highest level since June 2007 while sentiment in February
was revised lower, the National Association of Home Builders
said on Monday.  	
   * The U.S. Federal Reserve has not yet decided whether to
embark on a third round of quantitative easing, or QE3, though
it remains an option, said New York Fed President William
Dudley, who painted a mixed picture of the U.S. economy.  	
   * U.S. commercial crude stockpiles are forecast to have
climbed last week on higher imports and lower refinery activity,
in line with seasonal patterns, a preliminary Reuters poll of
analysts showed on Monday.  	
   * Bank of America Merrill Lynch raised 2012 price forecasts
for Brent crude by $8 to $118 a barrel and for U.S. oil by $3 to
$106 a barrel, citing better-than-expected global economic
conditions and tighter-than-expected supplies.  	
   * Societe Generale raised its price forecasts for Brent crude
oil and U.S. West Texas Intermediate crude oil for 2012 and 2013
citing supply side issues like tight crude stocks, low OPEC
spare capacity and strong non-OPEC supply disruption.
  	
   * In Syria, rebels fought gun battles with government forces
in Damascus, in the most violent clashes the capital has seen
since the start of the year-old revolt against President Bashar
al-Assad.  	
   In a fresh effort to form a united international front on the
mounting crisis, France circulated a Western-drafted statement
for the U.N. Security Council deploring the turmoil and backing
peace efforts by U.N.-Arab League envoy Kofi Annan. Britain's
U.N. envoy said he hoped the statement would be adopted on
Tuesday.  	
    For a full report, double click on  	
    - - - -  	
	
 (Compiled by Harish Nambiar)

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