March 14, 2012 / 2:27 AM / 6 years ago

India Morning Call - Global Markets

----------------------------(07:56 a.m.)------------------------	
Stock Markets	
DJIA          13,177.68 +217.97  Nikkei      10,109.90   +210.82
 	
NASDAQ         3,039.88  +56.22  FTSE           5,955.91  +63.16
 	
S&P 500        1,395.95  +24.86  Hang Seng     21,572.86 +233.16
 	
CRB Index        318.07   +2.09  	
  	
Bonds                                                           	
US 10 YR Bond     2.123  +0.086  	
US 30 YR Bond     3.261  +0.088  	
  	
Currencies (Prev at 7pm NZST)                                   	
EUR US$          1.3063  1.3067  Yen US$           83.16   83.21
INR US$         49.93   49.94	
  	
Commodities                                                     	
Gold (Lon)      1690.00          Silver (Lon)     33.580        
 	
Gold (NY)       1699.05          Light Crude      106.71        
 	
----------------------------( March 14 )------------------------
 	
  Overnight markets action. Updates to Tokyo and Hong Kong.	
    EQUITIES  	
    NEW YORK - The U.S. stock market posted its best day this
year, with Tuesday's late spark coming from JPMorgan Chase & Co
after the bank announced it will raise its dividend.	
     The Dow Jones industrial average jumped 217.97
points, or 1.68 percent, to close at 13,177.68. The Standard &
Poor's 500 Index rose 24.86 points, or 1.81 percent, to
1,395.95. The Nasdaq Composite Index climbed 56.22
points, or 1.88 percent, to 3,039.88.   	
     For a full report, double click on  	
    - - - -   	
    LONDON - Britain's FTSE 100 closed at its highest level this	
year on Tuesday as banks and miners rallied after encouraging 	
economic data out of Europe and the U.S., although volumes were 	
weak and traders said the market could be nearing its top.    	
    London's blue chip index closed up 63.16 points, or 	
1.1 percent at 5,955.91, but volumes were thin with the FTSE 100	
trading 83 percent of a subdued 90-day average.    	
    For a full report, double click on  	
    - - - -   	
    TOKYO - Japan's Nikkei share average climbed to a fresh
seven-month high on Wednesday, boosted by Wall Street gains
after the Federal Reserve upgraded its U.S. economic outlook
while Tokyo bluechips got a further lift from the softer yen.	
    The benchmark Nikkei gained 195.81 points to
10,100.34 and climbed above the 10,000 mark for a fourth
straight session to its highest level since late July.  	
   In Japan, some market players said a real test of investor
confidence would be whether the index can close above the
closely watched 10,000 on Wednesday. The index has breached the
10,000 mark for three sessions in a row, but has so far failed
to close above the level.  	
   The broader Topix was up 1.9 percent at 861.23.	
	
    For a full report, double click on  	
    - - - -   	
    HONG KONG - Hong Kong shares are set to start higher on
Wednesday, poised to stretch a winning streak into a fifth day
with Chinese Internet giant Tencent Holdings strong
ahead of its corporate earnings later in the day.  	
   The Hang Seng Index was set to start up 1.05 percent
at 21,564.21. The China Enterprises Index of top
mainland listings in Hong Kong was indicated to open up 1.31
percent at 11,505.55.	
    For a full report, double click on 	
    - - - -   	
    FOREIGN EXCHANGE   	
    SYDNEY - The dollar was broadly firmer early in Asia on
Wednesday, having hit a seven-week high against a basket of
major currencies as prospects for further easing by the Federal
Reserve faded in the wake of more upbeat U.S. data.  	
   Also providing risk-takers some comfort, the Fed's annual
stress test showed the majority of the largest U.S. banks
passed.  	
   The dollar index climbed as high as 80.320, before
giving back a bit of ground to last trade at 80.123, up 0.3
percent. It rose to an 11-month high of 83.08 yen, while
the euro fell to a one-month low of $1.3050.  	
   The euro was last at $1.3076, with support seen at
$1.3054, the 50 percent retracement of the Jan 16-Feb 24 rally.
The single currency is seen capped at $1.3120/30, where sell
orders were said to be lurking.	
    For a full report, double click on  	
    - - - -   	
    TREASURIES   	
    NEW YORK - Benchmark U.S. Treasury yields hit their highest
level this year on Tuesday after stronger retail sales, gains in
equities and the Federal Reserve's acknowledgement of signs of
strength in the economy eroded the safe-haven allure of U.S.
debt.	
    Benchmark 10-year Treasury notes traded 27/32
lower in price to yield 2.13 percent, which was the highest
level since early December and up from 2.03 percent late Monday.	
The notes were on track for the biggest single-day rise in rates
since Feb. 3, and yields rose above a range that has dominated
for several months.	
    For a full report, double click on  	
    - - - -   	
    COMMODITIES   	
    GOLD  	
    SINGAPORE - Gold regained some strength on Wednesday on
bargain hunting  after prices dropped about 2 percent in the
previous session, but a firmer U.S. dollar was likely to cap
gains after the Federal Reserve vowed to keep interest rates low
until 2014.  	
    * Spot gold rose 80 cents to $1,675.55 an ounce by 	
0054 GMT. It fell to a low around $1,661 an ounce on Tuesday, 	
its weakest since late January, after the Fed offered no clues 	
on whether there will be another round of monetary easing.      	
     * U.S. April gold extended losses, falling about 1 	
percent to $1,676.40 an ounce.     	
     * The U.S. Federal Reserve on Tuesday gave few signals 	
about the prospects for further monetary easing, offering just a	
slight upgrade to its economic outlook while restating concerns 	
about the high level of unemployment.   	
     * Most of the largest U.S. banks passed their annual stress	
test, the Federal Reserve revealed in an earlier-than-expected 	
release of the results, after JPMorgan Chase pulled the trigger 	
on announcing its glowing marks and helped lift the stock 	
market. 	
    For a full report, double click on  	
    - - - -   	
    BASE METALS  	
    SINGAPORE - London copper edged up on Wednesday, extending
gains from the previous session after the U.S. Federal Reserve
acknowledged signs of economic recovery but stopped short of
signaling further easing, while upbeat U.S. and German data lent
support.  	
    * Three-month copper on the London Metal Exchange 	
inched up 0.2 percent to $8,576.50 a tonne by 0104 GMT, building	
on the 1.3-percent rise in the previous session.  	
    * The most-traded June copper contract on the Shanghai 	
Futures Exchange gained half a percent to 61,360 yuan 	
($9,700)a tonne.  	
    * The U.S. Federal Reserve on Tuesday provided few clues on 	
the prospects for further monetary easing, offering just a 	
slight upgrade to its economic outlook while restating concerns 	
about the high level of unemployment.  	
    * In the latest sign of economic recovery, U.S. retail sales	
posted their largest gain in five months in February, with 	
Americans feeling confident enough to buy more cars and other 	
goods even as they paid more for gasoline.  	
    * In Europe, German analyst and investor sentiment jumped in	
March to its highest level since June 2010, driving European 	
equities to session highs and confirming hopes that Europe's 	
largest economy has recovered from a weak patch. 
 	
    * Heavy rains in Chile's mineral-rich north have cut off 	
roads at No. 3 copper mine Collahuasi  and Cerro 	
Colorado but operations have been little affected, 	
worker and company sources said on Tuesday morning. 	
  	
    For a full report, double click on  	
    - - - -   	
    OIL  	
    TOKYO - U.S. crude futures rose for a second day on
Wednesday on the back of an improved outlook of the world's top
economy, but the gains were limited after industry data showed a
bigger-than-expected build-up in U.S. crude inventories.  	
   * NYMEX crude for April delivery was up 6 cents at
$106.77 a barrel by 0009 GMT, after settling up 37 cents at
$106.71 on Tuesday.  	
   Strong U.S. retail sales data and the Federal Reserve's
acknowledgement that it would maintain exceptionally low
interest rates until at least through 2014 helped push up oil
prices on Tuesday, countering the impact of a rising dollar.  	
   * London Brent crude for April delivery was up 1 cent
at $126.23 a barrel, after settling up 88 cents at $126.22, the
highest close since April 8, 2011.  	
   * After the settlement on Tuesday, the American Petroleum
Institute said domestic crude stocks rose by 2.8 million barrels
last week, far more than the forecast for a 1.7-million-barrel
build in a Reuters poll.     	
   Heating oil and RBOB gasoline futures extended gains after
distillate and gasoline stocks showed a bigger-than-expected
decline.  	
   * Saudi Arabia and other Gulf oil producers say surging oil
markets are beyond their control and prices could spike unless
tensions between Iran and the West subside.   	
   * Increasing onshore shale oil output likely will displace
light, sweet crude imports to the U.S. Gulf Coast by 2015,
Valero Corp Chief Executive Bill Klesse
said. 	
    For a full report, double click on  	
    - - - -  	
	
 (Compiled by Harish Nambiar)

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