September 28, 2017 / 9:30 PM / 23 days ago

UPDATE 1-Asia Morning Call-Global Markets

    Sept 29(Reuters) - 
 Stock Markets                  Net Chng    Stock Markets                    Net Chng
 S&P/ASX 200**   5,670.385      6.117       NZX 50**            7,936.04     22.42
 DJIA**          22,381.2       40.49       NIKKEI**            20,363.11    96.06
 Nasdaq**        6,453.451      0.188       FTSE**              7,322.82     9.31
 S&P 500**       2,510.06       3.02        Hang Seng**         27,421.6     -220.83
 SPI 200 Fut     5659           13          STI**               3,227.14     -9.01
 SSEC**          3,340.1155     -5.16       KOSPI**             2,373.14     0.57
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 Bonds                          Net Chng    Bonds                            Net Chng
 JP 10 YR Bond   0.066          -0.007      KR 10 YR Bond       2.392        0.033
 AU 10 YR Bond   2.85           -0.017      US 10 YR Bond       2.3085       0
 NZ 10 YR Bond   3              -0.005      US 30 YR Bond       2.8688       0.007
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 Currencies                     Net Chng                                     Net Chng
 SGD US$         1.3578         -0.002      KRW US$             1,145.65     0.9
 AUD US$         0.7857         0.0009      NZD US$             0.7236       0.0037
 EUR US$         1.1784         0.0041      Yen US$             112.32       -0.49
 THB US$         33.38          0.09        PHP US$             50.8         -0.16
 IDR US$         13,510         75          INR US$             65.46        -0.25
 MYR US$         4.23           0.01        TWD US$             30.405       0.102
 CNY US$         6.657          0.0145      HKD US$             7.8121       0.0028
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 Commodities                    Net Chng                                     Net Chng
 Spot Gold       1,286.86       6.14        Silver (Lon)        16.878       0.138
 U.S. Gold Fut   1,289.9        2.1         Brent Crude         57.65        -0.25
 Iron Ore        CNY454         -4.5        TRJCRB Index        182.9904     -0.8701
 TOCOM Rubber    JPY203.5       -2.3        LME Copper          6,552.5      115.5
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--  
    ** indicates closing price 
    All prices as of 20:53 GMT
    
    EQUITIES

     GLOBAL - The U.S. dollar weakened on Thursday after a recent rally while stocks
globally rose modestly as investors digested U.S. economic data and prospects for a
U.S. tax reform plan proposed by President Donald Trump.
    Trump on Wednesday proposed the biggest U.S. tax overhaul in three decades, calling
for tax cuts for most Americans, but prompting criticism that the plan favors business
and the rich and could add trillions of dollars to the deficit.
    For a full report, click on
    
    - - - -
    
    NEW YORK - Wall Street edged higher on Thursday, as the S&P 500 eked out a record
on gains in McDonald's and healthcare names, while investors continued to hope
President Donald Trump will be able to make progress on tax reform.
    Shares in the world's biggest fast food chain rose 2.23 percent, their
biggest single-day percentage gain in more than two months, after Longbow Research
upgraded the stock to "buy."
    For a full report, click on
    
    - - - -
    
    LONDON - European shares closed in mixed directions on Thursday but clung to a
10-week high as bullishness fuelled by President Donald Trump's tax cut plan lingered
on despite concerns it might prove difficult to implement.
    The pan-European STOXX 600 index was up 0.1 percent, just above the
two-month high it reached in the previous session, which was lifted by the revival of
"Trumpflation" trade - a bet on rising rates, inflation and securities prices in the
United States and beyond.
    For a full report, click on

    - - - -
    
    TOKYO - Japanese stocks rebounded on Thursday after Wall Street gained and the
dollar rose against the yen on hopes U.S. President Donald Trump's administration may
be making progress on a tax plan.
    The Nikkei gained 0.5 percent to 20,363.11. 
    For a full report, click on
    
    - - - -
    
    SHANGHAI - China stocks were little changed on Thursday as many investors took to
the sidelines as they awaited third quarter economic data and counted down to a
week-long National Day holiday starting on Sunday.
    Traders were cautious amid emerging signs of fading economic momentum after a
robust first half, though most analysts expect the economy will remain resilient in the
short run thanks to a construction boom.
    For a full report, click on
    
    - - - -
    
    AUSTRALIA - Australian shares are expected to edge up on Friday, taking cues from
Wall Street which ended higher, while higher copper prices and recovery in gold is
expected to lend support to some mining stocks. 
    The S&P posted a record on gains in McDonald's and healthcare stocks, while
investors continued to hope President Trump will be able to make progress on tax
reform.  
    For a full report, click on
    
    - - - -
    
    SEOUL - The Korea Composite Stock Price Index (KOSPI) closed at 2,373.14
points, up fractionally on the day.
    Offshore investors also unloaded a net 136.6 billion won ($118.94 million) worth of
Korean shares from their portfolios, but the benchmark index ended little changed as
other market players mostly held their positions ahead of long holiday break next week.
    
    For a full report, click on
    
    - - - -
    
    FOREIGN EXCHANGE

    NEW YORK - The dollar edged lower against a basket of currencies on Thursday, on
pace to snap a three-day winning streak, as investors looked to take profits on the
greenback's rally this week ahead of the end of the quarter.
    The dollar index, which tracks the greenback against six major currencies,
was down 0.18 percent at 93.196. The index was coming off its strongest three-day
performance in nine months.
    For a full report, click on

    - - - -
    
    SHANGHAI - China's yuan extended losses against the U.S. dollar on Thursday
afternoon, falling to its lowest level in over a month, amid heavy dollar demand from
bank clients.
    Spot yuan opened at 6.6410 and fell to 6.6770 at one point in afternoon
trade, the weakest level since Aug. 18.
    For a full report, click on
    
    - - - -
    
    AUSTRALIA - The Australian dollar wallowed near six-week lows as the greenback
jumped and Treasury yields climbed on wagers a proposed cut in U.S. tax rates could
boost economic growth and inflation.
    The Australian dollar held at $0.7846, after going as low as $0.7836
overnight, a level not seen since mid-August. For the week so far, the Aussie has
fallen 1.3 percent and was on track for its worst performance since early April.
    For a full report, click on
    
    - - - -
    
    SEOUL - The South Korean won fell to its lowest level in more than 11 weeks
on Thursday as foreigners continued to sell local shares and government bonds as the
U.S. dollar climbs.
    The won fell 0.7 percent to 1,149.1 to the dollar by the conclusion of
onshore trade, from Wednesday's close of 1,140.7. It was the won's weakest closing
level since July 11.
    For a full report, click on
    
    - - - -
    
    TREASURIES
    
    NEW YORK - Most U.S. Treasury yields rose on Thursday, with the 10-year yield
hitting an 11-week peak as investors reduced their bond holdings in the wake of a tax
plan that raised concerns about growth in the federal deficit and borrowing.
    The sharp rise in bond yields came as the government prepared to sell $28 billion
in seven-year notes at 1 p.m. (1700 GMT) in the final part of this
week's $88 billon fixed-rate debt supply.
    For a full report, click on
    
    - - - -
    
    LONDON - German bond yields hit eight-week highs on Thursday, leading a rise in
euro zone borrowing costs as U.S. President Donald Trump proposed the biggest U.S. tax
overhaul in three decades and strong data boosted the case for another rate hike this
year.
    The rise was tempered by a lower-than-expected German inflation data in the
afternoon, but most bond yields remained higher on the day.
    For a full report, click on
    
    - - - -
    
    TOKYO - Japanese government bond prices dropped on Thursday, with the benchmark
futures posting their biggest daily fall in three months, as investors anticipated
possible fiscal expansion both in Japan and the United States.
    The 10-year JGB yield rose 2.5 basis points to 0.075 percent, its
highest in two months, while the price of the benchmark 10-year JGB futures,
 dropped 0.32 point to 150.26, the biggest decline since June 30.
    For a full report, click on
 
    
    COMMODITIES
    
    GOLD
    Gold touched a six-week low on Thursday after the dollar and U.S. bond yields rose
on proposed U.S. tax reforms and strong economic data that supported the case for
another U.S. interest rate hike this year.
    U.S. stocks rose and the dollar hit its highest level since mid-August before
slipping as markets bet President Donald Trump's tax-cutting plan would accelerate
economic growth. 
    For a full report, click on
    
    - - - -
    
    IRON ORE
    Futures prices for Chinese steelmaking raw materials plummeted on Thursday, led by
coke, which had its worst day in 15 months, amid bearish indicators for the fourth
quarter, when winter limits on steel production are expected to hurt demand.
    The Dalian Commodity Exchange's most-traded coke futures, for January
delivery, plunged 6.09 percent to close at 1,875 yuan ($281.30) per tonne for its
biggest one-day drop since June 2016.
    For a full report, click on
    
    - - - -
    
    BASE METALS
    Copper and zinc rose on Thursday as speculators regarded prices as good value after
recent losses and sentiment was lifted by hopes of steady economic growth in top metals
consumer China.
    "With long liquidation having been a recent theme across the base complex, some
good Far Eastern buying and borrowing has been evident in the last 24 hours –
particularly on copper and nickel," Alastair Munro at broker Marex Spectron said in a
note.
    For a full report, click on
    
    - - - -
    
    OIL
    Oil prices slipped on Thursday, further backing off from 2015 peaks hit earlier in
the week as tension around northern Iraq following the Kurdistan region's vote in favor
of independence spurred fresh supply concerns.
    Crude has risen sharply in the last two-and-a-half weeks as traders anticipated
renewed demand from U.S. refiners who were resuming operations after shutdowns due to
Hurricane Harvey. Major world oil producers have also indicated that they will stick
with output cuts to limit supply.
    For a full report, click on
    
    - - - -
    
    PALM OIL
    Malaysian palm oil futures were lower on Thursday evening, tracking the weakness in
rival edible oilseeds and recording a second straight day of losses.
    The benchmark palm oil contract for December delivery on the Bursa
Malaysia Derivatives Exchange fell 1.5 percent to 2,705 ringgit ($639.48) a tonne at
the close of trade.
    For a full report, click on
    
    - - - -
    
    RUBBER
    Benchmark Tokyo rubber futures on Thursday hit their lowest in near two months,
taking a lead from the plunge in Shanghai futures amid a broad sell-off in global
commodities.
    Singapore rubber futures also plunged more than 7 percent. 
    For a full report, click on
    
    - - - -

 (Bengaluru Bureau; +91 80 6749 1130)

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