Middle-Earth 18th July: ANTIDOTES: US 85$ B , Japan $70 B Per Month, Greek Austerity may cost jobs
DGCX Academy Analyses
ANTIDOTES: US 85$ B , Japan $70 B Per Month, Greek Austerity may cost jobs
QUOTE: The choices we make are often driven by our insecurities, than our abilities
MARKET PULSE
US: Fed's Bernanke said "asset purchases are by no means on a preset course and could even be expanded if economic indicators don't meet its expectations."
US: Fed: If inflation rose back "toward the 2 % target, the pace QE could be reduced
US: FORECAST Jobless benefits fell by 15,000 to 345,000
JAPAN: G20 finance ministers will endorse the BoJ easing
JAPAN: BOJ doubled monthly bond purchases to $70 bln +
JAPAN: US Fed: Japan's easing isn't an attempt to manipulate its exchange rate.
EZ : Greek lawmakers approved austerity measures that clear the next batch of loans.
EZ : The Greek bill puts thousands of state workers on notice for possible dismissal.
EZ: Greece's passage of the austerity bill may halt a decline in the euro in the near term
SENSEX: up 2.7 % this year,vs a 9.6 % drop in the MSCI Emerging Markets Index.
SENSEX: trades at 13.4 PE higher than Brazil, Russia and China.
COMMODITIES
WTI Oil Trades Near 1-Week High as U.S. Crude Stockpiles Drop
Gold Trades Little Changed as Investors Weigh Bernanke Comments
Currency to Oil Rates Targeted for Tougher Rules After Libor
Copper Swings Between Gains, Losses on Bernanke Testimony, China
INDIAN INR
MARKETS
INR declined 0.7 % to 59.7680 . 1-month volatility, fell 11 BP, to 12.41 %. 3-month forwards fell 0.4 % to 60.96. 3-Month NDF slid 0.5 % to 61.02. 10Y Yield at 7 months high
FACTORS
USD Index, , rose for a 2nd day.
RBI, rejected all bids at a T-bills sale.
Fed's Bernanke said "asset purchases are by no means on a preset course and could even be expanded if economic indicators don't meet its expectations."
GOLD
MARKETS
Gold traded at $1,276.54 vs $1,276.11 when prices retreated 1.3 %, the most since July 5. Gold August traded at $1,277.20 vs $1,278.80 yesterday, when futures slid 1 %. Silver gained 0.3 % to $19.3984 after a 3.4 % drop yesterday, the most since June 26.
FACTORS
Demand in India and China, , is expected to exceed last year's levels: World Gold Council.
SPDR Gold Trust, fell to 936.07 MT ( Feb 2009 low)
SENSEX
MARKETS
S&P BSE Sensex added 48 pts to 19,997 after falling the most since July 3 day before yesterday
FACTORS
HUL rose 9.9 %, pacing a rally among consumer stocks.
Funds are shifting to low-debt consumer stocks from sectors with higher leverage
SENSEX up 2.7 % this year,vs a 9.6 % drop in the MSCI Emerging Markets Index.
SENSEX trades at 13.4 PE higher than Brazil, Russia and China.
FOREIGN EXCHANGE
MARKETS
JPY fell 0.5 % to 100.11 per USD from yesterday, when it lost 0.5 %. The USD advanced 0.2 % to $1.3095 per euro. EUR rose 0.3 % to 131.09 JPY after touching 131.36 yesterday, the strongest since June 5.
FACTORS
G20 finance ministers will endorse the BoJ easing
Greek lawmakers approved austerity measures that clear the next batch of loans.
BOJ doubled monthly bond purchases to $70 bln +
JAPAN: US Fed: Japan's easing isn't an attempt to manipulate its exchange rate.
Fed: If inflation rose back "toward the 2 % target, the pace QE could be reduced
US: FORECAST Jobless benefits fell by 15,000 to 345,000
The Greek bill puts thousands of state workers on notice for possible dismissal,
Greece's passage of the austerity bill may halt a decline in the euro in the near term
COPPER
MARKETS
Copper 3 months flat at $6,882.75 after trading between a 0.4 % gain and 0.4 % loss. Copper September lost 0.3 % to $3.1185 a pound. Copper November declined 0.9 % to $8,054 a ton.
FACTORS
IMF: China's economic growth this year may trail forecast.
OIL
MARKETS
WTI August delivery at $106.36 down 12 cents. The volume of all futures traded was 14 % below the 100-day average. The contract climbed 48 cents to $106.48 yesterday, the highest close since July 10. Brent September slid 11 cents to $108.50. Brent at a premium of $2.36 to WTI .
FACTORS
U.S. inventories dropped to the lowest level since January.
Stockpiles fell by 6.9 million barrels to 367 million: Energy Information Administration
Supplies shrank for a third week, the longest run of declines this year.
Plants operated at an average 92.8 % of capacity last week, the highest rate in a year,
Saudi Arabia, shipped 7.79 million barrels/ day in May, (June 2012 High)