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economic data today | Stock tips 8 Aug | commodity tips

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Asian stocks rose, with the regional benchmark index headed for its highest close in three months, after Germany backed the European Central Bank’s bond-buying plan, boosting the outlook for exporters. The MSCI Asia Pacific Index (MXAP) rose 0.6 percent to 119.83 as of 5:17 p.m. in Tokyo, with about five stocks rising for every two that that fell on the measure, which is headed for its highest close since May 9.

U.K. stocks retreated, after yesterday rallying to a three-month high, as Standard Chartered Plc (STAN) plunged the most in 24 years. The FTSE 100 Index (UKX) lost 16.97 points, or 0.3 percent, to 5,791.8 at 10:39 a.m. in London after yesterday rising to its highest level since May 1. The gauge has still climbed 10 percent from its 2012 low on June 1 as European Central Bank President Mario Draghi pledged to preserve the euro. The broader FTSE All-Share Index also slipped 0.3 percent today, while Ireland’s ISEQ Index retreated 1.1 percent.

European (SXXP) stocks were little changed as gains by energy shares and companies that reported better- than-expected earnings offset declines by Standard Chartered (STAN) Plc and Nestle SA. U.S. index futures and Asian stocks rose. The Stoxx 600 climbed yesterday, extending a four-month high, as Greece and its creditors agreed on the need to strengthen policy efforts to meet bailout conditions and support economic growth. The benchmark measure has climbed 14 percent over the past nine weeks.

Treasuries held a two-day decline before the U.S. auctions as much as $32 billion of three-year government debt today. Treasuries returned 6.8 percent in the 12 months to yesterday, based on America Merrill Lynch data, reflecting demand for U.S. debt as a haven from slowing economic growth and Europe’s debt crisis. The rally was interrupted after an Aug. 3 report showed the nation added more jobs than economists estimated.

Australia’s dollar touched its highest level in more than four months after the Reserve Bank kept interest rates unchanged and said current policy settings are “appropriate.” Australia’s dollar touched $1.0603, the strongest level since March 20, before trading little changed at $1.0570 as of 4:09 p.m. in Sydney. It traded at 82.73 yen from 82.70 yesterday.

The euro rose toward a three-week high against the yen after the German government backed European Central Bank President Mario Draghi’s proposals on bond purchases to help cap borrowing costs in Spain and Italy. The euro rose 0.3 percent to 97.35 yen at 9:46 a.m. in London after climbing to 97.80 yen yesterday, the strongest level since July 12. The 17-nation currency gained 0.1 percent to $1.2417. The yen fell 0.2 percent to 78.39 per dollar.



Oil slid from the highest close in two weeks in New York as investors sought to profit from crude’s 5.8 percent advance in two days. Futures slipped as much as 0.5 percent after climbing 0.9 percent yesterday. Prices are declining in New York as they approach technical resistance at $92.75 a barrel. Oil for September delivery slid as much as 42 cents to $91.78 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.91

Gold prices rose by Rs 52 to Rs 29,980 per 10 grams in futures trade today as speculators created fresh positions on rising demand in spot markets. At the Multi Commodity Exchange, gold for delivery in October rose by Rs 52, or 0.17 per cent, to Rs 29,980 per 10 grams, with a business turnover of 2,145 lots. Similarly, the metal for delivery in December moved up by Rs 49, or 0.16 per cent, to Rs 30,321 per 10 grams in 34 lots. Market men said fresh buying by speculators on rising festive season demand mainly led to a rise in gold futures.

Spot silver lost 0.1% to USD 27.83. Holdings of the shares Silver Trust, the world's largest silver-backed exchange-traded fund, inched down to 9,742.43 tons on August 3, from 9,759.01 tones hit last week -- the highest since late Jun. silver on any dips at Rs 53, 280 per kilogram with a stop loss of Rs 53,080 per kilogram for a target of Rs 53,680-53,750 per kilogram.

Copper for immediate delivery in China has been more expensive than the metal for future delivery since May 9, and this price structure may persist as imports into the world’s largest user slumped. Copper for August-delivery in Shanghai closed at 55,080 Yuan ($8,650) a metric ton today, while the most-actively traded copper for November delivery closed at 54,680 Yuan a ton.

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economic data today | Stock tips 8 Aug | commodity tips


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