Sensex, Nifty Set To Open On Flat Note

Indian shares may open largely unchanged on Thursday after Chief Economic Adviser Arvind Subramanian has decided to quit the job for entirely personal reasons and an internal report produced by PNB officials revealed systematic lapses far beyond a few rogue employees.

Meanwhile, the minutes of the Monetary Policy Committee (MPC) meeting held between June 4 and 6 showed that there was consensus on the repo rate hike amid inflationary concerns.

Investors also keep an eye on oil prices movements ahead of a much anticipated OPEC meeting in Vienna on Friday to decide whether or not to increase production.

Oil prices fell slightly in Asian trade after Iran signaled support for a small rise in crude output.

Benchmark indexes Sensex and the Nifty rose notably on Wednesday to snap a two-day losing streak while the rupee closed up by 30 paise at 68.08 per dollar.

Asian markets are moving in a narrow range this morning as traders waited for new developments on global trade. The dollar held firm ahead of the Bank of England and OPEC meetings.

Overnight, U.S. stocks finished mostly higher as trade fears ebbed and media companies jumped after Disney raised its offer for most of Twenty-First Century Fox’s media assets.

The tech-heavy Nasdaq Composite climbed 0.7 percent to reach a fresh record closing high and the S&P 500 added 0.2 percent while the Dow slipped 0.2 percent.

European markets also ended Wednesday’s session mostly higher as bargain hunting at lower levels offered some support.

The pan-European Stoxx 600 rose 0.3 percent. The German DAX inched up 0.1 percent and the U.K.’s FTSE 100 gained 0.3 percent while France’s CAC 40 index eased 0.3 percent.

by RTTNews Staff Writer

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Market Analysis

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Global stocks rise after selloff, US Treasury yields up on comments by Fed chair

People walk through the lobby of the London Stock Exchange in London November 30, 2015. — Reuters pic

NEW YORK, June 21 — Stocks on world markets edged higher yesterday, following a recent selloff on rapidly escalating China-US trade tensions, while Treasury yields rose after the Federal Reserve chairman said the US central bank should continue with a gradual pace of interest rate hikes.

Fed Chairman Jerome Powell cited a labour market that does not seem to be overly tight in advocating staying the course on rate hikes.

The S&P 500 snapped a three-session losing streak, while the Nasdaq posted a record high close, boosted by gains in Facebook Inc and Microsoft Inc.

Shares in Boeing Co, which has acted as a proxy for trade fears because it is the single largest US exporter to China, rose 0.5 per cent after six straight declines. The planemaker said yesterday it was confident that a new mid-market jet could enter service in 2025.

“Part of it might be people were selling stocks the past couple of days in order of where they see tariff priority,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.

The Dow Jones Industrial Average ended down slightly, a day after it erased its year-to-date gains amid President Donald Trump’s latest tariff threats against Chinese goods.

The Dow Jones Industrial Average fell 42.41 points, or 0.17 per cent, to 24,657.8, the S&P 500 gained 4.73 points, or 0.17 per cent, to 2,767.32 and the Nasdaq Composite added 55.93 points, or 0.72 per cent, to 7,781.52.

The pan-European FTSEurofirst 300 index rose 0.31 per cent and MSCI’s gauge of stocks across the globe gained 0.35 per cent.

In the US Treasury market, Powell’s comments on rate hikes boosted yields.

A slew of corporate bond supply also helped

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Bank of Ireland, Ryanair help fuel ISEQ's advance

Housebuilder Abbey led the way in a week where the ESRI slashed its forecast for new builds, meaning upward pressure on property prices is set to last longer. Abbey was up almost 5.5pc at 4:14pm.

US stocks were mixed, as multinationals remained under pressure amid anxiety over trade while technology shares added to recent gains.

The S&P 500 was slightly higher after paring an early advance, while the Dow Jones Industrial Average slipped for a seventh straight day. The Nasdaq Composite Index added to an all-time high, buoyed by tech shares perceived to be immune from any trade dust-up. European equities halted a three-day slide and Canada’s stock benchmark hit a record. The pound edged higher after UK Prime Minister Theresa May won a key vote on Brexit.

A sense of calm is returning to markets after US President Donald Trump stepped up trade threats against China earlier in the week, proposing moves that economists reckon could cut as much as half a percentage point from the Asian nation’s growth. Traders may well be siding with Goldman Sachs Chief Executive Officer Lloyd Blankfein, who characterized the escalation in rhetoric as simply a negotiating strategy.

Elsewhere, the odds of Opec reaching an oil-production deal in Vienna this week increased as Iran edged away from a threat to veto any agreement to raise output.

After sitting down with counterparts from several countries, Iranian Minister Bijan Namdar Zanganeh said he was optimistic about the outcome of the Opec meeting, a marked contrast to comments the previous day when he said a deal was unlikely. In public and private, ministers and other officials were more positive than they had been yesterday.

Asked whether the group would reach an accord on Friday, Opec Secretary General Mohammad Barkindo said: “I’m confident.”

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Bank of Ireland, Ryanair help fuel ISEQ's advance

Housebuilder Abbey led the way in a week where the ESRI slashed its forecast for new builds, meaning upward pressure on property prices is set to last longer. Abbey was up almost 5.5pc at 4:14pm.

US stocks were mixed, as multinationals remained under pressure amid anxiety over trade while technology shares added to recent gains.

The S&P 500 was slightly higher after paring an early advance, while the Dow Jones Industrial Average slipped for a seventh straight day. The Nasdaq Composite Index added to an all-time high, buoyed by tech shares perceived to be immune from any trade dust-up. European equities halted a three-day slide and Canada’s stock benchmark hit a record. The pound edged higher after UK Prime Minister Theresa May won a key vote on Brexit.

A sense of calm is returning to markets after US President Donald Trump stepped up trade threats against China earlier in the week, proposing moves that economists reckon could cut as much as half a percentage point from the Asian nation’s growth. Traders may well be siding with Goldman Sachs Chief Executive Officer Lloyd Blankfein, who characterized the escalation in rhetoric as simply a negotiating strategy.

Elsewhere, the odds of Opec reaching an oil-production deal in Vienna this week increased as Iran edged away from a threat to veto any agreement to raise output.

After sitting down with counterparts from several countries, Iranian Minister Bijan Namdar Zanganeh said he was optimistic about the outcome of the Opec meeting, a marked contrast to comments the previous day when he said a deal was unlikely. In public and private, ministers and other officials were more positive than they had been yesterday.

Asked whether the group would reach an accord on Friday, Opec Secretary General Mohammad Barkindo said: “I’m confident.”

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Asian Stocks Rise; Trump Expects to Announce New Trade Deals

© Reuters. Asian equities were mostly higher in morning trade

Investing.com – Asian equities were mostly higher in morning trade on Thursday as global markets calmed after an elevation in trade tensions between the U.S. and China triggered a sell-off earlier in the week.

U.S. President Donald Trump said he expects to announce new trade deals with certain unspecified countries soon. He made the comments as he met with lawmakers to discuss U.S. penalties against China-based ZTE Corp (HK:).

On Monday, Trump ordered the U.S. Trade Representative to identify $200 billion worth of China goods for additional tariffs. 

Meanwhile, Federal Reserve chair Jerome Powell said during a central bankers meeting in Portugal that trade tensions could cause damage to the global economy.

“Changes in trade policy could cause us to have to question the outlook,” Powell said during a panel discussion at the conference in Sintra, Portugal. “For the first time, we’re hearing about decisions to postpone investment, postpone hiring.”

Overnight, the broke a three-day losing streak and gained 0.2%. The rose 0.7% and hit an all-time high, supported by Facebook Inc (NASDAQ:)’s rally as traders expect the company’s Instagram and Messenger units would continue to lift advertising income.

In Asia, China’s and the both gained 0.5% by 10:20PM ET (02:20 GMT), while Hong Kong’s climbed 0.3%. Xiaomi Corp. caught some attention as reports on Thursday suggested the company’s highly-anticipated Hong Kong initial public offering could value the company at as little as $53.9 billion, compared to the initial goal of $100 billion last year.

According to Bloomberg, which cited marketing terms of the deal, the company and existing investors are offering 2.18 billion shares at HK$17 to HK$22 apiece, which would in turn value the company at $53.9 billion to $69.8 billion.

Elsewhere, Japan’s advanced 0.9%. South Korea’s slipped 0.1%.

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Taiwan Stock Market Draws Firm Lead

The Taiwan stock market has alternated between positive and negative finishes through the last five trading days since the end of the three-day slide in which it had retreated more than 105 points or 0.9 percent. The Taiwan Stock Exchange now rests just above the 10,925-point plateau and it’s called higher again on Thursday.

The global forecast for the oversold Asian markets is cautiously optimistic, with bargain hunting expected amid a bump in crude oil prices. The European and U.S. markets were mixed to higher, and the Asian bourses figure to follow suit.

The TSE finished modestly higher on Wednesday following gains from the financial shares, technology stocks and steel companies.

For the day, the index collected 23.25 points or 0.21 percent to finish at 10,927.44 after trading between 10,842.56 and 10,969.20 on turnover of 178.06 billion Taiwan dollars.

Among the actives, Taiwan Semiconductor Manufacturing Company added 0.44 percent, while Innolux spiked 1.72 percent, AU Optronics soared 2.66 percent, United Microelectronics fell 0.82 percent, Largan Precision climbed 1.26 percent, AsusTek gained 0.36 percent, Hon Hai Precision was unchanged, CTBC Financial perked 1.16 percent, Fubon Financial jumped 1.32 percent, Mega Financial advanced 0.95 percent, Cathay Financial collected 0.91 percent, China Steel advanced 1.71 percent and Taiwan Steel Union surged 2.63 percent.

The lead from Wall Street calls for mild support. After an initial move to the upside, stocks turned lackluster on Wednesday – eventually ending the session mixed.

The Dow fell 42.41 points or 0.17 percent to 24,657.80, while the NASDAQ added 55.93 points or 0.72 percent to 7,781.51 and the S&P 500 gained 4.73 points or 0.17 percent to 2,767.32.

The advance by the NASDAQ reflected strength among media stocks after Disney (DIS) raised its offer for most of Twenty-First Century Fox’s (FOXA) media assets – exceeding the offer made

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Facebook Surges Past $200 as Privacy Woes Fade, Instagram Grows

Facebook Inc. is back in bull mode.

The social-media giant’s share price topped $200 for the first time Wednesday, as investors bet the company’s Instagram and Messenger units will continue to boost advertising revenue, overshadowing any lingering data-privacy concern that pummeled the stock in March.

Messenger has been deploying more ads in recent weeks and should be “highly material” to profits, RBC analyst Mark Mahaney said in a note. And Instagram has reached 1 billion monthly active users, the company announced today.

The stock rose 2.9 percent to a record $203.28 as of 1:57 p.m. in New York. Facebook came within 42 cents of $200 two days ago before finally punching through Wednesday. Since bottoming on March 27 amid the Cambridge Analytica data-sharing scandal, the stock has surged 33 percent, third most in the Nasdaq 100 Index behind Align Technology Inc. and Netflix Inc.

Wednesday’s rally took Facebook’s market capitalization toward $600 billion, the fifth most on the S&P 500 behind Apple Inc., Amazon.com Inc., Alphabet Inc. and Microsoft Corp.

Facebook wasn’t alone among tech shares rallying Wednesday, as the Nasdaq Composite Index jumped as much as 1 percent to a fresh record. Twitter Inc. rallied 3.3. percent, Netflix jumped 2.9 percent and PayPal Holdings Inc. added 2 percent. The S&P 500 Index, in contrast, rose just 0.4 percent.

The gains have pushed Facebook founder Mark Zuckerberg’s personal fortune within spitting distance of billionaire Warren Buffett’s. The 34-year-old has an estimated worth of $81.3 billion, some $700 million below that of the Berkshire Hathaway Inc. chairman.

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Tech shares’ rally drives U.S. stocks

U.S. stocks were lifted by a rally in technology shares as concerns eased about a potential global trade war as treasury yields rose and oil advanced.

The S&P 500 broke a three-day losing streak and the Nasdaq Composite Index added to an all-time high, buoyed by tech shares perceived to be immune from any trade dustup. European equities advanced for the first time this week and Canada’s stock benchmark hit a record. The pound strengthened after Prime Minister Theresa May won a key vote on Brexit.

According to Bloomberg, a sense of calm is returning to markets after President Donald Trump stepped up trade threats against China earlier in the week, proposing moves that economists reckon could cut as much as half a percentage point from the Asian nation’s growth. Traders may well be siding with Goldman Sachs Chief Executive Officer Lloyd Blankfein, who characterized the escalation in rhetoric as simply a negotiating strategy.

Elsewhere, the onshore yuan climbed after the People’s Bank of China set its daily reference rate at a stronger-than-expected level.

The S&P 500 rose 0.3 per cent in New York. The Stoxx Europe 600 Index climbed 0.3 per cent. The U.K.’s FTSE 100 Index rose 0.3 per cent. The MSCI Emerging Market Index climbed 0.8 per cent.

The Bloomberg Dollar Spot Index fell 0.1 per cent. The euro was little changed at $1.1589. The British pound rose 0.2 per cent to $1.3195. The Japanese yen fell 0.1 per cent to 110.21 per dollar.

The yield on 10-year Treasuries rose two basis points to 2.92 per cent. Germany’s 10-year yield rose one basis point to 0.37 per cent. Britain’s 10-year yield rose two basis points to 1.30 per cent.

West Texas Intermediate crude rose 0.5 per cent to $65.39 a barrel. Gold slipped 0.2 per cent to

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Nasdaq reports a new closing high of 7,781.51

The Dow Jones Industrial Average closed at 24,657.80 on Wednesday with a loss of -42.41 points or -0.17%. The S&P 500 closed at 2,767.32 for a gain of 4.73 points or 0.17%. The Nasdaq Composite closed at 7,781.51 for a gain of 55.93 points or 0.72%. The VIX Volatility Index was lower at 12.81 for a loss of -0.54 points or -4.04%.

Wednesday’s market movers

U.S. market indexes recovered from earlier week losses as trade concerns diminished while still showing some effects in the multinational Dow Jones index. Technology stocks also helped to fuel gains with the Nasdaq Composite closing at a new high. Top contributors for the day included Facebook (NASDAQ:FB) and Tesaro (NASDAQ:TSRO).

Economic reports affecting market trading included the following:

The Mortgage Bankers Association’s mortgage applications index increased 5.1% for the week. The Current Account, showing international trade balances, reported a deficit of -$124.1 billion. Existing home sales decreased to a seasonally adjusted annual rate of 5.43 million. The EIA Petroleum Status report showed a decrease of -5.9 million barrels in oil inventory.

In the Dow Jones Industrial Average, the following stocks led gains:

Small-cap stocks

In small-caps, the Russell 2000 closed at 1,706.99 for a gain of 13.54 points or 0.80%. The S&P 600 closed at 1,052.40 for a gain of 7.27 points or 0.70%. The Dow Jones Mid-Cap Value TSM Index closed at 8,865.95 for a gain of 36.35 points or 0.41%. The Dow Jones Small-Cap Growth TSM Index closed at 10,565.19 for a gain of 78.80 points or 0.75%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,001.79 for a gain of 10.40 points or 0.52%; the S&P 100 at 1,215.29 for a gain of 2.05 points or 0.17%; the Russell 3000 at 1,652.45 for a gain

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United States : US: WallStreet opens higher after trade spat selloff

United States : US: WallStreet opens higher after trade spat selloff

Jun 20, 2018 (Euclid Infotech Ltd via COMTEX) —

US stocks rose at open on Wednesday led by technology and media stocks after a punishing few sessions due to a rapid escalation in trade tensions between the United States and China.

The Dow Jones Industrial Average rose 70.96 points, or 0.29 per cent, at the open to 24,771.17.

The S&P 500 opened higher by 7.14 points, or 0.26 per cent, at 2,769.73. The Nasdaq Composite gained 38.56 points, or 0.50 per cent, to 7,764.15 at the opening bell.

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