Tag Archives: Gold Prices

IMF Cuts Global Growth Outlook For 2014

Here’s today’s ‘Just A Minute’ bringing you a 60 second summary of what’s happening in the financial markets:

Main Trading Event Of The Day: U.S. Core Durable Goods @ 12.30 GMT

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IMF Cuts Global Growth Outlook For 2014

The International Monetary Fund has downgraded its global growth forecast for 2014 based on a weaker than expected first quarter, most notably in the U.S. and a less optimistic outlook for several emerging markets. The global economy is expected to expand 3.4 percent this year, a decline of 0.3 percentage points from April’s estimate, but still an improvement from 3.2 percent in 2013.

The IMF cut its 2014 growth outlook for the U.S. by 1.1 percentage points to 1.7 percent on the basis that while a rebound is underway, it is only expected to provide a partial offset to the weak first quarter outcome given a muted recovery in investment. The U.S contracted at an annual pace of 2.9 percent in the first three months of the year, the sharpest decline in five years, owing to a weak housing market, a slower pace of restocking by businesses and lower exports.

Growth in the euro zone is expected to strengthen to 1.1 percent, from a 0.4 percent contraction last year but the recovery will remain uneven across the region, reflecting continued financial fragmentation, impaired private and public sector balance sheets, and high unemployment in some economies. The IMF downgraded its overall growth outlook for emerging markets to 4.6 percent, from an earlier 4.8 percent and down from 4.7 percent in 2013. With somewhat stronger growth expected in some advanced economies next year, the IMF maintained its 2015 global growth forecast of 4.0 percent.

Japan Inflation Slows In June

Japan’s inflation slowed in June, highlighting the task the bank faces in reaching the bank’s target. Consumer prices excluding fresh food rose 3.3 percent from a year earlier after a 3.4 percent gain in May. The increase matched economists’ projections. Kuroda has said inflation will ease in coming months before accelerating later this year toward the BOJ’s 2 percent goal, which strips out the effects of a sales-tax increase in April. As the impact of the yen’s slide on prices fades, some economists say the central bank may add stimulus should price gains drop below 1 percent, a level Kuroda forecast they wouldn’t break. The BOJ estimated the 3 percentage point increase in the sales levy added 2 percentage points to core inflation in May. The yen has strengthened about 3.5 percent against the dollar this year after a 18 percent decline in 2013 raised prices of imported energy and other goods. The Japanese currency rose 0.1 percent to 101.76 while the Topix index of stocks rose 0.4 percent to extend its weekly advance.

Gold Heads For Second Weekly Loss On Strong Data

Gold retained sharp overnight losses to trade near a five-week low on Friday and headed for a second straight week of losses as strong global economic data offset the metal’s safe-haven appeal. Gold’s decline despite tensions in the Middle East and Ukraine does not fare well for prices in the short term, especially as physical demand in Asia is sluggish. Spot gold was little changed at $1,292.10 an ounce after losing nearly 1 percent on Thursday. The metal hit $1,287.46 in the previous session, its lowest since June 19 before recovering slightly. Gold has lost 1.4 percent of its value this week. Gold came under pressure after data on Thursday showed the number of Americans filing new claims for unemployment benefits fell to the lowest level in nearly 8 1/2 years last week, suggesting the labour market recovery was gaining traction.

That sums up today’s highlights! Don’t forget to keep in touch with us via our Facebook, Twitter, Google+ & LinkedIn pages for all the latest trading developments of the day. We hope you have a profitable day on the markets.

Canada Dollar Climbs On Sales; Facebook Earnings Above Expectations

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Main Trading Event Of The Day: U.S. Unemployment Claims @ 14.00 GMT

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Gold Falls Below $1,300 As Equities Gain

Gold broke below the key psychological level of $1,300 an ounce today as safe-haven demand for the metal eased due to rising Asian equities and strong Chinese manufacturing data. Physical demand in the region, however, increased slightly on the lower prices, with premiums in the biggest bullion consumer China edging up on buying interest. Spot gold fell 0.7 percent to $1,295.00 an ounce after dipping 0.2 percent in the previous session. U.S. gold slid about $9 to $1,295.50. Asian stock markets edged higher on Thursday as China’s factory activity expanded at its fastest pace in 18 months in July, bolstering hopes for recovery in the world’s second-biggest economy. Gold had recently seen support build around the $1,300 level on deepening violence in the Middle East and Ukraine that burnished its safe-haven appeal. Bullion could still see some safe-haven bids as Gaza fighting continues. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.6 tonnes to 805.44 tonnes on Wednesday - increasing for a second straight day.

Canadian Dollar Climbs On Sales

The Canadian dollar touched the highest level in almost a week after a report showed the nation’s retail sales rose for a second month. The May sales figures followed a report last week that showed consumer prices climbed the fastest in more than two years in June. The dollar strengthened as much as 0.3 percent to C$1.0711 per U.S. dollar, the strongest level since July 18, before trading at C$1.0728 at 5 p.m. in Toronto, up 0.1 percent. One Canadian dollar buys 93.21 U.S. cents. Retail sales increased 0.7 percent to C$42 billion ($39.1 billion) as automobile purchases rose to a record according to Statistics Canada. Economists forecast retail sales would increase 0.6 percent. They gained 1.3 percent the previous month, more than initially reported, Statistics Canada data showed.

Facebook Profit, Sales Above Expectations

Facebook posted a second-quarter profit yesterday that more than doubled while extracting more mobile-advertising dollars from its users. Revenue increased 61% as advertisers continued to pour money into the social network. Mobile-advertising accounted for 62% of advertising revenue in the quarter, up from 59% in the first quarter and 30% a year ago. Facebook is gaining ground on Google in the mobile advertising market, expecting to command 18.4% of mobile-ad dollars this year, up from 9% in 2012. Google’s share is expected to slip to 40% from 50% in that two-year time period. Facebook reported net income of $791 million, or 30 cents a share, up from $333 million, or 13 cents, a year earlier. Revenue rose to $2.91 billion from $1.81 billion. Analysts had projected earnings of 32 cents a share and revenue of $2.81 billion.

That sums up today’s highlights but remember you can check our Facebook, Twitter, Google+ and LinkedIn pages for regular trading news throughout the day. We hope you have a profitable day on the markets.

Stocks Slip After Malaysian Plane Shot Down

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MainTrading Event Of The Day: USD Prelim UoM Consumer Sentiment @ 13.55 GMT

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Asian Stocks Slip After Malaysian Plane Shot Down

Asian stocks fell from near a six-year high, after one of its planes was shot down in Ukraine yesterday. The MSCI Asia Pacific Index slipped 0.5 percent by 12:51 p.m. in Tokyo, falling for the first time this week. Malaysian Airline shares tumbled 8.9 percent. Standard & Poor’s 500 Index futures fell 0.1 percent after the U.S. gauge’s biggest drop in three months. Ten-year bond yields in Australia and Japan traded near the lowest in more than a year, while a gauge of credit-default swap prices jumped five basis points. Oil in New York added 0.5 percent. With geopolitical risk in Ukraine and the Middle East, people are concerned the stock market won’t be a safe place to invest and have turned to bonds. European shares are also set for a lower open today with the FTSE called down 25 points at 6,713 and the German Dax by 57 points at 9,696.

Meanwhile, oil prices rose after Israeli Prime Minister Benjamin Netanyahu announced the start of a ground campaign in Gaza. The decision came as a surprise as officials from the Palestinian authority and Israel were believed to be progressing in talks in Egypt aimed at a lasting cease-fire.

Gold Climbs As Plane Crashes

Gold rallied yesterday as a Malaysia Airlines crash in Ukraine near the Russian border revived haven demand. Gold for August delivery rose $17.10, or 1.3%, to settle at $1,316.90 an ounce. Traders also took into consideration a weaker than expected report on U.S. housing starts, although that was offset by a stronger-than-anticipated figure for weekly jobless claims. A day earlier, gold put an end to a three-day losing streak by moving fractionally higher, as traders continued to digest Federal Reserve Chairwoman Janet Yellen’s mostly dovish testimony. Elsewhere in metals trading, October platinum rose by $18.00, or 1.2%, to $1,503.70 an ounce. Bloomberg reported platinum prices were trading at a 13-year high after sanctions imposed on Russia, which is a major producer of the industrial metal.

Google Earnings Miss Expectations

Google reported earnings that missed expectations while revenue topped Wall Street estimates on yesterday. Shares rallied in extended hours trading. The Internet giant reported earnings of $6.08 per share, excluding one-time items, on revenue of $15.96 billion. Analysts had expected the company to report earnings excluding items of $6.24 a share on nearly $15.62 billion in revenue. Revenue for Google increased 22 percent in the second quarter as it saw strong demand for ads on its websites. Analysts had been expecting the Internet giant to discuss falling online ad prices, which remain Google’s biggest source of revenue. Google will account for more than a third of global digital ad spending this year according to Dow Jones.

That sums up today’s highlights! Remember to keep an eye on all the latest economic developments of the day via our Facebook, Twitter, LinkedIn and Google+ pages. We hope you have a profitable day on the markets.

Yellen’s Comments Send Gold Lower

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Main Trading Event Of The Day: USD PPI @ 12.30 GMT

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Yellen’s Comments Send Gold Lower

As Janet Yellen testified before the Senate Banking Committee yesterday, gold sank 1 percent in 10 minutes, taking the metal back below $1,300 for the first time in nearly a month. Rather than being the victim of a massive bearish trade, the metal seems to have was reacted to a slightly less dovish outlook from the Fed chair than some gold holders were expecting or hoping for. This could signal that higher rates will come sooner rather than later which is anti-inflationary, and presents competition for gold.

Several traders still noted the oddity of gold moving so quickly on comments that didn’t surprise many people. At 10:55 a.m. EDT, about 7,600 gold contract traded, which means that nearly $1 billion in nominal gold value changed hands in that minute. This boost in volume led to speculation that gold futures fell because someone “dumped” $2.3 billion worth of the futures. Other analysts however believe the explanation was simply down to Yellen’s comments which caused one trader to sell gold, the sale of which triggered stops around the $1,300 level.

Spot gold edged up slightly to $1,296.35 an ounce, after losing 3.3 percent in the last two sessions the metal’s biggest two-day loss since October. With the break below $1,300 an ounce and technical weakness, further losses for gold may be likely.

Japan: Demand Exceeds Supply for First Time Since 2008

Demand has overtaken supply in the Japan for the first time in six years, adding to inflationary pressure in the world’s third-biggest economy. The Bank of Japan’s measure swung to 0.6 percent in the first quarter from negative readings back as far as 2008. The change followed six straight quarters of economic growth that closed a shortfall between demand and supply that had put downward pressure on prices. BOJ Governor Haruhiko Kuroda has said he expects the elimination of this output gap, together with rising inflation expectations, to help drive consumer price gains toward the central bank’s 2 percent target. Whether this will actually lead the way to stable inflation, given lackluster growth in wages remains to be seen and companies are still cautious.

Stocks: Microsoft: Job Cuts Imminent

Microsoft is planning its biggest round of job cuts in five years after CEO Satya Nadella said last week that he was preparing to make sweeping changes at Microsoft. The reductions will probably be in engineering, marketing and areas of overlap with Nokia. The restructuring which may be unveiled as soon as this week may end up being the biggest in Microsoft history, topping the 5,800 jobs cut in 2009, according to sources. Nadella commented that Microsoft would have to become more focused and efficient as he issued his first company mission statement, calling for greater emphasis on mobile devices, cloud-computing and productivity software as consumers and businesses buy fewer personal computers to check e-mail, browse the Web and access data and software. Traders will be watching for news of Microsoft’s job cuts and the possibility of trading opportunities.

That sums up today’s highlights! Find us throughout the day on Facebook, Twitter, Google+ and LinkedIn for all the latest trading news. We hope you have a profitable day on the markets.

Dollar Holds Gains In Advance Of Yellen Testimony

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Main Trading Event Of The Day: USD Fed Chair Yellen Testifies @ 14.00 GMT

WHAT WE’RE WATCHING TODAY

Dollar Holds Gains In Advance Of Yellen Testimony

The dollar remained higher against the yen following its biggest one-day advance in a week as Federal Reserve Chair Janet Yellen is due to testify before U.S. lawmakers. A gauge of the U.S. currency advanced surrounding bets that Yellen will provide additional clues as to when the central bank will raise interest rates for the first time since 2006. The yen was little changed as the Bank of Japan maintained record monetary stimulus.

Yellen is likely to emphasise the need to keep interest rates near zero for a considerable period even after a report this month showed unemployment fell to an almost six-year low. She may also say that while the jobless rate has fallen faster than the Fed expected, the presence of part-time and discouraged workers and long-term unemployed represents a reservoir of potential supply and accounts for wages not growing rapidly at all, which will probably justify the message that the Federal Reserve is in no rush to begin to raise interest rates. Regarding the inflation outlook, while unemployment fell to 6.1 percent last month and inflation has risen closer to the Fed’s 2 percent target, analysts believe there is still too much uncertainty for her to change the tone materially.

The dollar rose 0.1 percent to 101.59 yen at 1:52 p.m. after strengthening 0.2 percent yesterday, the most since July 3. The U.S. currency was unchanged at $1.3619 per euro. The yen traded at 138.37 per euro from 138.28 yesterday. The Bloomberg Dollar Spot Index, which tracks the greenback against 10 of its major counterparts, climbed less than 0.1 percent to 1,007.13.

Gold Retains Sharp Losses Trading Close To 4-Week Low

Gold was trading near its lowest level in almost four weeks on Tuesday, as sharp overnight losses triggered by profit-taking and stronger global equities dented the metal’s safe-haven appeal. Spot gold was little changed at $1,306.75 an ounce after sliding more than 2 percent on Monday - its biggest daily drop since December. Gold touched a low of $1,302.90 in the previous session, its weakest since June 19. Gold had climbed to a near four-month high of $1,345 last week as financial troubles at Portugal’s top bank rekindled fears of another euro zone banking crisis, although those fears have now subsided. Investors will be monitoring Federal Reserve Chair Janet Yellen’s testimony in a U.S. Senate committee later today for signs of when the U.S. central bank would begin increasing interest rates. They will also be watching developments in the Middle East and Ukraine for any escalation in violence that would create fresh safe-haven demand for gold amid reports that Moscow is once more building up its troops on its joint Ukraine border.

European Shares Set For Pullback; Yellen In Focus

European shares are on track for a slightly lower open today, pulling back slightly from yesterday’s gains as investors remain cautious before earnings season and Federal Reserve Chair Janet Yellen’s testimony today. The FTSE is called down 5 points at 6,741 while the German Dax is seen lower by 8 points at 9,775. Stocks in Europe saw healthy gains in the previous session as earnings from U.S. bank Citigroup and merger activity surrounding pharma firm Shire sent bourses higher. However, investors look set to hold off before any more buying with a number of data due on Tuesday. June inflation data is out for the U.K., while Germany also receives its widely watched ZEW economic index. Central bank policy makers are also set for meetings today. In addition to Yellen’s two-day testimony, Bank of England Governor Mark Carney is due in front of U.K. lawmakers for a financial stability discussion. Both appearances will be an opportunity for investors to gauge the future direction of monetary policy in each country with both expected to start raising benchmark interest rates in the not-too-distant future. Elsewhere, U.K. Prime Minister David Cameron is expected to announce wide-ranging changes to the lineup of its decision-making body called the Cabinet. Foreign Secretary William Hague is currently the biggest name set to be given a new role in the reshuffle.

That sums up today’s highlights! It’s a busy day on the financial markets so remember to keep posted via our Facebook, Twitter, Google+ and LinkedIn pages. We hope you have a profitable day on the markets.

Gold Set For Sixth Weekly Gain On Safe-Haven Bids

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Main Trading Event Of The Day: CAD Employment Change @ 12:30 GMT

WHAT WE’RE WATCHING TODAY

Gold Set For Sixth Weekly Gain On Safe-Haven Bids

Gold added to big overnight gains to trade near its highest in almost four months today and was on track for a sixth straight weekly gain stoking safe-haven demand for bullion. Spot gold nudged up 0.3 percent to $1,338.20 an ounce after closing up 0.7 percent yesterday when it rose to a peak of $1,345, the highest since March 19. Gold has gained more than 1 percent this week so a sixth weekly gain would be gold’s longest winning streak since February/March when it had a similar run. Gold is getting a boost along with other safe-havens such as the Japanese yen and bonds, as European and U.S. stock markets fell on Thursday on investor fears over financial troubles at the family-owned holding companies behind Banco Espirito Santo. Geopolitical tensions in the Middle East and Ukraine also continued to support gold, seen as an alternative investment to riskier assets such as equities. In Asia, India surprised bullion markets by keeping the import duty on gold and silver unchanged at 10 percent in its fiscal budget, a move likely to limit overseas purchases by the second-biggest bullion consumer. Physical demand in other Asian countries was also weak due the recent jump in prices. In China, local prices have been on par with the global benchmark or at a discount, underscoring sluggish demand.

Dollar Heads for Worst Week Versus Yen Since April

The dollar headed for its biggest weekly decline versus the yen since April in advance of Federal Reserve Chair Janet Yellen testifying to lawmakers next week as traders cut bets the central bank will raise interest rates. A gauge of the dollar was set for its fourth weekly loss in five weeks as minutes of the Fed’s June meeting failed to provide additional revelations on the pace of rate increases and record-low volatility encouraged demand for higher-yielding assets. The Fed appears to be on the cautionary side despite data improving. With the current environment, where volatility remains low, the trend of carry trades remains in vogue and to a certain extent, the dollar is underperforming according to analysts. The dollar was little changed at 101.28 yen in Tokyo, having declined 0.8 percent this week, the most since the period ended April 11. The U.S. currency traded at $1.3601 per euro from $1.3609 yesterday. The yen appreciated 0.1 percent to 137.75 per euro after advancing to 137.50 yesterday, the strongest since Feb. 6.

Will BOJ Disappoint Again At Next Meeting?

Investors poured funds into Japan equities last year on the expectation of further easing measures from the central bank, but it appears that the Bank of Japan will disappoint again at its meeting next week. In April of 2013, the BOJ launched a massive quantitative easing program aimed at kick-starting Japan’s long-moribund economy. Investors pushed the Nikkei up more than 50 percent, partly on hopes that the central bank would deliver. So far, they have come away disappointed. Analysts say the central bank will likely let markets down again when it wraps up its policy on July 15. In addition to damping enthusiasm for the stock market, the delay in providing further stimulus may be weighing on efforts to revive the economy. Machinery orders data for May show core orders fell 19.5 percent from April, the worst monthly drop on record, disappointing expectations for an increase and wiping out hopes for a capital spending pickup to help drive economic growth. The BOJ believes it’s on course to boost inflation to its 2 percent target within the next two fiscal years.

That sums up today’s highlights! We hope you have a profitable day on the markets. Have a great weekend!

Brent Falls As Libya Restarts Oilfield

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Main Trading Event Of The Day: U.S. FOMC Meeting Minutes @ 18.00 & EUR Mario Draghi Speaks @ 18.30 GMT

WHAT WE’RE WATCHING TODAY

Brent Falls As Libya Restarts Oilfield

Brent crude fell below $109 a barrel today as Libya restarted an oilfield, leaving it on track to fall for an eighth session. This would make it its longest losing streak in over four years. Easing worries over possible disruptions to supply from the conflict in Iraq also dragged on prices. August Brent crude declined 12 cents to $108.82 a barrel, down nearly 6 percent from a nine-month high reached in June. U.S. crude for August delivery was up 3 cents at $103.43 a barrel, after Tuesday’s settlement marked its longest losing run since December 2009. Meanwhile, Iraq’s new parliament has brought forward the date of its next session to July 13, in the face of a militant insurgency that has swept large parts of the country. Investors are eyeing more data on oil inventories in the United States and on China’s trade later this week to take the pulse on oil demand at the world’s two largest consumers. Lingering weakness in the Chinese economy could prompt Beijing to launch further stimulus measures to shore up growth which could lift its fuel demand. U.S. crude inventories fell by 1.7 million barrels in the week to July 4, compared with analyst expectations for a decrease of 2.2 million barrels.

Gold Inches Up On Fund Inflows

Gold inched up as the world’s top bullion fund saw a second straight day of inflows, even as markets awaited the minutes of the Federal Reserve’s June policy meeting to gauge the U.S. central bank’s outlook for the economy and interest rates. Spot gold edged up 0.2 percent to $1,321.15 an ounce. SPDR Gold Trust confirmed its holdings rose 2.09 tonnes to 800.28 tons on Tuesday, after gaining 1.8 tons on Monday. Demand for gold was boosted by violence in the Middle East and Ukraine. Bullion investors are also awaiting the minutes of the Fed policy meeting later today for clues on the timing of a rate hike. A strong U.S. jobs report last week fuelled fears of an earlier than expected rate hike in the world’s largest economy. A hike would encourage investors to withdraw money from non-interest-bearing assets such as gold.

Australia Consumer Confidence Improves

A measure of Australian consumer sentiment improved edged higher in July as worries about family finances eased. The index of consumer sentiment rose a seasonally adjusted 1.9 percent in July, from June when it had inched up only 0.2 percent. The index still has not fully recovered from May’s 6.8 percent dive which followed a budget of welfare reforms, cutbacks and increased charges for services. The index reading of 94.9 for July was down 7.1 percent on the same month last year and means pessimists still exceed optimists. The largest improvement in July came in the survey’s measure on the outlook for family finances over the next 12 months, which jumped 12.3 percent though from very low levels. The index of family finances compared to a year ago rose 1.9 percent and that for economic conditions over the next 12 months increased by 3.9 percent. Consumers remained cautious on the longer-term outlook, however, with the index of economic conditions over the next five years dropping 3.8 percent.

That sums up today’s highlights! Remember to keep posted on our social media pages for all the latest trading updates for the day. We hope you have a profitable day on the markets.

German Industry Output Sees Biggest Fall In 2 Years

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Main Trading Event Of The Day: NZD NZIER Business Confidence @ 22.00 GMT

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German Industry Output Sees Biggest Fall In 2 Years

German industrial output fell 1.8 percent on the month in May, its biggest drop in more than two years, with analysts pointing to weakness in construction and geopolitical effects and the way public holidays fell. The drop came as a surprise particularly as industrial output was forecast to be unchanged. The second quarter is gradually turning into a massive disappointment. So far, May has brought disappointing retail sales, falling industry orders and now a significant fall in production. Even if some of this was down to missing days at work because of the bridge days, and might be recovered later, there has not been the momentum in the second quarter. The Economy Ministry did not specify which geopolitical areas were of concern but economists are worried about the Ukraine crisis and the impact on oil prices of the insurgency in Iraq. Following 0.8 percent growth in the first three months of the year, the German economy is widely expected to slow in the second quarter. The general state of the German economy is, nevertheless, not in question and is expected to be strong again. The government forecasts growth of 1.8 percent for the year as a whole on the back of strong domestic demand and a healthy jobs market.

Gold Falls As Strong Equities & Data Tarnish Safe-Haven Appeal

Gold nudged down on Monday as firm equity markets dented the precious metal’s safe-haven appeal, while speculation over an earlier than expected hike in U.S. interest rates after strong jobs data also took it’s toll on prices. Gold has been under pressure since data on Thursday showed U.S. employment growth increased in June and the jobless rate closed in on a six-year low, supporting evidence of brisk economic growth. Spot gold slipped 0.3 percent to $1,316.50 an ounce today after five consecutive weekly gains. A bullish U.S. jobs report prompted several economists to toy with the idea of bringing forward their forecasts for a Federal Reserve interest rate hike, although most held firm, preferring to wait for more data. A rate hike would dent gold’s appeal as a hedge against inflation. Geopolitical tensions in Iraq and Ukraine should, however, continue to underpin bullion and curb losses.

Shares To Watch: Apple Hires Tag Heuer Executive Before Smartwatch Launch

Apple is rumoured to have hired Swiss luxury watch maker Tag Heuer’s Watch-Sales Head, Patrick Pruniaux, in anticipation of its October launch of its smart-watch - a sign that the company is positioning its iWatch device as a luxury item. Last month, it was reported that the iWatch will be marketed primarily as a fashion accessory, despite featuring multiple health-monitoring and fitness-tracking sensors. The rumours about the health-monitoring aspects of the iWatch were further bolstered when Apple unveiled the HealthKit data storage platform at the Worldwide Developers Conference last month. It has also been suggested that Apple will release multiple iWatch models which may be geared toward different market segments with at least two different versions of the iWatch planned for release. One model may be aimed at the luxury watch market, while a less expensive version may be aimed at the mainstream wearable tech market. While the exact nature of the iWatch launch remains to be seen, it is likely to have the same status symbol power as many other Apple products with the potential to be a threat for the industry.

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Asian Stocks Extend Gains On Technology Shares

Here’s today’s ‘Just A Minute’ bringing you a 60 second summary of what’s happening in the financial markets:

Asian Stocks Extend Gains On Technology Shares

Asian stocks rose, today as technology shares gained, with the regional index heading for the biggest quarterly rally since September. The MSCI Asia Pacific Index rose 0.4 percent to 145.63 with eight of its ten industry groups advancing. The gauge is headed for a 5.5 percent increase this quarter and a 2.7 percent jump in June for a second month of gains. Data on Chinese manufacturing and the Bank of Japan’s survey on business sentiment are due tomorrow. Japan’s Topix index gained 0.8 percent as the nation’s industrial production expanded 0.5 percent in May from April, when it shrank 2.8 percent, according to a report. The median forecast of economists was for a 0.9 percent increase. The government projects production will decrease 0.7 percent in June and increase 1.5 percent in July.

Gold Close To 2-Month High

Gold held close to a two-month high today on a softer dollar and looks set to post its second straight quarterly gain as geopolitical tensions boosted the metal’s safe-haven appeal. Market watchers were observing U.S. jobs data and the European Central Bank meeting later this week for the outlook on stimulus measures before placing any big bets. The metal has gained 2.4 percent in the second quarter of the year after rising nearly 7 percent in the previous quarter, helped by violence in Ukraine and Iraq. The technical picture for gold looks good with support at $1,300 and resistance at about $1,335 according to one Hong Kong-based precious metals trader.

U.S. To Allow Oil Exports

The Wall Street Journal has reported that the Obama administration is set to lift a four-decade ban on U.S. exports of crude oil. While the initial exports of condensate, light crude oil being pumped from shale fields, will be limited, the market reaction Thursday was quite strong. There were many winners, with the S&P 1500 Composite Oil & Gas Equipment and Services subs-sector rising 3.5% and the Oil & Gas Exploration and Production sub-sector up 2%. The Oil & Gas Refining and Marketing subsector, however, dropped 6%. Refiners had been enjoying soft domestic oil prices, with the continued expansion of domestic production as the export ban continued. Even though the initial exports will be limited, the market is looking ahead to profit pressure for the refiners. The Oil & Gas Refining and Marketing subsector is up 2% this year, while most other oil and gas subsectors have seen double-digit returns driven by production and a rise in oil prices.

That sums up today’s highlights! Remember to keep in touch via our social media channels for all the latest market developments of the day. We hope you have a profitable day on the markets.

UK House Price Growth May Finally Be Slowing

Here’s today’s ‘Just A Minute’ bringing you a 60 second summary of what’s happening in the financial markets:

Main Trading Event Of The Day: CAD CPI @ 12.30 GMT

WHAT WE’RE WATCHING TODAY

UK House Price Growth May Finally Be Slowing

The pace of house price growth in the U.K. may finally be slowing, amid concerns about interest rates rising sooner than expected. Home-owner sentiment about what will happen to the value of their house fell in June for the first time in six months, according to recent housing data. This may increase hopes of a soft landing for the property market. There have been fears in recent months of a bubble building, particularly in London. House prices in the U.K. were 9.9 percent higher in April compared with the same month 2013, but in London, they leapt by 18.7 percent over the year, according to data from Britain’s Office for National Statistics. The index was measured between June 11 and 16. On June 12, Bank of England Governor Mark Carney rattled the markets by suggesting interest rates would rise sooner than thought. Those predicting a soft landing pointed out that for most of the U.K., there has not been a recovery in house prices comparable to that in London.

Lagarde: ECB Should Consider QE

IMF Managing Director, Christine Lagarde has expressed that the European Central Bank should contemplate quantitative easing measures by way of purchasing of sovereign bonds, if inflation in the single currency bloc remains low for an extended period of time. Eurozone consumer prices rose by just 0.5 percent year-on-year in May, down from 0.7 percent in April and well short of the ECB’s target of close to 2 percent. The ECB has so far resisted embarking on a quantitative easing program, but has said it stands ready do so if needed. Earlier this month, the central bank revealed new measures to stimulate the economy including taking an unprecedented step on of imposing a negative interest rate on banks for their deposits which essentially means charging lenders to park money with it. Lagarde also pointed to three major risks currently facing the global economy; job creation, a sovereign and corporate debt overhang and geopolitical tensions which, she said “is creating massive uncertainty, and massive uncertainty is not conducive to investment decisions”.

Gold Gains And Moves Further Above $1,300

Gold held strong above the $1,300 level today, maintaining its upward momentum amid escalating violence in Iraq, along with the promise of steady interest rates. Gold for August delivery was up $1.50 to $1,315.60 an ounce. A day earlier, gold exploded for a 3.3% rally to reach its highest point since April 14. Analysts believe gold is destined to stay in a fairly tight range over the short term, with a bias to the upside. The metal should enjoy a degree of underlying support from geopolitical headlines which still remain of concern as they have the ability to seriously destabilise the markets, especially if they result in a further spike in oil prices.

That sums up today’s highlights! Remember that we are constantly updating our social media pages with all the latest market news so keep checking in! We hope you have a profitable day on the markets.