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Hong Kong Market surges 1.7%
Jun 20,2016

The Hong Kong stock market finished higher on Monday, 20 June 2016, on the back of receding worries about Britains possible exit from the European Union, or n++Brexit.n++ The benchmark Hang Seng Index grew 340.22 points, or 1.69%, to 20510.20 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, jumped 153.64 points, or 1.81%, to 8639.51. Turnover decreased to HK$55.1 billion from HK$62.5 billion on Friday.

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US stocks end five day losing streak
Jun 17,2016

U.S. stocks erased early losses to close modestly higher on Thursday, 16 June 2016 ending a five-day streak of losses. For the past several sessions, a British referendum scheduled for June 23 to decide whether the U.K. will remain in the European Union had been weighing on risky assets like equities. On Thursday, stocks seemed to find some support after both sides in the referendum debate suspended campaigning for the day after British lawmaker Jo Cox died following a shooting attack.

The Dow Jones Industrial Average erased a triple-digit loss to close with a gain of 92.93 points, or 0.5%, at 17,733.10. The Nasdaq Composite ended the session up 9.98 points, or 0.2%, at 4,844.91. The S&P 500 closed 6.50 points, or 0.3%, higher at 2,078, after trading as low as 2,050.27 earlier in the session.

Nine out of the S&Ps 10 sectors ended in positive territory, with telecom stocks leading the gains.

The main indexes advanced even as oil futures dropped to a five-week low, weighing on energy stocks, which was the only sector on the S&P that closed in negative territory. Meanwhile, the financial sector was hit earlier in the day by the prospect of interest rates staying lower for longer, after the Fed signaled Wednesday that it will delay interest rate increases, demonstrating its not overly confident in the economy.

But investors across the world were fretting about the potential consequences of a Brexit vote, particularly after three major central banksn++the Federal Reserve, the Bank of England and the Bank of Japann++raised concerns about the U.K. potentially leaving the EU in the June 23 referendum.

Meanwhile, the Japanese central bank on Thursday made no changes to its asset-purchase program or interest rates. The lack of action was interpreted as caution ahead of the June 23 Brexit referendum. On Thursday, the Bank of England also kept its key interest rate unchanged at a record low of 0.5% and made no changes to its 375-billion-pound ($530 billion) asset-purchase program. The BOE said in a statement that a potential vote to leave the EU could materially alter the outlook for output and inflation in the U.K.

On the U.S. economic front, a flurry of fresh data offered a mixed picture of the U.S. economy. A reading on U.S. inflation missed expectations on Thursday, while initial jobless claims rose. But rent rose at the fastest monthly pace since 2007 last month, a reminder that one of the biggest expenses for most Americans isnt easing up. The Philadelphia Fed manufacturing index showed mild improvement in June, logging its second positive reading in the past 10 months. And a closely watched index of home builder sentiment rose to its highest reading since January.

Crude Oil futures settled lower for a sixth straight session on Thursday, 16 June 2016, their longest losing streak since Februaryn++and marked their lowest settlement in about five weeks. Market jitters over the looming U.K. referendum on whether to leave the European Union, a so-called Brexit, fueled concerns about a potential slowdown in energy demand and a recent rise in the number of U.S. rigs drilling for oil pointed to a possible uptick in crude production levels.

On the New York Mercantile Exchange, July West Texas Intermediate crude fell $1.80, or 3.8%, to finish at $46.21 a barrel. August Brent crude fell $1.78, or 3.6%, to settle at $47.19 a barrel on Londons ICE Futures exchange.

Bullion prices ended higher at Comex on Thursday, 16 June 2016. Gold futures rose for a seventh straight session Thursday, but settled back below the closely watched $1,300 mark, finding support as the Federal Reserve stirred already percolating global growth concerns and developments surrounding the U.K. referendum fueled further economic uncertainty. But gold prices significantly pared their gains on Thursday following news that British lawmaker Jo Cox died following a shooting attack, prompting both sides in the referendum debate to suspend campaigning for the day.

August gold rose $10.10, or 0.8%, to settle at $1,298.40 an ounce, trading well below the intraday high of $1,318.90. July silver rose 10.4 cents, or 0.6%, to $17.607 an ounce.

The Treasury complex ended on a mixed note with the yield on the 10-yr note finishing flat at 1.57%.

Todays participation was above the recent average as more than 865 million shares changed hands on the NYSE floor.

Tomorrows data will be limited to Housing Starts (consensus 1,150k) and Building Permits (consensus 1,150k) for May, which will be released at 8:30 ET.

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Asia Pacific Market: Stocks drop after policy actions by Fed, BoJ
Jun 16,2016

Asia Pacific share market closed down on Thursday, 16 June 2016, as investors fled equities for safe-haven assets like gold amid fresh worries about economic growth and market turmoil. The US and Japanese central banks both kept monetary policy unchanged and signalled caution amid uncertainty ahead of Britains vote on EU membership next week.

The US Federal Reserve on Wednesday also kept interest rates unchanged and signalled a slower pace of future rate hikes, citing uncertainties in the global economy and concerns about a pending vote by Britons on EU membership next week. The Fed officials also lowered their projections for US growth in 2016 to 2% from 2.2%. n++The worrying drop in non-farm payrolls employment last month and concerns about the upcoming Brexit vote appear to have driven this dovish tone of the Fed.

The Bank of Japan left its policy unchanged at its meeting Thursday, adding to a host of concerns investors have grappled with in recent sessions, including a coming U.K. referendum on European Union membership, an unclear path for U.S. interest rates, and mixed data on the world economy. In its policy statement, the BOJ said risks to the economic outlook include uncertainties in emerging and commodity-exporting economies, particularly China, impact of monetary policy response from the US on global financial markets, prospects regarding Europes debt problem and economic activity, as well as geopolitical risks. The BOJ decided a status quo at the June meeting to avoid criticism for a collusive relationship with the government facing the July Upper House election and to save its scarce ammunition before the U.K. referendum next week.

Among Asian bourses

Australia Market closed mixed

Australian share market finished mixed, as gains in bullion, retailers, and utilities stocks were offset by losses in energy, financial, and healthcare stocks. At close of trade, the benchmark S&P/ASX 200 index declined 1.10 points, or 0.02%, to 5146. The broader All Ordinaries rose 1.30 points, or 0.02%, to 5231.70. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 532 to 477 and 345 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 2.79% to 19.932.

Energy shares lost ground on tracking drop in crude oil prices. Crude oil for delivery in July fell 0.96% or 0.46 to hit $47.55 a barrel, while the August Brent oil contract fell 0.86% or 0.42 to trade at $48.55 a barrel. Woodside Petroleum fell 0.5% to A$25.97 and Origin lost 0.9% to A$5.34.

The rally in the gold price pushed listed miners to a three-year high, driving the All Ordinaries Gold Index up as much as 3.5%. Shares of heavy-weight gold miners Newcrest Mining, Evolution Mining and Northern Star Resources all gained, with Newcrest up 2.9% to A$22.54, Evolution 4.7% to A$2.43, and Northern Star 5.1% to A$5.09.

Crown Resorts rocketed 13.2% to A$12.75 after James Packer announced audacious plans to split the underperforming company. Crown will split its international business into a new listed vehicle and explore a potential IPO of a property trust including the bulk of its Australian hotels after admitting its poorly performing Macau business had dragged down value for shareholders.

Nikkei tanks 3.05%

The Japan share market finished steep lower, dragged down by yen appreciation against basket of major currencies after the Bank of Japan (BOJ) kept monetary policy steady. Selloff pressure also intensified amid uncertainty around US and Chinese growth, Britains future in the European Union. All 33 groups on the equity gauge declined, with real estate, nonferrous metals, rubber products, and machinery issues being major losers. The benchmark Nikkei 225 index tanked 3.05%, or 485.44 points, to 15,434.14. The Topix index of all first-section issues finished down 35.55 points, or 2.78%, at 1,241.55.

Exporters were the biggest drags on the Topix after yen soared to its highest level against the dollar in nearly two years after Japans central bank left its policy unchanged. A strong yen makes life harder for Japanese exporters. Isuzu Motors Ltd. fell 4.6% and Nissan Motor Co. dropped 4.3%.

Nitto Denko Corp. fell 7.2%, after Mitsubishi UFJ Morgan Stanley Securities Co. cut its rating on the chemical maker, citing deterioration in the polarizing film market.

China Stocks fall 0.5%

Mainland China stock market closed down, as selloff resumed a day after MSCIs decision to keep mainland-listed shares out of its key emerging markets index. The downward pressure on the market witnessed due to the potential withdrawal of funds that had been buying A shares in the past few weeks betting on a positive decision by MSCI on A shares. The CSI300 index of the largest listed companies in Shanghai and Shenzhen dropped 0.7%, to 3094.67, while the Shanghai Composite Index fell 0.5%, to 2872.82 points.

Global index provider MSCI Inc yesterday said it would delay including A shares into one of its flagship indexes as concerns about market accessibility and capital mobility linger. MSCI highlighted the 20% monthly repatriation limits as a n++significant hurdlen++ for investors, while anti-competitive clauses adopted by Chinese exchanges that restrict the launching of financial products linked to A shares in overseas markets also impeded the integration of A shares. The delay marks the third failure to add A shares in MSCIs widely followed emerging market index, which is tracked by money managers who manage US$1.7 trillion in assets. In 2015, MSCI rejected A shares due to concern about the quota allocation process, curbs on capital mobility and beneficial ownership of investments. MSCI said it would retain the A shares inclusion proposal for the 2017 Market Classification Review and it did not rule out a potential off-cycle announcement should further significant positive developments occur before June 2017.

Most of SSE sectoral indices declined, with infrastructure and financials stocks being major losers. Oil stocks tanked after crude futures settled lower overnight in New York for a fifth straight session. Refining giant Sinopec fell 1.3% to 4.68 yuan, while PetroChina was down 0.7%.

Bucking the trend, resources shares rose on news that China will strictly control newly added production capacity, and accelerate a reduction of overcapacity in the non-ferrous metals sector. Gold miners were higher, as August gold climbed to US$1,311.9 an ounce today, up 1.5% from Wednesdays close of regular trading in New York. Gold futures for August delivery settled at US$1,288.3 an ounce overnight, marking its sixth straight advance. Gold miner Zijin Mining Group was limit-up 10% to close at 3.48 yuan in Shanghai. Rival Shandong Gold Mining leapt 8% to 38.7 yuan and Zhongjin Gold jumped 5.6% to 11.31 yuan.

Hong Kong Market tanks 2.1%

The Hong Kong stock market finished deeply in red, as investors fled equities for safe-haven assets like gold amid fresh worries about US economic growth after the Federal Reserve lowered its economic growth forecasts for this year and on caution ahead of the Britains June 23 national referendum on whether to leave the European Union. The benchmark Hang Seng Index tumbled 429.10 points, or 2.1%, to 20038.42 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, retreated 199.78 points, or 2.32%, to 8409.81. Turnover increased to HK$62.8 billion from HK$58.5 billion on Wednesday.

Developers were generally lower. CK Property (01113) and Sino Land (00083) fell 2% to HK$46.35 and HK$11.84. Wheelock (00020) declined 3% to HK$34.

Banking stocks were also lower as they may follow the US to keep rate steady. Standard Chartered (02888) dropped 3% to HK$54.95. HSBC (00005) sank 2% to HK$46.4. Bank of East Asia (00023) slipped 2% to HK$27.75 after Goldman Sachs tipped smaller family-controlled banks in HK may become target of acquisition. The research house also raised its target price for BEA.

Tencent (00700) dipped 2% to HK$168.8 even though a newswire cited insiders reporting that the internet giant is close to reach a deal to buy mobile game developer Supercell.

Shanghai Disney theme park opened today, but relevant stocks have yet to benefit from the euphoria. Jinjiang Hotels (02006) plunged 5% to HK$2.77. Air China (00753) fell 3% to HK$5.07. China East Air (00670) slid 5% to HK$3.99 after it reported May passenger traffic growth of 5.6% and cargo volume decline of 4.9%.

Indian market drops on weak offshore lead

Weak global cues triggered a fresh selling on the domestic bourses today, 16 June 2016. However, key indices managed to settle off their intraday lows as European stocks trimmed intraday losses. The barometer index, the S&P BSE Sensex lost 200.88 points or 0.75% to settle at 26,525.46. The Nifty 50 index lost 65.85 points or 0.8% to settle at 8,140.75.

Shares of Bharti Infratel fell 4.71% on reports that a foreign brokerage has downgraded the stock to underperform from buy and also slashed its 12-month target price to Rs 232 from Rs 440 earlier. According to reports, the foreign brokerage has downgraded the Bharti Infratel stock as it expects slower than expected telecom data growth. The brokerage firm sees risk of rental renewals that may lead to telecom firms being offered discounts. The brokerage has reportedly slashed its projected earnings per share (EPS) for Bharti Infratel by 5-9% for a period of three years from FY 2017 to FY 2019 factoring in higher-than-expected inflation in rental costs.

Indias merchandise exports fell 0.79% at $22.17 billion in May 2016 over May 2015. Imports fell 13.16% at $28.44 billion in May 2016 over May 2015. The trade deficit fell to $6.27 billion in May 2016 from $10.41 billion in May 2015. Non-petroleum exports rose 1.01% at $20.19 billion in May 2016 over May 2015. Oil imports fell 30.45% at $5.93 billion. Non-oil imports fell 7.06% at $22.50 billion. The commerce ministry released the trade data on provisional basis for May 2016 after trading hours yesterday, 15 June 2016.

Elsewhere in the Asia Pacific region: New Zealands NZX50 added 0.28% to 6888.57. South Koreas KOSPI index fell 0.9% to 1951.99. Taiwans Taiex index slipped 1.3% to 8494.14. Malaysias KLCI sank 0.8% to 1614.90. Indonesias Jakarta Composite index dropped 0.01% to 4814.39. Singapores Straits Times index slipped 0.82% to 2751.56.

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Australia Market closed mixed
Jun 16,2016

Australian share market finished mixed on Thursday, 16 June 2016, as gains in bullion, retailers, and utilities stocks were offset by losses in energy, financial, and healthcare stocks. At close of trade, the benchmark S&P/ASX 200 index declined 1.10 points, or 0.02%, to 5146. The broader All Ordinaries rose 1.30 points, or 0.02%, to 5231.70. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 532 to 477 and 345 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 2.79% to 19.932.

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Nikkei tanks 3.05%
Jun 16,2016

The Japan share market finished steep lower on Thursday, 16 June 2016, dragged down by yen appreciation against basket of major currencies after the Bank of Japan (BOJ) kept monetary policy steady. Selloff pressure also intensified amid uncertainty around US and Chinese growth, Britains future in the European Union. All 33 groups on the equity gauge declined, with real estate, nonferrous metals, rubber products, and machinery issues being major losers. The benchmark Nikkei 225 index tanked 3.05%, or 485.44 points, to 15,434.14. The Topix index of all first-section issues finished down 35.55 points, or 2.78%, at 1,241.55.

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China Stocks fall 0.5%
Jun 16,2016

Mainland China stock market closed down on Thursday, 16 June 2016, as selloff resumed a day after MSCIs decision to keep mainland-listed shares out of its key emerging markets index. The downward pressure on the market witnessed due to the potential withdrawal of funds that had been buying A shares in the past few weeks betting on a positive decision by MSCI on A shares. The CSI300 index of the largest listed companies in Shanghai and Shenzhen dropped 0.7%, to 3094.67, while the Shanghai Composite Index fell 0.5%, to 2872.82 points.

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Hong Kong Market tanks 2.1%
Jun 16,2016

The Hong Kong stock market finished deeply in red on Thursday, 16 June 2016, as investors fled equities for safe-haven assets like gold amid fresh worries about US economic growth after the Federal Reserve lowered its economic growth forecasts for this year and on caution ahead of the Britains June 23 national referendum on whether to leave the European Union. The benchmark Hang Seng Index tumbled 429.10 points, or 2.1%, to 20038.42 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, retreated 199.78 points, or 2.32%, to 8409.81. Turnover increased to HK$62.8 billion from HK$58.5 billion on Wednesday.

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US stocks end with moderate losses
Jun 16,2016

U.S. stocks relinquished modest gains and closed lower on Wednesday, 15 June 2016 stretching a losing streak to five days, as investors weighed the Federal Reserves decision to delay rate increases. The Fed acknowledged that hiring slowed and that business fixed investment was soft and signaled a slower approach on raising borrowing costs.

The Dow Jones Industrial Average ended 34.65 points, or 0.2%, lower at 17,640.17. The Nasdaq Composite Index fell 8.62 points, or 0.2% to 4,834.93. The S&P 500 which at the session high was up 10 points, ended with a loss of 3.82 points, a decline of 0.2%, at 2,071.50.

Materials and consumer-discretionary stocks ended modestly higher, while defensive stocks lagged behind. The utilities and health care sectors ended lower. Intel and Cisco Systems led the losses.

Federal Reserve officials kept interest rates steady and adopted a dovish tone in its updated monetary policy statement.

Meanwhile, fears about the outcome of next weeks so-called Brexit voten++a referendum that could determine if the U.K. exits the European Unionn++have supported demand for haven assets like precious metals. The vote is scheduled for 23 June.

Among expected economic data, the weekly MBA Mortgage Index showed a seasonally adjusted decrease of 2.4% in mortgage applications.The Producer Price Index for final demand increased 0.4% in May while the index for final demand, less food and energy, increased 0.3%. This report, if nothing else, demonstrates how the rebound in energy prices holds the potential to invite higher inflation readings in coming months due to easier price comparisons.

Separately, the Empire Manufacturing Survey for June, popped 15 points to 6.0 driven by a healthy rebound in the index for new orders (from -5.5 to 10.9). A number above zero connotes expansion in regional manufacturing activity.

Crude oil futures settled lower on Wednesday, 15 June 2016 pressured by concerns over global energy demand following disappointing U.S. economic data and ahead of the U.K. referendum scheduled for next week. A modest weekly decline in U.S. crude supplies and the Federal Reserves decision to stand pat on interest rates failed to offer much support for prices.

July West Texas Intermediate crude fell 48 cents, or 1%, to settle at $48.01 a barrel on the New York Mercantile Exchange, marking a fifth session decline in a row. The August contract for Brent lost 86 cents, or 1.7%, at $48.97 a barrel.

Prices pared losses and saw a brief tick higher after the U.S. Energy Information Administration reported that U.S. crude supplies fell by 900,000 barrels for the week ended 10 June. Gasoline supplies declined by 2.6 million barrels, while distillate stockpiles edged up by 800,000 barrels last week, according to the EIA.

Gold futures extended their streak of gains to a sixth straight session on Wednesday, 15 June 2016 at Comex and prices continued to climb in electronic trading after the U.S. Federal Reserve stood pat on interest rates. Delays in hiking benchmark interest rates have been bullish for gold prices, while a potential increase would boost the appeal of the U.S. dollar and make dollar-pegged assets more expensive to buyers using other currencies.

August gold rose 20 cents to settle at $1,288.30 an ounce before the Fed decision. It moved up to $1,293.10 in electronic trading shortly after the news. Prices trade about 6% higher month to date. July silver rose 7.9 cents, or 0.5%, to $17.503 an ounce.

The U.S. Dollar Index climbed off its low as the greenback trimmed its losses against the euro and pound.

The Treasury complex ended the day higher as the yield on the 10-yr note slipped three basis points to 1.58%.

Todays participation came in above the recent average as more than 877 million shares changed hands on the NYSE floor.

Tomorrows economic data will include Core CPI for May, weekly initial claims, the Philadelphia Fed Survey for June, and the first quarter Current Account Balance each crossing the wires at 8:30 ET. Separately, the June NAHB Housing Market Index will be released at 10:00 ET.

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US stocks slip for fourth straight session
Jun 15,2016

U.S. stocks fell for a fourth session in a row Tuesday, 14 June 2016 marking the S&P 500 and the Dow Jones Industrial Averages longest losing streak since the markets low in February. Investors grappled with mixed signals from lower oil prices, stronger-than-expected retail sales and geopolitical uncertainty roiling European markets.

The Dow Jones Industrial Average fell 57.66 points, or 0.3%, to finish at 17,674.82. The Nasdaq Composite Index declined 4.89 points, or 0.1%, to close at 4,843.55. The tech-laden indexs four-day decline is the longest since it fell for seven straight sessions in April. The S&P 500 Sshed 3.74 points, or 0.2%, to close at 2,075.32.

Shares of American Express and Home Depot weighed on blue chips.

The growing possibility that the U.K. might leave the EU has rattled global markets this week, weighing on riskier assets such as commodities, and boosting safe-haven investments like the dollar.

On Tuesday, the ICE U.S. Dollar Index was up about 0.5%. Strength in the greenback can typically weigh on dollar-denominated commodities.

U.S. equity indices opened on a choppy note as investors weighed on-going developments in Brexit polling. Overnight, European indices trended lower as polling showed building momentum around the U.K.s Leave camp. In response, risk assets continued to fall out of favor in Europe while sovereign bonds saw increased demand. On that note, the yield on the 10-yr Bund fell into negative territory, marking an all-time low.

This week, the U.S.s Federal Open Market Committee and Bank of Japan are holding interest-rate policy meetings that could impact precious-metals trading. The Federal Reserve isnt expected to announce any change in key policy in its statement Wednesday but it could lay some groundwork for future action. Higher interest rates tend to push up the dollar.

Todays economic data at Wall Street included Import and Export Prices for May, May Retail Sales, and Business Inventories for April. Import prices increased 1.4% in May due primarily to higher fuel prices. Excluding fuel, they were up 0.3%. May marked the second straight month of increases for nonfuel import prices, which are still down 1.7% year-over-year. Export prices were up 1.1% in May. Excluding agriculture, they advanced 1.0%.

Separately, retail sales increased 0.5% in May (consensus +0.3%) while retail sales excluding autos increased 0.4% (consensus +0.4%). Notably, there were no revisions to the prior month, which saw the strongest monthly sales gain since Mach 2015. That is a favorable development for second quarter GDP since these sales factor into the computation of the goods component for personal consumption expenditures.

Also, total business inventories increased 0.1% in April (consensus +0.2%) after a downwardly revised 0.3% increase (from +0.4%) in March.

Bulion prices ended in a mixed mode at Comex on Tuesday, 14 June 2016. While gold prices ended higher, silver slipped. Gold futures finished higher on Tuesday as investors sought the relative safety of haven assets ahead of next weeks closely watched central-bank meetings. Gold futures had struggled to find direction during the session, weaving between losses and gains, as the U.S. dollar strengthened before Wednesdays decision on interest rates from the U.S. Federal Reserve.

Gold for August delivery tacked on $1.20, or 0.1%, to settle at $1,288.10 an ounce. Prices have now tallied five daily gains in a row. July silver finished at $17.424 an ounce, easing back 1.9 cents, or 0.1%.

Crude oil prices sank to a more than three week low on Tuesday, 14 June 2016 at Nymex as the prospect of bigger U.S. crude stocks indicate the global oil glut could be more stubborn than previously thought. Prices have climbed in recent months as wildfires in Canada and political upheavals in Africa wiped out some productions. U.S. output has also declined dogged by waning investment.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July was last down $0.73, or 1.5%, at $47.76 a barrel, after dropping to $47.55. August Brent crude on Londons ICE Futures exchange fell $0.76, or 1.4%, to $49.07 a barrel, the lowest level since early June. Earlier in the session, the grade fell to $48.91.

The Treasury complex ended lower with the yield on the 10-yr note rising one basis point to 1.62%.

Todays participation was above the recent average as more than 881 million shares changed hands on the NYSE floor.

Tomorrows economic calendar includes the 7:00 ET release of the weekly MBA Mortgage Index. Meanwhile, May Core PPI (consensus +0.1%) and Empire Manufacturing for June (consensus -1.6) will cross the wires at 8:30 ET. At 9:15 ET, Industrial Production (consensus -0.1%) and Capacity Utilization (consensus 75.2%) will each be released. Finally, the days data will be capped off with the June FOMC Rate Decision and April Net Long-Term TIC Flows, which will be reported at 14:00 ET and 16:00 ET, respectively.

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Asia Pacific Market: Stocks dive on Brexit fears
Jun 13,2016

Asia Pacific share market declined on Monday, 13 June 2016, dragged down by increasing concerns over Britains possible exit from the European Union. The worries about a potential exit by the UK from the European Union also left investors scrambling for safe haven assets. The UK government holds a referendum on 23 June 2016 on whether the country should remain a member of the European Union (EU).

Stocks met with heavy selling from the outset of Mondays trading after European and U.S. equities retreated Friday. Investor appetite for risk assets diminished after a weekend poll in Britain showed that people who call for the country to leave the EU surpassed those wanting it to stay as an EU member.

Until the referendum on June 23 on whether to leave the EU, the market could show moves to factor in an exit by Britain from the EU as opinion polls showed an exit is a real possibility.

Among Asian bourses

Nikkei dives 3.5% down

The Japan share market stumbled to a two-month low, dragged down by yen ascent against basket of major currencies yen amid worries over global growth and the possible impact of Britain quitting the EU as opinion polls showing an exit is a real possibility. The benchmark Nikkei 225 index slumped 3.51%, or 582.18 points, to 16,019.18 by the close, its lowest since mid-April, while the broader Topix index of all first-section shares was down 3.47%, or 46.18 points, to finish at 1,284.54. Falling issues overwhelmed rising ones 1,903 to 40 in the TSEs first section, while 15 issues were unchanged. Volume fell to about 1.88 billion shares from Fridays about 2.21 billion shares.

Shares of exporters retreated, weighed by yen appreciation against greenback and euro. A stronger yen is generally a negative for exporter as it reduces overseas profits when converted into local currency. The dollar sank to 105.79 yen from 106.93 yen Friday in New York, while the euro sank to 119.28 yen against 120.30 yen, trading around its lowest level against the yen since April 2013. Industrial-machinery maker Hitachi fell 6% and automaker Mazda Motor Corp. sank 6%. Camera maker, Konica Minolta, and printer producer Brother Industries also lost ground on increasing worries about deteriorated earnings as the companies rely substantially on sales in Europe.

Energy explorer Inpex Corp. declined 5.8% as crude fell a third day after the number of rigs drilling for oil in the U.S. rose for a second week.

By contrast, Calsonic Kansei jumped 4.95% on a news report that several companies, including an overseas fund, apparently joined the first round of bidding for shares owned by automaker Nissan in the auto parts maker.

China Stocks end 3.1% down

Mainland China stock market tumbled after a long weekend, as investor confidence took a hit after latest official data showing Chinas fixed-asset investment growth eased to 9.6% on-year in the January-May period. Investor sentiment was also fragile ahead of MSCIs decision on whether it will include China A-shares and on fears that Britain may vote to leave the European Union. The CSI300 index of the largest listed companies in Shanghai and Shenzhen declined 3.09%, to 3066.34, while the Shanghai Composite Index dropped 94.09%, to 2833.07 points. The market was closed on Thursday and Friday for public holiday.

Fixed-asset investment in China increased 9.6% in the January-to-May period, the slowest pace since 2000, National Bureau of Statistics data showed Monday. Industrial production for May rose 6% from a year earlier, while retail sales climbed 10%.

Hong Kong Market tumbles 2.52%

The Hong Kong stock market finished down, as weak investment data fuelled worries about the health of the Chinese economy and on fears that Britain may vote to leave the European Union. The benchmark Hang Seng Index declined 529.65 points, or 2.52%, to 20512.99 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, sank 212.05 points, or 2.4%, to 8619.92. Turnover increased to HK$65.1 billion from HK$54.5 billion on Friday.

Market heavyweights were lower. China Mobile (00941) slid 1.97% to HK$87.3, while HSBC (00005) dropped 2.94% to HK$47.9. Mengniu Dairy (02319) tumbled 5.71% to HK$13.22, making itself the largest blue-chip loser.

Stocks holding UK assets were sharply lower ahead of a referendum that could pull Britain out of the European Union. Standard Chartered (02888) plunged 4.39% to HK$56.65. CKH Holdings (00001) dipped 2.18% to HK$89.85.

US oil prices fell below US$50, dragging down oil majors. Sinopec (00386) sank 3.24% to HK$5.38. PetroChina (00857) plummeted 4.42% to HK$5.41 and CNOOC (00883) fell 2.09% to HK$9.39.

Sensex, Nifty hit 2-1/2 week closing low

Weakness in global stocks and anemic domestic industrial production data for April 2016 triggered a fresh slide of key benchmark indices today, 13 June 2016. The barometer index, the S&P BSE Sensex lost 238.98 points or 0.9% to settle at 26,396.77. The losses for the Nifty 50 index were lower in%age terms than those for the Sensex. The Nifty shed 59.45 points or 0.73% to settle at 8,110.60. The Sensex and the Nifty, both, hit their lowest closing level in 2-1/2 weeks. Capital goods, realty and bank stocks led decline on the bourses. Key indices dropped for the third day in a row today, 13 June 2016.

Index heavyweight and housing finance major HDFC declined 1.58%. The company announced after market hours on Friday, 10 June 2016 that it will issue secured redeemable non-convertible debentures amounting to Rs 1000 crore on private placement basis. Debentures carry a coupon rate of 8.46% per annum and tenor of 10 years and will mature on 15 June 2026. The issue will open on 15 June 2016 and will close on the same day. The object of the issue is to augment the long term resources of the company. The proceeds will be utilized for financing/refinancing the housing finance requirements of the company.

Yes Bank rose 0.64% after the Reserve Bank of India (RBI) raised the ceiling on investment by foreign institutional investors (FIIs) to 74% of the private sector banks paid up capital from earlier 60%. RBIs nod for higher ceiling on investment by FIIs came after Yes Banks board of directors and shareholders approved the proposal. The RBI has capped the total foreign shareholding from all sources in Yes Bank at 74% of the banks equity. Last month, the Cabinet Committee on Economic Affairs cleared Yes Banks proposal for increase in foreign investment limit in the banks equity capital to 74% from 41.87% without any sub-limits.

Elsewhere in the Asia Pacific region: New Zealands NZX50 sank 0.68% to 6924.27. South Koreas KOSPI index fell 1.9% to 1979.06. Taiwans Taiex index slipped 2.1% to 8536.22. Malaysias KLCI declined 0.7% to 1629.77. Indonesias Jakarta Composite index fell 0.8% to 4807.23. Singapores Straits Times index fell 1.3% to 2785.43.

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Nikkei dives 3.5% down
Jun 13,2016

The Japan share market stumbled to a two-month low on Monday, 13 June 2016, dragged down by yen ascent against basket of major currencies yen amid worries over global growth and the possible impact of Britain quitting the EU as opinion polls showing an exit is a real possibility. The benchmark Nikkei 225 index slumped 3.51 percent, or 582.18 points, to 16,019.18 by the close, its lowest since mid-April, while the broader Topix index of all first-section shares was down 3.47 percent, or 46.18 points, to finish at 1,284.54. Falling issues overwhelmed rising ones 1,903 to 40 in the TSEs first section, while 15 issues were unchanged. Volume fell to about 1.88 billion shares from Fridays about 2.21 billion shares.

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China Stocks end 3.1% down
Jun 13,2016

Mainland China stock market tumbled after a long weekend on Monday, 13 June 2016, as investor confidence took a hit after latest official data showing Chinas fixed-asset investment growth eased to 9.6 percent on-year in the January-May period. Investor sentiment was also fragile ahead of MSCIs decision on whether it will include China A-shares and on fears that Britain may vote to leave the European Union. The CSI300 index of the largest listed companies in Shanghai and Shenzhen declined 3.09%, to 3066.34, while the Shanghai Composite Index dropped 94.09%, to 2833.07 points. The market was closed on Thursday and Friday for public holiday.

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Hong Kong Market tumbles 2.52%
Jun 13,2016

The Hong Kong stock market finished down on Monday, 13 June 2016, as weak investment data fuelled worries about the health of the Chinese economy and on fears that Britain may vote to leave the European Union. The benchmark Hang Seng Index declined 529.65 points, or 2.52%, to 20512.99 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, sank 212.05 points, or 2.4%, to 8619.92. Turnover increased to HK$65.1 billion from HK$54.5 billion on Friday.

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Australia Stock Market closed for public holiday
Jun 13,2016

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US stocks end lower on Friday
Jun 13,2016

U.S. stocks closed lower on Friday, 10 June 2016 with only blue chips holding onto slight gains for the week, as anxiety over a possible exit of the U.K. from the European Union and a drop in oil prices weighed on markets. In addition, a drop in oil prices, spurred a global selloff.

The Dow Jones Industrial Average fell 119.85 points, or 0.7%, to close at 17,865.34, for a weekly gain of 0.3%. The S&P 500 declined 19.41 points, or 0.9%, to finish at 2,096.07, for a loss of 0.2% on the week. The Nasdaq Composite Index dropped 64.07 points, or 1.3%, to close at 4,894.55, for a weekly loss of 1%.

Financials, consumer discretionary and health-care stocks led the losses this week, while energy shares were hit on Friday.

Most of its 30 blue-chip companies ended in negative territory. Goldman Sachs and Boeing were the top decliners on the index.

Oil contributed to the move lower as the U.S. crude benchmark tumbled 3%, to settle at $49.07. The slide in crude was triggered by a rising dollar, with investors looking ahead to next weeks meeting of Federal Reserve policy makers. Expectations for an interest-rate hike have been dialed back following a lackluster May jobs report and dovish comments by Federal Reserve Chairwoman Janet Yellen, but investors are still wary of a possible tightening later in the summer.

Market sentiment in Europe has been dour due to fears that a U.K. referendum, set for 23 June, will result in Britain exiting the European Union. these worries have dragged European stock markets lower and has trickled over into the U.S., with equities there trading lower on Friday. Declines in the stock market have boosted the haven appeal of gold.

The greenback, was up 0.7% on Friday, adding to an advance that has seen the dollar gauge push 0.7% higher over the week. A stronger dollar makes assets pegged to the currency, like gold, less attractive to buyers purchasing with other monetary units. The dollar had been weaker as the odds of a rate increase by the Federal Reserve at its two-day policy meeting next week and in July have dimmed.

Negative rates throughout parts of Europe and the commencement of an additional quantitative-easing measures by the European Central Bank on Thursday, has resulted in sovereign-bond yields, which move in the opposite direction of prices, to record lows. That environment is likely to support appetite for precious metals.

Fridays economic data included the preliminary reading of the Michigan Sentiment Index for June and the Treasury Budget for May. The preliminary University of Michigan Consumer Sentiment report for June checked in at 94.3 (consensus 94.0), down slightly from the final reading of 94.7 for May and down from the 96.1 reading seen in June 2015. Separately, the Treasury Budget for May showed a deficit of $52.5 billion versus a deficit of $84.1 billion in May 2015.

Bullion prices settled higher on Friday, 10 June 2016. Gold prices ended higher to notch a second-straight weekly gain, as weakness in global equities helped to boost the metals haven appeal. A higher finish for the dollar on the week, kept a cap on any gains, however.

August gold tacked on $3.20, or 0.3%, to settle at $1,275.90 an ounce, finishing at the highest level in more than three weeks. For the week, prices gained 2.7%. Silver for July delivery added 6.2 cents, or 0.4%, to $17.22 an ounce, ending about 5.9% higher for the week.

Investors piled into government bonds, driving yields to new lows. The yield on the 10-year Treasury note fell to 1.64%, its lowest level in nearly three years, while the yield on the benchmark German bond hit a record low of 0.02%.

Fridays participation was relatively light as 853 million shares changed hands on the NYSE floor.

Mondays economic data will include Import and Export Prices for May and May Retail Sales, which will each cross the wires at 8:30 ET. Separately, Business Inventories for April will be released at 10:00 ET.

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