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Broad rally at Wall Street ahead of Presidential Election
Nov 08,2016

The stock market began the week on a broadly higher note on Monday, 07 November 2016 at Wall Street as diminished political uncertainty boosted risk appetite ahead of tomorrows US presidential race. U.S. stocks on Monday had their best day since March on a percentage basis after the Federal Bureau of Investigation said its review of a new batch of Democratic presidential nominee Hillary Clintons emails wont lead to charges. Gains were broad, with the Dow Jones Industrial Average reclaiming the key 18,000 level and the S&P 500 snapping its nine-day losing streak, the longest since 1980. The slide had been attributed partly to polls showing a closer contest between Clinton and Republican rival Donald Trump.

The Dow Jones Industrial Average soared 371.32 points, or 2.1%, to close at 18,259.60. The Nasdaq Composite Index climbed 119.80 points, or 2.4%, to end at 5,166.17. The S&P 500 index rose 46.34 points, or 2.2%, to finish at 2,131.52.

Financials, industrials, health care and technology paced the advance. The controlled action likely came with the understanding that the presidential race remains fairly tight.

In the financial sector, Goldman Sachs and J.P. Morgan Chase each gained more than 3%.

In the technology sector, Dow components Intel and Microsoft gained 3.2% and 3.0%, respectively. Intel finished at the top of the price-weighted average.

Todays economic data was limited to the Consumer Credit report for September. Total outstanding consumer credit increased by $19.3 billion in September (consensus $17.5 billion) after increasing an upwardly revised $26.8 billion (from $25.9 billion) in August.

The dollar saw big gains, with the ICE Dollar Index which measures the greenback against a half-dozen rivals, up 0.7%.

Gold was down sharply, after gaining 2.2% last week. December gold ended todays session down $24.60 (-1.9%) to $1279.90/oz. December silver closed todays session $0.21 lower (-1.1%) at $18.16/oz.

Oil prices rose more than 1%. Crude oil rallied off of 6-week lows hit on Friday, snapped its 6-session loss streak, saw a boost ahead of tomorrows Presidential election. December crude oil futures rose $0.74 (+1.7%) to $44.82/barrel.

Treasuries finished on a lower note as the long end of the curve underperformed. The yield on the 2-yr note finished higher by three basis points (0.82%) while the yield on the 10-yr note ended up five basis points (1.83%).

Todays trading volume was above the average of 861 million as more than 889 million shares changed hands at the NYSE floor.

Tomorrows economic data will be limited to the Job Openings and Labor Turnover Survey for September, which will be released at 10:00 ET.

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Asia Pacific Market: Stocks hold on to gains as FBI clears Hillary Clinton
Nov 07,2016

Asia Pacific share market advanced on Monday, 07 November 2016, amid positive developments on US election front as the FBI said Hillary Clinton would not face charges over her use of a private email server.

Earlier on Sunday, the Federal Bureau of Investigation confirmed that Hilary Clinton committed no criminal acts in relation to a private email server. The FBI reached a similar conclusion in July but opted to reopen its investigation just last week, roiling the Clinton election campaign with just days to go before the vote.

Investors had been unnerved by signs of a tightening presidential race between Clinton and Trump, whose stance on foreign policy, trade and immigration has rippled through financial markets.

Clinton is seen as a candidate of the status quo and her policies are viewed as more predictable than her Republican rival, a political novice.

However, despite giving boosts to Clintons prospects, investors are unlikely to make big bets given Trumps gains in polls recently may not be entirely due to the FBI probe. Initial results of the Tuesday vote are expected to begin rolling out by Wednesday morning Asia time.

Among Asian Bourses

Australia Market rebounds on bargain hunting

Australian share market advanced for the first time in last five sessions, on the back of bottom fishing in recently battered stocks. Every industry category on the main section except bullion issue gained ground, led by healthcare, energy, financials, information technology, consumer discretionary issues. At the closing bell, the benchmark S&P/ASX 200 index surged 70 points, or 1.35%, to 5,250.80, while the broader All Ordinaries index rebounded 67.80 points, or 1.29%, to 5,330.90.

The financial sector, comprising banks and insurers, surged 1.8%. Among top lenders, Westpac gained 2.7% to A$30.50 after reporting annual financial results broadly in line with expectations, while the nations biggest lender, Commonwealth Bank, jumped 2.2% to A$72.53. National Australia Bank rose 1.5% to $26.27, and ANZ added 0.3% to $27.03. Within the insurance space, Suncorp gained 2.6% to A$11.85 and Insurance Australia Group added 2.9% to A$5.39.

Energy stocks went up on tracking strength in crude oil prices. Oil prices rose, with traders citing opportunistic buying following sharp declines in the previous week on the back of weak fundamentals. Brent crude oil futures were trading at $46.08 per barrel, up 1.1%. U.S. West Texas Intermediate (WTI) crude futures grew 1.3% at $44.63 a barrel. Woodside Petroleum added 1.5% to A$28.32, Origin Energy 3.9% to A$5.37, and Santos 3.9% to A$3.50.

Nikkei rises after FBI says no charges against Clinton

The Japan share market finished the session higher, with risk sentiments boosted up as yens descent against greenback and easing worries over her US presidential bid after news that market-favourite Hillary Clinton would not face criminal charges over her use of a private email server. Total 31 out of 33 TSE sectoral issues declined, with Transportation Equipment, Glass & Ceramics Products, Metal Products, Machinery, Banks, Real Estate, and Marine Transportation issues being major gainers. The benchmark Nikkei 225 index gained 1.61%, or 271.85 points, to finish at 17,177.21 while the broader Topix index was up 1.17%, or 15.76 points, at 1,362.80.

Export related stocks surged on tracking yen depreciation against US dollar Toyota Motor Corp gained 2% to 5,810 yen while rival Nissan Motor Co was up 1.7% to 1,029 yen. Suzuki Motor jumped 7.2% to 3,831 yen after it upgraded its full-year earnings forecast.

Financial stocks also rose, with Mitsubishi UFJ Financial Group jumping 1.9% to 529.4 yen and Sumitomo Mitsui Financial Group up 1.2% to 3,540 yen. Dentsu was up 0.39% at 5,130 yen despite news reports that labour authorities raided its headquarters on suspicion that the Japanese advertising giant made its employees work overtime illegally.

China Stocks end higher

Mainland China stock market finished session slight higher, as risk sentiments aided by Chinese Premier Li Kiqiangs remarks over the weekend that China will maintain steady growth and speed up its economic transformation. Offering further solace was the news that the Federal Bureau Investigation (FBI) said it stood by its earlier recommendation that no criminal charges were warranted against Democrat Hillary Clinton, two days ahead of the US presidential election. Sectors were mixed, with strong rally in coal miners and metal producers offset massive profit-taking in speculative stocks. The benchmark Shanghai Composite Index advanced 0.26% to close at 3,133.33 points. The CSI 300 index of the 300 biggest companies traded in Shanghai and Shenzhen added 0.07% to close at 3,356.59 points.

Coal miners and metal producers rose sharply on signs that government efforts to reduce over-capacity are starting to bear fruit, pushing some commodity prices higher.

Hong Kong Stocks rebound from a three-month low

The Hong Kong stock market rebounded from a three-month low higher on news that the Federal Bureau of Investigation confirmed that Hilary Clinton committed no criminal acts in relation to a private email server. The Hang Seng Index rose 0.7% or 158.78 points to 22801.40, while the Hang Seng China Enterprises Index added 1.23% or 116.73 points to 9608.24. Turnover increased to HK$60.4 billion from HK$51 billion on Friday.

HSBC (00005) gained 3% to HK$59.15 after the global banking groups 3Q adjusted pre-tax earnings came in better than market expectations. Hang Seng Bank (00011) softened 1% to HK$139.9.

Second round of testing for the Shenzhen-HK Connect program just completed over weekend. Credit Suisse expects the southbound inflow may reach RMB150 billion when the program is launched at end-November. HKEx (00388) put on 1% to HK$202.6.

Macau gaming counters were higher. Sands China (01928) added 3% to HK$35.05. Galaxy Entertainment (00027) climbed 2% to HK$32.5.

Property stocks tumbled after the citys government late Friday imposed fresh measuresn++including an increase in transaction taxesn++to cool the citys home property market Centaline Property Agency said in latest reports that Property transactions will fall as much as 70% in the next three months after the government unexpected move. SHKP (00016) sank 10% to HK$104. New World (00017) and CK Property (01113) plunged 9% to HK$8.87 and HK$52.8.

Sensex ends with firm note

Indian benchmark indices settled on a firm note tracking gains in global stock markets triggered by the Federal Bureau of Investigation (FBI) clearing Democratic candidate Hillary Clinton of any wrongdoing over the weekend. The barometer index, the S&P BSE Sensex, gained 184.84 points or 0.68% to settle at 27,458.99. The Nifty 50 index gained 63.30 points or 0.75% to settle at 8,497.05.

Lupin jumped 6.93%. The company announced that it has received notification that the inspection carried out by the USFDA in March 2016 at its Goa facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding US FDA inspections at Lupins Goa facility, the company said. Commenting on the receipt of the EIR, Vinita Gupta, Chief Executive Officer and Nilesh Gupta, Managing Director, Lupin said that the company is committed to ensuring that all systems and processes followed by it are compliant with cGMP and are committed to bringing quality products to market.

Pfizer gained 0.34% after net profit rose 52.49% to Rs 126.33 crore on 6.35% rise in total income to Rs 581.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours on Friday, 4 November 2016.

NMDC rose 0.55% at Rs 127.70. The company said its total production rose 20.60% to 16.80 million tonnes in October 2016 over October 2015. Total sales rose 19.84% to 18.97 million tonnes in October 2016 over October 2015. The announcement was made after market hours on Friday, 4 November 2016.

Engineering and construction major L&T fell 1.26% to Rs 1,401 amid volatility after the Government of India offloaded stake in the company via bulk deal mechanism on the stock exchanges on Friday, 4 November 2016.

Elsewhere in the Asia Pacific region: New Zealands NZX50 added 2.4% to 6872.27. Indonesias Jakarta Composite index rose 0.4% to 5386.21. Taiwans Taiex rose 1.3% to 9189.84. South Koreas KOSPI index added 0.8% to 1997.58. Malaysias KLCI was up 0.1% to 1650.59. Singapores Straits Times index climbed 0.4% to 2800.95.

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China Stocks end higher
Nov 07,2016

Mainland China stock market finished session slight higher on Monday, 07 November 2016, as risk sentiments aided by Chinese Premier Li Kiqiangs remarks over the weekend that China will maintain steady growth and speed up its economic transformation. Offering further solace was the news that the Federal Bureau Investigation (FBI) said it stood by its earlier recommendation that no criminal charges were warranted against Democrat Hillary Clinton, two days ahead of the US presidential election. Sectors were mixed, with strong rally in coal miners and metal producers offset massive profit-taking in speculative stocks. The benchmark Shanghai Composite Index advanced 0.26% to close at 3,133.33 points. The CSI 300 index of the 300 biggest companies traded in Shanghai and Shenzhen added 0.07% to close at 3,356.59 points.

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Hong Kong Stocks rebound from a three-month low
Nov 07,2016

The Hong Kong stock market rebounded from a three-month low higher on Monday, 07 November 2016, on news that the Federal Bureau of Investigation confirmed that Hilary Clinton committed no criminal acts in relation to a private email server. The Hang Seng Index rose 0.7% or 158.78 points to 22801.40, while the Hang Seng China Enterprises Index added 1.23% or 116.73 points to 9608.24. Turnover increased to HK$60.4 billion from HK$51 billion on Friday.

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Nikkei rises after FBI says no charges against Clinton
Nov 07,2016

The Japan share market finished the session higher on Monday, 07 November 2016, with risk sentiments boosted up as yens descent against greenback and easing worries over her US presidential bid after news that market-favourite Hillary Clinton would not face criminal charges over her use of a private email server. Total 31 out of 33 TSE sectoral issues declined, with Transportation Equipment, Glass & Ceramics Products, Metal Products, Machinery, Banks, Real Estate, and Marine Transportation issues being major gainers. The benchmark Nikkei 225 index gained 1.61%, or 271.85 points, to finish at 17,177.21 while the broader Topix index was up 1.17%, or 15.76 points, at 1,362.80.

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Australia Market rebounds on bargain hunting
Nov 07,2016

Australian share market advanced for the first time in last five sessions on Monday, 07 November 2016, on the back of bottom fishing in recently battered stocks amid positive developments on US election front as the FBI said Hillary Clinton would not face charges over her use of a private email server. Every industry category on the main section except bullion issue gained ground, led by healthcare, energy, financials, information technology, consumer discretionary issues. At the closing bell, the benchmark S&P/ASX 200 index surged 70 points, or 1.35%, to 5,250.80, while the broader All Ordinaries index rebounded 67.80 points, or 1.29%, to 5,330.90.

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US stocks drop despite mixed job report
Nov 07,2016

U.S. stocks failed to defend gains on Friday, 04 November 2016 with the S&P 500 ending lower for a ninth straight session in the longest losing streak since December 1980. Equity indices began the day on a modestly higher note as a mixed reading of the Employment Situation Report for October did little to alter the rate hike picture for December.

But the major averages finished near session lows as six sectors ended in the red. The consumer staples sector ended behind financials and energy while health care, materials and industrials led the pack.

The Dow Jones Industrial Average slid 42.39 points, or 0.2%, to finish at 17,888.28 for a weekly drop of 1.5%. The Nasdaq Composite Index fell 12.04 points, or 0.2%, to end at 5,046.37, also marking a nine-day drop while closing out the week 2.8% lower. The S&P 500 shed 3.48 points, or 0.2%, to close at 2,085.18, falling 1.9% for the week. The streak has been long, but shallow, with the index shedding just a little more than 3% over the nine-day run.

Latest job report from Labor Department showed that the U.S. added 161,000 new jobs in October, and the unemployment rate fell to 4.9% from 5%, though remained near an eight-year low. Hourly pay, meanwhile, has climbed by 2.8% over the past year, the fastest 12-month rise since June 2009.The report reflected a tight labor market thats forced firms scrambling to fill open positions to increase pay at the fastest pace since 2009.

Separate report showed that the U.S. trade gap shrank to $36.4 billion from a revised $40.5 billion in August.

Atlanta Fed President Dennis Lockhart, who is scheduled to step down in February, said interest rates would stabilize at a lower level than in past expansions after very gradual hikes over the next two years.

Crude oil futures ended at a more-than-six-week low on Friday, 04 November 2016 posting a nearly 10% weekly slide as traders dealt with uncertainty surrounding a plan by the Organization of the Petroleum Exporting Countries to curb output. Prices fell sharply after reports that Saudi Arabia threatened to raise its oil production if Iran refused cap its output.

West Texas Intermediate crude for delivery in December fell 59 cents, or 1.3%, to settle at $44/barrel o\n the New York Mercantile Exchange, after tapping a low of $43.57. Futures lost 9.5% for the week, which marked the largest weekly percentage loss since mid-January.

January Brent crude fell 77 cents, or 1.7%, to $45.58 a barrel, with prices based on the most-active contracts down by more than 8% for the week, FactSet data show. Prices for the January contract lost just over 10% for the week. The settlement was the lowest since early September.

Crude oil prices fell to a fresh 6-week low following comments from Saudi Arabia, stating they would raise output to 11-12 mln barrels/day with the intention of bringing prices down if Iran does not agree to limit its own oil supply. Iran continues to take the position that they should be exempt from an OPEC oil output cut due to years of missed revenue from previously imposed sanctions by America. Saudi Arabias most recent production levels were around 10.5-10.7 mln barrels/day.

Bullion prices finished on a mixed mode on Friday, 4 November 2016 at Comex. Gold futures settled with a modest gain on Friday to tally more than 2% climb for the week, as uncertainty surrounding the U.K.s exit from the European Union and the coming U.S. election raised the metals attractiveness as a haven. U.S. data showed a sizable October gain in new jobs, further lifting the prospects for a Federal Reserve interest-rate increase in Decembern++a prospect thats weighed on gold in the past.

Gold for December delivery rose $1.20, or less than 0.1%, to settle at $1,304.50 an ounce. Prices saw weekly gain of 2.2%, which marked the metals fourth-consecutive weekly gain. December silver reversed from earlier gains to lost 4.5 cents, or 0.2%, to end at $18.371 an ounce, paring its weekly rise to roughly 3.2%.

Treasuries finished on a higher note as the long end of the curve outperformed. The yield on the 2-yr note finished lower by two basis points (0.79%) while the yield on the 10-yr note ended lower by four basis points (1.77%).

Fridays trading volume was above the average of 861 million as more than 892 million shares changed hands at the NYSE floor.

Mondays economic calendar is limited to Consumer Credit for September (consensus $17.5 billion), which will cross the wires at 15:00 ET.

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Hong Kong Stocks slide amid US election uncertainty
Nov 04,2016

The Hong Kong stock market declined to 3-month low on Friday, 04 November 2016, amid agony over the potential of a Donald Trump presidency in the United States. The Hang Seng Index fell 0.18% or 40.89 points to 22642.62, while the Hang Seng China Enterprises Index rose 0.1% or 9.50 points to 9491.51. Turnover decreased to HK$51 billion from HK$54.9 billion on Thursday. The Hang Seng Index dropped 1.4 percent this week

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China Market falls as US vote anxiety
Nov 04,2016

Mainland China stock market finished session slight lower on Friday, 04 November 2016, as lingering worries over the looming US election outcome overshadowed signs of a stabilising Chinese economy. The benchmark Shanghai Composite Index went down 0.12% to close at 3,125.32 points. The CSI 300 index of the 300 biggest companies traded in Shanghai and Shenzhen dropped 0.32% to close at 3,354.17 points.

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Nikkei falls as US poll jitters lift yen
Nov 04,2016

The Japan share market finished the session steep lower on Friday, 04 November 2016, with risk sentiments dragged down by tracking drops in Wall Street overnight and the yens ascent against greenback. Meanwhile, the likelihood of a tight US presidential race and concerns over the outcome of the Federal Reserve meeting spooked sentiment. Total 31 out of 33 TSE sectoral issues declined, with Transportation Equipment, Insurance, Pharmaceutical, Marine Transportation, Wholesale Trade, Mining, and Construction issues being major losers. The benchmark Nikkei 225 index fell 1.34%, or 229.32 points, to 16,905.36, while the Topix index of all first-section issues was down 1.56%, or 21.40 points, at 1,347.04.

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Australia Market slips for fourth day
Nov 04,2016

Australian share market declined for fourth session in row on Friday, 04 November 2016, with investors continued opting for safe heaven assets on nervousness ahead of next weeks U.S. presidential election. Opinion polls showing a tightening White House race between Democrat Hillary Clinton and Republican Donald Trump have rattled markets. Every industry category on the main section except realty and utilities issues lost ground, led by financial trust, financial, material, energy, and industrial issues. At the closing bell, the benchmark S&P/ASX 200 index dropped 44.80 points, or 0.86%, to 5,180.80, while the broader All Ordinaries index was down 43.50 points, or 0.82%, to 5,263.10. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index declined 2% for the week.

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Asia Pacific Market: Stocks drop on U.S. election uncertainty
Nov 04,2016

Asia Pacific share market ended steep lower on Friday, 04 November 2016, on tracking sharp losses on Wall Street, as uncertainty over the US election sent investors rushing into the safe heaven assets.

The battle between Democrat Hillary Clinton and Republican Donald Trump has tightened significantly in the past week, as several swing states that were leaning toward Clinton are now considered toss-ups. Clinton has been viewed as the candidate of the status quo, while many fear that a Trump victory on Tuesday would carry global risks to trade and growth.

Fresh polls released yesterday, 3 November 2016 reportedly showed that Democrat Hillary Clinton, who is seen as the status quo candidate by markets, maintained her narrow lead over Republican Donald Trump. Investors generally view Clinton as a known quantity, but there is deep uncertainty about what a Trump win might mean for US economic policy, free trade and geopolitics.

Among Asian bourses

Australia Market slips for fourth day

Australian share market declined for fourth session in row, with investors continued opting for safe heaven assets on nervousness ahead of next weeks U.S. presidential election. Opinion polls showing a tightening White House race between Democrat Hillary Clinton and Republican Donald Trump have rattled markets. Every industry category on the main section except realty and utilities issues lost ground, led by financial trust, financial, material, energy, and industrial issues. At the closing bell, the benchmark S&P/ASX 200 index dropped 44.80 points, or 0.86%, to 5,180.80, while the broader All Ordinaries index was down 43.50 points, or 0.82%, to 5,263.10. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index declined 2% for the week.

Metal and mining stocks declined. Resources giants BHP Billiton and Rio Tinto were off 1.7% and 0.6%, respectively, while Fortescue Metals cruised 0.7% higher mirroring a small lift in the iron ore price Thursday night.

Mayne Pharma plummeted 15.4% after news broke the US Department of Justice has launched an investigation into price collusion in the generic drugs market.

Shares in explosives maker Orica soared 8.3% after the company swung back into the black with a A$340 million profit.

Flight Centre Travel Group shares were off 8% after the Australias biggest listed travel agent warned first-half underlying profit could fall nearly a third, sending its shares plunging and underscoring the effects of a host of geopolitical events on tourism. The downgrade builds on gloomy trading updates from the countrys two top airlines, Qantas Airways and Virgin Australia, which said this week they are experiencing intense competition for international fares due to soft demand.

Nikkei falls as US poll jitters lift yen

The Japan share market finished the session steep lower, with risk sentiments dragged down by tracking drops in Wall Street overnight and the yens ascent against greenback. Meanwhile, the likelihood of a tight US presidential race and concerns over the outcome of the Federal Reserve meeting spooked sentiment. Total 31 out of 33 TSE sectoral issues declined, with Transportation Equipment, Insurance, Pharmaceutical, Marine Transportation, Wholesale Trade, Mining, and Construction issues being major losers. The benchmark Nikkei 225 index fell 1.34 per cent, or 229.32 points, to 16,905.36, while the Topix index of all first-section issues was down 1.56 per cent, or 21.40 points, at 1,347.04.

Export related stocks hit hard on tracking yen ascent against US dollar. oyota plunged 4.04 percent from the previous session to 5,698 yen, while Mazda sank 5.07 percent to 1,570 yen, with a cut in its annual profit outlook Wednesday also weighing on the share price. Sony fell 2.75 percent to 3,175 yen and Nintendo was off 3.91 percent to 24,400 yen. Canon lost 0.90 percent to 2,970 yen.

Shares in Takata were suspended after the Nikkei business daily reported that the airbag maker was preparing for a possible bankruptcy protection filing of its US unit as recall costs rise. Takata, however, said it has not made any decision nor has facts to be disclosed concerning the matter and added there was no new decision since a similar news report last month.

China Market falls as US vote anxiety

Mainland China stock market finished session slight lower, as lingering worries over the looming US election outcome overshadowed signs of a stabilising Chinese economy. The benchmark Shanghai Composite Index went down 0.12% to close at 3,125.32 points. The CSI 300 index of the 300 biggest companies traded in Shanghai and Shenzhen dropped 0.32% to close at 3,354.17 points.

Comforted by recent upbeat manufacturing and service data, Chinese investors are turning their attention to a flurry of fresh economic data in the coming weeks that is widely expected to reinforce views that the worlds second-largest economy is stabilising.

Most sectors dipped, dragged in particular by property and transport stocks, as well as massive profit-taking in speculative stocks. Guangzhou Automobile Group gained more than 6 per cent in heavy volume. The car maker aims to raise up to 15 billion yuan ($2.22 billion)via private placement to fund green car and proprietary brand push.

Hong Kong Stocks slide amid US election uncertainty

The Hong Kong stock market declined to 3-month low, amid agonizing over the potential of a Donald Trump presidency in the United States. The Hang Seng Index fell 0.18% or 40.89 points to 22642.62, while the Hang Seng China Enterprises Index rose 0.1% or 9.50 points to 9491.51. Turnover decreased to HK$51 billion from HK$54.9 billion on Thursday. The Hang Seng Index dropped 1.4 percent this week

The UKs High Court ruled that Parliament must give its approval before Brexit can begin. CKI Holdings (01038) jumped 3.4% to HK$65.55. It was top blue-chip gainer. Power Assets (00006) gained 0.8% to HK$73.65.

Sands China (01928) reported 9-month adjusted EBITDA growth of 15% to US$629 million, triggering a slew of research houses bullish comments. But the stock pared its gains in afternoon trade, and ended up barely 0.3% to HK$34.05. Galaxy Entertainment (00027) fell 1% to HK$31.75.

Lenovo (00992) softened 0.2% to HK$4.86 after it reported interim turned red. SMIC (00981) soared 8.8% to HK$1.11 ahead of its earnings report on Monday (7 November).

Sensex slides 0.6%

Indian benchmark indices declined as negative global cues spoiled investors sentiment. The barometer index, the S&P BSE Sensex, fell 156.13 points or 0.57% to settle at 27,274.15. The Nifty 50 index fell 51.20 points or 0.60% to settle at 8,433.75. Selling pressure was witnessed in select mid-cap and small-cap stocks.

Shares of cigarette major ITC jumped 3.64% to Rs 249.10 as fears of Goods and Services Tax overhang has subsided after the GST council finalised four-tier tax structure. The GST council approved four main tax slabs 5%, 12%, 18% and 28% under the proposed Goods and Services Tax (GST).

Engineering and construction major L&T fell 1.78% to Rs 1,418.90. Media reports suggested that the government is selling stake in L&T via block deal mechanism on the stock exchanges today, 4 November 2016. As per reports, the government proposes to offload up to 3% stake in the company held under Specified Undertaking of the Unit Trust of India (Suuti). The base price for the share sale has been set at Rs 1,415.66 per share, about 2% discount to the stocks closing price of Rs 1,444.55 on the BSE yesterday, 3 November 2016, reports added. Suuti currently holds 8.14% stake in L&T as per the shareholding pattern as on 30 September 2016.

State run coal mining major Coal India lost 3.44% to Rs 315.50 on reports that a foreign brokerage has maintained underperform rating on the stock with a target price of Rs 270.

Colgate-Palmolive (India) rose 3.40% to Rs 983.85 on reports a foreign brokerage has upgraded the stock to outperform from neutral and revised target price on the stock to Rs 1,150 from Rs 1,100 earlier.

Elsewhere in the Asia Pacific region: New Zealands NZX50 lost 1% to 6708.47. Indonesias Jakarta Composite index rose 0.6% to 5362.66. Taiwans Taiex flat at 9068. South Koreas KOSPI index shed 0.1% to 1982.02. Malaysias KLCI was flat at 1648. Singapores Straits Times index eased 0.5% to 2788.80.

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US stocks drop for eighth straight session
Nov 04,2016

U.S. stocks closed lower on Thursday, 03 November 2016 marking the S&P 500s longest losing streak since the depths of the financial crisis, as Facebook shares slumped and investors fretted over election uncertainty. Equity indices stumbled in the opening hour as a reversal in crude oil and weakness in the influential technology sector weighed on the broader market. This was the eighth successive drop for Wall Street.

The Dow Jones Industrial Average fell for a sixth straight day, declining 28.97 points, or 0.2%, to close at 17,930.67. The Nasdaq Composite fell 47.16 points, or 0.9%, to 5,058.41, as Facebook, one of its largest components, dropped sharply. The S&P 500 finished down 9.28 points, or 0.4%, at a nearly four-month closing low of 2,088.66, with eight of the main 11 sectors closing lower. The tech and health care sectors led the decliners, each with a 1% loss.

Eighteen out of thirty Dow components ended lower with shares of Pfizer and Intel dragging on the average.

A number of economic reports, including jobless claims, productivity data, factory orders and the nonmanufacturing ISM survey, largely underlined a theme of steady economic growth and were seen as strong enough to justify expectations for the Federal Reserve to raise interest rates at its December meeting. The central bank kept interest rates unchanged Wednesday, but signaled that its inching closer to a December interest-rate hike.

Oil began the day on a modestly higher note, rebounding from its recent losing streak. The energy component has been under pressure in recent days as investors reassess the previously announced OPEC supply freeze agreement and mull over some disappointing weekly inventory data. WTI crude slipped below the $45.00/bbl in the opening hour, finishing down 2.0% at $44.45/bbl.

Shares in Facebook closed down 5.7% after the social-media giant warned late Wednesday that growth rates for its advertising revenue will n++come down meaningfully.n++

Among economic reports expected for the day, the number of people who applied for unemployment benefits at the end of October rose by 7,000 to a three-month high of 265,000, but the rate of layoffs in the U.S. remains extremely low. Initial claims for the week ending October 29 rose by 7,000 to 265,000 (consensus 256,000). Continuing claims for the week ending October 22 decreased by 14,000 to 2.026 million.

Meanwhile, American firms and employees boosted their productivity in the third quarter for the first time in 2016, but the longer-term trend is still a poor one that bodes ill for the U.S. economy. Nonfarm business sector labor productivity increased at a 3.1% annual rate in the third quarter (consensus 1.8%). This was the first increase after three consecutive quarterly declines and was further underpinned by an upward revision to second quarter productivity to -0.2% from -0.6%.

Separate report showed that factory orders rose 0.3% in September. Meanwhile, ISM services index fell to 54.8% in October from 57.1%, below the 56% forecast.

Treasuries finished on a mixed note as the long end of the curve underperformed. The yield on the 2-yr note finished flat (0.82%) while the yield on the 10-yr note finished the day up one basis point (1.81%).

Todays trading volume was above the average of 860 million as more than 880 million shares changed hands at the NYSE floor.

Tomorrows economic data will include the 8:30 ET release of the September Trade Balance (consensus -$38.5 billion) and the Employment Situation Report for October. Market expects the jobs report to show an increase of 175,000 in nonfarm payrolls.

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Flat finish for US stocks
Oct 20,2016

US stocks ended the midweek affair on a flat note on Wednesday, 19 October 2016 as investors responded to a fresh batch of quarterly earnings reports and a rally in crude oil futures. The broader market inched higher at the start of the session as better-than-expected quarterly results from members of the energy and financial sectors helped boost risk appetite in the broader market.

The Dow Jones Industrial Average advanced 40.68 points, or 0.2%, to finish at 18,202.62 and the tech-heavy Nasdaq Composite Index rose 2.58 points to close at 5,246.41. S&P 500 index rose 4.69 points, or 0.2%, to close at 2,144.29.

Eight sectors ended in positive territory with energy, financials, materials and consumer discretionary leading the pack.

Among earning reports, Morgan Stanley climbed 1.9% after it reported a profit that beat analyst forecasts. The stock was the latest in a string of financials n++ including Goldman Sachs and J.P. Morgan Chase, that topped consensus expectations and boosted equities.

Intel was the worst performer in both the Dow and the S&P 500 after it reported a disappointing revenue outlook, even as its third-quarter earnings rose almost 9%. The stock slumped 5.9%.

A reading of economic conditions, known as the Federal Reserves beige book, showed that parts of the U.S. economy grew at a moderate pace. The anecdotal account of economic conditions at the Feds districts was released half an hour after gold futures settled. Metals were little-changed after the report.

Data released early Wednesday showed that U.S. housing starts ran at an annual 1.047 million pace in September. That was 9% lower than in August. The downbeat economic data could dull prospects for an interest-rate increase by the Federal Reserve before the year is up. Separately, the MBA Mortgage Index indicated that mortgage applications rose 0.6% in the week ending October 15. This followed a 6.0% decrease in the prior week.

The next Fed meeting is Nov. 1-2, but expectations for a rate increase at that meeting, so close to the election, are slim. Those odds rise sharply, to around 60%, for a December hike, although investors continue to question how aggressive the Fed will need to be.

Bullion prices ended higher at Comex on Wednesday, 19 October 2016. Gold futures on Wednesday logged a third straight session, climbing to their best level in two weeks, as the U.S. dollar continued to trade off multimonth highs hit earlier this month on the back of a drop in monthly domestic housing starts.

December gold rose $7, or 0.6%, to settle at $1,269.90 an ounce. December silver climbed by 2.5 cents, or 0.1%, to $17.663 an ounce after tapping a low of $17.57.

Crude oil futures rallied on Wednesday, 19 October 2016 at Nymex with the U.S. benchmark settling at a roughly 15-month high after U.S. government data revealed a surprise drop in crude stockpilesn++the sixth decline in seven weeks. Prices got off to an upbeat start after an official from Saudi Arabia said crude producers who arent OPEC members have shown willingness to join the cartels effort to limit output.

November West Texas Intermediate crude which expires at Thursdays settlement, gained $1.31, or 2.6%, to settle at $51.60 a barrel on the New York Mercantile Exchange. December Brent crude rose 99 cents, or 1.9%, to $52.67 a barrel on Londons ICEFutures exchange, for its highest finish in over a week.

The U.S. Energy Information Administration early Wednesday reported that domestic crude supplies dropped by 5.2 million barrels in the week ended 14 October. Market had expected a 2.5 million-barrel climb. Among the products, gasoline supplies rose by 2.5 million barrels, while distillate stockpiles fell by 1.2 million barrels.

Treasuries finished on a flat note as yields finished little changed across the curve. The yield on the 2-yr note settled at 0.80% while the yield on the benchmark 10-yr note finished at 1.74%.

Todays trading volume fell below the average of 853 million as 798 million shares changed hands at the NYSE floor.

Thursdays economic data will include the 8:30 ET release of weekly initial claims (consensus 249k) and the Philadelphia Fed Survey for October (consensus 5.5). Separately, the September Existing Home Sales Report (consensus 5.30 million) and September Leading Indicators (consensus 0.2%) will be released at 10:00 ET.

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Australia Market gains on Tatts-Tabcorp merger
Oct 19,2016

Australian share market extended gains into a second session on Wednesday, 19 October 2016, with sentiments boosted up by Tatts-Tabcorp merger deal and Chinese government data that showed the Chinese economy grew in line with expectations for the July-September quarter. At the closing bell, the benchmark S&P/ASX 200 index advanced 24.60 points, or 0.45%, to 5,435.40, while the broader All Ordinaries index was up 26.40 points, or 0.48%, to 5,518.40. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 650 to 401 and 293 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 5.20% to 13.274.

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