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Asia Pacific Market: Stocks ended mixed
Sep 28,2016

Asia Pacific share market ended mixed on Wednesday, 28 September 2016, as drop in crude oil prices offset positivity from gain in Wall Street overnight and stronger performance from Democratic candidate Hillary Clinton against Republican hopeful Donald Trump at the first U.S. presidential debate.

Equities in Asia had gained ground on a perceived win by Democrat Hillary Clinton at the first presidential debate over Republican Donald Trump, who is seen as creating greater uncertainty for the US and global economies.

U.S. stocks rebounded overnight after a Conference Board survey showed consumer confidence is at a nine-year high, a sign Americans will keep spending in the months to come. The Dow Jones industrial average jumped 133.47 points, or 0.7%, to 18,228.30. The Standard & Poors 500 index picked up 13.83 points, or 0.6%, to 2,159.93. The Nasdaq composite gained 48.22 points, or 0.9%, to 5,305.71.

Oil prices slipped during U.S. hours on Tuesday, after major oil producers Saudi Arabia and Iran left little hope that producers would reach a deal to tackle the global supply glut during an informal meeting on the sidelines of an energy conference in Algeria. U.S. crude futures were modestly up 0.16% at $44.74 on Wednesday, after dropping 2.7% in the U.S. session on Tuesday. Global benchmark Brent was up 0.28% at $46.10, after falling 2.9% overnight.

The near-term market focus was on comments European Central Bank President Mario Draghi and Federal Reserve Chair Janet Yellen. Draghi will face tough questions from German lawmakers later on Wednesday about the central banks monetary policy, while Yellen will deliver semi-annual testimony before the US House Financial Services Committee.

Among Asian markets

Australia Stocks hold gains

Australian share market finished almost flat after trimming early gains, as strength in utilities and consumer staples issues were offset losses in energy and resources counters. At close of trade, the benchmark S&P/ASX 200 index rose 6.50 points, or 0.12%, to 5,412.40, while the broader All Ordinaries index was up 6.50 points, or 0.12%, to 5,500.20.

Utilities did most of the heavy lifting in the benchmark bourse, buoyed by AGL (up 5.8%) which surprised investors with a $600 million buyback and flagged a rise in underlying profit.

Three of the big four banks traded higher, with Commonwealth Bank of Australia closing up 0.3% higher, ANZ up 0.7% higher and National Australia managing to close up 0.1%. Westpac, however, saw a slight selloff and closed down 0.1%.

A sliding oil price weighed on energy stocks which dragged the bourse down. Australias largest oil producer Woodside Petroleum closed down 0.7%, Santos was down 3.1% and Origin Energy 3.7%. Lower iron ore and oil prices weighed on the big miners, with BHP Billiton and Rio Tinto finishing down 0.5% and 0.02% respectively. Iron ore producer Fortescue managed to close 0.8% higher.

Japan Market falls on ex-dividend impact, stronger yen

The Japan share market declined the most in two-and-a-half weeks, as more than half the companies on the benchmark traded without the right to the next dividend, a biannual event in Japan. Total 30 out of 33 TSE industry group declined, with Securities & Commodities Futures, mining, Banks, Financial Business, Marine Transportation, and Oil & Coal Products issues being major losers. The 225-issue Nikkei Stock Average ended lower 218.53 points, or 1.31%, at 16,465.40. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 18.45 points, or 1.37%, lower at 1,330.77.

Shares of financial and major export-oriented issues suffered heavy losses, due to concern over consecutive drops of 10-year Japanese government bond yields and the yens strengthening trend. Mega-bank groups Mitsubishi UFJ, Sumitomo Mitsui and Mizuho posted hefty losses, as well as brokerage firm Nomura and insurers Dai-ichi Life and Tokio Marine. Automakers Toyota and Nissan and electronics maker Sony were downbeat due to the yens strength.

By contrast, furniture retailer Nitori Holdings surged 2.17%, rising for the fifth straight session, after its midterm group operating profit turned out better than market expectations, brokers said. Also on the plus side were trading house Mitsubishi, industrial robot maker Fanuc and Japan Tobacco.

China Stocks soft ahead of long holiday

Mainland China stock market ended softer in thin trading, as investors risk appetite continued to wane ahead of the week-long National Day holiday that starts on Oct 1. Reflecting lower risk apatite, trading turnover in Shanghai has shrunk, while outstanding margin financing hit its lowest in 1-1/2 months. The CSI300 index of the largest listed companies in Shanghai and Shenzhen erased 0.3%, to 3,230.89 points, while the Shanghai Composite Index dropped 0.34% to 2987.86 points.

Most sectors lost ground but property shares were strong, as investors bet developers will benefit from the recent surge in home prices in major cities despite fresh curbs by local governments. Chinas eastern city Hangzhou will scrap a stimulus housing policy and raise the downpayment ratio for second-home purchases, state media reported on Tuesday, in the countrys latest move to deflate fast-rising home prices.

Industrial profits rise most in 3 yrs: PROFITS in Chinas industrial sector in August rose at the fastest pace in three years, supporting a growing view that the worlds second-biggest economy is stabilizing. Profits of industrial firms jumped 19.5% from a year earlier to 534.8 billion yuan (US$80 billion), the National Bureau of Statistics (NBS) said yesterday, the most since August 2013. The statistics bureau said that steel, oil refining and auto industries were the driving forces behind the jump in profits. The data covers firms with annual revenues of more than 20 million yuan.

Hong Kong Market recovers ground

The Hong Kong stock market recovered earlier lost ground to close slightly higher, with gambling companies and a supplier to Apple Inc. leading the advance. The Hang Seng Index ended up 0.2% or 47.75 points to 23,619.65 after falling as much as 0.9%, while the Hang Seng China Enterprises index dropped 0.27% or 26.72 points to 9,719.84. Turnover decreased to HK$61.6 billion from HK$64.7 billion on Tuesday.

The Hang Seng Index headed for a 2.8% advance this month, buoyed by mainland inflows via an exchange link with Shanghai and as traders scaled back bets for higher U.S. borrowing costs. A net 58.7 billion yuan ($8.8 billion) has flowed into Hong Kong equities through the connect this month, compared with 1.75 billion yuan in the other direction. Thats driven a valuation gap between dual-listed shares in Hong Kong and Chinese exchanges to near the narrowest since 2014.

Macau gaming regulator plans to tighten the entry threshold for junket operators. The industry generally welcomes the move. Galaxy Entertainment (00027) added 1.4% to HK$29.3. It was the top blue-chip winner. Sands China (01928) also gained 0.8% to HK$33.55. Macau Legend (01680) soared 17.3% to HK$1.63.

Mainland developers were volatile after Hangzhou government suspended the purchase of households today. COLI (00688) and CR Land (01109) edged up 0.4% and 0.2% to HK$27.1 and HK422.85. Both stocks had earlier plunged 3% and 4% respectively.

Indian shares snap three-day losses on value buying

Indian shares rose for the first time in four sessions, as bargain buying in banking and auto stocks helped stave off losses stemming from weak risk appetite. The benchmark BSE Sensex rose 0.2% to 28,292.81 points, while the broader NSE Nifty50 index advanced 0.5% to 8,745.15 points. Private bank stocks saw mixed trend. PSU bank stocks rose. Auto stocks gained. Metal & mining stocks gained as copper prices rose in global commodity markets. Realty stocks rose.

Jindal Stainless rose 8.89% after the company said it received approval from Orissa Industrial and Infrastructure Development Corporation (IDCO) vide its letter dated 24 September 2016 conveying its no objection for effecting the transfer or right to use of the land on which the hot strip mill and the coke plant of the company are located, to Jindal United Steel (JUSL) and Jindal Coke (JCL), respectively.

Bharti Airtel rose 2.42% after the company announced the launch of its new International Roaming (IR) packs that redefine the value proposition for customers traveling abroad. With the new IR packs, customers will have the convenience of carrying their India mobile number wherever they go and stay connected 24x7 without having to worry about high call and data charges.

Motherson Sumi Systems rose 0.76% after the Reserve Bank of India allowed foreign investors to hike their stake in the company to upto 30% from 24% earlier

Elsewhere in the Asia Pacific region: New Zealands NZX50 rose 0.3% to 7314.92. South Koreas KOSPI index shed 0.5% to 2053. Singapores Straits Times index shed 0.1% to 2858.01. Indonesias Jakarta Composite index rose 0.1% to 5425.34. Malaysias KLCI was flat at 1665. Taiwans market closed for holiday.

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Hong Kong Market recovers ground
Sep 28,2016

The Hong Kong stock market recovered earlier lost ground to close slightly higher on Wednesday, 28 September 2016, with gambling companies and a supplier to Apple Inc. leading the advance. The Hang Seng Index ended up 0.2% or 47.75 points to 23,619.65 after falling as much as 0.9%, while the Hang Seng China Enterprises index dropped 0.27% or 26.72 points to 9,719.84. Turnover decreased to HK$61.6 billion from HK$64.7 billion on Tuesday.

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China Stocks soft ahead of long holiday
Sep 28,2016

Mainland China stock market ended softer in thin trading on Wednesday, 28 September 2016, as investors risk appetite continued to wane ahead of the week-long National Day holiday that starts on Oct 1. Reflecting lower risk apatite, trading turnover in Shanghai has shrunk, while outstanding margin financing hit its lowest in 1-1/2 months. The CSI300 index of the largest listed companies in Shanghai and Shenzhen erased 0.3%, to 3,230.89 points, while the Shanghai Composite Index dropped 0.34% to 2987.86 points.

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Japan Market falls on ex-dividend impact, stronger yen
Sep 28,2016

The Japan share market declined the most in two-and-a-half weeks on Wednesday, 28 September 2016, as more than half the companies on the benchmark traded without the right to the next dividend, a biannual event in Japan. Total 30 out of 33 TSE industry group declined, with Securities & Commodities Futures, mining, Banks, Financial Business, Marine Transportation, and Oil & Coal Products issues being major losers. The 225-issue Nikkei Stock Average ended lower 218.53 points, or 1.31%, at 16,465.40. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 18.45 points, or 1.37%, lower at 1,330.77.

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Australia Stocks hold gains
Sep 28,2016

Australian share market finished almost flat after trimming early gains on Wednesday, 28 September 2016, as strength in utilities and consumer staples issues were offset losses in energy and resources counters. At close of trade, the benchmark S&P/ASX 200 index rose 6.50 points, or 0.12%, to 5,412.40, while the broader All Ordinaries index was up 6.50 points, or 0.12%, to 5,500.20. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 533 to 512 and 355 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 3.55% to 13.899.

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U.S. stocks closed near session lows on Friday
Sep 26,2016

U.S. stocks closed near session lows on Friday, 23 September 2016 with investor sentiment hit by a renewed slide in crude-oil prices. Reports that major oil producers are not likely to reach an agreement to freeze production at a meeting this weekend resulted in the largest one-day loss for oil futures since mid-July. The main indexes posted a second straight weekly gain, however, thanks to a Fed-induced rally earlier this week. Earlier, the catalyst for the downturn was a weaker than expected reading of manufacturing activity, which pointed to a slowdown in growth this month.

The Dow Jones Industrial Average declined 131.01 points, or 0.7%, to 18,261.45 with all but three of the 30 blue-chip components finishing in negative territory. The S&P 500 fell 12.49 points, or 0.6%, to 2,164.69, with a 1.3% tumble in the energy sector. The Nasdaq Composite Index dropped 33.78 points, or 0.6%, to 5,305.75, backing off two straight days of record closes.\

Markets rallied earlier in the week as traders cheered the Federal Reserves latest policy announcement, sending the Nasdaq Composite to consecutive record closes. The Fed on Wednesday stood pat on interest rates, but also indicated confidence in the U.S. economy and signaled a rate rise could come by years end. Equity indices stumbled at the start of the session as investors looked to lock in some profits in the wake of the recent Fed-induced rally.

Reports on Friday that Saudi Arabia views a planned confab of members of the Organization of the Petroleum Exporting Countries and other top oil-producers set for next week in Algeria, as merely a consultation and doesnt expect a concrete pact to be reached, deflated crude futures prices, which had benefited from the prospects of an agreement.

Apple shares, off 1.6%, were also contributing to negative sentiment following reports that Japanese antitrust regulators were considering taking action against the Cupertino, Calif.-based company. The blue-chip index posted a 0.8% gain over the week.

Economic data for the week showed that a preliminary reading of U.S. manufacturing purchasing managers index fell to 51.4 in September compared with 52 in August and its lowest reading since June. A reading above 50 indicates an expansion in activity.

Among stocks under focus, shares in Yahoo fell 3.1% after the ailing internet pioneer disclosed a massive security breach affecting at least 500 million users. Facebook dropped 1.6% following a report that big ad buyers are upset that the tech giant vastly overestimated average viewing time for video ads on its platform. Bucking the general trend, shares of Twitter soared amid reports that acquisition talks for the microblogging company had intensified.

The broader market extended its loss near midday as the commodity complex came under pressure. Commodities were in focus as participants pored over proposed rule changes designed to limit the physical commodity activities of financial holding companies. Specifically, the Federal Reserve proposed strengthening existing capital requirements and quantitative limits on such companies.

Bullion prices settled with a loss on Friday, 24 September 2016, but booked the strongest weekly advance in about two months as the precious metal scored a boost from central-bank moves, including the Federal Reserves decision to hold off on hiking interest rates in September.

December gold slipped $3, or 0.2%, to settle at $1,341.70 an ounce, cutting its weekly advance down to 2.4%. That was still the biggest weekly gain since the week ended 29 July 2016. Silver for December delivery lost 28.9 cents, or 1.4%, to $19.81 an ounce, with a weekly gain of 5%.

November West Texas Intermediate crude dropped $1.84, or about 4%, to settle at $44.48 a barrel on the New York Mercantile Exchange. That was the sharpest one-day dollar and percentage loss since mid July. WTI oil had traded higher for four days in a row and managed to book a weekly gain of 2%. Global benchmark Brent crude for November delivery lost $1.76, or 3.7%, to $45.89 a barrel, with the contract holding on to a weekly gain of about 0.3%.

Treasuries ended on a mostly higher note with the short end of the curve outperforming. The yield on the 2-yr note finished lower by two basis points (0.76%) while the yield on the 10-yr note finished flat (1.62%).

Todays participation was below the recent average as fewer than 804 million shares changed hands on the NYSE floor.

Mondays economic data will be limited to the New Home Sales Report for August (consensus 585k), which will be released at 10:00 ET.

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Nasdaq closes at record high after US stocks rally
Sep 22,2016

U.S. stocks rallied on Wednesday, 21 September 2016 with the Nasdaq Composite closing at a record, after the Federal Reserve opted to keep interest rates unchanged as it sought further evidence of economic strength. The broader U.S. equity market traded tentatively higher Wednesday after the FOMC decision but caught fire later in the day after Yellens 2 p.m. Eastern news conference was digested.

The Dow Jones Industrial Average rose 163.74 points, or 0.9%, to end at 18,293.70. The Nasdaq Composite Index climbed 53.83 points, or 1%, to finish at a record close of 5,295.18. The S&P 500 index added 23.36 points, or 1.1%, to close at 2,163.12, aided by a 2.1% jump in the S&P 500s energy sector.

Boeing, Caterpillar and Chevron led the way higher.

Participants mulled over the latest policy statement from the FOMC and commentary from Fed Chair Janet Yellen. The FOMC opted to leave the target range for the fed funds rate unchanged at 0.25% to 0.50%. However, three committee members dissented, indicating that they supported an interest rate hike at the September meeting. Additionally, the committee lowered rate hike expectations going forward, estimating one rate hike in 2016, two to three in 2017, and three in 2018.

The policy-setting Federal Open Market Committee, in a 7-to-3 vote, opted to keep rates steady in what Chairwoman Janet Yellen described as a n++new normaln++ as central banks elsewhere around the globe embark upon quantitative-easing measures. Yellen also said she is n++pleased withn++ the health of the economy. The decision to keep rates unchanged was widely expected.

Earlier Wednesday, Japans central bank took an unexpected step, launching a 10-year interest rate target to step up its fight against deflation. Against the yen, the dollar dropped about 1.2%. The Bank of Japan also said it would continue quantitative easing until inflation n++exceedsn++ 2%, effectively strengthening its commitment to continue aggressive easing.

Among stocks under focus, FedEx Corp. jumped 6.9% after the package-delivery giants adjusted earnings and revenue topped forecasts. That is even as the company cut its outlook to help integrate its TNT Express NV acquisition. Separately, Microsoft Corp.late Tuesday said it would increase its quarterly dividend by 8% over the previous quarter, and it approved a share buyback program of up to $40 billion.

Bullion prices ended substantially higher at Comex on 21 September 2016. Gold futures settled higher on Wednesday, scoring a third straight advance, then extended its gain after the Federal Reserve left interest rates unchanged, but signaled that a rate increase was likely before the years end. Prices had spent most of the trading session in the green amid volatile currency moves, including a weaker dollar, even in the wake of the Bank of Japans aggressive steps to fight deflation announced earlier Wednesday.

Ahead of the Fed announcement, December gold rose $13.20, or 1%, to settle at $1,331.40 an ounce. December silver climbed 49.1 cents, or 2.6%, to settle at $19.768 an ounce.

Crude oil futures ended higher on Wednesday, 21 September 2016 after U.S. government data revealed a drop in crude inventories, marking the third such unexpected weekly decline in a row. Expectations swaying back toward the likelihood of an output deal among major oil producers next week also delivered a shot in the arm for the Fed. Futures received an added boost following a widely expected decision by the Federal Reserve decided to keep interest rates steady.

November West Texas Intermediate crude which had been up about 2.8% just before the Fed announcement, settled up $1.29, or 2.9%, at $45.34 a barrel on the New York Mercantile Exchange. Brent crude for November delivery however, was last up 10 cents at $46.93 a barrel in electronic trading on Londons ICE Futures exchange.

The U.S. Energy Information Administration reported Wednesday that domestic crude supplies fell by 6.2 million barrels in the week ended 16 September 2016. A 2.8 million-barrel climb was expected. The EIA has now reported unexpected supply declines for three weeks in a row. Gasoline supplies fell by 3.2 million barrels, while distillate stockpiles rose by 2.2 million barrels. Total domestic crude production, meanwhile, edged up by 19,000 barrels a day to 8.512 million barrels a day.

The economic report of the day at Wall Street showed that the MBA Mortgage Index indicated that mortgage applications declined 7.3% in the week ending September 17. This followed a 4.2% gain in the prior week.

Treasuries ended on a mixed note with the long end of the curve outperforming. The yield on the 2-yr note finished flat (0.77%) while the yield on the 10-yr note declined four basis points (1.65%).

Todays participation was roughly in-line with the recent average as more than 873 million shares changed hands on the NYSE floor.

Tomorrows economic data will include weekly initial claims (consensus 262k) and the FHFA Housing Price Index for July, which will cross the wires at 8:30 ET and 9:00 ET, respectively. Separately, Existing Home Sales for August (consensus 5.50 million) will be released at 10:00 ET.

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US stocks register minor gains
Sep 21,2016

U.S. stocks on Tuesday ended little-changed on 20 september 2016, paring modest gains into the close, as traders grew cautious on the eve of a pair of major central-bank decisions. Volatile oil prices pressured energy shares, limiting overall gains.

The Dow Jones Industrial Average rose a tepid 9.79 points, or less than 0.1%, to close at 18,129.96, with gainers and decliners split evenly among the 30 Dow components. The Nasdaq Composite Index advanced 6.33 points, or 0.1%, to 5,241.35, nudged higher by gains in biotech. The S&P 500 index finished up less than a point at 2,139.76.

Health care and consumer staples led winners, while energy shares lagged behind. Merck & Co.and McDonalds topped advancers, while Exxon Mobil and DuPont& Co. were the worst blue-chip performers.

Among economic data expected at Wall Street, Housing starts for August came in at a seasonally adjusted rate of 1.142 million (consensus 1.186 million) while building permits fell to 1.139 million (consensus 1.160 million) due entirely to a 7.2% decline in permits for multi-unit dwellings. The data follows yesterdays above-consensus reading of the NAHB Housing Market Index for September. Although overall market reaction to weaker-than-expected housing starts data ahead of the bell was muted, home-building stocks such as Lennar Corp and PulteGroup were hit hard, falling 3.5% and 2.9% respectively.

The Fed will release its updated policy statement at 2 p.m. Eastern Time on Wednesday. Investors widely expect the central bank to stand pat on interest rates, so attention is instead being trained on the BOJ where policy surprises are seen as more likely. Japanese policy makers have fought hard in recent years to battle low inflation, slow growth and a strong yen, lowering rates into negative territory and launching an aggressive asset-purchase program. However, there is a heightened sense the measures arent producing their desired result.

The health care sector outperformed as drug manufacturers and biotechnology names displayed relative strength. Biotechnology rallied after Allergan agreed to acquire Tobira Therapeutics for an upfront payment of $28.35 per share. This constitutes a 498.0% premium from Tobiras prior closing price. The agreement also contains Contingent Value Rights that could increase total considerations up to $49.84 per share.

Crude oil futures ended on a mixed note on Tuesday, 20 September 2016 with Brent crude modestly lower but West Texas Intermediate crude slightly higher, as traders weighed the possibility of a crude output deal following reports that Russia supports a one-year pact to stabilize prices.nHowever, weekly data expected to show the first increase in U.S. crude supplies in three weeks and a substantial slide by gasoline futures, with a major gasoline pipeline expected to return to operation on Wednesday, kept prices in check.

October West Texas Intermediate crude rose by 14 cents, or 0.3%, to settle at $43.44 a barrel on the New York Mercantile Exchange on the contracts expiration day. The November WTI contract which became the front month, added 19 cents, or 0.4%, to $44.05. However, November Brent crude on the ICE Futures exchange in London lost 7 cents, or less than 0.2%, to finish at $45.88 a barrel.

Bullion prices ended in a mixed mode on Tuesday, 20 September 2016 at Comex. Gold futures on Tuesday ended with a slight gain, but moved in a narrow trading range, as focus remained fixed on the dollars next move a day ahead of policy announcements from the U.S. Federal Reserve and Bank of Japan.

December gold picked up 40 cents to settle at $1,318.20 an ounce. The metal closed 0.6% higher on Monday. December silver fell 1.3 cents, or less than 0.1%, to $19.277 an ounce on Tuesday.

The ICE U.S. dollar index, a measure of the greenback against six currencies, was up 0.2%.

Treasuries ended on a higher note with the long end of the curve outperforming. The yield on the 2-yr note fell one basis point (0.77%) while the yield on the 10-yr note declined three basis points (1.69%).

Todays participation was below the recent average as fewer than 741 million shares changed hands on the NYSE floor.

Tomorrows economic data will be limited to the weekly MBA Mortgage Index, which will be released at 7:00 ET. Meanwhile, the FOMC will release its September policy statement and rate decision at 14:00 ET.

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Japanese market closed Monday for a public holiday
Sep 19,2016

Japanese market closed Monday for a public holiday

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Asia Pacific Market: Stocks gain ahead of policy decisions in US and Japan
Sep 19,2016

Asia Pacific share market closed slight higher on Monday, 19 September 2016, with sentiment driven by a rebound in oil prices while traders were also keeping an eye on crucial monetary policy decisions due from the US and Japan later this week.

The US Federal Reserve policy makers begin their two-day policy meeting tomorrow, 20 September 2016. Investors do not expect the Federal Reserve to raise interest rates when its policymakers end the two-day meeting on Wednesday. But they will scrutinize its statement for implications about the future rate hike.

A Fed rate increase appeared to at least have a 50% chance after blockbuster job gains in June and July stoked speculation that faster inflation cant be too far behind. But payroll additions were disappointing in August and growth in service-sector activity for the month fell to the lowest level since 2010. Inflation, meanwhile, generally remains tame. And while the speeches of Fed Chair Janet Yellen and other policymakers have been somewhat ambiguous, the most recent comments of Fed officials have emphasized caution in light of the risk of derailing a still-fragile recovery. Whats more, the Fed has shied away from hiking rates when investors dont expect it for fear of generating market turbulence that could further rock the economy. The Fed left the target range for its federal funds rate unchanged at 0.25% to 0.5% for the fifth time during its July 2016 meeting.

Market participants are also awaiting for the outcome of the Bank of Japan policy meeting. A comprehensive review of monetary policy is expected in the meeting. But its believed that BoJ policy makers are split over the next easing steps. Some might even believe in continuing with the current government bond purchase program and negative rates and give time for the policies to pass through to the economy. Meanwhile, the financial industry in Japan sang a chorus opposing deepening negative interest rates. Opinions are divided on what BoJ would do in the end and the result could surprise the markets.

Among Asian bourses

Australia Market ends early on technical glitches

Australian share market closed before scheduled session, as technical problems which delayed the market open have continued to plague the ASX. The ASX delayed the normal 10 a.m. local time equity market opening until 11:30 a.m. due to an issue relating to a component that allows it to manage individual stocks, Matthew Gibbs, a spokesman for the ASX in Sydney said earlier, adding that the company was working with its technology vendor Nasdaq Inc. to prevent a recurrence. It then halted trading in the afternoon before canceling it for the rest of the day. Among ASX sectors, technology, consumer goods, retailers, and energy stocks declined while materials & resources stocks ended firmer. At close of trade, the benchmark S&P/ASX 200 index fell 1.90 points, or 0.04%, to 5,294.80, while the broader All Ordinaries index has lost 3 points, or 0.06%, to 5,393.70. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 480 to 427 and 333 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 21.09% to 11.863.

China Stocks gain on improving business confidence

Mainland China stock market closed higher, as investors chased for bargain hunting after a long mid-Autumn Festival holiday on Thursday and Friday. Meanwhile, buying appetite improved after the Peoples Bank of China published surveys on Sunday showing business confidence among entrepreneurs in China had picked up for the second quarter in a row in 2016. The CSI300 index of the largest listed companies in Shanghai and Shenzhen added 0.75%, to 3,263.12 points, while the Shanghai Composite Index grew 0.77% to 3,026.05 points. Nuclear power-related stocks were in the spotlight, after Britain gave the go-ahead for a $24 billion Chinese-backed nuclear power plant. Mainland-listed China Nuclear Engineering and SUFA Technology Industry Co both shot up 10%, the maximum allowed.

Hong Kong Market closed stronger

The Hong Kong stock market ended higher, as investors returning from the long Mid-Autumn Festival holiday drew optimism from surveys showing improving China business confidence and on the back of money inflows from the mainland. The benchmark Hang Seng Index declined 25.12 points, or 0.11%, to 23190.64 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 28.54 points, or 0.3%, to 9542.52. Turnover increased to HK$72.5 billion from HK$65.3 billion on Thursday. The local equity market closed on Friday for a public holiday.

Standard Chartered (02888) softened 0.9% to HK$63.05 on talks that it seeks to sell its private equity business, which is valued at US$5 billion. HSBC (00005) spent GBP35.3 million on Thursday and Friday buying back its own shares in London market. It ended up 0.4% to HK$58.65.

Credit Suisse said in a recent report that the CIRCs guiding document is positive for the healthy development of the industry. It reiterated its overweight stance on the sector, with target prices of HK$49 and HK$17.22 for Ping An (02318) and PICC P&C (02328). The stocks closed up 2% and 0.6% respectively.

Chinas NBS announced that property prices continued its surge in August. CR Land (01109) rose 3.9% to HK$22.55. COLI (00688) climbed 2.7% to HK$26.25. Sunac China (01918) acquired 42 projects from Legend Holdings (03396) for HK$16 billion. Sunac soared 7% to HK$5.87. Legend shot up 2% to HK$20.

Henderson Land (00012) added 2% to HK$46.25 after the developer disposed of Golden Centre office building in Sheung Wan for HK$4.37 billion.

Indian Market gains for 4th straight session

Indian benchmark indices settled with small gains in a lacklustre trading session. The barometer index, the S&P BSE Sensex, rose 35.47 points or 0.12% to settle at 28,634.50. The Nifty rose 28.55 points or 0.33% to settle at 8,808.40.

Asian Paints rose 1.04% to Rs 1,168. The company announced after market hours today, 19 September 2016, that as a part of the companys plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) (APIL), Mauritius, a wholly owned subsidiary of the company, has transferred its entire holding of 99.18% held in the subsidiary company, Asian Paints (Lanka), Sri Lanka, to Berger International, Singapore, a wholly owned subsidiary of APIL. The transfer process has been completed on 19 September 2016.

Power Grid Corporation of India rose 0.97% to Rs 177.25 after the company said that the companys board of directors at a meeting held on 16 September 2016 accorded investment approval for System Strengthening in Southern Region - XXI at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval. The announcement was made after market hours on Friday, 16 September 2016.

Elsewhere in the Asia Pacific region: New Zealands NZX50 rose 0.4% to 7278.12 South Koreas KOSPI index grew 0.8% to 2015.75. Taiwans Taiex index added 2.8% to 9152.88. Singapores Straits Times index added 0.9% to 2852.14. Indonesias Jakarta Composite index rose 1% to 5321.84. Malaysias KLCI eased 0.1% to 1651.71.

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Hong Kong Market closed stronger
Sep 19,2016

The Hong Kong stock market ended higher on Monday, 19 September 2016, as investors returning from the long Mid-Autumn Festival holiday drew optimism from surveys showing improving China business confidence and on the back of money inflows from the mainland. The benchmark Hang Seng Index declined 25.12 points, or 0.11%, to 23190.64 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 28.54 points, or 0.3%, to 9542.52. Turnover increased to HK$72.5 billion from HK$65.3 billion on Thursday. The local equity market closed on Friday for a public holiday.

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China Stocks gain on improving business confidence
Sep 19,2016

Mainland China stock market closed higher on Monday, 19 September 2016, as investors chased for bargain hunting after a long mid-Autumn Festival holiday on Thursday and Friday. Meanwhile, buying appetite improved after the Peoples Bank of China published surveys on Sunday showing business confidence among entrepreneurs in China had picked up for the second quarter in a row in 2016. The CSI300 index of the largest listed companies in Shanghai and Shenzhen added 0.75%, to 3,263.12 points, while the Shanghai Composite Index grew 0.77% to 3,026.05 points.

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Australia Market ends early on technical glitches
Sep 19,2016

Australian share market closed before scheduled session on Monday, 19 September 2016, as technical problems which delayed the market open have continued to plague the ASX. The ASX delayed the normal 10 a.m. local time equity market opening until 11:30 a.m. due to an issue relating to a component that allows it to manage individual stocks, Matthew Gibbs, a spokesman for the ASX in Sydney said earlier, adding that the company was working with its technology vendor Nasdaq Inc. to prevent a recurrence. It then halted trading in the afternoon before canceling it for the rest of the day. Among ASX sectors, technology, consumer goods, retailers, and energy stocks declined while materials & resources stocks ended firmer. At close of trade, the benchmark S&P/ASX 200 index fell 1.90 points, or 0.04%, to 5,294.80, while the broader All Ordinaries index has lost 3 points, or 0.06%, to 5,393.70. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 480 to 427 and 333 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 21.09% to 11.863.

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US stocks end higher
Sep 16,2016

US stocks finished higher on Thursday, 15 September 2016 near their intraday highs, as an Apple-inspired rally in the tech sector helped to lift the broader market following a deluge of macroeconomic reports. The three main benchmarks on Thursday marked their fourth move of at least 1% in the past five sessions, after more than a month of torpor as volatility escalates in September. Earlier in the session, investors were training their focus on retail sales, which showed a decline in Augustn++the first since March. Meanwhile a weekly report on jobless claims ticked higher but remained at historically low levels. And, producer prices remained flat, suggesting lack of inflation pressures.

Earlier, stocks had traced fluctuations oil prices, but West Texas Intermediate ended settling up 0.8% at $43.91 a barrel. Slumping crude-oil prices weighed on stocks on Wednesday, leaving the Dow Industrials and the S&P 500 to close in negative territory.

The Dow Jones Industrial Average closed up 177.71 points, or 1%, at 18,212.48. The S&P 500 index wrapped up 21.49 points, or 1%, to 2,147.26. The Nasdaq Composite Index enjoyed the sharpest rise among its peers, closing 75.92 points, or 1.5%, higher at 5,249.69.

All 30 of the Dow components finished in the green. The tech rally was led by a 3.4% surge in shares of Apple. All of the main indexes benefited from Apples consistent weekly jumpn++its fourth consecutive rise of at least 2%. For this week alone, shares are up 12%.

The Cupertino, California based tech giant, Apple has been among best performing shares this week, following strong demand for its new iPhones and upbeat analyst comments. Apple tends to do well in times of market volatility, which has been a major theme this week.

The U.S. central bank is widely expected to hold fire next week when it meets. There wont be any comments from Fed officials in the run-up to the meeting as the central bank is in its so-called blackout period.

A broad index for the greenback switched between gains and losses on Thursday. The buck was slightly weaker versus the yen. It gained ground against the U.K.s sterling after the Bank of England left rates and bond-buying untouched but cracked the door open for a future rate cut.

The flurry of economic reports Thursday included a closely watched snapshot of retail sales. Sales at U.S. retailers fell 0.3% in August and declined for the first time in five months. U.S. producer prices were flat in August, while regional manufacturing gauges measuring conditions in the New York area and Philadelphia both showed improvement. Economic data can sway the Feds decisions on interest rates.

Weekly jobless claims ticked up slightly to 260,000 but the level of layoffs continues to be the lowest since the 1970s. U.S. wholesale prices were flat in August, mostly because of sharp declines in the cost of food and gasoline. The Empire State manufacturing index, which measures conditions in the New York area, remained in contraction territory. Industrial production contracted in August after a promising expansion in the previous two months, the Federal Reserve said Thursday.

Crude oil prices ended mildly higher at Nymex on 15 September 2016. Gasoline futures rallied Thursday by more than 5%, providing a lift to oil prices following a two-session decline, as the shutdown of a key pipeline looked set to stretch into a full week. The temporary closure of the Colonial Pipeline Line 1, which transports 1.2 million barrels of gasoline a day from Texas as far as New Jersey, began last Friday because of a leak.

October West Texas Intermediate crude rose 33 cents, or 0.8%, to settle at $43.91 a barrel on the New York Mercantile Exchange after tallying a loss of nearly 6% in the past two sessions. November Brent on the ICE Futures exchange in London added 74 cents, or 1.6%, to $46.59 a barrel.

Early Thursday, oil prices were pressured by some strength in the dollar and expectations for higher global production, as downbeat U.S. economic data spurred concerns over the prospects for energy demand.

Bullion prices ended lower on Thursday, 15 September 2016. Gold prices dropped to mark a sixth loss in seven sessions as investors sifted through the latest deluge of U.S. economic data in the run up to next weeks meeting of the Federal Reserve. A deluge of macroeconomic reports drew into focus the near-term picture for interest rate-sensitive trading in currencies and metals. Both the Federal Reserve and the Bank of Japan are slated to hold policy meetings next week, which could influence the buck and dollar-priced assets like metals.

December gold fell $8.10, or 0.6%, to settle at $1,318 an ouncen++the lowest level in two weeks. December silver fell 2.5 cents, or 0.1%, to $19.041 an ounce.

Treasuries ended on a mixed note. The yield on the 2-yr note fell two basis points to 0.74% while the yield on the 10-yr note finished flat at 1.70%.

Todays participation was above the recent average as more than 819 million shares changed hands on the NYSE floor.

Tomorrows economic data will include CPI for August (consensus +0.1%) and the preliminary reading of the Michigan Sentiment Index for September (consensus 91.5), which will cross the wires at 8:30 ET and 10:00 ET, respectively. Separately, Net Long-Term TIC Flows for July will be released at 16:00 ET.

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Asia Pacific Market: Stocks sluggish on Fed rate uncertainty
Sep 14,2016

Asia Pacific share market closed mostly down on Wednesday, 14 September 2016, on tracking fall in the Wall Street overnight and plunge in crude oil prices. Meanwhile uncertainty over central banks next moves also hurt risk appetite. The MSCI Asia Pacific Index sank 0.7% to 136.21.

All eyes are on the Federal Open Market Committee (FOMC) meeting on Sept. 20-21 as traders anxiously wait for clues on whether the Fed will raise interest rates soon. Few traders expect a rate hike next week and markets are pricing in only a roughly 50-50 chance of one in December.

Japans central bank is also scheduled to meet next week, with speculation has grown that the BOJ will reduce its purchases of super-long bonds to let the yield curve steepen while maintaining a negative rate on excess reserves. Some also expect the BOJ could cut the rate deeper into negative territory in the future.

Crude oil prices recovered ground in Asian trade after suffered heavy losses overnight after the International Energy Agency (IEA) warned in its latest market update that it may take longer for oil prices to re-balance, citing a faster-than-expected slowdown in global oil demand growth.

During Asian trade on Wednesday, U.S. crude futures rebounded modestly, up 0.82% at $45.27 a barrel, following a 3% drop overnight. Global benchmark Brent added 0.62% to $47.39, after falling 2.5% on Tuesday.

The Paris-based International Energy Agency (IEA) projects that global oil demand growth is slowing at a faster pace than initially predicted. It now forecasts demand to grow 1.3M bpd this year, down -0.1M bpd estimated last month, before moderating to 1.2M bpd in 2017. On the supply side, IEA noted that world oil supplies dropped -0.3M bpd in August, as non-OPEC output fell. However, OPEC production remained elevated during the period, rising to 33.47M bpd in August, testing record rates as Middle East producers opened the taps. IEA estimated that OPEC supply was 0.93M bpd above the same period last year. According to IEA, this supply-demand dynamic may not change significantly in the coming months. Supply will continue to outpace demand at least through the first half of next year.

That followed remarks from the Organization of the Petroleum Exporting Countries (OPEC) earlier this week that key central bank decisions, such as the one due in the U.S. later this month, would be crucial in determining the state of global growth and the overall health of the energy sector.

If the U.S. Federal Reserve does raise interest rates later this month, it would likely strengthen the dollar, which would make dollar-denominated oil trades more expensive for buyers holding other currencies. That could, in turn, hamper global demand and consumption.

Among Asian bourses

Australia Market rises for first time in five

Australian share market advanced for first time in five sessions in row, as gains in telecom, financial, and consumer staples were more than offset by losses in materials and resources. At close of trade, the benchmark S&P/ASX 200 index rose 19.90 points, or 0.38%, to 5,227.70, while the broader All Ordinaries index has gained 16.60 points, or 0.31%, to 5,326.60. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 589 to 457 and 348 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 9.17% to 16.704.

Telecommunications put in the strongest performance overall, jumping by 2.4%. Unsurprisingly, Telstra just happened to close with a gain of 2.6%.

Resources and energy stocks were under pressure as a strengthening US dollar weighed heavily on commodities. Among energy shares, Woodside Petroleum was 0.7% lower, Oil Search lost 0.9% and Santos sank 5.7%. Crude-oil prices retreated overnight after the Paris-based International Energy Agency cut its 2016 demand growth forecast by 100,000 barrels a day to 1.3 million. That came a day after a report from the Organization of the Petroleum Exporting Countries that pointed to a world still awash in crude. In the mining space, BHP Billiton and Rio Tinto were down 1% and 1.3%, respectively. Iron-ore producer Fortescue Metals Group was 1.7% weaker, and gold miner Newcrest Mining fell 0.5%.

Financial stocks also added strength to bourse, with all big four banks rose. Westpac Banking Corp added 1.5%, Commonwealth Bank of Australia picked up 1% and Australia & New Zealand Banking Group and National Australia Bank each added 0.6%. CYBG, the British lender spun off by National Australia Bank early this year, dropped 5.2% after it told investors in London it was targeting further cost cuts and expected to deliver a double-digit return on tangible equity a year earlier than originally planned.

Japan Stocks falls on weak global cues

The Japan share market ended lower, dragged down by tracking negative lead from Wall Street overnight. Meanwhile, sentiments were downbeat on growing speculation that the Bank of Japan will maintain the negative rate on excess reserves at the policy meeting next week and could even lower the rate in the future. The 225-issue Nikkei lost 114.80 points, or 0.69%, to finish at 16,614.24 on the Tokyo Stock Exchange. The Topix index of all first-section issues lost 8.25 points, or 0.62%, to close at 1,314.74. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 1354 to 543 and 161 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 2.40% to 23.02.

Banks stocks suffered on concerns about short investment horizon which tend to suffer from low short-term rates. Speculation has grown that the BOJ will reduce its purchases of super-long bonds to let the yield curve steepen while maintaining a negative rate on excess reserves. Some also expect the BOJ could cut the rate deeper into negative territory in the future. Mitsubishi UFJ Financial Group Inc. fell 3.2% to 507.5 yen. Sumitomo Mitsui Trust Holdings Inc. lost 2.1% at Y336.3.

A bright spot for the market was life insurance companies. Life insurers are less sensitive to short-term interest rates and tend to benefit from higher, longer-term rates. Dai-ichi Life Insurance Co. rose 4.3% to Y1,476.0. Japan Post Insurance Co. gained 4.6% to Y2,282.

Apple supplier Alps Electric Co. rose 4% after reports iPhone 7 orders at some U.S. carriers surged past prior models. Japan Display Inc. advanced 4.7%.

China Stocks retreat to lowest level in a month

Mainland China stock market closed at lowest level in a month on the last trading day of this week, as investors sold stocks on uncertainty over whether the Federal Reserve will raise interest rates next week. All SSE sectors except technology issue lost ground, with blue chip players in telecom, industrials, consumer staples, energy, financials and utilities sectors hit the hardest. The CSI300 index of the largest listed companies in Shanghai and Shenzhen eased 0.66%, to 3,238.73 points, while the Shanghai Composite Index lost 0.68% to 3,002.85 points. The gauge has lost 2.5% this week, amid a jump in the cost of borrowing the yuan in Hong Kong. China stock market will close on Thursday and Friday for mid-Autumn Festival.

China Petroleum & Chemical Corp. fell 1.2%, after U.S. oil prices slumped 3% on Tuesday amid concern a global supply glut will persist.

A measure of consumer-discretionary shares declined 1% as Midea Group Co. slid to its lowest close since July 11 and FAW Car Co. retreated from a three-week high.

Chinese banks granted net new loans of CNY948.7 billion in August, the Peoples Bank of China announced Wednesday, sharply higher than the new loans of CNY463.6 billion in July 2016. M2 was up 11.4% on year at the end of August, higher than the 10.2% increase in July.

Hong Kong Market closes softer

The Hong Kong stock market declined modestly on tracking plunge in U.S. equities overnight and on caution ahead of next weeks Federal Reserve policy meeting. The benchmark Hang Seng Index declined 25.12 points, or 0.11%, to 23190.64 points. The Hang Seng China Enterprises Index, a benchmark measure of performance of mainland China enterprises, slipped 28.54 points, or 0.3%, to 9542.52. Turnover decreased to HK$60.9 billion from HK$73.5 billion on Tuesday.

Sands China (01928) rose 1% to HK$34.15. The companys casino Parisian opened last night. Deutsche Bank deemed it eye-catching feature and a must-see destination. Galaxy Entertainment (00027) climbed 2% to HK$28.6.

Oil prices plunged 3% as OPEC and IEA forecast oversupply may extend to next year. CNOOC (00883) slipped 1.2% to HK$9.37. Sinopec (00386) and PetroChina (00857) fell 1% to HK$5.31 and HK$4.99.

Sensex, Nifty rebound

Indian shares snapped a two-session losing streak to close slightly higher, led by a recovery in bank stocks, but sentiment remained weak on concerns over the ability of global central banks to prop up growth. The barometer index, the S&P BSE Sensex, rose 18.69 points or 0.07% to settle at 28,372.23. The Nifty 50 index rose 11 points or 0.13% to settle at 8,726.60.

Coal India shares fell after the company reported a 15% fall in its first-quarter profit. Tata Steel declined to its lowest in a month after reporting a wider first-quarter loss on sale of a business in Europe.

Domestic sentiment remained weak as Indias industrial production (IIP) fell 2.4% in July 2016 over the same month last year. Industrial production expanded 2.1% in June 2016 over the year-ago month.

Meanwhile, foreign funds sold shares worth Rs. 593.61 crore on Monday, as per the provisional data released by the stock exchanges.

Elsewhere in the Asia Pacific region: New Zealands NZX50 fell 0.5% to 7210.72. Taiwans Taiex index slumped 0.4% to 8902.30. Singapores Straits Times index shed 0.3% to 2809.35. Indonesias Jakarta Composite index shed 1.3% to 5146.04. Malaysias KLCI eased 0.9% to 1661.39. South Korea market closed for holiday.

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