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Asia Pacific Market: Stocks fall on profit booking
Jul 05,2016

Asia Pacific share market declined on Tuesday, 05 July 2016, as downturn triggered by following fall in major European stock markets overnight and concerns over global growth dampened investor sentiment. Meanwhile selloff pressure mounted on caution ahead of important U.S. economic indicators scheduled to be released later this week, including June jobs data due out Friday. Markets were also affected by a slide in oil prices after analysts predicted demand will weaken amid concerns about the global economic outlook.

Britains vote to leave, termed Brexit, has ramped up the urgency for some Asian central banks to ease monetary policy, as a prolonged period of uncertainty might lead a wider downshift in trade and investment.

Investors were wary of renewed Brexit concerns that saw European stocks finish lower on Monday. In the U.K., the ramifications of the countrys vote to quit the European Union (EU) continued to sink in. Nigel Farage, leader of the U.K. Independence party and a key Brexit campaigner, announced he was standing down, saying his political ambition had been achieved with the Brexit vote. His departure came after another key Brexit campaigner, Boris Johnson, ruled himself out of the running to become the U.K.s next prime minister. Incumbent David Cameron, a remain campaigner, said after the Brexit referendum that he would step down by October.

Uncertainty over Britains future following the Brexit vote weighed Markits construction PMI for the U.K., which dropped to 46.0 in June from 51.2 in May, marking its lowest level in seven years, with output falling at its fastest pace since 2009, during the global financial crisis.

The International Monetary Fund chief, Christine Lagarde, told a French newspaper on Monday, meanwhile, that exiting the EU could cut Britains gross domestic product by between 1.5 and 4.5 percentage points by 2019. Additionally, ratings agency S&P Global Ratings said both the euro zones and the U.K.s economic growth would take a knock as a result of the vote, with the agency warning that the U.K. would barely escape a full-fledged recession caused by Brexit.

Among Asian bourses

Australia Market tumbles 1% as banks selloff

Australian share market finished steep lower on the back of unresolved election woes and as the Reserve Bank of Australia kept interest rates on hold at 1.75%. All sectors except utilities suffered selloff pressure with consumer staples, consumer discretionary, property trusts, and financials blue chip stocks being major losers. At close of trade, the benchmark S&P/ASX 200 index tumbled 53.80 points, or 1.02%, to 5228. The broader All Ordinaries shrank 52.40 points, or 0.98%, to 5312.80.

Shares of banks and financial companies declined on concerns over the possibility of a Royal Commission into the financial institutions. The selloff was compounded by the signs that lenders will need to further increase their capital buffers. On Monday, the Australian Prudential Regulation Authority told lenders that, despite being in the top quartile of most capitalised banks in the world, they will need to increase their capital ratios further in the wake of shifting international requirements. Commonwealth Bank of Australia tumbled 1.1% to A$72.56, Westpac Banking Corp 1.5% to A$28.54. ANZ Banking Group 1.5% to A$23.40, and National Australia Bank 1.6% to A$24.68.

Japan Market slides 0.67% on profit booking

The Japan share market declined for the first time in seven sessions in row, due to profit booking on recently outperforming stocks. Meanwhile selloff pressure mounted on caution ahead of important U.S. economic indicators scheduled to be released later this week, including June jobs data due out Friday, as well as the outcome of Japans upper house election on Sunday. Total 24 out of 33 TSE sectors declined, with Fishery, Agriculture & Forestry, Machinery, Insurance, Banks, Mining, and Real Estate issues being major losers while Textiles & Apparels, Rubber Products, Construction, and Marine Transportation issues were notable gainers. The 225-issue Nikkei Stock Average dropped 106.47 points, or 0.67%, to 15669.33. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 5.33 points, or 0.42%, to 1256.64.

Shares of Financials and export-oriented companies came under profit-taking. Among them were banking groups Mitsubishi UFJ and Sumitomo Mitsui and technology giants Sony and Hitachi. By contrast, several domestic demand-oriented issues were upbeat. They included beverage maker Kirin Holdings, retailer Seven & i Holdings, railway operator JR West and candy maker Morinaga & Co.

Fast Retailing dived 4.21%, although sales at its Uniqlo casual wear shops in June increased 4.5% from a year before on a same-store basis.

Shanghai Composite closes above 3K level

Mainland China stock market closed higher on Tuesday, 05 July 2016, bucking a slump across Asia, on cementing stimulus hopes. Chinese investors became more hopeful about President Xi Jinpings calls for overhauling state-owned enterprises after private survey showed that activity in Chinas services sector rose to an 11-month high in June, but a composite measure of activity fell to a four- month low. That raised fears the services sector may not be able to make up for a prolonged decline in the industrial economy that has pushed Chinas growth to 25-year lows. Total 9 out of 10 SSE sectoral indices advanced, with industrial issue being top gainer, followed by utilities, materials, consumer staples, and consumer discretionary issues being top gainers. The CSI300 index of the largest listed companies in Shanghai and Shenzhen grew 0.08%, to 3207.38, while the Shanghai Composite Index rose 0.6%, to 3006.39 points.

CHINAS central bank said yesterday that it would use various policy tools to maintain appropriate liquidity and reasonable growth in credit and social financing. The Peoples Bank of China will continue with a prudent monetary policy and keep its stance neither too loose nor too tight, it said in a statement after the second-quarter monetary policy committee meeting. It said the central bank would improve the financing and credit structure, increase the proportion of direct financing and reduce social financing costs. The PBOC reaffirmed that it would keep the yuan exchange rate basically stable at n++a reasonable and balanced leveln++ while improving the exchange rate formation mechanism. The central bank said Chinas economic performance remained generally stable, but warned n++the complexity of the current situation should not be underestimated,n++ underlining a modest recovery in the United States, a fragile recovery in Europe, financial market volatility after the Brexit vote, sluggish growth in Japan and difficulties facing emerging economies.

The Caixin China General Services Purchasing Managers Index (PMI), an indicator of business activity in Chinas service sector, rose to an 11-month high of 52.7 in June. The reading, released on Tuesday after research by financial information service provider Markit sponsored by Caixin Media, was up from 51.2 in May and at its highest point since last July, when the index came in at 53.8. A reading above 50 indicates expansion, while a reading below 50 represents contraction. Service sector activity growth rebounded due to increased new work. The survey found new business orders rose to their highest level since last August. In terms of employment, service providers continued to adopt a cautious approach towards hiring staff, raising their workforce numbers only slightly for a third month in a row.

Hong Kong Stocks sink 1.46%

The Hong Kong stock market closed down, pressured by profit-taking, as worrying signs in Chinas service sector and as falls in major European stock markets overnight dampened investor sentiment. Trading was subdued with no directional clues from US markets, which were shut on Monday for the Independence Day holiday. The benchmark Hang Seng Index dropped 308.48 points, or 1.46%, to 20750.72 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, sank 159.04 points, or 1.81%, to 8643.31. Turnover decreased to HK$53.6 billion from HK$68.7 billion on Monday.

Standard Life Investments has suspended trading in its UK property fund as investors have asked to withdraw their money following the EU referendum. The UK pound slid to 1.3161/64 against USD in early European trading.

Morgan Stanley said in a research report that the opening of Shanghai Disney theme park has hurt Macaus gaming spending. It also expects number of tourists to shrink. Galaxy Entertainment (00027) sank 3.6% to HK$22.55. Sands China (01928) declined 3.6% o HK$25.5.

The UK pounds slump also pressured HSBC (00005), which dipped 1.7% to HK$47.35. Standard Chartered (02888) dropped 1.8% to HK$57.7.

SHKP (00016) bucked the downtrend, rising 0.8% to HK$97.55 after it donated a plot of land to a religious organisation for building multi-purpose service center. CK Property (01113) fell 2% to HK$49.4 despite S&P Global revised its rating outlook to stable.

China COSCO (01919) soared 2.6% to HK$2.81 as its parent companys acquisition of a Greek port has entered settlement stage. COSCO Pacific (01199) also edged up 0.4% to HK$7.75.

Indian Market slides on weak global cues

Auto stocks and index heavyweight Infosys led losses for key benchmark indices triggered by weak global cues. The barometer index, the S&P BSE Sensex, lost 111.89 points or 0.41% to settle at 27,166.87. The Nifty 50 index shed 34.75 points or 0.42% to settle at 8,335.95. Data showing deceleration in growth in Indias services sector in June 2016 also weighed on sentiment, with the Sensex and the Nifty snapping a six-day winning streak.

Jaiprakash Associates rose a staggering 27.97% in a single trading session after the companys announcement that it has sold its cement plants spread across five states to UltraTech Cement for enterprise value of Rs 16189 crore. Engineering and construction major L&T eked out small gains after the companys announcement that its joint venture companies L&T-MHPS Boilers Private and L&T-MHPS Turbine Generators Private Limited have won export orders worth a combined $71.30 million. Shares of state-run coal mining giant Coal India gained after the company announced that a meeting of the board of directors of the company will be held on 11 July 2016 to consider a proposal of buyback of equity shares. Shares of IDBI Bank shrugged off reduction in lending rates based on marginal cost of funds. Ashok Leyland fell after a domestic brokerage reportedly downgraded the stock to sell, citing signs of demand moderation in commercial vehicles segment.

The outcome of a monthly survey showed that growth in Indias services sector decelerated in June 2016 due to a softer expansion in new work. The Nikkei India Services Business Activity Index dropped to 50.3 in June 2016 from 51 in May 2016. Anecdotal evidence suggested that strong competitive pressures restricted new business gains. A faster increase in input costs contrasted with a slowdown in charge inflation. According to respondents, activity growth over the coming year is set to be supported by aggressive marketing campaigns. Some panellists expressed concerns regarding competitive pressures.

Elsewhere in the Asia Pacific region: New Zealands NZX50 rose 0.43% to 6970.99. South Koreas KOSPI index declined 0.3% to 1989.85. Taiwans Taiex index slipped 0.5% to 8716.07. Malaysias KLCI fell 0.3% to 1650.71. Singapores Straits Times index slipped 0.21% to 2864.67.

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China Shanghai Composite closes above 3K level
Jul 05,2016

Mainland China stock market closed higher on Tuesday, 05 July 2016, bucking a slump across Asia, on cementing stimulus hopes. Chinese investors became more hopeful about President Xi Jinpings calls for overhauling state-owned enterprises after private survey showed that activity in Chinas services sector rose to an 11-month high in June, but a composite measure of activity fell to a four- month low. That raised fears the services sector may not be able to make up for a prolonged decline in the industrial economy that has pushed Chinas growth to 25-year lows. Total 9 out of 10 SSE sectoral indices advanced, with industrial issue being top gainer, followed by utilities, materials, consumer staples, and consumer discretionary issues being top gainers. The CSI300 index of the largest listed companies in Shanghai and Shenzhen grew 0.08%, to 3207.38, while the Shanghai Composite Index rose 0.6%, to 3006.39 points.

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Japan Market slides 0.67% on profit booking
Jul 05,2016

The Japan share market declined for the first time in seven sessions in row on Tuesday, 05 July 2016, due to profit booking on recently outperforming stocks. Meanwhile selloff pressure mounted on caution ahead of important U.S. economic indicators scheduled to be released later this week, including June jobs data due out Friday, as well as the outcome of Japans upper house election on Sunday. Total 24 out of 33 TSE sectors declined, with Fishery, Agriculture & Forestry, Machinery, Insurance, Banks, Mining, and Real Estate issues being major losers while Textiles & Apparels, Rubber Products, Construction, and Marine Transportation issues were notable gainers. The 225-issue Nikkei Stock Average dropped 106.47 points, or 0.67%, to 15669.33. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 5.33 points, or 0.42%, to 1256.64.Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 1155 to 743 and 144 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 2.82% to 27.72.

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Australia Market tumbles 1% as banks selloff
Jul 05,2016

Australian share market finished steep lower on Tuesday, 05 July 2016, on the back of unresolved election woes and as the Reserve Bank of Australia kept interest rates on hold at 1.75%. All sectors except utilities suffered selloff pressure with consumer staples, consumer discretionary, property trusts, and financials blue chip stocks being major losers. At close of trade, the benchmark S&P/ASX 200 index tumbled 53.80 points, or 1.02%, to 5228. The broader All Ordinaries shrank 52.40 points, or 0.98%, to 5312.80. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 610 to 455 and 294 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 2.15% to 18.917.

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Asia Pacific Market: Stocks rebound as Brexit panic eased
Jun 29,2016

Asia Pacific share market rebounded on Wednesday, 29 June 2016, as investors chased for heavily beaten-down equities on easing panic over Brexit. Meanwhile, strong bounce in the European, UK and US stocks overnight, alongside gains in commodity prices also encouraged buying in the regional stocks.

Risk appetite buying propelled on speculation that central banks in the UK, Japan and the European Central Bank may boost monetary stimulus to counter a potential drag on the global economy from the UKs vote to leave the European Union known as Brexit.

Among Asian bourses

Australia Market closes up

Australian share market finished the session firmly higher, as investors chased for heavily battered stocks on tracking strong bounce in European, UK and US stocks overnight, alongside gains in commodity prices. At close of trade, the benchmark S&P/ASX 200 index added 39.10 points, or 0.77%, to 5142.40. The broader All Ordinaries climbed up 41.30 points, or 0.8%, to 5221.

Rising stocks outnumbered declining ones on the Australia Stock Exchange by 715 to 334 and 345 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 7.52% to 20.488.

Shares of banks and financial companies ended higher. Commonwealth Bank of Australia closed up 0.5% to A$73.46, while Westpac Banking Corporation finished 0.3% higher to A$28.80. ANZ Banking Group was up 1.3% to A$23.60, and National Australia Bank was up 0.5% to A$24.74.

Shares of miners gained, with resources giant BHP Billiton leading the rally, up 1.5% to A$18.30, meanwhile main rival Rio Tinto was up 1.4% to A$44.83 and iron ore miner Fortescue Metals Group was up 0.9% to A$3.43.

UK-exposed shares also gained ground on bargain hunting. Financial technology company IRESS closed up 5.1% to A$10.90. BT Investment Management rose 5.6% to A$8.12, while UK-based fund manager Henderson Group finished the day only 0.5% higher to A$3.72.

Japan Market surges 1.59%

The Japan share market finished higher, as risk appetite buying encouraged by tracking gains in the offshore market overnight and halt in yen appreciation against the greenback. Total 30 out of 33 TSE sectors advanced, with Insurance, Iron & Steel, Electric Appliances, Marine Transportation, Real Estate, and Transportation Equipment issues being major gainers. The 225-issue Nikkei Stock Average gained 243.69 points, or 1.59%, to 15566.83. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 23.07 points, or 1.88%, to 12247.69.

Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 1664 to 275 and 60 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 11.75% to 29.44.

Shares of insurance, steel and export sectors rebounded on bottom fishing. Tokio Marine Holdings Inc. rose 6.4%. Nippon Steel & Sumitomo Metal Corp. added 6.4%. Sony Corp. advanced 4.8%.

Retail-store operator J. Front Retailing Co. lost 4.3% after the company posted sales and profit declines for the quarter ended May, citing weak consumer spending amid a declining stock market, murky economic outlook and higher prices for goods. Its sales fell 5.9% to Y269 billion ($2.62 billion) from a year earlier, while its net profit dropped 50% to Y8.5 billion.

China Stocks surges to three-week high

Mainland China stock market advanced to three-week high on Wednesday, 29 June 2016, as risk appetite buying encouraged after Chinese authorities pledged to keep its financial and capital market stable. Total 7 out of 10 SSE sectoral indices advanced, with healthcare issue being top gainer, followed by financials, utilities, materials, and consumer discretionary and issues. The CSI300 index of the largest listed companies in Shanghai and Shenzhen grew 0.48%, to 3151.39, while the Shanghai Composite Index rose 0.65%, to 2931.59 points.

Chinas central bank tried to soothe investor nerves late Tuesday, saying that the yuan remains stable against the trade-weighted basket of currencies and that policy makers will stick to their current mechanism for determining its exchange rate. The government is capable of keeping the yuan at a reasonable, balanced level, and theres no basis for long-term devaluation, Premier Li Keqiang said Monday at the World Economic Forum in Tianjin, reiterating past comments.

In an apparent effort to ease fears of rapid yuan depreciation, Chinas two main official securities newspapers said in front-page articles on Wednesday that there has been no panic selling of the yuan, and market expectations for the currencys value remained steady. These followed similar remarks by Chinas central bank on Tuesday as concerns grew that Beijing may be considering devaluing the currency again after Brexit.

Shares of industrial companies rallied. China Railway Group and China Railway Construction Corp. climbed at least 6.2%. China Shipbuilding Industry Co. advanced 4.1%, as it resumed trading for the first time in more than three weeks. The company plans to raise as much as 3.9 billion yuan through a private share sale to its parent and two affiliates to reduce debt, according to an exchange statement.

Hong Kong Stocks rebound 1.31%

The Hong Kong stock market closed higher, as worries about the UKs decision to leave the European Union abated and investors began buying up badly beaten sectors, including properties, financials, and resources. The benchmark Hang Seng Index grew 263.66 points, or 1.31%, to 20436.12 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, rose 35.28 points, or 0.41%, to 8571.44. Turnover decreased slightly to HK$63.6 billion from HK$65.8 billion on Tuesday.

UK-exposed stocks also slightly recovered as European equity markets continued its rally. HSBC (00005) added 1% to HK$46.95, while Standard Chartered (02888) rose 2% to HK$57. CKH Holdings (00001) and Power Assets (00006) gained 1% to HK$82.85 and HK$68.6.

REIT and utilities were chased by investors on hopes that the Fed may delay its rate hike due to Brexit. CLP (00002) advanced 4% to HK$79.25. MTRC (00066) was up 1% to HK$38.65. Link REIT (00823) climbed 3% to HK$53.95 after Credit Suisse upgraded its rating for the stock to neutral and raised its target price to HK$52.8.

China Mobile (00941) jumped 3% to HK$87.7 after the carrier said it aims at increasing its 4G users to above 500 million-mark by year end. China Telecom (00728) and China Unicom (00762) also upped 2% and 1% to HK$3.41 and HK$7.82.

Sensex, Nifty attain highest closing level in almost a week

A recovery in global stocks from losses triggered by last weeks unexpected outcome of the UK referendum for the country to leave the European Union (EU) aided gains on the domestic bourses. The barometer index, the S&P BSE Sensex, rose 215.84 points or 0.81% to settle at 26,740.39. The Nifty 50 index rose 76.15 points or 0.94% to settle at 8,204. With third straight day of gains, the Sensex and the Nifty, both, attained their highest closing level in almost a week. With the lone exception of the BSE FMCG index, all the other sectoral indices on BSE ended in positive zone.

Realty and auto stocks edged higher on reports the Union Cabinet has approved 7th Pay Commissions proposal to raise salaries and pensions for central government employees. The DLF stock got additional boost from media reports that promoter KP Singh and his family has decided to wipe out the companys debt in a two-step transaction. Bosch surged after the company said that a meeting of its board of directors will be held on 1 July 2016 to consider a proposal for buyback of the companys equity shares.

Metal and mining stocks edged higher on reports that the Union Cabinet has cleared the National Mineral Exploration Policy (NMEP) that would allow private companies to carry out standalone exploration for the first time. IT stocks recovered from recent losses triggered by concerns that losses for the British pound and euro in the wake of the UKs vote last week to leave the European Union (EU) will adversely impact Indian IT companies revenue in dollar terms.

Elsewhere in the Asia Pacific region: New Zealands NZX50 rose 1.3% to 6804.21. South Koreas KOSPI index rose 1% to 1956.36. Taiwans Taiex index added 1% to 8586.56. Malaysias KLCI climbed up 0.5% to 1642.21. Indonesias Jakarta Composite index rose 2% to 4980.10. Singapores Straits Times index added 1.3% to 2792.73.

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Australia Market closes down
Jun 29,2016

Australian share market finished the session firmly higher on Wednesday, 29 June 2016, as investors chased for heavily battered stocks on tracking strong bounce in European, UK and US stocks overnight, alongside gains in commodity prices. At close of trade, the benchmark S&P/ASX 200 index added 39.10 points, or 0.77%, to 5142.40. The broader All Ordinaries climbed up 41.30 points, or 0.8%, to 5221.

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Australia Market closes up
Jun 29,2016

Australian share market finished the session firmly higher on Wednesday, 29 June 2016, as investors chased for heavily battered stocks on tracking strong bounce in European, UK and US stocks overnight, alongside gains in commodity prices. At close of trade, the benchmark S&P/ASX 200 index added 39.10 points, or 0.77%, to 5142.40. The broader All Ordinaries climbed up 41.30 points, or 0.8%, to 5221.

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Japan Market surges 1.59%
Jun 29,2016

The Japan share market finished higher on Wednesday, 29 June 2016, as risk appetite buying encouraged by tracking gains in the offshore market overnight and halt in yen appreciation against the greenback. Total 30 out of 33 TSE sectors advanced, with Insurance, Iron & Steel, Electric Appliances, Marine Transportation, Real Estate, and Transportation Equipment issues being major gainers. The 225-issue Nikkei Stock Average gained 243.69 points, or 1.59%, to 15566.83. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 23.07 points, or 1.88%, to 12247.69.

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China Stocks surges to three-week high
Jun 29,2016

Mainland China stock market advanced to three-week high on Wednesday, 29 June 2016, as risk appetite buying encouraged after Chinese authorities pledged to keep its financial and capital market stable. Total 7 out of 10 SSE sectoral indices advanced, with healthcare issue being top gainer, followed by financials, utilities, materials, and consumer discretionary and issues. The CSI300 index of the largest listed companies in Shanghai and Shenzhen grew 0.48%, to 3151.39, while the Shanghai Composite Index rose 0.65%, to 2931.59 points.

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Hong Kong Stocks rebound 1.31%
Jun 29,2016

The Hong Kong stock market closed higher on Wednesday, 29 June 2016, as worries about the UKs decision to leave the European Union abated and investors began buying up badly beaten sectors, including properties, financials, and resources. The benchmark Hang Seng Index grew 263.66 points, or 1.31%, to 20436.12 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, rose 35.28 points, or 0.41%, to 8571.44. Turnover decreased slightly to HK$63.6 billion from HK$65.8 billion on Tuesday.

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US stocks rise for first time in three sessions
Jun 29,2016

U.S. stocks rose for the first time in three sessions on Tuesday, 28 June 2016 recovering some of their brutal losses seen in the aftermath of the U.K.s vote to quit the European Union. The gains come after a brutal, two-day rout in global equities that resulted in months of gains washed away following Britains referendum to leave the EU, known as Brexit. Rattled investors feared that Brexit would destabilize the European trading bloc.

The Dow Jones Industrial Average, which over the past two sessions lost 900 points, jumped 269.48 points, or 1.6%, to 17,409.72. The Nasdaq Composite Index added 97.42 points, or 2.1%, to 4,691.87. The broader S&P 500 index added 35.55 points, or 1.8% to 2,036.09, with all 10 main sectors finishing higher. Energy, financials and technology sectors lead the gains, rising more than 2%.

However, investors appeared to turn cautiously optimistic on Tuesday.

Market reaction to economic reports was largely muted. The U.S. economys annual growth rate in the first quarter was raised again to 1.1% in line with expectations. However, the pace of growth was still one of the weakest performances in the past several years.

Separately, U.S. house prices rose 1.1% in April, according to a closely watched price gauge released Tuesday. Meanwhile, U.S. consumer confidence took a step higher in June n++ although the survey was taken before Britains vote to leave the European Union.

Meanwhile, bank shares rose sharply. Citigroup shares jumped 5.1% and JPMorgan Chase & Co climbed 3.3%.

Asia markets also rebounded after getting slammed in the wake of last weeks Brexit vote.

Oil futures finished higher for the first time in three sessions on Tuesday, 28 June 2016 at Nymex rebounding from a Brexit-fueled selloff that sent crude futures to a seven-week low on concerns of a slowdown in the global economy. The threat of a union strike by Norwegian oil-and-gas workers and weakness in the U.S. dollar also provided support to prices.

August West Texas Intermediate crude climbed $1.52, or 3.3%, to settle at $47.85 a barrel on the New York Mercantile Exchange, while August Brent crude gained $1.42, or 3%, to $48.58 a barrel.

Oil supply issues also factored into Tuesday trading as up to 7,500 oil-and-gas workers in Norway, which is one of Europes major producers, may be affected by a strike starting Saturday. The workers are demanding a new wage deal before midnight 1 July.

The Energy Information Administration will release its weekly report early Wednesday. Market expects to see a fall of 2.4 million barrels in crude-oil inventories, along with declines of 600,000 for gasoline supplies and 1 million barrels for distillates, which include heating oil.

Bullion prices ended in a mixed mode on Tuesday, 28 June 2016 at Comex. In precious metals, gold witnessed an afternoon of consolidation, snapping its 2-session streak of gains to close lower.

August gold ended Tuesdays session down $6.80 (-0.5%) to $1317.80/oz. Silver traded sideways in afternoon trade, inching higher into the close as the dollar weakened. July silver closed the session $0.08 higher (+0.5%) at $17.83/oz.

The Treasury complex finished modestly lower as the yield on the 10-yr note rose two basis points to 1.46%.

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

Tomorrows economic data will include the 7:00 ET release of the weekly MBA Mortgage Index. Meanwhile, Personal Income (consensus 0.3%), Personal Spending (consensus 0.3%), and Core PCE Prices (consensus 0.2%) for May will cross the wires at 8:30 ET. Finally, the days data will be capped off with Pending Home Sales for May (consensus -1.4%), which will be released at 10:00 ET.

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US stocks plunged on Friday following Brexit vote outcome
Jun 27,2016

U.S. stocks plunged on Friday, 24 June 2016 closing slightly above session lows, a day after U.K. citizens voted to end the countrys membership in the European Unionn++a historic rejection of Europes political order. Investors fear the unprecedented decision could destabilize the regions economy, slowing global growth and threatening financial stability. Wall Street joined a global equity rout that saw even sharper plunges in Europe, move that come after global markets rallied a day earlier on a bet that Britons would vote to remain in the trading bloc.

On Friday, the main U.S. indexes all closed down more than 3%, wiping out year-to-date gains for both the S&P 500 and the Dow, while adding to the 2016 loss for the Nasdaq. The Dow plunged 611.21 points, or 3.4%, to close at 17,399.86, all 30 blue-chip stocks finishing lower, led by bank stocks. J.P. Morgan Chase & Co dropped 7% and Goldman Sachs Group dove 7.1%. Earlier, the average was down by as many as 655 points. The S&P 500 dropped 75.91 points, or 3.6% to close at 2,037.41, following an earlier 81-point deficit. The Nasdaq Composite plummeted 202.06 points, or 4.1%, to finish at 4,707.98, for its worst one-day percentage drop since August 2011.

Nine of the 10 main sectors closed sharply lower. Financials, materials, and tech stocks led the losses. Utilities closed fractionally higher due to heightened demand for safer, defensive plays.

On Friday, the Fed said it was prepared to provide dollar liquidity through its existing swap lines with central banks, as necessary, to address pressures in global funding markets, which could have adverse implications for the U.S. economy.

Global equity markets tumbled overnight as participants reacted to a surprise result from yesterdays Brexit vote. The Leave camp carried the referendum after receiving 51.9% of vote. In response, European indices paced the retreat as investors looked ahead to the multi-year legal process of withdrawing the UK from the EU. Additionally, foreign exchange markets were in focus as the pound sank to a three-decade low (1.3231) against the dollar.

In the wake of the shocking Brexit vote, U.K. Prime Minister David Cameron said Friday morning he will resign. Cameron has been campaigning for the n++remainn++ camp.

On the data front, economic data was overshadowed by the Brexit vote. Market reaction to durable-goods orders was muted. Consumer sentiment sank to 93.5 in June, according to the University of Michigan.

Bullion prices ended higher at Comex on Friday, 24 June 2016. Gold futures rallied on Friday to finish at their highest level in nearly two years as investors rushed to buy the metal in the wake of the U.K.s decision to exit from the European Union. Gold tends to rally in times of economic, market or political uncertainty because precious metals are considered a haven asset. As might be expected, riskier assets, including U.S. stocks, tumbled.

August gold jumped $59.30, or 4.7%, to settle at $1,322.40 an ounce with prices marking the largest single-session dollar and percentage climb since September 2013. Gold futures traded as high as $1,362.60. Thats nearly $100 an ounce above Thursdays settlement, which marked a fifth-straight session decline. For the week, gold was up 2.1% after settling last Friday at $1,294.80.

July silver rallied by 43.6 cents, or 2.5%, to $17.789 an ounce, with prices set for the highest settlement since late April. The metal saw a 2.2% weekly gain.

The U.S. Dollar Index, the measure of the buck against a basket of currencies, ended up 2%. The dollar and gold often move inversely, but as other vote-sensitive currencies moved lower against the dollar, the greenback logged short-term gains that unhooked the currency from its typically inverse relationship with gold.

Oil futures dropped nearly 5% on Friday, 24 June 2016 to their lowest level in about a week, after the U.K.s vote to leave the European Union in a nationwide referendum triggered a selloff across markets. The U.K.s vote to end its membership in the EU has spooked investors, sapping appetite for assets viewed as risky, including stocks and commodities, amid the uncertainty surrounding the next step for Europes trade bloc.

August West Texas Intermediate crude dropped $2.47, or 4.9%, to settle at $47.64 a barrel on the New York Mercantile Exchange. Prices logged their largest one-day percentage decline since early February. Prices lost 0.7% from last Fridays $47.98 settlement for the front-month July contract, which expired Tuesday. The August WTI contract itself, was down 1.9% for the week.

The Treasury complex settled off its session high as the yield on the 10-yr note finished lower by 17 basis points at 1.57%.

Fridays participation was above the recent average as more than 1.1 billion shares changed hands on the NYSE floor.

Mondays economic data will be limited to the International Trade in Goods Report for May, which will be released at 8:30 ET.

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Mild losses for US stocks at wall Street
Jun 23,2016

U.S. stocks finished slightly lower on Wednesday, 22 June 2016 as polls showed the outcome of a U.K. referendum on whether to leave the European Union remained too close to call a day ahead of the vote.

After switching between gains and losses all session, the S&P 500 shed 3.45, or 0.2%, to close at 2,085.45. The Dow Jones Industrial Average fell 48.90 points, or 0.3%, to end at 17,780.83, and the Nasdaq Composite Index dropped 10.44 points, or 0.2%, to close at 4,833.32.

Equity indices began the day on a higher note as investors responded to a positive bias in global equity markets. Global bourses ticked up overnight as investors looked to largely even polls between the Brexit camps and an uptick in crude oil. However, support from the oil pit faded through the session as the Department of Energys weekly inventory report surprised to the downside.

Referendum results from the first counting areas are expected around 7:30 p.m. Eastern Time on Thursday, or 12:30 a.m. London time on Friday.

Investors mostly shrugged off a second day of congressional testimony from Federal Reserve Chairwoman Janet Yellen on the economy and monetary policy. On Tuesday, Yellen said a possible Brexit and other risks justify a cautious policy approach. But on Wednesday, the Fed chief focused on the U.S. fundamentals, noting that economy is picking up in the second quarter and she is n++hopefuln++ there will be a commensurate pickup in job growth.

Among economic data expected for the day, existing-home sales rose 1.8% to a seasonally adjusted annual rate of 5.53 million, the highest level in nearly a decade.

Oil futures seesawed between minor losses and gains on Wednesday, 22 June 2016 trading back under $50 a barrel after the U.S. Energy Information Administration reported a much smaller-than-expected decline in U.S. crude supplies. I

August West Texas Intermediate crude fell by 72 cents, or 1.4%, to settle at $49.13 a barrel on the New York Mercantile Exchange. Before the supply data, it was trading at around $50.18 and had tapped a high of $50.54 overnight.

EIA reported that inventories fell by 900,000 for the week ended June 17. The American Petroleum Institute late Tuesday had reported a 5.2 million-barrel drop, while analysts polled by S&P Global Platts expected a decline of 1.4 million barrels. Gasoline supplies rose by 600,000 barrels, while distillate stockpiles edged up by 200,000 barrels last week, according to the EIA.

Bullion prices fell for a fourth straight session on Wednesday. 22 June 2016 to settle at their lowest level in two weeks ahead of a highly anticipated referendum on the U.K.s membership in the European Union.

Gold for August delivery declined by $2.50, or 0.2%, to finish at $1,270 an ounce, with prices logging their lowest settlement since June 8. July silver shed less than penny to end at $17.312 an ounce.

The ICE U.S. Dollar Index was down 0.2% on Wednesday.

The Treasury complex ended its day higher with the yield on the 10-yr note slipping three basis points to 1.68%.

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

Tomorrows economic data will include weekly initial claims (consensus 273k) and New Home Sales for May (consensus 560k), which will be released at 8:30 ET and 10:00 ET, respectively.

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US stocks register modest gains
Jun 22,2016

U.S. stocks closed slightly higher on Tuesday, 21 June 2016 after trading within a narrow range after Federal Reserve Chairwoman Janet Yellen cautioned that the U.K. leaving the European Union posed a risk while new polls showed support for the n++stayn++ camp growing.

The Dow Jones Industrial Average which traded within a 78-point range, advanced 24.86 points, or 0.1%, to close at 17,829.73. The Nasdaq Composite Index declined 6.55 points, or 0.1%, to finish at 4,843.76, after trading within a 26-point range. The S&P 500 rose 5.65 points, or 0.3%, to close at 2,088.90, led by gains in energy and telecom shares.

Four of the S&Ps 10 sectors were in negative territory, with materials stocks leading the losses.

Dow gainers were led by Microsoft Corp while Boeing led the Dow decliners.

In her testimony to the Senate Banking Committee, Yellen said a victory for the n++leave campn++ in this weeks U.K. referendum on membership in the EU would pose a significant risk to the U.S. economy and global financial market stability, and reiterated the cautious approach to raising interest rates that the Federal Open Market Committee signaled last week when it stood pat on U.S. interest rates.

A U.K. referendum on whether Britain will exit the EUn++known as Brexitn++will be held Thursday, and while polls have been mixed, some have leaned toward the U.K. remaining a member of Europes trade bloc, which has dulled haven demand for metals.

Global markets have been bracing for the possibility that a Brexit would unsettle markets, even temporarily. Surveys gauging the likelihood of a Brexit have been volatile, with polls in early June showing gains in the pro-leave camp driving investors into assets perceived as safe, including the Japanese yen.

Bullion prices ended lower at Comex on Tuesday, 21 June 2016. Gold futures finished at their lowest level in almost two weeks on Tuesday, suffering a third-straight session decline as some investors bet that the U.K. will vote to remain in the European Union.

Gold for August delivery shed $19.60, or 1.5%, to settle at $1,272.50 an ouncen++the lowest settlement since 8 June 2016. July silver fell 19.5 cents, or 1.1%, to $17.319 an ounce.

Oil futures finished with a loss on Tuesday, 21 June 2016 pulling back from their highest level in more than a week as investors weighed continued uncertainty ahead of the U.K. referendum on European Union membership and its potential impact on energy demand. The moves came ahead of weekly data that are expected to show a decline in U.S. crude supplies.

July West Texas Intermediate crude lost 52 cents, or 1.1%, to settle at $48.85 a barrel on the New York Mercantile Exchange after touching a low of $48.16. It had climbed over the past two trading sessions to settle Monday at the highest level since June 9. The July contract expired at the settlement. August WTI crude which became the front-month contract, settled at $49.85, down 11 cents, or 0.2%.

There was no economic data of note released at Wall Street today.

The Treasury complex settled lower as the yield on the 10-yr note rose one basis point to 1.70%.

Todays volume was below the recent average as fewer than 831 million shares changed hands on the NYSE floor.

Tomorrows data will include the weekly MBA Mortgage Index and the FHFA Housing Price Index, which will be released at 7:00 ET and 10:00 ET, respectively. Finally, Existing Home Sales for May (consensus 5.50 million) will cross the wires at 10:00 ET.

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Asia Pacific Market: Stocks hold gains on optimism Britain to stay in EU
Jun 21,2016

Asia Pacific share market closed mostly higher on Tuesday, 21 June 2016, amid increasing hopes that Britons would vote to remain in the European Union in Thursdays referendum. But gains were limited ahead of testimony from Federal Reserve Chair Janet Yellen and the outcome of the June 23 referendum on Britains European Union membership. The MSCI Asia Pacific Index advanced 0.8% to 129.83

Investors were waiting for U.S. Federal Reserve chair Janet Yellens congressional testimony later in the day for hints on when the central bank may start raising interest rates.

Recent polls have shown that more British people are shifting toward remaining in the European Union before Thursdays referendum following the fatal shooting of British Parliamentarian Jo Cox, an advocate of Britain remaining in the 28-nation bloc.

The Organization for Economic Cooperation and Development (OECD) has warned that Britains leaving the EU -- the so-called Brexit -- could send shocks through global financial markets. The OECD said on 1 June 2016 that a United Kingdom vote to leave the EU would trigger negative economic effects on the UK, other European countries and the rest of the world. Brexit would lead to economic uncertainty and hinder trade growth, with global effects being even stronger if the British withdrawal from the EU triggers volatility in financial markets, the OECD said. By 2030, post-Brexit UK GDP could be over 5% lower than if the country remained in the European Union, the OECD said.

Among Asian bourses

Australia Market extends gain

Australian share market advanced for second day in row, as investors grew increasingly optimistic the United Kingdom will vote to stay in the European Union. At close of trade, the benchmark S&P/ASX 200 index added 17.60 points, or 0.33%, to 5274.40. The broader All Ordinaries climbed up 17.70 points, or 0.33%, to 5353.30. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 511 to 486 and 374 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 0.98% to 19.865.

Shares of materials and resources companies declined in line with weaker commodities prices. BHP Billiton slipped 1% to A$18.69 and Rio Tinto lost 1.3% to A$44.21. Iron ore miner Fortescue Metals Group dropped 3% to A$3.26. Energy stocks lost ground after the oil price fell. Woodside Petroleum declined 3.5% to A$26.50, Santos 3.2% to A$4.85, and Origin 1.2% to A$5.78.

Shares of banks and financial companies traded stronger. ANZ Banking Group inclined 1.6% to A$24.25, Commonwealth Bank 1.2% to A$75.08, and Westpac Banking Corp 0.7% to A$29.68, while National Australia Bank shed 0.3% to A$25.67.

Shares of healthcare companies were in positive territory. Blood plasma products company CSL rose 0.7% to A$108.89, while Sonic Health added 2.2% to A$21.26 and ResMed rose 2.6% to A$8.16.

The minutes of June RBA meeting, when cash rate was held at 1.75%, were released. RBA noted that an appreciation of the exchange rate could complicate the adjustment of the economy to the lower terms of trade. Meanwhile, short-term measures of inflation expectations - from consumers, market economists, union officials and inflation swaps - had remained below average. Long-term inflation expectations had also remained below average. And, following the reduction in the cash rate in May, the board judged that leaving the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and inflation returning to target over time. Also from Australia, house price index dropped -0.2% qoq in Q1 versus expectation of 0.8% qoq rise.

Nikkei jumps 0.51%

The Japan share market advanced for third straight session on Tuesday, 21 June 2016, thanks to a pause in the yens appreciation against greenback amid bets the U.K. will opt to stay in the European Union in Thursdays vote. But gains were limited ahead of testimony from Federal Reserve Chair Janet Yellen and the outcome of the June 23 referendum on Britains European Union membership. The 225-issue Nikkei Stock Average gained 203.81 points, or 1.28%, to 16,169.11. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 14.71 points, or 1.15%, to 1,293.90.

Daiichi Sankyo Co. surged 7.9% after a pharmaceutical company announced it will buy back as many as 28 million shares.

Japan Steel Works slumped 5.3% after Morgan Stanley MUFG Securities Co. cut its rating on the stock.

The finance ministry said on Monday that Japan fell into a trade deficit in May, the first since January, as export declines accelerated while imports dropped. Japan logged a deficit of 40.72 billion yen ($389 million), compared with a trade surplus of 823.18 billion yen in April, as exports of steel and semiconductors declined, the ministry said. However, it was smaller than the deficit of 215.35 billion yen seen in May 2015. For the latest month, exports fell 11.3%, marking the eighth straight monthly decline. The value of steel shipments dropped 24.1%, while electronic parts such as semiconductors shrank 20%. Imports, meanwhile, also fell 13.8%, largely due to sharp declines in energy prices, such as crude oil and liquefied natural gas.

China Stocks fall 0.35%

Mainland China stock market closed down, despite global rally, with technology, materials, and consumer goods stocks being major losers. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.2%, to 3106.32, while the Shanghai Composite Index dropped 0.35%, to 2878.56 points.

Shares materials and resources companies dropped on tracking pullback in base metal prices. Jiangxi Copper dropped 1.1%, while Yunnan Copper Co. slid 1.4%.

Shanghai Jinqiao Export Processing Zone Development Co. surged 10% before its shares were suspended, on reports its base was the front-runner to become Tesla Motors Inc.s Chinese production site. The company said in a statement on Tuesday it didnt sign an agreement with the U.S. car maker.

Chinas foreign exchanged regulator said on Monday that pressure on the countrys cross-border capital outflows had gradually eased, after data showed commercial banks foreign exchange sales dropped in May. Chinese banks sold a net $12.5 billion worth of foreign exchange in May, versus net sales of $23.7 billion in April, data from the State Administration of Foreign Exchange showed.

Hong Kong Market surges 1.7%

The Hong Kong stock market finished higher, amid growing optimism that the United Kingdom will vote to stay in the European Union later this week. The benchmark Hang Seng Index grew 158.24 points, or 0.77%, to 20668.44 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, jumped 64.89 points, or 0.75%, to 8704.40. Turnover decreased to HK$53.9 billion from HK$55 billion on Monday.

The PBoC said in its Weibo that the central bank is studying to help commercial banks to participate offshore forex market. This aims at higher level of two-way openness of forex market. Chinese banks were generally higher. CITIC Bank (00998) put on 2.4% to HK$4.65. ICBC (01398) added 2% to HK$4.29. ABC (01288) gained 2.1% to HK$2.93. CCB (00939) rose 0.8% to HK$5.2 despite Singapores state-owned investment firm Temasek Holdings has recently reduced its stake in the lender.

China Telecom (00728) said its May net mobile user adds increased 1.34 million, while 4G users net adds grew 5.03 million. The stock advanced 2.4% to HK$3.46. China Mobile (00941) shot up 1.4% to HK$86.55. China Unicom (00762) edged up 0.7% to HK$8.17.

Oil prices have risen for two days in a row. CNOOC (00883) and Sinopec (00386) put on 2% to HK$9.59 and HK$5.43.

Tencent (00700) was up 1.3% at late trade to HK$172.9 on talks that it has reached agreement to acquire mobile game developer Supercell.

Hong Kongs overall consumer prices rose 2.6% in May over the same month a year earlier, slightly smaller than the corresponding increase of 2.7% in April, according to the Census and Statistics Department. Netting out the effects of all Governments one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in May was 2.2%, also slightly smaller than Aprils 2.3% rise, mainly due to the smaller increases in the prices of fresh vegetables.

Indian indices snap two-day winning streak

The two key benchmark indices snapped a two-day winning streak in what was a lacklustre trading session. The barometer index, the S&P BSE Sensex, fell 54.14 points or 0.2% to settle at 26,812.78. The Nifty 50 index fell 18.60 points or 0.23% to settle at 8,219.90.

Bank of India shed 0.57%. Bank of India today, 21 June 2016, announced said the bank has decided to sell its 18% stake in Star Union Dai-ichi Life Insurance Company (SUD) to Dai-ichi Life Insurance Company Limited (DILIC). After the completion of the transaction, the shareholding of Bank of India in SUD will be reduced to 30% from 48% and the shareholding of DILIC will rise to 44% from 26%. Union Bank of India will continue to hold 26% stake in the life insurance joint venture. The announcement was made during market hours today, 21 June 2016.

Meanwhile, the finance ministry in its quarterly revision on interest rates on small savings schemes has kept the rates unchanged for Q2 September 2016. The government now announces revision in interest rates on small saving schemes on quarterly basis as against the earlier practice of annual revision. The decision to shift to quarterly revision from annual revision was taken to ensure that interest rates under small savings schemes are more dynamically related to the prevailing market rates. It may be recalled that the finance ministry had in March 2016 announced reduction in interest rates on small savings schemes for Q1 June 2016 in a move to bring the rates in line with the prevailing money market rates.

Tata Power lost 2.33%. The company announced during trading hours today, 21 June 2016, that its 100% subsidiary, Tata Power Renewable Energy (TPREL) has won solar grid connected photovoltaic project of 30 megawatts (MW) in Maharashtra. The project has been awarded in the DCR category under the Jawaharlal Nehru National Solar Mission (JNNSM). TPREL has received the Letter of Intent to develop the project and will sign a 25-year power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam. The JNNSM, launched in January 2010, is a major initiative of the Government of India that aims to establish India as a global leader in solar energy by creating favourable policy conditions for its diffusion across the country.

Elsewhere in the Asia Pacific region: New Zealands NZX50 fell 0.4% to 6839.40. South Koreas KOSPI index rose 0.1% to 1982.70. Taiwans Taiex index grew 0.7% to 8684.85. Malaysias KLCI added 0.2% to 1637.39. Indonesias Jakarta Composite index rose 0.3% to 4878.71. Singapores Straits Times index fell 0.4% to 2789.45.

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