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Hong Kong Market tanks 2.1%
Jun 16,2016

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

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US stocks end with moderate losses
Jun 16,2016

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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US stocks slip for fourth straight session
Jun 15,2016

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Among Asian bourses

Nikkei dives 3.5% down

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

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

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

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

China Stocks end 3.1% down

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

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

Hong Kong Market tumbles 2.52%

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

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

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

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

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

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

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

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

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

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Nikkei dives 3.5% down
Jun 13,2016

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

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China Stocks end 3.1% down
Jun 13,2016

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

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Hong Kong Market tumbles 2.52%
Jun 13,2016

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

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Australia Stock Market closed for public holiday
Jun 13,2016

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US stocks end lower on Friday
Jun 13,2016

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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US stocks snap three day winning streak
Jun 10,2016

U.S. stocks pared earlier losses but ended in negative territory on Thursday, 09 June 2016, snapping a three-day win streak as oil futures pulled back from 10-month highs. Equity indices faced some early selling pressure as market participants were reminded about the presence of global growth concerns after the Bank of Korea unexpectedly lowered its key interest rate to 1.25% from 1.50% and China reported a 0.5% month-over-month decline in CPI (expected -0.2%). Markets in China and Hong Kong could not respond to the weak inflation data due to holiday closures, but the commodity market appeared to take notice as copper and crude oil retreated.

The Dow Jones Industrial Average slipped 19.86 points, or 0.1%, to close at 17,985.19, after being down by as many as 89 points earlier in the session.

The Nasdaq Composite Index declined 16.03 points, or 0.3%, to finish at 4,958.62. Earlier, the index was down by 34 points. The S&P 500 declined 3.64 points, or 0.2%, to close at 2,115.48,

Seven out of the indexs 10 sectors finished lower, with consumer staples, telecoms and utilities showing slight gains. Materials and financial stocks led the losses. Shares of American Express, Caterpillar and Goldman Sachs Group led blue chips lower.

Market reaction to initial jobless claims was muted as a weekly tally of those seeking first-time unemployment benefits pointed to low levels of layoffs even as other data showed hiring slowed in recent months. On Thursday, the dollar index edged up by 0.4% as a report showed a small drop in weekly jobless benefits claims. Initial jobless claims fell to 264,000 in early June, providing some evidence that the labor market isnt entirely unraveling after that disappointing report last Friday indicated that just 38,000 jobs were created in May, well below expectations. Continuing claims for the week ending May 28 decreased by 77,000 to 2.095 million. That is the lowest level of continuing claims since October 21, 2000, lowering the four-week moving average for this series to 2.145 million from 2.163 million

The U.S. ICE Dollar Index trades around 1.9% lower month to date in the wake of a weaker-than-expected snapshot of labor markets issued last week. A weaker greenback makes dollar-priced assets including precious metals cheaper, therefore more attractive.

Other economic data included Wholesale Inventories. Wholesale inventories increased 0.6% in April (consensus +0.1%) after increasing an upwardly revised 0.2% (from 0.1%) in March. The increase in April was fueled by a 1.3% increase in nondurable inventories, which was powered by a 2.2% increase in drug inventories and a 7.5% jump in farm products inventories. Wholesale sales increased 1.0% following a downwardly revised 0.6% increase (from 0.7%) in March.

Crude oil prices finished lower on Thursday, 09 June 2016 at Nymex after hitting their highest levels in almost 11 months, buoyed by global production disruptions and falling U.S. crude inventories. After a three-session climb to the highest level in almost 11 months, oil futures pulled back on Thursday as some analysts raised concerns that the recent price rally would prompt higher production.

July West Texas Intermediate crude shed 67 cents, or 1.3%, to end at $50.56 a barrel on the New York Mercantile Exchange. August Brent crude lost 56 cents, or 1.1%, to $51.95 a barrel after finishing Wednesday at $52.51, the highest futures settlement since October.

Bullion prices settled higher at Comex on Thursday, 09 June 2016. Gold futures climbed on Thursday to settle at their highest levels since mid-May, finding support from expectations the Federal Reserve will keep U.S. interest rates on hold in the coming months. The possibility that the United Kingdom may leave the European Union, inviting global market and economic volatility, also bolstered the yellow metal.

August gold rose $10.40, or 0.8%, to settle at $1,272.70 an ounce. July silver tacked on 28.3 cents, or 1.7%, to $17.268 an ounce Thursday.

Financial markets are pricing in slim odds that the Fed will raise rates at a meeting that wraps 15 June or when it next meets again in July. This low-rate view has boosted the appeal of assets that dont bear interest, including precious metals.

Treasuries finished the day near their highs despite the intraday rebound in equities with the 10-yr yield sliding two basis points to 1.68%. On a related note, demand for Germanys 10-yr bund pressured its yield to a record low of 0.026% before ending flat at 0.037%.

Todays participation was below average as fewer than 800 million shares changed hands at the NYSE floor.

Tomorrows economic data will be limited to the preliminary reading of the Michigan Sentiment Index for June (consensus 94.0) and the May Treasury Budget. The two reports will be released at 10:00 ET and 14:00 ET, respectively.

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Asia Pacific Market: Stocks up in quite trade, US jobs data eyed for Fed clues
Jun 03,2016

Asia Pacific share market closed higher in quite trade on Friday, on caution ahead of US jobs data later in the global day that could determine the case for a Federal Reserve interest rate hike later this month or in July.

The US government will unveil the monthly job data for May 2016 later in the global day. The nonfarms payroll data could provide cues on the timing and pace of further interest rates increases from the US Federal Reserve. The job data has implications for the US monetary policy. The US central banks mandate centers on maximizing employment and keeping inflation at a 2% target level. The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 14-15 June 2016. The Fed has kept the benchmark fed funds rate unchanged after raising it for the first time in nearly a decade in December 2015.

Chicago Fed President Charles Evans today, 3 June 2016, said in prepared remarks at the Global Interdependence Center in London that the Federal Reserve should avoid aggressive tightening of US interest rates if it doesnt want to upset the so-far-so-good economic apple cart. Evans said it may be appropriate to have two 25 basis point moves between now and the end of the year.

Among Asian bourses

Australia Market ups 0.8%

Australian share market advanced for second time this week, as investors chased for bottom fishing on recently beaten down stocks. The stocks fell during midweek amid worries over global issues such as Brexit, coupled with the release of strong domestic growth data that could spell the end to Reserve Bank rate cuts. At close of trade, the benchmark S&P/ASX 200 index advanced 40 points, or 0.76%, to 5318.90. The broader All Ordinaries grew 38.30 points, or 0.72%, to 5392.50.

Healthcare stocks were up after stock research company CLSA expects a sharp sell-off in the aged care sector recently turns a buying opportunity, and as AiGroup found health services were among the key drivers of a 1.8-point rise in its Performance of Services Index in May, which pushed the measure into expansionary territory. Sonic Healthcare was 1.5% higher to A$21.49 while sector heavyweight CSL had lifted 0.7% to A$117.11.

Shares of materials and resources players advanced, helped by an increase in commodity prices. Among the big miners, BHP Billiton added 1.6% to A$18.53 and Rio Tinto rose 1.5% to A$43.54. Iron ore miner Fortescue was up 2.7% to A$3.08.

Energy shares gained ground after oil prices rallied overnight. Crude oil prices rose to a seven-month high, after a weekly US petroleum report showed a decline in the countrys stockpile. Oil explorer Woodside Petroleum grew 0.4% to A$26.86, Santos 3.8% to A$4.41, and Origin 1.3% to A$5.56.

Nikkei gains 0.48%

The Japan share market finished higher, thanks to bargain hunting in heavyweight stocks, spurred by halt in yen appreciation against greenback and gains on the Wall Street overnight. But gains were limited as investors retreated to the sidelines ahead of the U.S. governments release of employment data for May later in the global day, The 225-issue Nikkei average climbed 79.68 points, or 0.48%, to 16,642.23, after falling 393.18 points on Thursday. The Topix index rose 5.42 points, or 0.41%, to close at 1,337.23, after falling 30.26 points the previous day.

Fast Retailing jumped 6.9%, as sales at its Uniqlo shops in Japan in May shot up 5.9% from a year earlier on a same-store basis.

Itoham Yonekyu Holdings shop up 8.20%, after SMBC Nikko Securities revised up its price target for the food producer.

Takata Corp. closed 1.6% higher after reports Bain Capital and PAG Asia Capital are evaluating bids for the scandal-ridden air-bag maker, joining KKR & Co. among those interested in an offer.

Capcom Co. added 3.7%. Bank of America Corp.s Merrill Lynch unit reiterated its buy rating on the stock, citing the release of a new game and higher profits from existing titles.

Fujitsu slumped 3.4% after the Nikkei newspaper reported the computer makers costs to overhaul its data centers could be more than double what was initially estimated.

China Stocks closed up

Mainland China stock market advanced, as investors continued hunting for blue chip stocks amid expectations that global index provider MSCI might include mainland Chinese stocks into its widely tracked benchmarks. Total 8 out of 10 SSE sectoral indices advanced with consumer staples, healthcare, IT, telecom, and consumer discretionary issues being major gainers. The CSI300 index of the largest listed companies in Shanghai and Shenzhen inclined 0.7%, to 3189.33, while the Shanghai Composite Index grew 0.46%, to 2938.68 points, taking its weekly gain to 4.2%.

Shares of distilleries companies advanced the most in Mainland market. Liquor maker Kweichow Moutai Co. jumped 6% to a record high and Jiangsu Yanghe Brewery Joint-Stock Co. added 4.4%.

Hong Kong Market ends higher

The Hong Kong stock market finished with gains in quite trade, as investors waited for the latest US jobs data, due out later, to see if the Federal Reserve is likely to raise US interest rates soon. The benchmark Hang Seng Index advanced 88.02 points, or 0.42%, to 20947.24 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, rose 53.43 points, or 0.61%, to 8809.81. Turnover increased slightly to HK$60.1 billion from HK$57.9 billion on Thursday.

Dah Sing Financial (DSF)(00440) and Dah Sing Banking Group (DSBG)(02356) entered agreements to sell its HK and Macau life insurance businesses and become exclusive insurance agent for distribution of life-insurance products at HK$10.6 billion. DSF shot up 3.3% to HK$51.8 as it plans a special dividend after the transaction. DSBG added 1.9% to HK$13.6.

HSBC (00005) and Tencent (00700) will see their respective weightings on the HSI rise and lower to 10% next Monday. HSBC edged up 0.6% to HK$50.8. Tencent also inched up 0.4% to HK$170.8.

OPEC failed to reach an agreement on output, but Brent crude futures stood at US$50/b for the first time in seven months. CNOOC (00883) nudged up 0.3% to HK$883. PetroChina (00857) slipped 0.7% to HK$5.38.

Longyuan Power (00916) soared 7% to HK$6.2 after Macquarie Research lifted its target price and upgraded its rating to outperform. Huaneng Renewables (00958) advanced 3.2% to HK$2.6.

Indian market settles near the flat line

Initial gains for the two key benchmark indices triggered by the weather office retaining its forecast of above normal rains for the 2016 southwest monsoon season could not be sustained as the outcome of monthly survey showed that the rate of growth in Indias services sector eased last month. The barometer index, the S&P BSE Sensex, lost 0.11 points to settle at 26,843.03. The Nifty 50 index rose 1.85 points or 0.02% to settle at 8,220.80.

FMCG stocks edged higher after the weather office stuck to its previous forecast of good rains for the 2016 southwest monsoon season. Tractor maker Mahindra & Mahindra (M&M) also edged higher on prospects of above normal rains. Aviation stocks edged lower as global crude oil prices rose. Idea Cellular tumbled on reports that US based private equity firm Providence Equity Partners offloaded a large portion of its stake in the market at a discount to ruling market price.

BPCL edged higher after the companys announcement that it has secured shareholders approval for increase in limit of total shareholding of all registered foreign institutional investors (FIIs) put together to 49% of the paid-up equity share capital of the company from 24%

Elsewhere in the Asia Pacific region: New Zealands NZX50 declined 0.27% to 7003.12. South Koreas KOSPI index added 0.04% to 1985.85. Taiwans Taiex index added 0.37% to 8587.36. Malaysias KLCI rose 0.36% to 1636.46. Indonesias Jakarta Composite index added 0.43% to 4853.92. Singapores Straits Times index rose 0.51% to 2809.23.

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Australia Market ups 0.8% on bottom fishing
Jun 03,2016

Australian share market advanced for second time this week on Friday, 03 June 2016, as investors chased for bottom fishing on recently beaten down stocks. The stocks fell during midweek amid worries over global issues such as Brexit, coupled with the release of strong domestic growth data that could spell the end to Reserve Bank rate cuts. At close of trade, the benchmark S&P/ASX 200 index advanced 40 points, or 0.76%, to 5318.90. The broader All Ordinaries grew 38.30 points, or 0.72%, to 5392.50.

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Nikkei gains 0.48%
Jun 03,2016

The Japan share market finished higher on Friday, 03 June 2016, thanks to bargain hunting in heavyweight stocks, spurred by halt in yen appreciation against greenback and gains on the Wall Street overnight. But gains were limited as investors retreated to the sidelines ahead of the U.S. governments release of employment data for May later in the global day, The 225-issue Nikkei average climbed 79.68 points, or 0.48%, to 16,642.23, after falling 393.18 points on Thursday. The Topix index rose 5.42 points, or 0.41%, to close at 1,337.23, after falling 30.26 points the previous day.

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China Stocks closed up
Jun 03,2016

Mainland China stock market advanced on Friday, 03 June 2016, as investors continued hunting for blue chip stocks amid expectations that global index provider MSCI might include mainland Chinese stocks into its widely tracked benchmarks. Total 8 out of 10 SSE sectoral indices advanced with consumer staples, healthcare, IT, telecom, and consumer discretionary issues being major gainers. The CSI300 index of the largest listed companies in Shanghai and Shenzhen inclined 0.7%, to 3189.33, while the Shanghai Composite Index grew 0.46%, to 2938.68 points, taking its weekly gain to 4.2%.

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Hong Kong Market ends higher
Jun 03,2016

The Hong Kong stock market finished with gains in quite trade on Friday, 03 June 2016, as investors waited for the latest US jobs data, due out later, to see if the Federal Reserve is likely to raise US interest rates soon. The benchmark Hang Seng Index advanced 88.02 points, or 0.42%, to 20947.24 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, rose 53.43 points, or 0.61%, to 8809.81. Turnover increased slightly to HK$60.1 billion from HK$57.9 billion on Thursday.

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