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Factors Why Wall Street rises with Euro, Catalan fears ease for now

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The Dow Jones Industrial Average rose 69.61 points, or 0.31 percent, to close at 22,830.68, the S&P 500 gained 5.91 points, or 0.23 percent, to 2,550.64 and the Nasdaq Composite added 7.52 points, or 0.11 percent, to 6,587.25.


Stocks around the world rose on Tuesday as Wall Street eked out record highs ahead of earnings season, while US Treasury prices pared gains after Catalonia’s leader allowed for talks with Madrid even as he proclaimed independence from Spain.

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Oil futures rose on signs of supply rebalancing, helping shares in energy companies.

The Dollar lost ground and the Euro climbed to its highest in a week on strong data and monetary policy commentary as well as speculation on the Catalan situation.

The Euro saw a small pullback when Catalan leader Carles Puigdemont proclaimed the region’s independence, but then hit a session high after he said its effects would be suspended to allow for talks with the Madrid government.

“Anything that shows Catalonia is open to talks would be well received by European assets,” said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.

IBEX 35 Index futures were up 1.1 percent on Tuesday afternoon after Madrid’s IBEX stock index closed down 0.9 percent in the regular session.

The three major Wall Street indexes scaled new record highs, helped by gains in energy stocks and a 4.5 percent rise in shares of Wal-Mart on the back of the company’s $20 billion share buyback plan.

The Dow Jones Industrial Average rose 69.61 points, or 0.31 percent, to close at 22,830.68, the S&P 500 gained 5.91 points, or 0.23 percent, to 2,550.64 and the Nasdaq Composite added 7.52 points, or 0.11 percent, to 6,587.25.

MSCI’s gauge of stocks across the globe gained 0.44 percent, said Ripples Financial Advisory.

“If you really want to be bearish about this market, there’s no shortage of macro events you could point to whether it’s North Korea or China, Catalonia or the Trump dynamics. So far the market has looked through every one of them,” said Nathan Thooft, senior managing director of asset allocation at Manulife Asset Management in Boston.

“It’s this game of looking at macro events versus actual fundamentals, and fundamentals are driving the market,” said Thooft, who expects earnings to beat expectations.

The Dollar index, which tracks the greenback against a basket of major currencies, fell for the third day in a row. It fell 0.48 percent, with the euro up 0.66 percent to $1.1817.

On top of strong German export data, traders were also upbeat after one of the European Central Bank’s German policymakers called for an end to its stimulus.

The Catalan news also pared US Treasuries gains.

Benchmark 10-year notes were last up 6/32 in price to yield 2.3481 percent, from 2.368 percent late on Monday.

The 30-year bond was last up 14/32 in price to yield 2.884 percent, from 2.906 percent late on Monday.

They temporarily kicked the can (down the road) on Catalonia, an interest rate strategist at BMO Capital Markets in New York.

In commodities, Brent oil prices pushed higher supported by Saudi export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply.

US crude settled up 2.7 percent while Brent settled 1.5 percent higher.

US crude was last up 2.76 percent to USD 50.95 per barrel and Brent was last at USD 56.58, up 1.42 percent on the day.

Gold prices also hit their highest in more than a week against the backdrop of a weaker dollar although expectations for another U.S. interest rate hike capped gains. Spot gold added 0.3 percent to USD 1,287.70 an ounce.


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WALL STREET NEWS; S&P 500 breaks record run on jobs data, drug chain drop

 

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The Dow Jones Industrial Average fell 1.72 points, or 0.01 percent, to end at 22,773.67, the S&P 500 lost 2.74 points, or 0.11 percent, to 2,549.33 and the Nasdaq Composite added 4.82 points, or 0.07 percent, to 6,590.18.

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The S&P 500 eased on Friday, ending a six-day run of record highs as the first monthly decline in US nonfarm jobs in seven years dampened sentiment and pharmacy shares fell on Amazon competition fears.

The Nasdaq ended up for a ninth straight day, however, and set its sixth straight record high close, its longest such streak since seven records in February.

Walgreens Boots Alliance and CVS Health fell and were among the biggest drags on the S&P 500 that Amazon was close to a decision on selling prescription drugs. Walgreens shares dropped 4.9 percent and CVS was down 4.9 percent, while Amazon shares rose 0.9 percent.

The Labor Department’s closely watched jobs report showed nonfarm payrolls fell by 33,000 in September as hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring. A bright spot was a better-than-expected rise in average wages.

It’s been amazing how resilient our U.S. stock market has been, going up on no news or bad news, so there’s no surprise on a day where most people feel it was a mixed job report at best that the market actually is reacting in a way that makes sense.

“It’s a logical move for this illogical stock market.”

The Dow Jones Industrial Average fell 1.72 points, or 0.01 percent, to end at 22,773.67, the S&P 500 lost 2.74 points, or 0.11 percent, to 2,549.33 and the Nasdaq Composite added 4.82 points, or 0.07 percent, to 6,590.18.

The benchmark’s slight decline follows a six-day run of record closing highs, its longest since 1997.

The CBOE Volatility index, Wall Street’s fear gauge, bounced sharply after setting a record low close in the previous session.

For the week, the S&P 500 rose 1.2 percent, the Dow added 1.6 percent and the Nasdaq gained 1.5 percent.

Adding to the day’s worries was a report that North Korea is preparing to test a long-range missile.

S&P energy index declined 0.8 percent as oil prices fell amid a bout of profit taking and the return of oversupply worries.

Shares of Costco dropped 6 percent after the warehouse club retailer reported a fall in gross margins. The stock was the biggest drag on the S&P 500 and the Nasdaq.

Declining issues outnumbered advancing ones on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.11-to-1 ratio favored decliners.

About 5.7 billion shares changed hands on U.S. exchanges. That compares with the 6.2 billion daily average for the past 20 trading days.


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Today’s Indian Stock Market 5 Trading Calls in Target

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Here are some Indian stock market Calls so you can also check our accuracy to proceed more:

PREMIUM CASH CALL:

BUY GRAPHITE ABOVE 393 TGT 399,408 SL 381 BELOW

PREMIUM FUTURE CALL:

BUY TATACOMM FUTURE ABOVE 700 TGT 703 708 SL 695 BELOW

OPTION PREMIUM CALL:

BUY PCJWELLER350CE AT 9.8 -10.35 TGT 11,12.20 SL 8.85 BELOW

BULLION COMBO CALL:

BUY ALUMINIUM @138.3-@138.2 TGT 138.8,139.9 SL BELOW 137.3

NCDEX CALL:

SELL GUARSEED10 @3700-3705 TGT 3680/3640/3580 SL ABOVE 3740

Regards: 

Ripples Advisory Private Limited, Indore

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28th September- OPENING BELL >> Emerging Market Currencies Weakening Further, Worries Increase For Indian Equity Markets- Free equity tips on mobile Register NOW!

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Thus we can see that all the Emerging market currencies have weakened against the dollar, which is a negative sign for Emerging market equities.

 

Indian Rupee is sustaining above its 5 months high breakout level of 65.20 and yesterday closed at 65.70. Among Emerging market currencies, Korean Won is trading above its 5 weeks high level of 1140.70, Thai Baht has given breakout of 4 weeks high of 33.27, Taiwan has touched to its 5 weeks high level of 30.38, and Russian Rubble is ready weeks give breakout of its 4 weeks high of 58.38, Brazilian real is trading above 3 weeks high of 3.15, South African Rand is trading at its 1 month high of 13.55, Mexican Peso is also trading above 1 month high of 18.06 , Malaysian Ringgit is trading above its 2 weeks high of 4.20, Indonesian Rupiah is trading above its 7 months high of 13.42, Philippine Peso has joined the rally and has broken its 4 days high of 51.10 and Turkish Lira has also weaken to broke its 1 month high of 3.56. Thus we can see that all the Emerging market currencies have weakened against the Dollar, which is a negative sign for Emerging market equities. Ripples Advisory Private Limited, Indore expects Indian Rupee to fall further with the immediate target of 66.90. GET FREE EQUITY TIPS ON MOBILE CALL ON 9644405056.

The Emerging market currencies showed weakness after, ECB President Mario

Dragi signaled QE tapering in upcoming Monetary policy due on 26th Oct 2017.

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European shares inch higher as Merkel hangs on to power

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European shares edged higher in cautious trade on Monday after German Chancellor Angela Merkel secured a fourth term but saw her party weakened by a surge in support for the far-right.

At 1027 GMT both the pan-European STOXX 600 and euro zone blue chips were 0.1 percent higher – a more moderate reaction than the currency market where the euro took a hit.

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European bourses were mixed, with France’s CAC 40 down 0.1 percent, Germany’s DAX up 0.3 percent and Milan flat.

Financials were the biggest drag on European stocks while healthcare, energy, and industrials helped offset those losses.

“We had a small negative surprise”, Lionel Melin, a senior cross-asset strategist for Lyxor, said.

Some traders said they were worried the vote might lead to a new coalition government less keen on pushing eurozone integration.

French train maker Alstom rose 1.5 percent to its highest level since March 2013 after confirming on Friday it was in talks with German engineering group Siemens on a possible tie-up.

Switzerland’s ABB rose 0.6 percent on its announcement it was buying General Electric’s Industrial solutions unit in a deal worth $2.6 billion.

Shares in ABB have risen around 12 percent so far this year, in line with the broader European industrials index.

Unilever, which announced it would buy cosmetics firm Carver Korea for 2.27 billion euros ($2.71 billion), added 0.7 percent.

Unicredit slipped 0.1 percent after its deputy chairman said on Friday that the speculation about his bank wanting to take over Commerzbank was nonsense. The German bank lost 1.2 percent.

Asia stocks edge lower, focus turns to China markets after ratings cut

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Japan’s Nikkei slipped 0.15 percent, Australian stocks advanced 0.1 percent and South Korea’s KOSPI fell 0.7 percent.

Asian stocks slipped on Friday but showed signs steadying as the dust began to settle after the Federal Reserve’s hawkish policy statement, while investors looked to see how Chinese financial markets would react to a downgrade on the nation’s credit rating. You can also have free stock cash tips from Indian stock market and more call us on 9644405056.

MSCI’s broadest index of Asia-Pacific shares outside Japan handed back earlier gains and was down 0.1 percent after falling 0.7 percent the previous day.

The index had risen to a decade high on Tuesday, lifted as Wall Street advanced to record highs, before moving off that peak after the Fed heightened expectations for a third interest rate hike this year.

Japan’s Nikkei slipped 0.15 percent, Australian stocks advanced 0.1 percent and South Korea’s KOSPI fell 0.7 percent.

It is difficult to pass a verdict on the Fed’s stance until it actually starts its balance sheet reduction and the markets can gauge its effects.

“Fundamentals continue to support emerging markets including those in Asia, although the Fed’s latest stance did add a layer of uncertainty going forward.”

The focus was also on how the Chinese financial markets would react to a downgrade of China’s credit rating when they open.

S&P Global Ratings downgraded China’s long-term sovereign credit rating on Thursday, less than a month ahead of one of the country’s most sensitive political gatherings, citing increasing risks from its rapid build-up of debt.

The S&P 500 lost 0.3 percent, snapping a four-day winning streak, the Dow fell 0.25 percent and Nasdaq dropped 0.5 percent on Thursday as the U.S. equity market braced for a third interest rate hike this year. The United States ordering new sanctions against North Korea was also seen to have weighed on Wall Street.

In currencies, the Australian dollar was steady at USD 0.7932 after sliding 1.2 percent the previous day to touch a three-week low of USD 0.7919.

The Aussie was hurt after Reserve Bank of Australia Governor Philip Lowe said on Thursday that the central bank does not have to follow a general move globally to raise interest rates.

A sharp drop in the price of iron ore, Australia’s main export commodity, to a two-month low, has also weighed on the currency.

The Dollar was steady at 112.445 Yen and on track to end 1.4 percent higher on the week, during which it brushed a two-month high of 112.725 as US yields spiked on the back of the Fed’s hawkish stance.

The Yen, often sought in times of geopolitical tensions, showed little reaction to US President Donald Trump ordering new sanctions against North Korea on Thursday.

The Euro barely moved at USD 1.1943 and on track to end the week 0.8 percent lower. Get daily Intraday news by Ripples Advisory Private Limited, Indore.


The Dollar index against a basket of six major currencies was effectively flat at 92.169 after slipping about 0.4 percent overnight. It has gained 0.3 percent on the week.

Crude oil prices were little changed amid a wait-and-see mood as ministers from the Organisation of the Petroleum Exporting Countries, Russia, and other producers meet later on Friday to discuss a possible extension of the 1.8 million barrels per day (bpd) of supply cuts to support prices.

While many analysts expect an extension of the deal beyond next March, a number of them also said that prices have risen high enough to tempt countries to boost production above agreed levels.

Brent crude was up 0.1 percent at USD 56.50 a barrel after reaching a five-month high of USD 56.53 overnight.

Wall Street pushed down by rate expectations

 

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The Dow Jones Industrial Average fell 53.36 points, or 0.24 percent, to 22,359.23, the S&P 500 lost 7.64 points, or 0.30 percent, to 2,500.6 and the Nasdaq Composite dropped 33.35 points, or 0.52 percent, to 6,422.69.

 

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US stock indexes slipped on Thursday as investors braced for a third interest rate hike this year and the United States ordered new sanctions against North Korea. You can also check the trading accuracy of Ripples Advisory Private Limited, Indore by taking our FREE EQUITY TIPS ON MOBILE.

The S&P and the Dow snapped a run of record closing highs and Apple was the biggest drag on the three major indexes with a 1.7 percent drop on worries about demand for its latest smartphone.

Investors increased bets the US Federal Reserve would raise rates again this year after the central bank’s statement on Wednesday and be also assessing its decision to start reducing it’s roughly USD 4.2 trillion in US Treasury bonds and mortgage-backed securities.

US President Donald Trump opened the door to blacklisting people and entities doing business with North Korea, further tightening the screws on Pyongyang’s nuclear and missile programs.

“The Fed had investors on edge already. Ratcheting up of North Korea tensions can put investors in a little more of a risk-off mode.

However, with the CBOE Volatility Index closing at its lowest level in nearly two months at 9.67, Peter Cecchini, chief market strategist at Cantor Fitzgerald in New York, said the market is not reflecting risks such as US-North Korea tensions and high valuations.

The market is “very complacent and very comfortable in its own skin right now and not really concerned about risk much at all,” said Cecchini: “I’m worried about that.”

The Dow Jones Industrial Average fell 53.36 points, or 0.24 percent, to 22,359.23, the S&P 500 lost 7.64 points, or 0.30 percent, to 2,500.6 and the Nasdaq Composite dropped 33.35 points, or 0.52 percent, to 6,422.69.

Fed Chair Janet Yellen said the fall in inflation this year remained a mystery, adding that the central bank was ready to change the interest rate outlook if needed.

Investors were pricing in about a 70 percent chance of a December hike, according to CME’s FedWatch tool, up from about 51 percent just prior to the Fed statement.

Only two of the 11 major S&P sectors – financials and industrials – were higher, with gains of 0.2 percent and 0.3 percent. The consumer staples index was the biggest decliner, down 0.97 percent drop.

Financial stocks have been on a tear in recent days as investors anticipated and then reacted to Fed commentary on rate hikes, which tend to help bank profits.

The S&P has risen about 11.7 percent so far this year, helped by strong corporate profits and lingering optimism among some investors that Trump will cut taxes for businesses.

This has boosted valuations. The S&P is trading at roughly 17.6 times expected earnings, well above its 10-year average of 14.3.

It’s very hard for me to see a tremendous catalyst for the upside, although I also don’t see that massive catalyst to create a crack to the downside.

Declining issues outnumbered advancing ones on the NYSE by a 1.35-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored decliners.

About 5.54 billion shares changed hands on US exchanges on, compared with the 6.03 billion average for the last 20 sessions.

Regards, 

Ripples Advisory Private Limited, Indore

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Dollar shines, Asia shares slip after Fed signals December rate hike- GET FREE EQUITY TIPS ON MOBILE

The US Dollar shone while Asian shares slipped slightly on Thursday after the US Federal Reserve announced a plan to start shrinking its balance sheet and signaled one more rate hike later this year.

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MSCI’s broadest Dollar-denominated index of Asia-Pacific shares outside Japan was down 0.4 percent. South Korea’s Kospi was down 0.1 percent while Australia shed 0.6 percent.

Japan’s Nikkei gained 0.8 percent thanks to the Yen’s fall against the Dollar.

US share prices recovered quickly from initial losses following the Fed’s announcement, with the S&P 500 ending slightly higher, adding to a string of losing records. You can also click here and have our daily free equity tips on mobile from Indian stock market.

As widely expected, the Federal Reserve announced it would begin in October to trim its massive holding of US Treasury bonds and mortgage-backed securities acquired in the years after the 2008 financial crisis.

The Fed signaled it still expects one more interest rate hike by the end of the year, despite a recent bout of low inflation, but ratcheted down its long-term interest rate forecasts.

Fed fund rate futures are pricing in about 65 percent chance of a rate hike by December, the highest level since March, and around 50 percent before the Fed meeting. Markets expect the Fed move will in December when it is due to revise its economic projections.

The yield on two-year U.S. Treasury notes jumped to 1.451 percent, its highest level since November 2008. The 10-year US Treasuries yield rose to 2.278 percent, briefly hitting a six-week high of 2.289 percent.

The markets reacted to the Fed quite straightforwardly, with shorter yields rising more than long-dated bond yields. The bond markets have fairly strong conviction that low inflation and low growth will persist.

In the currency market, the rise in Treasury yields boosted the dollar’s attractiveness. The Euro dropped to USD 1.1873 from above USD 1.20 just before the Fed’s policy announcement.

Likewise, the Dollar jumped to 112.595 Yen, a two-month high, from around 111.30. The Bank of Japan is widely expected to keep monetary policy unchanged when it wraps up its two-day policy review later on Thursday.

Gold fell to $1,296.1 per ounce on Wednesday, its lowest level in more than three weeks, and last stood at USD 1,128.6.

Oil prices flirted with multi-month highs, despite a rise in US crude inventories, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts, ahead of the planned meeting between OPEC and non-OPEC nations on Friday.

Brent crude futures rose to a five-month high of USD 56.48 a barrel and last stood at $56.16.

US benchmark West Texas Intermediate (WTI) crude futures hit a four-month high of USD 50.79 per barrel and last traded at USD 50.71, flat from the US close on Wednesday.

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Indian ADRs: HDFC Bank, Tata Motors, Wipro down

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Indian ADRs ended mostly lower on Wednesday. In the banking space, ICICI Bank was down 0.67 percent at USD 8.93 and HDFC Bank shed 1.75 percent at USD 98.21.

In the IT space, Wipro was down 0.35 percent at USD 5.63 and Infosys rose 0.27 percent to USD 14.84.

In the other sectors, Tata Motors slipped 1.18 percent at USD 31.84 and Dr. Reddy’s Laboratories added 3.24 percent at USD 35.68.

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Tax evasion through stocks: Sebi revokes ban on 114 entities

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Markets regulator Sebi has revoked trading ban imposed on 114 entities, which had come under the scanner for alleged manipulation and misuse of a stock market platform for tax evasion, saying it did not find any adverse evidence against them. This comes after Sebi, earlier this month, had revoked the ban on a total of 307 entities in the First Financial case as well as in the matter of dealing in shares of Eco-Friendly Food Processing Park, Esteem Bio Organic Food Processing, Channel Nine Entertainment and HPC Biosciences.

These entities were also under the Sebi’s scanner for alleged misuse of a stock market platform for tax evasion and suspected money-laundering activities. In the present case, Sebi, in May 2015, had restrained Pine Animation and 177 related entities from the securities market for alleged tax evasion worth Rs 420 crore. Later, the regulator had lifted trading restriction against two of them. The directions against the remaining 176 entities were confirmed through separate orders in June 2016, July 2016, August 2016, and June 2017. Following the interim orders, Sebi conducted a detailed investigation of the entire scheme employed in the instant matter, connection amongst the debarred entities, funds used for the price manipulation of the scrip of Pine Animation so as to ascertain the violation of securities laws.