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Asia Wagers Global Cheer will Outlive Fed Tightening

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Australian stocks added 0.2 percent and Nikkei futures pointed to a steady start after the index scored its highest close in 25 years on Monday.

Asian shares were trying to string together the fourth session of gains on Tuesday as optimism about global growth looked set to outlast an almost certain hike in US borrowing costs this week.

The latest upbeat news came from China where banks doled out a surprisingly generous dose of credit in November, which could bode well for a pick up in retail sales and industrial output due later in the week.

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MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.06 percent, having rallied for three days in a row.

Australian stocks added 0.2 percent and Nikkei futures pointed to a steady start after the index scored its highest close in 25 years on Monday.

Wall Street had been led higher by technology and energy stocks, with Apple Inc making the biggest contribution. The Dow rose 0.23 percent, while the S&P 500 added 0.32 percent and the Nasdaq 0.51 percent.

There was no lasting market impact from an explosion in New York’s busy Port Authority commuter hub which New York Mayor Bill de Blasio described as an “attempted terrorist attack.”

Investors continued their policy vigil with the Federal Reserve set to end its two-day meeting on Wednesday, while the European Central Bank meets on Thursday.

JPMorgan Economist David Hensley suspects the Fed will revise up it is growth forecast while trimming the outlook for the unemployment rate, potentially adding upside risk to the “dot plot” forecasts on interest rates.

“The dot plot previously called for three hikes in 2018; it is a close call whether this moves to four hikes,” he warned, a shift that would likely boost the dollar but could bludgeon bonds.

“For its part, the European Central Bank (ECB)is likely to emphasize its low-for-long stance and continue to distance itself from the Fed,” he added. “The staff is likely to revise up its 2018 growth forecast, while we think the core inflation forecast will reveal an even slower recovery than before.”

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The divergence in Fed and ECB policy was supposed to be bullish for the Dollar, given it had widened the premium offered by US two-year yields over German yields to 256 basis points from 188 basis points this time last year.

The last time the spread was that plump was in 1999.

Yet the Euro is currently up 12 percent on the Dollar this year, while the Dollar is down 8 percent on a basket of currencies – which just goes to prove that interest rate differentials aren’t everything in forex.

Early on Tuesday, the euro was steady at USD 1.1775 having failed to clear resistance around USD 1.1812 overnight. The dollar was idling at 113.54 Yen, just off a one-month top of 113.69.

Dealers at Citi noted interbank volumes in the forex market had been 35 percent below average overnight and another thin session was likely on Tuesday.

There was rather more action in bitcoin, which touched a record peak of USD 17,270 on the Bitstamp exchange as its newly minted futures contract stretched as far as USD 18,850.

In commodity markets, gold remained out of favor at USD 1,242.78 an ounce having suffered its biggest weekly drop since May last week.

Oil prices were firm on news of a temporary shutdown of a pipeline that carries the biggest volume of the five North Sea crude oil streams.

Brent crude futures stood at USD 64.75 a barrel, after jumping USD 1.35 on Monday. US crude futures were off 2 cents in early trade at USD 57.97 a barrel.


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Sensex Opens in the Red, Nifty gives up 10,300; DRL up 4%

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Private and public sector banks take a hit, while crude price hike-related stocks are seen reacting sharply.

Equity benchmarks began the day on a flattish note with a hint of negative bias. Soon after the opening, indices moved in the red zone, with the Nifty giving up 10,300.

The Sensex was down 67.71 points at 33388.08, while the Nifty was down 26.60 points at 10295.70. The market breadth was narrow as 611 shares advanced against a decline of 577 shares, while 43 shares are unchanged.

Among sectors, banks have taken a hit, while midcaps are in tandem with benchmarks.

 

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Dr. Reddy’s Labs, ONGC, and GAIL were the top gainers on both indices, while Asian Paints, Coal India, and HPCL lost the most.

On the global front, Asian shares were trying to string together the fourth session of gains on Tuesday as optimism about global growth looked set to outlast an almost certain hike in US borrowing costs this week.

The latest upbeat news came from China where banks doled out a surprisingly generous dose of credit in November, which could bode well for a pick up in retail sales and industrial output due later in the week.

US stocks closed higher on Monday as investors prepared for an expected Federal Reserve rate hike later in the week, while stocks rose around the world on continued solid global economic growth indicators.

The Dow Jones Industrial Average and the S&P 500 opened flat after news of an explosion in New York’s busy Port Authority commuter hub which New York Mayor Bill de Blasio described as an “attempted terrorist attack.”


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Asia Stocks Pressured by Wall Street Losses, Dollar Sags

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Australian stocks and South Korea’s KOSPI were down 0.2 percent, respectively. Japan’s Nikkei lost 0.5 percent.

Asian stocks slipped on Wednesday, pressured by losses on Wall Street as the technology sector stuttered yet again after a brief rebound, while the Dollar sagged on lower long-term US yields.

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MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.2 percent.

Australian stocks and South Korea’s KOSPI were down 0.2 percent, respectively. Japan’s Nikkei lost 0.5 percent.

The S&P 500 information technology index barely rose overnight as it gave up much of the 1.4 percent intraday gains. The year’s top-performing sector was still down nearly 4 percent over the past week, with investors shifting money to banks, retailers and other stocks seen as likely to benefit the most from tax cuts promised by US President Donald Trump.

As a result, the S&P 500 fell for the third straight session overnight. The Dow and Nasdaq also retreated.

“The retreat in US shares coincides with profit-taking by investors before they close their books for the year-end. A lot of such year-end window dressing already appears to have taken place in emerging market equities,” said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.

The main focal point for emerging market equities is how US yields move towards the year-end. The Federal Reserve’s monetary policy stance for next year bears close watching due to its impact on US yields, and in turn the various equity markets.

Fed funds futures prices showed that investors see a rate increase at Federal Reserve’s Dec. 12-13 meeting as a done deal and much of the focus is on the outlook for rates in 2018 and beyond.

The two-year Treasury yield reached a nine-year high overnight as the market increasingly expected the US Congress to pass tax reform legislation and the Fed to tighten policy.

But the 10-year Treasury yield fell overnight, flattening the yield curve further. The curve has flattened as investors see limited room for long-term US inflation.

The Dollar dipped, weighed by sagging long-term US yields. The Dollar index against six major currencies slipped 0.05 percent to 93.337.

The greenback dipped 0.1 percent to 112.470 yen and the Euro was little changed at USD 1.1824 after shedding 0.35 percent the previous day.

The pound extended overnight losses and last stood at USD 1.3412 for a loss of 0.2 percent. Sterling fell to as low as USD 1.3370 on Tuesday on disappointment after British Prime Minister Theresa May failed to clinch a deal to open talks on post-Brexit free trade with the European Union.

In commodities, US crude oil futures were down 0.3 percent at USD 57.44 per barrel after American Petroleum Institute data showed that US gasoline stocks and distillate inventories rose more than expected last week.


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Indian ADRs: HDFC Bank, Dr. Reddy’s Lab, ICICI Bank down

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Indian ADRs ended mostly lower on Monday. ICICI Bank fell 1.56 percent and Wipro added 1.09 percent.


Indian ADRs ended mostly lower on Monday. In the IT space, Infosys was unchanged at USD 14.64 and Wipro added 1.09 percent at USD 5.09.

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In the banking space, ICICI Bank fell 1.56 percent at USD 9.46 and HDFC Bank shed 0.44 percent at USD 93.61.

In the other sectors, Tata Motors was unchanged at USD 33.09 and Dr. Reddy’s Laboratories was down 0.28 percent at USD 35.51.


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Rupee Opens 11 paise Higher at 64.80 against US Dollar

The Indian Rupee has opened higher by 11 paise compared with previous day’s closing level of 64.91 a Dollar.

The Indian Rupee has opened at 64.80 against the US Dollar, higher by 11 paise compared with previous day’s closing level of 64.91 a Dollar.

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US FOMC minutes sounded caution on the potential impact of the sudden reversal of asset price inflation on growth.

Activity in the currency market is expected to be muted due to the Thanksgiving holiday in the US.

The Rupee holds on to its gains registered post the Moody’s upgrade and is expected to trade today in the range of 64.65-64.95 against the US Dollar.


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Sensex, Nifty trade lower; HDFC twins, metals, FMCG stocks fall

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Rain Industries, HEG, Graphite India, Goa Carbon and Phillips Carbon plunged 5 percent.

British telecom major Vodafone is open to exploring opportunities for the sale of a stake in Indian mobile tower firm Indus Towers – its joint venture with Bharti Airtel and Idea Cellular.

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If the plan fructifies, it is expected to create more value for the group.

“We will explore strategic options including the full or partial sales of our 42 percent stake in Indus Towers, which could create further value for the group, we are also deleveraging our balance sheet by over USD 8 billion,” Vodafone Group Chief Executive Vittorio Colao said during an analyst and investor conference on Tuesday.

Vodafone India has a net debt of USD 8.2 billion. Bharti Airtel’s mobile tower arm Bharti Infratel and Vodafone hold 42 percent each in India’s largest mobile tower firm Indus Towers and the rest is held by Idea Cellular.

Bharti Infratel is looking to acquire a partial or full stake in Indus Towers.


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GE, energy shares drag Wall Street lower; bond proxies rise

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The Dow Jones Industrial Average fell 30.23 points, or 0.13 percent, to end at 23,409.47, the S&P 500 lost 5.97 points, or 0.23 percent, to 2,578.87 and the Nasdaq Composite dropped 19.72 points, or 0.29 percent, to 6,737.87.

US stock indexes fell on Tuesday as General Electric shares plunged for a second straight day and a drop in crude oil prices hit energy stocks.

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GE fell 5.9 percent to USD 17.90 in the largest daily volume in two years as investors wondered if a massive overhaul of the company by new Chief Executive John Flannery will be enough to revive the industrial conglomerate.

The stock touched USD 17.46, its lowest in nearly six years.

The energy was the largest decliner among the 11 S&P 500 sectors as oil prices fell the most in a month. The International Energy Agency forecast rising US crude output and had a gloomy outlook for global demand growth.

Exxon fell 0.8 percent and ConocoPhillips was down 2.5 percent, while the S&P 500 energy sector fell 1.5 percent, the most in more than four months.

The Dow Jones Industrial Average fell 30.23 points, or 0.13 percent, to end at 23,409.47, the S&P 500 lost 5.97 points, or 0.23 percent, to 2,578.87 and the Nasdaq Composite dropped 19.72 points, or 0.29 percent, to 6,737.87.

Stocks favored by investors seeking yield, the so-called bond proxies, were the best performers as the yield curve, or the gap between short- and long-term US government bond yields, remained near its flattest in a decade.

Utilities and consumer staples, sectors that pay relatively high dividends, were the best performers on the day. Utilities rose 1.2 percent to a 2.4 percent gain since Friday’s close, the largest two-day percentage gain since late February.

“People are looking for yield across the globe so potentially there are foreign flows going into bond proxies,” said Paul Zemsky, chief investment officer, Multi-Asset Strategies and Solutions at Voya Investment Management in New York.

He said the outperformance of stocks in the utilities and consumer staples sectors could also be due to investors getting more defensive “after growth sectors and the overall market have been doing so well this year.”

The S&P 500 fell for the third session in the last four, but it remains within 1 percent of a record closing high hit last week.

TV streaming device maker Roku snapped a three-day winning streak after hitting a record high of USD 48.80, ending down 13.5 percent at USD 36.95.

Advance Auto Parts soared 16.3 percent to USD 95.72 after it affirmed its full-year profit forecast and beat quarterly profit estimates.

Declining issues outnumbered advancing ones on the NYSE by a 1.47-to-1 ratio; on Nasdaq, a 1.23-to-1 ratio favored decliners.

The S&P 500 posted 45 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 64 new highs and 87 new lows.

About 6.73 billion shares changed hands in US exchanges, roughly in line with the daily average over the last 20 sessions.


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Indian Rupee opens higher by 17 paise at 64.88 per Dollar

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The spot USD-INR pair to continue to trade in a range of 64.80-65.20.

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The Indian Rupee gained in the opening trade on Monday. It has opened higher by 17 paise at 64.88 per Dollar versus 65.05 Friday.

We have a neutral stance on Rupee against Dollar. The spot USD-INR pair to continue to trade in a range of 64.80-65.20.

The Dollar hovered near three-month highs, while the Euro is on the backfoot after the European Central Bank’s dovish comments and unrest in Spain’s Catalonia led it to post its worst week this year.

The bond market has been relatively stable post the announcement of the bank recapitalization plan, but the negative bias persists. The announcement of yet another OMO sale is also expected to add to the supply overhang.

However, significant slippage is unlikely as buying support can emerge at higher yields. The 10-year benchmark is likely to trade in a range of 6.79-6.84 percent today.


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Wall Street ends flat after Yellen; tech shares bounce

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Yellen said the Fed needs to continue gradual rate hikes and it would be imprudent to leave rates on hold until inflation reached the Fed’s 2-percent target.

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The Dow Jones Industrial Average fell 10.05 points, or 0.05 percent, to 22,286.04, the S&P 500 gained 0.23 points, or 0.01 percent, to 2,496.89 and the Nasdaq Composite added 9.57 points, or 0.15 percent, to 6,380.16.

The S&P 500 ended flat on Tuesday and the Nasdaq posted modest gains as technology shares bounced from sharp losses in the prior session and comments from Fed Chair Janet Yellen boosted expectations of a December rate hike. Get Indian stock market tips for free and daily intraday call with good telephonic support call us on 9644405056.

Yellen said the Fed needs to continue gradual rate hikes and it would be imprudent to leave rates on hold until inflation reached the Fed’s 2-percent target.

Earlier in the session, Atlanta Fed Chief Raphael Bostic, a non-voting member this year, said he would want “clear evidence” that prices were firming before committing to another rate increase, but did not rule out another hike in 2017.

Chances of a rate hike in December rose to 78 percent from about 40 percent a month ago.

“Investors should be looking out for a December hike given we don‘t know what happens to the Fed chair position next year. (Yellen), probably wants to be able to, knowing anyone new in that role might not feel comfortable tightening the first month,” said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.

Economic data showed US consumer confidence fell in September while home sales dropped to an eight-month low in August due to the impact of Hurricanes Harvey and Irma.

The Dow Jones Industrial Average fell 10.05 points, or 0.05 percent, to 22,286.04, the S&P 500 gained 0.23 points, or 0.01 percent, to 2,496.89 and the Nasdaq Composite added 9.57 points, or 0.15 percent, to 6,380.16.

Technology , up 0.4 percent, was the best performing major sector, recovering somewhat from losses in the prior session. Tech shares suffered their worst one-day drop in five weeks on Monday as concerns over tensions with North Korea prompted investors to book profits in what has been the best performing sector this year.

Apple rose 1.72 percent after four straight sessions of losses to help prop up the three major indexes, after Raymond James boosted its price target on the iPhone maker to $180 from $170.

“It is a little bit of a relief knowing perhaps investors still believe in buying the dips even after the Fed’s announcement of reduced balance sheet purchases,” said Ablin.

President Donald Trump warned North Korea any US military option would be “devastating” for Pyongyang, but said the use of force was not Washington’s first option to deal with the North’s ballistic and nuclear weapons programme.

Darden Restaurants slumped 6.53 percent after the Olive Garden parent said it expected the negative effects on sales and earnings from Hurricane Irma to be about double that from Hurricane Harvey.

Red Hat rose climbed 4.09 percent after the Linux distributor’s quarterly profit came in above estimates and the company raised its full-year forecast.

Advancing issues outnumbered declining ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.35-to-1 ratio favoured advancers.

About 5.81 billion shares changed hands in US exchanges, compared with the 5.96 billion daily average over the last 20 sessions.

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Wall Street declines on tech selloff, North Korea concern

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The Dow Jones Industrial Average fell 53.84 points, or 0.24 percent, to 22,295.75, the S&P 500 lost 5.56 points, or 0.22 percent, to 2,496.66 and the Nasdaq Composite dropped 56.33 points, or 0.88 percent, to 6,370.59.


Wall Street dipped on Monday, as a selloff in technology shares weighed heavily on the Nasdaq, while the most recent statement from North Korea’s to Washington added to a cautious tone.

North Korea’s foreign minister said President Donald Trump had declared war on the country and it reserved the right to take countermeasures, including shooting down US bombers even if they are not in its airspace. Get free equity tips on mobile and Indian stock market best recommendations by Ripples Advisory Private Limited, Indore Call on 9644405056.

The White House disputed the declaration, calling the suggestion “absurd.”

The comments buoyed safe-haven assets, those that are favored by investors in times of crisis, with gold up 1 percent and the Japanese yen strengthened 0.26 percent versus the greenback at 111.71 per Dollar.

The North Korea narrative is not going away and the longer it remains part of the conversation, the more negative it becomes.

The CBOE Volatility index, a widely followed measure of market anxiety, hit a 2-week high of 11.21 and was last up 0.63 points at 10.22.

Tech names such as Facebook, off 4.5 percent, Microsoft, down 1.55 percent, and Apple, off 0.88 percent, were among the biggest drags on the benchmark S&P 500 index.

Apple shares flirted with correction territory following a report that the company had told suppliers to scale back shipments of parts for its upcoming iPhone X.

There has been some disappointment in the reception of Apple‘s latest iPhone release, and that is driving some concern and that is bleeding through to the supply-chain names.

The S&P technology index slid 1.42 percent, its worst daily performance in five weeks. The index remains the best performing of the 11 major S&P sectors this year, however, with a rise of nearly 23 percent.

The losses in tech were offset somewhat by a sharp climb in the energy sector, which gained 1.47 percent. The sector notched its sixteenth gain in the last 18 sessions.

Oil prices hit a more than two-year high after major producers said the global market was on its way towards rebalancing, while Turkey threatened to cut oil flows from Iraq’s Kurdistan region towards its ports.

The Dow Jones Industrial Average fell 53.84 points, or 0.24 percent, to 22,295.75, the S&P 500 lost 5.56 points, or 0.22 percent, to 2,496.66 and the Nasdaq Composite dropped 56.33 points, or 0.88 percent, to 6,370.59.

Genuine Parts shares jumped 5.96 percent as the best performer on the S&P 500 after the car parts distributor said it would enter the European market with a deal to buy peer Alliance Automotive Group for about $2 billion.

Allergan was up 3.40 percent after the drugmaker authorized a $2 billion buyback of its shares.

Advancing issues outnumbered declining ones on the NYSE by a 1.28-to-1 ratio; on Nasdaq, a 1.26-to-1 ratio favored decliners.

About 6.42 billion shares changed hands on US exchanges, above the 6.02 billion daily average over the last 20 sessions.

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