Asia stocks up after tax reform optimism lifts Wall Street, Dollar buoyant

Asian STOCK MARKET

Japan’s Nikkei climbed 0.3 percent, Australian stocks rose 0.7 percent and South Korea’s KOSPI advanced 0.9 percent.

Asian stocks rose on Friday after optimism over US tax reform plans lifted Wall Street shares to new highs, while the dollar hovered near a seven-week peak following additional indications of solid economic growth. Get free stock cash tips and financial market recommendations, you can also subscribe our free trading trials which we mentioned on our website.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, poised for a 1.4 percent gain on the week.

Japan’s Nikkei climbed 0.3 percent, Australian stocks rose 0.7 percent and South Korea’s KOSPI advanced 0.9 percent.

The S&P 500 posted its sixth straight record high close on Thursday, its longest run since 1997, as investors cheered increased prospects for a tax overhaul with Congress moving closer to an agreement on a budget resolution.

Wall Street shares were lifted again as new indicators pointed to robust US economic growth.

Thursday’s data showed the number of Americans filing for unemployment benefits fell more than expected, a narrowing in the trade deficit and evidence of strong orders for core capital goods.

The latest boost in US economic optimism lifted Treasury yields and helped take the Dollar index against a basket of major currencies to the seven-week high.

US data released this week has been solid on the whole, with investor focus now turned to the closely-watched nonfarm payrolls report due at 1230 GMT.

Of key interest to the financial markets was how hurricanes Harvey and Irma may have impacted employment in September.

“The hurricanes have made employment conditions difficult to pin down and market reaction could be limited regardless of how strong or weak the outcome is.

Economists expect just 90,000 new US jobs for September, down from 156,000 in August.

“If the results are strong, it would enhance expectations for the Fed to raise interest rates in December. But whether expectations for rate hikes beyond December could be raised is another matter, with the Fed keeping a cautious stance on prices and with (Chair Janet) Yellen’s term ending in February.

Interest rate futures traders are now pricing in an 86 percent likelihood of a December rate hike, up from 78 percent a week ago, according to the CME Group’s FedWatch Tool.

The Dollar index was effectively flat at 93.941 after rising to 93.990, its highest since Aug. 17.

The Euro was steady at USD 1.1712 after losing 0.4 percent the previous day. It was on track to end 0.9 percent lower in the week, during which it plumbed a near two-month low of $1.1695.

The Dollar was little changed at 112.800 Yen and on track for a weekly gain of 0.3 percent.

Falling bond prices extended overnight gains in the 10-year US Treasury yield to 2.355 percent, heading back towards a three-month high of 2.371 set on Monday. The yield had momentarily dropped to 2.300 percent mid-week.

In commodities, Brent crude was down 0.1 percent at $56.93 a barrel. The futures contract had surged 2.1 percent overnight on signs Saudi Arabia and Russia would limit production through next year.

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Indian ADRs: Wipro, ICICI Bank, Dr Reddy’s Laboratories down

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Indian ADRs ended mostly lower on Thursday. HDFC Bank declined 0.41 percent and Wipro shed 0.54 percent.

 

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Indian ADRs ended mostly lower on Thursday. In the IT space, Infosys was up 0.07 percent at USD 14.52 and Wipro shed 0.54 percent at USD 5.50.

In the banking space, ICICI Bank was down 0.24 percent at USD 8.43 and HDFC Bank declined 0.41 percent at USD 93.44.

In the other sectors, Tata Motors rose 0.19 percent to USD 32.27 and Dr. Reddy’s Laboratories was down 0.03 percent at USD 36.29.


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Wall Street extends record run on tax overhaul optimism, solid data

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The Dow Jones Industrial Average rose 113.75 points, or 0.5 percent, to close at 22,775.39, the S&P 500 gained 14.33 points, or 0.56 percent, to 2,552.07 and the Nasdaq Composite added 50.73 points, or 0.78 percent, to 6,585.36.

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US stocks notched record closing highs again on Thursday as investors cheered increased prospects for a tax overhaul with Congress moving closer to an agreement on a budget resolution.

The day’s move extended a run of records that began last week.

The benchmark S&P 500 set a record-high close for the sixth straight day, its longest such run since an eight-day streak in June 1997. It also rose for eight sessions in a row, matching a winning streak from July 2013.

The US House of Representatives voted to adopt a fiscal 2018 spending blueprint containing a legislative tool that would let Republicans bypass Democrats and pass a tax bill by a simple majority vote in the Senate, where they hold 52 of 100 seats.

“It really started to take off after news that the House passed a portion of the president’s plan,” said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.

“I don’t know if that’s going to make it all the way through but you’re seeing it in higher Treasury yields, a better financial sector, and technology.”

The S&P technology index, up 1.1 percent, was the day’s top-performing sector, followed by financials, with that index, up 1 percent. The small-cap Russell 2000 rose 0.3 percent. Small-cap names are seen as among the biggest beneficiaries of any tax cut.

Also helping stocks, more data pointed to underlying strength in the U.S. economy despite weather-related disruptions, with the trade deficit narrowing in August and jobless claims falling more than expected last week.

New orders for goods made in the United States rose in August and orders for core capital goods were stronger than previously reported.

The Dow Jones Industrial Average rose 113.75 points, or 0.5 percent, to close at 22,775.39, the S&P 500 gained 14.33 points, or 0.56 percent, to 2,552.07 and the Nasdaq Composite added 50.73 points, or 0.78 percent, to 6,585.36.

It was the fourth day in a row where all three major indexes had hit record closing highs.

Nobody likes to buy at all-time highs, but with the prospect of it going higher, you’re missing out, so you have to do some buying to stay competitive.

Shares of Netflix jumped 5.4 percent after the company raised the monthly subscription fees for two of its three main U.S. plans by $1 and USD 2, respectively.

Also helping banks, Randal Quarles was confirmed as vice chair of the Federal Reserve. The banking sector widely expects Quarles to play a key part in U.S. President Donald Trump’s efforts to ease regulations. The S&P bank index was up 1.3 percent.

Bond yields rose, with the benchmark 10-year US Treasury note yield last at 2.349 percent versus 2.332 percent late on Wednesday.

Friday brings the US monthly jobs report, while investors are also anxious to see third-quarter corporate earnings reports.

Analysts expect earnings of S&P 500 companies rose about 6 percent in the quarter from a year earlier. That would be down from double-digit growth in the first two quarters of this year.

The S&P 500 is likely to finish this year at 2,525, about 13 percent higher than where it was at the end of 2016.

Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.63-to-1 ratio favored advancers.

About 5.9 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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Indian Rupee opens lower at 65.22 per Dollar | Free Stock Cash Tips- Register NOW!

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The Rupee is expected to remain rangebound between 65.20-65.50 for the day, says Ripples Advisory Company, Indore.


The Indian Rupee opened lower by 8 paise at 65.22 per Dollar on Friday against previous close 65.14.

The Rupee is expected to remain rangebound between 65.20-65.50 for the day.

Dollar strengthening against peers and weakness in Indian Equity Market will weaken the Rupee.

The US Dollar index rose to seven-week highs as data pointed to solid US growth, before Friday’s highly anticipated jobs report for September.

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The US trade deficit fell in August as exports of goods and services rose to the highest level in more than 2- ½ years, while the number of Americans filing for unemployment benefits fell more than expected last week.

Government bond prices reacted negatively after the MPC held rates and increased inflation projections marginally.

The 10-year benchmark bond yield to trend towards 6.79 percent from a technical perspective in absence of any positive development.

 

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Indian Stock Market Live: Nifty reclaims 9900 in opening tick, Sensex gains 100 points; Midcaps outperform

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The sale of stake by few Indian banks in their insurance arms is credit positive for these lenders as the proceeds received would strengthen their loss-absorbing buffers.

 

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ONGC, Tata Steel, and GAIL were the top gainers, while Tata Motors, Tata Motors DVR, and Zee Entertainment lost the most.


The sale of stake by few Indian banks in their insurance arms is credit positive for these lenders as the proceeds received would strengthen their loss-absorbing buffers.

Earlier this week, State Bank of India’s life insurance subsidiary, SBI Life Insurance, listed its shares on the Bombay Stock Exchange, less than a week after ICICI Lombard General Insurance (ICICI Lombard), the general insurance subsidiary of ICICI Bank did the same.

“The initial public offerings (IPO) of these banks’ insurance subsidiaries are credit positive because the banks will receive proceeds that will strengthen their loss-absorbing buffers.

9:35 am Buzzing Stocks: Shares of Future Retail and Shoppers Stop rose 6-9 percent intraday on Friday as investors cheered the deal to buy HyperCity.

On Friday, Future Retail announced that it will acquire Shoppers Stop’s loss-making retail chain HyperCity for Rs 655 crore in a part cash and part stock deal.

The deal, which is likely to be completed in the next three to five months, will see HyperCity Retail India Limited become a wholly-owned subsidiary of Future Retail.

In a stock exchange filing, Future Retail said it will allow 9.310 million shares of Rs 2 face value to HyperCity Retail’s 15 shareholders at Rs 535 per share on a preferential basis.

9:15 am Market Opens: Frontline indices began the session on a positive note, with the Nifty reclaiming 9900 in the opening tick.

The Sensex was up 51.66 points at 31643.69, while the Nifty was up 22.75 points at 9911.45. The market breadth was positive as 454 shares advanced against a decline of 132 shares, while 22 shares were unchanged.

Midcaps continued their outperformance from the previous sessions, while metals led the charts among sectoral indices.

ONGC, Tata Steel, and GAIL were the top gainers, while Tata Motors, Tata Motors DVR, and Zee Entertainment lost the most.

Asian stocks rose on Friday after optimism over US tax reform plans lifted Wall Street shares to new highs, while the dollar hovered near a seven-week peak following additional indications of solid economic growth.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, poised for a 1.4 percent gain on the week.

Japan’s Nikkei climbed 0.3 percent, Australian stocks rose 0.7 percent and South Korea’s KOSPI advanced 0.9 percent.

US stocks notched record closing highs again on Thursday as investors cheered increased prospects for a tax overhaul with Congress moving closer to an agreement on a budget resolution.

The day’s move extended a run of records that began last week.

The benchmark S&P 500 set a record-high close for the sixth straight day, its longest such run since an eight-day streak in June 1997. It also rose for eight sessions in a row, matching a winning streak from July 2013.

 

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6th October 2017- OPENING BELL >> Today Big Measures To Be Announced For GST, Market Move Up

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GST council is about to take big measure on easing of GST compliance. this may have a positive impact on the market. the Indian benchmark Index Nifty has recovered almost 200 points from its low of 7688 and yesterday closed at 7889.

 

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The cash market benchmark small cap Index has risen 400 points from its low of 7359 and the Index yesterday closed at 7765.

In the GST council meeting benefits will be announced for many INDUSTRIES and companies thus we have to keep eye which sector is doing well today.

Performance of Emerging Market Currencies

Indian Stock Market


Performance of Emerging Market Indices

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NIFTY OUTLOOK & OPEN INTEREST IN INDEX OPTION

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5th October -Closing bell: Sensex closes 80 points down, Nifty below 9,900, telecom, bank stocks fall

Closing bell

 

BSE Sensex closed lower by 79.68 points, or 0.25%, at 31,592.03, while the Nifty 50 fell 26.20 points, or 0.26%, to close at 9,888.70. Here are the latest updates from the markets

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Shares slipped on Thursday after four straight sessions of gains as investors booked profits in oil refiners amid a lack of fresh triggers after the central bank kept rates unchanged in a move that was widely expected. The Reserve Bank of India held its policy rate steady near seven-year lows on Wednesday after inflation surged, but looked to prop up the cooling economy by spurring banks into lending more. 

The lack of monetary stimulus will leave it to the government to try to boost an economy that unexpectedly expanded at its slowest pace in more than three years in the April-June quarter, sparking talk that New Delhi is considering increasing spending and widening its fiscal deficit target. Until there is some trigger, markets will oscillate within a narrow range, the bias would be downward as investors feel it is a bit risky to enter the market at higher levels.

Here are the latest updates from the markets:

3.33pm: BSE Sensex closed lower by 79.68 points, or 0.25%, at 31,592.03, while the Nifty 50 fell 26.20 points, or 0.26%, to close at 9,888.70.

2.30pm: BSE Sensex fell 6.50 points, or 0.02%, at 31,665.21, while the Nifty 50 lost 5.05 points, or 0.05%, to 9,909.85. The BSE midcap was up 0.46% and the midcap rose 0.89%.

2.25pm: NTPC, M&M, Coal India and Cipla were the top gainers with gains to the tune of 1.46%, 1.27%, 1.02% and 1.02%. Meanwhile, Power Grid fell most and was down 2%.

1.35pm: BSE Sensex fell 37.81 points, or 0.12%, at 31,633.90, while the Nifty 50 lost 12.50 points, or 0.13%, to 9,902.40.

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4 Reasons Why Euro Steady, Bonds Flat as Traders Watch Catalonia

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The Dollar held near its recent 11-week high and Treasury yields held around 2.33 percent as investors weigh who Trump will choose to helm the Federal Reserve.


The Euro was little changed as Catalan President Carles Puigdemont prolonged uncertainty over the region’s next move towards independence. U.S. Treasuries were steady and European equities nudged lower, with investors looking toward the release of minutes of the last meeting of the European Central Bank and Friday’s American jobs report.

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The Euro remains near the level it dropped to Monday in the wake of the contentious vote in Catalonia.

The Dollar held near its recent 11-week high and Treasury yields held around 2.33 percent as investors weigh who Trump will choose to helm the Federal Reserve. Oil recouped some losses as Saudi King Salman bin Abdulaziz begins a historic first visit to Russia as he seeks an understanding with President Vladimir Putin to extend oil production curbs.

In the U.K., traders are watching the Pound following reports of a letter circulating among MP’s calling for Prime Minister Theresa May’s resignation. Emerging-market stocks are showing signs of shrugging off declines from last month that were triggered by concern a stronger dollar would hurt developing nations’ currencies.

In Spain, the prospect of secession has increased pressure on Prime Minister Mariano Rajoy while rattling Spanish markets. His next move could involve suspending the regional government and implementing direct rule from Madrid.

Indian Stock Market

Here are the key events coming up during the remainder of this week:

1. Minutes of the last ECB meeting are scheduled for Thursday.

2. The U.S. September nonfarm payrolls report, likely to be affected by the impact of hurricanes on southern states, comes out on Friday.

3. Read here why a better look at the data will be coming on Oct. 20.

Here are the main moves in markets:

Stocks

1. The Stoxx Europe 600 Index decreased 0.1 percent as of 8:35 a.m. in London, the largest dip in almost three weeks.

2. The MSCI All-Country World Index decreased less than 0.05 percent, the first retreat in more than a week.

3. Spain’s IBEX Index rose 0.5 percent.

4. The MSCI Emerging Market Index increased 0.1 percent, reaching the highest in two weeks on its fifth consecutive advance.


Currencies

1. The Dollar Spot Index climbed less than 0.05 percent.

2. The Euro increased 0.1 percent to $1.1772.

3. The British pound declined 0.4 percent to $1.3196, the weakest in more than three weeks.


Bonds

1. The yield on 10-year Treasuries increased one basis point to 2.33 percent.

2. Germany’s 10-year yield gained one basis point to 0.46 percent, the highest in a week.

3. Spain’s 10-year yield climbed less than one basis point to 1.789 percent, the highest in more than six months.


Commodities

1. West Texas Intermediate crude dipped 0.1 percent to $49.95 a barrel, the lowest in more than two weeks.

2. Gold increased 0.1 percent to $1,275.86 an ounce.

3. Copper rose 0.5 percent to $6,554.50 per metric ton, the highest in more than three weeks on the largest advance in a week.

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Sensex gives up most of its gains, Nifty turns negative

sensex

 

Mahindra and Mahindra, Dr. Reddy’s Laboratories, Yes Bank and Aurobindo Pharma were the top gainers, while Bharti Airtel, Hero MotoCorp, Bharti Infratel and Power Grid Corporation.

 

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Activity in India’s services companies limped out of contraction in September as demand recovered and pushed firms to increase hiring at the fastest pace in over six years, a business survey showed on Thursday.

The lingering impact of the government’s cash ban late last year pushed growth in Asia’s third-largest economy to slow unexpectedly to a three-year low of 5.7 percent in the April-June quarter from a year earlier.

Disruptions to businesses from confusion on product pricing after the implementation of a goods and services tax (GST) on July 1, which aimed to unify multiple taxes, have also cast a shadow on economic growth.

But last month, a surge in demand helped a recovery in activity among services firms after contracting for two months prior to that.

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Asian shares edge up slightly after strong US data

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MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat while Japan’s Nikkei ticked up 0.1 percent.


Asian shares were a tad firmer on Thursday, taking their cues from strong US data although holiday-thinned trade and uncertainty about the impact of recent hurricanes on the U.S. economy are likely to keep investors cautious.

MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat while Japan’s Nikkei ticked up 0.1 percent.

In Asia on Thursday, trade is expected to remain subdued with China, Hong Kong, and South Korea closed for public holidays and analysts caution against reading too much into index moves.

Wall Street’s three major stock indexes rallied to fresh highs on Wednesday as did MSCI’s all-country world stock index. Get daily intraday calls and free stock cash tips call on 9644405056.

The Institute for Supply Management’s index of non-manufacturing activity rose to 59.8 in September, it’s the highest reading since August 2005, pointing to the resilience of the vast U.S. services sector despite disruption from two powerful hurricanes.

However, data from private payrolls processor ADP showed monthly hiring slowed to an 11-month low of 135,000 although this was better than economists’ median forecast.

“Shares markets were supported as economic data was generally strong,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

Economists expect Friday’s nonfarm payroll report, one of the most closely watched pieces of economic data in financial markets, to show a similar slowdown.

They estimate a payroll increase in September of 90,000, substantially lower than the average over the past year of around 175,000, though some say investors may need to pay attention to state data due on Oct. 20 to exclude the impact of hurricanes.

The data also helped to lift bond yields off lows, though the market remained in well-worn ranges.

“Because US economic data for August to October is likely to be disrupted by hurricanes, markets may show a much smaller response to them.

The market will be focusing more on policy issues, such as tax cuts and the choice of the next Fed chair.

High-rated bonds were helped also in part by worries about Catalonia’s independence vote from Spain.

Spanish bond yield shot up to the highest level since March, stretching the gap over German benchmarks to the widest in more than five months after Catalonia’s secessionist leader said the region will declare independence in “days.”

The country’s IBEX stock index posted its worst single-day loss in 15 months with a 2.85 percent decline on Wednesday.

Catalonia will move to declare independence from Spain on Monday while Spanish Prime Minister Mariano Rajoy’s government called on Catalonia to “return to the path of law” first before any negotiations.

In currency markets, the euro traded little changed at USD 1.1761, off Tuesday’s 1-1/2-month low of USD 1.16955.

The Dollar stood at 112.77 Yen, capped below last week’s high of 113.26.

Oil slipped after a surprising jump in U.S. crude exports to a record 2 million barrels per day fanned worries about global oversupply.

Brent crude futures hit a two-week low of USD 55.38 per barrel on Wednesday and last stood at USD 55.75. US crude WTI futures also hit a two-week low of USD 49.76 per barrel and last traded at USD 49.90.

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