European Stocks Little Changed, Heading for Seventh Weekly Gain

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European stocks were little changed, with the Stoxx Europe 600 Index heading for a seventh weekly advance, as investors awaited data on U.S. business activity. U.S. futures and Asian shares were also little changed.

Societe Generale SA slipped 2.1 percent after Les Echos reported that the French bank��s Russian unit posted a decline in first-quarter profit. BNP Paribas SA lost 5.1 percent as a person familiar with the matter said U.S. authorities are seeking more than $10 billion from the bank to settle investigations into dealings with sanctioned countries.

The Stoxx 600 fell 0.1 percent to 344.14 at 8:04 a.m. in London. The benchmark gauge has gained 1.9 percent in May as European Central Bank President Mario Draghi pledged to ease monetary policy in June if necessary. Standard & Poor��s 500 Index futures slipped 0.2 percent today, while the MSCI Asia Pacific Index lost 0.2 percent.

The Thomson Reuters/University of Michigan consumer sentiment index slipped to 82.5 in May from 84.1 in April, according to the median estimate of analysts surveyed by Bloomberg News.

Copy Source: Bloomberg

Japan Topix Index Rises to Cap First Monthly Advance This Year

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Japan Topix index swung to a gain in the final minute of trading, capping the first monthly increase this year, as tiremakers and power producers climbed.

Tokyo Electric Power Co. surged as much as 14 percent on a report the government is considering revising the law for compensation after nuclear accidents. Bridgestone Corp., Asia��s biggest manufacturer of tires, added 1.7 percent. Credit Saison Co. extended yesterday��s slump after Credit Suisse Group AG cut its target price for the consumer lender.

The Topix added less than 0.1 percent to 1,201.41 at the close in Tokyo after rising as much as 0.4 percent and dropping 0.2 percent. An equal numbers of shares rose as fell. The measure posted a 3.4 percent gain this month, its first since December. The Nikkei 225 Stock Average today dropped 0.3 percent to 14,632.38. A report today showed inflation accelerated in April following an increase in Japan��s consumption levy.

Japan��s consumer prices gained the most since 1991, swelled by the levy increase and the Bank of Japan��s unprecedented stimulus. Inflation excluding fresh food accelerated to 3.2 percent year on year in April, the statistics bureau reported, compared with the 3.1 percent median estimate of 32 economists in a Bloomberg News survey.

Industrial production fell 2.5 percent in April compared with the previous month, more than the 2 percent decline estimated by economists.

Copy Source: Bloomberg

European Stock-Index Futures Are Little Changed; SocGen May Move

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European stock-index futures were little changed, as the Stoxx Europe 600 Index heading for a seventh weekly advance. U.S. futures and Asian shares were also little changed.

Societe Generale SA may move after Les Echos reported that the French bank��s Russian unit posted a decline in first-quarter profit. BNP Paribas SA may be active as a person familiar with the matter said U.S. authorities are seeking more than $10 billion from the bank to settle investigations into dealings with sanctioned countries.

Futures on the Euro Stoxx 50 Index expiring next month fell 0.1 percent to 3,236 at 7:17 a.m. in London. Contracts on the U.K.��s FTSE 100 Index dropped less than 0.1 percent. Standard & Poor��s 500 Index futures slipped 0.2 percent, while the MSCI Asia Pacific Index lost 0.1 percent.

In the U.K. house prices rose for a 15th month and consumer confidence increased to a nine-year high on an improving outlook for the economy. Hometrack Ltd. said home prices in England and Wales increased 0.5 percent in May after a 0.6 percent advance in April. Separately, GfK NOP Ltd. said its sentiment index jumped 3 points to 0 this month, the first time there hasn��t been a negative reading since April 2005.

Copy Source: Bloomberg

Hong Kong Stocks Head for Biggest Monthly Gain Since September

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Stocks in Hong Kong and mainland China headed for May gains, with the Hang Seng Index poised for its steepest monthly rally since September, amid optimism that stimulus will lessen an economic slowdown.

The benchmark measure of Hong Kong stocks added 0.2 percent to 23,062.25 at the midday-break in the city, set for a 4.2 percent jump in May. The Hang Seng China Enterprises Index of mainland companies rose 0.5 percent, extending its monthly advance to 4.7 percent. On the mainland, the Shanghai Composite was little changed at 2,040.64 today and is 0.7 percent higher on the month.

The Hang Seng Index is less than 2 percent away from erasing this year��s losses as China enacts measures to revive the economy without repeating the mistakes of its $586 billion stimulus begun in 2008.

Among shares that moved today, Sinotrans Ltd., a logistics services company, surged 7.6 percent in Hong Kong after it was rated outperform by Standard Chartered Plc. In Shanghai, Xinjiang Ba Yi Iron & Steel Co. and Xinjiang Tianfu Thermoelectric Co. jumped 10 percent after President Xi Jinping pledged to promote the development of the northwest province. Wuhan Guide Infrared Co. advanced 4.4 percent in Shenzhen after the Xinhua News Agency said the nation will open the defense industry to private investors.

Copy Source: Bloomberg

Japan Topix Swings, Poised for First Monthly Gain This Year

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Japanese shares swung between gains and losses, with the Topix index headed for its first monthly advance this year, as tiremakers rose and consumer lenders fell.

Credit Saison Co. extended yesterday��s slump after Credit Suisse Group AG cut its target price for the non-bank lender. Mitsubishi Estate Co., the country��s biggest developer, dropped 1.1 percent. Bridgestone Corp., Asia��s biggest producer of tires, climbed 0.9. percent. Toyota Motor Corp., the world��s largest carmaker, provided the biggest boost to the Topix.

The Topix slid 0.2 percent to 1,198.78 at the trading break in Tokyo, with about equal numbers of shares rising and falling. The measure is on course for a 3.1 percent gain this month, its first since December. The Nikkei 225 Stock Average dropped 0.6 percent today to 14,601.52. Data today showed inflation accelerated in April following an increase in Japan��s consumption levy while industrial production fell.

Copy Source: Bloomberg

Japan Topix Swings as Carmakers Gain While Real Estate Drops

Japan Topix index swung between gains and losses, after posting five days of advances, as carmakers climbed while shippers and developers retreated.

Toyota Motor Corp., the world’s biggest carmaker, gained 0.8 percent even as the yen strengthened. Nippon Suisan Kaisha Ltd. headed for its highest close in five years after SMBC Nikko Securities Inc. boosted its rating on the seafood-product maker. Gauges tracking non-ferrous metal producers and real estate companies fell at least 0.4 percent for the largest losses among the Topix’s 33 industry groups. Credit Saison Co. sank the most on the Nikkei 225 Stock Average after Credit Suisse Group AG cut its target price for the consumer lender. The Topix gained 0.2 percent to 1,200.68 as of 12:48 p.m. in Tokyo after falling as much as 0.4 percent. The measure rose 4.2 percent in the previous five days and is up 3.3 percent in May, poised for its first monthly advance this year. The Nikkei 225 added 0.1 percent today to 14,690.16. The Japanese gauge traded at 1.16 times book value at the last close, compared with 2.66 for the S&P 500 and 1.90 for the Stoxx Europe 600 Index. Volume on the Topix was about 3.4 percent higher than the 30-day intraday average today. Source : Bloomberg

Mata Uang Yen mengalami Penguatan, Dollar Aussie Naik

Yen menguat untuk hari kedua versus dollar A.S, seiring berkurangnya daya tarik greenback r setelah yield treasury dengan tenor 10-tahun terjatuh menuju Sembilan bulan terendah yang berhubungan dengan surat hutang pemerintah Jepang dengan tingkat maturity yang serupa.

Bulan ini yen telah mengalami kenaikan, sementara acuan yield treasury jatuh dibawah 2.5 % untuk pertama kalinya sejak Oktober. Dollar Australia naik setelah laporan yang memperlihatkan rencana pengeluaran modal yang dinyatakan oleh pihak Commonwealth Bank of Australia telahj melebihi estimasi analis. Sedangkan mata uang euro siap untuk penurunan bulanan terbesarnya sejak Februari 2013 menjelang rilis data besok pada penjualan retail Jerman dan inflasi Spanyol yang dapat mengurangi perkara stimulus tambahan dari ECB (European Central Bank). Yen bertambah 0.1% ke level 101.74 per dollar pada 1:40 siang di Tokyo, bersiap untuk gain bulan ini sebesar 0.5%. yang diperdagangkan pada level 138.41 per euro setelah menyentuh level 138.22, yang terkuat sejak 21 Mei. Mata uang bersama Eropa telah bertambah 0.1% ke level $1.3605 setelah jatuh ke level terendah diposisi harga $1.3589 Rabu kemarin, level yang lama tidak pernah terlihat sejak 13 Feb. lalu, sementara dollar Aussie naik 0.4% ke level 92.77 sen A.S, memangkas penurunan bulanannya ke level 0.1%.(tito) Sumber : Bloomberg

 

H-Shares Hong Kong Menuju Gain Bulanan Terbesar sejak November

Saham China yang terdaftar di Hong Kong telah bergerak menuju gain bulanan terbesarnya sejak November silam dengan kenaikan yang dipimpin oleh produsen mobil. Kingsoft Corp. terjatuh setelah peringkat ekuitasnya dipangkas oleh kurang lebih tiga perusahaan pialang.

Dongfeng Motor Group Co. naik 1.9% setelah JPMorgan Chase & Co. mengatakan bahwa jauh lebih sedikit bearish pada produsen mobil. Belle International Holdings Ltd., yang merupakan penjual retail sepatu perempuan, rebound 2.3% setelah jatuh 5.3% selama dua hari terakhir. Kingsoft jatuh 11% setelah China International Capital Corp. berada diantara penurunan pihak yang menurunkan peringkat dari saham produsen software tersebut. Shandong Gold Mining Co. tergelincir untuk hari keempat di Shanghai seiring harga bullion menyentuh levelterendah sejak Februari. Index Hang Seng China Enterprises atau H-share, naik 0.6% ke level 10,254.70 pada 1:05 siang di Hong Kong, bergerak menuju kenaikan bulanan sebesar 4.9%. index Hang Seng naik 0.4 % ke level 23,166.43. index Shanghai Composite sedikit berubah dilevel 2,049.54 seiring terdapat lebih dari dua saham yang tergelincir untuk tiap saham yang naik. Index H-shares telah memangkas penurunan tahunannya ke level 5.7% hingga kemarin yang berada ditengah spekulasi bahwa pihak pemerintah akan menopang perlambatan ekonomi. Acuan tersebut ditransaksikan pada level 7.1 kali estimasi laba pada penutupan terakhir, dibandingkan dengan level 10.7 pada index Hang Seng dan level 16.2 pada index S&P 500. Sumber : Bloomberg

 

Index Topix Berayun Seiring Gain Produsen Mobil, Real Estate Jatuh

Index Topix berayun antara gain dan losses, setelah mencatatkan lima hari kenaikan seiring kenaikan saham produsen mobil sementara perusahaan ekspedisi dan juga para developer mengalami kemunduran.

Toyota Motor Corp., gain 0.8% bahkan sehubungan dengan penguatan yen. Nippon Suisan Kaisha Ltd. bergerak menuju penutupan tertingginya dalam lima tahun terakhir setelah SMBC Nikko Securities Inc. mendorong peringkatnya pada pembuat produk seafood. Acuan yang menelusuri produsen logam non-besi dan perusahaan real estate telah terjatuh 0.4% untuk penurunan terbesar diantara 33 grup industri dari index Topix. Credit Saison Co. mengalami penurunan terbesar pada rata-rata saham dari index Nikkei 225 setelah Credit Suisse Group AG memangkas harga targetnya untuk pemberi pinjaman konsumen tersebut. Index Topix gain 0.2% ke level 1,200.68 pada 12:48 siang di Tokyo setelah jatuh 0.4%. acuan tersebut naik 4.2% dalam lima hari sebelumnya dan naik 3.3% pada periode Mei, bersiap untuk kenaikan bulanan pertamanya tahun ini. Index Nikkei 225 hari ini bertambah 0.1% ke level 14,690.16. Acuan Jepang tersebut ditransaksikan pada level 1.16 kali nilai buku pada penutupan terakhir, dibandingkan dengan level 2.66 untuk index S&P 500 dan level 1.90 untuk index Stoxx Europe 600. Volume pada index Topix Kamis ini berada dikisaran level 3.4% lebih tingggi dibandingkan rata-rata intraday 30-hari.(tito) Source : Bloomberg

 

Hong Kong H-Shares Head for Biggest Monthly Gain Since November

Chinese stocks listed in Hong Kong headed for their biggest monthly gain since November as automakers led the advance. Kingsoft Corp. dropped after its equity rating was cut by at least three brokerages.

Dongfeng Motor Group Co. rose 1.9 percent after JPMorgan Chase & Co. said it’s much less bearish on carmakers. Belle International Holdings Ltd., a ladies footwear retailer, rebounded 2.3 percent after dropping 5.3 percent the past two days. Kingsoft tumbled 11 percent after China International Capital Corp. was among those that downgraded the software maker’s shares. Shandong Gold Mining Co. slid for a fourth day in Shanghai as bullion prices touched the lowest since February. The Hang Seng China Enterprises Index, also known as the H-share index, rose 0.6 percent to 10,254.70 as of 1:05 p.m. in Hong Kong, headed for a 4.9 percent monthly advance. The city’s benchmark Hang Seng Index climbed 0.4 percent to 23,166.43. The Shanghai Composite Index was little changed at 2,049.54 as more than two shares slid for each that rose. The H-shares index pared its yearly loss to 5.7 percent through yesterday amid speculation the government would prop up the slowing economy. The gauge traded at 7.1 times estimated earnings at the last close, compared with 10.7 on the Hang Seng Index and 16.2 on the Standard & Poor’s 500 Index. Tomorrow is the last trading day this month before a three-day weekend. Source : Bloomberg

 

Brent Gains for First Time in Three Days on Ukraine; WTI Steady

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Brent crude rose for the first time in three days amid speculation that escalating violence in Ukraine may disrupt supplies to Europe from Russia, the world��s largest energy exporter. West Texas Intermediate was steady in New York.

Futures gained as much as 0.3 percent in London. Ukraine said it will press on with military operations against pro-Russian separatists after its forces retook Donetsk airport and inflicted œsignificant losses on the rebels. U.S. crude stockpiles probably expanded by 250,000 barrels last week, rebounding from the biggest drawdown since January, according to a Bloomberg News survey before an Energy Information Administration report tomorrow.

Brent for July settlement climbed as much as 33 cents to $110.35 a barrel on the London-based ICE Futures Europe exchange and was at $110.32 at 11:24 a.m. Sydney time. The contract declined 30 cents to $110.02 yesterday. The volume of all futures traded was about 46 percent below the 100-day average. Prices have advanced 2.1 percent this month.

WTI for July delivery was 14 cents higher at $104.25 a barrel in electronic trading on the New York Mercantile Exchange. The U.S. benchmark crude was at a discount of $6.11 to Brent. The spread shrank closed at $5.91 yesterday, the narrowest in six weeks.

Gasoline stockpiles in the U.S., the world��s largest oil consumer, probably increased by 250,000 barrels in the week ended May 23, according to the median estimate of eight analysts surveyed by Bloomberg. Distillate supplies, including heating oil and diesel, are projected to have slid by 200,000 barrels.

Copy Source: Bloomberg

Gold Extends Retreat to 15-Week Low on Improving U.S. Economy

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Gold fell to the lowest level in more than 15 weeks as U.S. economic data that beat estimates backed the case for the Federal Reserve to keep on reducing monetary stimulus and on concern demand in China is waning.

Bullion for immediate delivery decreased as much as 0.3 percent to $1,261.71 an ounce, the lowest price since Feb. 7, and traded at $1,262.41 by 8:26 a.m. in Singapore, according to Bloomberg generic pricing. The metal sank 2.2 percent yesterday in its biggest one-day decline this year after data showed U.S. durable goods orders unexpectedly rose in April.

Gold has rebounded 5.1 percent this year partly on unrest in Ukraine. Holdings in the SPDR Gold Trust, the largest bullion-backed exchange-traded product, rose 1.1 percent to 785.28 tons yesterday, the biggest one-day gain since August 2011. Assets dropped to 776.89 tons on May 21, the lowest level since December 2008.

Copy Source: Bloomberg

Gold Futures Decline to Two-Week Low as Ukraine Outlook Weighed

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Gold fell to a two-week low in New York as investors assessed whether the election of Ukraine��s president will ease tension with Russia, reducing the metal��s appeal as a haven.

Ukraine��s President-elect Petro Poroshenko vowed to step up operations to rein in separatists in the east of the country as fighting continued after the weekend election. His victory has relieved the immediate pressure on the U.S. and the European Union to impose tougher sanctions against Russia. Gold rose 6.7 percent this year, partly as the tensions spurred haven demand.

Prices slid 28 percent last year on expectations the U.S. Federal Reserve would ease stimulus. Minutes released this month of the central bank��s April meeting showed policy makers said that continued stimulus to push unemployment lower doesn��t risk sparking an undesirable jump in inflation. The dollar rose as much as 2.7 percent versus the euro since May 8. Gold priced in dollars becomes more expensive for holders of other currencies when the greenback strengthens.

œThere��s no panic over Ukraine, Bernard Sin, the head of currency and metal trading at MKS (Switzerland) SA, a Geneva- based refiner, said today by phone. œThe strengthening dollar has also curbed demand, he said.

Gold for August delivery fell 0.7 percent to $1,282.80 an ounce by 7:33 a.m. on the Comex in New York. It reached $1,282, the lowest since May 12. U.S. markets were closed yesterday for the Memorial Day holiday and transactions will be booked today for settlement purposes.

Source : Bloomberg

WTI Oil Falls From Five-Week High on Ample Supply; Brent Steady

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West Texas Intermediate crude slipped from a five-week high on speculation that U.S. inventories are sufficient to meet increasing fuel demand. Brent traded near $110 after elections in Ukraine.

Futures fell as much as 0.6 percent in New York. U.S. crude supplies rose in April to the highest level since the government began publishing weekly data in 1982 and remain near a record for the time of year. Stockpiles at Cushing, Oklahoma, the delivery point for WTI, dropped to a six-year low in the week ended May 16.

WTI for July delivery fell 61 cents, or 0.6 percent, to $103.74 a barrel at 9:28 a.m. on the New York Mercantile Exchange. Futures touched $104.50 for a second day, the highest intraday level since April 21. The volume of all futures traded was 22 percent below the 100-day average.

Brent for July settlement decreased 40 cents to $109.92 a barrel on the London-based ICE Futures Europe exchange. Volume was 25 percent lower than the 100-day average. The North Sea crude traded at a $6.18 premium to WTI, compared with $6.19 at the close on May 23.

Source : Bloomberg

Dollar Strengthens After Durable Goods Orders Unexpectedly Gain

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The dollar strengthened to almost a one-month high after a report showed U.S. orders for durable goods unexpectedly rose in April.

The euro headed for the biggest monthly drop since January versus the U.S. currency after European Central Bank President Mario Draghi signaled yesterday that policy makers are ready to expand stimulus. South Africa��s rand slipped to the weakest level in almost a week as a report showed gross domestic product contracted for the first time since 2009 in the first quarter.

The Bloomberg Dollar Spot Index, which tracks the greenback against the performance of a basket of 10 major currencies, advanced 0.1 percent to 1,011.28 as of 8:48 a.m. New York time. The index reached 1,012.43 on May 23, the strongest level since April 24.

The euro fell 0.1 percent to $1.3640. Europe��s shared currency was little changed at 139.06 yen after declining to 138.15 on May 21, the least since Feb. 6. The dollar was little changed at 101.96 yen.

Source : Bloomberg

WTI Crude Trades Near Four-Week High Before U.S. Economic Data

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West Texas Intermediate traded near the highest price in more than four weeks before data that may signal the strength of the economy in the U.S., the world��s biggest oil consumer.

WTI for July delivery was at $104.29 a barrel in electronic trading on the New York Mercantile Exchange, down 6 cents, at 11:49 a.m. Sydney time. Yesterday��s transactions will be booked with today��s for settlement purposes. The contract gained 61 cents to $104.35 on May 23, the highest close since April 21. The volume of all futures traded was four times the 100-day average. Prices have increased 6 percent this year.

Brent for July settlement was 14 cents higher at $110.46 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $6.17 to WTI, compared with $6.19 on May 23.

Copy Source: Bloomberg

Yen Falls as Global Easing Bets Sap Haven Bid; Aussie, Kiwi Rise

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The yen fell to the lowest in a week against the euro as gains in Asian stocks and speculation policy makers globally will add to measures supporting growth damped demand for haven assets.

Japan currency dropped versus all except two of its 16 major counterparts before Bank of Japan Governor Haruhiko Kuroda speaks at a conference tomorrow. The Australian and New Zealand dollars climbed, paring declines this month. The euro was set for its biggest monthly drop since January after European Central Bank President Mario Draghi signaled yesterday policy makers are ready to expand stimulus should inflation slow. The dollar remained lower versus most peers before data today forecast to show durable goods orders fell.

The yen lost 0.1 percent to 139.30 per euro at 11:17 a.m. in Tokyo from yesterday, after touching 139.37, the weakest level since May 16. It was unchanged at 101.94 per dollar in New York, when it touched 102.05, the weakest since May 15. The euro gained 0.1 percent to $1.3665 after falling to as low as $1.3615 yesterday, a level unseen since Feb. 13.

Australia��s dollar rose 0.2 percent to 92.56 U.S. cents. New Zealand��s currency gained 0.2 percent to 85.69 U.S. cents.

The MSCI Asia Pacific Index of shares climbed 0.2 percent.

Gold Trades Below $1,300 on New Ukraine President, Euro Weakness

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Gold traded below $1,300 an ounce as investors assessed whether the election of Ukraine��s president will ease tension with Russia and as the euro weakened against the dollar, reducing the appeal of the commodity.

Bullion for immediate delivery was at $1,292.72 an ounce at 8:53 a.m. in Singapore from $1,292.91 yesterday, according to Bloomberg generic pricing. Gold has risen 7.6 percent this year partly on tension between Ukraine and Russia.

Ukraine��s President-elect Petro Poroshenko vowed to step up operations to rein in separatists in the east of the country as fighting continued after the weekend election. Gold is little changed this month as the euro lost 1.4 percent versus the dollar, reaching a three-month low yesterday, as European Central Bank President Mario Draghi signaled policy makers are ready to add stimulus in June. Dollar-denominated gold becomes more expensive for holders of other currencies when the greenback strengthens.

Gold for August delivery traded at $1,292.70 an ounce on the Comex in New York from $1,291.90 on May 23. U.S. markets were closed yesterday for the Memorial Day holiday and transactions will be booked today for settlement purposes.

Silver for immediate delivery traded at $19.445 an ounce from $19.4351 yesterday. Prices are set to snap two months of losses.

Platinum rose 0.2 percent to $1,479.31 an ounce after climbing to $1,496.38 on May 22, the highest level since September. Palladium was little changed at $833 an ounce after reaching $839 on May 22, the highest since August 2011. The metal is heading for a fourth month of gains in the longest such rally since January 2011.

Copy Source: Bloomberg

Gold Holds Below $1,300; U.S. Economy Weighed Against Ukraine

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Gold held below $1,300 an ounce as investors weighed the outlook for U.S. monetary stimulus against unrest in Ukraine. Assets in exchange-traded funds backed by platinum and palladium climbed to records.

Gold fell 28 percent last year on expectations the Federal Reserve will reduce bond purchases as the economy improves. Prices rebounded 7.6 percent this year partly on tension between Ukraine and Russia. It��s Memorial Day in the U.S.

Gold for immediate delivery dropped 6 cents, or less than 0.1 percent, to $1,292.55 an ounce today in London, according to Bloomberg generic pricing. Prices dropped 0.1 percent on May 23 after sales of new homes in the U.S. increased the most since October.

Futures for August delivery rose 0.1 percent to $1,292.70 an ounce on the Comex in New York. Investors cut their net-long positions on gold for a second week to 90,358 contracts in the week ended May 20, U.S. Commodity Futures Trading Commission data show.

Source : Bloomberg

Dollar falls versus euro, rises against yen

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MADRID -- The U.S. dollar fell against the euro on Monday, but the single currency stayed near three-month lows after European Central Bank President Mario Draghi hinted of monetary policy easing.

The dollar rose to $1.3642 from $1.3630 in late North American trading on Friday. Expectations that the ECB will ease monetary policy when it meets next week have pressured the single currency in recent weeks.

Draghi was speaking at the ECB Forum near Lisbon and spoke of a risk of deflationary expectations if low prices continue, which could weigh on spending. "We are not resigned to allowing inflation to remain too low for too long," he said.

The dollar was on solid footing against the Japanese yen trading at 101.90 from ¥101.97 in the prior session. The ICE dollar index, which weighs the greenback against six other currencies, rose to 80.291 from 80.374 in Friday's late North American trading.

Source : MarketWatch

Brent Crude Falls as Ukraine Elects President; WTI Declines

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Brent crude fell amid speculation Ukraine��s election of a new president may help ease months of tension with Russia, the world��s biggest energy exporter. West Texas Intermediate slid in New York.

Futures dropped as much 0.5 percent in London. Ukrainians voted billionaire Petro Poroshenko as president yesterday, handing him the task of stemming separatist unrest in the country, a conduit for Russian oil and natural gas supplies to Europe. China, the second-largest oil consumer globally, announced plans to slow the pace of energy demand.

Brent for July settlement declined as much as 59 cents to $109.95 a barrel on the London-based ICE Futures Europe exchange and was at $110.09 at 12:02 p.m. Singapore time. The contract gained 18 cents to $110.54 on May 23. The volume of all futures traded was about 3 percent below the 100-day average. Prices have lost 0.7 percent this year.

WTI for July delivery decreased as much as 32 cents, or 0.3 percent, to $104.03 a barrel in electronic trading on the New York Mercantile Exchange. The U.S. benchmark crude traded at a discount of $6.025 to Brent. The spread closed at $6.19 on May 23, the narrowest in five weeks.

There will be no floor trading in New York today because of the U.S. Memorial Day holiday and transactions will be booked tomorrow for settlement purposes.

Copy Source: Bloomberg

China Stocks Climb on Policy Support Speculation; Carmakers Jump

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China stocks rose, sending the benchmark index to the highest level in almost two weeks, amid speculation policy makers will take further steps to bolster economic growth.

The Shanghai Composite Index climbed 0.4 percent to 2,042.52 as of 10:08 a.m. local time after Premier Li Keqiang said the nation will fine-tune policy to support the economy. SAIC Motor Corp. and Avic Aircraft Co. paced gains among transportation companies after President Xi Jinping urged development of new energy vehicles and said the nation should invest more to develop airliners.

Copy Source: Bloomberg

Hong Kong Stocks Advance After Capping Back-to-Back Weekly Gains

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Hong Kong stocks rose, after the city benchmark index capped two straight weekly gains, as energy and technology companies led the advance.

The Hang Seng Index added 0.2 percent to 23,019.37 as of 9:31 a.m. in Hong Kong, heading for its highest close since April 14. The Hang Seng China Enterprises Index increased 0.4 percent to 10,160.25. The gauge of mainland companies traded in the city climbed 1.7 percent last week, extending its rebound from a May 7 low to 4.8 percent, as investors weighed prospects for China��s policy makers to support growth with more stimulus.

The Standard & Poors 500 Index climbed to a record at the end of last week, closing above 1,900 for the first time, as a report showed purchases of new homes climbed in April. The U.S. and U.K. equity markets are closed for holidays today.

Copy Source: Bloomberg

Japans Topix Heads for Seven-Week High on Yen, U.S. Optimism

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Japans Topix index headed for a seven-week high as the yen held declines and U.S. stocks climbed to a record after new home sales data buoyed optimism about the world��s largest economy.

Electrical-appliance exporters provided the biggest boost to the Topix. Nikon Corp. climbed the most on the Nikkei 225 Stock Average after the camera maker��s equity rating was raised at Credit Suisse Group AG. Sony Corp. gained 3.6 percent after saying it has formed a joint venture to make and sell game consoles in China. Dainippon Sumitomo Pharma Co. was untraded and poised to fall after saying it was ending a drug trial.

The Topix climbed 0.8 percent to 1,190.13 as of 12:41 p.m. in Tokyo, poised for its highest close since April 7. All but four of the 33 industry groups advanced, with volume about in line with the 30-day intraday average. The measure gained 1.8 percent last week. The Nikkei 225 added 0.5 percent today to 14,539.70. The yen gained less than 0.1 percent to 101.89 per dollar after falling 0.2 percent on May 23.

Copy Source: Bloomberg

Hong Kong Stocks Swing After Capping Back-to-Back Weekly Gains

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Hong Kong stocks swung between gains and losses on low trading volume, after the city��s benchmark index capped two straight weekly increases, as investors weighed whether China��s government will add to stimulus.

Winsway Coking Coal Holdings Ltd. led declines for energy producers, which posted the biggest drop among the 11 industry groups on the Hang Seng Composite Index. PetroChina Co. dropped 1.1 percent, dragging on the Hang Seng Index. Minth Group Ltd., which makes car parts, jumped 5.7 percent after a report that Chinese President Xi Jinping urged the development of new-energy vehicles.

The Hang Seng Index slipped 0.1 percent to 22,950.39 at the midday trading break in Hong Kong, after gaining as much as 0.5 percent. Volume on the measure was 30 percent less than its 30-day intraday average. The Hang Seng China Enterprises Index dropped 0.3 percent to 10,091.08. The gauge of mainland companies traded in the city climbed 1.7 percent last week, extending its rebound from a May 7 low to 4.8 percent.

The Hang Seng Index is up 3.7 percent this month, the second-best performer among major developed markets tracked by Bloomberg. The Standard & Poor��s 500 Index climbed to a record at the end of last week, closing above 1,900 for the first time, as a report showed purchases of new homes climbed in April. U.S. and U.K. equity markets are closed for holidays today.

Copy Source: Bloomberg

What China Property Crash? Economists See Growth Bump

China’s biggest homebuilding slump in at least four years isn’t enough to dissuade a majority of economists from predicting real estate will still contribute to 2014 growth. Property controls will be eased, they said in a Bloomberg News survey.
While 12 of 18 economists say China has some national oversupply of housing, only seven say the market is in a bubble state countrywide, according to the survey conducted from May 15 to May 20. Half see bubbles in some cities, and a majority says the loosening of restrictions on home purchases and loans will be limited to a regional level.
New construction has fallen 22 percent and sales have slumped 7.8 percent this year, testing the government’s four-year commitment to curbs targeted at making homes more affordable and its reluctance to enact broader economic stimulus. The slowdown’s depth will have implications for everything from demand for Australian iron ore to land sales that help local governments repay their $3 trillion of debt.
“China won’t fully lose the engine, but the engine will roar less than in the past and will be a more moderate supporter for growth,” said Louis Kuijs, Royal Bank of Scotland Group Plc’s chief Greater China economist in Hong Kong, who formerly worked at the World Bank.
Central bank Governor Zhou Xiaochuan said China may have housing bubbles in some cities, an issue that’s difficult to resolve with a single nationwide policy. The economy “can still manage something around a 7.5 percent growth rate,” Zhou said in an interview in Rwanda yesterday, referring to the nation’s expansion target for 2014.

Ukraine Forces Suffer Worst Losses of Crisis Amid Unrest

Violence in eastern Ukraine cast a shadow on this weekend’s presidential election, as government forces suffered their worst losses in battles with pro-Russian separatists since the secession campaign began in March.

An attack by rebels near Volnovakha, about 50 kilometers (31 miles) south of Donetsk, left 16 servicemen dead, First Deputy Health Minister Ruslan Salyutin said in televised remarks yesterday. One soldier was killed and two injured in the Luhansk region, the Defense Ministry said. The bloodshed was condemned by Ukraine’s allies, including the U.S. and the U.K.
“The armed separatists who are continuing to terrorize the people of Luhansk and Donetsk must not be allowed to deny Ukrainians their right to vote,” U.K. Foreign Secretary William Hague said in a statement yesterday. “Despite this appalling provocation, we call on the Ukrainian government to continue its policy of restraint.”
The conflict is taking a deadly turn after President Vladimir Putin said he’s easing the way for Ukraine’s May 25 election by pulling back Russian troops. The government in Kiev accused its eastern neighbor of seeking to destabilize the country before the ballot as Russia’s Foreign Ministry said holding the vote during a conflict will be “very difficult.”
United Nations Secretary-General Ban Ki-moon is “dismayed by the deadly overnight attack against a military checkpoint in eastern Ukraine” and appeals to all parties to increase efforts for free and fair elections to take place, Ban’s spokesman Stephane Dujarric said yesterday in an e-mailed statement.

Asian Stocks Climb as Baht Rebounds; Palladium Declines

Asian stocks rose to the highest level in more than four months, led by Japanese shares, on signs of growth in the world’s largest economies. Palladium retreated from a 33-month high, while Thailand’s baht advanced, regaining some of yesterday’s losses following a military coup.
The MSCI Asia Pacific Index added 0.4 percent by 2:20 p.m. in Tokyo, set for the highest close since the start of January. Japan’s Topix index rose 1.1 percent. Futures on the Standard & Poor’s 500 Index (SPX) and FTSE 100 Index were little changed. The euro headed for a third week of losses, while the baht gained 0.2 percent. Palladium declined for the first day in six and platinum slid 0.3 percent. Credit risk in Asia fell a third day.
The U.S. reports new home sales today after yesterday following China with better-than-estimated manufacturing data, while German business confidence due today is forecast to fall. Thailand’s army staged its 12th coup in eight decades as the army chief said he was seizing control to restore peace. In Ukraine, 16 soldiers were killed in an attack by pro-Russian insurgents, before the presidential election this weekend.
“Most people view that the U.S. will be the growth engine of the world this year,” Chris Weston, chief market strategist at IG Markets Ltd. in Melbourne, said by phone. “If you look at everything on an adjusted basis, the equity market probably continues to be the most compelling place to be in at the moment.”

Gold Rises on U.S. Jobs Data as Palladium Jumps to 33-Month High

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Gold futures rose after U.S. jobless claims increased more than forecast, boosting demand for the metal as a haven. Palladium climbed to a 33-month high on supply concerns, and platinum jumped to the highest since September.

U.S. jobless claims increased to 326,000 in the week ended May 17, government figures showed today. The median forecast of 50 economists surveyed by Bloomberg called for a rise to 310,000. This year, gold has gained 7.7 percent, partly on concern that the economic recovery was fragile.

Yesterday, gold fell as much as 0.9 percent as Federal Reserve minutes showed policy makers said that continued stimulus to push unemployment lower doesn��t risk sparking an undesirable jump in inflation.

Gold futures for August delivery rose 0.5 percent to settle at $1,295.20 an ounce at 1:37 p.m. on the Comex in New York, the biggest increase for a most-active contract since May 14.

Copy Source: Bloomberg

Asian Stocks Extend Weekly Increase on U.S. Manufacturing, Yen

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Asian stocks rose, with the regional benchmark extending its weekly advance, after data showed U.S. manufacturing expanded and as the yen held yesterday��s losses.

The MSCI Asia Pacific Index added 0.2 percent to 140.513 as of 9:02 a.m. in Tokyo, heading for a 0.6 percent gain this week. Japan��s Topix index rose 0.6 percent as the yen was little changed at 101.79 per dollar after falling 0.4 percent yesterday. Markets in Hong Kong and China are yet to open.

South Korea��s Kospi index slipped 0.1 percent. Australia��s S&P/ASX 200 Index gained 0.1 percent, while New Zealand��s NZX 50 Index added 0.2 percent.

Thailand��s army chief took control of the country and suspended the constitution after a six-month crisis that has sapped economic growth and caused political paralysis, staging the military��s 12th coup since 1932.

Two days after declaring martial law and saying there was no coup, Army Chief Prayuth Chan-Ocha announced on national television alongside senior military officials yesterday that he was seizing control to restore peace.

Source : Bloomberg

Gold Holds Decline After Fed as Palladium Nears 33-Month High

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Gold held losses after the Federal Reserve said it sees a muted inflation risk from continued stimulus and assets in the SPDR Gold Trust fell to the lowest since December 2008. Palladium traded near a 33-month high.

Bullion for immediate delivery was at $1,292.45 an ounce at 10:13 a.m. in Singapore from $1,292.04 yesterday when prices retreated 0.2 percent, according to Bloomberg generic pricing. Gold for August delivery advanced 0.4 percent to $1,292.90 an ounce on the Comex in New York.

The Fed pared its monthly asset buying to $45 billion in April, its fourth straight $10 billion cut, and said further reductions in measured steps are likely. Bullion climbed 70 percent from December 2008 to June 2011 as the central bank bought debt and held borrowing costs near zero percent.

Assets in the SPDR, the world��s biggest gold-backed exchange-traded product, dropped 0.4 percent to 776.89 tons yesterday, the lowest since December 2008, according to data compiled by Bloomberg.

Palladium for immediate delivery traded at $828.89 an ounce from $828.85 yesterday, when prices touched $834.29, the highest since August 2011. In South Africa, the world��s second-biggest producer, workers at the top three mining companies have been on strike since late January, crippling output. Investors boosted their ETP holdings to a record 86.3 metric tons on May 21, data compiled by Bloomberg show.

Silver rose 0.2 percent to $19.4393 an ounce. Platinum fell 0.1 percent to $1,475.31 an ounce.

Source : Bloomberg

WTI Falls From 4-Week High Before China PMI Data; Brent Steady

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West Texas Intermediate crude fell from the highest price in more than four weeks amid speculation that factory production in China remained in contraction for a fifth month. Brent was steady in London.

Futures dropped as much as 0.4 percent in New York. HSBC Holdings Plc��s Purchasing Managers�� Index for China probably rose to 48.3 in May, according to a Bloomberg News survey of economists. Readings below 50 indicate a contraction. Gasoline and distillate inventories rebounded last week in the U.S., the world��s biggest oil consumer, data from the Energy Information Administration showed yesterday.

WTI for July delivery slid as much as 40 cents to $103.67 a barrel in electronic trading on the New York Mercantile Exchange and was at $103.92 at 11:11 a.m. Sydney time. Front-month futures rose $1.63 to $104.07 yesterday, the highest close since April 21. The volume of all futures traded was about 40 percent below the 100-day average. Prices are up 5.6 percent this year.

Brent for July settlement was 5 cents lower at $110.50 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $6.60 to WTI. The spread closed at $6.48 yesterday, the narrowest in a month.

U.S. crude inventories shrank by 7.23 million barrels in the week ended May 16, according to the EIA, the Energy Department��s statistical arm. Gasoline stockpiles increased by 970,000 barrels while distillate supplies, including heating oil and diesel, gained 3.4 million.

Source : Bloomberg

Dollar Holds Advance on 200-Day Moving Average; Aussie Declines

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The dollar remained higher against the yen after the U.S. currency rebounded from a key technical level at its 200-day moving average.


The greenback also held gains after a rebound in stocks boosted investors�� appetite for risk and an increase in Treasury yields improved the allure of U.S. assets. Australia��s dollar fell against most major peers before a private survey forecast to signal manufacturing contracted for a fifth month in China, the South Pacific nation��s biggest trading partner.


The U.S. currency gained 0.1 percent to 101.46 yen as of 8:50 a.m. in Tokyo from yesterday, and was little changed at $1.3685 per euro after advancing 0.1 percent in New York. The yen traded at 138.79 per euro from 138.74.


The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, was little changed at 1,009.49, following a two-day 0.2 percent advance.


The Standard & Poor��s 500 Index rose 0.8 percent yesterday, rebounding from a 0.7 percent drop the previous session. U.S. Treasury 10-year note yields rose two basis points, or 0.02 percentage point, to 2.53 percent in New York.


A preliminary reading of a purchasing managers�� index by HSBC Holdings Plc and Markit Economics today will probably be 48.3 for May, according to the median estimate of economists polled by Bloomberg News. That would be a fifth month for the manufacturing gauge below the breakeven level of 50, the longest stretch since 2012.


The Aussie slipped 0.2 percent to 92.36 U.S. cents. It touched 92.09 yesterday, the least since May 2.


Source : Bloomberg

Gold Prices Decline as Federal Reserve Sees No Inflation Risk

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Gold declined as the Federal Reserve said it sees a muted inflation risk from continued stimulus, lowering demand for the precious metal as a hedge against rising consumer costs.

Gold for immediate delivery fell 0.3 percent to $1,290.68 an ounce at 2:32 p.m. in New York, according to Bloomberg generic pricing.

On the Comex in New York, gold futures for June delivery closed 0.5 percent lower at $1,288.10 an ounce. The contract settled before the Fed statement was released.

The Fed pared its monthly asset buying to $45 billion in April, its fourth straight $10 billion cut, and said further reductions in measured steps are likely.

Bullion climbed 70 percent from December 2008 to June 2011 as the central bank bought debt and held borrowing costs near zero percent.

Copy Source: Bloomberg

WTI Oil Rises to One-Month High on U.S. Supply Drop

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West Texas Intermediate crude rose to a one-month high after an industry report showed U.S. stockpiles tumbled last week. Brent oil increased on unrest in Libya.

Futures advanced as much as 0.9 percent in New York. Crude supplies dropped by 10.3 million barrels last week, the American Petroleum Institute reported yesterday. A government report today will probably show inventories were unchanged near a record high, according to a Bloomberg survey. The U.S. moved a Marine contingent to Italy yesterday to prepare for the possible evacuation of American personnel from Libya.

WTI for July delivery increased 90 cents, or 0.9 percent, to $103.23 a barrel at 9:39 a.m. on the New York Mercantile Exchange. Prices reached $103.29, the highest intraday level since April 22. The volume of all futures traded was 20 percent above the 100-day average for the time of day.

Brent for July settlement gained 40 cents, or 0.4 percent, to $110.09 a barrel on the London-based ICE Futures Europe exchange. Volume was 11 percent higher than the 100-day average. The European benchmark crude traded at a $6.86 premium to WTI.

Source : Bloomberg

Gold Holds Below $1,300 as SPDR Assets Drop to Lowest Since 2008

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Gold held below $1,300 an ounce before U.S. economic data that may provide clues on the outlook for monetary stimulus. Holdings in the largest exchange-traded product shrank to the lowest level since December 2008.

Bullion for immediate delivery traded at $1,294.63 an ounce at 2:20 p.m. in Singapore from $1,294.37 yesterday, according to Bloomberg generic pricing. Assets in the SPDR Gold Trust dropped to 780.19 metric tons yesterday, the lowest since December 2008.

Gold for June delivery was little changed at $1,294.70 an ounce on the Comex in New York. Global gold demand fell to 1,074.5 tons in the first quarter from 1,077.2 tons a year earlier as jewelry purchases countered slides in investment and central-bank buying, the World Gold Council said yesterday.

Silver for immediate delivery traded at $19.449 an ounce from $19.4218 yesterday. Platinum rose 0.3 percent to $1,472.69 an ounce. Palladium increased 0.3 percent to $827.83 an ounce after prices yesterday reached $829.30, the highest level since August 2011.

Source : Bloomberg

Yen Gains as BOJ Refrains From Adding Stimulus; Aussie Declines

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The yen rose versus all 16 major peers after the Bank of Japan refrained from expanding stimulus and said it expects a moderate economic recovery to continue.

The currency was near a three-month high against the greenback as the U.S. yield premium over Japan shrank before the release of minutes from the Federal Reserve��s April meeting. Australia��s dollar held its sharpest loss in two months after consumer confidence dropped and iron ore prices fell to the lowest since September 2012. New Zealand��s kiwi touched the lowest this month after Fonterra Cooperative Group Ltd. said whole-milk powder prices declined for a seventh auction.

The yen gained 0.2 percent to 101.17 per dollar as of 1:38 p.m. in Tokyo from yesterday, when it added 0.2 percent. It touched 101.10 on May 19, the strongest since Feb. 5. Japan��s currency fetched 138.61 per euro from 138.83 yesterday, when it reached 138.55, the highest level since Feb. 7. The 18-nation euro traded unchanged at $1.3702.

Source : Bloomberg

Gold Holds Below $1,300 as SPDR Assets Drop to Lowest Since 2008

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Gold held below $1,300 an ounce before U.S. economic data that may provide clues on the outlook for monetary stimulus. Holdings in the largest exchange-traded product shrank to the lowest since December 2008.

Bullion for immediate delivery traded at $1,294.03 an ounce at 9:47 a.m. in Singapore from $1,294.37 yesterday, according to Bloomberg generic pricing. Assets in the SPDR Gold Trust dropped to 780.19 metric tons yesterday, the lowest since December 2008.

Gold has risen 7.7 percent this year as tension in Ukraine countered expectations that the Federal Reserve will press on with reducing stimulus as the economy improves. The Fed will today release minutes from its last meeting, when bond-buying was pared for a fourth time. Data tomorrow may show more Americans applied for jobless benefits after last week��s report showed unemployment claims fell to the lowest in seven years.

Gold for June delivery was little changed at $1,294.10 an ounce on the Comex in New York. Global gold demand fell to 1,074.5 tons in the first quarter from 1,077.2 tons a year earlier as jewelry purchases countered slides in investment and central-bank buying, the World Gold Council said yesterday.

Silver for immediate delivery traded at $19.412 an ounce from $19.4218 yesterday. Platinum was at $1,471.06 an ounce from $1,468.88. Palladium traded at $826.75 an ounce from $825.68 yesterday, when prices reached $829.30, the highest level since August 2011.

Source : Bloomberg

WTI Oil Advances as U.S. Crude Stockpiles Shrink; Brent Steady

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West Texas Intermediate advanced for the third time in four days after industry data showed crude stockpiles declined in the U.S., the world��s biggest oil user. Brent in London was steady.

July futures rose as much as 0.6 percent in New York. Crude supplies shrank by 10.3 million barrels last week, the American Petroleum Institute said yesterday. A government report today will probably show inventories unchanged near a record high, according to a Bloomberg News survey. Russia said its troops are pulling back from Ukraine��s border, as Prime Minister Dmitry Medvedev warned the U.S. and the European Union they risk provoking a new Cold War.

WTI for July delivery rose as much as 65 cents to $102.98 a barrel in electronic trading on the New York Mercantile Exchange and was at $102.87 at 10:17 a.m. Sydney time. The volume of all futures traded was about 33 percent below the 100-day average. The June contract expired yesterday after dropping 17 cents to $102.44, the lowest since May 16.

Brent for July settlement gained 7 cents to $109.76 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $6.89 to WTI. It ended the session at $7.36 yesterday.

Crude supplies at Cushing, Oklahoma, the delivery point for New York futures, dropped by 261,000 barrels during the week ended May 16, the API said. Stockpiles have decreased as the southern leg of the Keystone XL pipeline began moving oil to Gulf Coast refineries from storage in January.

Source : Bloomberg

WTI Oil Falls on Ample U.S. Crude Supply; Brent Trades Near $109

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West Texas Intermediate crude slipped from a four-week high on speculation that U.S. inventories are adequate to meet demand from refineries making gasoline for the peak-demand summer months. Brent traded near $109 a barrel.

Futures fell as much as 0.3 percent in New York. A government report tomorrow will probably show that U.S. crude supplies were unchanged near a record high, according to a Bloomberg survey. WTI has climbed relative to other grades this year as the opening of the southern leg of the Keystone XL pipeline in January caused stockpiles to tumble at Cushing, Oklahoma, the delivery point for the futures. The link moves oil from the hub to refineries on the Gulf Coast.

WTI for June delivery slid 11 cents to $102.50 a barrel at 9:51 a.m. on the New York Mercantile Exchange. The contract, which expires today, climbed 59 cents to $102.61 yesterday, the highest settlement since April 21. The more-active July contract slipped 1 cent to $102.10.

Brent for July settlement declined 5 cents to $109.32 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade traded at a $7.22 premium to WTI futures for the same month.

Source :Bloomberg

Dollar Under Preassure in Asia After Mixed Data

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The dollar slipped in Asia Monday following mixed US data and simmering geopolitical concerns, while the Indian rupee sat close to one-year highs after the pro-business opposition won the country's general election.


In afternoon Tokyo trading, the greenback fetched 101.43 yen, against 101.54 yen in New York Friday afternoon.


The euro rose to $1.3700 from $1.3695 while changing hands at 138.98 yen against 139.08 yen.


On Friday, data showed US housing starts jumped a stronger-than-expected 13.2 percent in April, although the jump was driven by construction in the often-volatile multi-unit sector, while consumer confidence weakened.


Traders are now looking to Wednesday's release of minutes from the Federal Reserve's April 29-30 policy meeting, with Credit Agricole saying they "will be closely scrutinised for potential evolution of forward guidance as well as for clues on the monetary policy path going forward".


Also Wednesday the Bank of Japan will complete its own two-day policy meeting, which will be watched for an idea of its plans for its own monetary policy.


The dollar was mostly lower against other Asia-Pacific currencies. It fell to 11,358.80 Indonesian rupiah from  11,401.80 rupiah on Friday, to Tw$30.13 from Tw$30.15, and to 1,022.53 South Korean won from 1,025.16 won.

The US unit also dropped to Sg$1.2510 from Sg$1.2520, to 43.62 Philippine pesos from 43.75 pesos and to 32.47 Thai baht from 32.48 baht.


The Australian dollar was unchanged at 93.53 US cents while the Chinese yuan slipped to 16.23 yen from 16.26 yen.

Source : AFP

Gold Climbs First Time in Three Days on India Demand Speculation

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Gold futures climbed for the first time in three sessions on speculation that the newly elected Indian government will relax import restrictions, increasing demand for the precious metal.

India, the world��s biggest bullion consumer after China, will probably cut the 10 percent tax on shipments in July and relax rules on importers, Bachhraj Bamalwa, a director with the All India Gems & Jewellery Trade Federation, said today. The new finance minister will decide on easing, Reserve Bank of India Governor Raghuram Rajan said last week.

Gold futures for June delivery rose less than 0.1 percent to settle at $1,293.80 an ounce at 1:41 p.m. on the Comex in New York. This year, prices have climbed 7.6 percent amid signs of escalating geopolitical tension in Ukraine.

Copy Source: Bloomberg

Gold Rise on Speculation of India Relaxing Import Restrictions

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Gold climbed for the first time in three days in New York on speculation the new Indian government will relax import restrictions on the metal.

Incoming Indian leader Narendra Modi told thousands of supporters over the weekend that he represented a break from past governments after winning the nation��s biggest electoral mandate in 30 years. The new India finance minister will decide on easing gold import curbs, Reserve Bank of India Governor Raghuram Rajan said last week. China overtook India last year as the world��s biggest gold buyer.

œIndia looks positive, Bernard Sin, head of currency and metal trading at MKS (Switzerland) SA, a Geneva-based refiner, said by e-mail today. œThere may be signs of lifting restrictions.

Gold futures for June delivery rose 0.7 percent to $1,302.20 an ounce on the Comex in New York. Trading was 16 percent below the average for the past 100 days for this time, according to data compiled by Bloomberg.

The European Central Bank and 20 European central banks announced the fourth central bank gold agreement, without a cap on sales for the first time.

œThe signatories note that, currently, they do not have any plans to sell significant amounts of gold, according to the agreement anounced by the ECB. œGold remains an important element of global monetary reserves.

The statement is positive for gold because it indicates the metal will continue to be an important part of central bank reserves, Sin said.

Source : Bloomberg

Gold Climbs on Speculation of India Relaxing Import Restrictions

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Gold climbed for the first time in three days in London on speculation the new Indian government will relax import restrictions on the metal.

Incoming Indian leader Narendra Modi told thousands of supporters over the weekend that he represented a break from past governments after winning the nation��s biggest electoral mandate in 30 years. The new India finance minister will decide on easing gold import curbs, Reserve Bank of India Governor Raghuram Rajan said last week. China overtook India last year as the world��s biggest gold buyer.

œIndia looks positive, Bernard Sin, head of currency and metal trading at MKS (Switzerland) SA, a Geneva-based refiner, said by e-mail today. œThere may be signs of lifting restrictions.

Gold for immediate delivery rose 0.5 percent ot $1,300.40 an ounce by 9:34 a.m. in London.

The European Central Bank and 20 European central banks announced the fourth central bank gold agreement. œThe signatories note that, currently, they do not have any plans to sell significant amounts of gold, according to the agreement anounced by the ECB. œGold remains an important element of global monetary reserves.

Source : Bloomberg

Gold Holds Below $1,300 as U.S. Economy Weighed Against Ukraine

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Gold held below $1,300 an ounce as investors assessed the health of the U.S. economy and the impact on monetary stimulus against tension in Ukraine.

Bullion for immediate delivery rose and fell at least 0.3 percent before trading at $1,295.99 an ounce at 2:43 p.m. in Singapore from $1,293.52 on May 16, according to Bloomberg generic pricing. Last week, the metal completed the first weekly gain in three as rebels fought government forces in Ukraine.

Gold tumbled 28 percent in 2013 to end a 12-year rally on expectations the Federal Reserve would cut asset purchases as the economy recovers. The Fed has announced reductions at each of its past four meetings. Data this week may show more Americans applied for jobless benefits after last week��s report showed unemployment claims fell to the lowest in seven years.

Gold has advanced 7.9 percent this year in part as increasing tension in Ukraine fueled haven demand. In Vietnam, China is evacuating its citizens as Vietnamese authorities thwarted anti-China protests after violent demonstrations resulted in two deaths and damage at factories. The violence was spurred by anger over a Chinese oil rig in disputed waters.

Gold for June delivery advanced 0.2 percent to $1,296.30 an ounce on the Comex. Assets in the SPDR Gold Trust, the largest bullion-backed exchange-traded product, were at 781.98 metric tons on May 16 after dropping to 780.46 tons on May 12, the lowest since January 2009.

Source : Bloomberg