Aust dollar steady at noon

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The Australian dollar is relatively steady with no significant economic data or events to drive the currency market.

At 12.00pm (AEDT) on Monday, the local unit was at US77.79c, down from US77.87c on Friday.

During the morning it traded in a tight range, between US77.58c and US77.83c.

With US markets closed for the Presidents' Day holiday on Monday night, Australian time, trade has been uneventful, OANDA Asia Pacific senior trader Stephen Innes said.

Source : businessspectator

Gold Holds Two-Day Advance Before Greece Meets With Creditors

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Gold held a two-day advance as euro-area finance ministers prepare to meet in Brussels amid an impasse over Greece™s financing.

Bullion for immediate delivery traded at $1,230.04 an ounce at 9:04 a.m. in Singapore from $1,229.76 on Feb. 13, according to Bloomberg generic pricing. Prices rose for a second day on Feb. 13, trimming a weekly decline, as weaker U.S. consumer confidence added to concern that the economy is slowing.

Finance Minister Yanis Varoufakis leads a delegation to Brussels on Monday after officials failed to resolve the issue of funding Europe™s most indebted state last week. While Greece wants a six-month bridge arrangement to replace the current bailout and allow time to discuss a new deal, creditors say Alexis Tsipras™s government must abide by agreements struck by previous Greek administrations.

Finance ministers held their first talks with Varoufakis last week, with no deal beyond a willingness to keep talking. Tsipras™s Syriza party was elected Jan. 25 on a platform of ending austerity, raising concern that failure to agree on a new debt pact may trigger the country™s exit from the euro.

Silver for immediate delivery traded at $17.3507 an ounce from $17.3625 on Feb. 13. Platinum added 0.6 percent to $1,214.88 an ounce, while palladium was little changed at $791.25 an ounce.

Source : Bloomberg

Hong Kong Stocks Up 0.21% at Break

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Hong Kong shares added 0.21 percent in the morning session Monday, taking a lead from a record close for the S&P 500 on Wall Street, while traders await crucial debt talks between Greece and its creditors later in the day.

The benchmark Hang Seng Index rose 52.71 points to 24,735.25 by the break on turnover of HK$27.97 billion ($3.61 billion).

Source : AFP

Japanese Stocks Follow U.S. Higher as Economy Exit Recession

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Japanese stocks rose after U.S. equities climbed to a record and a report showed Asia™s second-biggest economy exited recession last quarter.

Banks, insurers and brokerages led gains among industry groups. Yokohama Rubber Co. jumped 4.8 percent as the tiremaker raised its forecast dividend payments. Asics Corp. tumbled 9.9 percent after the sportswear maker forecast profit that missed analyst estimates. Kuraray Co. dropped 2.1 percent after full-year net income forecasts missed estimates.

The Topix index gained 0.8 percent to 1,460.95 at the trading break in Tokyo, with all but five of its 33 industry groups rising. The measure climbed 2.3 percent last week. The Nikkei 225 Stock Average advanced 0.7 percent to 18,031.84. The yen added 0.1 percent to 118.61 per dollar, strengthening for a third day.

Japan™s economy expanded 2.2 percent in the fourth quarter on an annualized basis, after contracting the previous two periods. The median expectation of 32 economists surveyed by Bloomberg before the provisional data was for growth of 3.7 percent. An update on industrial production is due later in the day.

Source : Bloomberg

China Shares Flat in Morning Trade

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Chinese shares were flat in morning trade on Monday amid caution ahead of a long holiday for Chinese New Year, dealers said.

The benchmark Shanghai Composite Index edged up 0.04 percent, or 1.30 points, to 3,205.13.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.41 percent, or 6.37 points, to 1,575.93.

China's financial markets will be closed for a week from Wednesday.

Source : AFP