Forex - GBP/USD trims losses on improving U.K. trade data

Investing.com - The pound traded lower but steadily against the dollar in quiet trading on Friday, trimming earlier losses after U.K. trade data came in better than expected.

In U.S. trading on Friday, GBP/USD was trading at 1.5512, down 0.17%, up from a session low of 1.5498 and off from a high of 1.5558.

Cable was likely to find support at 1.5207, Wednesday's low, and resistance at 1.5574, Thursday's high.

The pound rose earlier after the Office for National Statistics said that the U.K. trade deficit narrowed by more than expected in June, improving to GBP8.08 billion from a deficit of GBP8.67 billion the previous month.

Analysts had expected the trade deficit to narrow to GBP8.50 billion in June, which supported the pound, though the dollar regained strength after investors digested comments from Federal Reserve officials suggesting they would not rule out making a decision to taper stimulus measures such as monthly asset purchases at the bank's September meeting.

Fed asset purchases tend to weaken the dollar, and talk of their dismantling strengthens the U.S. currency.

Cleveland Fed President Sandra Pianalto said Wednesday there has been 'meaningful improvement' in the labor market and that tapering may be warranted if it continues to strengthen.

Chicago Fed President Charles Evans and Dallas Fed President Richard Fisher have made similar comments.

The pound, meanwhile, was up against the euro and down against the yen, with EUR/GBP down 0.13% at 0.8601 and GBP/JPY down 0.50% at 149.49.

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U.S. stocks dip as market preps for stimulus tapering; Dow falls 0.46%

Investing.com - U.S. stocks fell on Friday in a quiet session as investors sold on sentiments that monetary stimulus programs such as the Fed's USD85 billion bond-buying program are on their way out beginning in a couple of months.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.46%, the S&P 500 index fell 0.36%, while the Nasdaq Composite index fell 0.25%.

Investors sold or avoided stocks on market sentiments that Federal Reserve monetary stimulus programs that bolster stock prices by keeping borrowing costs low will begin to taper in September or December — either way in the near future.

Cleveland Fed President Sandra Pianalto said Wednesday there has been 'meaningful improvement' in the labor market and that tapering may be warranted if it continues to strengthen.

Chicago Fed President Charles Evans and Dallas Fed President Richard Fisher have made similar comments.

Fed officials have said they will pay close attention to data before deciding on when to taper and eventually end stimulus programs, though investors took up positions on Friday that tapering will begin this year.

A decision to dismantle stimulus measures could send stocks falling even if temporarily due to the beginning of the end of Federal Reserve support.

Leading Dow Jones Industrial Average performers included Alcoa, up 3.92%, Caterpillar, up 0.61%, and Pfizer, up 0.27%.

The Dow Jones Industrial Average's worst performers included Walt Disney, down 1.55%, AT&T, down 1.39%, and Home Depot, down 1.36%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.23%, France's CAC 40 rose 0.30%, while Germany's DAX 30 finished up 0.24%. Meanwhile, in the U.K. the FTSE 100 finished up 0.82%.

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'Buy' on Tata Motors stays despite limp earnings: ICICI Sec

The 'Buy' rating on Tata Motors remains despite limp earnings says Nishant Vass, lead auto analyst, ICICI Securities.

"Though the margins are in line, certain fixed costs, higher depreciation and interest cost might have eaten into the bottomline which came in lower than the anticipated level of around Rs 2,350 crore," he told CNBC-TV18.

Below is the edited transcript of the interview on CNBC-TV18

Q: What is your reaction to the Tata Motors results, especially the bottomline?

A: The bottomline is lower than the anticipated level of around Rs 2350 crore. Though the margins are in line, certain fixed costs, higher depreciation and interest cost might have eaten into the bottomline.

Q: What is your view on the standalone business?

A: The operating profit margin of Jaguar Land Rover (JLR) is around 16.5 percent which is more or less in line with expectations and slightly higher than what the street was anticipating. The standalone earnings are a bigger loss than anticipated and the losses are in excess of Rs 600 crore.

Q: The stock is down about 5 percent. It seems like the street is focusing more on the losses that the standalone business has reported vis-à-vis the good earnings that JLR has posted. How do you approach the stock despite JLR earnings being good? Would you be worried about the standalone business?

A: We were anticipating the margins to be around 2.5 percent. However, losses are significantly higher, obviously that is a worry. However, in terms of cost rationalisation that they are taking care of, I hope that this would be a bottoming out quarter in terms of losses for the company.

The other income is expected because last year also they got a dividend income so this might be a JLR giving a dividend income to Tata Motors. We still have a buy rating on the stock with a target price of Rs 360.

Q: The standalone business margins, despite JLR actually coming in better than expectations in terms of margins at 16.5 percent, have just broken even with a margin of around 1 percent. Would you assume that the worries on the standalone business might impact the outlook on JLR going forward?

A: The earnings for the year FY14 would take a hit in case the margins don't improve significantly. In terms of that, FY14 and might see downgrade and too. So, on that score maybe the target prices would come down slowly, but I would still feel that the buy rating on the stock would remain.

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U.S. stocks hover lower on Federal Reserve comments; Dow falls 0.31%

Investing.com - U.S. stocks finished Wednesday lower after Federal Reserve officials said that stimulus programs could begin winding down this year, though equities trimmed earlier losses.

Stimulus tools, such as the Fed's USD85 billion bond-buying program, tend push up stock prices by keeping interest rates low, and talk of their dismantling can send equities prices falling by fueling uncertainty over how markets will react to waning monetary support.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.31%, the S&P 500 index fell 0.38%, while the Nasdaq Composite index fell 0.32%.

Chicago Federal Reserve Bank President Charles Evans, a known policy dove, said Tuesday afternoon that he could not rule out the scale-back of stimulus measures at the bank's September meeting, which watered down prices on Wednesday.

Other monetary authorities including Federal Reserve Bank of Dallas President Richard Fisher, Atlanta Fed Chief Atlanta Fed president Dennis Lockhart and Cleveland Fed President Sandra Pianalto made similar comments this week, which allowed stocks to fall.

Still, spotty economic indicators hitting the wire in the U.S. in recent sessions continued to cast doubt on Wednesday whether the Fed will decide in September or later in December, which allowed stocks to reverse some of their earlier losses.

Leading Dow Jones Industrial Average performers included Microsoft, up 1.52%, Hewlett-Packard, up 0.95%, and United Technologies, up 0.78%.

The Dow Jones Industrial Average's worst performers included Walt Disney, down 1.70%, Home Depot, down 1.55%, and Alcoa, down 1.52%.

European indices, meanwhile, finished largely lower.

After the close of European trade, the EURO STOXX 50 fell 0.01%, France's CAC 40 rose 0.15%, while Germany's DAX 30 finished down 0.47%. Meanwhile, in the U.K. the FTSE 100 finished down 1.41%.

On Thursday, markets will track U.S. initial jobless claims.

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U.S. stocks fall on Federal Reserve comments; Dow falls 0.60%

Investing.com - U.S. stocks finished lower on Tuesday after a dovish Federal Reserve official said U.S. stimulus programs could begin winding down this year.

Stimulus tools, such as the Fed's USD85 billion bond-buying program, tend push up stock prices by keeping interest rates low, and talk of their dismantling can send equities prices falling by fueling uncertainty over how markets will react to waning monetary support.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.60%, the S&P 500 index fell 0.57%, while the Nasdaq Composite index fell 0.74%.

Federal Reserve Bank of Chicago President Charles Evans, a noted policy dove, said the U.S. central bank could begin tapering its USD85 billion bond-buying program later this year if the economy improves.

Other monetary authorities including Federal Reserve Bank of Dallas President Richard Fisher and Atlanta Fed Chief Atlanta Fed president Dennis Lockhart made similar comments, which allowed stocks to fall.

Disappointing earnings out of the retail sector dampened share prices as well.
Elsewhere, the Commerce Department reported earlier Tuesday that the U.S. trade deficit narrowed by 22.4% to USD34.2 billion from a USD44.1 billion deficit in May.

Analysts were expecting the U.S. trade deficit to narrow to USD43.5 billion in June.

The data showed that U.S. exports rose 2.2% in June to USD191.2 billion, while imports fell 2.5% to USD225.4 billion as petroleum imports declined sharply.

Leading Dow Jones Industrial Average performers included Walt Disney, up 1.53%, Pfizer, up 0.55%, and Home Depot, up 0.48%.

The Dow Jones Industrial Average's worst performers included IBM, down 2.32%, Hewlett-Packard, down 2.18%, and United Technologies, down 1.35%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.71%, France's CAC 40 fell 0.43%, while Germany's DAX 30 finished down 1.17%. Meanwhile, in the U.K. the FTSE 100 finished down 0.23%.

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N.Z. employment change rises

Investing.com - New Zealand's employment change rose in the last quarter, official data showed on Thursday.

In a report, Statistics New Zealand said that N.Z. employment change rose to a seasonally adjusted 0.4%, from 1.7% in the preceding quarter.

Analysts had expected N.Z. employment change to rise 0.4% in the last quarter.

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India, US complete 3 rounds of negotiations for BIT

India and the US have completed three rounds of negotiations for the proposed Bilateral Investment Treaty (BIT) that would help in enhancing economic ties between the countries.

Also Read: Pfizer, Boeing, other US cos lobbying hard on Indian issues

"The bilateral investment agreement discussion with the US started on August 11, 2009 and as of now three rounds have been held on various elements of bilateral investment treaty text of the US," minister of state for commerce and industry D Purandeswari said in a written reply to the Lok Sabha.

She said the recent visit of commerce and industry minister Anand Sharma to Washington has helped reinvigorate the dialogue between the countries. "Both sides have agreed to convene next meeting of the India-US Trade Policy Forum, a bilateral mechanism to resolve and expand bilateral trade and investment relations, this year in India," she added.

In July, Sharma had said that India is ready for talks with the US on the proposed treaty, which New Delhi calls Bilateral Investment Protection Agreement (BIPA). India has signed BIPAs with 82 countries. However, it has put a freeze on these agreements following a spate of suits from companies.

The bilateral trade between the countries stood at USD 60.49 billion in 2012-13. India has received FDI worth USD 11.27 billion from the US during April 2000 and April 2013.

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U.S. stocks dip on Fed comments; Dow falls 0.30%

Investing.com - U.S. stocks finished mixed to lower on Monday after a key Federal Reserve official said investors should expect U.S. stimulus programs to stay in place forever.

Stimulus tools, such as the Fed's USD85 billion bond-buying program, tend to bolster stock prices by keeping interest rates low, and talk of their dismantling can send equities prices falling by fueling uncertainty over how markets will react to waning monetary support.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.30%, the S&P 500 index fell 0.15%, while the Nasdaq Composite index rose 0.09%.

Despite spotty economic indicators hitting the wire in the U.S. in recent weeks, the Federal Reserve will soon scale back stimulus measures as part of its mission to ensure price stability as well as optimal conditions in the labor market.

Federal Reserve Bank of Dallas President Richard Fisher said earlier stimulus programs won't last forever.

"A corollary of reining in this massive monetary stimulus in a timely manner is that financial markets may have become too accustomed to what some have depicted as a Fed 'put.' Some have come to expect the Fed to keep the markets levitating indefinitely," Fisher said earlier, according to prepared remarks of his speech.

"This distorts the pricing of financial assets, encourages lazy analysis and can set the groundwork for serious misallocation of capital."

Fisher's comments sent stocks inching lower despite better-than-expected data out of the U.S. service sector.

The Institute for Supply Management reported earlier that its non-manufacturing purchasing managers' index rose to 56.0 in July from a three-year low of 52.2 in June.

Analysts had expected the index to inch up to 53.0 last month.

An increase in new orders drove gains, with the new orders component of the index rising to 57.7 from 50.8 in June.

A reading over 50 signifies expansion.

Leading Dow Jones Industrial Average performers included UnitedHealth Group, up 1.51%, Alcoa, up 0.50%, and Cisco Systems, up 0.46%.

The Dow Jones Industrial Average's worst performers included Intel, down 1.25%, United Technologies, down 1.04%, and The Travelers Companies, down 0.98%.

European indices, meanwhile, finished mixed to lower.

After the close of European trade, the EURO STOXX 50 fell 0.06%, France's CAC 40 rose 0.11%, while Germany's DAX 30 finished down 0.10%. Meanwhile, in the U.K. the FTSE 100 finished down 0.43%.

On Tuesday, the U.S. will release data on its trade balance, while Federal Reserve Bank of Chicago President Charles Evans is due to speak in public.

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Thirty killed in heavy fighting in Syrian mountains

BEIRUT (Reuters) - Syrian rebels battled forces loyal to President Bashar al-Assad in the Jabal Akrad mountains overlooking the Mediterranean on Sunday and a monitoring group said at least 30 people were killed.

Video footage showed fighters identified as members of an al Qaeda-linked Islamist brigade waving from the roof of an army tower in the village of Barouda, one of several Alawite villages attacked by the rebels on Sunday.

The mainly Sunni Muslim rebels are battling to overthrow Assad, whose minority Alawite sect is an offshoot of Shi'ite Islam, in a civil war which erupted two years ago when mainly peaceful protests against his rule were put down with force.

Assad, with support from Iran and Lebanese Hezbollah guerrillas, has gained ground in recent months from the rebel fighters who are backed by regional Sunni Muslim powers but remain largely outgunned by his army.

The anti-Assad Syrian Observatory for Human Rights said 12 rebels and 19 pro-Assad fighters - including soldiers and members of his militia known as the National Defence Army - were killed in Sunday's fighting in the mountains of east Latakia province.

A source in Latakia said the fighting started at dawn and that the rebels, based in the town of Salma, attacked 10 Alawite villages.

Ambulance sirens, punctuated by the sound of bombardment and government air raids on Salma, could be heard throughout the day, he said.

Further south, in Homs, the army launched artillery fire on remaining rebel-held areas of the city, a week after capturing the rebel district of Khaldiya - its latest victory after gains around Damascus and in the Lebanese border region near Homs.

Rebels say they need more foreign military support to reverse their military setbacks, arguing that Assad's military backing from Iran and Hezbollah has turned the tide of the war.

Syrian state media said on Sunday that Iran's new President Hassan Rouhani told Damascus that ties would remain strong.

Rouhani "stressed the Islamic Republic of Iran's determination to strengthen its relations with Syria and stand together in the face of all challenges," SANA news agency said.

"No power in the world can destabilise or undermine the deep-rooted, historic and strategic relations between the two friendly peoples and countries," it quoted him as telling Syrian Prime Minister Wael al-Halki during his visit to Tehran to attend Rouhani's swearing-in ceremony.

(Reporting by Dominic Evans; Editing by Robin Pomeroy)

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Forex - USD/JPY down in Asian trade

Investing.com - The U.S. Dollar was lower against the Japanese Yen on Sunday.

USD/JPY was trading at 98.91, down 0.05% at time of writing.

The pair was likely to find support at 97.58, Wednesday's low, and resistance at 99.95, Friday's high.

Meanwhile, the U.S. Dollar was down against the Euro and up against the British Pound, with EUR/USD gaining 0.01% to hit 1.3281 and GBP/USD falling 0.03% to hit 1.5287.

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Infosys EGM approves Narayana Murthy as executive chairman

Aug 03, 2013, 06.55 PM IST

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

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Infosys EGM approves Narayana Murthy as executive chairman

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

Like this story, share it with millions of investors on M3

Infosys EGM approves Narayana Murthy as executive chairman

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

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Moneycontrol Bureau

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

At the event, Murthy informed the shareholders that although outlook in its key market US was changing for better, it was too early to say whether tide is turning for IT sector.

Also read: Infosys may move to Rs 3300-3350: Rahul Mohindar

After several quarters of cautious commentaries, while announcing June quarter results Infosys' CEO SD Shibulal said that the company was cautiously optimistic for the rest of the year and maintained its dollar revenue guidance. Recovery in US markets and rupee depreciation is likely to improve earnings of IT companies going forward.

During the EGM, Murthy added that IT companies, which are adding 25 percent exports have more impetus to perform better.

After losing its bellwether position to Tata Consultancy Services ( TCS ), Infosys is hoping that Murthy's return will help the company to turn a new leaf.

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Aug 03, 2013, 06.50 PM IST

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

Like this story, share it with millions of investors on M3

GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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Gujarat State Fertiliser and Chemicals Ltd ( GSFCL ) today reported sharp decline in net profits by 97 percent to Rs 5.54 crore for the first quarter ended on June 30 due to fall in sales.

Also read: Complex fertiliser sales lower by 8% in Jun' 13:P Lilladher

The company had posted net profit of Rs 172.71 crore in the April-June quarter of the 2012-13 fiscal. Total Q1, 2013-14 income of the company decreased by 39 percent to Rs 1,017.98 crore, from Rs 1,411.84 crore in the year-ago period, the company said in a filing to the BSE.

Gujarat government owned GSFCL has a product mix ranging from more than 24 brands of fertilisers to petrochemicals, chemicals, industrial gases, plastics, fibers and other products. GSFC's joint venture manufacturing plant of Phosphoric Acid in Tunisia has also become operational during the quarter.

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