U.S. stocks gain on advancing factory data; Dow rises 0.45%

Investing.com - U.S. stocks finished Friday in positive territory after a widely-watch factory report beat expectations.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.45%, the S&P 500 index rose 0.29%, while the Nasdaq Composite index rose 0.06%.

The Institute of Supply Management's U.S. Manufacturing Purchasing Managers Index rose to 56.4 in October from 56.2 in September, defying expectations for a decline to 55.0.

The report came a day after data showed that manufacturing activity in the Chicago region expanded at the fastest rate in 30 years in October, while a separate report showed that U.S. initial jobless claims fell in line with expectations last week.

The data fueled hopes for a more sustained U.S. economic recovery, boosting stock prices in the process.

News of a shooting at the Los Angeles International Airport failed to rattle Wall Street, which applauded earnings as well as Boeing's announced plans to hike production of its 737 jets to 47 a month from 38 by 2017.

Capping gains, however, were concerns that the Federal Reserve is moving closer to winding down its USD85 billion in monthly bond purchases, which aim to stimulate the economy by driving down borrowing costs, boosting stock prices as a side effect.

Leading Dow Jones Industrial Average performers included Boeing, up 1.93%, JPMorgan Chase, also up 1.93%, and General Electric, up 1.59%.

The Dow Jones Industrial Average's worst performers included Chevron, down 1.60%, Home Depot, down 1.13%, and Intel, down 0.59%.

European indices, meanwhile, finished largely lower.

After the close of European trade, the EURO STOXX 50 fell 0.57%, France's CAC 40 fell 0.62%, while Germany's DAX 30 fell 0.29%. Meanwhile, in the U.K. the FTSE 100 finished up 0.05%.

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Thacker Company: Outcome of board meeting

Nov 02, 2013, 12.44 AM IST

Thacker & Company has informed that at the meeting of the Board of Directors of the Company held on October 31, 2013, Mr. Padam Kumar Poddar, Mr. V. K. Beswal, Mr. Vidhan Mittal, Ms. Vrinda Jatia and Ms. Vasudha Jatia were appointed as Additional Directors of the Company.

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Thacker & Company: Outcome of board meeting

Thacker & Company has informed that at the meeting of the Board of Directors of the Company held on October 31, 2013, Mr. Padam Kumar Poddar, Mr. V. K. Beswal, Mr. Vidhan Mittal, Ms. Vrinda Jatia and Ms. Vasudha Jatia were appointed as Additional Directors of the Company.

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Thacker & Company: Outcome of board meeting

Thacker & Company has informed that at the meeting of the Board of Directors of the Company held on October 31, 2013, Mr. Padam Kumar Poddar, Mr. V. K. Beswal, Mr. Vidhan Mittal, Ms. Vrinda Jatia and Ms. Vasudha Jatia were appointed as Additional Directors of the Company.

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Thacker & Company Ltd has informed BSE that at the meeting of the Board of Directors of the Company held on October 31, 2013, Mr. Padam Kumar Poddar, Mr. V. K. Beswal, Mr. Vidhan Mittal, Ms. Vrinda Jatia and Ms. Vasudha Jatia were appointed as Additional Directors of the Company.Source : BSE

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Forex - Dollar gains on surging Chicago manufacturing gauge

Investing.com - The dollar firmed against most major currencies on Thursday data revealed that manufacturing activity in the Chicago region expanded at its fastest rate in 30 years in October.

In U.S. trading on Thursday, EUR/USD was down 1.14% at 1.3579.

Data released earlier revealed that the Chicago manufacturing purchasing managers' index jumped to 65.9 in October from 55.7 in September.

Analysts had expected the index to decline to 55.0.

The new orders component of the index jumped to a nine-year high of 74.3 from 58.9 in September.

The news boosted the dollar by fanning sentiments that the U.S. economy will pick up the pace of its recovery and eventually prompt the Federal Reserve to wind down its USD85 billion monthly asset-purchasing program, which keeps the greenback weak to spur recovery.

Elsewhere, the Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 25 declined by 10,000 to a seasonally adjusted 340,000, in line with market expectations.

The single currency weakened after data revealed that the euro zone's consumer price index fell to a four-year low in October, fueling concerns that the European Central Bank may trim interest rates.

Eurostat said consumer price inflation rose 0.7% in October, the slowest pace since November 2009, after rising 1.1% in September.

A separate report showed that the euro zone unemployment rate was at a record high 12.2% in September.

The greenback was up against the pound, with GBP/USD down 0.03% at 1.6036.

In the U.K., industry data showed that U.K. house prices rose 1% this month, more than the expected 0.7% increase after a 0.9% increase in September, which gave the pound support against the dollar.

The dollar was down against the yen, with USD/JPY down 0.20% at 98.33, and up against the Swiss franc, with USD/CHF up 0.86% at 0.9070.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.48% at 1.0429, AUD/USD down 0.28% at 0.9458 and NZD/USD trading down 0.06% at 0.8263.
Canada's dollar strengthened after official data showed that the Canadian economy grew 0.3% in August, above expectations for growth of 0.2%.

The country's economy expanded 2% on a yearly basis, beating forecasts for an increase of 1.7%.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.71% at 80.34.

On Friday, the U.S. is to round up the week with a report from the Institute of Supply Management on manufacturing activity.

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South Korean CPI falls unexpectedly

Investing.com - Consumer price inflation in South Korea fell unexpectedly last month, official data showed on Thursday.

In a report, Korea National Statistical Office said that South Korean CPI fell to -0.3%, from 0.2% in the preceding month.

Analysts had expected South Korean CPI to rise 0.1% last month.

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Forex - GBP/USD falls as unsurprising Fed move sparks dollar demand

Investing.com - The pound softened against the dollar on Wednesday after the Federal Reserve said it was making no changes to its ultra-loose monetary policies, including its USD85 billion in monthly bond purchases.

In U.S. trading on Wednesday, GBP/USD was trading at 1.6008, down 0.26%, up from a session low of 1.5999 and off from a high of 1.6078.

Cable was likely to find support at 1.5894, the low from Oct. 16, and resistance at 1.6208, Monday's high.

The Federal Reserve on Wednesday left its key benchmark lending target, the fed funds rate, unchanged at 0.25% and kept its USD85 billion monthly asset-purchasing program in place.

The Fed said the economy was showing signs of improvement though it still faced enough headwinds to prompt monetary authorities to hold off on tapering its asset purchases, namely fiscal uncertainties that continue to drag on recovery.

Stimulus tools such as asset purchases aim to drive recovery by keeping long-term interest rates lower, weakening the dollar in the process.

"Economic activity has continued to expand at a moderate pace. Indicators of labor market conditions have shown some further improvement, but the unemployment rate remains elevated," the Fed said in a statement.

"Available data suggest that household spending and business fixed investment advanced, while the recovery in the housing sector slowed somewhat in recent months. Fiscal policy is restraining economic growth."

Stimulus tools such as monthly asset purchases tend to weaken the dollar, though Wednesday's announcement came as little surprise to investors who set their sights with caution on Friday's U.S. October jobs report.

Earlier Wednesday, payroll processing firm ADP said U.S. non-farm private employment rose by a seasonally adjusted 130,000 in October, below expectations for an increase of 150,000.

The previous month's figure was revised down to a gain of 145,000 from a previously reported increase of 166,000.

A separate report showed that U.S. consumer prices rose 0.2% in September, in line with forecasts, after rising by 0.1% in August.

The pound, meanwhile, was flat against the euro and up against the yen, with EUR/GBP up 0.01% at 0.8566 and GBP/JPY up 0.23% at 157.93.

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Gold falls as market looks past Federal Reserve statements

Investing.com - Gold prices fell on Wednesday after the Federal reserve left monetary policy unchanged, though markets were expected slightly more dovish language from the U.S. central bank's statement, which gave room for the dollar to rise.

Gold and the dollar tend to trade inversely with one another.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,344.30 during U.S. afternoon hours, down 0.09%.

Gold prices hit a session low of USD1,334.70 a troy ounce and high of USD1,359.40 a troy ounce.

Gold futures were likely to find support at USD1,310.10 a troy ounce, the low from Oct. 22, and resistance at USD1,361.70, Monday's high.

The December contract settled down 0.50% at USD1,345.50 a troy ounce on Monday.

The Federal Reserve on Wednesday left its key benchmark lending target, the fed funds rate, unchanged at 0.25% and kept its USD85 billion monthly asset-purchasing program in place.

The Fed said the economy was showing signs of improvement though it still faced enough headwinds to prompt monetary authorities to hold off on tapering its asset purchases, namely fiscal uncertainties that continue to drag on recovery.

Stimulus tools such as asset purchases aim to drive recovery by keeping long-term interest rates lower, weakening the dollar in the process, making gold an attractive hedge.

"Economic activity has continued to expand at a moderate pace. Indicators of labor market conditions have shown some further improvement, but the unemployment rate remains elevated," the Fed said in a statement.

"Available data suggest that household spending and business fixed investment advanced, while the recovery in the housing sector slowed somewhat in recent months. Fiscal policy is restraining economic growth."

While stimulus tools such as monthly asset purchases tend to bolster gold prices, and while Wednesday's announcement came as little surprise to investors, many felt the statement wasn't as dovish as anticipated.

Past statements have shown the Fed was concerned that fiscal uncertainty was threatening to slow job creation, a point the U.S. central bank did not address this month, which gave the dollar room to rise on sentiments that bond purchases may begin to taper soon.

Elsewhere, payroll processing firm ADP said U.S. non-farm private employment rose by a seasonally adjusted 130,000 in October, below expectations for an increase of 150,000.

The previous month's figure was revised down to a gain of 145,000 from a previously reported increase of 166,000.

A separate report showed that U.S. consumer prices rose 0.2% in September, in line with forecasts, after rising by 0.1% in August.

Elsewhere on the Comex, silver for December delivery was up 1.09% at USD22.737 a troy ounce, while copper for December delivery was up 1.11% and trading at USD3.314 a pound.

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Forex - Dollar gains as market braces for Federal Reserve decision

Investing.com - The dollar rose against most major currencies on Tuesday despite uninspiring economic indicators hitting the wire earlier, as investors viewed the safe-and-liquid greenback as the venue of choice to await the Federal Reserve's Wednesday announcement on interest rates and monetary policy.

In U.S. trading on Tuesday, EUR/USD was down 0.27% at 1.3748.

Uncertainty over the Fed's language and forward guidance on monetary policy kept investors camped out in safe-haven greenback positions on Tuesday despite lackluster economic data.

The Conference Board said its index of consumer confidence dropped to 71.2 in October from an upwardly revised reading of 80.2 in September.

Analysts were expecting the index to fall to 75.0 this month.

The data came on the heels of Commerce Department data showing that U.S. retail sales fell 0.1% in September, while core retail sales, which exclude transportation items and gasoline, rose 0.4%, both in line with expectations.

Separately, the Labor Department reported that the country's producer price index contracted 0.1% in September, defying gains for a 0.2% gain.

The data cemented expectations that the Fed will maintain its USD85 billion monthly bond-buying program for the near future, possibly into first quarter of next year, to safeguard U.S. economic recovery.

Asset purchases aim to spur recovery by driving down long-term borrowing costs, weakening the dollar in the process, though investors chose to remain parked in the greenback on Tuesday before digesting the Federal Reserve's language on Wednesday.

Expectations for the Fed to keep policy unchanged have also been priced into trading, which gave the greenback room to post modest gains on Tuesday.

Meanwhile, across the Atlantic, the pound found little support after the Bank of England said mortgage approvals rose to 66,735 in September from an upwardly revised 63,396 in August.

Analysts were forecasting a 66,000 reading.

The BoE said net mortgage lending ticked down to GBP1 billion pounds in September, from an upwardly revised GBP1.1 billion in August.

Meanwhile, net lending to individuals decreased to GBP1.4 billion in September from an upwardly revised GBP1.7 billion in August.

Analysts were forecasting increases of GBP1.2 billion and GBP2.5 billion, respectively.

The greenback was up against the pound, with GBP/USD down 0.59% at 1.6047.

The dollar was up against the yen, with USD/JPY up 0.48% at 98.15, and up against the Swiss franc, with USD/CHF up 0.35% at 0.8988.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.17% at 1.0463, AUD/USD down 0.98% at 0.9479 and NZD/USD trading down 0.61% at 0.8251.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.38% at 79.69.

On Wednesday, markets will move on the Federal Reserve's announcement on monetary policy.

Also on Wednesday, the U.S. is to release the ADP report on nonfarm payrolls and official data on consumer price inflation.

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South Korean industrial production fall more-than-expected

Investing.com - dustrial production in South Korea fell more-than-expected last month, official data showed on Tuesday.

In a report, Korea National Statistical Office said that South Korean industrial production fell to a seasonally adjusted rate of -2.1%, from 1.6% in the preceding month whose figure was revised down from 1.8%.

Analysts had expected South Korean industrial production to fall -0.4% last month.

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Argentinian industrial production rises less-than-expected

Investing.com - dustrial production in Argentina rose less-than-expected last month, official data showed on Monday.

In a report, Instituto Nacional De Estadistic y Censos said that Argentinian Industrial Production rose to -0.2%, from -0.4% in the preceding month.

Analysts had expected Argentinian Industrial Production to rise to 2.5% last month.

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Forex - Dollar firms on U.S. industrial output data, eyes Fed meeting

Investing.com - The dollar rose against most major currencies on Monday after industrial production data beat expectations though gains were limited as investors remained camped on the sidelines to await the Federal Reserve's decision on monetary policy on Wednesday.

In U.S. trading on Monday, EUR/USD was up 0.01% at 1.3807.

The Federal Reserve reported on Monday that U.S. industrial production rose by a 0.6% last month, above expectations for a 0.4% rise and the fastest increase in seven months.

The news gave the dollar some support, though investors remained cautious ahead of the Fed's upcoming two-day policy meeting that opens on Tuesday.

A string of disappointing economic reports has cemented expectations that the central bank will maintain the current pace of its USD85 billion in monthly asset purchases into early next year.

Asset purchases aim to spur recovery by driving down long-term borrowing costs, weakening the dollar in the process.

Still, the upbeat industrial output number gave investors some hope that sooner or later, the Fed will begin to taper the pace of its stimulus program, which would give the dollar support afterwards.

Elsewhere, industry data revealed that U.S. pending home sales fell 5.6% last month, down for the fourth consecutive month and well below market calls for a gain of 0.1%, which capped the dollar's advance somewhat.

The greenback was up against the pound, with GBP/USD down 0.03% at 1.6162.

In the U.K., Bank of England policymaker David Miles said Monday that raising interest rates before there was a 'meaningful' reduction in the unemployment rate would be "pretty catastrophic," which softened the pound.

Elsewhere, the pair shrugged off a Confederation of British Industry report that found just 2% of retailers reported an increase in sales in October, down from 34% in September.

The dollar was up against the yen, with USD/JPY up 0.24% at 97.64, and up against the Swiss franc, with USD/CHF up 0.18% at 0.8942.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.12% at 1.0439, AUD/USD down 0.02% at 0.9582 and NZD/USD trading up 0.31% at 0.8304.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.04% at 79.29.
On Tuesday, the U.S. is to produce data on retail sales as well as its producer price index and a report on consumer confidence.

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Forex - USD/JPY up in Asian trade

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

USD/JPY was trading at 97.58, up 0.19% at time of writing.

The pair was likely to find support at 96.94, Friday's low, and resistance at 98.48, Tuesday's high.

Meanwhile, the U.S. Dollar was down against the Euro and the British Pound, with EUR/USD gaining 0.04% to hit 1.3811 and GBP/USD rising 0.05% to hit 1.6176.

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South Korean consumer confidence rises more-than-expected

Investing.com - The current level of consumer confidence in South Korea rose more-than-expected last month, official data showed on Sunday.

In a report, The Bank Of KOREA said that South Korean Consumer Confidence rose to 106, from 102 in the preceding month.

Analysts had expected South Korean Consumer Confidence to rise to 103 last month.

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How do investors benchmark their bond funds?

Q: What do you benchmark your bond against? How do you know that this is a good bond fund performing efficiently?

A: There are two way to look at it. One is that when you invest in a bond fund the worst thing you should do is to look at historical return because these return already come in and they is no guarantee that this fund will deliver similar kind of return. Unlike equity, in a bond you need to look at simple thing that what is the current portfolio maturity and what is the current portfolio yield and if you invest in that product and have that kind of maturity yield and if you stay invested in that fund for that period then yield minus expenses you are going to get it.

If you look at liquid right now, liquid fund have a 60 days maturity, current portfolio yield is 10 percent plus, 25 bps expenses, you are going to get 9.75 to 10 percent for next 60 days. Similarly if you look at accrual products, which are one year plus kind of products where current yield is anything between 11 to 11.5 and 12 percent. You take 1.5 percent expenses, 10 percent plus kind of return you get, suppose you stay invested for one year period, so that is a way one need to look at.

Technically I can answer you that it has to be benchmark against the bond index and all that which for a normal investor doesn't matter. I think the real benchmark for a bond is to look at company FDs. If you have one year company FD, if you have three year company FD and you have product which is one year maturity or three year maturity then that product yield to maturity (YTM) has to be higher than the bank deposit.

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Tax-free bonds: Is it a good bet?

Q: Explain all these spotlights that are there on the tax-free bonds. How much does that add to the reward that I get at the end of the tenure for which I am investing?

A: I am not a big believer of tax-free bond for simple reason that if you are a high net worth individual and you invest in mutual fund and you disinvest after one year, you just pay 10 percent long-term capital gain but when you invest in a tax-free bond, government take a calculation saying that all investors are in highest bracket. So, he starts from day one paying highest tax slab.

It is a tax-free bond, nice but in a ten year period you find many times capital losses in your books. So, if you have a mutual fund bond portfolio and you have a capital losses somewhere else then you can adjust these things which is not possible in tax-free bond, for instance if you are running a business; you have a business of investing and that you have some losses where many people keep having for various reasons. Now you have a taxable instrument like mutual fund or lower instrument like mutual fund, you can adjust those. So, I am not a big believer in tax-free bond and I do not think they serve much purpose to the investor but the lure of them is too high for many investors to avoid.

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