U.S. stocks gain as U.S. rules out troops in Iraq; Dow rises 0.25%

Investing.com - Investing.com - U.S. stocks rose on Friday after President Barack Obama ruled out sending troops into Iraq to help quell a rebellion there, though concerns that insurgents will arrive at the outskirts of Baghdad later in a matter of days capped gains.

At the close of U.S. trading, the Dow 30 rose 0.25%, the S&P 500 index rose 0.31%, while the NASDAQ Composite index rose 0.30%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 3.03% at 12.18.

Wall Street continued to track a rebellion in Iraq led by a Sunni Islamist group that threatened to take Baghdad after capturing key cities elsewhere in the country.

Investors breathed a sigh of relief, however, after U.S. President Barack Obama said he won't sent troops to Iraq and added oil continues to flow normally out of the country, which boosted stock prices, though concerns insurgents may reach the outskirts of Baghdad before the U.S. can provide logistical support watered down gains as did soft data.

In a preliminary report, the Thomson Reuters/University of Michigan consumer sentiment index fell to 81.2 this month from 81.9 in May, whose figure was revised up from a previously estimated reading of 81.8. Analysts had expected the index to rise to 83.0 in June.

Also on Friday, official data showed that U.S. producer price inflation fell 0.2% in May, confounding expectations for a 0.1% rise, after a 0.6% increase the previous month.

Core producer price inflation, which excludes food, energy and trade, slipped 0.1% last month, compared to expectations for an increase of 0.1%, after a 0.5% rise in April.

In other news, Priceline Group said it would acquire the online restaurant reservation service OpenTable Inc (NASDAQ:OPEN) for $2.6 billion.

Tech shares rallied after chipmaker Intel Corporation (NASDAQ:INTC) hiked its second-quarter revenue outlook.

Leading Dow Jones Industrial Average performers included Intel Corporation (NASDAQ:INTC), up 6.81%, Microsoft Corporation (NASDAQ:MSFT), up 1.59%, and Exxon Mobil Corporation (NYSE:XOM), up 0.93%.

The Dow Jones Industrial Average's worst performers included Wal-Mart Stores Inc (NYSE:WMT), down 0.60%, Home Depot Inc (NYSE:HD), down 0.52%, and UnitedHealth Group Incorporated (NYSE:UNH), down 0.35%.

European indices, meanwhile, ended the day largely lower.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.01%, France's CAC 40 fell 0.24%, while Germany's DAX fell 0.26%. Meanwhile, in the U.K. the FTSE 100 fell 0.95%.

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CFTC - week ending June 10: speculators more bearish on Euro

Investing.com - Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending June 10 on Friday.

Speculative positioning in the CME currency futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	-57.2k	-33.0k	-24.2k	43.7k	-13.4k	100.9k	10.8k
GBP	35.8k	35.0k	0.9k	85.2k	5.7k	49.4k	4.9k
JPY	-82.2k	-74.2k	-7.9k	11.9k	-0.7k	94.1k	7.3k
CHF	-3.0k	-2.0k	-1.0k	9.6k	-2.3k	12.6k	-1.3k
CAD	-24.1k	-22.7k	-1.4k	30.3k	-2.2k	54.4k	-0.8k
AUD	28.2k	21.5k	6.7k	62.1k	5.3k	33.9k	-1.4k
NZD	16.9k	17.5k	-0.7k	20.4k	-2.0k	3.5k	-1.3k
MXN	90.2k	86.0k	4.2k	106.6k	0.9k	16.4k	-3.3k

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Natural gas soars on bullish U.S. supply report

Natural gas soars on bullish U.S. supply report

Investing.com - Investing.com - Natural gas futures shot up on Thursday after official data revealed that U.S. natural gas supplies rose less than expected last week.

On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.756 per million British thermal units during U.S. trading, up 5.49%. The commodity hit a session high of $4.759 and a low of $4.518.

The July contract settled down 0.49% on Wednesday to end at $4.508 per million British thermal units.

Natural gas futures were likely to find support at $4.504 per million British thermal units, Wednesday's low, and resistance at $4.827, the high from May 7.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended June 6 rose by 107 billion cubic feet, below forecasts for an increase of 110 billion cubic feet.

Total U.S. natural gas storage stood at 1.606 trillion cubic feet. Stocks were 727 billion cubic feet less than last year at this time and 877 billion cubic feet below the five-year average of 2.483 trillion cubic feet for this time of year.

Producers would need to add approximately 2.5 trillion cubic feet to storage by November 1 to meet typical winter demand, analysts said.

Forecasts for warmer weather fueled the rally as well.

Natgasweather.com reported earlier that weather models called for warmer temperatures to settle over the coming days, while the possibility of a tropical weather system developing in the Gulf of Mexico pushed up prices as well.

Tropical weather systems prompt energy companies to evacuate offshore rigs, which can disrupt supply.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in July were up 1.75% at $106.23 a barrel, while heating oil for July delivery were up 2.54% at $2.9781 per gallon.

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U.S. stocks drop on Iraqi concerns; Dow falls 0.65%

Investing.com - Investing.com - U.S. stocks fell on Thursday after conflict in Iraq threatened to morph into a full-blown civil war that could roil the Middle East and send global oil prices climbing and hamper recovery.

At the close of U.S. trading, the Dow 30 fell 0.65%, the S&P 500 index fell 0.71%, while the NASDAQ Composite index fell 0.79%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 8.36% at 12.57.

Iraqi insurgents tied to al-Qaeda reportedly took full control of the northern oil city of Kirkuk on Thursday and advanced closer to the capital, Baghdad.

On Wednesday, militants from the Islamic State in Iraq and Syria, or ISIS, seized the northern cities of Mosul and Tikrit, which bruised stock prices by fueling fears U.S. recovery could suffer, especially if oil prices rise.

The U.S. said that it is working with Iraq's leaders on a coordinated response to regain lost territory.

Earlier Thursday, U.S. President Barack Obama said Iraq would need assistance from the U.S. to push the insurgents back.

Disappointing U.S. economic indicators dampened spirits on Wall Street as well.

The Commerce Department reported earlier that U.S. retail sales rose 0.3% in May, missing expectations for a 0.6% gain. However, retail sales for April were revised up to a 0.5% gain from a previously reported increase of 0.1%.

Core retail sales, which exclude automobile sales, eased up 0.1% in May, disappointing forecasts for a 0.2% increase. Core sales in April were revised up to 0.4% from a previously reported flat reading.

Separately, the Labor Department reported that the number of individuals filing for initial jobless benefits in the week ending June 7 increased by 4,000 to 317,000, confounding expectations for a decline of 3,000.

Leading Dow Jones Industrial Average performers included Chevron Corporation (NYSE:CVX), up 0.77%, Goldman Sachs Group Inc (NYSE:GS), up 0.35%, and The Travelers Companies Inc (NYSE:TRV), up 0.11%.

The Dow Jones Industrial Average's worst performers included Caterpillar Inc (NYSE:CAT), down 1.87%, Walt Disney Company (NYSE:DIS), down 1.80%, and Home Depot Inc (NYSE:HD), down 1.73%.

European indices, meanwhile, ended the day largely lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.21%, France's CAC 40 fell 0.02%, while Germany's DAX fell 0.11%. Meanwhile, in the U.K. the FTSE 100 rose 0.06%.

On Friday, the U.S. is to round up the week with data on producer price inflation and preliminary data on consumer sentiment from the University of Michigan.

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Commerce ministry seeks rollback of minimum alternate tax

India's export sector seems to have regained its mojo but the commerce ministry wants more for industry.

India's export sector seems to have regained its mojo but the commerce ministry wants more for industry. CNBC-TV18's Rituparna Bhuyan reports that the ministry has, for starters, made a strong push to reverse the minimum alternate tax and dividend distribution tax on special economic zones in the upcoming Budget.

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India's youth gets picky; finds stable jobs most attractive

According to the survey, over 36 percent of India's Gen-Y said they still consider IT their top career choice. Nearly 20 percent went with engineering, only around 10 percent said they found the glamour of the media & entertainment industry attractive and a paltry 1.2 percent picked a job in the retail sector.

Smartphones over laptops, Facebook over Twitter, and IT jobs over jobs in the retail sector, Gen-Y is decisive in its preferences and there's a method to the madness. CNBC-TV18 reports on the results of a  TCS survey on what Gen-Y wants.

According to the survey, over 36 percent of India's Gen-Y said they still consider IT their top career choice. Nearly 20 percent went with engineering, only around 10 percent said they found the glamour of the media & entertainment industry attractive and a paltry 1.2 percent picked a job in the retail sector.

The experts say this choice has to do with job stability.

Ajoy Mukherjee, director & Head - HR, TCS says, while the choice of specialization varies, for example, last year people preferred computer science, now they prefer more emerging fields. It is still apparent that the kind of stability in engineering and IT attracts the maximum number of freshers. The love for technology also came through in the other lifestyle choices.

The 18,196 students in the 12-18 age-group across 14 cities that TCS polled said they prefer Facebook to Twitter for its ease of use and indicated social networking site Orkut was as alive as king Tutenkhamun.

Gen-Y also has a decided preference for online shopping, with 7 of 10 urban teenagers choosing virtual shop-floors over kicking it old-school at the mall.

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Can Sahara raise Rs 10,000 crore?

Three months after Subrata Roy's arrest, the Supreme Court has given Sahara the green signal to start selling real estate assets.

Three months after Subrata Roy's arrest, the Supreme Court has given Sahara the green signal to start selling real estate assets. Sahara has to first raise Rs 10,000 crore to secure Roy's bail, and then another Rs 22,000 crore as demanded by Supreme Court for repayement to investors. CNBC-TV18 finds out what all Sahara has put on the block.

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FIFA 2014: Will Joechim Loew's men win WC for Germany?

They may be without a world title since 1990 but the Germans are one of world football's most consistent teams. Germany is one of the favourites to win the title

With just two 2 days to go for the Football World Cup in Brazil, we take a closer look at the German Squad.

They may be without a world title since 1990 but the Germans are one of world football's most consistent teams. Germany is one of the favourites to win the title.

For more details watch video

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Dollar gains on widening interest rate differential with Europe

Investing.com - Investing.com - The dollar traded higher against most major currencies on Monday after yield differentials between U.S. and European debt widened due to diverging monetary policy paths on both sides of the Atlantic.

In U.S. trading on Monday, EUR/USD was down 0.40% at 1.3589.

The European Central Bank's recent decision to loosen policy coupled with expectations for the Federal Reserve to wind down stimulus programs this year reflected in bond markets on Monday, which weakened the euro and fueled widespread demand for the dollar.

Spain can borrow money more cheaply than the U.S. can, markets revealed earlier, and markets still haven't ruled out further ECB action down the road

The yield on Spain's 10-year bonds fell to 2.6% on Monday, falling below their U.S. equivalent which was yielding 2.61%. The yield on Ireland's 10-year bonds fell to a euro-era record low of 2.61% while the yield on German 10-year bonds fell to their lowest against their U.S. counterpart since 2005.

Last Thursday, the ECB unveiled a package of measures to battle persistently low inflation rates in the euro area, including cuts to interest rates, while solid U.S. unemployment data kept expectations firm for the Federal Reserve to wind down its monthly asset-purchasing program this year.

Elsewhere, data on Monday showed that euro zone investor confidence deteriorated unexpectedly in June despite the ECB's new measures to support growth and inflation.

The Sentix investor confidence index fell to 8.5 this month from 12.8 in May, confounding expectations for a jump to 13.2.

The dollar, meanwhile, continued to see support on solid U.S. unemployment data.

On Friday, the U.S. Labor Department reported that the economy added 217,000 in May, close to expectations for a 218,000 increase, after a 282,000 rise in April, whose figure was revised down from a previously estimated 288,000 gain.

The private sector added 216,000 jobs last month, exceeding expectations for a 210,000 gain, which drew market applause and firmed the dollar.

It was the fourth consecutive month in which the U.S. economy added more than 200,000 new nonfarm payrolls.

The private sector added 216,000 jobs last month, exceeding expectations for a 210,000 gain.

The dollar was up against the yen, with USD/JPY up 0.05% trading at 102.53 and up against the Swiss franc, with USD/CHF up 0.44% at 0.8973.

The greenback was up against the pound, with GBP/USD down 0.04% at 1.6795.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.23% at 1.0908, AUD/USD up 0.20% at 0.9352 and NZD/USD down 0.15% at 0.8487.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.29% at 80.68.

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Govt mulls diesel subsidy for irrigation if monsoon is poor

With growing expectations of a subnormal monsoon this year, Agriculture Minister Radha Mohan Singh today said his department will soon move a cabinet note to introduce a diesel subsidy scheme to provide irrigation to protect standing crops in the event of a rainfall deficit.

In its second forecast today, the Indian Meteorological Department (IMD) said the southwest monsoon may be below normal, with the country likely to receive 93 pecent of the long-period average rainfall. It also indicated the likelihood of the El Nino effect, which may result in deficient rains, especially in the latter half of the monsoon season.

Also read: Lowering food prices top priority, focus on Rail: Pranab Mukherjee

"We are fully geared up to face any drought situation. We are alert and seriously working on measures to meet any eventualities arising out of drought or deficit rainfall situation," Singh said.

"We will soon move a cabinet note seeking approval for introduction of a diesel subsidy scheme for providing protective irrigation to standing crops in rainfall deficit areas," he said.

During the drought years in 2009 and 2012, the previous United Progressive Alliance government had announced a 50 percent diesel subsidy for farmers in rainfall deficit areas. Sources said the ministry is working on a similar scheme.

Besides the diesel subsidy, Singh said his ministry is working on a cabinet note to seek permission on six key measures much in advance so that they can be implemented
quickly if states declare a drought.

The other cabinet proposals include rescheduling crop loans and providing interest subvention in drought-hit areas. It proposes to raise the subsidy ceiling to buy seeds, including drought-tolerant varieties, and partially compensate farmers for resowing, he said.

Implementation of a special scheme for rejuvenation of perennial horticultural crops under the National Horticulture Mission, additional budget allocation under the Accelerated Fodder Development Programme to rainfall deficit states and additional allocation under the Rashtriya Kirshi Vikas Yojana (RKVY) and the National Mission on Sustainable Agriculture for drought mitigation measures are other cabinet proposals that the ministry is working on, he added.

Singh said state governments have been advised to consult the National Crisis Management Plan on drought while managing any probable drought or rainfall deficit situation.
 
The Agriculture Minister said as per the IMD forecast, rainfall is likely to be lower at 85 pecent of the average in north-west India and 93 pecent in the central parts. The water storage position in major reservoirs across the country, except in south India, is "satisfactory," he added.

"Contingency plans are already in place, states have been suitably advised, sufficient foodstocks are in place and quick action will be taken to tackle any situation arising out of deficient monsoon," he said.

States have been asked to "initiate location specific intervention, ensure availability of seeds for contingency cropping and keep aside 10 pecent funds of RKVY to undertake interventions to mitigate drought situation," the minister said.
 
To use rainwater efficiently, the state governments have been asked to construct water harvesting structures, desilt canals, energise tubewells, replace/repair faulty pumps and promote cultivation of less water-consuming crops, he added.

That apart, Singh said central teams have been sent to important states to check their preparedness, while the Indian Council of Agricultural Research is organising state-level meetings to facilitate operation of district-level contingency plans.

Crop contingency plans have been developed for 500 of the 540 agricultural districts by the Central Research Institute of Dryland Agriculture (CRIDA) in collaboration with state governments concerned to deal with the challenges posed by an aberrant monsoon, he added.

The minister said that the government had a buffer stock of 20.64 million tonnes of rice and 41.58 million tonnes of wheat as on June 1.

The government is "alert" to the possibility of a below-normal monsoon this year and is preparing contingency plans, President Pranab Mukherjee said today in his address to the first joint sitting of Parliament after the general elections.

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Pope says Israelis, Palestinians, must engage in "undaunted dialogue"

UK-POPE-MIDEAST-DIALOGUE:Pope says Israelis, Palestinians, must engage in "undaunted dialogue"

VATICAN CITY (Reuters) - Pope Francis on Sunday told the Israeli and Palestinian presidents that they "must respond" to their people's yearning for peace in the Middle East and find "the strength to persevere in undaunted dialogue".

The pope made his appeal to Shimon Peres and Mahmoud Abbas at the end of an unprecedented prayer meeting among Jews, Christians and Muslims in the Vatican gardens that marked the first time the two presidents have met in public in more than a year.

(Reporting By Philip Pullella; editing by Sonya Hepinstall)

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World leaders face pressure to act against sexual violence at UK summit

By Belinda Goldsmith

LONDON (Reuters) - The kidnapping of 200 Nigerian girls and several recent horrific murders of women is expected to raise pressure on the world community to take concrete action to punish those responsible for sexual violence at a global summit in London this week.

Invited by Hollywood actress Angelina Jolie and British Foreign Secretary William Hague, government ministers, military and judicial leaders and aid workers from about 150 nations will join the first global summit to end sexual violence in conflict.

The June 10-13 summit follows a run of shocking cases of violence against women including the kidnap of schoolgirls by Islamist Boko Haram, the stoning to death of a pregnant woman in Pakistan in a so-called "honour killing", and the gang-rape and murder of two Indian teenagers who were hanged from a tree.

Hague said too often those who committed these crimes never faced justice and the summit would agree the first international protocol on how to document and investigate sexual violence in conflicts.

"Often it is the lack of evidence that means that these things go unpunished," Hague told Sky television on Sunday.

"Now this will lead to prosecutions. None of this will be achieved overnight but this is a problem which has been getting worse in recent decades and is utterly unacceptable in the 21st century."

The conference, with 1,200 attendees including U.S. Secretary of State John Kerry, will be co-hosted by Hague and Jolie, special envoy of the UN High Commissioner for Refugees (UNHCR), who joined forces in 2012 to tackle rape and sexual violence in conflict and post-conflict situations.

Oscar-winner Jolie's involvement in humanitarian issues dates back to 2001 when she travelled to Sierra Leone as a UNHCR Goodwill Ambassador and was horrified to see the impact of years of civil war when an estimated 60,000 women were raped.

UNLIKELY PAIR

The unlikely pair have travelled together to witness the legacy of sexual violence in war and the work to help victims.

Earlier this year they went to Bosnia where more than 100,000 people, most of them civilians, were killed in the 1992-95 war when an estimated 20,000 women were believed raped.

Figures from UNICEF estimate an average of 36 women and girls are raped daily in the Democratic Republic of Congo where up to 200,000 women have suffered sexual violence since 1998.

Alice Allan, head of advocacy at CARE International, said the world had been horrified by several recent cases of violence on women which would raise the bar at the summit.

"Violence against women is not new but social media has helped bring these cases to the fore and helped galvanise governments to commit to taking action," Allan told Reuters.

"These cases have been horrific but hopefully it will lead to greater action this week and public commitments from governments to which they will be held accountable."

The summit comes after Hague and Jolie last year launched a Declaration of Commitment to End Sexual Violence in Conflict that pledged to end impunity, promote accountability, and provide justice and safety for victims of sexual violence.

So far about 150 countries have signed the declaration that calls for funding to tackle violence and help survivors, improved collection of data and evidence for court action, and a ban on amnesties for sexual violence in peace agreements.

All signatory countries were invited to the London summit where the fate of the missing Nigerian schoolgirls will be debated at a ministerial meeting on Thursday.

But the need for concrete action after four days of talking at the summit was seen as critical if there was to be progress.

"Just because Burma signed the international declaration on sexual violence, it doesn't mean they will do anything about it. There should be a six-month deadline for seeing implementation of the declaration in Burma," said Zoya Phan, campaign manager at Burma Campaign UK.

(Reporting by Belinda Goldsmith; Editing by Sophie Hares)

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TOP TEN HOTTEST PLACES IN INDIA

According to the latest weather update by Skymet Meteorology Division in India, summer heat conditions have further strengthened its grip in Rajasthan. Heat wave conditions prevailed at many places in Punjab, Rajasthan, Madhya Pradesh, Uttar Pradesh and Vidarbha and at a few places in Haryana and Delhi. The hottest place in the country was Churu followed by Ganganagar and Satna.

The Palam Observatory in Delhi that recorded 47.2°C as maximum has also entered the list of top ten hottest places in India since Thursday.

Places State Maximum temperature on Friday Forecast trend for next 24 hours Churu Rajasthan 48.6°C Drop Sri Ganganagar Rajasthan 48°C Drop Satna Madhya Pradesh 48°C Same Damoh Madhya Pradesh 47.7°C Same Bikaner Rajasthan 47.6°C Same Nowgong Madhya Pradesh 47.6°C Drop Banda Uttar Pradesh 47.6°C Drop Brahmapuri Maharashtra 47.5°C Same Barmer Rajasthan 47.4°C Drop Palam Delhi 47.2°C Same Wardha Maharashtra 47.2°C Same  

By: Skymetweather.com

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Check out the motoring news from the world this week

It is now time for all the news from the motoring world this week.

It is now time for all the news from the motoring world this week.

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