Gold drops to six-week lows on U.S. economic optimism

Investing.com - Investing.com - Gold prices fell to six-week lows on Thursday, as hopes that Friday's U.S. jobs report will come in solid chipped away at the precious metal's safe-haven appeal.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,284.20 a troy ounce during U.S. trading, down 0.98%, up from a session low of $1,282.10 and off a high of $1,298.60.

The December contract settled down 0.28% at $1,296.90 on Wednesday.

Futures were likely to find support at $1,258.00 a troy ounce, the low from June 17, and resistance at $1,314.60, Monday's high.

The Labor Department on Friday will release its July nonfarm payrolls report, and consensus forecasts see the U.S. economy picking up 233,000 new jobs.

Even if the figure comes in below that number, a reading over 200,000 would represent six straight months of beating that threshold, a sign the labor market is improving even if it's still a little slack.

Earlier Thursday, the Labor Department reported that the number of individuals filing for unemployment assistance in the U.S. last week rose by 23,000 to 302,000 from the previous week's total of 279,000. Analysts had expected jobless claims to rise by 22,000 to 301,000.

The Labor Department added that the employment cost index rose by 0.7% in the three months to June after a 0.3% increase in the first quarter. Economists had expected a 0.5% gain.

Gold continued to slide as the dollar continued to see support from Thursday's upbeat U.S. gross domestic product report.

The U.S. GDP expanded at an annual rate of 4.0% in the three months to June, blowing past forecasts for a 3.0% reading, according to the Commerce Department. The contraction in the first quarter was revised to 2.1% from a previously reported 2.9%.

Personal consumption grew 2.5%, well above predictions of 1.9%.

Upbeat U.S. indicators have bolstered the U.S. dollar in recent sessions, thus curbing for gold, a traditional safe-haven hedge against weakening paper currencies.

Meanwhile, silver for September delivery was down 0.87% at $20.418 a troy ounce, while copper futures for September delivery were up 0.28% at $3.232 a pound.

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U.S. stocks tumble on Argentina default, labor costs; Dow falls 1.88%

Investing.com - Investing.com - U.S. stocks dropped on Thursday on concerns that labor costs are on the rise in the U.S. while fears that Argentina's default on its debts may roil markets with contagion fears adding to the selloff.

At the close of U.S. trading, the Dow 30 fell 1.88%, the S&P 500 index fell 2.00%, while the NASDAQ Composite index fell 2.09%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 27.16% at 16.95.

Argentina earlier failed to agree to debt restructuring terms with creditors and fell into its second default since 2002, which sent stocks prices tumbling despite solid U.S. data.

Fears the Argentine default will roil markets already sensitive to conflict in Ukraine, Gaza and elsewhere in the Middle East bruised all three major indices.

Rising labor costs in the U.S. exacerbated the meltdown by reminding investors interest rates will go up in the U.S. possibly at a time when the global economy faces clouds on its horizon.

The Labor Department reported earlier that its employment cost index rose by 0.7% in the three months to June after a 0.3% increase in the first quarter. Economists had expected a 0.5% gain.

The Labor Department also reported that the number of individuals filing for unemployment assistance in the U.S. last week rose by 23,000 to 302,000 from the previous week's total of 279,000. Analysts had expected jobless claims to rise by 22,000 to 301,000.

Hopes that Friday's July jobs will report will come in solid took a backseat to Argentine financial woes and fears of subsequent contagion.

Leading Dow Jones Industrial Average performers included Coca-Cola Company (NYSE:KO), down 0.80%, Microsoft Corporation (NASDAQ:MSFT), down 0.86%, and Procter & Gamble Company (NYSE:PG), down 1.02%.

The Dow Jones Industrial Average's worst performers included Exxon Mobil Corporation (NYSE:XOM), down 4.15%, American Express Company (NYSE:AXP), down 3.20%, and Nike Inc (NYSE:NKE), down 3.08%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 1.60%, France's CAC 40 fell 1.53%, while Germany's DAX fell 1.94%. Meanwhile, in the U.K. the FTSE 100 fell 0.64%.

On Friday, markets will move on the U.S. nonfarm payrolls and the unemployment reports, while the Institute of Supply Management is to release data on manufacturing activity.

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Dollar gains on U.S. growth data, though Fed statement weighs

Investing.com - Investing.com - The dollar strengthened against most major currencies on Wednesday on news the U.S. economy grew much more in the second quarter than anticipated, though a somewhat dovish take on the labor market from the Federal Reserve watered down the greenback's gains.

In U.S. trading on Wednesday, EUR/USD was down 0.15% at 1.3390.

The Commerce Department reported earlier that gross domestic product expanded at an annual rate of 4.0% in the three months to June, blowing past forecasts for a 3.0% reading. The contraction in the first quarter was revised to 2.1% from a previously reported 2.9%.

Personal consumption grew 2.5%, well above predictions of 1.9%, the report said, adding to the view that the economic recovery is gaining traction.

Despite improvements taking place in the economy, slackness remains in the labor market, which prompted the Federal Reserve on Wednesday to stick with its policy of making $10 billion cuts to its monthly bond-buying program as the year unfolds.

The Fed is currently purchasing $25 billion in Treasury and mortgage debt securities a month to spur recovery, which tends to weaken the dollar by keeping interest rates low.

Markets were hoping for a more upbeat take on the economy.

"Labor market conditions improved, with the unemployment rate declining further. However, a range of labor market indicators suggests that there remains significant underutilization of labor resources," the Fed's statement read.

Household spending is on the mend while business fixed investment is advancing, although recovery in the housing sector remains slow.

Fiscal policy continues to weigh on growth though the extent of which is diminishing, while consumer prices are stable.

"Inflation has moved somewhat closer to the Committee's longer-run objective. Longer-term inflation expectations have remained stable," the statement read.

"The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced and judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat."

Elsewhere, payroll processor ADP reported that the U.S. private sector added 218,000 jobs in July, missing forecasts for a 230,000 reading.

Meanwhile in Europe, the euro came under pressure due to ongoing concerns that the European Central Bank remains poised to loosen policy while the Federal Reserve and other central banks are looking towards tightening.

Data released earlier revealed that Spain's economy grew 0.6% in the second quarter, beating expectations for a 0.5% reading though consumer prices fell unexpectedly in July, underling concerns over the threat of deflationary pressures in the euro area.

Another report showed that the annual rate of inflation in Germany slowed to 0.8% this month from 1% in June.

The dollar was up against the yen, with USD/JPY up 0.70% at 102.83, and up against the Swiss franc, with USD/CHF up 0.23% at 0.9090.

The greenback was up against the pound, with GBP/USD down 0.21% at 1.6909.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.45% at 1.0901, AUD/USD down 0.62% at 0.9326 and NZD/USD down 0.21% at 0.8486.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.27% at 81.53.

On Thursday, the U.S. is to release the weekly report on initial jobless claims, as well as data on manufacturing activity in the Chicago area.

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Shanti Pharma's Outcome of board meeting

Trans Medicare at its meeting held on July 30, 2014, has considered and taken decision on the Board has considered the Scheme of Amalgamation and Arrangement with Shareholders of the Company for reconstruction of M/s. Nandini Industries India Private Limited with the Company is as approved in principle.

Trans Medicare Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 30, 2014, inter alia, has considered and taken decision on the following matters:- The Board has considered the Scheme of Amalgamation and Arrangement with Shareholders of the Company for reconstruction of M/s. Nandini Industries India Private Limited with the Company is as approved in principle and the Board authorised Mr. Haridass Ramesh and Mrs. Urvashi Ramesh, Directors to take all necessary steps in this connection.Source : BSE

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Natural gas prices edge lower on mild weather, supply uncertainty

Investing.com - Investing.com - Natural gas futures edged lower but held range bound on Tuesday as investors bet a recent spate of mild U.S. temperatures will result in a bearish supply report due out on Thursday.

On the New York Mercantile Exchange, natural gas futures for delivery in September traded at $3.753 per million British thermal units during U.S. trading, down 0.33%. The commodity hit a session high of $3.793 and a low of $3.740.

The September contract settled down 0.58% on Monday to end at $3.765 per million British thermal units.

Natural gas futures were likely to find support at $3.725 per million British thermal units, Monday's low, and resistance at $3.857, Monday's high.

Below-normal temperatures that continue to make their way across the Midwest and eastern U.S. have likely prompted households to throttle back on their air conditioning, which has resulted in several days of losses for natural gas.

The U.S. government is due to release its weekly supply report on Thursday, with many investors in standby mode ahead of then.

The U.S. Energy Information Administration said in its weekly report on July 24 that natural gas storage in the U.S. rose by 90 billion cubic feet during the week before. The five-year average change for the week is an increase of 46 billion cubic feet.

Total U.S. natural gas storage stood at 2.219 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 23.5%, down from a record 54.7% at the end of March.

Injections of gas into storage have surpassed the five-year average for 14 consecutive weeks.

Analysts are expecting a build of 90 billion cubic feet for this week, again well above the five-year average for the week.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were down 1.14% at $100.51 a barrel, while heating oil for August delivery were up 0.14% at $2.9003 per gallon.

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Dollar gains on data, with Fed statement and jobs report in focus

Investing.com - Investing.com - The dollar strengthened against most major currencies on Tuesday after a widely-watched gauge of U.S. consumer confidence beat expectations.

Many investors were eager for heavy-hitting news from the Federal Reserve and the Labor Department later due out this week to point to a more robust economy, which also boosted the greenback.

In U.S. trading on Tuesday, EUR/USD was down 0.21% at 1.3411.

The Conference Board reported that its consumer confidence index rose to 90.9 in July from an upwardly revised 86.4 in June. It was the highest reading since October 2007, defying consensus forecasts for a decline to 85.3.

The data sent investors betting that the Federal Reserve on Wednesday will make fresh cuts to its monthly bond-buying program and deliver an upbeat take on the U.S. economy.

Fed asset purchases which have stimulated the economy off and on since the 2008 crisis coupled with low interest rates tend to weaken the dollar by sending investors to stocks, while talk of an end to such loose policies often bolsters the U.S. currency.

While markets expect the Fed to wrap up its bond-buying program this year—likely some time in or around October—uncertainty still persists as to how much time will pass after stimulus programs conclude and rate hikes begin, with data driving investor guesses on Fed timetables.

Hopes for a robust July jobs report due out on Friday also firmed the greenback.

Elsewhere in the U.S., investors took in stride the S&P/Case Shiller Home Price Index.

The 20-city composite index for May grew 9.3% year-over-year, down from April's 10.8% reading, though the 10-city index grew 9.4%, down from April's 10.9%, though markets have priced in slackness in the U.S. housing sector.

The dollar was up against the yen, with USD/JPY up 0.24% at 102.10, and up against the Swiss franc, with USD/CHF up 0.30% at 0.9068.

The greenback was up against the pound, with GBP/USD down 0.23% at 1.6946.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.49% at 1.0853, AUD/USD down 0.22% at 0.9385 and NZD/USD down 0.58% at 0.8498.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.24% at 81.31.

On Wednesday, the dollar will move on the Fed's statement on interest rates and monetary policy as well as revised second-quarter U.S. GDP growth data and also on the ADP report on private sector job creation.

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Dollar dips on housing data as Fed statement, jobs report loom large

Investing.com - Investing.com - The dollar traded largely lower against most major currencies on Monday after a widely-watched home sales report disappointed investors, though many were on the sidelines anyway awaiting the Federal Reserve's July statement on Wednesday and the July jobs report on Friday.

In U.S. trading on Monday, EUR/USD was up 0.02% at 1.3433.

The dollar slid on Monday after the National Association of Realtors reported that U.S. pending home sales fell 1.1% in June, disappointing expectations for a 0.5% gain.

"Activity is notably higher than earlier this year as prices have moderated and inventory levels have improved," National Association of Realtors chief economist Lawrence Yun said in a statement.

"However, supply shortages still exist in parts of the country, wages are flat, and tight credit conditions are deterring a higher number of potential buyers from fully taking advantage of lower interest rates."

The data sent investors selling the greenback for profits ahead of the Federal Reserve's policy statement on Wednesday and the July jobs report due out on Friday.

The dollar firmed last week on upbeat durable goods, weekly jobless claims and new home sales reports, though Monday's home sales data prompted investors to take a breather with the U.S. currency.

Uncertainty as to how much time will pass between rate hikes and a Fed decision to close its bond-buying stimulus program kept many investors waiting on the sidelines until market-moving news hits the wire later this week.

Investors were also awaiting final data on U.S. second-quarter growth on Wednesday.

Geopolitical concerns pressured the greenback lower.

News that the U.S. and Western Europe are planning to slap fresh sanctions on Russia for its alleged intervention in Ukraine by supporting separatists stoked concerns that geopolitical issues will drag on global recovery and prompt the Federal Reserve and other central banks to hold off on tightening policy.

For its part, the euro came under pressure of its own, as European Central Bank officials have said they will considering loosening policy further to ensure recovery stays on track.

On Friday, the Ifo Institute for Economic Research reported that its German business climate index fell to a nine-month low of 108.0 this month, down from 109.7 in June. Analysts had expected the index to tick down to 109.4 in July.

A separate report showed that the Gfk German consumer climate index rose to a seven-and-a-half-year high of 9.0 this month, up from a reading of 8.9 in June. Analysts had expected the index to remain unchanged in July.

The dollar was up against the yen, with USD/JPY up 0.04% at 101.87, and down against the Swiss franc, with USD/CHF down 0.05% at 0.9044.

The greenback was down against the pound, with GBP/USD up 0.04% at 1.6984.

The pound continued to see support after preliminary data on Friday revealed that the gross domestic product rose 0.8% in the second quarter, in line with market expectations, which gave the pound some support.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.10% at 1.0802, AUD/USD up 0.15% at 0.9409 and NZD/USD down 0.10% at 0.8546.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.04% at 81.12.

On Tuesday, the U.S. is to publish reports on house price inflation and consumer confidence.

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U.S. stocks come off earlier lows; Dow gains 0.13%

Investing.com - Investing.com - U.S. stocks came off earlier lows and ended mixed on Monday, with investors selling earlier on news of a disappointing pending home sales report though markets later shrugged off the data, which brought broader indices back into positive territory.

At the close of U.S. trading, the Dow 30 rose 0.13%, the S&P 500 index rose 0.03%, while the NASDAQ Composite index fell 0.10%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was down 0.63% at 12.61.

Stocks pushed lower earlier after the National Association of Realtors reported that U.S. pending home sales fell 1.1% in June, disappointing expectations for a 0.5% gain.

"Activity is notably higher than earlier this year as prices have moderated and inventory levels have improved," National Association of Realtors chief economist Lawrence Yun said in a statement.

"However, supply shortages still exist in parts of the country, wages are flat, and tight credit conditions are deterring a higher number of potential buyers from fully taking advantage of lower interest rates."

The data sent investors selling stocks ahead of the Federal Reserve's policy statement on Wednesday and the July jobs report due out on Friday.

Still, after comparing the report with upbeat durable goods, weekly jobless claims and new home sales reports from last week as well as a string of upbeat earnings, stocks climbed back into positive territory for the most part.

Mergers and acquisitions news bolstered equities as well.

Dollar Tree Inc (NASDAQ:DLTR) announced plans to acquire rival Family Dollar Stores Inc (NYSE:FDO), while online real estate portal Zillow Inc (NASDAQ:Z) said it would buy rival Trulia Inc (NYSE:TRLA) for $3.5 billion in cash and stock.

Elswhere, AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) failed to win Food and Drug Administration approval for its pain treatment Zalviso.

Leading Dow Jones Industrial Average performers included UnitedHealth Group Incorporated (NYSE:UNH), up 1.27%, Exxon Mobil Corporation (NYSE:XOM), up 1.16%, and Walt Disney Company (NYSE:DIS), up 1.07%.

The Dow Jones Industrial Average's worst performers included Microsoft Corporation (NASDAQ:MSFT), down 1.20%, General Electric Company (NYSE:GE), down 0.79%, and Coca-Cola Company (NYSE:KO), also down 0.79%.

European indices, meanwhile, ended the day largely lower.

After the close of European trade, the Euro Stoxx 50 fell 0.13%, France's CAC 40 rose 0.33%, while Germany's DAX 30 fell 0.48%. Meanwhile, in the U.K. the FTSE 100 fell 0.05%.

On Tuesday, the U.S. is to publish reports on house price inflation and consumer confidence.

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Russia says Lavrov, Kerry agree on need for swift ceasefire in Ukraine

UK-UKRAINE-CRISIS-LAVROV-KERRY:Russia says Lavrov, Kerry agree on need for swift ceasefire in Ukraine

MOSCOW (Reuters) - Russian Foreign Minister Sergei Lavrov and U.S. Secretary of State John Kerry, in a phone conversation on Sunday, agreed on the importance of ensuring a swift ceasefire in eastern Ukraine, a foreign ministry statement in Moscow said.

The statement described the crisis in Ukraine as an "internal conflict," though Washington and the West accuse Moscow of supporting rebels fighting Ukrainian troops in the east of the former Soviet republic.

Moscow denies involvement.

(Reporting by Gabriela Baczynska; Editing by Lidia Kelly)

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China to hold military exercises in southeast coastal areas

UK-CHINA-MILITARY-DRILLS:China to hold military exercises in southeast coastal areas

BEIJING (Reuters) - China will hold military exercises in southeast coastal areas beginning on Tuesday, the Ministry of National Defence said on Sunday.

It described the drills as annual and routine in a statement on its website, saying they would test combat readiness and capability. The statement did not give details on where the exercises would be carried out.

Flights to and from Shanghai International Airport Co. Ltd. and 11 other airports in east China will face major delays until mid-August because of military drills, Beijing's Public Security Bureau said last week.

But the ministry said recent military exercises were not the main reason for flight delays - rather weather conditions were to blame.

Authorities will open temporary air routes and take other measures to minimize the drills' impact on civil flights, the ministry added.

Airports in east China are among the busiest in the country.

(Reporting by Megha Rajagopalan; Editing by Stephen Powell)

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PM launches portal for citizens to contribute in governance

Modi said MyGov (mygov.nic.in) is a technology-driven medium that will provide citizens an opportunity to contribute towards good governance, the statement added.

Prime Minister Narendra Modi today launched a website MyGov that aims to help citizens contribute in governance by giving their opinions and views on important issues like clean Ganga or skill development. The inauguration of the people-centric platform also marks the completion of 60 days of the new government. The Prime Minister said in the past 60 days, the experience of his government was that there were many people who wanted to contribute towards nation-building and devote their time and energy, an official statement said. Modi said MyGov (mygov.nic.in) is a technology-driven medium that will provide citizens an opportunity to contribute towards good governance, the statement added. "The platform would bridge gap gulf between people and government. Democracy cannot succeed without people's participation in government and this participation should not be limited only during elections," the Prime Minister said.

Also Read: Debt MF relief:FM says no retro tax, new regime from Jul 11

Besides Modi, Communications and IT Minister Ravi Shankar Prasad, Cabinet Secretary Ajit Seth, DEITY Secretary R S Sharma were also present at the launch of the portal. National Informatics Centre (NIC) of the Department of Electronics and Information Technology (DeitY) will implement and manage the platform. There are multiple theme-based discussions on MyGov where a wide range of people can share their thoughts and ideas with the government, Sharma told reporters after the launch. "It is also an initiative to build a digital knowledge library. We will guide the people on the topics of national importance on which the government would like to know their views and ideas," he added.

The platform presents an opportunity for the citizens to both 'Discuss' and 'Do', Sharma said, adding, any idea shared by a contributor will also be discussed on the discussion forums, allowing constructive feedback and interaction. At present, there are six groups on the platform -- Clean Ganga, Girl Child Education, Clean India, Skilled India, Digital India and Job Creation. "Citizens can also volunteer for various tasks and submit their entries. These tasks would be reviewed by other members and experts. Once approved, these tasks can be shared by those who complete the task and by other members on MyGov," Sharma said.

Each group consists of online and on-ground tasks that can be taken up by the contributors. The objective of each group is to bring about a qualitative change in that sphere through people's participation, he said. "We will review the working on MyGov in three months and over time the number of groups, tasks and discussions will increase. The platform will also be used as a comprehensive knowledge repository," Sharma added.

The portal can even be extended to act like public audit platform for government projects like citizens giving feedback on status of completed infrastructure projects or availability of various social sector programmes, he said.

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TOP TEN RAINIEST CITIES IN INDIA ON FRIDAY

Rain has reduced significantly across the country but Baroda in Central India received heavy Monsoon rain up to 121 mm in the last 24 hours. According to the latest weather update by Skymet Meteorology Division in India, the west coast will continue to receive fair amount of rain but coastal parts of north Maharashtra will witness subdued activity, in the absence of a fresh Monsoon surge.

Here's a look at our list of top ten rainiest cities in India on Friday:

Cities State Rainfall(in millimeters) Baroda Gujrat 121 Honnavar Karnataka 46 Kozikhode Kerala 43 Mount Abu Rajasthan 41 Ranchi Jharkhand 37 Kannur Kerala 37 Jamshedpur Jharkhand 36 Karwar Karnataka 34 Chittorgarh Rajasthan 33 Goa Goa 31  

By: Skymetweather.com

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