Forex - Dollar gains as market shrugs off U.S. GDP revisions

Investing.com - The dollar strengthened against most major currencies on Wednesday after investors shrugged off downward revisions to first-quarter U.S. growth rates.

Better-than-expected consumer confidence, factory and housing data released earlier this week stoked already growing expectations that the Federal Reserve will soon begin to scale back stimulus programs.

Monetary stimulus tools such as the Fed's monthly USD85 billion bond-buying program weaken the dollar to spur recovery, and talk of their dismantling can strengthen the U.S. currency.

In U.S. trading on Wednesday, EUR/USD was down 0.53% at 1.3011.

The euro weakened after European Central Bank President Mario Draghi said any ECB plan to adjust loose monetary policy 'remains distant' but added that the bank expects a "gradual recovery" by the end of this year.

Meanwhile in the U.S., the Commerce Department said gross domestic product expanded at an annual rate of 1.8% in the three months to March, below an earlier estimate of 2.4% growth. Economists had expected the growth rate to remain unchanged at 2.4%.

The report said consumer spending was revised down from 3.4% to 2.6%.

The numbers briefly dampened hopes for the Federal Reserve to scale back stimulus measures, though confidence such programs are on their way out quickly returned and sent the greenback gaining, especially in wake of recent manufacturing, confidence and housing-sector reports that beat expectations.

U.S. consumer confidence, for example, rose to its highest level since January 2008 this month.

The Conference Board said on Tuesday that its index of U.S. consumer confidence rose to 81.4 in June from 74.3 in May, well above expectations for a reading of 75.4.

Elsewhere, Germany's Gfk consumer climate rose unexpectedly, data showed.

In a report, research group Gfk said that its forward-looking index of Germany's consumer climate rose to 6.8 looking forward to July from 6.5 for June.

Analysts had expected Gfk consumer climate to remain unchanged at 6.5 last month.

The greenback was up against the pound, with GBP/USD trading down 0.63% at 1.5325.

The dollar was up against the yen, with USD/JPY up 0.06% at 97.84, and up against the Swiss franc, with USD/CHF trading up 0.50% at 0.9428.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.41% at 1.0471, AUD/USD up 0.21% at 0.9280 and NZD/USD trading up 0.69% at 0.7794.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.48% at 83.18.

On Thursday, the U.S. is to release the weekly government report on initial jobless claims along with data on personal income and expenditure, which is to be followed by private sector data on pending home sales.

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New Zealandrsquo;s trade balance falls unexpectedly

Investing.com - New Zealand's trade balance fell unexpectedly last month, data showed on Thursday.

In a report, Statistics New Zealand said that the trade balance fell to a seasonally adjusted 71M, from 157M in the preceding month.

Analysts had expected the trade balance to rise to 400M last month.

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Forex - Dollar gains on improving U.S. confidence, housing data

Investing.com - The dollar strengthened against most major currencies on Tuesday after better-than-expected consumer confidence and housing data stoked already growing expectations that the Federal Reserve will begin to scale back stimulus programs in the coming months.

Monetary stimulus tools such as the Fed's monthly USD85 billion bond-buying program weaken the dollar to spur recovery, and talk of their dismantling can strengthen the U.S. currency.

In U.S. trading on Tuesday, EUR/USD was down 0.22% at 1.3092.

Data released earlier revealed that U.S. consumer confidence rose to its highest level since January 2008 this month.

The Conference Board said its index of U.S. consumer confidence rose to 81.4 in June from 74.3 in May, well above expectations for a reading of 75.4.

In a separate report, the Commerce Department said U.S. orders for durable goods rose 3.6% in May, outstripping expectations for a 3.0% gain.

Positive data from the housing market sent the dollar gaining as well.

The Commerce Department said U.S. new home sales rose by 2.1% to 476,000 units in May, the highest level since July 2008 and well above expectations for an increase of 1.3% to 462,000.

Home prices are on the rise as well.

The Standard & Poor's/Case-Shiller 20-city house price index rose 12.1% in April from a year earlier, above expectations for a 10.6% increase.

U.S. home prices in March rose by 10.9%.

The greenback was up against the pound, with GBP/USD trading down 0.08% at 1.5422.

The dollar was mixed against the yen, with USD/JPY up 0.02% at 97.76, and up against the Swiss franc, with USD/CHF trading up 0.51% at 0.9382.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.17% at 1.0517, AUD/USD up 0.19% at 0.9266 and NZD/USD trading down 0.14% at 0.7741.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.19% at 82.79.

On Wednesday, the U.S. is to release revised data on first-quarter economic growth as well as government data on crude oil stockpiles.

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U.S. API Weekly Crude Stock falls less-than-expected

Investing.com - U.S. API weekly crude stocks fell less-than-expected last month, official data showed on Thursday.

In a report, American Petroleum Institute said that U.S. API Weekly Crude Stock fell to a seasonally adjusted annual rate of -0.03M, from -4.29M in the preceding month.

Analysts had expected U.S. API Weekly Crude Stock to fall -2.00M last month.

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South Korean consumer confidence rises

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

In a report, The Bank Of KOREA said that South Korean Consumer Confidence rose to 105, from 104 in the preceding month.

Analysts had expected South Korean Consumer Confidence to rise to 105 last month.

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U.S stocks dip on Fed woes, China corrections; Dow loses 0.94%

Investing.com - U.S. stocks fell on Monday amid a global selloff on concerns the Federal Reserve will begin scaling back stimulus programs in the coming months.

Stimulus programs tend to push up stocks as a side effect, and talk of their dismantling can send equities prices dropping.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.94%, the S&P 500 index ended down 1.21%, while the Nasdaq Composite index fell 1.09%.

On Thursday, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 12.5 in June from -5.2 in May, well above expectations for a -2.0 reading.

A separate report showed that U.S. existing home sales climbed 4.2% to 5.18 million units in May from April's total of 4.97 million, far surpassing market calls for a 0.6% increase.

Federal Reserve stimulus tools such as a monthly USD85 billion bond-buying program have pushed up stock prices in recent years, and the end of such liquidity injections could prompt investors to park their money elsewhere at least for a while.

Meanwhile, Chinese equities fell on concerns the world's second-largest economy may be cooling, which brought U.S. stocks down even lower.

Leading Dow Jones Industrial Average performers included Johnson & Johnson, up 1.69%, Microsoft, up 1.35%, and UnitedHealth Group, up 1.17%.

The Dow Jones Industrial Average's worst performers included Bank of America, down 3.07%, Hewlett-Packard, down 3.00%, and Intel, down 2.54%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 1.48%, France's CAC 40 fell 1.71%, while Germany's DAX 30 finished down 1.24%. Meanwhile, in the U.K. the FTSE 100 finished down 1.42%.

On Tuesday, the U.S. is to publish official data on durable goods orders, a leading indicator of production, as well as closely watched reports on consumer confidence and new home sales.

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Preview: Federer relishing challenge of defending title the hard way

By Toby Davis

LONDON (Reuters) - There are few players who would welcome the prospect of facing Rafa Nadal, Andy Murray and Novak Djokovic in succession but Roger Federer is made of sterner stuff than most.

The Wimbledon champion will stride confidently onto Centre Court to face Victor Hanescu on Monday, 10 years after winning the first of his seven titles here, and says he is not casting a wary eye beyond the Romanian for what lies in wait.

The opening day's action will also feature Nadal and Murray, after the tennis fates conspired to group three of the game's dominant quartet in the same side of the draw.

The remaining member of that elite group, Djokovic, will keep his powder dry until Tuesday, and is a likely final opponent for whoever battles through.

"It was never supposed to be easy winning grand slams," the Swiss, who is eyeing another title to surpass Pete Sampras and William Renshaw as the most decorated man at the All England Club, told reporters on Sunday.

"I'm ready for the challenge. I like tough draws. I don't shy away from them...

"I have a very difficult draw with Rafa being in my quarter... If you want to win the tournament here, you have to beat the best. That's what I'm here for."

The lopsided draw was thrown up because French Open champion Nadal endured a seven-month injury absence following last year's Wimbledon, leaving the Spaniard fifth in the rankings behind compatriot David Ferrer.

Nadal, Wimbledon champion in 2008 and 2010, begins his campaign in the less popular surroundings of Court One against Belgium's Steve Darcis to make way for home hope Andy Murray on Centre.

Federer, who won his first title of the season at Halle last week, resisted any temptation to query Nadal's seeding, choosing to talk tough instead.

"For me, it's not even worth the talk because it is what it is," the 31-year-old said. "It's not like he's unseeded. He is seeded within the top eight.

"He is seeded, so you don't face him in the first round. Quarter-finals are still a long way away."

Murray, last year's beaten finalist, faces Germany's Benjamin Becker after women's number three seed Maria Sharapova's match against France's Kristina Mladenovic.

The Briton is fuelled with hope following a brilliant year that included a straight-sets gold-medal victory over Federer at the Olympics and a U.S. Open title won in a punishing five-set encounter with Djokovic.

A back injury ruled him out of the French Open, handing him a lengthier preparation than his rivals for the short grasscourt season, while victory in the final of the Aegon Championships at Queen's confirmed he is in top shape.

Federer reduced Murray to tears by winning last year's final but singled the Briton out as the outstanding grasscourt player heading into the championships.

"For me he seems like maybe most natural on this surface. But then the other guys are already Wimbledon champions, Rafa and Novak. Ferrer's in the top four. He's also very good on grass," said the third-seeded Swiss.

"But to me Andy sort of stands out a little bit over the others."

The women's game has been given an extra edge after Sharapova and defending champion Serena Williams became embroiled in a tetchy row on the eve of the championships.

The Russian has been kept apart from Williams in the draw meaning the two rivals will not get the chance to settle their differences on court until at least the final.

World number two Victoria Azarenka is in Sharapova's half and begins her campaign on Monday with a Court One clash against Portugal's Maria Joao Koehler. (Reporting by Toby Davis; editing by Pritha Sarkar)

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Blanc says close to being named PSG coach

PARIS (Reuters) - Former France coach Laurent Blanc said on Sunday he was very close to being named the new boss of French champions Paris St Germain.

Media had reported that the 47-year-old Blanc, who won the French title with Girondins Bordeaux in 2009, had already struck a deal with the Ligue 1 club.

PSG have been looking for a new coach since Carlo Ancelotti said he wanted to leave after leading them to their first domestic crown since 1994 in May.

The Italian has been linked in the media with Real Madrid, where the manager's position is vacant following Jose Mourinho's return to English side Chelsea.

"I will be in Paris on Monday to talk with them. It's very likely that I'll sign," Blanc was quoted as saying on the website of daily Le Parisien (www.leparisien.fr).

"I can't say more as of now, we'll know more next week," added Blanc.

"PSG is a great opportunity, a very good club. It's very interesting. I'll do what I want to - coach."

Blanc, who won the 1998 World Cup as a player, has repeatedly said in recent months that he was eager to be back in work after leaving his job with France following their 2012 Euro quarter-final exit.

(Writing by Gregory Blachier; Editing by Mark Meadows)

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Find out: Costs of 2BHK areas acorss all metros

Prime property, the weekly real estate reckoner, finds out the prices of 2 BHK apartments across the four metros of Mumbai, Delhi, Chennai and Kolkata. 

Mumbai's property market remains subdued. High prices continue to dampen buyer sentiment. Jones Lang LaSalle is particularly bullish on the western suburbs and Navi Mumbai. It also advises buyers to hold on to purchases for now.

Rohan Sharma, Senior Manager Research, at Jones Lang LaSalle India says, "For a buyer it might make sense for him to see if the continued pressure on developers on unsold inventory makes them come down on prices. That trend has not been seen. But increasing pressure may lead to a situation where they might be able to get better. Schemes are being introduced in which they can enter into the market. So, they might get favourable payment terms and they might want to hold on for a minute and then enter the market."

Also read: 13 insights for India real estate in 2013

Mumbai's loss is often seen as Pune's gain. With the average price being less than Rs 5,000 a square feet Jones Lang LaSalle is bullish on Pune as an investment option.

"We have locations like Wakad and Aundh towards western side and Hadapsar which are doing well. However, they are still yet to pick up pace on the overall level of development. So, prices may not move up very quickly", adds Sharma.

New Delhi's builder flats have also witnessed a slowdown. Builders in Defence Colony and Panchsheel Park have been finding it difficult to sell independent floors but still don't want to budge on prices.

These flats are being viewed as too expensive and buyers have a plethora of options in the suburbs of Gurgaon and Noida with bigger specks and plenty of amenities.

"In terms of investment activity the Dwarka Expressway is seeing a lot of launches and good traction. There was a lot of end-user activity in this part of Gurgaon. Now, price points have increased, projects are being offered with better specifications. So, investor activity is also happening here. However, there are situations where a project priced at Rs 6500 a square foot in the primary market from a developer an investor is willing to sell-off at around Rs 5500-5600 a square feet.

Bangalore has seen many launches off-late. Jones Lang LaSalle says prices as well as rents have increased marginally since April. It expects rents for residential properties to continue to head north.

Sharma says, "Hebbal Flyover, in a radius of 3-4 kilometers, there is a good amount of residential activity happening. There is the North-East quadrant which we talk about Bangalore and where most of the residential launches and sales are happening."

And in Chennai Old Mahabalipuram Road (OMR) continues to be the hotspot for new launches. However a few high-end launches in the City Centre, where there is little available land, have been witnessed.

Overall Chennai is a stable market with no major movement expected in prices.

"Prices are looking stable in Chennai and they are merging corridors. They will take a while and this is a slightly slower market with respect to overall sales. So, entering today or maybe three, four months down the line would not make much of a difference on pricing", adds Sharma.

Prices in Kolkata have remained steady. It is not easy to get a home in Central Kolkata as the concept of apartment complexes is still developing. All the action though seems to be at Eastern Metropolitan (EM) bypass and Rajarhat.

Sharma says, "EM Bypass has projects available at higher end segment. They can go as high as Rs 14,000-15,000 a square feet and prices at Rs 7,000-8,000. So, a larger part it is catering to the upper-mid to a slightly luxury segment kind of profile. Rajarhat is slightly on the lower side. It is more an affordable location. Prices are typically between Rs 3,000-5,000 a square feet."

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Here's what Atul Suri learnt from Rakesh Jhunjhunwala

Renowned trader Atul Suri focussed on the importance of sticking to fundamentals and knowing valuations before making investment decisions at CNBC-TV18's biggest investor initiative service -- Investor Camp. He shared his lessons on investment and trading learnt from Rakesh Jhunjhunwala; for whom he works with and trades for.

He also focused on sticking to the basics which becomes the thumb rule while investing. He cited the investment decision examples from Jhunjhunwala for whom he works with and trades for.

Also read: Golden ratings era ending for emerging markets

Suri said that he learnt that the important part of investment strategy was to live and work with the rules of investment and do adequate research before any such decision. "Using price to earnings (PE), discounted cash flow (DCF) are all semantics. The important part is the valuations", he added.

He called trading as a very momentum-based activity. On one evening, a trader might be bullish on the market and then sell of everything the next morning. That is the mind of the trader; an ability to turn on a dime based on price, he said. 

Speaking on portfolio management, he said that the common mistake done by everyone was to get confused with advices and speculations. He cited examples on how portfolios are influenced by rumours, insider information.

Once the price of such stocks comes down, then one goes back to valuations and basics and it (the stock) becomes a part of the long-term portfolio, he said. That keeps on adding to the portfolio and eventually ends up being one which is down 70-90 percent, he added.

Very few people really work that hard or are that oriented towards investment. Most people just try to play momentum based on what somebody has told you and it becomes a long term portfolio.

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