Forex - USD/JPY trims losses on new hopes for end to impasse

Investing.com ג€' The dollar traded lower against the yen on Monday though it trimmed losses after new hopes arose that U.S. policymakers may be closer to ending a fiscal deadlock that has closed the government and is threatening to throw the country into default.

The U.S. is due to hit its debt ceiling on Thursday, after which Washington won't be able to guarantee all of its obligations.

In U.S. trading on Monday, USD/JPY was trading at 98.43, down 0.13%, up from a session low of 98.10 and off a high of 98.47.

The pair was likely to find support at 96.57, last Monday's low, and resistance at 98.60, Friday's high.

Negotiations between the White House and congressional Republicans and Democrats remained in a deadlock on Monday, with both sides unable to agree on a short-term debt ceiling increase.

A government shutdown, also the product of congressional ability to agree on a spending package, was set to enter its third week this week.

However, on Monday afternoon, Senate Majority Leader Harry Reid, a Nevada Democrat, said lawmakers were getting closer to a deal that could steer the country away from default and reopen the federal government.

While no details emerged, hopes for a last-minute accord that will avoid crisis lifted the dollar somewhat.

Elsewhere, global finance ministers and central bank chiefs gathered in Washington for the annual meeting of the International Monetary Fund and World Bank, calling for urgent action to end the stalemate and avoid default, which could bruise global economic recovery.

IMF Managing Director Christine Lagarde said on Sunday that failure to raise the debt ceiling and fund the government has global policymakers worried.

ג€'If there is that degree of disruption, that lack of certainty, that lack of trust in the U.S. signature, it would mean massive disruption the world over, and we would be at risk of tipping, yet again, into recession,ג€' Lagarde said in an interview with NBCג€™S ג€'Meet the Pressג€' program.

The yen was down against the pound and down against the euro, with GBP/JPY up 0.07% and trading at 157.27 and EUR/JPY trading up 0.03% at 133.48.

On Tuesday, the U.S. is scheduled to release a report on manufacturing activity in the Empire state.

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U.S. stocks gain on hopes for end to D.C. stalemate; Dow rises 0.42%

Investing.com ג€' U.S. stocks rose on Monday as hopes began to build in the afternoon that policymakers are closer to agreeing on a plan to end a political deadlock that has closed the federal government and is also threatening to throw the country into default.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.42%, the S&P 500 index rose 0.41%, while the Nasdaq Composite index rose 0.62%.

The U.S. is due to hit its debt ceiling on Thursday, after which Washington won't be able to guarantee all of its obligations.

Negotiations between the White House and congressional Republicans and Democrats remained in a deadlock at the closing bell on Monday, with both sides unable to agree on a short-term debt ceiling increase.

A government shutdown, also the product of congressional ability to agree on a spending package, was set to enter its third week this week.

However, on Monday afternoon, Senate Majority Leader Harry Reid, a Nevada Democrat, said lawmakers were getting closer to a deal that could steer the country away from default and reopen the federal government.

President Barack Obama as due to meet with lawmakers earlier Monday to discuss ways to end the stalemate, which boosted stocks even though the meeting was postponed reportedly to give Reid and the Senate's top Republican, Mitch McConnell, more time to craft a plan to end the deadlock.

While no details on any pending deals emerged, hopes for a last-minute accord that will avoid crisis still lifted stocks.

Elsewhere, global finance ministers and central bank chiefs gathered in Washington for the annual meeting of the International Monetary Fund and World Bank, calling for urgent action to end the stalemate and avoid default, which could bruise global economic recovery.

IMF Managing Director Christine Lagarde said on Sunday that failure to raise the debt ceiling and fund the government has global policymakers worried.

ג€'If there is that degree of disruption, that lack of certainty, that lack of trust in the U.S. signature, it would mean massive disruption the world over, and we would be at risk of tipping, yet again, into recession,ג€' Lagarde said in an interview with NBCג€™S ג€'Meet the Pressג€' news program.

Leading Dow Jones Industrial Average performers included Pfizer, up 2.19%, Boeing, up 1.25%, and Microsoft, up 1.03%.

The Dow Jones Industrial Average's worst performers included Merck, down 1.12%, AT&T, down 0.79%, and Verizon, down 0.57%.

European indices, meanwhile, finished largely higher.

After the close of European trade, the EURO STOXX 50 rose 0.01%, France's CAC 40 rose 0.07%, while Germany's DAX 30 slipped 0.01%. Meanwhile, in the U.K. the FTSE 100 finished up 0.32%.

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Miley Cyrus grabs top slot in UK single and album charts

LONDON (Reuters) - American singer and actress Miley Cyrus became the first person to simultaneously notch up a number one single and a number one album in the British music chart this year, the Official Charts Company said on Sunday.

Her latest track, "Wrecking Ball", went straight into the top slot in the single charts, while her fourth album, "Bangerz", did the same in the albums chart.

The result was the best yet in Britain for the 20-year-old singer, the daughter of country singer Billy Ray Cyrus, who scored her first number one hit in the British singles chart in August with "We Can't Stop".

Her success pushed last week's number one single, "Counting Stars", by U.S. rock band OneRepublic, into third place, while American rapper Eminem secured the second slot with his new single "Berzerk".

In the albums charts, last week's number one album, "Days Are Gone", from Californian sister-act Haim, fell to fifth place, while "Brand New Machine", an album by Chase & Status went straight in at number two.

(Reporting by Andrew Osborn; Editing by Alison Williams)

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Forex - USD/JPY down in Asian trade

Investing.com ג€' The U.S. Dollar was lower against the Japanese Yen on Sunday.

USD/JPY was trading at 98.34, down 0.22% at time of writing.

The pair was likely to find support at 96.67, Tuesdayג€™s low, and resistance at 98.60, Fridayג€™s high.

Meanwhile, the U.S. Dollar was down against the Euro and the British Pound, with EUR/USD gaining 0.10% to hit 1.3554 and GBP/USD rising 0.12% to hit 1.5965.

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Honkers! 5 things that market will watch out next week

Moneycontrol Bureau

As the market enters into an interesting week, investors will keep a close eye on five key things. July-September corporate earnings will give directions to the market next week.

The Sensex added 612.64 points or 3 percent to close at 20528.59 while the Nifty jumped 188.90 points or 3.2 percent to close tad below the 6100 level at 6096.20 last week. It was an addition to one percent upmove in previous week. Banks and technology stocks were the most active stocks.

So, here are the five things that the market will track next week

US debt ceiling resolution

Investors are hopeful for a solution to end the partial US government shutdown and raise the US borrowing limit to avoid a possible default. The Senate is expected to vote over the weekend on extending the federal debt limit through January 2015. Next week the deadline expires on October 17.

There is finally some breakthrough in the US shutdown impasse. On Friday, US President Barack Obama and US house speaker John Boehner spoke. This is after US officials said that house republicans had offered to pass legislation to avert a default and end the 11-day government shutdown, though with some riders.

Industry output data

Industrial output data of August, announced after market hours on Friday, was very disappointing. After a 2.6 percent rise in July, IIP has come to a screeching halt in August. Industrial output has slowed down to a mere 0.6 percent. Manufacturing, capital goods and mining growth, too, have contracted.

Dipen Sheth of HDFC Securities feels the disappointing IIP data is going to be just absorbed without even battling an eyelid. "Right now, what is mattering for the market is the big picture comfort on whether money flows are going to come into the country or not. That is a function of what is happening in the US on the debt ceiling argument," he said in an interview to CNBC-TV18.

Inflation

Wholesale price index (WPI) data is seen to rise 6 percent in September, a tad below a six-month high of 6.1 percent in August. Consumer inflation, also due on Monday, probably quickened to 9.60 percent last month from 9.52 percent in August, a Reuters poll show.

Ajay Marwaha, head-treasury at HDFC Bank thinks that the dismal IIP number not is going to be a big trigger but the inflation data on Monday is going to assume far more significance. "The market will continue to position for and keep itself more concerned and more alert to inflation rather than to IIP," he said in an interview to a CNBC-TV18.

September quarter earnings

September quarter earnings of key companies will be announced next week. Investors will keep an eye on Q2 results of IndusInd Bank , Reliance Industries , HDFC Bank, TCS , Bajaj Auto , Axis Bank , HCL Technologies , L&T and UltraTech Cement over the week.

KR Choksey expects RIL to report a 1 percent growth quarter-on-quarter (up 1 percent year-on-year) in net profit at Rs 5,409 crore.

Revenues are expected to increase by 4 percent Q-o-Q (up 2 percent Y-o-Y) to Rs 94,227 crore, according to KR Choksey. "Earnings before interest, tax (EBIT) are likely to rise by 2 percent Q-o-Q (flat year-on-year) to Rs 9,811 crore," it says.

Sampath Reddy of Bajaj Allianz Life Insurance Company says, "Infosys has done very well and few private banks also would probably do so. But, overall among top 200-300 stocks, we would see a significant amount of deceleration in earnings this quarter. But, most of it is priced in, especially in the last two years or so."

Tech Mahindra

The Reserve Bank increased limit for foreign institutional investors (FIIs) to buy shares in Tech Mahindra up to 45 percent of the paid up capital of the company.

"The Reserve Bank of India  notified that Tech Mahindra has passed resolutions...,agreeing of enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs, through primary market and stock exchanges up to 45 percent," RBI said in a notification.

This limit has been revised from earlier limit of 35 percent of the paid up capital of the company under Portfolio Investment Scheme.

(Posted by Nasrin Sultana)

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Phailin makes landfall at Gopalpur; heavy rain, strong winds to continue in Odisha, AP

Cyclone Phailin has made a landfall in Gopalpur in Ganjam district of Odisha around 8 pm as predicted. The storm arrived with strong winds blowing at about 200- 220 kmph and heavy to very heavy rain is expected to continue for next 4-6 hours over coastal areas.

Till the arrival of the cyclone, Gopalpur received 69 mm of rain, Bhubaneswar received 44 mm, Balasore 59 mm and Khordha 50 mm of rain in the last 6 hours. Puri is witnessing heavy rain with strong winds at 170 kmph. Kalingapatnam in north Andhra Pradesh coast has received 120 mm of rain at the time of arrival.

The weather system is weakening and expected to turn into depression during the next 24 hours. while its progress in a northwest direction, interior Orissa, Jharkhand, Chhattisgarh and Gangetic West Bengal could experience rain at many places during the next 24 to 48 hours. Isolated places could also receive very heavy rain during the period.

By: Skymetweather.com

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Forex - USD/JPY gains as hopes hold firm for end to fiscal stalemate

Investing.com ג€' The dollar rose against the yen on Friday as hopes held firm that U.S. policymakers will find a way out of a fiscal impasse that has kept the government closed for 11 days and has fanned fears that defaults may be possible in the coming weeks.

In U.S. trading on Friday, USD/JPY was trading at 98.54, up 0.38%, up from a session low of 97.92 and off a high of 98.58.

The pair was likely to find support at 96.57, Monday's low, and resistance at 98.72, the high from Oct. 1.

Expectations for an end to the U.S. fiscal deadlock grew after Republicans on Thursday offered to extend the government's borrowing authority for several weeks, temporarily staving off a default and bolstering demand for the greenback.

The White House has yet to agree on the offer, which capped the dollar's gains, though talks between President Barack Obama and congressional Republicans continued Friday, which supported the greenback against the single currency somewhat.

Elsewhere, the Thomson Reuters/University of Michigan's preliminary consumer sentiment index for October fell to 75.2 from a reading of 77.5 in September.

Analysts were expecting a downtick to 76.0.

The study also found that inflation expectations for this month declined to 2.9%, from 3.3% in September.

Earlier Friday, Japan Minister of Economy Akira Amari urged U.S. politicians to show some responsibility, stressing that if the current shutdown was allowed to continue, the U.S. could default on its debt.

U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on Oct. 17 and warned that the political crisis is starting to hurt the economy. Lew was making his comments during testimony before the Senate finance committee.

The yen was down against the pound and down against the euro, with GBP/JPY up 0.29% and trading at 157.19 and EUR/JPY trading up 0.54% at 133.44.

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Forex - Dollar steady on growing expectations for end to fiscal impasse

Investing.com ג€' The dollar held steady against most major currencies on Friday after U.S. policymakers grew closer agreeing on a plan to end a fiscal impasse that closed the U.S. government on Oct. 1 and threatened to throw the country into default.

In U.S. trading on Friday, EUR/USD was up 0.23% at 1.3551.

Expectations for an end to the U.S. fiscal deadlock grew after Republicans on Thursday offered to extend the government's borrowing authority for several weeks, temporarily staving off a default and bolstering demand for the greenback.

The White House has yet to agree on the offer, which capped the dollar's gains, though talks between President Barack Obama and congressional Republicans continued Friday, which supported the greenback against the single currency somewhat.

Elsewhere, the Thomson Reuters/University of Michigan's preliminary consumer sentiment index for October fell to 75.2 from a reading of 77.5 in September.

Analysts were expecting a downtick to 76.0, and the disappointing figure capped the greenback's advance.

The study also found that inflation expectations for this month declined to 2.9%, from 3.3% in September.

Earlier Friday, Japan Minister of Economy Akira Amari urged U.S. politicians to show some responsibility, stressing that if the current shutdown was allowed to continue, the U.S. could default on its debt.

U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on Oct. 17 and warned that the political crisis is starting to hurt the economy. Lew was making his comments during testimony before the Senate finance committee.

The greenback was up against the pound, with GBP/USD down 0.07% at 1.5956.

The dollar was up against the yen, with USD/JPY up 0.35% at 98.50, and down against the Swiss franc, with USD/CHF down 0.04% at 0.9114.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.41% at 1.0355, AUD/USD up 0.16% at 0.9468 and NZD/USD trading up 0.51% at 0.8325.

In Canada earlier, official data revealed that the number of employed individuals rose by 11,900 in September, above expectations for a 10,000 increase, after 59,200 rise the previous month.

The report also showed that Canada's unemployment rate ticked down to 6.9% last month, from 7.1% in August. Analysts were expecting the unemployment rate to slip to 7.0% in September.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.13% at 80.47.

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Forex - Dollar gains on rising hopes for end to U.S. fiscal impasse

Investing.com ג€' The dollar rose against most major currencies on Thursday after congressional Republicans offered to temporarily raise the U.S. debt ceiling and avoid defaults provided the White House engage in talks to end a fiscal impasse that has closed the U.S. government.

In U.S. trading on Thursday, EUR/USD was up 0.09% at 1.3536.

In the U.S. earlier, House Speaker John Boehner said his fellow Republicans would offer a temporary increase in the debt ceiling in exchange for dialogue with President Barack Obama on budget and deficit issues.

The White House said it would consider the offer and was awaiting details.

Hopes that talks will lead to an end to the government shutdown and avoid defaults while opening the door to broader fiscal reforms down the road firmed the greenback.

U.S. Treasury Secretary Jack Lew reiterated Thursday that the U.S. will reach its debt ceiling on Oct. 17 and warned that the political crisis is starting to hurt the economy. Lew was making his comments during testimony before the Senate finance committee.

Congressional inability to agree on a spending package closed the government on Oct. 1.

The dollar shrugged off a report by the Department of Labor showing that U.S. initial jobless claims rose to 374,000 last week, an increase of 66,000 from the previous week's unrevised figure of 308,000.

The number was high due to a computer glitch in California related to technology upgrades.

The greenback was up against the pound, with GBP/USD up 0.13% at 1.5977.

The Bank of Englandג€™s Monetary Policy Committee voted to leave its benchmark interest rate on hold at 0.5% and made no changes to its GBP375 billion quantitative easing program in a decision that was widely expected.

The dollar was up against the yen, with USD/JPY up 0.82% at 98.16, and up against the Swiss franc, with USD/CHF up 0.08% at 0.9108.

Meanwhile in Japan, the yen came under pressure as investors ditched safe-haven positions to go
long on equities despite hit-or-miss data.

Japan's Economic and Social Research Institute said that the country's core machinery orders rose 5.4% in September after coming in flat in August. Analysts expected a September increase of 2.0%.

In a separate report, the data revealed that the Japanese tertiary industry activity index rose by 0.7% last month after contracting 0.4% in August. Analysts expected the tertiary index to rise by 0.5% in September.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD flat at 1.0394, AUD/USD up 0.17% at 0.9460 and NZD/USD trading down 0.08% at 0.8292.

Data released on Thursday showed that Canadaג€™s new housing price index inched up by a seasonally adjusted 0.1% in August, below forecasts for a 0.3% gain.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.10% at 80.53.

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After Infosys, Vemuri set to steer iGate growth story?

Oct 10, 2013, 11.02 PM IST

With iGate posting a better-than-expected results in the third quarter, CEO of iGate has brought much needed relief to the shareholders of the information technology services provider.

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After Infosys, Vemuri set to steer iGate growth story?

With iGate posting a better-than-expected results in the third quarter, CEO of iGate has brought much needed relief to the shareholders of the information technology services provider.

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

After Infosys, Vemuri set to steer iGate growth story?

With iGate posting a better-than-expected results in the third quarter, CEO of iGate has brought much needed relief to the shareholders of the information technology services provider.

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Ashok Vemuri, who created ripples after he left Infosys ; where he managed a portfolio worth USD 2 billion as the head of America, Manufacturing and engineering; is set to direct iGate towards greener pastures, reports CNBC-TV18's Kritika Saxena.
 
In his first earnings as CEO of iGate, Ashok Vemuri has managed to surprise the street. iGate, on Thursday, posted a better-than-expected set of numbers for its third quarter of calendar year 2013. It registered a 3.6 percent sequential jump in revenues at USD 293.4 million and 6.3 percent jump in net income at USD 31.9 million. If Vemuri's words are anything to go buy, the road only gets better.
 
In a media conference call after the earnings, Vemuri said that he believed that iGate was at an infliction point in its growth. "I believe that iGate is well positioned to capitalise opportunity in the market. I am excited to have joined iGate as president and CEO and believe that it has a smart and capable team to drive the company forward;" he said.
 
Vemuri also said that the company has signed some large deals recently and is confident that the business environment is improving. He also said that the European revenues shares have increased due to ramp ups in the last quarter and that iGate was working towards developing near shore data centers in order to be closer to the clients.
 
After the rather controversial exit of Phaneesh Murthy, who was asked to leave the company due to alleged charges of sexual harassment, Vemuri's confidence brings must needed relief to iGate shareholders.

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