USD/JPY dips as stock markets fall, U.S. indicators support

Investing.com - Investing.com - The dollar slipped against the yen on Friday as global stock markets continued to fall on fears emerging markets are cooling, though solid U.S. economic indicators cushioned the greenback's losses.

In U.S. trading, USD/JPY was down 0.43% and trading at 102.28, up from a session low of 101.96 and off a high of 102.94.

The pair was expected to test support at 101.84, Wednesday's low, and resistance at 103.44, Tuesday's high.

Concerns the emerging markets may be cooling, as evidenced by soft Chinese manufacturing data, have weakened emerging-market currencies and roiled stock markets worldwide.

Then yen has served as the safe-haven currency of choice during the turbulence, and Japanese data continued to support the currency on Friday.

According to figures released by Ministry of Economy, Trade and Industry, Japan's industrial production in December rose by 1.1% against the expected rise of 1.2% but up from a previous fall of 0.1%.

Also in Japan, the Statistics Bureau reported that country's headline and core consumer price indices both remained unchanged at 0.7%, in line with expectations.

The dollar, however, saw some support from solid economic indicators.

The Thomson Reuters/University of Michigan final index of sentiment came in at 81.2 in January, beating expectations for a 81.0 reading.

Also in the U.S. official data revealed consumer spending rose 0.4% in December, beating expectations for a 0.2% reading though personal income came in unchanged, missing expectations for a 0.0% gain.

The yen, meanwhile, was up against the euro and up against the pound, with EUR/JPY down 0.75% at 138.20, and GBP/JPY trading down 0.56% at 168.39.

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U.S. stocks fall on disappointing earnings; Dow dips 0.94%

Investing.com - Investing.com - Weak fourth-quarter earnings sent U.S. stock prices falling on Friday, though solid consumer sentiment data cushioned losses.

At the close of U.S. trading, the Dow Jones Industrial Average fell 0.94%, the S&P 500 index fell 0.65%, while the Nasdaq Composite index fell 0.47%.

Disappointing earnings from retailer Amazon and toymaker Mattel sent stock prices falling on Friday, as did a profit forecast from Wal-Mart.

Ongoing concerns that emerging markets may be cooling also pushed prices lower, though U.S. data curbed losses somewhat.

The Thomson Reuters/University of Michigan final index of U.S. consumer sentiment came in at 81.2 in January, beating expectations for a 81.0 reading.

Also in the U.S. official data revealed consumer spending rose 0.4% in December, beating expectations for a 0.2% reading though personal income came in unchanged, missing expectations for a 0.0% gain.

The data boosted spirits somewhat by painting a picture of a U.S. economy moving along on its road to recovery at a time when monetary policy still remains loose.

Leading Dow Jones Industrial Average performers included Microsoft, up 2.43%, Caterpillar, up 0.74%, and Verizon, up 0.64%.

The Dow Jones Industrial Average's worst performers included Chevron, down 4.35%, Visa, down 2.54%, and Exxon Mobil, down 2.13.%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.31%, France's CAC 40 fell 0.34%, while Germany's DAX 30 fell 0.71%. Meanwhile, in the U.K. the FTSE 100 finished down 0.43%.

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USD/JPY gains on U.S. GDP data, stock market gains

Investing.com - Investing.com - The dollar gained against the yen on Thursday after U.S. economic growth rates came in strong, while recovery in global stock markets enticed investors out of safe-haven yen positions.

In U.S. trading, USD/JPY was up 0.42% and trading at 102.70, up from a session low of 102.08 and off a high of 102.89.

The pair was expected to test support at 101.84, Wednesday's low, and resistance at 103.44, Tuesday's high.

The dollar rallied after the Commerce Department said gross domestic product expanded 3.2% in the three months to December, in line with most forecasts, even outpacing some, following a 4.1% rise in the third quarter.

Consumer spending rose by 3.3%, the strongest since the fourth quarter of 2010, while exports grew by 11.4%.

The data strengthened the dollar by cementing market expectations for the Federal Reserve to continue trimming its monthly bond-buying program, which weakens the greenback pushing down long-term interest rates.

On Wednesday, the Fed said it was cutting the program to USD65 billion from USD75 billion. The program launched in late 2012 at USD85 billion in monthly purchases of Treasury and mortgage debt.

Elsewhere on Thursday, the Labor Department said the number of individuals filing for unemployment assistance in the U.S. last week rose by 19,000 to 348,000 from the previous week's revised total of 329,000.

Analysts were expecting the figure to remain relatively unchanged at 330,000, though investors shrugged off the data.

Separately, the National Association of Realtors said its pending home sales index dropped by a seasonally adjusted 8.7% last month, disappointing expectations for a 0.3% gain, which also failed to dampen spirits.

Rough winter weather has taken its toll on recent economic indicators, though general market attitudes persist that U.S. recovery remains on track.

Rising stock prices in the U.S., Europe and elsewhere also bolstered the dollar.

The yen has served as the safe-haven asset class of choice during recent turbulence in emerging markets, though relief buying in equities markets prompted investors to sell the yen for profits.

The yen, meanwhile, was up against the euro and up against the pound, with EUR/JPY down 0.44% at 139.12, and GBP/JPY trading down 0.17% at 169.18.

On Friday, the U.S. is to round up the week with a report on manufacturing activity in the Chicago region, revised data on consumer sentiment and a report on personal spending.

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U.S. stocks rally on GDP data, earnings; Dow gains 0.70%

Investing.com - Investing.com - Wall Street rallied on Thursday after solid U.S. economic growth data coupled with better-than-expected earnings sparked demand for equities.

At the close of U.S. trading, the Dow Jones Industrial Average rose 0.70%, the S&P 500 index rose 1.13%, while the Nasdaq Composite index rose 1.77%.

Solid earnings from social networking icon Facebook and credit-card company Visa, among others, sent broader indices gaining on Thursday as did reports that Google is selling its Motorola mobile phone unit to Lenovo for USD2.91 billion.

Solid U.S. growth rates sent prices climbing as well.

The dollar rallied after the Commerce Department said gross domestic product expanded 3.2% in the three months to December, in line with most forecasts, even outpacing some, following a 4.1% rise in the third quarter.

Consumer spending rose by 3.3%, the strongest since the fourth quarter of 2010, which markets applauded especially, while exports grew by 11.4%.

Meanwhile, demand for U.S. equities rose among investors seeking to shuffle their money out of emerging markets.

Leading Dow Jones Industrial Average performers included Nike, up 3.00%, Caterpillar, up 2.83%, and Walt Disney, up 2.65%.

The Dow Jones Industrial Average's worst performers included Boeing, down 2.52%, 3M, down 1.68%, and Exxon Mobil, down 1.20%.

European indices, meanwhile, finished largely higher.

After the close of European trade, the EURO STOXX 50 rose 0.35%, France's CAC 40 rose 0.55%, while Germany's DAX 30 rose 0.39%. Meanwhile, in the U.K. the FTSE 100 finished down 0.09%.

On Friday, the U.S. is to round up the week with a report on manufacturing activity in the Chicago region, revised data on consumer sentiment and a report on personal spending.

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RBNZ Keeps OCR at record low 2.5%, but says expect hike soon

Investing.com - Investing.com - The Reserve Bank of New Zeland left the cash rate at a record low of 2.5% on Thursday, saying the country's "economic expansion has considerable momentum" and adding that a return of interest rates to more normal levels can be expected "soon."

"While headline inflation has been moderate, inflationary pressures are expected to increase over the next two years. In this environment, there is a
need to return interest rates to more-normal levels," The RBNZ said in a statement.

"The Bank expects to start this adjustment soon. The Bank remains committed to increasing the OCR, official cash rate, as needed to keep future average inflation near the 2 percent target mid-point. The scale and speed of the rise in the OCR will depend on future economic indicators."

The RBNZ said that with annual inflation at 1.6% in 2013 and many firms looking to raise prices, there are increased inflation risks. However, the RBNZ said that a flow through of a higher exchange rate is not sustainable.

"The high exchange rate continues to dampen inflation in the traded goods sector, but the Bank does not believe the current level of the exchange rate is sustainable in the long run."

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Dollar moves off earlier lows as Fed trims stimulus program

Investing.com - Investing.com - The greenback moved off earlier lows and traded mixed against most major currencies on Wednesday after the Federal Reserve said it was cutting USD10 billion from its USD75 billion monthly bond-buying program.

In U.S. trading on Wednesday, EUR/USD was down 0.10% at 1.3657.

The Federal Reserve on Wednesday left its benchmark lending target, the fed funds rate, unchanged at 0.00%-0.25% and trimmed USD10 billion from its USD75 billion monthly asset-purchasing program in place to spur recovery.

The Fed is now purchasing USD65 billion in Treasury holdings and mortgage debt a month to help make broader financial conditions more accommodative in order to strengthen recovery.

Economic activity is picking up, the labor market is making some improvement, while recent congressional inability to agree on spending packages is still dragging on recovery albeit less nowadays due to recent compromises.

Such a scenario prompted monetary authorities to taper the Fed's monthly bond purchases, which aim to push down long-term interest rates to boost the economy, thus weakening the dollar as long as they remain in effect.

The news, which was widely expected, brought the dollar off earlier lows on prospects that the Federal Reserve will continue to taper its stimulus program as long as the economy improves.

The yen served as the safe-haven asset class of choice on Wednesday as turbulence began to rebuild in emerging markets.

Turkey and South Africa hiked interest rates earlier to support their currencies, which rekindled fears that an end to ultra-loose monetary policies in the U.S. and elsewhere will makes assets in emerging markets less attractive, which sent stocks falling.

The dollar was down against the yen, with USD/JPY down 0.80% at 102.11, and down against the Swiss franc, with USD/CHF down 0.30% at 0.8946.

The greenback was up against the pound, with GBP/USD down 0.10% at 1.6564.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.04% at 1.1158, AUD/USD down 0.46% at 0.8738 and NZD/USD down 0.85% at 0.8188.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.04% at 80.61.

On Thursday, the U.S. is to publish preliminary data on fourth-quarter economic growth. The nation is also to release the weekly report on initial jobless claims and data on pending home sales.

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Dollar gains on upbeat U.S. consumer confidence data

Investing.com - Investing.com - The greenback moved higher against most major currencies on Tuesday after an upbeat consumer confidence report kept expectations strong that the Federal Reserve will conclude a policy meeting on Wednesday with fresh cuts to its USD75 billion monthly bond-buying program.

U.S. trading on Tuesday, EUR/USD was down 0.07% at 1.3664.

The Conference Board said its index of consumer confidence improved to 80.7 this month from a downwardly revised 77.5 in December.

Analysts were expecting the index to rise to 78.1, and the numbers fueled expectations that the Fed will conclude a two-day policy meeting on Wednesday announcing fresh cuts to its USD75 billion bond-buying program, likely by USD10 billion.

Fed asset purchases aim to weaken the dollar by driving down long-term interest rates, thus sending investors to asset classes like stocks, while talk of their dismantling often strengthens the greenback.

Meanwhile a separate report showed that U.S. durable goods orders fell unexpectedly in December, which capped the greenback's gains.

The Commerce Department reported earlier that durable goods orders fell 4.3% in December, confounding expectations for a 1.8% gain.

Core durable goods, which are stripped of volatile transportation items, orders fell 1.6% in December, the largest drop since March, compared to forecasts for a 0.5% increase.

Orders for core capital goods, a key barometer of private-sector business investment, fell 1.3% last month, confounding expectations for a 0.5% gain and after rising 2.6% in November.

Still, investors bet that months of broad improvements to U.S. economic indicators will prompt the Fed to continue tapering its USD75 billion bond-buying program.

The greenback was up against the pound, with GBP/USD down 0.05% at 1.6577.

In the U.K., data showed that the British economy grew 0.7% in the final three months of 2013 and expanded 2.8% from a year earlier, both figures in line with expectations.

While the data left markets without a clear weather vane as to when the Bank of England may raise interest rates, the figures were strong enough to curb the pound's losses against the greenback.

The dollar was up against the yen, with USD/JPY up 0.30% at 102.86, and up against the Swiss franc, with USD/CHF up 0.19% at 0.8979.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.36% at 1.1156, AUD/USD up 0.37% at 0.8771 and NZD/USD up 0.35% at 0.8262.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.12% at 80.67.

On Wednesday, the dollar will move on the Fed's announcement on interest rates and monetary policy as well as its language.

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U.S. stocks gain on earnings; Dow gains 0.57%

Investing.com - Investing.com - U.S. stocks rose on Tuesday after better-than-expected earnings shifted investors' eyes away from concerns that emerging markets may be cooling, which frayed nerves in global stock exchanges in recent sessions.

At the close of U.S. trading, the Dow Jones Industrial Average rose 0.57%, the S&P 500 index rose 0.61%, while the Nasdaq Composite index rose 0.35%.

Better-than-expected earnings from Ford, drug maker Pfizer and homebuilder D.R. Horton bolstered stock prices by painting a picture of improving U.S. economic fundamentals.

Also boosting prices, the Conference Board said its index of consumer confidence improved to 80.7 this month from a downwardly revised 77.5 in December.

Analysts were expecting the index to rise to 78.1.

Meanwhile a separate report showed that U.S. durable goods orders fell unexpectedly in December, though stocks continued their advance.

The Commerce Department reported earlier that durable goods orders fell 4.3% in December, confounding expectations for a 1.8% gain.

Core durable goods, which are stripped of volatile transportation items, orders fell 1.6% in December, the largest drop since March, compared to forecasts for a 0.5% increase.

Orders for core capital goods, a key barometer of private-sector business investment, fell 1.3% last month, confounding expectations for a 0.5% gain and after rising 2.6% in November.

Earnings and solid economic indicators brought in bottom fishers who snapped up nicely priced stocks after several sessions that saw declines on fears that emerging markets may be cooling.

Leading Dow Jones Industrial Average performers included Pfizer, up 2.55%, Visa, up 2.00%, and General Electric, up 1.54%.

The Dow Jones Industrial Average's worst performers included Cisco, down 1.20%, DuPont, down 1.07%, and Verizon, down 0.70%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.73%, France's CAC 40 rose 0.98%, while Germany's DAX 30 rose 0.62%. Meanwhile, in the U.K. the FTSE 100 finished up 0.33%.

On Wednesday, stocks will move on the Fed's announcement on interest rates and monetary policy as well as its language.

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Shanthi Gears: Fixes record date for interim dividend

Jan 28, 2014, 12.12 AM IST

Shanthi Gears has informed that the Company has fixed February 07, 2014 as the Record Date for the purpose of payment of Interim Dividend.

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Shanthi Gears: Fixes record date for interim dividend

Shanthi Gears has informed that the Company has fixed February 07, 2014 as the Record Date for the purpose of payment of Interim Dividend.

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Shanthi Gears: Fixes record date for interim dividend

Shanthi Gears has informed that the Company has fixed February 07, 2014 as the Record Date for the purpose of payment of Interim Dividend.

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Shanthi Gears Ltd has informed BSE that the Company has fixed February 07, 2014 as the Record Date for the purpose of payment of Interim Dividend.Source : BSE

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Crude extends losses on emerging-market fears

Investing.com - Investing.com - Oil prices extended Friday's losses into Monday on fears that emerging-market economies are cooling will demand less fuel and energy going forward.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded at USD95.72 a barrel during U.S. trading, down 0.96%. New York-traded oil futures hit a session low of USD95.22 a barrel and a high of USD97.17 a barrel.

The March contract settled down 0.70% at USD96.64 a barrel on Friday.

Nymex oil futures were likely to find support at USD93.66 a barrel, the low from Jan. 20, and resistance at USD97.83 a barrel, Thursday's high.

Concerns that emerging markets are due to post weaker growth rates continued to push oil prices lower on Monday.

Last week, a preliminary Chinese HSBC Manufacturing PMI fell to 49.6 for January from 50.5 in December, missing market calls for an uptick to 50.6.

A reading under 50 signifies contraction.

Meanwhile in the U.S., the Census Bureau reported earlier that sales of new, single-family houses in December came in at a seasonally adjusted annual rate of 414,000, missing market calls for a 475,000 reading and also below November's revised figure of 445,000, which softened the dollar slightly.

The figure was still well above the December 2012 reading of 396,000, and the data also revealed that inventories remain lean and prices continue rising, while harsh winter weather may have affected sales in December as well.

Oil, however, fell on the news on concerns that even if the housing sector continues to improve, building may be less robust than once expected.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery were down 0.85% and trading at USD106.96 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD11.24 a barrel.

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