UPDATE 1-Asia Morning Call-Global Markets |

Sept 21 (Reuters) – Stock Markets Net Chng Stock Markets Net Chng S&P/ASX 200** 5,709.09 -4.48 NZX 50** 7,819.24 54.71 DJIA 22,412.59 41.79 NIKKEI** 20,310.46 11.08 Nasdaq 6,456.044 -5.28 FTSE** 7,271.95 -3.30 S&P 500 2,508.24 1.59 Hang Seng** 28,127.8 76.39 SPI 200 Fut 5,715.00 3.00 STI** 3,218.07 -7.88 SSEC** 3,366.36620 9.52160 KOSPI** 2,412.2 3.85 ————————————————————————————– — Bonds Bonds JP 10 YR Bond 0.028 -0.002 KR 10 YR Bond 2.284 -0.008 AU 10 YR Bond 2.891 0.048 US 10 YR Bond 2.2729 0.03 NZ 10 YR Bond 3.11 0.03 US 30 YR Bond 2.8112 -0.003 ————————————————————————————– — Currencies SGD US$ 1.3488 0.0020 KRW US$ 1,131.07 0.28 AUD US$ 0.8025 -0.0006 NZD US$ 0.7352 -0.0003 EUR US$ 1.1886 -0.0005 Yen US$ 112.28 0.07 THB US$ 33.11 0.02 PHP US$ 50.97 0.031 IDR US$ 13,279 4 INR US$ 64.288 -0.007 MYR US$ 4.186 -0.004 TWD US$ 30.132 -0.005 CNY US$ 6.5735 -0.0125 HKD US$ 7.8002 0.0001 ————————————————————————————– — Commodities Spot Gold 1,300.63 -10.5501 Silver (Lon) 17.129 -0.191 U.S. Gold Fut 1,304.5 -6.1 Brent Crude 56.2 1.06 Iron Ore CNY491.5 -4 TRJCRB Index 184.6338 2.0559 TOCOM Rubber JPY214.4 2.2 LME Copper 6,535 -4 ————————————————————————————— —

** indicates closing price

All prices as of 2133 GMT


GLOBAL – U.S. Treasury yields rose, the dollar gained while U.S. stocks fell on Wednesday after the U.S. Federal Reserve signaled it expects one more interest rake hike by the end of the year.

In its statement, the Fed, as expected, left rates unchanged and also said it would begin in October to reduce its approximately $4.2 trillion in holdings of U.S. Treasury bonds and mortgage-backed securities.

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NEW YORK – The S&P 500 and the Dow ended slightly higher on Wednesday, adding to their string of closing records, after the Federal Reserve signaled it expects another interest rate hike by year-end and disclosed timing for reducing its balance sheet.

The Fed left rates unchanged for now, as was widely anticipated, but investors’ expectations changed for December after the U.S. central bank signaled one more rate hike by year-end despite recent weak inflation readings.

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LONDON – Sterling strengthened against the dollar on Wednesday, as data showing British retail sales unexpectedly surged in August bolstered expectations the Bank of England will lift rates from record lows before year-end.

Sterling jumped by almost a cent against the dollar on the publication of the numbers, which showed monthly sales growth accelerated to 1.0 percent, the fastest since April and easily beating forecasts of a 0.2 percent increase.

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TOKYO – Japanese stocks were nearly flat on Wednesday after scaling highs not seen in more than two years on Tuesday, while investors stayed cautious before the U.S. Federal Reserve’s policy meeting which ends later in the day.

The Nikkei edged up 0.1 percent to 20,310.46, after moving little throughout the day. On Tuesday, the index soared 2.0 percent to hit the highest level since August 2015 supported by a weaker yen and hopes for a snap election.

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SHANGHAI – China stocks edged higher on Wednesday, bolstered by strong gains in consumer stocks and “new energy” car manufacturers, with sentiment propped up improving business confidence and expectations that Beijing will maintain stability in financial markets ahead of a key party congress.

The blue-chip CSI300 index rose 0.3 percent, to 3,842.44 points, while the Shanghai Composite Index .SSEC also gained 0.3 percent to 3,366.00 points.

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AUSTRALIA – Australian shares are set to open slightly lower on Thursday as basic materials stocks are expected to be under pressure due to persistent weakness in iron ore prices.

The local share price index futures rose 0.05 percent, or 3 points to 5,715, a 5.9-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.1 percent on Tuesday.

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SEOUL – South Korean shares ended weaker on Wednesday as foreign investors sold off local equities later in the session to take profits before Fed’s policy decision.

The Korea Composite Stock Price Index closed 0.2 percent down at 2,412.20 points.

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NEW YORK – The dollar turned higher against a basket of currencies on Wednesday, reversing an earlier drop, as the Federal Reserve’s latest forecast reinforced the notion of a possible interest rate increase in December.

At 2:25 p.m. (1825 GMT), the index that tracks the greenback versus a group of six currencies was up 0.7 percent at 92.471, its highest level in four trading sessions.

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CHINA – China’s yuan firmed against the U.S. dollar on Wednesday as companies sold dollars to take profits on recent gains and square positions ahead of a Federal Reserve policy decision later in the session.

The Fed is widely expected to announce that it will start paring its balance sheet, with the reductions seen likely to start this year.

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AUSTRALIA – The New Zealand dollar leapt to a 1-1/2 month high on Wednesday after an opinion poll showed the country’s ruling National Party had regained a wide lead over the opposition just three days before a nail-biting general election.

Support for the National Party rose 6 points to 46 percent while that for Labour slipped seven points to 37 percent, according to One News-Colmar Brunton opinion.

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SEOUL – The South Korean won edged up on Wednesday but a cautious mood prevailed in the markets as investors focused on an outcome from the Federal Reserve’s September policy meeting due later on Wednesday.

The won was quoted at 1,128.3 to the dollar at the conclusion of onshore trade, up 0.3 percent versus Tuesday’s close of 1,131.3.

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NEW YORK – Benchmark U.S. Treasury yields jumped to their highest levels in six weeks on Wednesday after the Federal Reserve’s statement from its policy meeting was interpreted as keeping a December interest rate hike on the table.

New economic projections released after the Fed’s two-day policy meeting showed 11 of 16 officials see the “appropriate” level for the federal funds rate, the central bank’s benchmark interest rate, to be in a range between 1.25 percent and 1.50 percent by the end of 2017, one-quarter of a point above the current level.

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LONDON – Euro zone government bond yields nudged down on Wednesday as investors awaited the conclusion of a U.S. Federal Reserve meeting for clues on whether another interest rate rise is likely this year.

Caught between a lull in U.S. inflation and a stronger global economy, the Fed is expected to signal whether it will raise rates for a third time this year or back off until prices rise more briskly.

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TOKYO – Benchmark Japanese bonds edged slightly down on Wednesday, but longer maturities steadied as investors adjusted positions ahead of the outcome of the U.S. Federal Reserve’s meeting later in the global session.

The 10-year cash JGB yield inched up half a basis point to 0.030 percent, while the 10-year JGB futures contract 2JGBv1 finished up 0.04 point at 150.81.

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Gold prices fell 1 percent on Wednesday after the U.S. Federal Reserve left interest rates unchanged but signaled it still expected to raise interest rates by year-end.

Gold had been creeping higher in the minutes before the Fed released a statement about its latest two-day policy meeting, then reversed course and fell. It briefly sank below the $1,300 mark that traders had viewed as psychological support. Bullion hit $1,295.81 an ounce, the lowest since Aug. 28.

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Chinese iron ore futures fell to their lowest level in nearly two months on Wednesday, pressured by weaker steel prices and an environmental campaign by Beijing that has restricted operations of sinter facilities.

Some local governments have restricted the use of sinter plants, which process smaller iron ore particles such as fines into lump, to improve China’s air quality. The bulk of China’s iron ore imports are fines.

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Aluminium soared to its highest in five years on Wednesday on reports that mammoth Chinese producer Chinalco was cutting output two months early and would soon pare back stocks of available metal.

Concerns that an environmental crackdown by China’s authorities will create shortages have served to boost aluminium prices and the metal has been the top performer on the London Metal Exchange (LME) this year with gains of 28 percent.

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Oil prices settled up 2 percent on Wednesday despite a rise in U.S. crude inventories, with the market heading for its largest third-quarter gain in 13 years after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts.

Brent crude futures LCOc1 rose $1.06, or 1.9 percent, to $56.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 93 cents, or 1.9 percent, to $50.41

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Malaysian palm oil futures rose for the first time in five sessions on Wednesday, supported by rising export demand and strength in soyoil on the Chicago Board of Trade (CBOT).

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange rose 0.1 percent to 2,770 ringgit a tonne at the end of the trading day.

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Benchmark Tokyo rubber futures extended losses into a fourth session on Wednesday, diving to a one-month low as a continued slide in Shanghai futures prompted fresh selling.

The Tokyo Commodity Exchange (TOCOM) rubber contract for February delivery , finished 1.2 yen, or 0.6 percent, lower at 212.2 yen ($1.9) per kg, after having earlier touched 209.5 yen, its lowest level since Aug. 15.

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(Bengaluru Bureau; +91 80 6749 1130)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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