World Market Updates – November 14

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World Market Updates: Brought to you in association with Dubai Gold and Commodities Exchange (DGCX) Academy
world market updates
World market updates

MARKET PULSE

Fed. chairman nominee Janet Yellen said the economy is performing “far short of it’s potential.”
Forecast: Fed will pare QE to $70 billion at its March 18-19 meeting from $85 billion.
Janet Yellen. “I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.”
Yellen Says U.S. Economy Must Improve Before Fed Tapers QE .
Japan’s growth slowed in the 3rd quarter, adding to the case for the central bank’s stimulus.
Japan’s GDP slowed to 1.9 % in the July-September period from 3.8 % in the 2nd quarter.
Japanese investors bought $3.6 billion of overseas bonds in the week ended Nov. 8.
The MSCI Asia Pacific Index of shares rose 1.3 %.
Yen Falls on Stock Gains as Slowing Growth Fans BOJ Easing Bets.
Euro Withstands Draghi’s Cut as Best Performer.
Canadian Dollar Rallies From 2-Month Low on Central-Bank Bets.
Carney Seen Extending World-Beating Gilt Losses.
Aussie, Kiwi Hold Gains as Bernanke, Yellen Hint at Later Taper.

COMMODITIES

Gold Advances After Yellen Backs Easing Until Economy Improves
WTI Swings After Biggest Gain in Week as Oil Supply Seen Rising
Copper Rises as Yellen Says Economy Must Improve Before Tapering

INDIAN INR

MARKETS

India’s rupee rose for a 2nd day. The rupee rose 0.5 % to 63.0250. It touched 63.91 yesterday, the weakest level since Sept. 13. 1-month volatility fell 68 basis points to 12.97 %. 3-month onshore rupee forwards rose 0.6 % to 64.44. Offshore non- deliverable contracts advanced 0.8 % to 64.86.

FACTORS

Central bank predicted the current-account deficit will narrow.
Deficit will fall to $56 billion (March 2014) versus $88 billion in the previous 12 months.
Central bank said “The monetary authority will supply adequate cash to the financial system”.
Central Bank will purchase $1.27 billion of bonds set for Nov. 18.
The 10Y yield declined to 8.91 % from 9.15% yesterday.
Government will auction 150 billion rupees of bonds today.
Indian financial markets are shut tomorrow for a local holiday.

FOREIGN EXCHANGE

MARKETS
The yen dropped 0.4 % to 99.59 per dollar. It touched 99.80 this week, the weakest since Sept. 13. Japan’s currency declined 0.2 % to 134.18 per euro. Euro fell 0.1 % to $1.3473. The euro has gained 1.1 % in the week through today. The dollar has added 0.7 % during the period, while the yen lost 1.1 %.

FACTORS

Japan’s growth slowed in the 3rd quarter, adding to the case for the central bank’s stimulus.
Japan’s GDP slowed to 1.9 % in the July-September period from 3.8 % in the 2nd quarter.
Japanese investors bought $3.6 billion of overseas bonds in the week ended Nov. 8.
The MSCI Asia Pacific Index of shares rose 1.3 %.
Fed. chairman nominee Janet Yellen said the economy is performing “far short of it’s potential.”
Forecast: Fed will pare QE to $70 billion at its March 18-19 meeting from $85 billion.
Janet Yellen. “I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.”

(Report compiled by Simarjeet Baweja, Head of Academy at Dubai Gold & Commodities Exchange) 

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