World Market Updates – November 18

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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

QUOTE: You can’t operate a company by fear, because the way to eliminate fear is to avoid criticism. And the way to avoid criticism is to do nothing.

MARKET PULSE
Fed Chairman-nominee Janet Yellen reiterated the need for monetary stimulus.
The MSCI Asia Pacific Index of shares climbed 0.8 %, set for a 3rd-straight day of gains.
Futures traders increased their shorts on the that the yen to the highest level since May.
The net shorts on the yen were 95,107 on Nov.12, compared 73,792 a week earlier.
BOJ Governor Haruhiko Kuroda and his board will gather for a 2-day meeting.
Draghi’s rate cut puts ECB Into holding pattern until next year.
JPY under pressure before BOJ meet.

COMMODITIES
WTI Drops as Saudi Arabia’s Oil Exports Surge to 8-Year High.
Gold Bears Return Before Yellen Signals More Easing.
Gold-Laden Brides in India Defying Singh as Culture Triumphs.
Gold Snaps 3-Day Gain as Investors Channel Funds to Equities.
Hedge Funds Cut WTI Crude Bets to 5-Month Low.

INDIAN INR

MARKETS
The rupee rose 0.5 % from Nov. 14 to 62.84. It touched 62.7800 earlier, the strongest since Nov. 8. Indian financial markets were shut Nov. 15 for a local holiday. 1-month volatility fell 43 basis points to 12.19 %.3-month forwards rose 0.7 % from Nov. 14 to 64.25. Offshore non-deliverable contracts fell 0.2 % from Nov. 15 to 64.61.

FACTORS
Opinion: Global funds will boost purchases of stocks as the U.S. maintains its record stimulus.
Overseas funds bought a net $354.4 million of shares this month through Nov. 12.

FOREIGN EXCHANGE

MARKETS
The U.S. Dollar Index was little changed at 1,016.24 set for a closing level unseen since Nov. 6. The dollar traded at $1.3494 per euro, little changed from Nov. 15 after a 1 % weekly drop. It was unchanged at 100.19 yen after touching 100.44 last week, the strongest level since Sept. 11. Japan’s currency was at 135.19 per euro from 135.21 at the end of last week.

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

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