World Markets Update – December 12

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World Markets Update: Brought to you in association with Dubai Gold and Commodities Exchange (DGCX) Academy

World Market Updates
World Market Updates

CONTINENT: Euro-Zone’ Industrial Output’ may inch into the black, euro rises for the 7th day.

QUOTE: Any fool can criticize, condemn and complain – and most fools do.

MARKET PULSE

ECB President Mario Draghi speaks in the European Union parliament today.
Forecast: Likely rebound in euro-area industrial production.
Forecast: US, 1st-time applications for jobless benefits rose to 320,000 from 298,000.
Republicans back “Budget Deal” easing U.S. spending cuts.
Australia’s dollar fell after unemployment rose to match the highest level since 2009.
Australia, the unemployment rate climbed to 5.8 % in Nov. from 5.7 % in Oct.
The MSCI Asia Pacific Index of stocks fell 1 % following a 1.1 % drop by the S&P 500 Index.
Canadian dollar gains a 6th day as crude-oil discount narrows.
Pound falls from 2-year high as Weale says inflation cooling.
India: Exports rose 5.9 %, and imports fell 16.4 %, official data showed yesterday.

COMMODITIES HEADLINES

WTI Swings After Biggest Drop in Two Weeks on U.S. Fuel Supplies .
Gold Swings on Fed Stimulus Outlook After U.S. Budget Accord.

INDIAN INR

MARKETS

The rupee fell 0.7 % to 61.67, the biggest drop since Nov. 12. Market predicts the currency will trade between 58 and 62 in the “medium- term.” 1-month volatility increased 35 basis points to 11.74 %. 3-month offshore non-deliverable rupee forwards fell 0.7 % to 63.02.

FACTORS

Opinion: U.S. will pare the stimulus that has boosted inflows to emerging markets.
India’s trade deficit fell to $9.22 billion in Nov. from $10.6 billion in Oct.
Exports rose 5.9 %, and imports fell 16.4 %, official data showed yesterday.
Forecast: U.S. retail sales rose 0.6 % in Nov, after climbing 0.4 % in Oct.
RBI predicts the economy will grow at 5 same as 2012-13 (slowest since 2003).
Forecast: CPI rose 10 % in Nov. versus 10.09 % in Oct.

FOREIGN EXCHANGE

MARKETS

The euro held a 7-day gain against the dollar that matched its longest rally since April 2011. The euro was little changed at $1.3793 from yesterday, when it touched $1.3811, the highest since Oct. 29. The 7th-straight gain matched its longest run since an 8-day advance to April 28, 2011. The euro added 0.2 % to 141.46 yen. The dollar rose 0.1 % to 102.56 yen, halting a 2-day, 0.8 % decline. The Aussie fell to 90.25 U.S. cents from 90.48 yesterday, when it dropped 1.1 %. It is down 15 % over the past 12 months.

FACTORS

ECB President Mario Draghi speaks in the European Union parliament today.
Forecast: Likely rebound in euro-area industrial production.
Australia’s dollar fell after unemployment rose to match the highest level since 2009.
The MSCI Asia Pacific Index of stocks fell 1 % following a 1.1 % drop by the S&P 500 Index.
Forecast: US, 1st-time jobless benefits rose to 320,000 from 298,000 the prior week.
Australia, the unemployment rate climbed to 5.8 % in November from 5.7 % a month earlier.

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

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