GRAPHITE IND LOOKS +VE
By: via @AlliesFin Serve T.ME/ALLiESFiN
Wednesday, 3 July 2019
@AlliesFin Serve T.ME/ALLiESFiN's Post
The Australian dollar (AUD=D4) was flat at $0.6992 after gaining about 0.4% the previous day. The Aussie had gained after the Reserve Bank of Australian cut interest rates but offered a more balanced outlook.
The 10-year U.S. Treasury yield (US10YT=RR) extended an overnight fall and brushed a fresh 2-1/2-year low of 1.965%.
At the G20 summit in Japan last weekend, Washington and Beijing agreed to restart trade talks after U.S. President Donald Trump offered concessions.
But investors were wary about the chances of a resolution to the year-long trade war between the world’s two biggest economies, especially given the recent breakdown in talks and Trump’s comments that any deal would have to be tilted in U.S.’s favor.
Sentiment was also dented by Washington’s threat of tariffs on $4 billion of additional European Union goods in a long-running dispute over aircraft subsidies.
Morgan Stanley cuts long-term Brent price forecast*
Morgan Stanley has lowered its long-term Brent price forecast, citing the decision by the OPEC and its allies to extend production cuts by longer than expected as a source of oil price weakness.
“OPEC cuts can be very effective when they smooth over relatively temporary imbalances in supply and demand. However, when they become multi-year transfers of market share, history shows that they are usually associated with oil price weakness rather than oil price strength,” the investment bank said, according to Reuters.
The bank has revised lowered its long-term Brent price forecast to $60 per barrel from $65 per barrel and expects prices to fluctuate around $65 per barrel, from $67.5 per barrel previously, in the next three quarters. #ALLIESFIN
By: via @AlliesFin Serve T.ME/ALLiESFiN
The 10-year U.S. Treasury yield (US10YT=RR) extended an overnight fall and brushed a fresh 2-1/2-year low of 1.965%.
At the G20 summit in Japan last weekend, Washington and Beijing agreed to restart trade talks after U.S. President Donald Trump offered concessions.
But investors were wary about the chances of a resolution to the year-long trade war between the world’s two biggest economies, especially given the recent breakdown in talks and Trump’s comments that any deal would have to be tilted in U.S.’s favor.
Sentiment was also dented by Washington’s threat of tariffs on $4 billion of additional European Union goods in a long-running dispute over aircraft subsidies.
Morgan Stanley cuts long-term Brent price forecast*
Morgan Stanley has lowered its long-term Brent price forecast, citing the decision by the OPEC and its allies to extend production cuts by longer than expected as a source of oil price weakness.
“OPEC cuts can be very effective when they smooth over relatively temporary imbalances in supply and demand. However, when they become multi-year transfers of market share, history shows that they are usually associated with oil price weakness rather than oil price strength,” the investment bank said, according to Reuters.
The bank has revised lowered its long-term Brent price forecast to $60 per barrel from $65 per barrel and expects prices to fluctuate around $65 per barrel, from $67.5 per barrel previously, in the next three quarters. #ALLIESFIN
By: via @AlliesFin Serve T.ME/ALLiESFiN
@AlliesFin Serve T.ME/ALLiESFiN's Post
Oil edges up after steep fall; OPEC cuts, stocks draw support*
@ALLIESFIN
Oil prices edged higher on Wednesday, steadying after a more than 4% fall in the previous session, as extended output cuts by OPEC and its allies helped underpin prices despite growing concerns about weak demand.
An expected large draw in crude oil inventory in the United States also buoyed sentiment after a bigger-than-expected fall in inventories in a private survey.
Brent crude futures for September delivery were trading up 48 cents, or 0.8%, at $62.88 a barrel by 0053 GMT.
U.S. crude futures for August were up 37 cents, or 0.7%, at $56.62 a barrel. Both benchmarks fell sharply on Tuesday as worries about a slowing global economy overshadowed OPEC supply cuts.
The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.
“The OPEC+ meeting showed the members sticking together in tough times, characterized by weakening global demand outlook, aiming for a more balanced oil market, despite clear market share implications,” said Amarpreet Singh, analyst at Barclays Commodities Research in a note.
“This is supportive of oil prices, in our view, even as the market remains squarely focused on weak macro signals.”
Ahead of government data due later on Wednesday, industry group the American Petroleum Institute (API) said that U.S. crude inventories fell by 5 million barrels last week, more than the expected decrease of 3 million barrels.
Still, signs of a global economic slowdown hitting oil demand growth worried investors after global manufacturing indicators disappointed and the U.S. opened another trade front after threatening the EU with more tariffs to offset government aid to the aviation industry.
Barclays expects demand to grow at its slowest pace since 2011, gaining less than 1 million barrels per day year-on-year this year.
Morgan Stanley, meanwhile, lowered its long-term Brent price forecast on Tuesday to $60 per barrel from $65 per barrel, and said the oil market is broadly balanced in 2019.
Dollar hobbled by lower U.S. yields, pound sags on dovish BoE*
The dollar struggled on Wednesday, having been nudged off two-week highs as fading optimism over any near-term Sino-U.S. trade deal revived safe-haven demand and drove U.S. yields down.
U.S. bond yields also tracked a decline in their British counterparts to 2-1/2-year lows on dovish-sounding comments from Bank of England Governor Mark Carney, which in turn weighed on the pound.
The dollar index (.DXY) against a basket of six major currencies stood at 96.742 after pulling back from 96.875 scaled on Tuesday, its highest since June 20.
The pound was steady at $1.2597 (GBP=D4)after shedding 0.35% the previous day, when it touched a two-week trough of $1.2584.
BoE’s Carney said on Tuesday that a global trade war and a no-deal Brexit were growing risks to Britain’s economy which might need more help to cope with a downturn, prompting investors to increase their bets on central bank easing.
The dollar traded at 107.83 yen (JPY=), having been nudged off a 12-day high of 108.535 scaled at the start of the week.
“The dollar fell below 108.00 yen again in light of BoE Governor Carney’s dovish comments, which helped depress global bond yields,” said Shinichiro Kadota, senior strategist at Barclays in Tokyo.
“Yields declined as the BoE, up until now, was seen as the only central bank which was not as dovish as others.”
The euro was little changed at $1.1291 (EUR=) following a volatile session on Tuesday, when it swung between a low of $1.1275 and a high of $1.1322.
The common currency had received a lift after a media report that European Central Bank policymakers are in no rush to cut interest rates at a July policy meeting. But it later slipped after IMF managing director Christine Lagarde, perceived as a policy dove, was nominated as the next ECB president.
By: via @AlliesFin Serve T.ME/ALLiESFiN
@ALLIESFIN
Oil prices edged higher on Wednesday, steadying after a more than 4% fall in the previous session, as extended output cuts by OPEC and its allies helped underpin prices despite growing concerns about weak demand.
An expected large draw in crude oil inventory in the United States also buoyed sentiment after a bigger-than-expected fall in inventories in a private survey.
Brent crude futures for September delivery were trading up 48 cents, or 0.8%, at $62.88 a barrel by 0053 GMT.
U.S. crude futures for August were up 37 cents, or 0.7%, at $56.62 a barrel. Both benchmarks fell sharply on Tuesday as worries about a slowing global economy overshadowed OPEC supply cuts.
The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.
“The OPEC+ meeting showed the members sticking together in tough times, characterized by weakening global demand outlook, aiming for a more balanced oil market, despite clear market share implications,” said Amarpreet Singh, analyst at Barclays Commodities Research in a note.
“This is supportive of oil prices, in our view, even as the market remains squarely focused on weak macro signals.”
Ahead of government data due later on Wednesday, industry group the American Petroleum Institute (API) said that U.S. crude inventories fell by 5 million barrels last week, more than the expected decrease of 3 million barrels.
Still, signs of a global economic slowdown hitting oil demand growth worried investors after global manufacturing indicators disappointed and the U.S. opened another trade front after threatening the EU with more tariffs to offset government aid to the aviation industry.
Barclays expects demand to grow at its slowest pace since 2011, gaining less than 1 million barrels per day year-on-year this year.
Morgan Stanley, meanwhile, lowered its long-term Brent price forecast on Tuesday to $60 per barrel from $65 per barrel, and said the oil market is broadly balanced in 2019.
Dollar hobbled by lower U.S. yields, pound sags on dovish BoE*
The dollar struggled on Wednesday, having been nudged off two-week highs as fading optimism over any near-term Sino-U.S. trade deal revived safe-haven demand and drove U.S. yields down.
U.S. bond yields also tracked a decline in their British counterparts to 2-1/2-year lows on dovish-sounding comments from Bank of England Governor Mark Carney, which in turn weighed on the pound.
The dollar index (.DXY) against a basket of six major currencies stood at 96.742 after pulling back from 96.875 scaled on Tuesday, its highest since June 20.
The pound was steady at $1.2597 (GBP=D4)after shedding 0.35% the previous day, when it touched a two-week trough of $1.2584.
BoE’s Carney said on Tuesday that a global trade war and a no-deal Brexit were growing risks to Britain’s economy which might need more help to cope with a downturn, prompting investors to increase their bets on central bank easing.
The dollar traded at 107.83 yen (JPY=), having been nudged off a 12-day high of 108.535 scaled at the start of the week.
“The dollar fell below 108.00 yen again in light of BoE Governor Carney’s dovish comments, which helped depress global bond yields,” said Shinichiro Kadota, senior strategist at Barclays in Tokyo.
“Yields declined as the BoE, up until now, was seen as the only central bank which was not as dovish as others.”
The euro was little changed at $1.1291 (EUR=) following a volatile session on Tuesday, when it swung between a low of $1.1275 and a high of $1.1322.
The common currency had received a lift after a media report that European Central Bank policymakers are in no rush to cut interest rates at a July policy meeting. But it later slipped after IMF managing director Christine Lagarde, perceived as a policy dove, was nominated as the next ECB president.
By: via @AlliesFin Serve T.ME/ALLiESFiN
@AlliesFin Serve T.ME/ALLiESFiN's Post
Market Update:
SGX Nifty +16 pts
Dow +69.25 pts ,Nsdq +17.93 pts , S&P +8.68 pts , Bovespa -734 pts , Ftse +61 pts , Dax +5 pts , Cac +9 pts , Nikkei -102 pts now , Crude @ $56.55 brl (+0.30), Brent @ $62.40 brl (+0.00) , Gold @ 1432.90 (+24.90), Silver @ $15.40 (+0.16), Euro @ $1.1289, JPY @ $107.81, INR @ 68.88
Today's Corporate Action
3rd Ex Date
BHARATFIN
Amalgamation
KAKATCEM
Dividend - Rs. - 3.0000
LAURUSLABS
Dividend - Rs. - 1.5000
MAYURUNIQ
Final Dividend - Rs. - 0.2500
SUNDARMFIN
Final Dividend - Rs. - 7.5000
SUNDARMFIN
Special Dividend - Rs. - 5.0000
Today's Board Meetings
Jul 3
Eris Lifesciences Ltd, to consider buyback of fully paid up equity shares.
Nacl Industries Ltd, earnings for quarter ended March.
Today's Data Alert
Jul 3 : Nikkei services and composite PMI for June, by IHS Markit.
Jul 3 : Money supply as on Jun 21, by Reserve Bank of India.
Jul 3 : T-BILL AUCTION: RBI to auction 91-day T-bills of 70 bln rupees, 182-day T-bills of 50 bln rupees and 364-day T-bills of 40 bln rupees.
Jul 3 : Rainfall for week to Jul 3, by IMD.
Today's Global Data
Jul 3: US Jun domestic auto industry sales data; 0130 IST
Jul 3: US American petroleum Institute's weekly statistical bulletin for the week ended Jun 28; 0200 IST
Jul 3: UK Jun shop price index; 0431 IST
Jul 3: Japan Jun services PMI; 0600 IST
Jul 3: UK LGA Annual Conference and Exhibition opens, with Bank of England Governor Mark Carney scheduled to speak
Jul 3: UK Prime Minister Theresa May chairs weekly Cabinet meeting
Jul 3: Germany Jun services PMI; 1325 IST
Jul 3: UK 'Could the UK cope with a no deal Brexit?' discussion; 1330 IST
Jul 3: Eurozone Jun services PMI; 1330 IST
Jul 3: UK Jun narrow money and reserve balances; 1400 IST
Jul 3: UK Jun CIPS/Markit Services PMI; 1400 IST
Jul 3: UK Jun Official Reserves; 1400 IST
Jul 3: Eurozone sectoral accounts for the first quarter; 1430 IST
Jul 3: UK Northern Ireland Sec Karen Bradley questioned by MPs; 1600 IST
Jul 3: US Mortgage Bankers' Association weekly mortgage applications survey for the week ended Jun 29; 1630 IST
US Jun Challenger Job-Cut Report; 1700 IST
Jul 3: US Jun ADP National Employment Report; 1745 IST
Jul 3: US May US International trade in goods and services; 1800 IST
Jul 3: US unemployment insurance weekly claims report- initial claims for the week ended Jun 29; 1800 IST
Jul 3: US Jun services PMI; 1915 IST
Jul 3: UK House of Lords sitting; 1930 IST
Jul 3: US May Manufacturers' Shipments, Inventories & Orders (M3); 1930 IST
Jul 3: US May Metropolitan Area Employment and Unemployment data; 1930 IST
Jul 3: US Jun ISM Non-Manufacturing Report on business; 1930 IST
Jul 3: US Energy Information Administration petroleum status report for the week ended Jun 29; 2000 IST
Jul 3: US Jun global services PMI; 2030 IST
Jul 3: US EIA natural gas storage report for the week ended Jun 28; 2130 IST
Jul 3: US financial markets closes early for Independence Day; 2230 IST
Jul 3: Bank of England Governor Mark Carney to speak at the World Jewish Relief dinner
By: via @AlliesFin Serve T.ME/ALLiESFiN
SGX Nifty +16 pts
Dow +69.25 pts ,Nsdq +17.93 pts , S&P +8.68 pts , Bovespa -734 pts , Ftse +61 pts , Dax +5 pts , Cac +9 pts , Nikkei -102 pts now , Crude @ $56.55 brl (+0.30), Brent @ $62.40 brl (+0.00) , Gold @ 1432.90 (+24.90), Silver @ $15.40 (+0.16), Euro @ $1.1289, JPY @ $107.81, INR @ 68.88
Today's Corporate Action
3rd Ex Date
BHARATFIN
Amalgamation
KAKATCEM
Dividend - Rs. - 3.0000
LAURUSLABS
Dividend - Rs. - 1.5000
MAYURUNIQ
Final Dividend - Rs. - 0.2500
SUNDARMFIN
Final Dividend - Rs. - 7.5000
SUNDARMFIN
Special Dividend - Rs. - 5.0000
Today's Board Meetings
Jul 3
Eris Lifesciences Ltd, to consider buyback of fully paid up equity shares.
Nacl Industries Ltd, earnings for quarter ended March.
Today's Data Alert
Jul 3 : Nikkei services and composite PMI for June, by IHS Markit.
Jul 3 : Money supply as on Jun 21, by Reserve Bank of India.
Jul 3 : T-BILL AUCTION: RBI to auction 91-day T-bills of 70 bln rupees, 182-day T-bills of 50 bln rupees and 364-day T-bills of 40 bln rupees.
Jul 3 : Rainfall for week to Jul 3, by IMD.
Today's Global Data
Jul 3: US Jun domestic auto industry sales data; 0130 IST
Jul 3: US American petroleum Institute's weekly statistical bulletin for the week ended Jun 28; 0200 IST
Jul 3: UK Jun shop price index; 0431 IST
Jul 3: Japan Jun services PMI; 0600 IST
Jul 3: UK LGA Annual Conference and Exhibition opens, with Bank of England Governor Mark Carney scheduled to speak
Jul 3: UK Prime Minister Theresa May chairs weekly Cabinet meeting
Jul 3: Germany Jun services PMI; 1325 IST
Jul 3: UK 'Could the UK cope with a no deal Brexit?' discussion; 1330 IST
Jul 3: Eurozone Jun services PMI; 1330 IST
Jul 3: UK Jun narrow money and reserve balances; 1400 IST
Jul 3: UK Jun CIPS/Markit Services PMI; 1400 IST
Jul 3: UK Jun Official Reserves; 1400 IST
Jul 3: Eurozone sectoral accounts for the first quarter; 1430 IST
Jul 3: UK Northern Ireland Sec Karen Bradley questioned by MPs; 1600 IST
Jul 3: US Mortgage Bankers' Association weekly mortgage applications survey for the week ended Jun 29; 1630 IST
US Jun Challenger Job-Cut Report; 1700 IST
Jul 3: US Jun ADP National Employment Report; 1745 IST
Jul 3: US May US International trade in goods and services; 1800 IST
Jul 3: US unemployment insurance weekly claims report- initial claims for the week ended Jun 29; 1800 IST
Jul 3: US Jun services PMI; 1915 IST
Jul 3: UK House of Lords sitting; 1930 IST
Jul 3: US May Manufacturers' Shipments, Inventories & Orders (M3); 1930 IST
Jul 3: US May Metropolitan Area Employment and Unemployment data; 1930 IST
Jul 3: US Jun ISM Non-Manufacturing Report on business; 1930 IST
Jul 3: US Energy Information Administration petroleum status report for the week ended Jun 29; 2000 IST
Jul 3: US Jun global services PMI; 2030 IST
Jul 3: US EIA natural gas storage report for the week ended Jun 28; 2130 IST
Jul 3: US financial markets closes early for Independence Day; 2230 IST
Jul 3: Bank of England Governor Mark Carney to speak at the World Jewish Relief dinner
By: via @AlliesFin Serve T.ME/ALLiESFiN
@AlliesFin Serve T.ME/ALLiESFiN's Post
Economic Times
Business Standard
Ø RBI powers wide ranging, comprehensive: FM
Ø UK finance minister warns of £90 bn no-deal Brexit 'hit'
Ø Wilful defaults in India cross $21 bln in 2018-19
Ø Coal scam: Jindal Steel and Power refutes charges
Ø Supreme Court dismisses DoT plea against TDSAT order
Ø Bank frauds on a downward trajectory, says FM in LS
Ø PNB, 4 others fined by RBI for KYC norms violation
Ø Export-promotion forum, trade fair to boost farm cooperatives: Govt
Ø Wilful defaults cross $21 billion in 2018-19; SBI accounts for a third
Ø 2.5% import duty waiver on iron ore lumps a cost relief for steel mills
Ø Crisis-hit NBFCs seek special refinance window under Mudra scheme
Ø ED summons chief rating officers of ICRA and CARE in IL&FS probe
Ø Adani group's power distribution company grapples with regulatory issues
Business Line
Mint
Ø OIL, Vedanta bag most blocks under OALP II, III
Ø Essar Steel bags Rs 5,000 cr order from Posco
Ø NCC bags Rs 359 crore worth orders in June 2019
Ø Simens sets up protection automation lab for PowerGrid
Ø Alembic Pharma gets USFDA nod for Febuxostat tablets
Ø India closing in on using 100 million tonnes of steel
Ø Air India Assets plans ₹22,000 crore bond sale to refinance debt
Ø Jaypee Infratech: NCLAT tells lenders, allottees to appear on July 17
Ø L&T pays Mindtree shareholders for shares accepted in open offer
Ø Supreme Court dismisses DoT plea in RCom spectrum sale
Financial Express
Deccan Chronicle
Ø Oil prices slip as demand worries outweigh OPEC supply cuts
Ø Strides Pharma Puducherry unit receives warning letter from USFDA
Ø Nirmala Sitharaman says demonetisation had no effect on Indian economy
Ø Trade wars: US proposes tariffs on another $4 billion of EU goods
Ø ONGC discovers 230 mn tonnes of oil reserves: Pradhan
Ø IOC to hire foreign vessel as local carriers stay off
Ø Solar imports drop 40 per cent in January-March
Ø Water scarcity hits sugar mills in Tamil Nadu
Ø Vijay Mallya appears before UK court in extradition case
By: via @AlliesFin Serve T.ME/ALLiESFiN
Business Standard
Ø RBI powers wide ranging, comprehensive: FM
Ø UK finance minister warns of £90 bn no-deal Brexit 'hit'
Ø Wilful defaults in India cross $21 bln in 2018-19
Ø Coal scam: Jindal Steel and Power refutes charges
Ø Supreme Court dismisses DoT plea against TDSAT order
Ø Bank frauds on a downward trajectory, says FM in LS
Ø PNB, 4 others fined by RBI for KYC norms violation
Ø Export-promotion forum, trade fair to boost farm cooperatives: Govt
Ø Wilful defaults cross $21 billion in 2018-19; SBI accounts for a third
Ø 2.5% import duty waiver on iron ore lumps a cost relief for steel mills
Ø Crisis-hit NBFCs seek special refinance window under Mudra scheme
Ø ED summons chief rating officers of ICRA and CARE in IL&FS probe
Ø Adani group's power distribution company grapples with regulatory issues
Business Line
Mint
Ø OIL, Vedanta bag most blocks under OALP II, III
Ø Essar Steel bags Rs 5,000 cr order from Posco
Ø NCC bags Rs 359 crore worth orders in June 2019
Ø Simens sets up protection automation lab for PowerGrid
Ø Alembic Pharma gets USFDA nod for Febuxostat tablets
Ø India closing in on using 100 million tonnes of steel
Ø Air India Assets plans ₹22,000 crore bond sale to refinance debt
Ø Jaypee Infratech: NCLAT tells lenders, allottees to appear on July 17
Ø L&T pays Mindtree shareholders for shares accepted in open offer
Ø Supreme Court dismisses DoT plea in RCom spectrum sale
Financial Express
Deccan Chronicle
Ø Oil prices slip as demand worries outweigh OPEC supply cuts
Ø Strides Pharma Puducherry unit receives warning letter from USFDA
Ø Nirmala Sitharaman says demonetisation had no effect on Indian economy
Ø Trade wars: US proposes tariffs on another $4 billion of EU goods
Ø ONGC discovers 230 mn tonnes of oil reserves: Pradhan
Ø IOC to hire foreign vessel as local carriers stay off
Ø Solar imports drop 40 per cent in January-March
Ø Water scarcity hits sugar mills in Tamil Nadu
Ø Vijay Mallya appears before UK court in extradition case
By: via @AlliesFin Serve T.ME/ALLiESFiN
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