Asia stocks mostly higher as Syria risks recede; Nikkei ends flat

Asian stock markets were mostly higher on Wednesday, as the odds of a U.S. military strike against Syria receded and amid ongoing indications China’s economy is strengthening.

During late Asian trade, Hong Kong's Hang Seng Index was down 0.3%, Australia’s ASX/200 Index ended 0.64% higher, while Japan’s Nikkei 225 Index ended little changed.

In an address to the nation late Tuesday, U.S. President Barack Obama said that he had asked Congress to postpone a vote on military action against Syria and that he will explore a plan proposed by Russia for Syria to place its chemical weapons under international control.

In Tokyo, the Nikkei rallied to the highest level since July 25 in early trade before paring gains to end little changed as traders monitored movements in the yen.

USD/JPY rose to hit a session high of 100.60, before trimming gains to trade at 100.30. A weaker yen reduces the value of overseas income at Japanese companies when repatriated, improving the outlook for export earnings.

Automakers Mazda and Mitsubishi saw shares rise 2.65% and 4.2% respectively, while Komatsu gained 2.7%. 

Meanwhile, in Hong Kong, the Hang Seng rose to a fresh four-month high, before turning lower on profit-taking, amid indications that the Chinese economy is recovering from a slowdown.

Data released on Tuesday showed that Chinese retail sales rose unexpectedly in August, while Chinese industrial production increased more-than-forecast last month.

Oil majors were lower as prices pulled back sharply amid easing fears over a disruption to supplies from the Middle East.

PetroChina saw shares drop 2.7%, while CNOOC slumped 1.2%.

Elsewhere, in Australia, the benchmark ASX/200 Index re-approached a five-year high hit in May amid growing optimism over the global economic outlook.

Rio Tinto shares climbed 2%, BHP Billiton advanced 1.2%, while Fortescue Metals Group surged 6.4%.

Looking ahead, European stock market futures pointed to a modestly lower open.

The EURO STOXX 50 futures pointed to a loss of 0.25% at the open, France’s CAC 40 futures dipped 0.15%, London’s FTSE 100 futures eased down 0.2%, while Germany's DAX futures pointed to a decline of 0.15% at the open.

Investors continued to speculate over the timing of the Federal Reserve’s widely expected reduction in monthly bond purchases following last week’s weaker-than-forecast U.S. jobs report.

The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.

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Forex - Euro slips lower versus dollar

The euro slipped lower against the dollar on Wednesday, but losses were limited as the threat of military intervention in Syria receded, while optimism over an economic recovery in China supported market sentiment.

EUR/USD hit 1.3231 during late Asian trade, the session low; the pair subsequently consolidated at 1.3251, shedding 0.11%.

The pair was likely to find support at 1.3200 and near-term resistance at 1.3281, the session high.

On Tuesday, President Barack Obama agreed to explore a plan proposed by Russia for Syria to place its chemical weapons under international control in order to avoid a U.S. military strike.

Optimism over a recovery in China continued to support risk appetite, after improved data on retail sales, industrial production and exports earlier in the week added to signs that the world’s second largest economy is recovering from a slowdown.

The euro was also slightly lower against the pound and the yen, withEUR/GBP sliding 0.08% to 0.8427 and EUR/JPY down 0.18% to 132.95.

The U.K. was to release data on employment later in the trading day.

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Nikkei rises, but most Asian stocks lower as rally pauses

Despite strength in Japanese shares, most Asian bourses traded lower Wednesday as traders appeared to be taking profits after a multi-day rally lifted stocks in the region’s developed and emerging markets. 

In Asian trading Wednesday, Japan’s Nikkie 225 rose 0.78% as USD/JPYflirted with 100.60. Earlier Wednesday, the Bank of Japan said the country’s corporate goods price index rose 2.4% in August after a 2.2% increase in July. Analysts expected the August increase of 2.4%. 

In a separate report, Japan’s Ministry of Finance said the BSI large manufacturing conditions reading soared to 15.2 in the second quarter following a first-quarter reading of 5. Analysts expected the survey of manufacturing conditions to read 7.2 for the second quarter. 

Hong Kong’s Hang Seng fell 0.13%, but the Shanghai Composite added 0.63%. Shares of China Mobile lagged on speculation an event in Beijing by U.S. technology giant Apple will not include an announcement of a partnership between the two companies. 

On Tuesday, Apple unveiled a new low-cost iPhone aimed at gaining new customers in emerging markets. Apple is the largest U.S. company by market value. 

Australia’s S&P/ASX 200 Index rose 0.4%, led by strength in mining and materials names, including Rio Tinto. Australian stocks are flirting with five-year highs. 

New Zealand’s NZSE 50 inched down 0.05% while South Korea’s Kospi nudged down 0.08%. The Kospi was up 6% in the past month leading up to Wednesday. 

Singapore’s Straits Times Index lost 0.33% bringing the index’s one-month loss to 3.6%. S&P 500 futures fell 0.06% a day after the benchmark U.S. index advanced 0.73%.

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Forex Trading Signal for 11th September 2013

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

For more easy access,,,,,,Download our mobile application on your mobile :   Click Fxsignals 

EUR/USD

 Up Trend :

 (1) BUY

E/P: 1.32617

T/P: 1.33000

S/L: 1.32000

GBP/USD

Up Trend:

(1) BUY

E/P: 1.57244

T/P: 1.57700

S/L: 1.56700

NOTE: The above posted Signals are delayed 2 - 4 hours after it has been  generated.
Daily forex signals are sent ontime to only our subcribers.

To subcribe: click here

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Forex Trading Signal for 10th September 2013

                                                                                


Japan (Tokyo)                               United Kingdon (London)                        USA (New York)

For more easy access,,,,,,Download our mobile application on your mobile :   Click Fxsignals 

EUR/USD

 Up Trend :

 (1) BUY

E/P: 1.32364

T/P: 1.32700

S/L: 1.31900

GBP/USD

Up Trend:

(1) BUY

E/P: 1.56877

T/P: 1.57300

S/L: 1.56400

NOTE: The above posted Signals are delayed 2 - 4 hours after it has been  generated.
Daily forex signals are sent ontime to only our subcribers.

To subcribe: click here

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Forex - Pound near 3-month highs vs. dollar

The pound was trading close to three-month highs against the dollar on Tuesday as the threat of a U.S. military intervention against Syria receded, while upbeat Chinese economic data also fuelled risk appetite.

GBP/USD hit 1.5728 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.5720, gaining 0.17%.

Cable was likely to find support at 1.5675 and near-term resistance at 1.5750, the high of June 15.

Market sentiment was bolstered after Syrian Foreign Minister Walid al-Moallem said Tuesday that his government agreed to a Russian proposal to place its chemical weapons under international control. 

U.S. President Barack Obama has said he would put plans for a military strike against Syria on hold if the country agreed to relinquish control of its chemical weapons.

Investor confidence was also boosted after reports on industrial production and retail sales from China added to signs that the world’s second largest economy is recovering from a slowdown.

Data released on Tuesday showed that Chinese retail sales rose unexpectedly in August, while Chinese industrial production rose more than forecast last month.

Elsewhere, sterling was fractionally higher against the euro, withEUR/GBP dipping 0.08% to 0.8439.

In the euro zone, data on Tuesday showed that the recession in Italy is deeper than had been previously thought.

The economy contracted by 0.3% in the second quarter, worse than the initial estimate of a 0.2% contraction, bringing the annualized rate of contraction to 2.1% from the initial estimate for a  2% contraction.

Meanwhile, Italian government borrowing costs rose above Spain's for the first time in 18 months on Tuesday, with Italian 10-year bond yields trading at 4.521% compared to 4.508% for Spain.

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Dollar hits 1-month highs vs. yen

The dollar rose to one-month highs against the yen on Tuesday as concerns over Syria eased and upbeat Chinese data boosted investor demand for riskier assets.

During European afternoon trade, the dollar gained ground against the yen, with USD/JPY advancing 0.68% to 100.25.

industrial production and retail sales from China added to signs that the world’s second largest economy is recovering from a slowdown.

Data released on Tuesday showed that Chinese retail sales rose unexpectedly in August, while Chinese industrial production rose more than forecast last month.

Market sentiment was also bolstered after U.S. President Barack Obama said he would put plans for a military strike against Syria on hold if the country agrees to a Russian proposal to place its chemical weapons under international control.

The dollar remained on the back foot after the latest U.S. nonfarm payrolls report on Friday showed that the economy added slightly fewer jobs than expected in August.

The soft data raised some doubts over whether the Federal Reserve will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18. 

Elsewhere, the euro slipped against the dollar, with EUR/USD dipping 0.07% to 1.3244.

In the euro zone, data on Tuesday showed that the recession in Italy is deeper than had been previously thought.

The economy contracted by 0.3% in the second quarter, worse than the initial estimate of a 0.2% contraction, bringing the annualized rate of contraction to 2.1% from the initial estimate for a  2% contraction.

The pound was steady close to three-month highs against the dollar, with GBP/USD inching up 0.06% to 1.5706.

The dollar pushed higher against the Swiss franc, with USD/CHF rising 0.27% to 0.9349.

Elsewhere, the greenback was broadly lower against its Australian, New Zealand and Canadian counterparts, with AUD/USD climbing 0.67% to 0.9289, NZD/USD gaining 0.45% to 0.8052 and USD/CAD down 0.30% to 1.0344.

In Canada, a report showed that housing starts declined slightly more than expected in August, to 180,300 units in August from 193,000 units in July. Economists had forecast a decline to 190,000 units.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.10% to 81.91.

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European stocks rally sharply amid China, Syria optimism; Dax up 1.8%

European stock markets rallied sharply on Tuesday, as concerns over a U.S. military strike against Syria eased and upbeat Chinese economic data fuelled risk appetite

During European afternoon trade, the EURO STOXX 50 jumped 1.6%, France’s CAC 40 rose 1.55%, while Germany’s DAX 30 rallied 1.8%. 

Market sentiment was boosted after reports on industrial production and retail sales from China added to signs that the world’s second largest economy is recovering from a slowdown.

Data released on Tuesday showed that Chinese retail sales rose unexpectedly in August, while Chinese industrial production rose more than forecast last month.

Investor confidence was also bolstered after U.S. President Barack Obama said he would put plans for a military strike against Syria on hold if the country agrees to a Russian proposal to place its chemical weapons under international control.

Obama will address the U.S. public on Syria on Tuesday after U.S markets have closed. 

Financial stocks were broadly higher, as Societe Generale rallied 4.2%, while Germany's Deutsche Bank climbed 2.7%. 

Italian lenders also contributed to gains, despite data showing that the recession in Italy is deeper than had been previously thought.

The economy contracted by 0.3% in the second quarter, worse than the initial estimate of a 0.2% contraction, bringing the annualized rate of contraction to 2.1% from the initial estimate for a  2% contraction. 

Intesa Sanpaolo and Unicredit rallied 2% and 1.4% respectively. 

Shares of carmakers were higher as industry players met at the Frankfurt Motor Show. Volkswagen saw shares gain 3.9%, while Peugeot jumped 4.6%.

Elsewhere, in London, FTSE 100 rose 0.95% to hit a three-week high. 

Financial stocks were mostly higher, as shares in the Royal Bank of Scotland surged 4.7% and Barclays gained 2.3%, while Lloyds Banking Group climbed 2.9%. 

Meanwhile, mining stocks also contributed to gains. Glencore Xstrata and Rio Tinto advanced 3% and 2.6% respectively, while BHP Billiton tacked on 1.9%.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.5% gain, S&P 500 futures signaled a 0.6% rise, while the Nasdaq 100 futures indicated a 0.65% increase. 

Investors continued to speculate over the timing of the Federal Reserve’s widely expected reduction in monthly bond purchases following last week’s weaker-than-forecast U.S. jobs report.

The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.

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U.S. futures higher on China data, waning Syria fears; Dow Jones up 0.5%

U.S. stock futures pointed to a higher open on Tuesday, as appetite for riskier assets was fuelled amid indications China’s economy is strengthening and as concerns over a U.S. military strike against Syria waned.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.5% gain, S&P 500 futures signaled a 0.6% rise, while the Nasdaq 100 futures indicated a 0.6% advance. 

Market sentiment was boosted after reports on industrial production and retail sales from China added to signs that the world’s second largest economy is recovering from a slowdown.

Data released on Tuesday showed that Chinese retail sales rose unexpectedly in August, while Chinese industrial production rose more than forecast last month.

Investor confidence was also bolstered after U.S. President Barack Obama said he would put plans for a military strike against Syria on hold if the country agrees to a Russian proposal to place its chemical weapons under international control.

Obama will address the U.S. public on Syria on Tuesday after U.S markets have closed. 

Gold futures and oil prices pulled back on the potential aversion of a strike in Syria. 

Meanwhile, Apple was expected to be active, with the tech giant hosting a media event at its headquarters in Cupertino, California, where it is expected to unveil the highly-anticipated iPhone 5s and iPhone 5c.

McDonald’s was also expected to be in focus, with the fast-food giant expected to post its same-store sales for August ahead of the opening bell. 

Across the Atlantic, European stock markets rallied. The EURO STOXX 50 jumped 1.45%, France’s CAC 40 rose 1.4%, Germany's DAX surged 1.7%, while Britain's FTSE 100 advanced 0.8%. 

During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.8%, while Japan’s Nikkei 225 Index surged 1.5%. 

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Dollar higher vs. yen, Swiss franc

The dollar was higher against the yen and the Swiss franc on Tuesday as concerns over a U.S. military strike against Syria eased and upbeat Chinese economic data fuelled risk appetite.

During European late morning trade, the dollar rose to session highs against the yen, with USD/JPY advancing 0.58% to 100.16.

Market sentiment was boosted after reports on industrial production and retail sales from China added to signs that the world’s second largest economy is recovering from a slowdown.

Data released on Tuesday showed that Chinese retail sales rose unexpectedly in August, while Chinese industrial production rose more than forecast last month.

Investor confidence was also bolstered after U.S. President Barack Obama said he would put plans for a military strike against Syria on hold if the country agrees to a Russian proposal to place its chemical weapons under international control.

The dollar remained on the back foot after the latest U.S. nonfarm payrolls report on Friday showed that the economy added slightly fewer jobs than expected in August.

The soft data raised some doubts over whether the Federal Reserve will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18. 

Elsewhere, the euro slipped slightly lower against the dollar, withEUR/USD sliding 0.10% to 1.3240.

In the euro zone, data on Tuesday showed that the recession in Italy is deeper than had been previously thought.

The economy contracted by 0.3% in the second quarter, worse than the initial estimate of a 0.2% contraction, bringing the annualized rate of contraction to 2.1% from the initial estimate for a  2% contraction.

The pound was steady close to three-month highs against the dollar, with GBP/USD inching up 0.09% to 1.5708.

The dollar pushed higher against the Swiss franc, with USD/CHF rising 0.23% to 0.9345.

Elsewhere, the greenback was broadly lower against its Australian, New Zealand and Canadian counterparts, with AUD/USD climbing 0.54% to 0.9277, NZD/USD gaining 0.34% to 0.8043 and USD/CAD slipping 0.14% to 1.0362.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.14% to 81.95. 

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