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Jul 12, 2012, 08.23 AM IST
In the US markets, stocks closed near session highs on a holiday-shortened trading session as investors cheered a better-than-expected factory orders report.
In the US markets, stocks closed near session highs on a holiday-shortened trading session as investors cheered a better-than-expected factory orders report. The Dow climbed half a percent while the S&P 500 rose 0.62%. US markets are shut today on account of Independence Day
US Economic data:
Factory orders rose 0.7% in May, much higher than what economists had expected.
European shares closed at a two-month high led by gains in commodity stocks such as ArcelorMittal, as expectations that policymakers may take further steps to tackle the region's debt crisis supported equities.
Greek officials have confirmed that the country's new coaltiion government will be seeking Spanish style aid for its banks when it meets with its international creditors. The government spokesperson also said officials will present alarming data on its recession and unemployment.
For the Troika officials in a bid to renegotiate the terms of its bailout agreements, overnight the head of the EU taskforce for Greece reiterated the need for reforms. The Troika talks are expected to start tomorrow.
Cyprus has started talks with Troika officials as well, government officials say the talks are only exploratory, focusing on the country's banks and do not include possible austerity measures. Remember, last week Cyprus became the fifth EU country to ask for financial aid.
At 7: 57 am (IST), Asian markets were trading firm. China's Shanghai Composite was up 0.09% or 1.90 points at 2,231.09. Hong Kong's Hang Seng was down 0.12% or 24.10 points at 19,711.43. Japan's Nikkei rose 0.45% or 40.63 points at 9,107.22. Singapore's Straits Times added 0.23% or 6.74 points at 2,952.07.
In the currency space:
The euro rose against the dollar ahead of the European Central Bank policy meeting tomorrow.
Brent crude prices continue above USD 100 per barrel after shooting upto USD 101 per barrel on mounting tension in Iran. Iran's nuclear programme sparked concerns about supply threats. Hopes of economic stimulus also supported oil prices. They are slightly lower in asian trade.
Gold rose close to USD 1,620 per ounce levels as signs of a slowing US economy fuelled investors' expectation that central banks would introduce new monetary stimulus.
Yesterday was another quiet session for our market with the Nifty closing below the 5,300 mark. The broader market outperformance continues.
Stocks in news:
Cabinet has referred one-time spectrum fee proposal to EGoM.
Ashok Leyland 's June total sales were up 28% at 10,244 units (YoY).
Gujarat HC rejected Essar Oil 's plea for relief in repayment of over Rs 8,000 crore due as sales tax.
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