Technically market is under fresh buying as market has witnessed gain in open interest by 13.66% to settled at 5541 while prices up 3.6 rupee, Now NaturalGas is getting support at 262.3 and below same could see a test of 257.8 level, and resistance is now likely to be seen at 269.6, a move above could see prices testing 272.4.
Trading Ideas:
--NaturalGas trading range for the day is 257.8-272.4.
--NaturalGas gains as investors closed out bets for mild temperatures and prepped for the arrival of summertime mercury readings in U.S.
--Total U.S. natural gas storage stood at 1.160 trillion cubic feet as of last week, 40% below their level this time last year.
--Producers would need to add 2.6 trillion to 2.9 trillion cubic feet to storage by November 1 to meet typical winter demand.
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European stocks were lower on Wednesday, as investors remained cautious ahead of the minutes of the Bank of England and the Federal Reserve's latest policy meetings and as markets awaited more information on the future of the European Central Bank's next policy moves.
European stocks decline with central banks in focus; Dax down down 0.23%European stocks open lower ahead of central bank minutes
During European morning trade, the DJ Euro Stoxx 50 fell 0.28%, France’s CAC 40 retreated 0.41%, while Germany’s DAX slipped 0.23%.
European equities had recently strengthened amid mounting expectations for monetary easing by the ECB at its next meeting in June and data last week showing that the euro zone economy grew at a slower than forecast rate in the first quarter.
But markets were jittery ahead of the minutes from the Fed’s latest monetary policy meeting due later on Wednesday, as investors awaited further indications on the central bank's view of the economy.
Financial stocks were broadly lower, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) declined 2.52% and 0.70%, while Germany's Deutsche Bank (XETRA:DBKGn) fell 0.28%.
BNP Paribas was hit by earlier news the U.S. will seek more than $5 billion from the bank to settle a probe into alleged violations of U.S. sanctions.
Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) and Unicredit (MILAN:CRDI) tumbled 1.01% and 1.08% respectively, while Spain's BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) slid 0.66% and 0.85%.
Elsewhere, Alstom (PARIS:ALSO) edged 0.12% lower after Chief Executive Officer Patrick Kron called on the French government to back a $17 billion offer by General Electric (NYSE:GE) for its energy units, saying uncertainty about his company’s future is making it difficult to win orders.
In London, FTSE 100 fell 0.16%, as U.K. lenders tracked their European counterparts lower.
Shares in the Royal Bank of Scotland (LONDON:RBS) dropped 0.40% and Lloyds Banking (LONDON:LLOY) retreated 0.76%, while HSBC Holdings (LONDON:HSBA) plummeted 1.55%. Barclays (LONDON:BARC) overperformed on the other hand, gaining 0.40%.
Mining stocks were also broadly lower, with Glencore Xstrata (LONDON:GLEN) down 1.18% and Bhp Billiton (LONDON:BLT) declining 0.81%, while Vedanta Resources (LONDON:VED) and Rio Tinto (LONDON:RIO) tumbled 1.04% and 1.36% respectively.
Meanwhile, Burberry Group (LONDON:BRBY) slipped 0.25% after the luxury-goods maker reported full-year profit exceeding analysts’ estimates.
On the upside, Astrazeneca (LONDON:AZN) saw shares climb 0.55% after Neil Woodford, a long-time shareholder and one of the group's biggest institutional stockholders, said the drugmaker will earn better returns for shareholders by staying independent and therefore refusing Pfizer (NYSE:PFE)'s £69 billion takeover offer.
In the U.S., equity markets pointed to a steady open. The Dow 30 futures pointed to a 0.06% gain, S&P 500 futures signaled a 0.05% uptick, while the Nasdaq 100 futures indicated a 0.05% rise.
Later in the day, the U.K. was to release data on retail sales.
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Asian shares were lower Wednesday taking a cue from Wall Street overnight and continued steady monetary policy from the Bank of Japan as expected.
Asian shares mostly weaker on Wall Street cues, Fed awaitedNikkei down as BoJ holds steady
The Nikkei 225 fell 0.3% after the yen strengthened against the dollar on solid export data.
Elsewhere in Asia, South Korea's KOSPI lost 0.2% and Australia's S&P/ASX 200 lost 0.7% as Sydney continued to be weighed by miners. The Hang Seng index fell 0.09% in morning trade.
Iron ore's spot price fell another 1% to a fresh 20-month low, putting pressure Rio Tinto Ltd (ASX:RIO) which fell 2.1% and BHP Billiton Ltd (ASX:BHP) lost 1.7%.
Overnight, calls from a key Federal Reserve official for rate hikes sooner rather than later coupled with disappointed earnings out of the U.S. retail sector sent Wall Street tumbling.
The Dow 30 fell 0.83%, the S&P 500 index fell 0.65%, while the NASDAQ Composite index fell 0.70%.
Charles Plosser, the head of the Federal Reserve's Bank of Philadelphia, said earlier that the Fed should consider winding down its monthly bond-purchasing program quicker than its current pace to ensure that inflationary pressures remain in comfort zones, while rate hikes should follow soon afterwards.
"My own view is that, as we continue to move closer to our 2 percent inflation goal and the labor market improves, we must be prepared to adjust policy appropriately. That may well require us to begin raising interest rates sooner rather than later," Plosser said in prepared remarks of a speech he delivered in Washington earlier, which sent stocks falling.
Less hawkish statements from Plosser's colleague in New York failed to seriously cushion losses.
William Dudley, head of the New York Fed, said rates will climb after the Fed winds down stimulus programs, though hikes will come gradually.
"My current thinking is that the pace of tightening will probably be relatively slow. This depends, however, in large part, not only on the economy’s performance, but also on how financial conditions respond to tightening," Dudley said in prepared remarks of a speech he delivered in New York earlier.
On Wednesday, Fed Chair Janet Yellen is to speak at an event in New York. Later in the day, the Fed is to publish the minutes of its latest meeting.
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The Euro traded on a positive note around 0.1 percent yesterday on the back of weakness in the DX. Further, upbeat market sentiments supported an upside in the currency.
However, sharp upside in the currency was capped due to German Buba President Weidmann statement that central bank will monitor forex moves closely and take appropriate steps if needed. The Euro touched an intra-day high of 1.3734 and closed at 1.3707 on Monday.
In today’s trade, the Euro is expected to trade on a positive note on the back of weakness in the DX. Further, upbeat market sentiments will support an upside in the currency.
Expectations of favourable economic data from the region will continue with positive movement in the currency.
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The Japanese Yen traded on a flat note and depreciated marginally yesterday on the back of upbeat market sentiments which led to fall in demand for the low yielding currency. The Yen touched an intra-day low of 101.59 and closed at 101.49 on Monday.
We expect Japanese Yen to trade lower today on account of rise in risk appetite in market sentiments which will lead to fall in demand for the low yielding currency.
However, estimates of favorable economic data from the country will cushion sharp downside or reversal in the currency.
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European stocks were mostly higher in choppy trade on Tuesday, amid growing expectations for fresh easing measures by the European Central Bank, although markets were jittery ahead of the minutes of the Federal Reserve's most recent policy meeting.
European stocks mostly higher in choppy trade; Dax up 0.23%European stocks edge higher but caution remains
During European morning trade, the DJ Euro Stoxx 50 added 0.16%, France’s CAC 40 inched 0.05% higher, while Germany’s DAX rose 0.23%.
Market participants eyed the minutes from the Fed’s latest monetary policy meeting on Wednesday for further indications on the central bank's view of the economy.
European equities had strengthened last week amid mounting expectations that the ECB will ease monetary policy at its upcoming June meeting to safeguard the recovery in the euro zone and stop inflation from falling too low.
Recent comments by ECB officials have indicated that the bank is open to easing and is prepared to act swiftly if necessary.
Financial stocks were broadly higher, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) gained 0.75% and 0.12%, while Germany's Deutsche Bank (XETRA:DBKGn) rose 0.31%.
Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) were up 0.04% and 0.77% respectively, while Spain's Banco Santander (MADRID:SAN) climbed 0.54%.
Credit Suisse Group (SIX:CSGN) added to gains, rallying 1.80%, after pleading guilty on Monday to aiding Americans’ tax evasion. Instead of identifying the thousands of customers who cheated the Internal Revenue Service, the lender reportedly promised to point investigators in the right direction.
On the downside, Deutsche Annington Immobilien (XETRA:ANNGn) plunged 3.52% after a number of investors offered to sell a 12.5% stake in the German real-estate company.
In London, FTSE 100 dipped 0.02%, led by Vodafone (LONDON:VOD), down 3.62%, after the telecom company predicted that earnings will fall to as low as £11.4 billion pounds in the year ending March 2015.
Marks & Spencer (LONDON:MKS) was also on the downside, with shares tumbling 2.26%, even as the retailer's earnings exceeded projections.
Meanwhile, financial stocks were broadly higher. Shares in HSBC Holdings (LONDON:HSBA) edged up 0.10% and Barclays (LONDON:BARC) added 0.14%, while Lloyds Banking (LONDON:LLOY) and the Royal Bank of Scotland (LONDON:RBS) advanced 0.61% and 0.74% respectively.
In the mining sector, stocks were also mostly higher as Glencore Xstrata (LONDON:GLEN) rose 0.26% and Rio Tinto (LONDON:RIO) gained 0.22%, while Vedanta Resources (LONDON:VED) jumped 1.27%.
In the U.S., equity markets pointed to a moderately higher open. The Dow 30 futures pointed to a 0.14% rise, S&P 500 futures signaled a 0.09% gain, while the Nasdaq 100 futures indicated a 0.18% increase.
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GOLD SELL BLW 28190 TGT 28130 TGT 28080 TGT 28030 SL 28250 PUNJINIVESH CONTACT 9619662404
GOLD SELL BLW 28190 TGT 28130 TGT 28080 TGT 28030 SL 28250 PUNJINIVESH CONTACT 9619662404
GOLD SELL BLW 28190 TGT 28130 TGT 28080 TGT 28030 SL 28250 PUNJINIVESH CONTACT 9619662404
GOLD SELL BLW 28190 TGT 28130 TGT 28080 TGT 28030 SL 28250 PUNJINIVESH CONTACT 9619662404
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