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Reuters Infos

Sri Lankan spot rupee up as state bank lowers dollar selling rate

July 02, 2015 - reuters.com

COLOMBO, July 2 (Reuters) - The Sri Lankan rupee LKR=LK traded firmer on Thursday as a state-run bank, through which the central bank usually directs the market, sold dollars at 133.60, 10 cents lower from the previous session's close, dealers said. The rupee traded at 133.60 per dollar, up from Tuesday's close of 133.70. Both currency and stock markets were closed for a holiday on Wednesday. "The state bank sold dollars at a reduced price of 133.60," a currency dealer said. "There is no big importer demand. But whether the central bank could sustain this appreciation trend is questionable because import demand could pick up due to lower interest rates." Some dealers say the pressure on the rupee could build up again as exporters might stop selling dollars until the elections are over. President Maithripala Sirisena dissolved parliament on Friday and scheduled the election for Aug. 17, in an effort to consolidate power and push through political reforms, ending a months-long deadlock. ID:nL3N0ZC4GL Depreciation pressure on the currency eased, dealers said, after Finance Minister Ravi Karunanayake said early last week the spot LKR=LK would climb 3 percent to a two-year high of 130 per dollar in two weeks. ID:nL3N0Z92A1 Dealers, however, said that with the announcement of the elections, the rupee may not reach that level. Three-month forwards traded a tad firmer at 135.20/45 per dollar at 0711 GMT, compared with Tuesday's close of 135.35/45, dealers said. In the stock market, the benchmark index .CSE was down 0.31 percent at 6,998.93 as of 0712 GMT, falling below a key psychological level of 7,000 for the first time since April 15, Thomson Reuters data showed. Turnover stood at 272.4 million rupees ($2.04 million). ($1 = 133.6000 Sri Lankan rupees) (Reporting by Shihar Aneez; Editing by Sunil Nair) ((shihar.aneez@thomsonreuters.com; +94-11-232-5540; Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net twitter:@shiharaneez)) Keywords: MARKETS SRI LANKA/

Russian rouble edges higher; market awaits payrolls

July 02, 2015 - reuters.com

MOSCOW, July 2 (Reuters) - Russia's rouble edged higher early on Thursday, reversing some of its losses from the previous session, as traders switched focus from Greece's debt crisis to U.S. data later in the day. At 0740 GMT, the rouble was around 0.5 percent stronger against the dollar at 55.57 RUBUTSTN=MCX and 0.4 percent higher at 61.43 versus the euro EURRUBTN=MCX . Market volumes were relatively thin as Russia starts to enter the holiday season when many traders are away from their desks. The rouble has been hurt in recent days by investor risk aversion linked to Greece's missed debt repayment to the International Monetary Fund, as well as continuing central bank forex purchases to replenish the country's reserves. Those factors have been countered, currency dealers say, by forex sales by exporters, who are selling dollars throughout the month, rather than just during the end-of-month tax period. The Russian currency could be pressured later in the session by U.S. data from durable goods to nonfarm payrolls. Payrolls data are likely to set the tone for the dollar and ripple through emerging-market currencies, including the rouble, partly because it will give an indication as to when the Federal Reserve could raise interest rates. Analysts at Rosbank said in a note the data was likely to add to the picture of an improving U.S. economy and strengthen the case for a rate rise, hurting the rouble. Russian share indexes were slightly lower on Thursday. The dollar-denominated RTS index .IRTS was down 0.1 percent to 929 points, while its rouble-based peer MICEX .MCX traded less than 0.1 percent lower at 1,639 points. For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB= For Russian equities guide see RU/EQUITY For Russian treasury bonds see 0#RUTSY=MM Russia in graphics: http://link.reuters.com/dun63s (Reporting by Alexander Winning and Vladimir Abramov, Editing by Timothy Heritage) ((alexander.winning@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: alexander.winning.thomsonreuters.com@reuters.net)) Keywords: RUSSIA MARKETS/ROUBLE

India fwd/annualised dlr premia-Jul 2

July 02, 2015 - reuters.com

Cash Spot Cash Tom Tom Next --------------------------------------------------------------- Bid/Ask Bid/Ask Bid/Ask (in IST) 1000 04.00/06.00 01.00/01.50 03.00/04.50 05.74% 05.74% 05.74% (Jul 1) 1000 02.00/03.00 01.00/01.50 01.00/01.50 05.72% 05.72% 05.72% --------------------------------------------------------------- TIME JUL AUG SEP OCT --------------------------------------------------------------- 1000 30.75/31.75 69.50/71.00 107.50/109.50 145.50/147.50 1100 30.50/32.00 70.00/71.50 108.00/110.00 146.00/148.00 1200 30.50/32.00 70.00/71.50 108.00/110.00 146.00/148.00 1300 30.50/32.00 69.50/71.50 107.50/109.50 145.50/147.50 (C1osing Jul 1) 1715 34.25/35.25 73.00/74.50 111.00/113.00 149.00/151.00 --------------------------------------------------------------- TIME NOV DEC JAN FEB --------------------------------------------------------------- 1000 183.50/185.50 221.50/223.50 257.50/259.50 295.50/297.50 1100 184.00/186.00 222.00/224.00 258.00/260.00 296.00/298.00 1200 184.00/186.00 222.00/224.00 258.00/260.00 296.00/298.00 1300 183.50/185.50 221.50/223.50 257.50/259.50 295.50/297.50 (C1osing Jul 1) 1715 187.00/189.00 225.00/227.00 261.00/263.00 298.50/300.50 --------------------------------------------------------------- TIME MAR APR MAY JUN --------------------------------------------------------------- 1000 333.50/335.50 373.50/375.50 411.00/413.00 445.50/447.50 1100 334.00/336.00 374.00/376.00 411.00/413.00 445.50/447.50 1200 334.00/336.00 374.00/376.00 411.00/413.00 445.50/447.50 1300 333.50/335.50 373.50/375.50 410.50/412.50 445.00/447.00 (C1osing Jul 1) 1715 336.00/338.00 376.50/378.50 414.00/416.00 449.00/451.00 ---------------------------------------------------------------- TIME 1 MTH 2 MTH 3MTH 4 MTH 5 MTH 6 MTH ---------------------------------------------------------------- 1000 7.18% 7.21% 7.24% 7.24% 7.19% 7.17% 1100 7.20% 7.26% 7.28% 7.26% 7.22% 7.19% 1200 7.20% 7.26% 7.28% 7.26% 7.22% 7.19% 1300 7.20% 7.23% 7.25% 7.24% 7.20% 7.18% (C1osing Jul 1) 1715 7.13% 7.18% 7.22% 7.23% 7.19% 7.16% --------------------------------------------------------------- TIME 7 MTH 8 MTH 9 MTH 10 MTH 11 MTH 12MTH --------------------------------------------------------------- 1000 7.16% 7.15% 7.15% 7.20% 7.15% 7.10% 1100 7.18% 7.16% 7.17% 7.21% 7.16% 7.11% 1200 7.18% 7.16% 7.17% 7.21% 7.16% 7.11% 1300 7.16% 7.15% 7.16% 7.20% 7.15% 7.10% (C1osing Jul 1) 1715 7.15% 7.13% 7.12% 7.19% 7.15% 7.10% --------------------------------------------------------------- (CONVERSION RATE - $1 = 63.5650/63.5700 rupees) Note: Figures in brackets indicate negative values. Premiums have been given in paise and annualised premiums INRANFWD= are on a rolling monthly basis INRF= . For the purpose of calculating the annualised premiums, the mid-figure between bid and ask is taken. Similarly we use Spot level indicative INR=IN bid and ask for calculations. These indicative rates INR1F= are based on contributions from Andhra Bank, Bank Of Baroda,Canara Bank, Syndicate Bank, ICICI Bank, Credit Agricole CIB, Standard Chartered, HDFC Bank, Indusind Bank,Corporation Bank, Bank of India, Union Bank of India, Axis Bank,State Bank Of India, HSBC,Central Bank. For contributions contact Mumbai Rate Reporting unit +91 22 6180 7222/3317 7222 or E-mail:rru.data@thomsonreuters.com Keywords: MARKET INDIA DLR PREMIA

Kenya's central bank to mop up 21 bln shillings

July 02, 2015 - reuters.com

NAIROBI, July 2 (Reuters) - Kenya's central bank sought to mop up 21 billion shillings ($212 million) from the market on Thursday saying there was excess liquidity. CBK04 The bank uses repurchase agreements (repo) and term auction deposits (TAD) to try and minimise liquidity, in order to make it a bit more expensive for people to bet against the shilling, thus offering a measure of stability in the currency market. ($1 = 99.0500 Kenyan shillings) (Reporting by Duncan Miriri; Editing by James Macharia) ((duncan.miriri@thomsonreuters.com; Tel: +254 20 4991239; Reuters Messaging: duncan.miriri.thomsonreuters.com@reuters.net)) Keywords: KENYA MARKETS/

Asian G3 bond issuance posts first-half record

July 02, 2015 - reuters.com

By Daniel Stanton SINGAPORE, July 2 (IFR) - Asian issuers sold a record amount of international bonds in the first half of 2015, underlining the region's resilience in the face of mounting turmoil in the rates markets. Bond sales in dollars, euros and yen reached $115.6 billion in Asia, excluding Japan and Australia, up 4.8% from the first half of 2014 - a record year for Asian G3 bond issuance. China remained the engine of growth, despite a slowdown in its economy. Chinese issuance in dollars increased 35.6% from a year ago, hitting $42.3 billion in the first half, while euro issuance shot up to $6.6 billion from an admittedly low $1.1 billion in the same period in 2014. The story was different for offshore Chinese renminbi bonds, however, as monetary easing in China dented overseas demand for the currency and raised cross-currency swap costs for foreign issuers. The first-half Dim Sum total of $98.8 billion was less than half the $213.0 billion recorded in the same period last year. Overall, Asia showed more resilience than other emerging markets. Counting all international bonds regardless of currency, but excluding supranational issuers, Asian debt offerings totalled $118 billion in the first half, down 11.6% year on year. However, this performance came in the context of a 34.1% drop in emerging market bond issuance globally, with international offerings from EMEA and Latin America declining 56.8% and 44.5%, respectively, according to Thomson Reuters data. HSBC and Citigroup vied for the lead in G3 bond issuance in Asia, ex-Japan and Australia, booking $12.8 billion and $11.8 billion, respectively. HSBC and JP Morgan were the top two for Asian G3 high-yield issuance in the first half, with totals of $1.5 billion and $1.4 billion, respectively, as the market grew 16.4% year on year to $13.8 billion. Samurai bond issuance slumped 37.1% year on year to 932.5 billion yen in the first half of 2015. Mitsubishi UFJ Morgan Stanley led the league table with a market share of 22.6%, ahead of Nomura on 20.0% and Sumitomo Mitsui Financial Group on 19.3%. (Reporting by Daniel Stanton; Editing by Dharsan Singh and Steve Garton) ((daniel.stanton@thomsonreuters.com)(+65 64174548)(Reuters Messaging: daniel.stanton.thomsonreuters.com@reuters.net)) Keywords: ASIA BONDS

Swedish c.bank cuts key repo rate in surprise move

July 02, 2015 - reuters.com

STOCKHOLM, July 2 (Reuters) - Sweden's central bank cut its benchmark interest rate to -0.35 percent in a surprise move on Thursday and expanded its asset purchase programme in a bid to reinforce tentative signs that long-stagnant consumer prices are finally picking up. The bank said that uncertainty abroad had increased and it was difficult to assess the consequences of the situation in Greece. A large majority of analysts in a Reuters poll had forecast the Riksbank would keep its already ultra-loose policy unchanged after the latest inflation figures gave it some breathing room in its fight to fend off the threat of deflation. The Riksbank has cut rates repeatedly over the past year to boost inflation that is far below the bank's target, the latest easing coming in March as strengthening of the crown risked breaking an upward trend in consumer prices. (Reporting by Stockholm newsroom; Editing by Toby Chopra) ((Johan.Sennero@thomsonreuters.com; +4687001250; Reuters Messaging: johan.sennero.reuters.com@reuters.net)) Keywords: SWEDEN CENBANK/

S.Africa's rand struggles as strong U.S. data buoys dollar

July 02, 2015 - reuters.com

JOHANNESBURG, July 2 (Reuters) - South Africa's rand was still on the back foot against the dollar on Thursday after losses overnight, responding to strong U.S. data that kept alive expectations of a rate hike by the Federal Reserve this year. In contrast, local data showing a contraction in new vehicle sales pointed to continued strain on Africa's most advanced economy, which has struggled to grow significantly since a 2009 recession. The rand ZAR=D3 was at 12.2900 to the dollar by 0639 GMT, down 0.33 percent from its New York close on Tuesday. Government bonds tracked the weaker currency, with the yield for debt due in 2026 ZAR=D3 adding 3 basis points to 8.3 percent. Having rallied on the back of strong U.S. private employment numbers on Wednesday, markets were braced for further dollar gains should non-farm payrolls (NFP) data also back expectations for the Fed to lift interest rates. "Technically the dollar is in a long-term bull trend against the rand," Standard Bank trader Maemo Rametse said. "A really good NFP number and we could be back above 12.30 in no time at all whereas a poor one could see us back to 12.15 again," he added. (Reporting by Stella Mapenzauswa; Editing by Ed Cropley) ((stella.mapenzauswa@thomsonreuters.com; +27 11 775 3161; Reuters Messaging: stella.mapenzauswa.thomsonreuters.com@reuters.net)) Keywords: MARKETS SAFRICA/CURRENCY

Polish c.banker says recent zloty moves not significant for economy

July 02, 2015 - reuters.com

WARSAW, July 2 (Reuters) - Recent fluctuations in the zloty are not significant for the the Polish economy, central bank management board member Andrzej Raczko said on Thursday. "We have a floating exchange rate, which serves us well. If we now have euro at 4.18-4.20 zlotys then these fluctuaction ranges are not significant for the real economy," Raczko said in the public radio. "Please remember that the central bank has intervened very, very rarely in the previous years and now I do not see a need for us to think about that." (Reporting by Adrian Krajewski; Writing by Agnieszka Barteczko) ((agnieszka.barteczko@thomsonreuters.com; +48226539700; Reuters Messaging: agnieszka.barteczko.reuters.com@thomsonreuters.net)) Keywords: POLAND ZLOTY/RACZKO

INDICATORS - Kazakhstan - July 2

July 02, 2015 - reuters.com

Italian bond futures open down on Greek anxiety

July 02, 2015 - reuters.com

LONDON, July 2 (Reuters) - Italian bond futures fell on Thursday after a defiant message from Greece's prime minister urging voters to reject an international bailout deal in Sunday's referendum, cooling hopes of a breakthrough. Bond markets were also on the back foot generally before U.S. jobs data, after a stronger-than-expected report on private jobs growth on Wednesday revived bets on a Federal Reserve rate hike later this year. Italian bond futures FBTPc1 , the benchmark for peripheral euro zone bonds, fell 45 ticks to 130.47 while German Bund futures were 43 ticks lower at 151.13 FGBLc1 . (Reporting by Emelia Sithole-Matarise; Editing by Catherine Evans) ((emelia.sithole@thomsonreuters.com; +44 20 7542 6752; Reuters Messaging: emelia.sithole.thomsonreuters.com@reuters.net)) Keywords: MARKETS BONDS/EURO

S.Korea won falls ahead of US jobs data; shares closes at 1-month high

July 02, 2015 - reuters.com

(For the midday report, please click ID:nL3N0ZH3DJ ) SEOUL, July 2 (Reuters) - The South Korean won slid as the dollar was broadly stronger on solid economic United States data overnight and expectations that U.S jobs data due later on Thursday will be firm. The local currency was also weighed down after Bank of Korea data, released before the markets opened, showed that South Korea's current account surplus fell to the smallest in eight months in May as exports shrank. ID:nS6N0X301G The won KRW= KRW=KFTC finished local trade down 0.7 percent at 1,125.0 per dollar from the previous close at 1,117.5. The Korea Composite Stock Price Index (KOSPI) .KS11 ended up 0.5 percent at 2,107.33 points, the highest close since May 29. Interday, it touched 2,110.81, the highest point since June 1. (Reporting by Yeawon Choi; Editing by Richard Borsuk) ((yeawon.choi@thomsonreuters.com; +82237045643; Reuters Messaging: yeawon.choi.thomsonreuters.com@reuters.net)) Keywords: MARKETS SOUTHKOREA/

UPDATE 1-Bank of England deputy says Greek situation "very dangerous", no contagion

July 02, 2015 - reuters.com

(Adds detail, quotes) LONDON, July 2 (Reuters) - Greece's deepening debt crisis has become "very dangerous" but there is no sign yet of it spreading to other countries on the periphery of the euro zone, Bank of England Deputy Governor Jon Cunliffe said on Thursday. "We're not seeing signs of that at the moment. Financial markets are not showing there is contagion or spreading of those risks to the periphery," he said in a BBC radio interview. Late on Wednesday, a defiant Prime Minister Alexis Tsipras urged Greeks to reject an international bailout deal, wrecking any prospect of repairing broken relations with European Union partners before a referendum on Sunday that may decide Greece's future in Europe. Earlier, BoE Governor Mark Carney had said that the BoE was ready to take whatever action was required to limit the spillover if Greece were to leave the euro zone. ID:nL8N0ZH1W0 "It's a very volatile situation. It's a very fluid situation. It is a very dangerous situation," Cunliffe said. He added that he hoped Greece and its creditors would be able to restart talks after the referendum, and find a way to avoid Greece leaving the euro zone. "I very much hope that doesn't happen. I think the Greek government, the Greek people have made clear that they want to stay in the euro, and Greece's partners have made it clear that they want it to stay in the euro," he said. Separately, Cunliffe also said he believed that any decision by HSBC HSBA.L on whether to move its base outside of the Bank of England's jurisdiction would be driven by business considerations, not a search for looser regulation. Britain has significantly tightened rules on bank pay and capital requirements since the financial crisis, as well as imposing a special tax on banks' global balance sheets. HSBC has said it is reviewing whether to remain headquartered in London or to return to Asia. (Reporting by David Milliken; Editing by Kim Coghill) ((david.milliken@reuters.com; +44 20 7542 5109; Reuters Messaging: david.milliken.thomsonreuters.com@reuters.net)) Keywords: EUROZONE GREECE/BRITAIN BOE

Bank of England deputy governor says Greek situation "very dangerous"

July 02, 2015 - reuters.com

LONDON, July 2 (Reuters) - The deepening economic crisis in Greece is "very dangerous" and the Bank of England needs to prepare for the worst, Deputy Governor Jon Cunliffe said on Thursday. "It's a very volatile situation. It's a very fluid situation. It is a very dangerous situation.... We have to prepare for the worst," Cunliffe said in an interview with BBC Radio 4. Bank of England Governor Mark Carney said on Wednesday that the BoE was ready to take whatever action was required to limit the spillover if Greece were to leave the euro zone. ID:nL8N0ZH1W0 (Reporting by David Milliken; Editing by Kim Coghill) ((david.milliken@reuters.com; +44 20 7542 5109; Reuters Messaging: david.milliken.thomsonreuters.com@reuters.net)) Keywords: BRITAIN BOE/CUNLIFFE GREECE

South African Markets - Factors to watch on July 2

July 02, 2015 - reuters.com

The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect South African markets on Thursday. DIARY For South Africa corporate diary, click on ZA/EQUITY For southern and South Africa diary, click on ZA/DIARY ECONOMIC EVENTS First National Bank releases second quarter consumer confidence index, compiled by the Bureau for Economic Research. SOUTH AFRICAN MARKETS South Africa's rand retreated on Wednesday, giving up gains of the previous session as solid jobs and factory data from the U.S. lifted the greenback. ZAR/ South African shares rose on Wednesday as Vodacom VODJ.J hit its highest price in 4-weeks after the government sold its 13.91 percent stake in the mobile operator to raise funds. .J GLOBAL MARKETS Asian stocks advanced for a third consecutive day and the greenback advanced on Thursday helped by upbeat U.S. economic data though weak Chinese stocks and Greece's standoff with its creditors capped gains. MKTS/GLOB WALL STREET U.S. stocks closed higher on Wednesday but were down from earlier highs as energy stocks declined and Greece's debt crisis showed no clear signs of resolution. .N GOLD XAU= Gold extended losses into a third session on Thursday, languishing close to its lowest in nearly four weeks due to a strong dollar and the prospect of higher U.S. interest rates, with all eyes on U.S. economic data due later in the day. GOL/ EMERGING MARKETS For the top emerging markets news, double click on urn:newsml:reuters.com:*:nTOPEMRG - - - - Some of the main stories out in the South African press: BUSINESS DAY - PIC scores big in Vodacom stake buy - Evraz may face liquidation as resources dwindle - New car sales dive as economy falters - Broadcaster SABC says CEO appointment above board BUSINESS REPORT - New car sales in alarming decline - State's sale of stake to PIC raises questions (Compiled by Stella Mapenzauswa) ((Johannesburg newsroom +27 11 775 3155)) Keywords: MARKETS SAFRICA/DAYBOOK

FOREX-Yen drops as upcoming U.S. data puts Greek fears on hold

July 02, 2015 - reuters.com

* Flood of U.S. data including payrolls could point to rate hike * Sunday's referendum could be flash point for Greece * Kiwi plunges below 67 cents for first time in 5 years By Ian Chua SYDNEY, July 2 (Reuters) - The yen dipped in Asian trade on Thursday as the market geared up for a deluge of U.S. data that could back expectations for the Federal Reserve to lift interest rates and briefly steal the spotlight from the Greece's debt crisis. The data, from durable goods to nonfarm payrolls, will be released later in the global day, with U.S. markers closed on Friday for the July 4 Independence Day. Heralding the key payrolls data, the ADP National Employment Report on Wednesday showed private employers added 237,000 jobs in June, the biggest gain since December and ahead of the 218,000 forecast. ID:nL1N0ZH100 "The NFP numbers brought the conversation back to the normal market talk," said Bart Wakabayashi, head of foreign exchange for State Street Global Markets in Tokyo. "There is now more of a focus on the Fed again, while people wait to see what happens with Greece later on." Prime Minister Alexis Tsipras on Wednesday urged Greeks to reject an international bailout deal, souring hopes of any breakthrough as markets looked ahead to Sunday's referendum that might decide Greece's future in the euro zone. ID:nL8N0ZH0TT An opinion poll showed opposition to the bailout leading but, the gap has narrowed significantly as voters were confronted with the hardship resulting from the bank closure and capital controls. Against the yen, the greenback fetched 123.34 JPY= , up 0.2 percent on the day and pulling further away from a five-week trough of 121.93 hit on Tuesday. The euro rose about 0.3 percent on the day to 136.56 yen EURJPY=EBS , and also added about 0.2 percent to $1.1072 EUR= . The dollar index .DXY edged down about 0.1 percent to 96.178, giving back some of its 0.8 percent gain on Wednesday. The dollar notched up solid gains against commodity currencies, particularly the New Zealand dollar. The kiwi skidded below 67 U.S. cents for the first time in five years as a slide in dairy prices narrowed the odds on more rate cuts. ID:nL3N0ZH4P9 It fell as far as $0.6694 NZD=D4 , and was last down about 0.5 percent on the day at $0.6703. Also under fire, the Canadian dollar slid to its lowest in over two months at C$1.2598 per U.S. dollar CAD=D4 in thin holiday trade on Wednesday, and came within a whisker of that level on Thursday. Canadian markets were closed on Wednesday for a public holiday. The loonie was already in sellers' crosshairs after the Canadian economy unexpectedly shrank in April. Data on Tuesday showed gross domestic product fell 0.1 percent from March, confounding forecasts for a gain of 0.1 percent. The fourth consecutive monthly decrease bodes poorly for a second-quarter pick-up in growth that the Bank of Canada had expected. ID:nL2N0ZF1Q4 (Editing by Simon Cameron-Moore) ((ian.chua@thomsonreuters.com; +61 2 9321 8174; RM: ian.chua.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/

DIARY-Turkey - to September 4

July 02, 2015 - reuters.com

Turkey - Factors to Watch on July 2

July 02, 2015 - reuters.com

ISTANBUL, July 2 (Reuters) - Following are news, reports and events that may affect Turkish financial markets on Thursday. The lira TRYTOM=D3 stood at 2.6918 against the dollar by 0505 GMT, easing from 2.6890 late on Wednesday. The main BIST 100 share index .XU100 fell 0.69 percent to 81,681.71 on Wednesday. The benchmark 10-year government bond yield tTR120325TA=IS ended spot trade at 9.41 percent on Wednesday and was at 9.43 percent in Thursday-dated trade. GLOBAL MARKETS Asian shares lost early steadiness and Chinese stocks got off to a weak start on Thursday, while upbeat U.S. economic data helped the dollar gain as investors globally opted for caution due to Greece's standoff with its creditors. Investors expected investors appetite for risk to be sapped in coming months by uncertainty over whether Greece can step back from an economic abyss after its debt default to the International Monetary Fund, and doubts over its future in the eurozone. ID:nL3N0ZI1E2 DAVUTOGLU Prime Minister Ahmet Davutoglu said at a fast-breaking dinner for ambassadors on Wednesday evening that his ruling AK Party would do all it can to establish an encompassing coalition after President Tayyip Erdogan gives him the mandate to form a government. ECONOMY MINISTER Economy Minister Nihat Zeybekci to hold a news conference to assess the last 18 months (0700 GMT). Note: For a list of forthcoming events, see TR/DIARY . For other related news, double click on: Turkish politics TR-POL Turkish equities TR-E Turkish money TR-M Turkish debt TR-D Turkish hot stocks TR-HOT Forex news FRX All emerging market news EMRG All Turkish news TR For real-time quotes, double click on: Istanbul National-100 stock index .XU100 , interbank lira trading IYIX= , lira bond trading 0#TRTSYSUM=IS (Writing by Daren Butler) ((daren.butler@thomsonreuters.com; +90-212-350 7122; Reuters Messaging: daren.butler.thomsonreuters.com@reuters.net)) Keywords: TURKEY FACTORS/

RPT-UK productivity is improving - BOE Dep Gov Cunliffe

July 02, 2015 - reuters.com

(Repeats to cover alert) LONDON, July 2 (Reuters) - There are signs that productivity in the UK economy is improving Bank of England Deputy Governor Jon Cunliffe said on Thursday on the BBC. Speaking to other media, Cunliffe also said Greece's deepening debt crisis is showing no sign yet of spreading to other countries on the periphery of the euro zone. "We're not seeing signs of that at the moment. Financial markets are not showing there is contagion or spreading of those risks to the periphery," he told BBC Radio 5live in an interview. Cunliffe also said he believed that any decision by HSBC HSBA.L on whether to base itself outside of the Bank of England's jurisdiction would be driven by business considerations, not a search for looser regulation. L8N0ZI06J (Reporting by David Milliken; Editing by Kim Coghill) ((((david.milliken@reuters.com; +44 20 7542 5109; Reuters)(Messaging: david.milliken.thomsonreuters.com@reuters.net)))(nL8N0ZH4W2)) Keywords: EUROZONE GREECE/BRITAIN BOE

RPT-BOE dep gov says any HSBC HQ decision is a business one, not spurred by regulation

July 02, 2015 - reuters.com

(Repeats to cover alert) LONDON, July 2 (Reuters) - Greece's deepening debt crisis is showing no sign yet of spreading to other countries on the periphery of the euro zone, Bank of England Deputy Governor Jon Cunliffe said on Thursday. "We're not seeing signs of that at the moment. Financial markets are not showing there is contagion or spreading of those risks to the periphery," he told BBC Radio 5live in an interview. Cunliffe also said he believed that any decision by HSBC HSBA.L on whether to base itself outside of the Bank of England's jurisdiction would be driven by business considerations, not a search for looser regulation. (Reporting by David Milliken; Editing by Kim Coghill) ((((david.milliken@reuters.com; +44 20 7542 5109; Reuters)(Messaging: david.milliken.thomsonreuters.com@reuters.net)))(nL8N0ZH4W2)) Keywords: EUROZONE GREECE/BRITAIN BOE

Bank of England deputy governor sees no sign of Greece contagion

July 02, 2015 - reuters.com

LONDON, July 2 (Reuters) - Greece's deepening debt crisis is showing no sign yet of spreading to other countries on the periphery of the euro zone, Bank of England Deputy Governor Jon Cunliffe said on Thursday. "We're not seeing signs of that at the moment. Financial markets are not showing there is contagion or spreading of those risks to the periphery," he told BBC Radio 5live in an interview. Cunliffe also said he believed that any decision by HSBC HSBA.L on whether to base itself outside of the Bank of England's jurisdiction would be driven by business considerations, not a search for looser regulation. (Reporting by David Milliken; Editing by Kim Coghill) ((david.milliken@reuters.com; +44 20 7542 5109; Reuters Messaging: david.milliken.thomsonreuters.com@reuters.net)) Keywords: EUROZONE GREECE/BRITAIN BOE

Bangladesh's FX reserves hit record, top $25 bln at end-June

July 02, 2015 - reuters.com

DHAKA, July 2 (Reuters) - Bangladesh's foreign exchange reserves hit a record $25.01 billion at the end of June, the central bank said on Thursday, thanks to steady exports and remittances. The slower pace of imports growth on the back of a fall in global commodities prices also helped to raise reserves about 17 percent higher than the same period of last year. The reserves were enough to cover seven months of imports. Exports from July to May, the first 11 months of the 2014-15 financial year, rose 2.8 percent to $28.14 billion from a year earlier, led by strong garment sales even though the pivotal industry has seen a string of fatal factory accidents. Bangladesh received $13.87 billion in remittances from citizens working overseas in July-May, up 7.2 percent from a year earlier. Garment exports and remittances from Bangladeshis working overseas, two mainstay revenue generators for the country of 160 million people, have helped foreign exchange reserves grow steadily in recent years. ID:nL3N0X203P (Reporting by Ruma Paul; Editing by Shri Navaratnam) ((ruma.paul@thomsonreuters.com; +880 2 58315303; Reuters Messaging: ruma.paul.thomsonreuters.com@reuters.net)) Keywords: BANGLADESH RESERVES/

CNH Tracker-Funds urge easier China access for inclusion to global indexes

July 02, 2015 - reuters.com

By Michelle Chen HONG KONG, July 2 (Reuters) - Foreign asset managers are seeking easier access to China's restricted capital markets, saying it is a prerequisite for mainland-listed shares to be added to global indexes. China-listed shares known as A shares are generally only available to Chinese citizens. The market is gradually opening up with foreign investors now able to buy A shares under a cross border share connect scheme and quotas that funds apply for. "We are not seeing a lot of client demand that's really pushing for the inclusion of China A shares in their portfolios. There's a lot of education that needs to be done at this point," said Brian Roberts, an Asia ETF product manager at Vanguard. "For us, we would encourage the index providers not to necessarily include it in their indexes until there is equal and fair participation in access to the China A share market." U.S. index provider MSCI Inc MSCI.N held off adding A shares in its global emerging market index earlier this month, though the rival FTSE Russell has launched two transitional indexes that cover these Chinese shares. Following FTSE Russell's inclusion, Vanguard said it planned to add onshore Chinese equities to its broad emerging markets exchange-traded fund, making it the first broad-based emerging markets ETF to gain direct exposure to the onshore market. ID:nL1N0YO1JQ The Vanguard FTSE Emerging Markets ETF VWO.P , which has some $50 billion in assets, ranks among the biggest U.S.-listed ETFs. Vanguard's Roberts said the decision to offer transitional products was not driven by client demand, but the company's expectation that A shares would ultimately be accepted and it had to figure out a gradual and meaningful way to have A shares added to its product. His opinion was echoed by State Street Global Advisors' Asian ex-Japan head of portfolio strategists Sunny Ng who believed foreign investors were studying Chinese markets to have a better understanding before jumping into it. There's a huge disconnect between how liquid this market is, how big China is and the relatively small allocations people have at present, said Ng. "It's more of a structural problem that they are slowly looking at, rather than something that they are pushing to have A shares included this year or next. I don't think there is any of that appetite now." Concerns on free access to and exit from China's onshore market have intensified as the Chinese equity market has fallen more than 20 percent from its peak in mid-June and has become the world's most volatile stock market. ID:nL3N0ZG1Y8 At present, foreign investors buy A shares via the Shanghai-Hong Kong stock connect scheme, Qualified Foreign Institutional Investor (QFII) and its cousin RQFII, all of which have quotas. Foreign participation in China's $10 trillion stock market remains negligible. The outstanding amount of QFII and RQFII was $139 billion as of June 29, and around $26 billion of the northbound quota under the stock connect has been used so far. WEEK IN REVIEW: * China has appointed state-owned Bank of China 601988.SS 3988.HK as the yuan clearing bank in Hungary, the People's Bank of China said in a statement published on Sunday, in the latest move to expand the offshore yuan market. ID:nL4N0ZE05T * Yuan deposits in Hong Kong rose 1.8 percent to 972.4 billion yuan ($156.8 billion) in May from the previous month, the Hong Kong Monetary Authority said on Tuesday. Cross-border trade settlement stood at 492.5 billion yuan for the month, compared with 484.2 billion yuan in April. ID:nL3N0ZG2CW * Chinese renminbi trade volumes in London more than doubled last year, according to figures from the City of London Corporation on Friday, in a further sign of deepening financial links between Britain and China. ID:nL3N0ZB51L * China Construction Bank Corporation 601939.SS 0939.HK launched the first RQFII money market ETF in the Eurozone that is denominated and traded in the yuan on Euronext Paris on Tuesday. * Euroclear Bank, the Brussels-based international central securities depository (ICSD), and China Construction Bank signed a MoU on Monday to further develop the offshore Renminbi capital market. CHART OF THE WEEK: Hong Kong's yuan deposits: http://link.reuters.com/kex94w RECENT STORIES: High hopes, cautious start expected for fund mutual recognition in China ID:nL3N0ZA32E Hong Kong ETF market braces for competition from China's giants ID:nL3N0ZG1BF Mongolian government makes its debut in dim sum market ID:nL3N0Z92C2 More stories about the CNH market CNH Daily onshore yuan reports CNY/ Daily China money market reports CN/ Offshore yuan rate CNH= Onshore yuan rate CNY=CN Offshore yuan dealt CNH=D3 Onshore yuan on CFETS CNY=CFXS THOMSON REUTERS SPEED GUIDES CN/OFFSHORE CN/HIGHLIGHT NDF/3 NDF/4 0#CNHBOND ($1 = 6.2021 Chinese yuan renminbi) (Editing by Jacqueline Wong) ((michelle.chen@thomsonreuters.com; +852 2843 6587; Reuters Messaging: min.chen.thomsonreuters.com@reuters.net)) Keywords: MARKETS OFFSHORE/YUAN

UPDATE 1-Brazil central bank chief more upbeat about taming inflation

July 02, 2015 - reuters.com

* Inflation expectations for post-2015 have dropped - Tombini * Reiterates c.bank to stay vigilant in inflation batte (Recasts, adds Tombini comments and context) By Guillermo Parra-Bernal and Alonso Soto SAO PAULO/BRASILIA, July 1 (Reuters) - A "substantial" drop in inflation expectations in Brazil shows that monetary policy is yielding results, central bank president Alexandre Tombini said on Wednesday, sounding more upbeat about policymakers' progress in fighting stubbornly high prices. In a speech to business executives in São Paulo, Tombini reiterated the bank will remain vigilant to bring the inflation rate back to the 4.5 percent target by late 2016, and guaranteeing "its stability for coming years." Currently, the annual rate is nearly 9 percent. "The improvement in expectations for after 2015 shows the success of monetary policy," said Tombini, without making reference to the bank's standard message that progress in battling inflation is still not sufficient. After hiking the benchmark Selic rate BRCBMP=ECI by 275 basis points since October, pressure is mounting on central bank poliymakers to ease the tightening and avoid further harm to an economy headed into its worst recession in 25 years. The bank last week toughened its tone, signaling it was going to keep raising rates for some time to bring inflation down to the target level. Some market traders started to bet that the bank could hike rates by an extra 100 basis points to 14.75 percent this year. However, analysts said they believe the central bank is making attempts to ease that hawkish stance, based on what was said in private talks with investors earlier this week. Although inflation expectations for 2015 have climbed to 9 percent, economists see inflation in 2016 coming down to 5.5 percent and 4.5 percent in 2017 and beyond. (Reporting by Guillermo Parra-Bernal; Writing by Alonso Soto and Caroline Stauffer; Editing by Leslie Adler and Richard Borsuk) ((alonso.soto@thomsonreuters.com; +55 61 99734711; Reuters Messaging: allonso.soto.thomsonreuters.com@reuters.net)) Keywords: BRAZIL ECONOMY/INFLATION

India Morning Call-Global Markets

July 02, 2015 - reuters.com

EQUITIES NEW YORK - U.S. stocks closed higher on Wednesday but were down from earlier highs as energy stocks declined and Greece's debt crisis showed no clear signs of resolution. The benchmark S&P 500's energy sector was dragged down by the biggest slide in oil prices since April after traders were surprised by a report that showed U.S. crude stockpiles rose for the first time in more than two months For a full report, click on .N - - - - LONDON - Britain's top equity index bounced back from five-and-a-half month lows on Wednesday, lifted by airline stocks that were boosted by lower oil prices and a recommendation for a new runway at London's Heathrow airport. The blue-chip FTSE 100 index .FTSE was up by 80.88 points, or 1.2 percent, at 6,601.86 points by the close. It was still about 7 percent below a record high of 7,122.74 points reached in late April. For a full report, click on .L - - - - TOKYO - Japan's Nikkei share average rose more than 1 percent on Thursday, led by automakers which reported strong June sales in the U.S. market, and broadly supported by a weaker yen. The Nikkei share average .N225 gained 1.2 percent to 20,568.65 by mid-morning. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI up 0.5 percent. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The dollar stayed bid early in Asia on Thursday as the market geared up for a deluge of U.S. data that could back expectations for the Federal Reserve to lift interest rates sooner rather than later. The euro, meanwhile, remained under a cloud with Greece's debt crisis unlikely to be resolved before Sunday's referendum. Prime Minister Alexis Tsipras on Wednesday urged Greeks to reject an international bailout deal, souring hopes of any breakthrough. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasuries prices fell on Wednesday as hopes for a Greece debt deal prompted investors to pare safe-haven bids, while a stronger-than-expected report on private jobs growth revived bets on a Federal Reserve rate hike later this year. A poor five-year German Bobl note auction stoked selling in core European fixed-income. Analysts said this spilled into the U.S. bond market, which had just finished its worst quarter in two years in terms of total returns. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold languished below $1,170 an ounce on Thursday with the dollar stronger on the Greek debt crisis and bullion investors waiting for key U.S. economic data later in the session for cues. Spot gold XAU= was little changed at $1,167.76 an ounce by 0044 GMT, after dropping about 1 percent in the last two sessions. The metal fell to $1,166.35 on Tuesday, its lowest in nearly four weeks. For a full report, click on GOL/ - - - - BASE METALS MELBOURNE - London copper held its ground on Thursday after strong U.S. data eclipsed worries about factory growth in Asia, with a jobs report later in the session expected to support the view that the world's biggest economy is gaining steam. Three-month copper on the London Metal Exchange CMCU3 traded flat at $5,778 a tonne by 0029 GMT, following a steady close in the previous session and after sliding 4 percent in June. For a full report, click on MET/L - - - - OIL SINGAPORE - Oil prices were broadly unchanged from their previous close in early trading on Thursday after tumbling 4 percent a day earlier as U.S. stockpiles rose for the first time in months on the back of high production. Following Wednesday's drop, front-month U.S. crude futures CLc1 were trading at $56.95 per barrel at 0015 GMT, down 1 cent from their last settlement. For a full report, click on O/R (Compiled by Abhishek Vishnoi) ((abhishek.vishnoi@thomsonreuters.com)(+91 22 61807225)(Reuters Messaging: abhishek.vishnoi.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA/

MIDEAST STOCKS - Factors to watch - July 2

July 02, 2015 - reuters.com

DUBAI, July 2 (Reuters) - Here are some factors that may affect Middle East stock markets on Thursday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asian markets tread water, China opens weak, investors watch Greek standoff MKTS/GLOB * MIDEAST STOCKS-Gulf mixed; Abu Dhabi's TAQA up on merger hope ID:nL8N0ZH3KM * Oil prices stabilize after sliding on U.S. stock build O/R * Gold pressured by stronger dollar; U.S. data in focus ID:nL3N0ZI087 * IAEA says Iran uranium stockpile reduced, but questions remain ID:nL1N0ZH2R1 * Libya PM hopes for deal with rivals, Tripoli delays ID:nL8N0ZH5DT * Houthi shells kill 18 in Yemen, dengue fever spreading ID:nL8N0ZH57O * Iraq, North Korea failures shadow nuclear talks with Iran ID:nL1N0ZH1HQ * Fitch: Sousse Attack Hits Tunisia Growth; Transition Supportive ID:nFit927607 * Islamic State weaves web of support in Gulf Arab states ID:nL5N0ZF4CT * Short of cash, U.N. cuts Syria refugees' rations again ID:nL8N0ZH2ML * POLL-Iran oil exports could jump by 60 pct in a year ID:nL8N0ZG3UR * To many ordinary Iranians, nuclear deal means money, food and jobs ID:nL8N0ZG3U1 TURKEY * Talk of Syria action may be Erdogan's latest gambit to pressure the West ID:nL8N0ZH3F8 * Political uncertainty threatens Turkey's economy as World Bank cuts forecasts ID:nL8N0ZH1G7 * Turkey's June exports $11.7 bln, down 6.4 percent - exporters ID:nI7N0YB01S * China upset with Turkey's concern on Ramadan restrictions ID:nL3N0ZH1SN EGYPT * More than 100 dead as militants, Egyptian army clash in North Sinai ID:nL8N0ZH110 * Egypt's GASC seeks wheat for Aug. 1-10 shipment ID:nL1N0ZH2V9 * Egypt government approves draft anti-terrorism, election laws ID:nL8N0ZH4OZ * Egypt revises draft 2015/16 budget to cut deficit to 8.9 pct of GDP ID:nL8N0ZH2D3 * Telecom Egypt set to receive 4G mobile licence next year -minister ID:nL8N0ZH115 * Year into Sisi's power, Egyptians lament persistent hardships ID:nL5N0ZF2W6 SAUDI ARABIA * US shale has been stymied by Saudi Arabia, says Shell CEO - FT ID:nL3N0ZH4TI * Slow start after Saudis open stock market to foreigners - U.S. fund managers ID:nL1N0Z42UJ * Saudi Prince Alwaleed pledges $32 bln wealth to charity ID:nL8N0ZH2PF * Saudi's Bahri to buy five more oil tankers from Hyundai Heavy ID:nL8N0ZH3GX * Saudi's PetroRabigh says paying 0.5 riyals/share dividend for FY 2014 ID:nD5N0Y203V * Saudi Arabia to cut August medium, heavy crude oil prices ID:nL3N0ZG32A UNITED ARAB EMIRATES * Moody's assigns Counterparty Risk Assessment to 16 UAE banks ID:nMDY3Q26qC * Nestle says invests 112 mln Sfr in Dubai factory ID:nFWN0ZG0AE * Veolia helps Dubai to reduce energy consumption by 30% ID:nFWN0ZG0A5 * ENOC presses ahead with Dragon Oil takeover amid shareholder protest ID:nL8N0ZH1N2 * Abu Dhabi's IPIC 2014 net attributable profit drops 37 pct ID:nD5N0Y207H * Abu Dhabi considers state-backed merger for troubled TAQA - sources ID:nL8N0ZG40M * June Dubai crude average price drops vs May - traders ID:nL3N0ZH1KP KUWAIT * Kuwait parliament approves budget with $27 billion deficit ID:nL8N0ZH4NG * Kuwait arrests two police officers in crackdown on militants -media ID:nL8N0ZH3TI * Kuwait says dispute with China is over how to sell oil products, pricing ID:nL8N0ZH34Z * Rheinmetall delivers 12 NBC reconnaissance vehicles to Kuwait ID:nFWN0ZG0A8 QATAR * Qatar Islamic Bank raises 2 billion riyals with Tier 1 sukuk ID:nL8N0ZH0IJ OMAN * Oman's Renaissance picks banks for potential perpetual hybrid bond ID:nL8N0ZH2SX * Oman central bank sets up Islamic banking department ID:nL8N0ZH2E3 * Oman's Bank Sohar and Bank Dhofar plan due diligence on proposed merger ID:nL8N0ZH09T (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS/

India gold jeweller Rajesh Exports says to seal acquisition on July 2

July 01, 2015 - reuters.com

By Rajendra Jadhav MUMBAI, July 1 (Reuters) - Indian jeweller Rajesh Exports REXP.NS said it will finalise an acquisition on Thursday from a handful of targets that have been identified, after a local daily reported the company could buy a stake in a Swiss gold refinery for about $400 million. "We are looking for backward integration," chairman Rajesh Mehta told Reuters on Wednesday. "We have identified five-six overseas companies and in tomorrow's board meeting we will shortlist one company." He declined to name the companies or give any other detail. The move comes as jewellery demand in India, the world's biggest gold consumer, is on the upswing on the back of economic growth. The World Gold Council, which represents gold producers, has estimated that India could consume as much as 900 to 1,000 tonnes in 2015, compared to 811.1 tonnes in 2014, although there are some worries about that estimate being met if the country has a bad monsoon season. Rajesh Exports, which has a market value of $1.56 billion, said last month it would consider an acquisition in Europe in its board meeting on July 2. It is already in the process of setting up a European unit to expand its global footprint. The Economic Times reported on Wednesday quoting two unnamed sources that the Bengaluru-based company had sounded out Valcambi about a deal, which could be all in cash. (http://bit.ly/1C8hhgY) Valcambi could not be immediately reached for comment. Located at Balerna in south-eastern Switzerland and majority-owned by U.S. gold producer Newmont Mining Corp NEM.N , Valcambi has a capacity to refine about 2,000 tonnes of gold, silver and platinum per year. In its latest results statement, Rajesh Exports said it is debt-free and, with a capacity to process 250 tonnes of gold per year, is the largest gold jewellery maker in the world. The company's shares were up 9.6 percent in Wednesday afternoon trade. The stock has jumped 150 percent this year. ($1 = 63.5700 Indian rupees) (Additional reporting by Clara Denina in LONDON; Writing by Krishna N. Das; Editing by Muralikumar Anantharaman) ((Krishna.Das@thomsonreuters.com; +91-11-4178-1023, +91-98711-18314; Reuters Messaging: Krishna.Das.thomsonreuters.com@reuters.net, https://twitter.com/krishnadas56)) Keywords: INDIA RAJESH EXPO/M&A

INDICATORS - Kazakhstan - July 1

July 01, 2015 - reuters.com

Indophil expects mid-July deal with Glencore on $5.9 bln Philippine mine

July 01, 2015 - reuters.com

MANILA, July 1 (Reuters) - Indophil Resources said a final agreement may be signed in the middle of July allowing it to take control of the long-delayed $5.9 billion Tampakan copper-gold project in the Philippines from Glencore Plc GLEN.L . Indophil, previously listed in Australia until its takeover this year by the Philippines' Alsons Group, would be able to start planning its next steps for the project once the agreement was signed, spokesman Gavan Collery said. "There are a number of conditions, notifications and actions that must take place before the anticipated mid-July formal signing of the agreement," he said in an email. Commodity trader Glencore announced the sale of its 62.5 percent interest in Tampakan operator Sagittarius Mines Inc last week without providing details. ID:nFWN0ZA038 Glencore had previously flagged it was reviewing the Tampakan project along with other greenfield projects elsewhere. Tampakan, one of the biggest undeveloped copper-gold mines in Southeast Asia and previously touted as the largest foreign direct investment in the Philippines, has been stalled by a provincial ban on open-pit mining in place since 2010. Leo Jasareno, director of the Mines and Geoscience Bureau (MGB), said the government welcomed Indophil's interest "to move the project forward" and said Glencore's exit had nothing to do with domestic policy issues. The MGB's support for the project, at the same time as a local mining ban is in place, highlights conflicting policies that have hampered development and foreign investment in the country's untapped mineral resources worth $1.4 trillion based on recent industry estimates. There are also pending bills in Congress seeking to hike mining taxes and royalties that are already among the highest in the world. (Reporting by Erik dela Cruz; Editing by Ed Davies) ((enrico.delacruz@thomsonreuters.com; +632 841-8934; Reuters Messaging: enrico.delacruz.thomsonreuters.com@reuters.net)) Keywords: GLENCORE PHILIPPINES/TAMPAKAN

MIDEAST STOCKS - Factors to watch - July 1

July 01, 2015 - reuters.com

DUBAI, July 1 (Reuters) - Here are some factors that may affect Middle East stock markets on Wednesday. Reuters has not verified the press reports and does not vouch for their accuracy. INTERNATIONAL/REGIONAL * GLOBAL MARKETS-Asia steadies, euro bears Greek burden MKTS/GLOB * MIDEAST STOCKS-Gulf markets rebound as oil rallies; Tunisia edges up ID:nL8N0ZG24X * Oil prices drop as Greece defaults and output soars O/R * Gold struggles as Greek crisis lifts dollar ID:nL3N0ZH07S * Morocco's growth to slow to 2.6 pct in 2016 - agency ID:nL8N0ZG5AE * New oil bull market in sight as Brazil, Iraq cut output targets ID:nL8N0ZG572 * Around 1,200 escape from Yemen prison, including al Qaeda suspects ID:nL8N0ZG4XY * U.S., Iran presidents issue warnings as nuclear talks extended ID:nL8N0ZG41A * Erdogan and Turkey move toward once-unthinkable grand coalition ID:nL5N0ZF4EP * Islamic State captures district in Syrian border town - monitor ID:nL8N0ZG3TX * In Yemen chaos, Islamic State grows to rival al Qaeda ID:nL5N0ZF2KJ * OPEC oil output hits 3-year high in June on Iraq -Reuters survey ID:nL5N0ZF466 * Hamas shuts offices of Gaza's sole cellular operator ID:nL8N0ZG4E8 * Libya's AGOCO output at 250,000-290,000 bpd -official ID:nL8N0ZG1LI * India asks refiners to buy dollars, euros to settle Iran oil dues ID:nD8N0PK04C EGYPT * Egypt's Sisi promises tougher legal system as prosecutor buried ID:nL8N0ZG4QV * Egypt money supply up 15.9 pct in May - central bank ID:nL8N0ZG3PM * Egypt's Emaar Misr says to list on Cairo bourse on July 5 ID:nL8N0ZG23X SAUDI ARABIA * Saudi-based APICORP picks 4 banks for international sukuk issue ID:nL8N0ZG50D * TABLE-Saudi May bank lending growth flat at 9.5 pct yr/yr ID:nL8N0ZB0QK * Saudi May foreign reserves drop 1 pct as oil stays low ID:nL8N0ZG1SJ * Saudi Aramco sets July propane price at $395 per tonne ID:nL8N0ZG1O8 * Hochtief wins Riyadh airport expansion deal ID:nFWN0ZG03I UNITED ARAB EMIRATES * Emirates reveals fuel contract details in U.S. airline subsidy claim riposte ID:nL1N0ZG1JA * Fitch Affirms Majid Al Futtaim Holding LLC at 'BBB'; Stable Outlook ID:nFit926997 * Abu Dhabi considers state-backed merger for troubled TAQA - sources ID:nL5N0ZF3N5 * Dubai says plans world's first 3D printed office building ID:nL8N0ZG32G * UAE man jailed for tweets critical of high court - newspaper ID:nL8N0ZG1Y1 * Abu Dhabi finance zone gears up to open with draft rules ID:nL8N0ZG1AG KUWAIT * Kuwait says in "state of war" with militants, warns of other cells ID:nL8N0ZG33P OMAN * Oman's United Finance weighs takeover offer from Al Omaniya ID:nL8N0ZG1RU * Oman crude OSP fall to $61.84/bbl for August ID:nEONF6P0SD (Compiled by Dubai newsroom) ((dubai.newsroom@reuters.com)) Keywords: MIDEAST FACTORS/

India Morning Call-Global Markets

July 01, 2015 - reuters.com

EQUITIES NEW YORK - U.S. stocks finished up after a choppy trading day as investors held out hope on Tuesday for deal to keep Greece in the euro even as it veered close to a potential debt default. Greece, hours from missing a 1.6 billion euro ($1.8 billion) payment due to the International Monetary Fund, submitted a new aid proposal to its creditors, calling for debt restructuring in what seemed like a last-ditch effort by Athens to resolve its impasse with lenders. For a full report, click on .N - - - - LONDON - Britain's top equity index hit its lowest level since mid-January on Tuesday, pulled down by miners and supermarkets and underperforming even euro zone shares despite Greece being hours away from a repayment default. While new data showed Britain's economy enjoyed a stronger start to the year than previously thought, buoyed by big-spending consumers and an upturn in business investment, weak exports continued to drag on growth. For a full report, click on .L - - - - TOKYO - Japanese shares edged up on Wednesday as a central bank survey showed big businesses plan to increase capital spending at the fastest pace in a decade, but gains were limited as investors remained cautious on developments in Greece. Confidence at big Japanese manufacturers unexpectedly improved in the second quarter and is seen rising further, the Bank of Japan survey showed, offering some relief to policy-makers keen to jump-start an economy which had been appearing to back slide again For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI up 1.1 percent. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The euro got off to a cautious start in Asia on Wednesday with Greece's fate still hanging in the balance after it became the first advanced economy to ever be in arrears to the International Monetary Fund. The common currency eased 0.2 percent to $1.1128 EUR= , having suffered a 0.8 percent drop on Tuesday. It has been choppy between $1.0955 and $1.1279 this week in reaction to ever-changing developments in Greece. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasuries yields rose on Tuesday, closing a rough quarter, as hopes of a last-minute deal between Greece and its creditors that would keep the cash-strapped nation from leaving the euro zone pared the safe-haven demand for U.S. government debt. The Treasuries market was on track to post about a 1.5 percent loss in the second quarter, which would be its worst quarter since the final three months of 2010, according to an index .BCUSATSY compiled by Barclays. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold struggled close to its lowest in nearly four weeks on Wednesday, as the dollar stood tall after Greece missed a loan payment to the International Monetary Fund. The Greek crisis has failed to spark robust safe-haven bids, with bullion investors still worried over an expected U.S. rate hike later this year after more strong economic data. For a full report, click on GOL/ - - - - BASE METALS MELBOURNE - London nickel steadied on Wednesday as the dust settled a day after it slid to six-year lows, while copper was little changed after China's June factory growth came in a tad slower than expected. London Metal Exchange (LME) nickel CMNI3 had dropped 0.8 percent to $11,890 a tonne by 0140 GMT. On Tuesday, it spiralled to $10,795 a tonne, its weakest since April 2009, before clawing back losses to end slightly higher on the day. For a full report, click on MET/L - - - - OIL SINGAPORE - Oil prices fell on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund and as both U.S. and OPEC production hit new records. Greece, as expected, was not able to repay 1.6 billion euros it owed to the IMF, in what was the largest missed payment in the Fund's history. For a full report, click on O/R (Compiled by Abhishek Vishnoi) ((abhishek.vishnoi@thomsonreuters.com)(+91 22 61807225)(Reuters Messaging: abhishek.vishnoi.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA/

RPT-China targets counterweight in gold trade with yuan fix

July 01, 2015 - reuters.com

(Repeats story with no changes to text) * Yuan gold fix latest step by China to boost global influence * Could provide benchmark for top consuming region Asia * Full yuan convertibility could support its global use By A. Ananthalakshmi and Jan Harvey SINGAPORE/LONDON, July 1 (Reuters) - A decade after China kicked off a series of gold market reforms, plans to establish a yuan price fix mark one of Beijing's biggest step so far to capitalise on the country's position as the world's top producer and a leading consumer. While no immediate threat to the gold pricing dominance of London and New York, the benchmark could ultimately give Asia more power over bullion trade, particularly if the yuan becomes fully convertible, industry sources say. The yuan fix is due to launch by the end of 2015 via the Shanghai Gold Exchange (SGE), which last year allowed foreign players to trade gold using offshore yuan. ID:nL3N0ZB1MP "Across the commodity markets as a whole, we're seeing some very significant initiatives by the Chinese authorities," said Nic Brown, head of commodities research at Natixis. "For the gold market, it's an attempt to provide a Chinese counterweight that offers liquidity, offers physical metals, offers futures trading for the markets in the Asian time zone," he said. Asia is the top buyer of gold, with China and India alone accounting for about half of global consumption, but London and New York are regarded as price benchmarks for spot and futures trading respectively. In the last year, other attempts have been made to create a regional benchmark, including by Singapore, but China is being the most aggressive. ID:nL4N0P42BW ID:nL4N0P610C "The SGE and China wants to become the premier marketplace for gold trading and set the reference price as their view is this is where most of the gold is held and produced," said a long-time bullion trader in Asia. At a gold conference in Shanghai last week, SGE's vice president, Shen Gang, said efforts towards internationalisation of the China market and building the exchange into an influential one globally would continue. Shen said there were plans to boost liquidity by inviting security firms, insurance companies and funds to trade on the exchange, and form potential tie ups with exchanges in Dubai, Hong Kong and the CME Group CME.O . ID:nL3N0ZC2T5 BUILDING BLOCK China's attempt to create a yuan gold benchmark is seen as another step in its efforts to make its markets more global. Beijing has also been conducting currency reforms and in April sources said there were plans to extend a pilot scheme under which the yuan is traded with few restrictions to all its free trade zones, before taking the scheme nationwide this year. ID:nL4N0XL226 "The launch of a benchmark in China... will be a fundamental building block for the Chinese market," said Jeremy East, global head of metals trading at Standard Chartered, at last week's conference, adding that the yuan fix needed to happen for China to start pricing gold internationally. China has also shown interest in participating in the London gold fix. The Bank of China joined the gold price auction in London recently as a member, while Industrial and Commercial Bank of China Ltd (ICBC) has said it was interested in participating. ID:nL3N0ZB206 Traders say until the yuan is fully convertible China will have a tough time taking liquidity away from London, though a fix in Asian hours could still be convenient. "The timing (of the fix) is very important. At that time a lot of Europe will be asleep so I don't think it will affect the European business, maybe it will become a benchmark for the Far East business," said a London-based gold market participant. The London fix is set twice daily, at 10.30 a.m. and 3 p.m London time - both well after Asian markets close Details of the yuan fix are yet to be revealed, but sources say it would be derived from a contract traded on the bourse for a few minutes, with the SGE acting as the central counterparty. That could make the process transparent - addressing one of the big concerns about the London fix. An official at a Chinese bank interested in joining the London fix said he expected the yuan fix to be used as a benchmark for the local market first, and then to go global "over time" as more currency reforms are put in place. He said his bank had no qualms about participating in both the fixes at the same time. (Editing by Ed Davies) ((ananthalakshmi.as@thomsonreuters.com; +65 6870 3726; Reuters Messaging: ananthalakshmi.as.thomsonreuters.com@reuters.net; Twitter: @AnanthalakshmiA)) Keywords: CHINA GOLD/FIX

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