In Asian Equity Markets stocks swung between gains and losses as a decline in telecommunication shares countered gains by health-care firms. SoftBank Corp. (9984) fell 2 percent in Tokyo as telecom companies posted the largest drop among the regional index's 10 industry groups. Takeda Pharmaceutical Co., Asia's largest drugmaker, advanced 1 percent in Tokyo. Konica Minolta Inc. surged 8.7 percent, the biggest advance on the regional index, after JPMorgan Chase & Co. advised buying shares in the Japanese office-equipment maker. New World China Land Ltd. plunged as much as 22 percent in Hong Kong after a $2.4 billion plan by its parent to privatize the China property business collapsed. Japan's Topix index rose 0.5 percent. South Korea's Kospi index and New Zealand's NZX 50 Index advanced 0.2 percent. Hong Kong's Hang Seng Index slid 0.4 percent and China's Shanghai Composite Index dropped 0.8 percent. Australia's S&P/ASX 200 Index was little changed.
In Currency Markets the Aussie dollar dropped after the Reserve Bank reiterated it expects to keep its benchmark at a record low and a report that investment into China unexpectedly declined. The yen fell against the U.S. and European currencies. The US Dollar Spot Index advanced after falling yesterday to match the lowest close this month before Federal Reserve officials begin a two-day gathering. The pound was near a five-year high as prospects the BoE is moving closer to raising borrowing costs supported demand for the currency. Australian policy makers expressed concern that low interest rates may not offset a drop in mining investment as currency strength weighs on the economy which counts China as its biggest trading partner. The Aussie dropped 0.4 percent to 93.60 U.S. cents as of 2:00 p.m. in Tokyo. The yen weakened 0.1 percent against the dollar and euro to 101.97 and 138.29 respectively. The greenback added 0.1 percent to $1.3564 versus its European peer after sliding 0.3 percent to $1.3574 yesterday.
In Commodities Markets West Texas Intermediate fell as a technical indicator shows last week's increase to the highest price in nine months was excessive. Brent in London dropped amid speculation Iraqi forces will slow the advance of insurgents. Futures slid as much as 0.4 percent in New York. WTI's relative strength index closed above 70 for a third day yesterday, signaling prices rose too quickly to sustain further gains, data compiled by Bloomberg show. Iraq's army pummeled the positions of Sunni Muslim insurgents who have captured large chunks of territory in the country's north as the U.S. weighed a military intervention to help the government. WTI for July delivery fell as much as 37 cents to $106.53 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.55 at 3:00 p.m. Sydney time. rices are up 8.3 percent this year. Brent for August settlement dropped as much as 41 cents, or 0.4 percent, to $112.53 a barrel on the ICE Futures Europe exchange.
In US Equity Markets stocks rose, after equities posted their first weekly drop in a month, as corporate deals and growth in American manufacturing overshadowed escalating tension in Iraq. Covidien Plc surged 20 percent after Medtronic Inc. agreed to buy the Irish company for $42.9 billion. Williams Cos. jumped 19 percent after agreeing to buy control of Access Midstream Partners LP for $6 billion. General Electric Co. dropped 0.8 percent after a group led by Siemens AG made a joint bid to carve up the energy unit of France's Alstom SA. Yahoo! Inc. slid 5.8 percent, halting an eight-day rally, after Alibaba Group Holding Ltd. reported a slowdown in quarterly revenue growth. Seven of the 10 main S&P 500 groups retreated today, with financial companies dropping 0.4 percent to pace declines. Utilities rallied 0.7 percent for the biggest advance. Finally the DJIA finished up 0.03% at 16781.01 the S&P 500 finished up 0.08% at 1937.78 and the NASDAQ 100 finished up 0.12% at 3779.93.
In Bond Markets US treasuries finished broadly flat today as gains made during Asian trade and the European morning were negated following strong US data. Treasuries gained in early trade as renewed geopolitical concerns out of Iraq and Ukraine led to a risk-off tone. However, early gains were trimmed as a strong set of US data releases prompted selling in USTs. Firstly Empire Manufacturing beat forecasts then US industrial production was stronger than expected, which encouraged algo sales. Tech selling in Treasuries then saw the 10y yield break back above 2.6% however short covering towards the end of the session saw Treasuries moved back to flat. At the pit, T-notes closed up half a tick at 124.10.
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