Asia Markets Open Mixed; Nikkei Down, Kospi And ASX Trade Flat

kopsiAsia markets were mixed on Tuesday, taking cues from the US where a post-election rally appeared to stumble.

Traders also looked ahead to key global events set to take place this week, including a meeting on Wednesday between the world’s largest oil producers, and the release of the US nonfarm payroll report on Friday.

In Japan, the Nikkei 225 opened down 0.41 percent, while the Topix fell 0.34 percent.

Japanese shares were likely pressured by a slightly stronger yen, which traded at 111.94 against the dollar on Tuesday morning in Asia, climbing from levels near 113.00 in the previous week.

Major exporters sensitive to the yen traded mixed. Among automakers, Toyota was down 0.47 percent, Honda was off by 1.05 percent and Mazda fell 1.02 percent. Electronics maker Sharp was down 0.54 percent, while Canon and Nikon climbed 0.16 and 1.27 percent, respectively.

In South Korea, the Kospi was flat at 1,977.69, with shares of electronics giant Samsung up 0.18 percent. The smartphone maker said in a statement on Tuesday it was reviewing if it should transition to a holding company structure.

The announcement comes after US activist hedge fund Elliott Management proposed in October the company split itself into a holding vehicle for ownership purposes and an operating company, according to Reuters.

Samsung also said it will allocate 50 percent of its free cash flow to shareholder returns for 2016 and 2017, and said it would pay a dividend of 28,500 won (USD 24.36) per share in 2016, up 36 percent on-year.

Meanwhile, Australia’s benchmark ASX 200 was flat at 5,469.20.

The Dow Jones industrial average closed 54.24 points, or 0.28 percent, lower at 19,097.90. The S&P 500 index fell 11.63 points, or 0.53 percent, to close at 2,201.72, while the Nasdaq dropped 30.11 points, or 0.56 percent, to end at 5,368.81.

In the currency market, the dollar pulled back against a basket of currencies to last trade at 101.33, after falling to a session low of 100.64 earlier. That was down from levels near 102.00 in the previous week.

The slip in the dollar saw other major currencies trade higher; the Australian dollar was at USD 0.7492, up from levels below USD 0.7400 last week. The euro was at USD 1.0614, climbing from below $1.055, while the pound traded at USD 1.2409.

Treasurys also rose in the US on Monday, with the two-year note yield dropping to 1.107 percent, while the benchmark 10-year yield traded lower at 2.314 percent.

The pull-back across asset classes could suggest market watchers’ enthusiasm for the Trump administration was waning.

But some analysts pointed out that the change in direction was more indicative of short-term market moves, rather than any fundamental reassessment of what Trump’s economic policies might look like in practice.

“We are much more inclined to view the dollar-yen-led decline in the dollar, modest dip in bond yields and softer stocks as more reflective of short-term market positioning,” Ray Attrill, global co-head of foreign exchange strategy at the National Australia Bank, said in a note.

Oil prices gained more than 2 percent during the US session on Monday, ahead of OPEC’ s official meeting Wednesday.

On Sunday, Saudi Arabian energy minister Khalid al-Falih had cast fresh doubts over the cartel’s ability to agree a proposed production cut when he said the oil market, currently suffering from a supply glut, would rebalance in 2017 even without intervention from producers, reported Reuters.

Meanwhile, a Monday meeting between OPEC and non-OPEC producers was called off after Saudi Arabia declined to attend, Reuters added.

US crude futures closed up 2.21 percent at USD 47.08 a barrel on Monday, while global benchmark Brent climbed 2.12 percent to USD 48.24.

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Indian indices may open flat; Tata Steel, SBI Q2 results today

stock-marketIndian benchmark indices are likely to open flat tracking mixed cues from Asian, US and European markets. At the time of writing, SGX Nifty was down 128 points to 8416.00.

Asia markets soared on Thursday with the Nikkei jumping close to 7 percent, as traders reassessed the economic impact of Donald Trump’s victory in the US presidential election.

The Nikkei 225 ended up 6.72 percent, or 1,092.88 points, at 17,344.42, as the yen weakened against the dollar, trading at 105.42 as of 2:50 pm HK/SIN. The dollar/yen had plunged to 101 levels on Wednesday.

European bourses closed under pressure on Thursday afternoon after rebounding in morning trade following Donald Trump’s victory in the US election.

The pan-European Stoxx 600 was nearly 1 percent higher at the open, but lost momentum to end 0.14 percent down at the close. Sectors were mixed on a choppy trading day with utilities over 4 percent in the negative territory

The French CAC 40 and German DAX were 0.19 and 0.1 percent in the red respectively however the UK’s FTSE 100  edged even lower, over 1 percent down.

State Bank of India, M&M and Tata Steel will be announcing their quarterly results today.

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Impact on US Election outcome on Indian markets: Saravana Kumar, LIC MF

trumpImpact on Indo-US trade – Indian IT and Pharma sector to take a hit
A likely impact of the US Presidential elections would be a reduction in the quota for H1B  visa as both Hillary Clinton and Donald Trump are likely to push for immigration reforms. A reduction in the quota for H1B visa will impact the Indian IT companies as they send their employees to work on-site in US. Trump has already said that he wants to bring back jobs lost to outsourcing. This could negatively impact the Indian IT sector, which gets about 60 percent of its $110 billion yearly revenue from the US.

The Indian Pharma industry has a stronghold in the US, the world’s largest pharmaceutical market and  the US  Presidential elections will have a significant impact as exports are likely to fall. The Indian Pharma sector will see pricing pressures. Both US Presidential candidates have favored tighter pricing regulations. Hillary has talked about cutting drug price, while Trump has advocated repealing Obamacare.Drug  prices are expected to fall  in the US, hitting profit margins of many Indian pharma companies .

Impact of US elections on Indian Financial Markets

Equity: Trump victory in the US would have a negative impact on India. Signs  of the same are already visible. Asian stocks were trading largely in the red this morning. Key share indices gave up opening gains and were lower as the lead of Trump widened in the key state of Florida. Nikkei (-5.3%), Hang Seng (-3.4%), Kospi (-2.7%) and Australia ASX (-2.0%) are the top underperformers.

At around 12.30 p.m. on 09 November 2016, Indian Equity benchmarks were down 3 percent as news on Republican party leader Donald Trump has taken a lead in US presidential elections came in.

However at 2 p.m on 09 November 2016,Equity benchmarks recovered sharply. The BSE Sensex was down 329.43 points or 1.19 percent at 27261.7 after showing 1300 points recovery. The 50-share NSE Nifty fell 113.30 points or 1.33 percent to 8430.25.This indicates an obvious uncertainty in the market

Oil: The Oil markets are grappling with surplus and global oil prices might not see a huge impact of the US Presidential elections. There  might be a greater demand for renewables as both US presidential candidates are in favour of cleaner energy.

Bond:  With uncertainty around a fall in yield is expected. Chances of the Federal Reserve interest-rate increase in December have dwindled. The yield on Japanese sovereign bonds due in a decade fell one basis point to minus 0.08 percent. South Korea’s 10-year yield fell eight basis points to 1.62 percent. The Indian 10- year bond yield  fell  around 12 basis points to 6.68 percent on 09 November 2016.

Gold: A Trump victory would likely initially spur risk aversion. Gold markets, a safer haven will see demand and help gold prices.

Currency: In order to boost exports Trump has advocated a weaker dollar and this means a positive impact on FII inflows into India as chances of Fed rate  hike in December  2016 is unlikely.

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Asian shares, dollar rattled by US election uncertainty


Asian shares stumbled and the US dollar was on the defensive on Wednesday as signs that Republican US presidential candidate Donald Trump could be closing the gap with his Democratic rival Hillary Clinton spooked investors.

Anxiety in markets has deepened over a possible Trump victory given uncertainty on the Republican candidate’s stance on several issues including foreign policy, trade relations and immigrants, while Clinton is viewed as a candidate of the status quo.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.4 percent while Japan’s Nikkei fell 1.1 percent.

The tumultuous presidential race appeared to tighten after news that the Federal Bureau of Investigation was reviewing more emails as part of a probe into Clinton’s use of a private email server.

While Clinton held a five-percentage-point lead over Trump, according to a Reuters/Ipsos opinion poll released on Monday, some other polls showed her Republican rival ahead by 1-2 percentage points.

That pushed U.S. S&P 500 Index down to a four-month closing low on Tuesday. The CBOE volatility index , often seen as investors’ fear gauge, briefly rose to a two-month high above 20 percent.

In the currency market, traders sold the dollar partly as they suspect Trump would prefer a weaker dollar given his protectionist stance on international trade.

The euro rose to a three-week high of USD 1.1069, up about two percent from its 7-1/2-month low of USD1.0851 hit just over a week ago. Against the yen, the dollar slipped to 104.03 yen from three-month high of 105.54 yen set on Friday.

“If you had a long dollar position on the view that the dollar would gain because Clinton would win, you would surely close that position because her victory is less certain,” said Koichi Yoshikawa, executive director of financial markets at Standard Chartered Bank.

“And people were buying back the euro because that is the currency that had been being shorted the most against the dollar,” he added.

Other safe-haven assets were also favoured, with the Swiss franc rising to 1.0782 franc per euro, its highest level since late June. Gold hit a four-week high of USD 1,291.6 per ounce on Tuesday and last stood at USD 1,288.5.

In contrast, the Mexican peso, seen as the most vulnerable to a Trump presidency due to his proposals such as building a wall along the US border with Mexico, posted its biggest fall in two months.

The peso slid to 19.265 to the dollar, its lowest level since early October.

The tense back drop in markets came as the Federal Reserve holds its two-day policy meeting, with its statement due later on Wednesday.

While traders do not expect the central bank to raise interest rates just a week ahead of the presidential election, they are looking for signs that the Fed is set to hike rates in December.

US interest rate futures are pricing in about 70 percent chance of a rate hike in December but virtually no likelihood of a hike on Wednesday.

Oil prices tumbled to one-month lows as a trade group’s report of larger-than-expected US crude inventory added to concerns about oversupply from growing doubts over whether oil producing countries can agree on an output cut later this month.

Brent crude futures fell to USD 47.90 per barrel, having hit a low of USD 47.72 on Tuesday.

Still, even as investors were moving out of riskier assets, copper bucked the trend, rising to a three-month high of USD 4,922 a tonne.

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Live Stock Market Updates – Nifty trades below 8650

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The domestic market are trading flat as global investors remained cautious as the acrimonious US presidential election campaign entered its final week. The Bank of Japan on Tuesday held off on expanding stimulus and maintained short-term interest rate target. Market is also watching global cues, with the U.S. Federal Reserve’s meeting set to begin on Tuesday, which could provide clues on a December rate hike.

The Indian equity market opened higher on Tuesday after Chinese manufacturing gauges climbed to two-year highs and Bank of Japan kept monetary rates unchanged.

At 1:36 PM, the S&P BSE Sensex is trading at 28,009 up 78 points, while NSE Nifty is trading at 8,662 up 36 points.

The Nikkei Markit India Manufacturing Purchasing Managers’ Index (PMI) a gauge of manufacturing performance jump to 54.4 in October from 52.1 in September, indicative of a robust improvement in manufacturing business conditions in the country. Manufacturing sector growth in India hit a 22-month high in October, driven by a sharp and accelerated increase in new orders, purchasing activity and output.

The BSE Mid-cap Index is trading up 0.37% at 13,523 whereas BSE Small-cap Index is trading up 0.21% at 13,612.

HDFC, Hero MotoCorp, Tata Steel, Lupin and Adani Ports are among the gainers, whereas ONGC, Axis Bank, Infosys, M&M, Coal India and Sun Pharmaceuticals are losing sheen on BSE.

Some buying activity is seen in metal, telecom, power, utilities and basic materials sectors, while consumer durables, banking,power, IT, teck and FMCG are showing weakness on BSE.

The INDIA VIX is up 0.85% at 15.6225. Out of 1,888 stocks traded on the NSE, 760 declined, 832 advanced and 296 remained unchanged today.

A total of 115 stocks registered a fresh 52-week high in trade today, while 10 stocks touched a new 52-week low on the NSE.

Ashok Leyland Ltd is currently trading at Rs 91.55, up by Rs 0.2 or 0.22% from its previous closing of Rs 91.35 on the BSE. The company posted its total sales in October at 12,533 vehicles versus 9,803 vehicles last year. The company said October M&HCV sales were at 9,574 vehicles versus 7,176 vehicles last year. Its LCV sales stood at 2,959 vehicles compared to 2,627 vehicles last year.

PC Jeweller Ltd is currently trading at Rs 497.5, down by Rs 13.55 or 2.65% from its previous closing of Rs 511.05 on the BSE.

Nihar Info Global Ltd advanced 1.6%. The company has received the Purchase Orders from My Home Constructions, Rain Industries and Pamidi RSB Build Tech in the last ten days.

Eicher Motors jumped 3% after the company reported a 33% increase in total sales in October 2016 at 59,127 units as against 44,522 units in the same month last year. During October 2016, the number of motorcycle units exported, increased by 95% to 748 units from 384 units in October 2015.

Strides Shasun Limited gained 1% after the company announced that it has received approval from the United States Food & Drug Administration (USFDA) for Abacavir Tablets USP, 300 mg.

Maruti Suzuki dropped 0.32% to Rs 5,880 after its sales dipped in the month of October. The company sold 1,33,793 units in October compared to 1,34,209 vehicles in October 2015.

BGR Energy Systems soared 5.3% after the company has been awarded the Balance of Plant (BoP) Contract from TANGEDCO for 1×800 MW North Chennai Thermal Power Project – Stage III. BGR Energy secured this contract in an International  competitive bidding which witnessed stiff competition. The value of the contract is Rs 2,600 crore The contract completion period is 36 months from the date of award.

Allcargo Logistics rose 1% to Rs 191 after the company said its board will meet on 7 November 2016, to consider a proposal for buyback of the equity shares of the company.

Sical Logistics gained 2% to Rs 222.10 after the company securing contract from West Bengal Power Distribution Corporation.

Kitex Garments tanked 10.4% to Rs 458 on BSE after net profit fell 52.4% to Rs 12.92 crore on 20.5% decline in net sales to Rs 95.55 crore in Q2 September 2016 over Q2 September 2015.

Bharti Infratel zoomed 2%. KKR and pension giant Canada Pension Plan Investment Board (CPPIB) are in talks with Bharti Airtel to acquire a significant stake in its listed tower arm Bharti Infratel, as per media reports.

Reliance Industries is trading marginally higher on the BSE. The Directorate General of Hydrocarbons is understood to have computed the penalty payable by Reliance Industries (RIL) for exploiting natural gas that migrated to its KG-D6 block from ONGC’s adjacent asset at upwards of $1 bn, as per media reports.

NBCC inched up 1% after the government will engage state-run construction company NBCC to monetise around 771 acre of prime land held by erstwhile VSNL, a company that the government had sold to the Tata group in 2002 as part of its asset-sale programme.

ONGC slipped 1% to Rs 287.  ONGC Videsh Ltd, the overseas arm of state-owned ONGC, has completed the acquisition of additional 11% interest in Russia’s Vankor oilfield, taking its total stake to 26%.

Karnataka Bank is trading lower by 0.57% on the BSE. The bank informed the BSE that the board of directors at its meeting held on Friday finalised the right issue opening and issue closing dates. The issue opens on November 7, and closes on November 21. Last date for request of split application form is November 15.

Ujaas Energy climbed 13.8%. The company reported a net profit of Rs 9.7 crore for the quarter ended September 30 compared with Rs 3.3 crore reported in the year-ago period.

Heritage Foods slipped 2.4%. The company said it would acquire the dairy business of Reliance Retail through a slump sale. The company has executed a binding agreement for the acquisition. The proposed transaction is subject to regulatory approvals and other conditions and procedures that are customary for similar transactions, Heritage Foods said in a BSE filing.

Avanti Feeds gained 2% after the company reported its consolidated net revenue for Q2 of FY17 was 34% higher YoY at Rs 713 crore. However, reported Ebitda fell by 11% YoY to Rs 56 crore and Ebitda margins shrank 397 bps YoY to 7.9%.

The rupee opened higher by seven paise at 66.72/$ as against the previous close of 66.79/$.

Asian markets opened on a weak note following the US indices which closed marginally in the red after very range bound trade. Uncertainty on the US elections which are due next week coupled with rise in bond yields kept sentiment weak. The only exception continues to be Brazil & Russia where the indices continue to tread higher with more money chasing growth as economies see better times ahead. Mutual Funds pumped in net Rs. 8,106 crore, foreign funds pulled out more than Rs. 10,000 crore in October; a bulk of the withdrawals was in debt.

The dollar has weakened. China’s manufacturing sector saw its fastest pace of expansion in recent years as Purchasing Managers’ Index (PMI) moved higher to 51.2 in October.

Crude oil prices, which were subdued for weeks rose marginally on expectations of some consensus among OPEC members in managing production. The email saga may be haunting Clinton but polls suggest she is still ahead in the race for US President. The Bank of Japan maintained status quo on rates. Fed outcome tomorrow will be eyed though nothing much is expected ahead of US presidential elections.

India’s core sectors grew 5% in September driven by strong growth in the steel and petroleum products sectors. The growth in the Index of Eight Core Industries is stronger than the 3.2% rise in August.

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