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BLBG: European Stocks Rise With Oil as Havens Hold Gains: Markets Wrap
Daimler results help Stoxx 600; oil climbs for 7th session
U.S. Treasury yields extend slide to lowest in about 5 months

European stocks advanced as Daimler AG’s results helped offset some of the recent caution in markets, though havens including gold and Treasuries edged higher. Oil gained on the prospect of an extension to production cuts.

The Stoxx Europe 600 Index rose for the first day in three, boosted by auto shares after Daimler said first-quarter profit almost doubled on surging demand. The region’s more positive mood failed to spread to the U.S., where S&P 500 futures pointed to a lower open. Crude climbed a seventh day as Saudi Arabia was said to support an extension of OPEC-led output cuts.

Global equity markets are entering a key period, with the earnings season ramping up against a backdrop of mounting geopolitical tensions around Syria and North Korea as well as elections in Europe. U.S. President Donald Trump’s struggle to push through his fiscal agenda and the debate over the pace of monetary policy adjustment in the world’s biggest economy also cloud the picture.

“Tensions with North Korea, the Syrian crisis, U.S. internal policy squabbles and French political uncertainty will not clear up overnight,” strategists at Societe Generale SA led by Vincent Chaigneau wrote in a note.

Here’s what investors are watching:

U.S. oil inventories dropped 1.3 million barrels last week, the American Petroleum Institute is said to have reported. The more official EIA data due today may show stockpiles declined by 1.5 million barrels. The report is due at 10:30 a.m. in Washington.
The U.S.-Russia relationship will be closely monitored as Rex Tillerson visits Moscow.
Canada will probably hold its benchmark interest rate at 0.5 percent while Brazil will likely lower its key rate by a full percentage point, the biggest cut since 2009, as inflation has slowed by half in the last year.
Read our Markets Live blog here.

Here are the main moves in markets:


The Bloomberg Dollar Spot Index was little changed as of 8:27 a.m. in New York.
The euro was also steady at $1.0602 after advancing for two days.
The yen was steady at 109.61 against the dollar, erasing an earlier gain of 0.3 percent.

The Stoxx Europe 600 rose 0.2 percent, paring an earlier advance; Daimler shares climbed 0.6 percent.
Futures on the S&P 500 declined 0.2 percent, erasing an earlier gain. The benchmark gauge finished 0.1 percent lower on Tuesday.

The yield on 10-year Treasuries was one basis point lower at 2.29 percent. The rate dropped seven basis points on Tuesday.
German 10-year yields were little changed at 0.21 percent, near the lowest level since February.

West Texas Intermediate oil climbed 0.3 percent to $53.58 a barrel, after advancing for six straight sessions.
Gold was 0.1 percent higher at $1,276.19 an ounce, after jumping 1.6 percent on Tuesday to the highest since Nov. 9.

South Korean stocks and the won gained for the first time in seven days, and Hong Kong equities erased losses to rally in late trading.
Japan’s Topix fell to the lowest level of the year as exporters and banks tumbled on the yen’s earlier strength.