Global markets at a glance

Asian stocks were mixed on Friday as concerns over Iraq overshadowed another record close on Wall Street overnight. China's Shanghai Composite shed 0.42% or 8.47 pts at 2,015.27 while Hong Kong's Hang Seng was up 0.18 % or 40.94 pts at 23,208.67. Japan's Nikkei rose 0.13 % or 20.49 pts at 15,381.65. Singapore's STI was flat at 3,267.13.

European stocks rallied on Thursday, with one blue-chip index near a six-year high, after the U.S. Federal Reserve signaled that over the long-run interest rates would be lower than it had previously indicated. The FTSEurofirst 300 index of top European shares ended 0.6% higher at 1,395.58pts. The euro zone's blue-chip Euro STOXX 50 index added 1.1% to 3,314.80pts.

Wall Street Update

The S&P 500 ended at another record high on Thursday, extending gains for a fifth day on investors' optimism that the Federal Reserve will keep interest rates low for a long period of time. The S&P 500's gain was slim, however, with the benchmark index recovering late in the session from earlier losses. Retailers, including Coach, weighed on the index. The Dow also eked out a gain, while the Nasdaq slipped a day after the Fed lowered its
forecast for target US interest rates in the long term. The Dow Jones industrial average rose 14.84 pts or 0.09 %, to end at 16,921.46. The S&P 500 gained 2.50 pts or 0.13 %, to close at 1,959.48. The Nasdaq Composite fell 3.51 pts or 0.08 %, to 4,359.33.

MACRO NEWS

Acute shortage of iron ore has forced India to import the key steel-making raw material which is going to adversely impact CAD.
Revenue of telecom operators up at Rs 60,657 crore in Q4.
Govt holding talks with stakeholders for new Mines Bill.
Iraq conflict not to affect oil supply.
Govt to help steel industry achieve 300 MT output by 2025.
HC's notice to Adani Gas Ltd for charging consumers.
The department of industrial policy & promotion (DIPP) has pitched for relaxation in labour la

STOCKS IN NEWS

RCom starts work on Rs 1200 cr S'pore undersea cable
Suzlon gets nod to start manufacturing for Rajasthan
Cairn to invest $200 mn in Rajasthan gas field
Maruti commissions solar power plant at Manesar factory
Cipla partners with Hetero to launch biosimilar anaemia drug
Tata Motors-owned JLR announces 200 mn pounds investment at Halewood plant

COMMODITY ROUNDUP

The news of lower projections of US by Federal Reserve brought cheers in MCX Gold. The gains in MCX Gold were also supported by rise of prices in COMEX Gold was trading at $ 1282.2 per troy ounce, up $ 9.5. The Fed announced its decision to reduce the pace of its asset purchases by another $10bn to $35bn per month. The Fed slashed its U.S.
growth forecast for 2014 from 2.9% to a range of between 2.1% and 2.3%, and lowered projections for the long-run target interest rate. The central bank also added to the holdings of agency mortgage-backed securities at a pace of $15bn per month, and will add to its holdings of longerterm treasury securities at a pace of $20bn per month. MCX
Gold for August expiry was trading at Rs 26936 per 10 grams, up 0.41%. The prices tested a high of Rs 26964 per 10 grams and a low of Rs 26800 per 10 grams.

CURRENCY ROUNDUP

India to sell 150 bln rupees of bonds later in the day-cbank India's central bank to conduct a seven-day term repo auction for 100 billion rupees ($1.68 billion) later in the day. India has asked the central bank to tighten controls on moving funds from abroad intos Greenpeace's accounts, intensifying concerns that the new government of PM Narendra Modi will be tough on foreign-funded activist groups.

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