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Morgan Stanley to sell Indian private banking arm to StanChart

Mon, 20 May 2013 16:51:43 -0400

MUMBAI - The UK based Standard Chartered (StanChart) Monday announced plans to acquire the Indian private wealth management business of US multinational financial services firm Morgan Stanley for an undisclosed amount as part of plans to expand operations. The acquisition is subject to regulatory approvals. "Standard Chartered India has agreed to acquire Morgan Stanley's onshore private ...

HKEx preparing to launch CES 120 derivative

Tue, 21 May 2013 13:17:04 -0400

Hong Kong Exchanges and Clearing Limited (HKEx), one of the world's largest exchange operators by market value, plans to soon introduce a new stock index-linked derivative product, CES China 120 Index (CES 120) futures, amid ongoing efforts to enhance financial cooperation between the mainland and Hong Kong, the exchange announced Monday. The CES 120 futures contract was designed by China ...

Asian markets end on mixed note

Tue, 21 May 2013 09:38:42 -0400

Asian shares were mixed on Tuesday after a dip on Wall Street ahead of testimony from the US Federal Reserve chief and a policy meeting of the Japanese central ...

Gold price closes higher in Hong Kong

Tue, 21 May 2013 07:30:34 -0400

The gold price in Hong Kong moved up 320 HK dollars to close at 12,930 HK dollars per tael on Tuesday, according to the Chinese Gold and Silver Exchange Society.The price is equivalent to $1,398.67 a troy ounce, up $34.62 at the latest exchange rate of $1 against 7.76 HK ...

PRECIOUS-Gold down 1 pct on firm dollar ahead of Fed testimony

Tue, 21 May 2013 07:03:12 -0400

LONDON, May 21 (Reuters) - Gold, down in seven of its last eight sessions, was off by around one percent on Tuesday morning on a firm dollar, weak technical signals and speculation that the U.S. Federal Reserve might rein in its stimulus ...

Asian Stocks End Mixed Ahead Of Fed Statement

Tue, 21 May 2013 06:29:29 -0400

Asian stocks turned in a mixed performance on Tuesday, with investor attention solely focused on Fed chairman Ben Bernanke's Congressional testimony to Congress and the release of the Fed's May minutes due this Wednesday for cues on the outlook for interest rates. The U.S. dollar edged higher after weakening against major currencies the day before following Moody's report warning ...

Asian stock markets struggle to post gains as traders await signals from Federal Reserve

Tue, 21 May 2013 06:10:02 -0400

BANGKOK - Asian stock markets struggled to post gains Tuesday as investors waited for the U.S. Federal Reserve to telegraph what it plans to do next with its economic stimulus program. The Fed is currently conducting the third round of massive bond purchases known as quantitative easing to help drive down interest rates and spur lending. But recently improving data on the U.S. economy has led to ...

Hang Seng ends lower

Tue, 21 May 2013 05:01:11 -0400

(35 mins ago) Hong Kong stocks closed 0.54 percent lower on Tuesday after a dip on Wall Street ahead of the Federal Reserve chairman's testimony about the US economic outlook. The benchmark Hang Seng Index fell 126.66 points to 23,366.37 on turnover of HK$71.30 billion, AFP reports. Chinese shares closed up 0.22 percent. The benchmark Shanghai Composite Index rose 5.12 points to 2,305.11 ...

Asia Markets Hong Kong Sydney stocks fall Tokyo ends up

Tue, 21 May 2013 04:57:43 -0400

HONG KONG (MarketWatch) -- Australian stocks declined, and Hong Kong equities snapped a three-day winning run on Tuesday, weighed by overnight losses on Wall Street and uncertainty over U.S. monetary ...

PRECIOUS-Gold off lows as Chinese buyers emerge silver pressured

Tue, 21 May 2013 03:53:10 -0400

* Gold briefly reclaims $1,400 on Chinese buying interest * Investors eyeing Bernanke on stimulus signals * Silver still near 2-1/2-year trough By A. Ananthalakshmi SINGAPORE, May 21 (Reuters) - Gold climbed off session lows on Tuesday as Chinese buyers picked up the metal, easing some pressure on bullion which has been hit by persistent outflows from exchange-traded funds and has lost nearly a ...

The Australian dollar dropped to $0.9786

Tue, 21 May 2013 03:51:27 -0400

Good Morning, - EUR/USD meets resistance at 1.29...ahead Bernanke's testimony to Congress on Wednesday. - Asian shares: Japan's Nikkei -0.21%, Hong Kong's Hang Seng -0.40%, Korea's Kospi -0.07%, Australia's ASX 200 -0.56% and China's Shanghai +0.15%. - German Producer prices for industrial products rose by 0.1% in April. In March 2013 the annual rate of change was ...

Nikkei hits new 5-12-yr high but pace of gains slow Bernanke cues eyed

Tue, 21 May 2013 03:07:04 -0400

* Real estate and banks weak on sector rotation - analyst * Retail investors pick up underperformers such as Sharp, TEPCO * SoftBank slips, Sprint permitted discussions with Dish By Ayai Tomisawa TOKYO, May 21 (Reuters) - Japan's Nikkei share average edged up to a fresh 5-1/2-year high on Tuesday, reversing earlier losses, as retail investors scooped up underperforming stocks such as Sharp ...

Nikkei edges up at close

Tue, 21 May 2013 02:50:56 -0400

(20 mins ago) Tokyo stocks rose 0.13 percent on Tuesday, recouping early losses as the dollar turned higher against the yen. The benchmark Nikkei 225 index closed up 20.21 points to 15,381.02, its best close since December 2007, while the Topix index of all first-section issues gained 0.07 percent or 0.88 points to 1,270.39, AFP ...

Nikkei edges up to new 5-12-year high

Tue, 21 May 2013 02:41:53 -0400

Although inflation-indexed bonds prove beneficial during times of high inflation, they underperform when the economy goes through a deflationary ...

Chinese analysts defend Sino-India trade imbalance

Tue, 21 May 2013 02:37:26 -0400

China's growing surplus in trade with India, an issue of concern to New Delhi, is difficult to resolve and is likely to widen, Chinese experts said. The trade imbalance has come up during the current India visit by Chinese Premier Li Keqiang. Trade between India and China is one of the fastest growing, although the two Asian neighbors have longstanding border disputes that resulted in a ...

Asian Markets on Edge Ahead of Fed Chairman Bernankes Speech

Tue, 21 May 2013 01:49:53 -0400

A visitor looks at the bourse at the Tokyo Stock Exchange in Tokyo. Most Asian markets opened lower after Wall Street's record-setting rally was halted by investors who traded cautiously, unclear about US monetary ...

Hang Seng down by break

Tue, 21 May 2013 00:44:13 -0400

(26 mins ago) Stocks in Hong Kong were down 0.50 percent by the break after a dip on Wall Street ahead of the Federal Reserve chairman's testimony on the US economic outlook. The benchmark Hang Seng Index fell 117.49 points to 23,375.54 by the noon break on turnover of HK$40.36 billion. Fed chairman Ben Bernanke is due to give testimony to Congress on Wednesday. ...

Nikkei flat by break

Tue, 21 May 2013 00:44:11 -0400

(1 hr 2 mins ago) Stocks in Tokyo were flat by the midday break, recouping early losses as the dollar turned higher against the yen. The benchmark Nikkei 225 index, which closed yesterday at its best level since December 2007, was up 0.05 percent, or 8.32 points, at 15,369.13 by the break. The Topix index of all first-section issues gained 0.25 percent or 3.15 points to ...

Hong Kong shares nudged off 3-12-month high China slips

Tue, 21 May 2013 00:29:50 -0400

Tue May 21, 2013 12:29am EDT * HSI -0.5 pct, H-shares -1.1 pct, CSI300 -0.2 pct * ICBC down 2 pct after Goldman, vs 2.5 pct discount * PICC P&C slides after $938.3 million rights issue By Clement Tan HONG KONG, May 21 (Reuters) - Hong Kong shares fell from a 3-1/2-month high on Tuesday, while China markets looked set for their first loss in five days, hurt by a series of fund raising moves and ...

Asian Markets Mixed Amid Cautious Trades

Mon, 20 May 2013 23:59:31 -0400

markets are exhibiting a mixed trend on Tuesday with investors mostly treading cautiously amid a lack of fresh triggers. The overnight weak close on Wall Street is weighing on sentiment to an extent. Also, following recent strong upmove, investors appear a bit reluctant to indulge in any aggressive buying for now.In the Australian market, consumer discretionary, financial, healthcare and ...

Oil prices gain on falling dollar

Mon, 20 May 2013 22:49:27 -0400

Oil prices continued to rise on Monday as falling US dollar sparked interest in oil.The US dollar went down against major currencies Monday after scoring wide gains boosted by improved US consumer confidence last week. A weaker US currency increases the appeal of dollar- denominated oil as an investment.With a lack of major economic data due on Monday, traders are eyeing a group of the US Federal ...

China yuan advanced to 6.1911 against USD Tuesday

Mon, 20 May 2013 22:49:25 -0400

The Chinese currency Renminbi, or the yuan, advanced 87 basis point to 6.1911 against the US dollar on Tuesday, according to the China Foreign Exchange Trading System.In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.The central parity rate of the yuan against the US dollar is based on a weighted average of ...

Wall Street retreats amid speculation about Feds exit from quantitative easing

Mon, 20 May 2013 22:49:25 -0400

Wall Street went down in choppy trading Monday after the market's record runs last week, as investors took a breather amid growing concerns that the US Federal Reserve may taper its bond buying programs earlier than expected.The Dow Jones Industrial Average and the Standard & Poor's 500- stock Index hit fresh highs briefly before retreating in the afternoon trading. The blue-chip ...

Gold rises on short covering

Mon, 20 May 2013 22:49:24 -0400

Gold futures on the COMEX division of the New York Mercantile Exchange on Monday went up on short covering, snapping a seven-session losing streak.The most active gold contract for June delivery rose 19.4 dollars, or 1.42 percent, to settle at 1,384.1 dollars per ounce.The drop in the US stock markets and the dollar's going weak contributed to gold's rise Monday.Gold prices dropped by ...

Negative starts for Hang Seng Shanghai

Mon, 20 May 2013 22:38:40 -0400

(9 mins ago) Stocks in Hong Kong opened down 0.37 percent after Wall Street closed slightly lower in cautious trade ahead of the Federal Reserve chairman's testimony to Congress on the US economic outlook. The benchmark Hang Seng Index fell 87.80 points to 23,405.23 in the first minutes of trade. Fed chairman Ben Bernanke is due to give testimony to Congress on Wednesday. In Shanghai, ...

PRECIOUS-Gold silver fall as dollar gains ETF holdings drop

Mon, 20 May 2013 22:22:13 -0400

SINGAPORE, May 21 (Reuters) - Gold drifted lower for an eighth session out of nine on Tuesday on outflows from exchange-traded funds and as the dollar firmed, putting more pressure on bullion which has already lost nearly a fifth of its value this year. Silver also dropped, after recovering from Monday's early dive when it hit 2-1/2-year lows. FUNDAMENTALS * Spot gold had fallen 0.4 ...

Hong Kong shares to open down 0.3 pct ICBC slides after Goldman exit

Mon, 20 May 2013 21:27:16 -0400

HONG KONG | Mon May 20, 2013 9:27pm EDT HONG KONG May 21 (Reuters) - Hong Kong shares were poised to start down from a 3-1/2-month high on Tuesday, with Industrial and Commercial Bank of China sliding 1.8 percent after Goldman Sachs launched a sale of their remaining stake in the leading Chinese lender. The Hang Seng Index was set to open down 0.3 percent at 23,425.7, after closing on ...

Japan stocks pull back exporters Softbank drop

Mon, 20 May 2013 21:26:24 -0400

HONG KONG (MarketWatch) -- Japanese stocks retreated early Tuesday as a strengthened yen and caution over U.S. monetary-policy stance led investors to take profits after a sturdy recent rally. The Nikkei Stock ...

Nikkei slips from 5-12-year high as yen weakness put on hold

Mon, 20 May 2013 21:17:57 -0400

* Sony Financial falls after earnings guidance disappoints * SoftBank slips, Sprint permitted discussions with Dish By Dominic Lau TOKYO, May 21 (Reuters) - Japan's Nikkei average eased from a 5-1/2-year high on Tuesday after Wall Street gave up earlier gains to end flat and the dollar slipped against the yen on caution before U.S. Federal Reserve Chairman Ben Bernanke fronts a Congressional ...

U.S. dollar slips against major currencies

Mon, 20 May 2013 20:34:48 -0400

The U.S. dollar retreated against major currencies on Monday after scoring major gains on improved U. S. consumer confidence in the previous ...

Majority of Asian stocks eke out gains

Mon, 20 May 2013 15:59:38 -0400

Sensex down 0.3%; closes above 20k Investors book profits in rate-sensitive stocks, while drugmakers hit by worries about the country's new drug pricing ...

PRECIOUS-Silver and gold lurch higher after an early dive

Mon, 20 May 2013 15:45:12 -0400

* Silver hits Sept 2010 low before rebounding * Gold also shoots up from 1-month low and 7 days of losses * Investors await Fed chairman's testimony on Wednesday (Updates with U.S. session, adds trader comments, NEW YORK dateline, byline) By Barani Krishnan and Clara Denina NEW YORK/LONDON, May 20 (Reuters) - Gold and silver prices gained about two percent on Monday after a ...

Softbank planning 400 billion yen bond sale - Nikkei

Mon, 20 May 2013 14:50:00 -0400

Mon May 20, 2013 2:50pm EDT (Reuters) - Softbank Corp (9984.T) is seeking to raise about 400 billion yen ($3.90 billion) through a sale of retail bonds to finance its bid for No.3 U.S. mobile phone carrier Sprint Nextel Corp (S.N), the Nikkei reported. The proceeds from the offering, which is expected to be launched as early as next month, will also be used for redeeming existing bonds, the ...

Dividends poised to hit record high

Mon, 20 May 2013 12:43:51 -0400

Spurred by regulatory encouragement, China's A-share companies plan to issue historic cash dividend payouts despite last year's general slowdown in net profit growth.So far, a total of 1,807 listed companies have outlined dividend plans in their recently-issued 2012 annual financial reports which will see them dispense a record 629.78 billion yuan ($102.59 billion) in cash rewards to ...

Money rates surge market wary on taxes

Mon, 20 May 2013 12:43:44 -0400

China's money rates rose Monday, with the key seven-day money rate jumping to a more than three-week high due to demand for funds as companies meet tax payments, dealers said. The weighted average of the benchmark seven-day repo jumped 64 basis points (bps) to 4.34 percent by early afternoon, from 3.70 percent Friday.The 14-day rate surged 68 bps from Friday's 3.64 percent, and the ...

Research and Markets Asian Convenience Store Market Outlook 2015

Mon, 20 May 2013 09:22:07 -0400

"Asian Convenience Store Market Outlook 2015" report to their offering. The modern retail outlets replacing the traditional unorganized retail outlets in various countries, have led to the widespread popularity of the convenience stores in the Asian market. The Asian convenience store industry has grown rapidly over the past few years, with consumers' lifestyle heading ...