Monday, 24 July, 2017

Stocks flat ahead of Yellen testimony

Bandera_USA Gold off March low ahead of rate hints
Heather Davidson | 12 July, 2017, 00:36

Over the past two weeks, markets have reassessed the outlook for tighter monetary policies from major central banks following a string of hawkish remarks.

According to the Taiwan Stock Exchange, foreign institutional investors bought a net NT$11.13 billion (US$364 million)-worth of shares on the main board, picking up large-cap electronics stocks, which sent the weighted index up 1.22 percent.

Gold futures were slightly lower Tuesday, unable to sustain gains from the previous session ahead of closely watched speeches from Federal Reserve officials.

Fed Chairwoman Janet Yellen gives two days of testimony to lawmakers on Wednesday and Thursday that could shed further light on any shift in monetary policy, with her views on a slow policy unwind likely bolstered by a June payrolls reading that was tempered by tame wage inflation (http://www.marketwatch.com/story/us-adds-222000-jobs-in-june-as-hiring-surges-2017-07-07).

Still, higher US Treasury supported the dollar.

Largely ignored in the Fed report is the debate over fiscal policy, and in particular whether the Trump administration will be able to convince Congress to lower taxes and increase infrastructure investment, and if so, the impact of such stimulus on the economy.

"Unlike in recent years, where there was very patchy growth across the world, we are seeing a synchronised upswing in the global economy", said Alex Dryden, global market strategist at JP Morgan Asset Management.

Nitish Kumar to skip Opposition meet on Vice Presidential nominee
The scandal allegedly took place while his father Lalu Prasad was the railway minister. Nitish Kumar's bonding with Rahul Gandhi is well known in political circles.

Union Government exempts import of aircraft, aircraft engines from ambit of GST
The 15-20 member team will also include officials from Ministry of Foreign Affairs and Finance Ministry . The Ministry clarified that the tax incidence on the item before GST was slightly higher.

Mexico 3 El Salvador 1: Defending Gold Cup Champions Win Opener
Mexico finished with 66 percent possession and 16 shots (seven on goal) to El Salvador's 12 (four on goal), per ESPNFC.us . However, El Salvador was resolute in defense and quick on the counter, even managing to generate more chances early on.

Stainless steel ingredient nickel, however, gained after Chinese steel prices reached their highest in 3-1/2 years.

"I think the increased hawkishness we have seen from the central banks has led to a fear that we could see a mini-taper tantrum", he said.

The Fed on Friday said it expects a "gradual" increase in interest rates (https://www.federalreserve.gov/monetarypolicy/mpr_default.htm) and for balance-sheet normalization to begin this year.

The ICE Dollar Index, which measures the dollar against a basket of six currencies, was 0.1% higher, at 96.13.

However, while it pushed up against the yen, it has struggled to break out, despite the widening gap between U.S. and Japanese monetary policy.

Bank of Japan is not taking any steps to make Yen stronger, experts say!

That appeared to weigh on the company's shares, which slid 58 cents, or 0.5 percent, to $113.69.

Regional markets will take cues on how the United States economy is performing and whether the Fed will undertake new policy moves, she added. A higher dollar, in which gold is priced, would also lower the value of the yellow metal.

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