News Worms
News Worms

Stocks flat ahead of Yellen testimony

Stocks flat ahead of Yellen testimony

Most Southeast Asian stock markets moved sideways on Tuesday in thin trade as investors remained cautious ahead of U.S. Federal Reserve Chair Janet Yellen's monetary policy testimony, which may offer clues on when the Fed would tighten its monetary policy.

ENERGY: Benchmark U.S. crude fell 45 cents to $43.95 a barrel in electronic trading on the New York Mercantile Exchange.

The dollar index, which tracks the greenback against a basket of six major rivals, added 0.15% to 96.164 ahead of Yellen's semi-annual monetary policy testimony before Congress on Wednesday and Thursday.

BANKING SLIDE: Financials companies took heavy losses.

Snap, the parent of photo messaging app Snapchat, dropped 4.9 per cent following a downgrade from Morgan Stanley.

REFRESHING RESULTS: PepsiCo reported better-than-expected quarterly results as higher prices for drinks and snacks boosted both profit and revenue for the beverage and packaged foods company.

"The pullback in gold has coincided with the rise in USA real yields to the year's highs as well as the sharp increase in real yields in Europe to the highest levels in more than a year", UBS analysts said in a note.

The trade-weighted index was little changed at 78.21.

Increased drilling activity in the United States and uncertainty over Libyan and Nigerian production cuts clouded the future supply outlook, leaving USA crude CLc1 down a third of a dollar at $44.13 a barrel and Brent LCOc1 at $46.57.

"But we are at the lower end of the range for gold prices". Revenues rose two percent to US$15.7 billion.

Spot gold was down 0.2 percent at $1,211.34 per ounce as of 0656 GMT. Copper inched up 2 cents to $2.67 a pound.

MARKETS OVERSEAS: In Europe, Germany's DAX lost 0.1 percent, while France's CAC40 fell 0.5 percent.

Among other precious metals, silver fell 0.5 percent to $15.55 per ounce, while palladium rose 0.3 percent to $842.25 per ounce.

They followed gains in Asia, where MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent and Japan's Nikkei gained 0.8 percent to a one-week high, helped by weakness in the Japanese currency. Sony is rising almost 3 percent, Panasonic is adding almost 1 percent and Canon is up 0.4 percent, while Toshiba is losing almost 1 percent.

CURRENCIES: The dollar rose to 114.36 from 114.05 yen late Monday. The euro was at $1.1390-1390, down from $1.1416-1417, and at ¥130.20-21, down from ¥130.34-35.


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