Real Declines as Brazil’s GDP Outlook Cut, Spain’s Yields Soar

The real fell for the first time in three days after Spanish bond yields rose to a record following Greece’s election and nifty buy sell chart analysts in a Brazilian central bank survey lowered their forecasts for economic growth.

The currency depreciated 0.4 percent to 2.0590 per U.S. dollar. Yields on the Brazilian interest-rate futures contract due in January 2014 fell for the eighth time in nine days, retreating four basis points, or 0.04 percentage point, to 8.05 percent.

“There was a slight improvement with the Greek election, but the situation continues to be uncertain,” Luis Otavio de Souza Leal, chief mcx charts economist at Banco ABC Brasil SA, said in a phone interview from Sao Paulo. “The focus is back on Spain.”

Brazil’s gross domestic product will expand 2.3 percent in 2012, compared with a forecast of 2.53 percent a week earlier, according to the median estimate in a central bank survey of about 100 commodity charts analysts published today. The economy expanded 2.7 percent last year.

Mexico will grow 3.72 percent this year, according to a central bank survey of 29 economists released June 1. The nifty live chart with buy sell signals economists raised forecasts for a fifth straight month.

Spanish 10-year bonds fell, pushing yields above 7 percent for the first time since the euro was introduced in 1999, as a jump in bad loans fueled concern the debt crisis is deepening. Greek nifty buy sell chart bonds rallied after pro-bailout parties won enough seats to control parliament.
‘Permanent Uncertainty’

“The exchange rate depends on the foreign environment in which Europe is in a crisis that keeps dragging on, with permanent uncertainty,” Roberto Padovani, chief economist at Votorantim CTVM Ltda., said in a phone interview from Sao Paulo.

Brazil’s Finance minister Guido Mantega told reporters in Los Cabos, Mexico, today that Europe’s anti-crisis response has been insufficient and the largest emerging-market nations will announce their additional contribution to the International Monetary Fund at a Group of 20 meeting in Mexico.

Yields on Brazilian rate futures dropped after the central bank survey showed nifty buy sell signals analysts expect policy makers to reduce borrowing costs to a record low 7.5 percent this year, a bigger cut than previously forecast.

“Projections for the Selic rate fell straight from 8 to 7.5 percent, without stopping at 7.75 percent,” Souza Leal said.

More modest growth will help slow inflation, the central bank survey showed. Consumer prices will rise 5 percent in 2012, compared with a week-earlier forecast of 5.03 percent.
Economic Growth

The seasonally adjusted economic activity nifty signals index, a proxy for gross domestic product, rose 0.22 percent in April after contracting a revised 0.61 percent in the previous month, the central bank reported June 15. Analysts expected a 0.24 percent increase, according to the median estimate in a Bloomberg survey of 21 economists.

“Economic growth moved deeper below trend and continues to slow, reinforcing Brazil’s underperformance against the rest of the region,” Flavia Cattan-Naslausky, a local markets nifty buy sell signals strategist at Royal Bank of Scotland Group Plc, said in a report today. “The real will continue to underperform.”

nifty buy sell chart Shares of Just Dial have rallied over 10% to Rs 1,169 ahead of July-September (Q2) earnings today.

The stock opened at Rs 1,054 and touched high of Rs 1,189, also its new high since listing in June this year on BSE. A combined 859,368 mcx commodity charts shares have already changed hands on the counter till 0955 hours against an average sub one million shares that were traded daily in past two weeks on BSE and NSE.

The stock has rallied 57% in past one month compared to 4% rise in benchmark nifty live chart with buy sell signals index.

The board of directors of the commodity charts company is schedule to meet today to announce the unaudited financial results for the quarter ended September 2013.

The company had reported 69% year on year (yoy) growth in net profit at Rs 28 crore for the first quarter ended June 2013. Operational revenues was grew 28% at Rs 105 on yoy basis.

Meanwhile, the board will also discuss the new business opportunities available to the nifty buy sell signals company and order received from Government of Karnataka permitting the company to establish an IT/ITES - BPO and Software Development Centre at IT/ ITES Park in Bangalore, Just Dial said in a regulatory filing.

Deepak Fertilisers and Petrochemicals Corporation is trading higher by 4% at Rs 110 after reporting 12% year on year (yoy) jump in net profit at Rs 45.44 crore for the second quarter ended September 2013 (Q2)on back of strong performance from chemicals segment. The company had profit of Rs 40.64 crore in the same period year ago.

The chemicals segment has recorded 30% yoy growth in profit at Rs 61 crore against Rs 46 crore in the corresponding quarter of previous fiscal.

Easing of raw material prices like ammonia contributed towards profitability of the chemicals segment, even though rupee depreciation partially neutralized the drop in ammonia prices, Deepak Fertilisers said in a statement.

Meanwhile, total income of the company during the July-September, 2013 quarter rose 43% to Rs 990 crore from Rs 691 crore in the same period last year.

The company said higher nifty buy sell signals volumes in key products like Iso propyl alcohol and technical ammonium nitrate, which grew 25% and 40% respectively, contributed to the all round growth in segment revenue as well as profits.

The stock opened at Rs 107 and touched high of Rs 111 on BSE. A combined around 15,000 shares have changed hands on the counter so far on BSE and NSE.

The rupee was trading marginally weak in early mcx commodity charts trades due to month-end dollar demand from importers.

At 9:35 am, the rupee was nifty signals trading at Rs 61.49 compared with previous close of Rs 61.47 per dollar.

The rupee may weaken further during the day due to demand for dollars by importers, said currency dealers. Currency dealers see the rupee nifty buy sell signals trading in a range of Rs 61.25 to Rs 62.00 today.

commodity charts Markets have started the trading session on a lower note tracking weak global cues. By 9:30, the Sensex was lower by 51 points at 20,675 levels and the Nifty declined by 25 points at 6,142 mark.

Yesterday, key nifty live chart with buy sell signals indices ended marginally lower after hitting 3-year intra-day highs.

US share indices ended higher on Thursday after weak economic mcx charts data suggested that the Fed may continue its monetary stimulus measures and robust earnings from select corporates boosted sentiment.

The Dow Jones ended 96 points at 15,509, the S&P 500 rose 6 points to close at 1,752 and the Nasdaq closed 22 points higher at 3,928.

A stronger yen depressed Japanese stocks on Friday, while the dollar was hemmed in near a two-year low against the euro, reflecting expectations the US Federal Reserve will continue its stimulus into 2014. MSCI's broadest index of Asia-Pacific mcx commodity charts shares outside Japan eased 0.1%, reversing earlier slight gains. The nifty signals index fell 0.1% on Thursday as rising Chinese money-market rates countered signs of a pick-up in manufacturing.

South Korean stocks dropped 0.5%. In Tokyo, the Nikkei share average shed 0.9% as the dollar languished near a two-week low against the yen. It was on track to suffer its first weekly drop in three weeks.

Back home, GAIL (India), ICICI Bank, ITC, Essar Oil, IDBI Bank will unveil the second quarter earnings today.

On the sectoral front, BSE Auto and Capital Goods indices have plunged by nearly 1% followed by counters like PSU, Metal, Oil & Gas, Realty, Healthcare, Power and Banks, all declining marginally. However, BSE IT index is trading marginally positive.

The main losers on the Sensex at this hour include GAIL, M&M, Bajaj Auto, BHEL, Hindalco, JSPL, L&T and Sun Pharma, all falling down between 1-2%.

On the gaining side, Wipro, Sesa Sterlite, TCS, ICICI Bank and DR Reddy’s Lab have gained by 1%.

The nifty buy sell signals broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained between 0.1-0.2%.

The market breadth in BSE remains positive with 465 shares advancing and 392 shares declining.