March 16: Lensman`s Views
March 16: Lensman`s Views
Women admire a gold necklace at a jewellery shop in Chandigarh
India's gold futures are likely to recover partially from its lowest level in a month, following firm overseas markets, though a stronger rupee could limit the upside, analysts said.
The most-active gold for April delivery on the MCX last closed at Rs 20,605, down 1.8%, after hitting an intra-day low of Rs 20,469, a level last seen on February 16.
The contract may open at Rs 20,640, said Madhu Nagaraj, an analyst with Karvy Comtrade.
Overseas gold regained strength after falling to a one-month low in the previous session, but declines in ETF holdings to their lowest in 10 months suggested that speculators could still sell bullion to raise liquidity if equities extend losses.
The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.
'There could a higher opening, but the trend is still bearis
Employees of the Tokyo Stock Exchange (TSE) work at the bourse
Japan's Nikkei average jumped 5.7% on Wednesday as hedge funds rushed to cover short positions in futures after the worst two-day rout since the 1987 crash, even as the ongoing nuclear reactor crisis left the market vulnerable to another wave of selling.
Some Japanese household and foreign institutional investors were notable share buyers after the two-day plunge of more than 16%, traders said.
The market remained choppy, swayed by each new development at the stricken nuclear facility north of Tokyo and aftershocks still rattling the capital. Many Japanese investors were skittish and reluctant to step in, fearing more bad news could send shares into another tailspin.
'The market in general understands that Japanese shares are oversold, but uncertainty in the Fukushima nuclear power plant is clearly making market participants very nervous,' said Kazuhiro Takahashi
Japanese travellers rest near the ANA ticket counter after all the flights to Tokyo were cancelled post the tsunami and earthquake that hit Japan on Friday
Scores of flights to Japan were halted or rerouted on Tuesday and air travellers were avoiding Tokyo for fear of radiation from an earthquake-stricken nuclear plant.
Asian and European carriers were most affected. Deutsche Lufthansa said it was diverting flights away from Tokyo to Osaka and Nagoya, at least until the weekend. It said planes returning from Tokyo on Monday were not contaminated.
Air China said it had canceled flights to Tokyo from Beijing and Shanghai, mainly due to lack of operational capacity at some airports. Taiwan's EVA Airways said it would cancel flights to Tokyo and Sapporo until the end of March.
Other governments, including Britain, Italy and the Netherlands, issued travel warnings.
A man uses an electronic machine to check a currency note at a money exchange shop in Siliguri
The rupee pared early gains on Wednesday due to dollar demand from oil and gold importers but Asian currency and domestic share strength supported the local unit.
At 10:26 am, the partially convertible rupee was at 45.2375/2450 per dollar after rising to 45.1850, from Tuesday's closing of 45.24/25 per dollar.
'We are seeing bidding from gold and oil companies here and it may be rangebound at 45.12/30,' said Vikas Chittiprolu, a senior forex dealer with Andhra Bank.
Indian shares climbed more than 1% in early trade on Wednesday, tracking small gains by Asian peers. Energy major Reliance Industries and financial stocks led the rise.
The index of the dollar against six major currencies was up 0.21% at 76.490 points compared with 76.908 points at end of trade in the local forex market.
A Yahoo! signs sits out front of their headquarters in Sunnyvale, California
Yahoo Inc has hired Ken Fuchs, an executive at Time Warner Inc's Time Inc to oversee its sports, games and entertainment online properties, the company announced in an internal memo on Tuesday.
The memo was provided to Reuters by a source who asked not to be named.
Fuchs, who the memo said was most recently vice president of digital distribution and emerging platforms at Time Inc, will join Yahoo on April 5.
Yahoo is also creating a new editor-in-chief position which will focus on 'programming initiatives' including 'content mix' and 'social marketing' across Yahoo's various online businesses, said Mickie Rosen, Senior Vice President of Yahoo Media Network in the memo.
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