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    • Turkey stocks lower at close of trade; BIST 100 down 1.47%

      Turkey stocks were lower after the close on Friday, as losses in the Textile & Leather, Banking and Food & Beverages sectors led shares lower. At the close in Istanbul, the BIST 100 lost 1.47% to hit a new 6-months low. The best performers of the session on the BIST 100 were Ipek Dogal Enerji Kaynaklari Arastirma ve Uretim AS (IS:IPEKE), which rose 4.18% or 0.280 points to trade at 6.980 at the close. Meanwhile, Dogan Sirketler Grubu Holding AS (IS:DOHOL) added 3.19% or 0.030 points to end at 0.970 and Anadolu Cam Sanayi AS (IS:ANACM) was up 3.13% or 0.080 points to 2.640 in late trade. The worst performers of the session were Yatas Yatak ve Yorgan Sanayi Ticaret AS (IS:YATAS), which fell 6.06% or 1.520 points to trade at 23.560 at the close. Aygaz AS (IS:AYGAZ) declined 5.86% or 0.71 points to end at 11.40 and Anadolu Efes Biracilik ve Malt Sanayi AS (IS:AEFES) was down 5.71% or 1.44 points to 23.76. Falling stocks outnumbered advancing ones on the Istanbul Stock Exchange by 282 to 88 and 34 ended unchanged. Shares in Aygaz AS (IS:AYGAZ) fell to 52-week lows; falling 5.86% or 0.71 to 11.40. Gold Futures for June delivery was down 0.24% or 3.10 to $1297.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 0.63% or 0.42 to hit $66.62 a barrel, while the August Brent oil contract fell 1.22% or 0.95 to trade at $76.61 a barrel. USD/TRY was up 1.64% to 4.6000, while EUR/TRY rose 1.45% to 5.3741. The US Dollar Index Futures was up 0.12% at 94.06.

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    • Norway stocks higher at close of trade; Oslo OBX up 0.58%

      Norway stocks were higher after the close on Friday, as gains in the Media, Insurance and Capital Goods sectors led shares higher. At the close in Oslo, the Oslo OBX gained 0.58%. The best performers of the session on the Oslo OBX were Gjensidige Forsikring ASA (OL:GJFS), which rose 3.33% or 4.2 points to trade at 130.5 at the close. Meanwhile, Schibsted ASA A (OL:SBSTA) added 3.20% or 7.4 points to end at 238.4 and Petroleum Geo - Services ASA (OL:PGS) was up 2.57% or 1.01 points to 40.38 in late trade. The worst performers of the session were Grieg Seafood (OL:GSFO), which fell 4.63% or 4.25 points to trade at 87.45 at the close. Leroy Seafood Group ASA (OL:LSG) declined 2.95% or 1.6 points to end at 52.6 and SalMar ASA (OL:SALM) was down 1.90% or 6.80 points to 350.20. Rising stocks outnumbered declining ones on the Oslo Stock Exchange by 97 to 71 and 34 ended unchanged. Crude oil for July delivery was down 0.64% or 0.43 to $66.61 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 1.24% or 0.96 to hit $76.60 a barrel, while the June Gold Futures contract fell 0.24% or 3.10 to trade at $1297.00 a troy ounce. EUR/NOK was down 0.31% to 9.5349, while USD/NOK fell 0.18% to 8.1649. The US Dollar Index Futures was up 0.12% at 94.06.

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    • Asia stocks recover from earlier losses, Europe seen firm

      By Shinichi Saoshiro TOKYO (Reuters) - Asian equities recovered from early weakness on Friday as a lower yen supported Japanese stocks and firm exports boosted South Korean markets. Still, rekindled concerns about U.S. trade policies limited regional gains. Spreadbetters expect European stocks to follow Asia's firmer tone and have marked in a modest rise of 0.15 percent for Britain's FTSE (FTSE) and gains of 0.5 percent for Germany's DAX (GDAXI) and France's CAC (FCHI). MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) rose 0.1 percent but the index was still down roughly 0.6 percent for the week, during which it hit a six-week low on concerns about Italy's struggle to form a government. A fall on Wall Street on Thursday after the United States said it would impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union, set the initial tone in Asia. Fears of a global trade conflict, which had partially receded in past weeks, were reignited as Washington's allies retaliated against the U.S. measures. However, regional sentiment recovered somewhat with South Korea's KOSPI (KS11) rising 0.7 percent on upbeat export data and Japan's Nikkei (N225) advancing 0.2 percent off the back of yen weakness against the dollar. Still, equity markets are likely to be weighed down, said Soichiro Monji, senior economist at Daiwa SB Investments in Tokyo, "as the United States has opened up a new point of contention on the trade front by getting involved with the European Union." "President Trump has not accomplished very much in terms of trade issues and is likely to remain vocal with the U.S. midterm elections coming up," he said. The Shanghai Composite Index (SSEC) fell 0.5 percent and the blue-chip CSI300 index (CSI300) dropped 0.75 percent. Traders said Chinese stocks were volatile as the long-awaited inclusion of large-cap shares from the country in MSCI's emerging markets index had failed to buoy the market or attract any immediate flows of foreign money. (SS) On Friday, about 230 yuan-denominated mainland A-shares were included in MSCI index for the first time. Bank of America Merrill Lynch (NYSE:BAC) estimates China's A-shares could account for some 30 percent of MSCI's emerging market index once they are fully included. "It took Korea and Taiwan some six to nine years to gain full weighting. It may take (China's) A-shares longer in our view due to size, access and capital mobility constraints," wrote equity strategists at Bank of America Merrill Lynch. The Canadian dollar and the Mexican peso were on the defensive, weighed down by the U.S. decision to impose tariffs. The euro was little changed at $1.1679 (EUR=), holding onto modest gains made on relief overnight as Italy's anti-establishment parties reached a deal to resurrect their proposed coalition government. The deal averted the prospect of a snap election, which had rattled global markets earlier this week and sent the euro to a 10-month low of $1.1510 on Tuesday. The dollar climbed 0.3 percent to 109.150 yen , supported by U.S. yields reversing their overnight declines. The 10-year Treasury yield (US10YT=RR) was at 2.867 percent after brushing a 1-1/2-month low of 2.759 percent on Tuesday. Brent crude (LCOc1) dipped 0.1 percent to $77.49 a barrel. U.S. crude was down 0.25 percent at $66.87 a barrel . Prices have swerved between a three-week low of $$74.49 and $78.75 this week on speculation about output by major oil-producing nations. Brent's premium over U.S. crude reached its widest since March 2015 this week. [O/R]

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Blog Post

Asia stocks recover from earlier losses, Europe seen firm

Posted on 6/1/2018 10:11:24 AM PM

By Shinichi Saoshiro TOKYO (Reuters) - Asian equities recovered from early weakness on Friday as a lower yen supported Japanese stocks and firm exports boosted South Korean markets. Still, rekindled concerns about U.S. trade policies limited regional gains. Spreadbetters expect European stocks to follow Asia's firmer tone and have marked in a modest rise of 0.15 percent for Britain's FTSE (FTSE) and gains of 0.5 percent for Germany's DAX (GDAXI) and France's CAC (FCHI). MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) rose 0.1 percent but the index was still down roughly 0.6 percent for the week, during which it hit a six-week low on concerns about Italy's struggle to form a government. A fall on Wall Street on Thursday after the United States said it would impose tariffs on aluminum and steel imports from Canada, Mexico and the European Union, set the initial tone in Asia. Fears of a global trade conflict, which had partially receded in past weeks, were reignited as Washington's allies retaliated against the U.S. measures. However, regional sentiment recovered somewhat with South Korea's KOSPI (KS11) rising 0.7 percent on upbeat export data and Japan's Nikkei (N225) advancing 0.2 percent off the back of yen weakness against the dollar. Still, equity markets are likely to be weighed down, said Soichiro Monji, senior economist at Daiwa SB Investments in Tokyo, "as the United States has opened up a new point of contention on the trade front by getting involved with the European Union." "President Trump has not accomplished very much in terms of trade issues and is likely to remain vocal with the U.S. midterm elections coming up," he said. The Shanghai Composite Index (SSEC) fell 0.5 percent and the blue-chip CSI300 index (CSI300) dropped 0.75 percent. Traders said Chinese stocks were volatile as the long-awaited inclusion of large-cap shares from the country in MSCI's emerging markets index had failed to buoy the market or attract any immediate flows of foreign money. (SS) On Friday, about 230 yuan-denominated mainland A-shares were included in MSCI index for the first time. Bank of America Merrill Lynch (NYSE:BAC) estimates China's A-shares could account for some 30 percent of MSCI's emerging market index once they are fully included. "It took Korea and Taiwan some six to nine years to gain full weighting. It may take (China's) A-shares longer in our view due to size, access and capital mobility constraints," wrote equity strategists at Bank of America Merrill Lynch. The Canadian dollar and the Mexican peso were on the defensive, weighed down by the U.S. decision to impose tariffs. The euro was little changed at $1.1679 (EUR=), holding onto modest gains made on relief overnight as Italy's anti-establishment parties reached a deal to resurrect their proposed coalition government. The deal averted the prospect of a snap election, which had rattled global markets earlier this week and sent the euro to a 10-month low of $1.1510 on Tuesday. The dollar climbed 0.3 percent to 109.150 yen , supported by U.S. yields reversing their overnight declines. The 10-year Treasury yield (US10YT=RR) was at 2.867 percent after brushing a 1-1/2-month low of 2.759 percent on Tuesday. Brent crude (LCOc1) dipped 0.1 percent to $77.49 a barrel. U.S. crude was down 0.25 percent at $66.87 a barrel . Prices have swerved between a three-week low of $$74.49 and $78.75 this week on speculation about output by major oil-producing nations. Brent's premium over U.S. crude reached its widest since March 2015 this week. [O/R]

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