11 March 2011
Commodity prices: could be Under pressure
Shares and commodity prices tripped reacting to the massive earthquake of 8.9 magnitude on the Richter scale. An immediate reaction from traders indicated that commodity prices could continue to fall going forward.
The earthquake powerful earthquake hit 400km from Tokyo at the 20 miles in the Pacific Ocean at 1446 local time (0546 GMT).
Nymex crude prices fell 1.4% to USD 101.26 per barrel while Brent Crude prices dipped 1.4% to USD 113.83 at 1 pm.
BSE Sensex in India fell 1.3% to 18094.19 and Nifty fell 1.3% to 5420. According to a fund manager at a global investment management company, the crisis could trigger sentimental selloff across the region for some time. “Commodity prices could fall and there could be a flight to safety to safe assets,” the fund manager said.
Gold prices were already firm in the afternoon trade. MCX Gold prices traded at Rs 20,954 up Rs 116.
Nymex crude prices fell 1.4% to USD 101.26 per barrel while Brent Crude prices dipped 1.4% to USD 113.83 at 1 pm.
BSE Sensex in India fell 1.3% to 18094.19 and Nifty fell 1.3% to 5420. According to a fund manager at a global investment management company, the crisis could trigger sentimental selloff across the region for some time. “Commodity prices could fall and there could be a flight to safety to safe assets,” the fund manager said.
Gold prices were already firm in the afternoon trade. MCX Gold prices traded at Rs 20,954 up Rs 116.
JAPAN Earthquake
A massive 8.9 magnitude quake hit the northeast coast of Japan on Friday, shaking buildings in the capital Tokyo, causing many injuries, at least one fire and triggering a 10-metre (32.81 feet) tsunami.
Nikkei average closed down 1.7% at 10,254.43 points after the earthquake struck. India Tsunami Centre says there are no local alerts yet in wake of Japanese quake.
Meanwhile, Bank of Japan (BoJ) has assured that it will do whatever is required to ensure the financial market stability. It has vowed to supply adequate liquidity to the markets.
BoJ also informed that interbank system has been unaffected by quake. The central bank has set up disaster control team, headed by governor Shirakawa.
Meanwhile, Bank of Japan (BoJ) has assured that it will do whatever is required to ensure the financial market stability. It has vowed to supply adequate liquidity to the markets.
BoJ also informed that interbank system has been unaffected by quake. The central bank has set up disaster control team, headed by governor Shirakawa.
Japan quake causes tsunami, fires, landslide
The U.S. Geological Survey earlier verified a magnitude of 7.9 at a depth of 15.1 miles and located the quake 81 miles east of Sendai, on the main island of Honshu. It later upgraded it to 8.8.
A police car drove down Hitotsugi Street, lights flashing, announcing through a bullhorn that there was still a danger of shaking.
The Tokyo stock market extended its losses after the quake was announced. The central bank said it would do everything to ensure financial stability.
Japan's northeast Pacific coast, called Sanriku, has suffered from quakes and tsunamis in the past and a 7.2 quake struck Wednesday. In 1933, a magnitude 8.1 quake in the area killed more than 3,000 people. Last year fishing facilities were damaged after by a tsunami caused by a strong tremor in Chile.
Earthquakes are common in Japan, one of the world's most seismically active areas. The country accounts for about 20 percent of the world's earthquakes of magnitude 6 or greater.
The Tokyo stock market extended its losses after the quake was announced. The central bank said it would do everything to ensure financial stability.
Japan's northeast Pacific coast, called Sanriku, has suffered from quakes and tsunamis in the past and a 7.2 quake struck Wednesday. In 1933, a magnitude 8.1 quake in the area killed more than 3,000 people. Last year fishing facilities were damaged after by a tsunami caused by a strong tremor in Chile.
Earthquakes are common in Japan, one of the world's most seismically active areas. The country accounts for about 20 percent of the world's earthquakes of magnitude 6 or greater.
Japanese quake: Nifty trembling
The benchmark Sensex shed more than 150 points amid a choppy trade at 12:20 hours after an earthquake in Japan. The 50-share NSE Nifty too touched the 5450 level, dragged down by technology, metal, auto (except Hero Honda) and financial stocks. BHEL, Bharti and Reliance Industries too were down.
According to Reuters, an earthquake measuring 7.9 struck off the northeast coast of Japan on Friday, shaking buildings in the capital Tokyo and triggering a 6-metre tsunami warning, NHK reported. Japan's Nikkei tanked 1.7%.
There was a fire in Tokyo's Odaiba area near port post earthquake. Tsunami of 4-metre too has hit pacific coast of Japan. Tokyo's Narita airport is shut. Two nuclear plants in Japan are also shut down automatically. Bank of Japan said would do utmost to ensure financial market stability.
The 30-share BSE Sensex was trading at 18,174, down 154 points and the 50-share NSE Nifty fell 48 points to 5,446. Among other Asian markets - Straits Times, Kospi and Hang Seng tanked over 1%.
About 1079 shares advanced as against 1488 shares declined on the Bombay Stock Exchange.
There was a fire in Tokyo's Odaiba area near port post earthquake. Tsunami of 4-metre too has hit pacific coast of Japan. Tokyo's Narita airport is shut. Two nuclear plants in Japan are also shut down automatically. Bank of Japan said would do utmost to ensure financial market stability.
The 30-share BSE Sensex was trading at 18,174, down 154 points and the 50-share NSE Nifty fell 48 points to 5,446. Among other Asian markets - Straits Times, Kospi and Hang Seng tanked over 1%.
About 1079 shares advanced as against 1488 shares declined on the Bombay Stock Exchange.
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