MARKET
HEADLINES
- Australia shares close higher for a 7th day, up 1.4% for week Australian shares edged 0.1 per cent higher on Friday, boosted by solid earnings from Santos Ltd which supported the energy sector, though gains were tempered as some stocks traded ex-dividend. Santos jumped 3.9 per cent to A$15.16, its highest since November 2013. The S&P/ASX 200 index added 6.7 points to 5,645.6 at the close of trade, and gained 1.4 per cent for the week, climbing for a second week. The benchmark posted its seventh consecutive session of gains, its longest such streak since mid-July. New Zealand's benchmark NZX 50 index added 0.3 per cent, or 14.1 points to 5,167.0.
- Rupee hits 3-week high on S&P's fiscal deficit talk The rupee strengthened on Friday to a three-week high against the dollar after Bloomberg quoted an analyst at Standard & Poor's calling the government's target to lower the fiscal deficit a positive for the country's ratings. "The fiscal policy stance has been a constraining factor for India's sovereign ratings for some time," Bloomberg quoted S&P's associate director of sovereign ratings, Agost Benard, as saying. "If authorities can deliver on their fiscal goals resulting in a lower debt and interest burden that would benefit India's credit fundamentals," he was also quoted as saying. "If authorities can deliver on their fiscal goals resulting in a lower debt and interest burden that would benefit India's credit fundamentals," he was also quoted as saying. The partially convertible rupee rose to as high as 60.3750 per dollar, its strongest level since July 31, but had eased to 60.45/46 by 12:33 pm. It closed at 60.61/62 on Thursday.The government has a fiscal deficit target of 4.1 per cent of gross domestic product for the year ending in March 2015.
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Copper in Shanghai swung between gains and losses near the highest in almost four weeks after stockpiles fell the most since May and before housing data in the U.S., the second-biggest consumer of industrial metals.
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