Global markets at a glance

Japanese shares jumped on Thursday after the dollar
vaulted to a six-year peak on the yen as the Federal Reserve's outlook for rising rates underlined the diverging
path between the United states and the rest of the rich
world. The dollar also flew to 108.69 yen, its highest since
September 2008 and up from 107.00 before the Fed statement. A weaker yen is generally viewed as positive for
Japanese exports and company earnings, helping lift the
Nikkei .N225 0.9 percent to its best since January. The
broad Topix index .TOPX climbed 1 percent to tread ground
not visited since July, 2008. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped 0.4%.


Wall Street

Wall Street seemed to find some relief in the fact that the
Fed would not be hiking for a few months at least. After
whipsawing in a wide range, the Dow .DJI settled 0.15 percent higher, while the S&P 500 .SPX gained 0.13 percent
and the Nasdaq .IXIC 0.21 percent. Volume was active, with
about 6.06 billion shares traded on U.S. exchanges, above
the 5.65 billion average so far this month.

MACRO NEWS

Bank of America Merrill Lynch Global Fund Manager Survey for September reveals that cash levels have dropped
sharply from 5.1 percent to 4.6 percent, but remain too
high for a big correction in risk assets in the near-term.
The survey also highlights that fears of rate hike by the US
Federal Reserve have receded in September compared to
August.
India, China sign deals worth $3.4 bn.
JSW Steel, which had announced plans to import six million tonnes of ore in July, is now thinking of importing
eight million tonnes, company sources said. Despite hav-
ing captive mines, Tata Steel plans to import ore in big
quantity this year. It has already imported 1.5 million tonnes in the first four months of FY15.


STOCKS IN NEWS

Cairn India discovers three new oil fields in Rajasthan
block.
Suzuki Motorcycle to export 10% of India production
from next fiscal.
Auropharma received US drug regulator's nod for generic version of Amoxicillin.
Nomura downgraded Cipla to reduce from neutral rating, citing valuation to be expensive.

COMMODITY ROUNDUP

The drop in iron ore prices in the past six months will
hugely benefit the Indian steel industry in terms of import.
Domestic steel mills are set to import 15 mn tonnes of ore
during 2014-15, a five-fold jump from the 3.05 mn tonnes
imported in 2012-13. The iron ore price, down from $95 a
tonne in August to $85 a tonne now, might slip further to
$70 a tonne in the near future and to $60 a tonne by the
end of this year. The fall is attributed to commissioning of
new mine capacities, whose cost of production is less than
$70 a tonne.

CURRENCY ROUNDUP

The Indian rupee gained for a second consecutive session
on Wednesday, tracking other Asian currencies, on expectations the U.S. Federal Reserve would not move to hike inter-
est rates at the end of its meeting later in the day. Emerging
markets were also helped by news that China's central bank
is injecting a combined 500 billion yuan ($81.35 billion) of
liquidity into the country's top banks to shore up a faltering
economy. The rupee has shed 0.69 percent this month,
compared with falls of 0.88 to 2 percent for the Indonesian
Rupiah, Korean Won, Malaysian Ringgit, Phillipine Peso and
Thai Baht, according to Thomson Reuters data.

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