Stronger dollar, weak economic data pummels US stocks

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From Angola to Belarus, emerging-market governments are planning first-time debt offerings to take advantage of the biggest bond rally in at least 11 years. Investec Asset Management, Aberdeen Asset Management and Threadneedle Asset Management say they may buy some of the $4 billion of debt Angola plans to sell, as well as proposed dollar bonds from Belarus.
Vietnam aims to raise $1 billion in its first offering of foreign-currency securities in four years, deputy prime minister Nguyen Sinh Hung said on Wednesday. Iran, under three sets of United Nations Security Council sanctions, targets a e1 billion sale by December. Developing-nation government bonds are trading near the lowest yields on record, at an average of 6.49%, after the biggest 12-month decline. Sales rose 70% to a record $554 billion this year as central banks across the world cut interest rates . Debuts are planned by governments without credit ratings or dependent on international bailouts. “It’s because of the wall of money that comes from extremely accommodative monetary policy globally,” said Edwin Gutierrez, emerging-market money manager, Aberdeen.
Developing-nation dollar bonds have returned 26% so far this year, according to JPMorgan’s benchmark EMBI+ Index, compared with a 23% gain in the S&P’s 500 index. Emerging-market debt is trading at average yields 0.15 percentage point above a low in 2007 of 6.34%. Demand for higher yields was one reason investors placed $28 billion of orders for Qatar’s $7 billion bond sale this week, the largest emerging-market deal to date. They received 1.85 percentage points more in interest on the five-year securities than US. Treasuries, compared with 3.4 percentage points when the government went to market in April.
“People are allocating into emerging-markets because they are the standout performers,”said Peter Eerdmans, the head of emerging-market debt at Investec. Angola is seeking to sell its first international bonds to help pay for construction projects after a decline in oil proceeds. The country will need to offer higher yields than other sub-Saharan nations including Ghana, whose bonds due 2017 that were sold in 2007 yield 8.5%, said Aberdeen’s Gutierrez. Belarus, a country of 10 million people with an economy the size of Sudan’s, has received $3.5 billion of International Monetary Fund bailout loans this year.

Stronger dollar, weak economic data pummels US stocks

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Tech stocks could get hit again Friday following a report from Dell Inc. that sales of its computers to big businesses remain sluggish. After the closing bell, the company posted quarterly revenue and profits that fell short of analysts' forecasts. Dell shares slid 6 per cent in after-hours trading.
As stocks fell, investors flocked to the dollar and Treasurys. The yield on the three-month T-bill, considered one of the safest investments, tumbled to its lowest level since December. The Chicago Board Options Exchange's Volatility Index, also known as Wall Street's fear gauge, rose more than 4 per cent.
Overseas markets also fell sharply.
The day's trade was a shift out of riskier assets and back into safe havens like the dollar and Treasurys. After amassing significant gains during an eight-month rally in stocks, investors are hesitant to take on too many risks as the year ends, worried that the economy's rebound might not be sustainable.
"Large money managers, going into the end of the year, are looking to protect their gains and are shifting assets," said Adam Gould, senior portfolio manager at Direxion Funds in New York.
For much of this year, investors have been selling dollars and putting their money in riskier assets like stocks and commodities that have the potential to earn higher returns.
Now, investors are wondering whether the dollar's slide has run its course and whether other markets have gotten overheated considering the many challenges to the economy including high unemployment.
Reports on the economy gave investors little incentive to hold on to stocks. Figures from the Labor Department indicated that employers are still shedding jobs, and the Mortgage Bankers Association reported a surge in foreclosures.
The government said the number of newly laid-off workers seeking unemployment insurance was unchanged last week at 505,000. The figure remains above the level that would indicate the economy is adding jobs.
Meanwhile, a private group's forecast of economic activity rose less than expected in October, signaling slow growth next year. The Conference Board said its index of leading economic indicators, which forecasts activity over the next six months, rose 0.3 per cent last month.
The market's losses added to a modest slide Wednesday that followed a drop in home construction and worse-than-expected forecasts from technology companies.
Tech shares fell again after chipmakers, including Intel Corp., were downgraded.
"If a company like Intel isn't going to do as was well as people think, then that has many ripple effects," said Gould of Direxion Funds.




Intel lost 4.1 per cent, sliding 82 cents to $19.30. Texas Instruments Inc. fell 87 cents, or 3.4 per cent, to $24.88, while Advanced Micro Devices Inc. fell 27 cents, or 3.7 per cent, to $7.05.
Five stocks fell for every one that rose on the New York Stock Exchange, where consolidated volume came to 4.3 billion shares, in line with Wednesday.
Overseas, Britain's FTSE 100 fell 1.4 per cent, Germany's DAX index lost 1.5 per cent, and France's CAC-40 slid 1.8 per cent. Earlier Thursday, Japan's Nikkei stock average fell 1.3 per cent.

World markets fall after Fed sees deeper slowdown

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stock markets fell on Thursday after the US central bank predicted an even deeper recession in the world's largest econonmy
Major Asian markets like Tokyo and Hong Kong lost about 1 percent or more, oil prices retreated from six-month highs and a weaker dollar weighed on the region's exporters. Technology shares, meanwhile, were bruised by Hewlett-Packard's dispiriting outlook for the year.
Investors in Asia to Europe were scaling back risky bets on stocks after the Federal Reserve cut its forecast for 2009, saying America's economy could shrink between 1.3 and 2 percent compared to the prior estimate of 0.5 and 1.3 percent. In an ominous sign for Asian companies that rely on U.S. consumer spending, the Fed's policymakers also said the unemployment rate could approach 10 percent.
As on Wall Street, where stocks sank overnight, the news further muddied the economic picture after weeks of better-than-expected readings inspired talk of a stabilization and sent markets worldwide soaring.
With major indexes from Asian to the U.S. up 30 percent or more over the last couple of months, some investors increasingly urge caution.
``A lot of the economic evidence is a bit better but still very bad,'' said Peter Lai, investment manager at DBS Vickers in Hong Kong. He said the Fed's unemployment projections were especially unsettling.
``I'm just not comfortable buying at these levels to be honest, and think a correction is imminent,'' he said.
As trading opened in Europe, benchmarks in Britain, Germany and Francy dropped between 1.5 percent and 2 percent. U.S. futures pointed to more gloom on Wall Street Thursday. Dow futures fell 42, or 0.5 percent, to 8,353 and S&P futures dropped 4.8, or 0.5 percent, to 895.10.
Japan's Nikkei 225 stock average lost fell 80.49 points, or 0.9 percent, to 9,264.15, and Hong Kong's Hang Seng shed 276.35 points, or 1.6 percent, to 17,199.49.
Elsewhere, South Korea's Kospi dropped 1 percent to 1,421.65. Shanghai's index fell 1.5 percent, Australia's was off 0.3 percent and India's Sensex, not yet closed, lost 1.4 percent to 13,865.83.
Still, Wednesday's lull was relatively tame, just like many of the market's recent daily losses _ a sign there are investors still flush with cash and willing to buy. Investors, for example, plied global hedge funds with some $15 billion in April alone, the largest monthly inflow since before the dramatic selling in September last year, according to Singapore-based Eurekahedge.
Analysts say many investors dread losing out on the recent rally. That's especially true in white-hot emerging markets like China, whose Shanghai index has surged more than 40 percent this year to become world's best performing market.
The situation has given rise to a new saying in the market: ``fear of missing out,'' said Jing Ulrich, chairwoman of China equities for JPMorgan.
“We've had 10 weeks of consecutive gains. No one wants to be missing out on this buoyancy,'' she said in Hong Kong.
The Fed's outlook, contained in minutes of its April policy meeting released Wednesday, reined in optimism on Wall Street, with banks taking the brunt of the selling.
The Dow Jones industrials fell 52.81, or 0.6 percent, to 8,422.04. The blue chip gauge had been up as much as 117 points in early trading. The Standard & Poor's 500 index slipped 4.66, or 0.5 percent, to 903.47.
Oil prices eased off six-month highs in Asia, with benchmark crude for July delivery down 73 cents to $61.31 a barrel. On Wednesday, the July contract rose $1.94 to settle at $62.04 after the government said U.S. crude inventories fell for a second week, suggesting demand may be improving.




The dollar weakened to 94.51 from 94.58. The euro was higher at $1.3790 from $1.3783.

Asian stocks fall on quiet trading day

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With most markets closed for public holidays there was little to influence traders, who had an eye on a G20 meeting later this week of the world's most powerful economies.
Hong Kong lost 0.70 percent, Sydney 0.34 percent, Seoul 0.25 percent and Taipei 0.32 percent. However, Shanghai edged up 0.15 percent.
Dealers will also be looking at the outcome of a US Federal Reserve meeting that will decide on whether to raise rates and give its forecast for the world's biggest economy.
Tokyo, Singapore, Manila, Kuala Lumpur, Jakarta and Mumbai were all closed for public holidays.
HONG KONG: Down 0.70 percent. The Hang Seng Index finished 150.60 points lower at 21,472.85.
Analysts said they expect a slew of initial public offerings to lend support to Hong Kong shares but said they will lead to liquidity fears.
At least 10 firms are set to raise more than 48 billion Hong Kong dollars from IPOs in the next two weeks. Among the biggest are casino operator Wynn Macau, which is aiming to reap 12.6 billion dollars.
Bank of China fell 3.2 percent to 4.29 dollars after picking up 17.5 percent since September 1, while ICBC was down 2.3 percent at 6.02 after a 6.5 percent in the same period.
Macau casino operators made big advances due to Wynn Macau's large IPO.
SJM surged 5.1 percent to 4.52 dollars.
SYDNEY: Down 0.34 percent. The S&P/ASX200 fell 15.8 points to 4,677.4.
IG Markets research analyst Ben Potter said lower commodity prices pulled resources and banks could not find traction.
BHP Billiton dropped 62 cents to 38.08 dollars and Rio Tinto eased 31 cents to 60.69.
ANZ was down three cents at 23.15, National Australia Bank shed 32 cents to 29.54 and Westpac weakened three cents to 24.88.
Qantas was steady at 2.78 despite chairman Leigh Clifford's comment in the airline's annual report that the outlook for the global aviation industry remained uncertain.
SHANGHAI: Up 0.15 percent. The Shanghai Composite Index, which covers both A and B shares, rose 4.34 points to 2,967.01.
The market was weighed most of the day by news that the first 10 firms to list on a long-awaited Nasdaq-style new board will take subscriptions for their initial public offerings on Friday -- earlier than expected.
But a rally by consumer stocks ahead of the week-long National Day holiday kicked the index into positive territory in the last half hour.
"Consumer stocks will continue to attract interest as China enters Golden Week in October, which usually has higher sales than other months," Jacky Zhang, an analyst at Capital Securities said.
China's National Day holiday runs from October 1 to October 8.
No launch date has officially been set for the second board.
Shanghai Bailian Group Co, the listed unit of China's biggest retailer, jumped 6.73 percent to 14.91 yuan on expectations the National Day holidays will boost spending.
Metallurgical Corp of China made a strong debut Monday. Its shares ended at 6.94 yuan, up 28.04 percent from its initial public offering price of 5.42 yuan but off a high of 7.50.
SEOUL: Down 0.25 percent. The KOSPI lost 4.21 points at 1,695.50.
"Investors also remained cautious and will likely remain cautious until they get clues for an exit strategy from the (US) Federal Reserve meeting and G20 summit this week," he said.
Samsung Electronics fell 0.99 percent to 798,000 won and Hynix Semiconductor rose 5.2 percent to 21,450 won.
Most banks and automakers fell on profit-taking. Hyundai Motor dropped 1.9 percent to 106,500 won and Woori Financial Group lost 0.6 percent to 16,850.
POSCO rose 0.98 percent to 516,000 won.
TAIPEI: Down 0.32 percent. The weighted index fell 24.09 points to 7,502.46.
The market opened flat and consolidated throughout the trade with many investors taking to the sidelines on fears that a possible major correction would send share prices into a tailspin, dealers said.
Financials saw heavy profit-taking after it was overvalued to some extent, dealers said.
Cathay Financial fell 1.85 percent to 53.20 dollars and Chinatrust Financial shed 1.16 percent to 21.25.
Taiwan Semiconductor Manufacturing Co closed down 0.64 percent at 62.30.
Notebook computer maker Acer gained 1.13 percent to 80.90.
BANGKOK: Flat. The Stock Exchange of Thailand was down 0.51 points or 0.07 percent at 713.16.







WELLINGTON: Flat. The NZX-50 fell 0.81 points or 0.03 percent to 3,155.65.
Freightways gained four cents to 3.24 dollars.
"It will eventually help the building industry, and the carpet industry in time."
Fletcher Building, now New Zealand's biggest listed company, rose three cents to 8.35 dollars and Auckland Airport added seven cents to 1.92.
Telecom fell four cents to 2.63 dollars and Contact Energy dropped seven cents to 5.91

EDS to buy RelQ for $40 million

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Consulting major Electronic Data Systems (EDS) has finalised a $40 million deal to acquire Bangalore-based RelQ Software, which
specialises in software testing, validation, verification and quality assurance.
RelQ has 800 people and posted revenues of $22 million last fiscal. It is expected to record a revenue of $30 million in 2006-07.
RelQ will help the $21-billion EDS, which focusses on consulting, application management, maintenance, re-engineering, migration, technical support and testing, to ramp up its testing practice in India. EDS has over 17,000 employees here across varied verticals.
"Recently, a high-level team from EDS visited RelQ to conclude the deal and an official announcement is expected early next week," said a source. RelQ president Prakash Mutalik said: "It's only speculation and we would not like to comment."
Responding to an email sent by TOI, Bob Brand, global head (PR) of EDS said, "EDS does not comment on rumour and speculation regarding mergers and acquisitions."
RelQ is said to have been asking for a price of $60 million for many months, but EDS was willing to pay $40 million. One major reason for RelQ's recent climbdown could be its losing part of lucrative business with Vodafone

High forex reserves can worsen recession

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When the bubbles finally burst, US households, corporations and financiers found themselves in dire straits. Many financial giants were rescued by the government. Meanwhile households, sobered by the turn of events, started saving 4% of disposable income, up from zero. More saving meant less spending, and made the recession deep and sharp.
Most Asians are smugly blaming US imprudence and loose financial regulation for the crisis, while portraying themselves as innocent victims. Yet, they must share the guilt too. US profligacy did not arise in a vacuum. It arose in part because Asian insistence on high forex reserves meant that they poured dollars into the US to buy US securities. This flood of dollars from Asia drove down US interest rates, making it very attractive to borrow. That spurred the borrowing spree, and the accompanying bubbles.
Historically, rich countries had surplus savings, manifested in a trade surplus. Poor countries lacked savings, manifested in trade deficits, with the deficit being plugged by an inflow of dollars from rich to poor countries. For the world as a whole, current account surpluses and deficits of countries must necessarily balance. Historically, the surpluses of rich countries were offset by the deficits of poor ones.
But after the Asian financial crisis, something strange happened. Asian countries, above all China, began generating huge savings surpluses, manifested in huge current account surpluses. Many used undervalued exchange rates to artificially create trade surpluses, which were then invested in US treasuries (that is what foreign exchange reserves are).
However, poor Asians could not run huge surpluses unless others were willing to run huge deficits. Remarkably, the rich US began to do so. This arose partly from the sophistication of its financial system, which found many ways - too many, in fact - of converting the flood of money from Asia into a borrowing and spending spree. This sharp rise in US spending boosted the global economy, and created the record global GDP growth in 2003-08. US demand sucked in huge quantities of manufactures and services from Asia, above all from China. Asian manufacturing sucked in huge quantities of commodities from Africa and Latin America, raising incomes there too.
Alas, this boom was based on huge global imbalances that had to be corrected at some point. No country, not even the rich US, could keep running gargantuan trade deficits forever, to offset the surpluses of Asia. US asset bubbles burst, the boom ended, and US spending and imports plummeted.
Ending the consequent recession means reducing global imbalances to manageable proportions. Americans will have to save more, spend less and export more. Asian countries, especially China, will have to consume more, save less, and export less. This re-balancing will restore global balance, and enable global growth to rise sustainably again.
However, such re-balancing means that Asian countries must stop piling up ever-rising forex reserves (and trade surpluses). Such reserves represent excessive saving, excessive exports and insufficient imports. Excess forex reserves have provided apparent safety to Asian countries in a recessionary crisis, yet are also a cause of that very crisis.
What will happen if Asians insist on trying to keep savings and forex reserves high? Well, if Asians keep savings high and Americans and Europeans do so too, then world demand will collapse and the recession will become a Depression. Asians must recognise that high forex reserves serve as a safety cushion only up to a point, and beyond that exacerbate global imbalances that threaten disaster. Saving too much can be as harmful as saving too little. Unless Asian countries recognize this and go slow on future reserve accumulation, the recession may become worse than anyone dares imagine today.



Rupee down 5 paise at 46.73 a dollar in opening trade

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The Indian rupee on Friday depreciated marginally by 5 paise to 46.73 against the US dollar in opening trade largely on fears of free capital outflows by foreign funds as market may open weak in line with bearish trend in Asian equity markets.
Dollar's gains against other Asian currencies also put pressure on the rupee.
At the Interbank Foreign Exchange (Forex) market, the domestic unit traded 5 paise down at 46.73 a dollar. The rupee ended 48 paise lower at 46.68/69 against the dollar in the previous session after the Sensex fell by 213.13 points.
Forex dealers said fears of more capital outflows by foreign funds as market is expected to open lower in tandem with other Asian markets that were trading in negative zone and dollar's gains versus other Asian units mainly put pressure on the Indian rupee.

Why is trading closed at stock exchanges during sun outage

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Every year before the spring equinox and after the autumn equinox, the National Stock Exchange experiences a sun outage for a period of around 15 days each.
During these times, the VSATs do not receive the signal and the markets are closed for around 45 minutes around 11 am. The NSE extends the trading hours from 3.30 pm to 4.15 pm on these days to compensate for the loss in trading time for investors.

14 charged in Wall Street insider-trading probe

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Besides hedge fund managers, lawyers and corporate insiders, the newly charged persons included former employee of Moody's Investor Service Deep Shah who has been charged with conspiracy and securities fraud, the FBI said in a statement.
Of the 14, eight were arrested on Thursday while a ninth was being sought. Five other defendants had already been charged and have pleaded guilty in federal court in New York to insider trading crimes.





Atheros Communications Inc executive Ali Hariri has been charged with passing on confidential information to a hedge fund manager Ali Far who has pleaded guilty of fraud and is now reportedly cooperating with the investigators.
"People will probably ask just how pervasive is insider trading these days? Is this just the tip of the iceberg? We aim to find out," said Preet Bharara, the US attorney for the southern district of New York.

RBI guidelines financing margin trading

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reserve bank of india on saturday said banks should maintain a minimum margin of 40 per cent on funds lent while extending finance to stock brokers for margin trading. the banks should put in place appropriate systems for monitoring the margin (40 per cent) and if the stockbroker/client fails to meet the margin calls, the lending bank should liquidate the collateral/shares purchased immediately and adjust the loans, rbi said in its circular to all commercial banks here on saturday. earlier on september 18, the rbi-sebi technical committee decided to permit banks to extend finance to stock brokers for margin trading within the overall ceiling of 5 per cent prescribed for exposure of banks to capital market. the committee has said banks may provide finance to brokers for margin trading in actively trading scrips forming part of the nifty and the sensex. rbi in its revised guidelines for bank financing of equities and investment in shares has asked the bank boards to come out with necessary safeguards to ensure that no "nexus" develops between the inter-connected stock broking entities/stock brokers and bank in respect of margin trading.





US stocks fall after sell-off in Asia

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Major US indexes lost about 1 percent Monday after China's main index plunged 6.7 percent, adding to a nearly 3 percent drop on Friday. The selloff in Chinese shares has been fed by concerns over a tightening in bank lending that could hurt the country's economy. That in turn has weighed on markets around the globe this month.
Japan's Nikkei stock average fell 0.4 percent after the country's opposition party came to power in a landslide victory. European markets were also lower.
There was little U.S. economic news expected Monday, but key readings come later this week on manufacturing and employment in August that have the ability to either sustain or upset the market's massive six-month rally.
After rising more than 45 percent from 12-year lows in March, the Dow Jones industrial average stands about 500 points away from 10,000. Investors have grown increasingly worried that the market may have gotten too far ahead of the economy. Without evidence of actual economic growth, analysts have warned that the market's rally could fizzle in the coming weeks, especially as traders head into September, historically a rough month for the stock market.
"There's enough jitteriness to set the stage for a decline," said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. "The economic numbers could neutralize the nervousness, could put portfolio managers' worries to rest."
Two big deals between The Walt Disney Co. and Marvel Entertainment Inc. and oilfield services companies Baker Hughes Inc. and BJ Services Co. did little to support the market.
In early trading, the Dow Jones industrial average fell 82.83, or 0.9 percent, to 9,461.37. The Standard & Poor's 500 index fell 11.71, or 1.1 percent, to 1,017.22, while the Nasdaq composite index fell 26.81, or 1.3 percent, to 2,001.96.


















About eight stocks fell for every one that rose on the New York Stock Exchange, where volume came to 207.2 million shares, compared with 215.6 million at the same time on Friday.
In other trading, the Russell 2000 index of smaller companies fell 9.58, or 1.7 percent, to 570.28.
Germany's DAX index and France's CAC-40 were down 0.8 percent in afternoon trading. The London Stock Exchange was closed for a public holiday.
Bond prices mostly rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.44 percent from 3.45 percent late Friday.
Two big acquisitions totaling close to $10 billion did little to excite investors Monday. Dealmaking and companies' willingness to part with cash or take on debt, is typically seen as a sign of confidence in the economy.
Walt Disney said it plans to buy Marvel Entertainment for $4 billion in cash and stock.
Disney shares slid 45 cents to $26.39, while Marvel shares jumped more than 26 percent, or $10.20, to $48.85. Earlier Monday, Baker Hughes said it will buy BJ Services in a cash-and-stock deal valued at $5.5 billion.
BJ Services shares shot up more than 7 percent, adding $1.10 to $16.53. Baker Hughes shares fell $2.94, or 7.7 percent, to $35.15.
Despite Monday's pullback, stocks are on track to have their best August since 2000. Most of the gains were made earlier this month as investors cheered improvements in consumer confidence and an upbeat assessment of the economy from Federal Reserve Chairman Ben Bernanke.
Last week, the major indexes all rose less than 0.5 percent amid light trading and little news.
Trading is expected to be relatively light this week as well, with many traders taking vacations. Light volume can skew the market's movements. Still, there are a number of important readings on the economy that could sway the market one way or the other.
On Tuesday, the Institute for Supply Management will issue its assessment of the manufacturing industry during August. Economists are expecting ISM's manufacturing index to come in at 50.1, up from 48.9 in July. A reading above 50 would indicate growth in manufacturing, something that hasn't happened since January 2008.
The most important piece of data this week is the government's monthly jobs report on Friday. Economists are expecting another 220,000 jobs were lost, down from 247,000 in July. Last month's report showed an unexpected dip in the unemployment rate and investors are anxious to see if the rate continues to fall.
As unemployment spiked this year, Americans who lost their jobs

Police bust forex fraud by firm using public deposits

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a Tamil daily and his son for alllegedly mobilising over Rs.50 crore in deposits from nearly 5,000 people promising unbelievably high returns.




According to the police, Kathiraan, senior reporter in a leading Tamil daily, and his 27-year-old son, Mohan Raj, besides a Chennai-based woman, Kamalavalli, floated
the Paazee Forex Trading Co. besides a few other firms, over a year ago and solicited public deposits, promising staggeringly high dividends. For instance, for a Rs 50,000 deposit, they offered a tempting amount of Rs 140,944 as returns in eight months.
At the time of making the deposits, the company would give post-dated cheques towards what they called 'divident amount' as well as for the deposit amount. For a deposit of Rs one lakh, the offer was Rs 2.80 lakh inclusive of dividends. And for a Rs five lakh deposit, the promise was Rs 14.91 lakh in 13 months. The company is suspected to have used the deposit amounts to make hawala transactions.
Lured by the festival season offers, at least 5,000 depositors swarmed the company's premises near the Pushpa Theatre in Tirupur with their hard-earned money.
"We estimate at least Rs 50 crore may have been deposited by about 5,000 people," the Tirupur SP, Dr N Kannan, told TOI. The crime branch police, which got wind of the fraud, launched a probe into the financial transactions of the company. As the police stepped up investigation, the company's directors, including the journalist, went absconding on Thursday evening. "We have registered a case of fraud against the three directors of the company," the SP said.
Cases have been registered under Section 420 (cheating) of the IPC, and provisions of the Prize, Chits and Money Circulation Schemes (Banning) Act, 1978, as the company had allegedly violated the Reserve Bank of India rules in securing public deposits and investing in hawala funds, police said.

Sensex down 70 pts in early trade on Asian cues

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The Sensex, which had lost 51.87 points in yesterday's choppy trade, moved further down by 70.68 points to 16,928.10 in early trade.

The wide-based National Stock Exchange index Nifty also drifted by 18.65 points to 5,036.05.

Brokers said, besides continued profit booking by funds and retail investors, weak trends at other Asian bourses, which were down up to 1.5 per cent in early trade today, put pressure on the sentiments here.



Major losers were ICICI Bank, State Bank of India, HDFC Bank, DLF LTd, Larsen and Toubro, Bharti Airtel and Jaiprakash Associates on continued profit-taking.

However, Reliance Industries, Reliance Capital, Tata Steel and Sterlite Industries were in better shape on selective buying by funds.
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Autopilot Robot in Forex Trading Review

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First and Foremost, any company claiming an overnight millionaire scenario will most likely to be a con act. We are talking about Forex market here where anything can happen at any given time. Predicting an unpredictable market is an understatement. The Market consist of millions of probability that makes everything impossible possible. So what can these robots do for you?



They can just aid you in minimizing the risk thus you will gain profit at the end of the day.
You cannot always look on your past for it will not trigger your future success. An autopilot trading system has no memory of occurrence at all. The past and the present are not relative to the future in a Forex Market. See the back of your newly purchased Forex Robot software, what does the disclaimer tells you. It does not guarantee profits but purely of giving you training on sharpening your trading skills.

You might wonder why the write ups and other marketing tools these creators or inventors uses claims outright profits in promoting the product. It is all part of the risk since you will be signing on the terms of agreement that upon purchase of these robots, guarantee was never from their part. It is you who purchase it is also you who will take the risk. So to avoid these scenarios, be assertive in talking to the sales representatives specially online where transactions can happen in an instant. Be vigilant on the features and specifications of the software. You need to know its limitation and usage.
To sum it up, a fortune to your neighbor will never be you fortune in any given time. Knowing someone who is successful using these robots does not mean success on your part also. Make sure you know everything about the product upon purchasing. Look for other resources rather than the internet wherein some right ups will give you false hope. Read newspapers, magazine reviews of a reputable company, the news in television. Though everything shall be faster online, risk is all there is.