Key benchmark indices edged higher as index heavyweight and cigarette major ITC gained after a foreign upgrade. The S&P BSE Sensex settled below the psychological 19,000 mark, after surpassing that level in intraday trade. The Sensex and the 50-unit CNX Nifty, both, attained their highest closing level in a week. The Sensex advanced 157.64 points or 0.84%, off close to 120 points from the day's high and up about 150 points from the day's low. The market breadth, indicating the overall health of the market, was strong. The BSE Small-Cap and Mid-Cap indices rose more than 1.5% each, with both these indices outperforming the Sensex.
Indian stocks gained for the second straight day today, 12 August 2013. From a recent low of 18,664.88 on 7 August 2013, the Sensex has gained 282.10 points or 1.51% in two trading sessions. The Sensex has declined 398.72 points or 2.06% so far in August month (till 12 August 2013). The Sensex has declined 479.73 points or 2.46% in calendar 2013 so far (till 12 August 2013). From a 52-week high of 20,443.62 on 20 May 2013, the Sensex has fallen 1,496.64 points or 7.32%. From a 52-week low of 17,250.80 on 5 September 2012, the Sensex has surged 1,696.18 points or 9.83%.
Coming back to today's trade, index heavyweight Reliance Industries (RIL) extended intraday losses in late trade. Britannia Industries scaled record high after declaring strong Q1 result. Marico rose after declaring good Q1 result during trading hours today, 12 August 2013.
Metal and mining stocks gained amid hopes that Beijing would step in to support the economy. Steel major Tata Steel spurted ahead of its Q1 results tomorrow, 13 August 2013. Hindalco Industries also gained ahead of its Q1 results tomorrow, 13 August 2013. Tech Mahindra hit 52-week high after reporting good Q1 result during trading hours today, 12 August 2013.
The S&P BSE Sensex advanced 157.64 points or 0.84% to 18,946.98, its highest closing level since 5 August 2013. The index jumped 277.63 points at the day's high of 19,066.97 in mid-afternoon trade. The index rose 6.67 points at the day's low of 18,796.01 in morning trade.
The CNX Nifty was up 46.75 points or 0.84% to 5,612.40, its highest closing level since 5 August 2013. The index hit a high of 5,644.10 and a low of 5,557.10 in intraday trade.
The BSE Mid-Cap index rose 1.54% and the BSE Small-Cap index gained 1.56%. Both these indices outperformed the Sensex.
The BSE Metal index (up 4.52%), BSE FMCG index (up 2.3%), BSE HealthCare index (up 2%), BSE Capital Goods index (up 1.95%), BSE PSU index (up 1.33%), and BSE Consumer Durables index (up 1.06%), outperformed the Sensex.
The BSE Bankex (down 1.07%), BSE Oil & Gas index (down 0.51%), BSE IT index (up 0.6%), BSE Power index (up 0.69%), BSE Auto index (up 0.73%), BSE Teck index (up 0.76%) and BSE Realty index (up 0.79%), underperformed the Sensex.
The total turnover on BSE amounted to Rs 1670 crore, lower than Rs 1736.70 crore on Thursday, 8 August 2013.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,443 shares gained and 826 shares fell. A total of 113 shares were unchanged.
Among the 30-share Sensex pack, 20 stocks gained and rest of them declined.
Index heavyweight and cigarette major ITC gained 3.16% to Rs 335.75 after a foreign brokerage upgraded the stock to overweight from neutral, citing prospects of earnings growth resilience.
Marico rose 1.08% after consolidated net profit rose 27.36% to Rs 157.72 crore on 8.89% increase in total income to Rs 1396.31 crore in Q1 June 2013 over Q1 June 2012. The company announced the result during trading hours today, 12 August 2013.
Britannia Industries surged 5.29% to Rs 731 after striking a record high of Rs 774.80 in intraday trade today, 12 August 2013. The company's consolidated net profit jumped 93% to Rs 89.50 crore on 14% growth in revenue to Rs 1539.60 crore in Q1 June 2013 over Q1 June 2012. The result was announced during market hours today, 12 August 2013.
Britannia said its operating margin at 7.7% in Q1 June 2013, increased significantly from 4.7% in Q1 June 2012, despite an increase in brand investment at 9.6% of revenue in Q1 June 2013 from 8.4% of revenue in Q1 June 2012.
Commenting on the company's Q1 performance, Ms. Vinita Bali, Managing Director, Britannia Industries said: "The expansion in margin is consequent to an improvement in product mix and higher price realization coupled with an emphasis on cost management -- the growth momentum we saw in the second half of last year, continued."
ONGC rose 1.67%. The company's net profit fell 33.92% to Rs 4015.98 crore on 3.35% decline in total income to Rs 20505.03 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours today, 12 August 2013.
ONGC gave a subsidy discount of Rs 12622 crore in Q1 June 2013, which was higher than Rs 12346 crore in Q1 June 2012. The subsidy discount impacted the profit before tax (PBT) by Rs 10803 crore and profit after tax (PAT) by Rs 7131 crore. ONGC shares the under recoveries of state-run oil marketing companies (PSU OMCs) by allowing discount in the prices of crude oil, PSD kerosene, and domestic LPG based on the rates of discount communicated by the Ministry of Petroleum and Natural Gas and the Petroleum Planning and Analysis Cell.
ONGC said that due to changes in accounting policies, the profit before tax was higher by Rs 222 crore.
ONGC said it has provided for Rs 1611 crore in Q1 June 2013 towards contribution for conversion of Post Retirement Benefit Scheme from Defined Benefit Scheme to Defined Contributory Scheme based on guidelines of the Department of Public Enterprise.
Index heavyweight Reliance Industries (RIL) lost 2.73% to Rs 841.80, with the stock extending fall in late trade. The stock hit a high of Rs 871 and low of Rs 840.50.
Metal and mining stocks rose after a newspaper report in South China Morning Post that Beijing was "quietly offering financial stimulus" to key cities and provinces to support the local economies. China is the world's largest consumer of copper and aluminum
JSW Steel (up 1.62%), Sail (up 2.87%), National Aluminium Company (up 4.97%), Hindustan Zinc (up 0.19%), Jindal Steel & Power (up 9.43%), NMDC (up 6.81%) edged higher.
Sterlite Industries (India) gained 2.42%. The company after trading hours on Thursday, 8 August 2013, said the National Green Tribunal (NGT) has in its judgment upheld its interim order of 31 May 2013, and has allowed the company's Tuticorin Copper Smelter to continue to operate. "We welcome this judgment and shall implement all recommendations laid down by the NGT appointed Expert Committee in a time bound manner. We will work closely with the regulatory authorities and the government and will continue to ensure the highest environment standards at our operations," the company said in a statement.
Steel major Tata Steel surged 8.29% to Rs 236.55 ahead of its Q1 results tomorrow, 13 August 2013.
Hindalco Industries gained 2.41% ahead of its Q1 results tomorrow, 13 August 2013.
TCS dropped 1.7%. The company announced on Saturday, 10 August 2013, that it will set up a software development campus in Indore, Madhya Pradesh, with an investment of Rs 500 crore in two phases. The TCS Indore campus will be located in the SEZ Area allotted by the Madhya Pradesh state government. The world-class TCS campus will comprise software engineering blocks, training facilities, amphitheatre and other facilities to offer a holistic environment for knowledge professionals.
Tech Mahindra rose 2.69% to Rs 1,278 after striking a 52-week high of Rs 1291.80 in intraday trade today, 12 August 2013. The company's consolidated net profit rose 7.6% to Rs 686 crore on 8.9% growth in revenue to Rs 4103 crore in Q1 June 2013 over Q4 March 2013. The Q1 result was announced during trading hours today, 12 August 2013.
Tech Mahindra's profit after tax before exceptional reversal of impairment provision jumped 36.2% to Rs 686 crore in Q1 June 2013 over Q4 March 2013. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12.1% to Rs 864 crore in Q1 June 2013 over Q4 March 2013.
The company's debt stood at Rs 747 crore as on 30 June 2013. Cash and cash equivalent stood at Rs 3655 crore as of 30 June 2013.
The company's active client count increased to 567 in Q1 June 2013, from 516 in Q4 March 2013.
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra said: "We have completed one of the largest mergers in Indian corporate space this quarter in a seamless fashion, fulfilling the commitment we made in April 2009. Our robust performance reinforces our belief in the inherent strength and cross leveraging possibilities, for the integrated entity."
Tech Mahindra's board of directors at its meeting held today, 12 August 2013, approved increase in limit of investment by FII from the existing 35% to 45% of the paid up capital of the company, subject to approval of the members of the company.
Realty stocks gained for the third straight day. Godrej Properties (up 4.8%), Unitech (up 0.58%) and Parsvnath Developers (up 2.85%), edged higher.
Housing Development and Infrastructure (HDIL) jumped 5.37%. The company during market hours today, 12 August 2013, said that the company's promoters have paid the interest arrears on their loan from Indiabulls Housing Finance. Indiabulls have acknowledged the receipt of their dues and have withdrawn their notice under Securitisation and Reconstruction of Financial Assets and enforcement of Security Interest Act, 2002, HDIL said.
DLF rose 0.4% ahead of its Q1 results today, 12 August 2013.
M&M dropped 0.42% ahead of its Q1 results tomorrow, 13 August 2013.
Shares of two wheeler makers gained. Hero MotoCorp (up 2.95%) and Bajaj Auto (up 1.29%), edged higher.
Bank stocks declined after the Reserve Bank of India (RBI) on Thursday, 8 August 2013, announced fresh steps to drain cash from the banking system, as it stepped up efforts to stop the rupee's decline against the dollar.
Among private sector banks, Axis Bank (down 1.46%), Kotak Mahindra Bank (down 0.33%), HDFC Bank (down 1.55%), and ICICI Bank (down 1.02%), declined.
The RBI on Thursday, 8 August 2013, said it would sell Rs 22000-crore of short-term cash management bills every week on Monday. The sale is in addition to Rs 12000-crore of Treasury bills and Rs 15000-crore of sovereign bonds the government sells every week to fund its fiscal gap.
State Bank of India (SBI) lost 3.41% on weak Q1 results. SBI's net profit declined 13.6% to Rs 3241.08 crore on 11.65% growth in total income to Rs 36192.62 crore in Q1 June 2013 over Q1 June 2012. SBI announced the first quarter numbers during trading hours today, 12 August 2013.
State Bank of India's (SBI) ratio of net non-performing assets to net advances stood at 2.83% as on 30 June 2013, higher than 2.1% as on 31 March 2013 and 2.22% as on 30 June 2012. The bank's ratio of gross non-performing assets (NPA) to gross advances stood at 5.56% as on 30 June 2013, higher than 4.75% as on 31 March 2013 and 4.99% as on 30 June 2012.
Provisions and contingencies (net of write-backs) rose 16.67% to Rs 2865.88 crore in Q1 June 2013 over Q1 June 2012. Provisions for non-performing assets declined 18.79% to Rs 2265.83 crore in Q1 June 2013 over Q1 June 2012. The provisioning coverage ratio as on 30 June 2013 stood at 60.6%.
Sun Pharmaceutical Industries jumped 6.6%. The company reported consolidated net loss of Rs 1276.10 crore in Q1 June 2013, as against net profit of Rs 795.55 crore in Q1 June 2012. The result was announced on Friday, 9 August 2013, when the stock market was closed on account of Ramzan Id.
The net loss on consolidated basis during the quarter is on account of a provision of Rs 2517 crore towards settlement for patent infringement litigation related to generic versions of 'Protonix'. Recurring net profit jumped 56% to Rs 1241 crore in Q1 June 2013 over Q1 June 2012.
Sun Pharma's consolidated net sales grew 31% to Rs 3482 crore in Q1 June 2013 over Q1 June 2012. Adjusted for the impact of one-time sales recorded in the domestic business in Q4 March 2012, which lowered Q1 June 2012 sales, the net sales have grown by 23% year on year (YoY) in Q1 June 2013.
Branded generic sales in India grew 44% to Rs 849 crore in Q1 June 2013 over Q1 June 2012. Adjusted sales growth of the domestic formulation business during the quarter was 11%. US finished dosages sale in dollar terms rose 28% to $364 million in Q1 June 2013 over Q1 June 2012. International formulation sales grew 19% to $81 million.
Sun Pharma's consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) surged 26% to Rs 1531 crore in Q1 June 2013 over Q1 June 2012. EBITDA margin was at 44%, lower than 46% reported in corresponding previous quarter.
Cipla gained 1.05%. The company's net profit rose 18.5% to Rs 475 crore on 25.3% increase in gross revenues to Rs 2492 crore in Q1 June 2013 over Q1 June 2012. Operating margins grew by 24.8% to Rs 675 crore during the period under review. The result was announced on Saturday, 10 August 2013.
The company's material cost was at 40.8% of total sales in Q1 June 2013 as compared to 37.6% in Q1 June 2012.
The company's domestic revenue rose 16.7% to Rs 1132 crore in Q1 June 2013 over Q1 June 2012. The growth in domestic revenue was largely on account of growth in anti-asthma, anti-biotics/infectives, and cardiovascular therapy segments.
Exports of formulations jumped 27.7% to Rs 1034 crore in Q1 June 2013 over Q1 June 2012. Exports of Active Pharmaceutical Ingredients (APIs) fell 13.1% to Rs 146 crore in Q1 June 2013 over Q1 June 2012. The growth in export revenues was primarily due to growth in anti-retroviral, anti-asthma and anti-allergic segments, the company said.
Ranbaxy Laboratories rose 2.36%, with the stock extending Thursday, 8 August 2013, rally triggered by the company reporting improved Q2 results after trading hours on Wednesday, 7 August 2013. The stock had risen a staggering 27.49% in a single trading session on Thursday, 8 August 2013. The company reported consolidated net loss of Rs 524.24 crore for Q2 June 2013, lower than net loss of Rs 585.72 crore in Q2 June 2012. Sales declined 17.83% to Rs 2633.20 crore in Q2 June 2013 over Q2 June 2012. Ranbaxy said that base business sales registered double digit growth and base business margins continued to improve in Q2 June 2013. Ranbaxy said the company registered profit after tax of Rs 135.20 crore in Q2 June 2013 if one excludes the impact of forex losses and other exceptional items.
Glenmark Pharmaceuticals fell 3.58%. The company during market hours today, 12 August 2013, said that Glenmark Generics Inc., USA the subsidiary of Glenmark Generics has been granted final abbreviated new drug approval (ANDA) from the United States Food and Drug Administration (USFDA) for Acamprosate Calcium Delayed-Release Tablets -- its generic version of Forest Laboratories' Campral Delayed Release Tablets. Acamprosate is indicated for the maintenance of abstinence from alcohol in patients with alcohol dependence. Acamprosate garnered sales of $21 million in the United States for the year ended March 2013, as per IMS Health data.
Ajanta Pharma rose 1.42% after the company said it has been successful in its challenge to revoke patents held by Allergan Inc for two drugs used for eye treatment in India. The company made the announcement on Friday, 9 August 2013.
Aurobindo Pharma surged 12.2% after the company reported consolidated net profit of Rs 18.60 crore in Q1 June 2013, as against net loss of Rs 128.91 crore in Q1 June 2012. The Q1 result was announced on Friday, 9 August 2013. The stock market was closed on that day on account of Ramzan Id.
Commenting on the company's Q1 performance, Mr. N. Govindarajan, Managing Director, Aurobindo Pharma said: "Our focus on costs and the qualitative aspect of sales across key markets have reflected positively on our revenues and operating margins on a year on year basis. Our reported bottom-line got impacted by the mark-to- market component of our dollar denominated debt because of rupee depreciation during the quarter. We continue to make steady progress in achieving our strategic objective of strengthening our business mix towards more differentiated product and service offerings to our customers."
L&T rose 2.2%. The company during market hours today, 12 August 2013 said L&T Construction has won new orders worth Rs 4160 crore across various business segments in July and August 2013.
Bhel gained 1.91%.
BPCL rose 2.77%. The company said on Saturday, 10 August 2013, that Bharat Petro Resources (BRPL), a wholly owned subsidiary of BPCL advises that Petrobras, operator of the block SEAL-M-426 in BM-SEAL-11 Concession, Brazil, has announced that it has discovered hydrocarbons during the drilling of the first appraisal well informally known as "Farfan 1", located in the concession area BM-SEAL-11, Block SEAL-M-426 in ultradeepwaters of the Sergipe Basin.
The results obtained in this well confirm the extension of the light oil reservoirs previously discovered in the Farfan discovery well within turbidite sandstones of Upper Calpanian age (Columbia Formation). The well is currently under drilling which will be followed by drill stem test (DST) to confirm the flow potential of the reservoir. The consortium plans to continue with the Discovery Assessment Plan, under approval by the Brazilian Regulatory Agency, ANP.
Petrobas is the operator of the concession BM-SEAL-11 with 60% interest in partnership with IBV Brazil (a 50:50 joint venture company, formed by wholly owned subsidiaries of Bharat PetroResources and Videocon Industries) holding the remaining 40%.
ABB gained 0.53%, with the stock reversing intraday losses. The company's net profit fell 23.07% to Rs 40 crore on 7.42% decline in revenue to Rs 1720 crore in Q2 June 2013 over Q2 June 2012. The result was announced on Friday, 9 August 2013, when the stock market was closed on account of Ramzan Id.
ABB said that it continues to follow a policy of cash over revenue in its businesses to mitigate the credit risk in the market. Localized offerings also enabled the company to stay competitive in a tough economic environment. ABB said that savings from operational excellence initiatives and cost take out programs helped offset the impact of price pressures and the higher cost of working capital.
ABB's adjusted operational earnings before interest, taxation, depreciation and amortization (EBITDA) rose 27.58% to Rs 111 crore in Q2 June 2013 over Q2 June 2012. Adjusted EBITDA margin improved to 6.4% from 4.7% a year ago.
ABB's order intake declined 15.35% to Rs 1731 crore in Q2 June 2013 over Q2 June 2012, reflecting a challenging business environment as customers continue to exercise caution on large investments. ABB said it continues to focus on balancing its risks and returns.
ABB said that the company's thrust on exports and new business streams yielded results with export orders demonstrating clear growth over successive quarters. Orders from sectors such as renewable energy continued on their growth trajectory.
The company's order backlog stood at Rs 8235 crore as on 30 June 2013, as against Rs 9175 crore as on 30 June 2012.
Commenting on the company's Q2 results, Bazmi Hussain, MD, ABB said: "The economic environment is now increasingly depressed. Our multiple productivity and operational excellence initiatives are yielding results. We are confident that our broad portfolio, cost take out programs, localization initiatives and the ability to find new opportunities will give us pole position as market eventually revives".
Aditya Birla Nuvo (ABNL) advanced 5.76%. The company's consolidated net profit rose 24.16% to Rs 331.33 crore on 7.92% growth in revenue to Rs 5744.54 crore in Q1 June 2013 over Q1 June 2012. The result was announced on Friday, 9 August 2013, when the stock market was closed on account of Ramzan Id.
GVK Power & Infrastructure jumped 12.27% after the company reported improved Q1 June 2013 consolidated results during trading hours today, 12 August 2013. On a consolidated basis, GVK Power & Infrastructure reported a net loss of Rs 30.59 crore in Q1 June 2013, lower than the net loss of Rs 64.30 crore in Q1 June 2012. Net sales fell 14.54% to Rs 699.52 crore in Q1 June 2013 over Q1 June 2012.
Neyveli Lignite Corporation rose 0.54%. The company's net profit declined 3.5% to Rs 278.43 crore on 17.1% growth in net sales to Rs 1559.57 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced on Friday, 9 August 2013. The stock market was closed on that day on account of Ramzan Id.
Neyveli Lignite Corporation (NLC) said there was exceptional expenditure of Rs 64.57 crore in Q1 June 2013. This includes Rs 62.09 crore towards income tax reimbursement claim pertaining to the earlier years, disallowed by the appellate authority (APTEL) in respect of KSEB. Decision with regard to further appeal is under consideration, NLC said.
Godrej Industries rose 1% after consolidated net profit rose 28.5% to Rs 53.25 crore on 3.5% growth in net sales to Rs 1852.40 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced on Saturday, 10 August 2013.
Commenting on the company's Q1 performance, Mr. A. B. Godrej, Chairman, Godrej Industries said: "Our results this quarter have demonstrated the strength of our business model which captures a diverse range of businesses in some of the key growth sectors of the economy. Overall performance has been encouraging as some of the core operations registered sustained growth. Our agri businesses have commenced the year on a strong note with the top‐line increasing by 27% and operating profit increasing by 37%, driven mainly by the animal feed and agri inputs segments. Our joint ventures also reported improvement despite a volatile external environment as the impact of bird flu diminished and feed costs stabilized. Godrej Seeds continues to expand its revenues and outreach to newer geographies. Overall the quarter was a heartening period for Godrej Agrovet, encouraging us to gear up for greater opportunities in the coming future."
"Going forward, through our CREATE strategy, we will continue to strengthen our positions in all our core businesses while fostering an inspiring place to work and creating shared value for all our stakeholders., Mr. Godrej said.
Gujarat Gas Company jumped 15.92%, with the stock extending Thursday's 20% rally triggered by the company declaring strong Q2 results after market hours on Wednesday, 7 August 2013. The company's consolidated net profit surged 90.24% to Rs 100.60 crore on 2.49% decline in net sales to Rs 746.80 crore in Q2 June 2013 over Q2 June 2012.
Gujarat Gas Company's consolidated net profit jumped 69.08% to Rs 100.60 crore on 2.11% decline in net sales to Rs 746.80 crore in Q2 June 2013 over Q1 March 2012.
In the foreign exchange market, the rupee weakened to below 61 versus the dollar. The partially convertible rupee was hovering at 61.27, weaker than its close of 60.88/89 on Thursday, 8 August 2013.
Finance Minister P. Chidambaram today, 12 August 2013, announced measures to narrow the current account deficit and prop up the local currency. Chidambaram said in parliament that the government has decided to allow state-run financial-services companies to issue bonds overseas. These bonds will be quasi-sovereign in nature, or in other words, will have the backing of the government. The government will ease rules governing overseas borrowings by companies and allow state-run oil firms to raise loans abroad. The government will also ease rules to attract deposits from Indians living abroad, Chidambaram said. Besides, the government will soon announce measures to curb imports of gold and silver as well as temper demand for crude oil and some nonessential commodities or goods, Chidambaram said. The Finance Minister said these measures will allow the government to contain India's current-account deficit at $70 billion in the fiscal year through March, while the inflows of foreign money will increase to a level that will be sufficient to finance the gap. As a proportion to gross domestic product, the current-account deficit will narrow to 3.7% this fiscal year, compared with 4.8% last year, he added.
India's trade deficit declined sharply on year on year basis in July 2013 as exports surged and imports fell, data released by the government today, 12 August 2013, showed. Merchandise exports jumped 11.64% to $25.83 billion in July 2013 over July 2012. Total imports declined 6.2% to $38.10 billion in July 2013 over July 2012. Oil imports declined 8.02% to $12.70 billion in July 2013 over July 2012. Non-oil imports declined 5.26% to $25.39 billion in July 2013 over July 2012. The trade deficit declined sharply on year on year basis at $12.26 billion in July 2013, from $17.47 billion in July 2012.
Industrial production is seen registering a decline of 1.5% in June 2013, as per the median estimate of a poll of economists carried out by Capital Market. Industrial production had registered a contraction of 1.6% in May 2013. The government will unveil industrial production data for June 2013 today, 12 August 2013.
Consumer price inflation is expected to ease a bit in July 2013. The combined consumer price index (CPI) for urban and rural India is expected to ease at 9.7% in July 2013, from 9.9% in June 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will also unveil the CPI data for July 2013 today, 12 August 2013.
European stocks declined on Monday, 12 August 2013, as a report showed Japan's economy grew less than estimated last quarter. Key benchmark indices in France, UK and Germany were off 0.29% to 0.76%.
Mainland Chinese and Hong Kong stocks jumped to lead most Asian markets higher on Monday, 12 August 2013, after a newspaper report in South China Morning Post that Beijing was "quietly offering financial stimulus" to key cities and provinces to support the local economies. China is the world's second biggest economy after the United States. Key benchmark indices in China, Hong Kong, Singapore, South Korea and Taiwan were up by 0.07% to 2.39%. Key benchmark indices in Indonesia and Japan fell by 0.7% to 0.93%.
Data released on Friday, 9 August 2013, showed that Chinese banks made 699.9 billion yuan ($114.3 billion) worth of local-currency loans in July, beating expectations.
Japan's economy grew an annualized 2.6% in the April-June period, the Cabinet Officer reported Monday, cooling sharply from a rapid 4.1% gain in the first calendar quarter. On a seasonally adjusted quarterly basis, gross domestic product rose 0.6% from the first quarter's 0.9% increase.
Trading in US index futures indicated that the Dow could fall 63 points at the opening bell on Monday, 12 August 2013. US stock indexes declined Friday, 9 August 2013, with the Dow Jones Industrial Average halting its longest weekly winning streak since August of last year.
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