Pages

Search This Blog

Translate

Search Tool




Jul 30, 2012

GATA | THE GATA DISPATCH: Got Gold Report: Most important silver COT chart for 2012

Got Gold Report: Most important silver COT chart for 2012

9p Monday, July 30, 2012

Over at the Got Gold Report, Gene Arensberg's assistant, Colette Chapman, reports that traders who constitute what's called "managed money" are hugely short silver now, which Arensberg considers bullish since those traders will be especially quick to cover and go long on any rally. Arensberg thinks the key price is between $28.50 and $29. Chapman's commentary is headlined "Most Improvement Silver COT Chart for 2012" and it's posted in the clear at the Got Gold Report here:

http://www.gotgoldreport.com/2012/07/most-important-silver-cot-chart-for...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

NYT Global Update: Syrian Forces and Rebels Claim Gains in Aleppo Fight

Global Update


TOP NEWS

Syrian Forces and Rebels Claim Gains in Aleppo Fight

By KAREEM FAHIM
The dueling assertions of progress in Syria's commercial capital came a day after the United Nations humanitarian chief said that almost of a tenth of its residents had fled over two days of fighting.
The Caucus

Romney's Remarks About Palestinians Draw Criticism

By ASHLEY PARKER
Mitt Romney's remarks at a fund-raiser suggesting cultural differences accounted for disparities between the per capita incomes of Israel and the Palestinians, have drawn criticism.
DealBook

HSBC Sets Aside $2 Billion for Legal Woes as Profit Falls

By NEIL GOUGH
Profit at HSBC Holdings dropped nearly 9 percent in the first half of the year, as the big bank deals with the fallout from a money-laundering investigation and a settlement over selling inappropriate financial products.
Sports

Photographs: London 2012

Emotional victories, stunning defeats and fierce competition from the Olympic Games.
Opinion

Latitude

Should I Stay or Should I Go?

By MASHA GESSEN
My mother was wrong to have had no hope that life in the Soviet Union would get better. Am I wrong to have hope in Russia now?
WORLD

Turkey Strengthens Forces on Syrian Border

By SEBNEM ARSU and JEFFREY GETTLEMAN
Gains by Kurdish militias near the border between Turkey and Syria and incursions by foreign fighters are prompting a Turkish military buildup.

Iran Sentences Four to Death Over $2.6 Billion Bank Fraud

By CHRISTINE HAUSER
The four are among 39 convicted in what the Iranian authorities have described as the biggest financial swindle in the country's history.

Panetta Urges More Time for Iran Sanctions to Work

By ELISABETH BUMILLER
Speaking in Tunisia, the defense secretary said sanctions were increasingly successful and said they should be given more time before any Israeli military strike.
BUSINESS

Olympics Give 'Today' a Way to Reassert Its Morning Dominance

By BRIAN STELTER
The Games come amid a tough ratings challenge from "Good Morning America" and the introduction of Savannah Guthrie as a co-host.

Chrysler Reports $436 Million Profit for Second Quarter

By MARY M. CHAPMAN
The Chrysler Group, majority owned by the Italian carmaker Fiat, said revenue rose 23 percent to $16.8 billion on the strength of domestic shipments.

Jonah Lehrer Resigns From New Yorker

By JULIE BOSMAN
Mr. Lehrer resigned as a staff writer for The New Yorker on Monday after a report that he had fabricated quotes from Bob Dylan in the book "Imagine," published in March.
TECHNOLOGY
TV Sports

Olympic Viewers Have a New Reason to Complain, and the Means to Do It

By RICHARD SANDOMIR
Twitter has turned into a fiery digital soapbox against NBC, as its users have merged their resentment over tape delay with problems viewing the live streams.

The Candid Cameras of Teammates Keep Stars Humble

By GREG BISHOP
Members of the United States men's basketball team have taken to the photo-sharing service Instagram in a big, not always flattering, way.
Ramallah Journal

West Bank's Emerging Silicon Valley Evades Issues of Borders

By ISABEL KERSHNER
Many say the small but burgeoning Palestinian tech sector is on the verge of big things, aided by the lack of impediments to movement that Israel imposes in the name of security.
SPORTS
Global Soccer

Ukraine's Ruthless Finisher Takes on Politics

By ROB HUGHES
Andriy Shevchenko, a revered former soccer player, is hitting the tough-and-tumble field of Ukrainian politics.

Tottenham Coach Sells Soccer, and His Club, to a New Crowd

By TIM ROHAN
Andres Villas-Boas saw a clinic in New York as not only a teachable moment but a chance to make an impression on behalf of his Premier League club.

Budapest Race Gave Formula One an Eastern Foothold

By BRAD SPURGEON
Started in 1986, the Hungarian Grand Prix gave the elite racing series a foothold in the Soviet bloc and also was at the forefront of a trend toward races in or near large cities.
U.S. NEWS

Colorado Suspect Faces 142 Counts in Shooting Rampage

By JACK HEALY and DAN FROSCH
Prosecutors formally charged James Eagan Holmes with 142 criminal counts, including first degree murder and attempted murder, in the attack at a movie theater.

A Day Job Waiting for a Kill Shot a World Away

By ELISABETH BUMILLER
Drones are not only revolutionizing American warfare but are also changing in profound ways the lives of the people who fly them.

Insurance Rebates Seen as Selling Point for Health Law

By ABBY GOODNOUGH
Insurers who failed to spend 80 percent of premium dollars on benefits must offer rebates, about $1.1 billion this year. But not all of it will go to individuals.
OPINION
Op-Ed Columnist

Murder in a French Village

By ROGER COHEN
Bloodshed comes to rural France, and certainties collapse.
Op-Ed Columnist

Crash of the Bumblebee

By PAUL KRUGMAN
What would policy makers have to do to save the euro - and will they do it?
Op-Ed Columnist

The Entitled Generation

By BILL KELLER
Boomers have been under attack, but there are some ways to earn back a little respect.

DealBook | DealB%K Afternoon Edition: White Collar Watch: The Evolving Contours of Insider Trading



Monday, July 30, 2012
TOP STORY
White Collar Watch: The Evolving Contours of Insider Trading Peter J. Henning says that two recent cases filed by the Securities and Exchange Commission show how malleable the term "insider trading" can be.
  • DEALBOOK »
  •  
  • DEALBOOK HIGHLIGHTS
    Go Daddy Chief to Step Down, as a K.K.R. Executive Steps In When the Go Daddy Group announced on Monday that its chief executive was stepping down, the Web hosting company didn't have far to go to find an interim replacement. It plucked an executive from Kohlberg Kravis Roberts, one of its owners.
    Chicago Bridge & Iron to Buy Shaw Group for $3 Billion The Texas-based engineering company has agreed to buy a rival, the Shaw Group, in a cash-and-stock deal worth $3 billion.
    Roper Industries to Buy Sunquest Information Systems for $1.4 Billion Roper Industries, an industrial manufacturer, has agreed to purchase Sunquest Information Systems, a maker of diagnostic and laboratory software for $1.42 billion in cash.
    Britain Begins Review of Libor The British government on Monday officially announced a review into the rate-setting process at the center of the recent financial scandal.
    HSBC Sets Aside $2 Billion for Legal Woes as Profit Falls Profit at HSBC Holdings dropped nearly 9 percent in the first half of the year, as the big bank deals with the fallout from a money-laundering investigation and a settlement over selling inappropriate financial products.
    BUZZ TRACKER
    Oracle to Buy Xsigo Oracle is extending its recent embrace of the cloud, agreeing on Monday to acquire privately held Xsigo Systems, a maker of network virtualization software. The terms were not disclosed.
    LOOKING AHEAD
    Economic Reports The data released on Tuesday will include personal income and spending for June, the Standard & Poor's/Case-Shiller home price index for May and consumer confidence for July.
    Corporate Earnings Companies reporting results on Tuesday will include Eastman Chemical, Aetna, Archer Daniels Midland, Chrysler, Goodyear Tire and Rubber, Pfizer, U.S. Steel, Allstate, Electronic Arts and Take-Two Interactive Software.
    In the United States The Federal Open Market Committee, led by Ben Bernanke, below, will begin a two-day monetary policy meeting on Tuesday, with an announcement due Wednesday.
    DealBook Video
    Business Day Live: For More Pianos, Last Note Is Thud in Dump
    Business Day Live: For More Pianos, Last Note Is Thud in Dump The pressure is on for Mario Draghi to preserve the euro. | Markets look for signals of more stimulus from the Fed. | Where pianos go to die.


     

Stocks and Markets in the News | Wall Street at Close: Financial stocks dropped on Monday, as Loews Corp. reported a sharp drop in second-quarter earnings and J.P. Morgan Chase & Co.’s rating was downgraded by a broker.



NEW YORK (MarketWatch) — Financial stocks dropped on Monday, as Loews Corp. reported a sharp drop in second-quarter earnings and J.P. Morgan Chase & Co.’s rating was downgraded by a broker.
The Financial Select Sector SPDR ETF XLF, which tracks financial stocks in the S&P 500 Index SPX, fell 0.2%.
The S&P 500 slipped 0.1%, as investors looked ahead to this week’s meetings of the U.S. Federal Reserve and the European Central Bank. Read more about U.S. stocks.
In the financial sector, shares of Loews L dropped 5.2%. The company said Monday its second-quarter net profit declined to $56 million from $250 million in the same period a year ago, as it was hit with impairment charges at HighMount Exploration & Production LLC, a wholly owned unit.
Loews is a holding company; it owns 90% of CNA Financial Corp. CNA as well as other assets, including 50.4% of Diamond Offshore Drilling Inc. DO.
Shares of insurer CNA fell 3.6%.
James Tisch, chief executive of Loews, said in a conference call with analysts on Monday that he’s “very concerned” about the global economy. Read more on Loews.
“I find it actually quite extraordinary that we find ourselves with attractive investment opportunities at the subsidiary level in view of just how poorly I think the U.S. economy and the global economy is doing,” he said.

Money Show Investors Daily Alert: 3 Winners if Europe Recovers

Investors Daily Alert


The Daily Guru

Jim Jubak on MoneyShow.com

Today's Top Pros' Top Picks
A Top Total Return ETF, Timothy Strauts

Today's Gurus' Views & Strategies

Today's Charts in Play

MoneyShow.com Exclusive Interviews
Growth or Value Stocks?, Mark Hulbert
Is Market Timing Dead?, Jack Schannep

SavageMoney Blog
It's Time to Buy or Refi, Terry Savage

Portfolio Strategies

Ideas from Around the World

Today's Featured Videos & Exclusive Interviews

Money Show Traders Daily Alert: Trading on USDA Crop Reports

Traders Daily Alert


Tips for Traders

Options Idea

Charts in Play

Currency Corner

Trading Idea of the Day

Today's Featured Videos & Exclusive Interviews

ADVFN III World Daily Markets Bulletin


ADVFN III World Daily Markets Bulletin
Daily world financial news
Monday, 30 July 2012

US Market Reports 

Stocks Poised For Early Profit Taking
Wall Street looks poised for a decline in early trading on Monday. With little major news to drive markets, traders are ready to book some profits after notable gains posted at the end of last week.
Stocks moved sharply higher on Friday, adding to the strong gains posted in the previous session. The markets benefited from some relatively upbeat U.S. economic data as well as the latest news out of Europe. The Dow rose 188 points. The Nasdaq climbed 65 points. The S&P 500 advanced 26 points.
Europe remains a key focus on Wall Street.
German Chancellor Angela Merkel and Italian Prime Minister Mario Monti have again vowed to defend the euro. The two leaders made the pledge during a phone conversation on Sunday. They also stated that the decisions made at the EU summit last month must be implemented as quickly as possible.
While the bulk of earnings season is over, some noteworthy reports are still coming out.
Arch Coal Inc. (ACI) said Friday it slipped to a loss for the second quarter. The miner incurred mine closure and impairment charges amid persisting weakness in U.S. coal demand. Nonetheless, the company's results were better than Wall Street analysts had predicted.
Meanwhile, Air France-KLM reported a loss for the second quarter that widened from last year. The European air carrier was hurt by restructuring and accounting charges.
In other news, CB&I (CBI) has reached a definitive merger deal to acquire Shaw Group for around $3 billion. The company will pay $46 per share in a cash and stock transaction.
There are no major U.S. economic reports due out today, though a lot of important information is set to be released later in the week. This includes the Fed's monetary policy decision and the latest jobs data.
Looking overseas, Spain continues in a recession. New numbers released by the government showed a 0.4 percent contraction during the second quarter. This follows a 0.3 percent drop in economic activity for both the first quarter of this year and the final quarter of last year.
Home prices in the U.K. declined in July, according to new data released by research firm Hometrack. The figure slipped 0.1 percent compared to the previous month. This was the first decline so far this year.
In other news, "The Dark Knight Rises" remained the number-one movie at the box office over the weekend. The latest film in the Batman franchise drew another $64.1 million, taking its total gross to just over $289 million. The new release "The Watch" brought in just $13 million.
European stocks are showing gains in early trading. Germany is up 0.6 percent. The U.K. is higher by 0.5 percent. France is lagging a bit with a gain of 0.3 percent.


Canadian Market Report
To view the charts please add newsdesk@advfn.com to your contact list
CADUSDOilGoldAllbanc
Enable images to view CADUSD chart Enable images to view Gold chart
Please click on the images to view our interactive charts
TSX Edges Down On Euro Zone Anxiety - Canadian Commentary
Snapping their three-session winning streak, Canadian stocks were lingering in the red Monday morning amid expectations for further monetary easing measures by policymakers on both sides of the Atlantic. Traders hopes for additional stimulus measures increased after assurances from German Chancellor Angela Merkel and French President Francois Hollande to extend support to the euro at any cost, which came in close on the heels of a similar pledge from European Central Bank President Mario Draghi
The S&P/TSX Composite Index shed 30.61 points or 0.26 percent to 11,735.75, after adding 300 points or nearly 3 percent in the past three straight sessions.
The price of Crude oil was ticking lower Monday morning even as traders speculate further monetary easing measures by policymakers to boost the ailing euro zone and US economy. Crude for September delivery eased $0.15 to $89.98 a barrel.
In the oil patch, Niko Resources rose nearly 6 percent and Ecopetrol S.A. added over 3 percent. Bonterra Energy , Trilogy Energy and MEG Energy gathered around 2 percent each.
Meanwhile, Crude petroleum and natural gas company Canadian Oil Sands Ltd. slipped 1 percent after reporting a sharply lower second quarter net income of $101 million or $0.21 per share compared to $346 million or $0.71 per share last year.
Suncor Energy and Cenovus Energy were down close to 2 percent each.
Oil and gas company Tethys Petroleum Ltd. (TPL.TO) lost 2 percent after announcing the appointment of Julian Hammond to Chief Executive Officer and President with immediate effect.
Fertilizer makers Potash Corp. (POT.TO) and Agrium Inc. (AGU.TO) were down over 1 percent each.
The price of gold was steady even as the euro eased on profit taking after recent smart gains. Traders await cues from this week's economic data and the outcome of FOMC meeting. gold for December delivery, the most actively traded contract edged up $0.40 to $1,623.10 an ounce.
Among gold plays, Detour Gold and Agnico-Eagle Mines gathered over 3 percent each, while Royal gold and Barrick gold were adding about 2 percent each.
Metals miner U.S. Silver Corp. (USA.TO) rose over 1 percent after recommending its shareholders to reject the unsolicited cash offer from Hecla Mining Co. to acquire all of the outstanding common shares of U.S. Silver for C$1.80 per share.
In economic news, euro zone economic sentiment deteriorated in July due to lower confidence in all sectors, survey data from the European Commission showed. The economic sentiment index came in at 87.9, down from 89.9 a month ago. The reading was also below expectations of 88.9.
Elsewhere, the Spanish economy contracted 0.4 percent quarter-on-quarter in the second quarter, in line with Bank of Spain estimates, the latest figures from the statistical office INE showed Separately, the statistical office said Spain's harmonized inflation rose to 2.2 percent in July from 1.8 percent in June.

European Market Report
To view the charts please add newsdesk@advfn.com to your contact list
FTSE 100EuronextDax perfCAC 40
Enable images to view FTSE 100 chart Enable images to view Euronext chart Enable images to view Dax perf chart Enable images to view CAC 40 chart
Please click on the images to view our interactive charts
European Markets Rise On Hope, Earnings
The European markets are in positive territory in afternoon trading Monday, as hopes remained that policy makers will act decisively to resolve the region's debt crisis. European Central Bank President Mario Draghi said last week that the ECB is ready to do whatever it takes to preserve the euro. Sentiment was also influenced by corporate earnings news.
Italy's borrowing costs for ten-year funds fell below 6 percent at a debt auction as investors look forward to some crucial moves from the European Central Bank, which holds its rate-setting session later in the week. The Italian Treasury sold a total 5.48 billion euros bonds maturing in 2015, 2017 and 2022, against a maximum target of 5.5 billion euros.
Meanwhile, Spanish economic output sank further in the second quarter, deepening the recession in the euro area's fourth largest economy. The gross domestic product fell 0.4 percent in the second quarter of 2012 after a 0.3 percent decline each in the first quarter of 2012 and in the fourth quarter of 2011.
German Chancellor Angela Merkel and Italian Prime Minister Mario Monti have vowed to defend the euro amid escalating tensions in Eurozone, close on the heels of a similar agreement between Merkel and French President Francois Hollande.
During a telephone conversation on Sunday, Merkel and Monti agreed that both the countries "will do everything possible to protect the euro area," reports said.
The euro Stoxx 50 index of eurozone bluechip stocks is adding 1.00 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is rising 0.91 percent.
The German DAX is adding 0.76 percent and the French CAC 40 is gaining 0.58 percent. The UK's FTSE 100 is rising 0.58 percent and Switzerland's SMI is rising 0.40 percent.
In Frankfurt, Lufthansa is climbing 2.2 percent, followed by Metro, which is up 1.5 percent.
Deutsche Bank and Commerzbank are moderately higher.
Societe Generale cut Henkel to "Hold" from "Buy." The stock is falling 1.2 percent.
Infineon Technologies is falling 2.1 percent.
S&P Equity raised Rhoen-Klinikum to "Hold" from "Strong Sell." The shares are gaining 1.1 percent.
In Paris, Credit Agricole is surging 5.9 percent. BNP Paribas and Societe Generale are advancing 3.7 percent and 2.9 percent, respectively.
Steel giant ArcelorMittal is adding 3.7 percent. Carmaker Peugeot is rising 2.5 percent while Renault is moderately lower.
S&P Equity lowered its rating on Saint Gobain. Shares are moderately up.
Air France-KLM is surging over 14 percent. The company reported a sharply wider second-quarter loss, but added that it expects to benefit from the first positive effects of its cost-savings program in the second half of the year.

7/30/2012 7:35 AM ET
JC Decaux is declining over 11 percent after reporting first-half results.
Air Liquide is falling 1.4 percent. The industrial gas maker reported a 5 percent growth in profit for the first half of the year, adding that it continues to aim for growth in net profit in 2012, assuming that there is no major economic downturn.
HSBC is adding around 1 percent after reporting first-half results. Barclays is gaining 2.8 percent after Societe Generale raised its rating on the stock. Royal Bank of Scotland is advancing about 2 percent.
Evraz is surging 3.9 percent and Weir Group is adding 3.7 percent.
Ryanair is up half a percent after the low-cost airline reported over 29 percent drop in profit for the first quarter, as higher fuel costs more than offset an 11 percent rise in revenues. The company said its outlook remains cautious for the year, while remaining unchanged.
Pearson, which reported results last week, is falling 2.8 percent.
Reckitt Benckiser is falling 0.8 percent. The firm reported a marginal decline in its second-quarter revenue, but said it is confident of achieving its full-year 2012 target of 200 basis points above its market growth rate of 1 to 2 percent.
TNT Express, which reported higher profit in the second quarter, is up 0.4 percent.
In economic news, German wholesale trade turnover rebounded in June after declining for the past three months, the Federal Statistical Office said. Wholesale sales increased 4 percent year-on-year in June following a 2.8 percent fall in May.
Across Asia/Pacific, most major markets ended higher. Australia's All Ordinaries climbed 0.77 percent and Hong Kong's Hang Seng advanced 1.6 percent. Japan's Nikkei 225 gained 0.80 percent. However, China's Shanghai Composite index lost 0.9 percent amid worries of growth cooling off.
In the U.S., futures point to a lower open on Wall Street. In the previous session, markets benefited from some relatively upbeat U.S. economic data as well as news out of Europe. The Dow jumped 1.5 percent, the Nasdaq soared 2.2 percent and the S&P 500 spiked up 1.9 percent.
In the commodity space, Crude for September delivery is adding $0.08 to $90.21 per barrel and gold for August delivery is rising $0.2 to $1618.2 a troy ounce.

Asia Market Reports
Asian Stocks Rise On EU Optimism
Asian stocks rose broadly on Monday on continued hopes of US and European stimulus measures after the German and Italian leaders issued a new pledge to protect the eurozone. Speculation is also rife that the U.S. Federal Open Market Committee will consider the need for additional policy measures to shore up the global economy at a two-day meeting that concludes on August 1 after data showed U.S. GDP growth had slowed in the second-quarter.
ECB President Mario Draghi's strongly-worded pledge last week to do whatever it takes to preserve the euro bolstered hopes that the ECB, which is due to hold a policy meeting on Thursday, will step in to buy Spanish and Italian bonds to lower the countries' borrowing costs.
The central bank is also expected to give its rescue fund, the European Stability Mechanism, a banking license, in an attempt to allow greater flexibility and freedom to help ailing eurozone states. Over the weekend, Eurogroup head Jean-Claude Juncker said in an interview that the ECB will soon act to save the currency bloc.
Tokyo stocks rose for the third straight day, thanks to easing concerns about Europe. The Nikkei average rose 0.8 percent, with worse-than-expected Japanese industrial production data capping further upside. The broader Topix index gained 0.7 percent.
Japan's industrial production was down a seasonally adjusted 0.1 percent from the previous month in June, marking its third consecutive monthly decline, the Ministry of Economy, Trade and Industry said in a preliminary report. On a yearly basis, industrial production fell 2.0 percent - also missing expectations for a contraction of 0.1 percent following the 6.0 percent jump in the previous month.
Komatsu ended down 1.8 percent on a Nikkei report that its first-quarter operating profit probably declined by about 20 percent in the April-to-June quarter due to lower public works spending in China. Kansai Electric Power and Tohoku Electric Power plunged 11-12 percent on earnings concerns as thousands of activists held their latest protest around parliament, demanding that the government not restart the nuclear power plants. Fujifilm climbed 6.2 percent after announcing better-than-expected first-quarter results.
China's Shanghai Composite index bucked the regional uptrend to end 0.9 percent lower ahead of the release of PMI numbers due on Wednesday and the U.S. jobs report later this week, while Hong Kong's Seng index rose 1.06 percent.
Australian shares hit a 10-week high, but gains were limited as ratings agency Moody's said the ECB cannot resolve the eurozone crisis alone. The benchmark S&P/500 rose 0.9 percent, while the broader All Ordinaries index closed 0.8 percent higher.
Financials paced the gainers, with Commonwealth Bank rallying 1.8 percent, while Westpac, ANZ and NAB rose between 1.1 percent and 1.4 percent. Big miners BHP Billiton and Rio Tinto rose 0.7 percent and 0.6 percent, respectively, while smaller rival Fortescue fell 1.5 percent.
Shares of Northern Iron soared 10.6 percent after the iron-ore explorer received an A$525 million ($550 million) takeover bid from Swiss-based trading house Prominvest AG. Building-material firms such as Brambles and CSR added 1-2 percent after a Housing Industry Association survey showed home sales in Australia rose 2.8 percent in June from 0.7 percent in the previous month.
New Zealand shares rose for a third consecutive session, tracking strong regional cues. The benchmark NZX 50 Index rose half a percent as investors eagerly awaited what the U.S. and European central banks will say this week. Heavyweight Telecom rose 2.6 percent, while Ryman Healthcare, the nation's largest listed retirement village operator, added 1.4 percent.
Construction firm Fletcher Building added a percent after government data showed New Zealand home building consents rose for the first time in three months in June, helped by earthquake rebuilding efforts and a jump in permits for apartments including rest-home units.
Gold Miner OceanaGold rallied 3.5 percent on better-than-expected second quarter earnings. Fishing company Sanford eased 0.3 percent after it decided to vigorously defend allegations that its San Nikunau vessel operating out of American Samoa polluted the ocean near American Samoa.
South Korea's Kospi average rose 0.8 percent to a four-week high, with financials rallying after ECB signalled it would buy more government bonds. Both KB Financial and Hana Financial rose over 2 percent each, while market heavyweight Samsung Electronics soared 3.4 percent to a two-and-a-half month closing high.
Shares of mobile service provider KT Corp tumbled 3 percent after police arrested two computer programmers for hacking personal data of about 8.7 million KT subscribers.
Elsewhere, India's benchmark Sensex was last trading up 1.5 percent, Indonesia's Jakarta Composite index rose 0.4 percent, Malaysia's KLSE Composite gained half a percent, Singapore's Straits Times index added a percent and the Taiwan's Weighted average ended half a percent higher.
U.S. stocks rallied on Friday, adding to the strong gains posted in the previous session, as investors reacted positively to some relatively upbeat U.S. GDP data as well as the latest news out of Europe. The Dow rose 1.5 percent, the tech-heavy Nasdaq rallied 2.2 percent and the S&P 500 advanced 1.9 percent.
The release of a report from the Commerce Department showed that the pace of U.S. economic growth increased by 1.5 percent in the second quarter compared to an upwardly revised 2.0 increase in the first quarter. While the report points to continued economic growth, analysts noted that the slowdown still leaves the door open for further stimulus from the Federal Reserve.

Commodities
To view the charts please add newsdesk@advfn.com to your contact list
USDCADUSDEURUSDGBPUSDJPY
Enable images to view USDCAD chart Enable images to view USDEUR chart Enable images to view USDGBP chart Enable images to view USDJPY chart
Please click on the images to view our interactive charts
RBI May Be Restrained By Inflationary Pressure
India's central bank is likely to leave interest rates unchanged as inflation remains stubbornly above the comfort level. However, a reduction in cash reserve ratio is widely expected.
The Reserve Bank of India, or RBI, is seen holding the repo rate at 8.00 percent and the reverse repo at 7.00 percent. The repo rate is the rate at which the central bank lends to banks and the reverse repo rate is the rate at which the RBI borrows from banks.
The RBI is set to announce its decision at 1.30 am ET on July 31.
The central bank is expected to cut the CRR up to 50 basis point to improve liquidity in the system. The CRR is the amount of money that the banks should set aside as reserves.
The RBI has reduced the CRR in January and March this year. The rate currently stands at 4.75 percent.
Most of the central banks in Asia, namely, the Peoples Bank of China, Bank of Korea and Bangko Sentral ng Pilipinas resorted to rate reductions recently as inflation cooled in many of these countries.
Economists say another reduction in rates by India would harm the inflationary situation in the nation that is already reeling under high inflation. Weak monsoon is likely to spur inflation through high food prices.
Wholesale price inflation fell to 7.25 percent in June from 7.55 percent in May on slowing fuel costs. Still it remains at an elevated level.
Early this month, the International Monetary Fund cut its 2012 growth forecast for India to 6.1 percent from 6.8 percent. For 2013, the growth is seen at 6.5 percent.
In the latest report, the RBI today said inflation is likely to be sticky during 2012-13 despite weak growth outlook. "Persistence of inflation, even as growth is slowing, has emerged as a major challenge for monetary policy," it said.
According to RBI, output expansion in 2012-13 is likely to stay below its potential. Newer risks to growth have arisen from slowing global trade, domestic supply constraints, bottlenecks of industrial inputs particularly with regard to coal and electricity and less-than-satisfactory monsoon so far.