Forex Futures Forum Archive for 04/1/2007

UK Alex 23:44 GMT April 1, 2007 Reply   
ab// Can't I just mail it to you, I'm a bit busy atm.

hk ab 23:40 GMT April 1, 2007 Reply   
can you just tell me about the NYMEX gold? THANKS!

UK Alex 23:37 GMT April 1, 2007 Reply   
ab// I have this weeks COT Report, but it is in pdf format. Got all the PM contracts, NYMEX & CBOT.

hk ab 23:25 GMT April 1, 2007 Reply   
seems Asian gold mkt is struggling both up and down side.
Does anyone have last week COT?

THANKS!

Syd 21:40 GMT April 1, 2007 Reply   
WSJA Tokyo -- JAPANESE companies are increasingly tapping the country's stock market for capital, a development that underscores their confidence in both their business prospects and their share prices.

Last year, supermarket operator Aeon, liquid-crystal-display television giant Sharp and car maker Suzuki Motor all sold shares or convertible bonds to fund ambitious expansion plans.

So many companies sold stock or equity-linked securities in 2006 that a record $82.2 billion in equity financing was raised in Japan, according to Thomson Financial, a data tracker. That's up 28% from $64.2 billion in 2005 and more than triple the $23.5 billion raised 10 years ago.

The volume has fallen a bit from last year's pace, but strategists say that's because turbulence in global markets earlier this year forced some companies to reconsider the timing of securities sales. If the markets pick up, so will the issuance, they say.

The boom in equity financing could provide an opportunity for investors looking for strong companies with capable management teams, strategists say. They say they're impressed because much of the fund raising is to allow companies to pay for acquisitions, build plants or invest in other growth projects, which should ultimately generate profits that will propel shares higher.

The fund raising, as well as the expansion plans, also mark a shift in corporate thinking. After Japan's asset bubble burst in the early 1990s, many companies were left with lots of debt that they had little ability to pay off. So for more than a decade, companies adopted a defensive posture, hunkering down and getting back to basics. Now, they're looking for ways to grow.

"For a long time Japanese companies were very cautious. They were busy repairing their balance sheets," said Jonathan Allum, a strategist at KBC Financial Products. "Now, they clearly feel more comfortable about their prospects."

One such company is Aeon, Japan's biggest supermarket chain by revenue and a regular acquirer of other companies. It counts U.S. apparel retailer Talbots Inc. as a group company and has the Japan franchise for British fashion and furnishings chain Laura Ashley Holdings. Last year, executives at Aeon, which operates about 4,200 stores around the world, saw an opportunity to expand business by buying a chunk of a struggling competitor, Daiei. But Aeon wasn't sure how to finance the nearly $535 million deal.

Aeon, with headquarters just outside of Tokyo, decided in October to sell about 75 million new shares -- a little more than 10% of its issuance outstanding at the time -- raising $1.7 billion. Last month, it said it would buy 15% of Kobe-based Daiei and 20% of an Tokyo-based affiliate, Maruetsu.

"We wanted to buy a stake in Daiei, and we were looking for ways to open new stores in Japan and expand in China," says Kenichi Suenami, an Aeon investor relations officer.

To be sure, a boom in equity financing is sometimes associated with the top of a market. In such cases, companies often make use of their high share price to raise money. During Japan's bull market in the 1980s, some companies issued new shares and then used the money raised to trade stocks, bonds and currencies.

Historically, equity financing can cause problems for the overall market as the new stock being sold depresses prices. But that hasn't happened in Japan because companies are actively buying back their own shares, reducing the balance of stock available. A rise in private-equity deals, which involve delisting companies, also has limited the impact.

Suzuki Motor had committed to an $85 billion five-year capital-spending plan to help it expand in fast-growing markets like India. But the company, based in central Japan, had spent much of its cash to buy back a 17% stake that General Motors was selling.

So Suzuki sold convertible bonds, or bonds that can be converted into stock. Companies often like convertible bonds because they carry a lower interest rate than regular bonds.

"There isn't a feeling that equity values are over-inflated and companies are just raising cash for its own sake," says Patrick Mohr, a strategist at Nikko Citigroup. In general, the activity is "sober and directed," he says

Syd 21:06 GMT April 1, 2007 Reply   
AUD/USD - Compelling Evidence for a Top
http://www.dailyfx.com/story/charting_center/weekly_chart_analysis/AUD_USD___Compelling_Evidence_for_1175278106780.html

Syd 21:04 GMT April 1, 2007 Reply   
A$ has spiked temporarily above Tuesday's high at .8105, but the gains are seen as part of a larger topping versus the start of a major, new upleg. Note too that technical studies have not confirmed the recent strength (see hourly macd at bottom of chart below), the upside momentum has been slowing for the last week and the market is overbought after the last few weeks of sharp gains. Clearly too late/risky to be chasing the market higher as risk is rising sharply for at least a week or 2 of correcting lower and minimum 175 tick retracement. For now, just waiting for better signs of a near term top "pattern-wise" to short. Nearby support is at the multi-week bullish trendline (currently at .8050), resistance is just above the recent highs at the week long rising trendline (currently at .8140). fxa

hk ab 15:06 GMT April 1, 2007 Reply   
the XAG looks like being toyed under 13.50 for a long period.
A break or a take......

hk ab 14:59 GMT April 1, 2007 Reply   
nt, what's "1 month atr"?

hong kong 10:09 GMT April 1, 2007 Reply   
SEEK -- better focus on primary up trend, any $10 or more correction off 670 is a buy for 1 monthly atr..fwiw..

hong kong seek 05:17 GMT April 1, 2007 Reply   
NT--many c9 waiting to long gold near 650line ..do u think 660~730 this mth is preferable...