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U.S Market Update Dow -17 S&P -6.7 NASDAQ -3.3
- U.S. equity markets muddle in
negative territory to begin the week. UAPH +27% and COHT +50% are surging
after receiving takeover offers. ATVI has added more than 15% after it was
announced that Vivendi has taken a majority stake in the Co. at $27.50.
ERTS -1.6% THQI +2.7% TTWO +5.8% Veriphone has given back nearly 50% after
it restated 2007 financials. Treasury Sec. Paulson confirmed he expects to
release formal details of a mortgage relief plan by the end of the week.
Financials and mortgage stocks had little reaction and remain under some
pressure. XLF -1% CFC -6% FNM -6% FRE -6% MBI -6.5% U.S. Treasuries are
near session highs as the 2-year yield has plunged through 2.9% on
continued flight to safety trades. Jan crude has been lower by close to 1%
throughout the session to trade below $88. March copper has given back
nearly 3%, nearly all of Friday's gains.
- In currencies, the
credit market concerns continue to influence the currency flows. In early
Europe, press speculation noted that UK lending was practically "grinding
to a halt" citing that the volume of market loans in the banking system
plunged from Â£640B at the onset of the credit crunch in August to Â£249B by
the end of September. Also fueling concerns was speculation that RBS's
subprime related write-down (including ABN's wholesale business) could
total between GBP1.6B-GBP1.9B. LIBOR fixing rates remained at elevated
levels. French Auto makers Renault noted that it was postponing their
Samurai bond issue, citing current market conditions. Perhaps one positive
note emerge regarding fixed-income when Berkshire Hathaway was cited to
purchase $2.1B of TXU junk bonds from Goldman Sachs. Fed's Rosengren noted
that the US foreclosure crisis will get worse before it improves while the
EU's Juncker noted tht ECB faces a dilemma as inflationary expectations are
increasing while prospects that economic growth is slowing. The German Fin
Min stated that he was not concerned about inflation. He went on to say the
EUR/USD exchange rate is a risk to growth along with oil. The USD focus is
centered on the upcoming OPEC meeting in which any discussion that the Mid-
East countries would depeg from the USD. EUR/USD retested the 1.4925 lows
seen on Friday assisted by the selling of carry-related crosses weighed
down upon the European components of JPY crosses. EUR/JPY hold its hourly
congestion pint of 161.50. European Fixed income futures were in positive
territory through the trading session. Dec Gikts up 41 ticks at 109.98; Dec
Bunds up 37 at 114.75 FTSE lower by 0.6% to 6,398; CAC off 0.5% at 5643;
DAX lower by 0.2% at 7,856
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GVI Trading. Potential Price Risk Scale
Tue 19 June 2018
AA: Major, A: High, B: Medium
A 12:30 US- House Permits/Starts
Wed 20 June 2018
A 14:00 US- Existing Homes Sales
A 14:30 US- EIA Crude
Thu 21 June 2018
AA 11:00 GB- Bank of England Decision
A 12:30 US- Weekly Jobless
Fri 22 June 2018
John M. Bland, MBA
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