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U.S. Market Update Dow +92 S&P +10 NASDAQ +15
- U.S. Indices climb higher ahead of tomorrow's Fed decision. Oct pending home sales beat expectations and September was revised upwards bringing buyers into the homebuilding stocks. XHB +4.25% Financial stocks are performing well as a plethora of news is affecting the sector. MBIA is trading up more than 20% after the Co. announced a $1B investment from Warbus Pincus, bringing some relief to the beaten down group. ABK +18% MTG +15% PMI +20% RDN +15% UBS announced another $10B in write-offs overnight, but in a sign investors hope the worst may be behind the Co., shares are trading up more than 2%. JPM +3.5% is adding to the gains in financials after an investment banking CEO said they held cooperation talks with the Investment Corp of Dubai. There was also more than $6B in deals announced over the weekend. MOGN +20% PLTE +5. 5% ARXT +35%. Treasury prices are under some pressure as a greater appetite for risk seems to be emerging. The Long Bond is down more than a point while its yield has moved back towards 4.65%. Jan crude +0.6% has been higher throughout the session but is coming off its best level. Feb gold surged following the open of floor trading to as high as $818. The contract trade is up close to 2% currently, helped by the better oil prices and a softer Dollar.
- The USD started the week on a soft tone as European central bankers continued their hawkish tone in regards to inflation. ECB Stark's reiterated that the central bank will act in a timely manner to curb inflationary expectations. ECB's Liikanen noted that he sees inflation at elevated levels into 2009, and that the central bank will act to counter 2nd round inflation. These comments are in contrast to the recent ECB staff projections on long term inflation released at last week's ECB policy meeting. EUR/USD broke above the 1.4700 level aided by some technical momentum. March Bunds were off 60 ticks to 113.50 area following the continued hawkish inflation banter. Yield curves were broadly steeply as short term yields dropped and the long end yields rose. UK PPI data confirmed the BOE statement from the its recent policy meeting in which the central issued caution on the short term inflation front, despite lowering its interest rates by 25bp. Cable surged over 130 pips to 2.0460 area. JPY is softer as global equity markets appreciate the spat of capital infusions into the financial names. FSE up 0.4% to 6580, CAC up 0. 8% to 5763, DAX firmer by 0.6% to 8040.
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Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
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