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Trade the News - U.S. Market Update
-83 S&P -13.5 NASDAQ -26
- U.S. equity markets are moderately
lower after overseas bourses slipped led by Asian markets. LEH is down 4%
after kicking off Q4 earnings reports for the major U.S. investment banks.
XLF -2.5% Other names moving lower post earnings reports include: CIEN -9.
6% COST -4.7% JOSB -2% Treasury futures are lower again despite the
continued pressure in equities. A much stronger than expected headline PPI
reading has buoyed yields. The benchmark yield is holding at 4.10%. Front
month crude is giving back 1.5% after yesterday's surge and copper is down
another 2.5% at $2.96.
- The USD firmed against the 4 majors in
today's session following better than expected retail sales and higher PPI
Data. Dealers are noting that the data helps to negate the recent concerns
that the US would enter into a recession or that the FED has room to
maneuver rates on the downside. The EUR/USD tested its Post Aug Subprime
low of 1.4590 area and dealers note that sustained break of the level could
provide momentum to test its pivotal daily support of 1.4520. The USD's
firm tone was aided by tepid inflationary comments from German Wiseman
Bofinger, who saw 2008 inflation outlook around 2.0%. This comment
countered recent ECB hawkish tone on medium term inflation. The German IFW
Think Tank noted that it expects the ECB to hold rates at 4.00% until the
end of 2009. Carry-related currency pairs did continue to move in relation
to equity markets flows. However, in a switch from the recent trend, carry-
related currency pairs were propelled lower by the European components
rather than the JPY.
With the firm USD, gold prices fell over $17 in
the cash market to $795. Commodity currencies were softer. USD/CAD tested 1.
02, AUD/USD off 100 pips at 0.8750. March Bunds retracing from its recent
sell-off as it was 13 ticks to 11.24. March Gilts _+28 ticks at 108.27
FTSE -2.5% at 6391, CAC -2.4% at 5600, DAX -1.75% at
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