Â·In equity news overnight Hochtief reports Q1 pretax of â‚¬103.3M, above estimates
of â‚¬95.6M. Revenues were in line with expectations, while net income was
slightly ahead of expectations of â‚¬26.5 at â‚¬32M. The company reaffirmed its
2008 revenue and earnings guidance. Barclays (BCS) reported a Q1 net loss of
Â£1.0B relating to credit market turbulence, adding that writedowns include a
Â£700M gain for valuation of notes issued by the company. The company said that
exposure relating to RMBS securities were actively managed and declined over
Â·In the newspapers, the Wall Street Journal reported that Embarq (EQ) will end
its wireless resale deal with Sprint (S) in 2009. Under the agreement, Embarq
sold its branded wireless service using Sprint's network. The WSJ notes that
sales results from the partnership between the two companies were less than
expected. The Wall Street Journal was cautious on shares of Nomura (NMR)
overnight, noting that some analysts believe that the large FY loss the company
posted last month to address its exposure to risky debt does not mean it has
put the worst behind it. According to press reports efforts to sell Germany's IKB [IKB.GE] have faltered. The
article added that BayernLB and JC Flowers will not bid for IKB. Citing
sources, the Wall Street Journal wrote overnight that GE (GE) is seeking buyers
for its appliances operations, and has hired Goldman as an advisor. The article
speculates that the unit could be worth $5B-$8B.
Â·In energy news overnight UBS raised its 2008 average oil price forecast by 32%
to $115/barrel. UBS also raised its 2009 average oil price forecast by 54% to
$120/barrel. Sanford Bernstein raised its 2008 average oil price forecast by
11.1% to $100. The Saudi oil minister said overnight that oil prices are
becoming more connected with financial markets, pointing out that recent
developments in financial markets added to oil price volatility.
Â·In new supply overnight the AFT sold â‚¬4.6B in September 2010 3.75% BTANs with
an average yield of 4.11% and a bid-to-cover of 2.4x. The DMO sold Â£2.5B in
5.00% March 2018 gilts with an average yield of 4.912%, and a bid-to-cover of
2.05. The auction had a yield tail of 0.3bps. In related news, the Financial
Times commented overnight on Wednesday's sharp rise in dollar Libor due to
concerns that its calculation may be changed. The article notes that the BBA
will submit a report on May 30 and the report will be used as the basis for
discussion about whether the index needs to be changed. One possible change
would be to ask banks what rate other banks are borrowing at. Other possible reforms
could include changing the time at which the BBA calculates the dollar Libor,
to ensure that this is set when American markets are open or expanding the
number of US banks that submit quotes.
Â·In currencies, the EUR/USD continued to consolidate in the upper portion of
its May trading range. The above expectations q/q rise in both German and Euro-ZoneQ1 GDP data aided the Euro throughout the
session. Dealers noted that hourly resistance is seen at the 1.5550-level with
Euro buy stops building above that area. The Euro was tempered by softer than
expected core CPI data, which had the lowest reading in almost 18 months.
Overall the Euro was firmer against the major currencies with the EUR/GBP
re-approaching the 0.80 area for fresh 3-week highs. Commodity currencies were
stronger but off their best levels in the European session. The USD/CAD held
above parity at 1.0030, while AUD/USD consolidated in the mid 0.93 area.
Â·In central bank speak overnight the Fed's Yelle said that the Fed funds rate
has come down far enough. The Spanish finance minister said overnight that
Euro-Zone inflation will probably peak if oil comes down, adding that the
strong Q1 GDP in Germany may offset weakness elsewhere.
Furthermore Solbes said that economic risks have materialized in Spain, adding that growth is seen below
potential in the coming quarters. The EU's Almunia said overnight that
harmonized inflation of 3.3% is higher than desired. Almunia added that if
there are no more shocks HICP will drop towards 2%. Almunia also noted that
Euro area potential growth is too low, bus said that it is not the Euro's
fault. UK Prime Minister Brown said overnight that he hopes that the BoE will
be able to cut interest rates. The ECB echoed Trichet's May 8th post-rate
decision comments in its May monthly inflation report noting that members see
upside price risks, and adding that Euro-Zone fundamentals remain sound. The
ECB also updated its staff projections, cutting its 2008 GDP forecast to 1.6% from 1.8%, and
its 2009 GDP forecast to 1.6% from 2.0%. The ECB also raised its 2008 CPI
forecast to 3.0% from 2.5%, and its 2009 forecast to 2.2% from 2.0%.
Â·On the data front, the q/q reading on preliminary Q1 GDP in Germany was much higher than expected, reaching
its highest level since Q2 of 1996 at 1.5%. GDP was bolstered by both domestic
demand, and export demand, as well as higher consumption and an increase in
gross capital investment. Final readings on April CPI figures were less
exciting as results were in line with the preliminary reports. In the Euro-Zone
advanced Q1 GDP beat out expectations for the m/m and y/y readings. Headline
CPI readings for April were in line with expectations, however focus fell upon
the core reading, which was below estimates of 2.0%. Core CPI declined to 1.6% in
April, its lowest level since January of 2007.
Â·Looking ahead, economic data kicks off with the weekly jobless claims and
continuing claims at , which will be accompanied by May empire
manufacturing data. Shortly thereafter, at , March Net TIC flows data will be
released, followed at 9:15et by April industrial production and capacity
utilization. At the Philadelphia Fed index will be released, followed by the May
NAHB housing market index at . In Fed speak the Fed's Bernanke is due
to speak about banking risk management in Chicago at 9:30 et, while the Fed's
Mishkin is due to speak about asset price bubbles in Philadelphia at 19:00 et.
On the earnings front notables expected in the pre-market today include
Blockbuster (BBI), Blackstone Group (BX), and JC Penny (JCP).
Legal disclaimer and risk disclosure
All information provided by Trade The News (a
product of Trade The News, Inc. "referred to as TTN hereafter") is
for informational purposes only. Information provided is not meant as investment
advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed
reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete
2. Information can be mistakenly re-released or be
delayed, 3. Information may be incorrect, misread,
misinterpreted or misunderstood 4. Human error is a business risk you are
willing to assume 5. Technology can crash or be interrupted without notice 6.
Trading decisions are the responsibility of traders, not those providing
additional information. Trade The News is not liable
(financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities
involves a high degree of risk, and financial losses can and do occur on a
regular basis and are part of the risk of trading and investing.
Forex Trading News
Daily Forex Market News Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Forex News Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Elevate Your Trading With The Amazing Trader!
The Amazing Trader includes:
Actionable trading levels delivered to YOUR charts in real-time.
Mon 18 Dec
10:00 EZ- final HICP Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes Mon 25 Dec
00:00 Christmas Holidays
looking for your first broker or do you need of a new one? There are
more critical things to consider than you might have thought.
We were trading long before there were online brokers. Global-View
has been directly involved with the industry since its infancy. We've
seen everything and are up-to-data with recent regulatory changes.
The Global-View Forex Forum is the hub for currency trading on the web. Founded in 1996, it was the original forex forum and is still the place where forex traders around the globe come 24/7 looking for currency trading ideas, breaking forex news, fx trading rumors, fx flows and more. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading.
The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to discuss forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. it is like a virtual forex trading room. This is open to forex traders of all levels of experience to view but only experienced currency tradingprofessionals can post.
Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e.g. moving averages for currencies such as the EURUSD. This is another forex trading tool provided by Global-View.com.
The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, 1999 can be downloaded to an Excel spreadsheet.
Forex chart points are in a currency trading table that includes; latest fx tradinghigh-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx trading tools is updated.
Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where markets are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated.
Global-View.com also offers a forex blog, where articles of interest for currency trading are posted throughout the day. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View.com. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forum, there are also Member Forums available for more in depth forex trading discussions.
WARNING: FOREIGN EXCHANGE TRADING AND INVESTMENT IN DERIVATIVES
CAN BE VERY SPECULATIVE AND MAY RESULT IN LOSSES AS WELL AS PROFITS. FOREIGN
EXCHANGE AND DERIVATIVES TRADING IS NOT SUITABLE FOR MANY MEMBERS OF THE
PUBLIC AND ONLY RISK CAPITAL SHOULD BE APPLIED. THE WEBSITE DOES NOT TAKE
INTO ACCOUNT SPECIAL INVESTMENT GOALS, THE FINANCIAL SITUATION OR SPECIFIC
REQUIREMENTS OF INDIVIDUAL USERS. YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL
SITUATION AND CONSULT YOUR FINANCIAL ADVISORS AS TO THE SUITABILITY TO YOUR
SITUATION PRIOR TO MAKING ANY INVESTMENT OR ENTERING INTO ANY TRANSACTIONS.