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Forex Blog - U.S. Market Update Dow -7
S&P +1 Nasdaq +11
- Markets opened higher this morning,
seeming to recover slightly from yesterday's late sell-off after the
Commerce Department reported April inflation was in-line with estimates.
Prices Paid data from Chicago PMI was in the higher range, yet markets
shrugged off PMI in the aggregate. Crude futures fell below $125 in early
trading, providing further good news for equities. In the late morning
crude recovered about $127.50 pushing equities lower in tandem. Tech names
helped lead markets marginally higher, as DELL+8.7% and MRVL+22.8% were
rallying after beating estimates in earnings reports and multiple broker
upgrades after the close yesterday. KNTA+61% after Blackbaud announced its
intention to acquire the software developer. SIGM-16.2% was one exception
in tech, as the company took a hit after guiding lower and getting
downgraded at a number of brokers overnight. Solar names ESLR+4.3%, FSLR+8.
7%, SPWR+8% and JASO+13% were recovering losses from yesterday after
reports that the German government would not cut solar power subsidies as
much as anticipated. Shares of UAUA and LCC reacted strongly in pre-market
trading after the New York Times reported that the merger talks between the
airlines had collapsed. UAUA climbed back into positive territory in early
trading after the company's CEO said he would not rule out a merger in the
future and noted the airline was close to a deal to bring CAL into its Star
Alliance. CIT-5% after Moody's cut the name's senior unsecured credit
rating last night; the news helped keep financials under pressure, along
with a report out of the Mortgage Insurance Companies of America noting
that mortgage defaults rose in April. Retail earnings reports were mixed:
TIF+4% after beating estimates and boosting its FY08 guidance this morning,
while JCG-20% after guiding below estimates for the coming quarter and the
- EUR/USD was holding steady near the 1.5530 level as it
consolidated recent gains from the decline in both oil and metal prices.
For the moment the dollar is decoupling from the spread between the US-
German two-year notes, which has widened -174bps area from -154bps seen on
Thursday. Weaker CAD GDP data help push USD/CAD higher towards parity
before its retraced towards the 0.9950 area. June Bunds +42 ticks at 112.02;
June Gilts +46 ticks at 106.09. Euro Stoxx 50 +1% at 3,789; FTSE 100 Index
+0.6% at 6,100; CAC 40 Index +1% at 5,027: DAX +0.9% at 7,120.
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GVI Trading. Potential Price Risk Scale
Mon 10 Sep 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan
John M. Bland, MBA
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