¬∑In equity news overnight Ipsen [IPN.FR] announced overnight a deal to Acquire
Tercica (TRCA) for $9.00/share in cash. The offer, which has a total value of
$663M, represents a 104% premium to yesterday's closing price. France Telecom
[FTE.FR] confirmed overnight that it is in ‚Äúfriendly talks‚ÄĚ with Teliasonera
[TLSN.SW]. The company said that it was discussing an offer of SEK56.23/share
composed of 52% cash and 48% stock for the company. The total value of the
offer is around SEK252.5B. The Chairman of Teliasonera later said over the bid
that it undervalues the company, noting that the board had unanimously rejected
the bid. Costco (COST) reported total company SSS +9.0% for the month of May,
above the 6.9% consensus forecast. Excluding gas May SSS were +5.0%.
¬∑In the newspapers overnight the Financial Times wrote that the EU Commission
has raised concerns about the restructuring package for Northern Rock [NRK.UK]
Bond Buyer reported that UBS [UBSN.SZ] may close its US muni-bond unit Globe
& Mail wrote overnight that the government of Ottawa has offered GM (GM)
financial assistance to help raise output at the automaker's Oshawa plant. Canada's Finance Minister reportedly offered GM
a portion of Canada's $250M Automotive Innovation Fund to
give the automaker the incentive to produce a 3rd car at the Oshawa plant. The Wall Street Journal wrote in
its Heard on the Street section that RBS' $23.58B rights offering is expected
to be successful. The article notes that investors have been buying RBS' stock
in the past few days.
¬∑In energy news overnight Mexico's President noted that the declining
production at Pemex is concerning. The company's production fell by 200K
barrels in the first quarter. Later the CEO of Pemex reported that the
company's exports of oil will average 1.4M-1.45M bpd in 2008. OPEC's Khelil
said overnight that OPEC has 2M-3M barrels of spare capacity. Khelil said that
oil prices are likely to stay around $120/barrel, and will not fall below
$100/barrel, adding that the IEA's 2008 world oil demand forecast is
¬∑In new supply overnight France sold ‚ā¨3. 165B in 4.00% April 2018 OATs
with an average yield of 4.95% and a bid-to- cover of 2.3x, as well as ‚ā¨1.255
in 4.00% October 2038 OATs with an average yield of 4.61% and a bid-to-cover of
2.8x. In fixed income related news the Financial Times wrote overnight that,
according to S&P, the risk of default on European buyout-related debt is
rising because this debt was underwritten with loose underwriting standards.
The Wall Street Journal commented on the Samurai bond market in a piece written
overnight noting that the Samurai issuance is hitting record levels as various types of
investors have been seeking new ways to raise capital. In Q1, 19 companies
raised about $5B from Samurais and this was a 4.5 times increase on a y/y basis. The
Financial Times reported overnight that expectations for future increases in
inflation rose in bond markets to the highest level in 11 years, pointing out
that prices for inflation linked gilts rose sharply on Wednesday.
¬∑According to reports overnight the Chinese Banking regulator told Chinese
banks to stop offering FX margin trading services to clients. Bankers later
said the action was the result of risk concerns. The USD continued to maintain
a firm tone against the majors ahead of the European Central Bank policy
decisions today. The USD was again aided by lower commodity prices. The EUR/USD
probed as low as 1.5380 in Asia
before chatter of sovereign bids took the pair back to the 1.5430-area. The
USD/JPY hit fresh 3 month highs of 106.18. GBP/USD broke below the 1.95- level
as rumor circulated that a UK clear may need to tap the central banks
for emergency lending. Key 2008 support is seen at the 1.9360 approach. The
carry-related pairs were firmer as dealers took comfort in positive tier1
comments about US brokerage firm Lehman Brothers. Comments
from bond specialist Loomis Sayles that has purchased LEH debt in last several
days are also being weighed as a positive.
¬∑On the speakers front overnight the Fed's Lockhart said that he is confident
that financial reforms will occur in the US. Lockhart did not comment on monetary
policy. Germany's IFW Kiel Institute raised its 2008 GDP
forecast from 1.9% to 2.1%, and cut its 2009 forecast to 1.0% from 1.2%. The
institute also said that they are not ruling out an ECB rate hike in 2008, as
inflation may push the ECB to raise rates.
¬∑Looking ahead, on the data front initial jobless claims and continuing claims
are due out at this morning, and will be followed by Q1 mortgage delinquencies
at . In central bank speak the Fed's Kohn is due to testify on the
banking industry at the senate committee at , while the Fed's Plosser is due to speak
about financial stability in NY. On the earnings front US notables Del Monte Foods (DEL), Dr.
Pepper Snapple Group (DPS), Jackson Hewitt Tax Service (JTX), and Smithfield
Foods (SFD) are all expected to report earnings during the US pre-market today.
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Mon 19 Feb 2018
00:00 CN, US- Holiday Tue 20 Feb 2018
00:00 CN- Holiday A 10:00 US- ZEW Survey Wed 21 Feb 2018
00:00 CN- Holiday A All Day flash PMIs A 15:00 US- Existing Homes Sales A 15:30 US- EIA Crude AA 19:00 US- Fed Meeting Minutes Thu 22 Feb 2018 A 09:00 DE- IFO Survey A 09:30 GB- GDP AA 13:30 CA- Retail Sales A 13:30 US- Weekly Jobless Fri 23 Feb 2018 A 10:00 EZ- Final HICP AA 13:30 CA- CPI
John M. Bland, MBA co-founding Partner, Global-View.com
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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.
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