¬∑In sector rotation overnight Citigroup raised both the European insurance
sector and the European oil & gas sector to overweight. Citigroup also cut
the European personal and household goods sector to neutral, and cut the
European construction sector to underweight. Elsewhere Morgan Stanley raised
the European food producers to in-line. Finally, Lehman cut its price targets
for Spanish banks by an average of 6% citing recession risk. Citigroup
announced overnight that it will sell its German Retail Banking Operation to
Credit Mutuel for ‚ā¨4.9B in cash. The transaction is expected to result in an
estimated after-tax gain of $4B to Citi upon closing. After giving effect to
the proposed sale, Citi's Tier 1 capital ratio would have increased by
approximately 60bps Shinsei Bank confirms that it will purchase of GE's (GE)
Japanese Consumer finance unit for ¬•580B. Air Berlin [AB1.GE] and Thomas Cook [TCG.UK] agreed
to terminate deal for Air Berlin to acquire Cook's Condor due to higher
fuel costs. Thomas Cooke will continue negotiations with Air Berlin and plans to discuss alternative
¬∑In the newspapers, according to the Financial Times Citigroup (C) is close to
selling its German retail banking unit to Credit Mutual. The deal could be
worth ‚ā¨3B-‚ā¨5B. The Financial Times wrote overnight that the Federal Banking
Commission of Switzerland plans to raise the capital requirements for UBS
[UBSN.SZ] and Credit Suisse [CSGN.SZ]. Recall that there has been some
speculation about this over the past few weeks. The New York Times reported overnight
that that Anheuser-Busch (BUD) is actively seeking to enter into a friendly
deal with InBev [INB.BE]. InBev may be willing to raise its bid to as high as
$70/share v $65 prior, according to sources. According to La Tribune Dassault
Aviations [AM.FR] seeks to acquire Alcatel's [ALU.FR] stake in Thales [HO.FR].
¬∑In energy news, the Financial Times noted overnight that the US owners of
London's oil futures exchange believe that attempts by US regulators to close a
regulatory gap in the oversight of the UK's main energy futures market is
unlikely to impact oil prices. According to Iraqi news network Nahrainnet,
Israeli fighter jets may be using Iraq's airspace and US bases to prepare for
an attack on Iranian nuclear plants. The report cites anonymous sources in Iraq's Defense Ministry as saying that
Israeli jets have used air space in Jordan to land at US airbases in Iraq for the past month.
¬∑On the fixed income front the Telegraph reported overnight that some senior UK bankers are expected to lobby the BoE to
widen the terms of the special funding scheme. The bankers believe that the
facility has not done enough to restore confidence among banks. The facility
currently accepts triple-A rated securitized bonds backed by mortgages and
credit card debt. According to the Financial Times the House Builders
Association sees 12,000 or more job cuts by UK home builders over the next few months.
The Wall Street Journal wrote overnight that a trade group for European
money-market traders wants the BBA to increase the number of EU banks included
in the panel that submits quotes for dollar-Libor borrowing rates.
¬∑In the currencies press reports were getting the attention overnight.The USD
was off its recent lows after press reports surfaced that the Bush administration
was looking at a potential government takeover of Fannie Mae or Freddie Mac.
The EUR/USD was trading around 1.5785 and the USD/JPY around 107.15. Oil is
firmer as Iraqi news network Nahrainnet stated that, Israeli fighter jets may
be using Iraq's airspace and US bases to prepare for
an attack on Iranian nuclear plants. NYMEX Aug crude contract moved back above
the $144 handle. The soft tone in CHF has been attributed to reports that the
Federal Banking Commission of Switzerland plans to raise the capital
requirements for Swiss banks.
¬∑*** NOTES ***
¬∑All was quiet overnight due to a lack of central bank/European official
speakers, as well as a lack of exciting data. The European indices were firmer
at the open, buoyed by reports that the US government was studying the potential
takeover of Fannie Mae or Freddie Mac, but later declined on the back of a
sharp rise in oil prices following further developments/speculation on the
geopolitical situation between Iran and Israel. There have been some discussions
amongst the dealing desks overnight over whether or not a government takeover
of Fannie or Freddie would lead S&P to downgrade the rating on US sovereign debt. If a downgrade were to
occur foreign investors limited to making investments in triple A rated debt
would have to seek alternative investment plans, leading investors away from
the Dollar. At the same time dealers are questioning where exactly investors
would place their money considering that no one really has the capacity to
absorb the amount of investment that the US has. Although only time can tell it is
well worth thinking about.
¬∑Looking ahead, Canadian unemployment data is due out at this morning. Analysts are looking for
an unemployment rate of 6.1%, and a net change in employment of +8.0K. In the
states the trade balance, import price index, University of Michigan confidence, and monthly budget statement
are all scheduled throughout the day. On the earnings front Dow component
General Electric (GE) (2.0% of the Dow) is due to report ahead of the open;
consensus estimates are for earnings of $0.54 on revenue of $45. 31B.
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
Potential Trading Opportunities
POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
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.