- Novartis [NOVN.SZ] Awarded FDA priority review for kidney cancer drug RAD001
|| Hermes [RMS.FR] Seeks to open 3 to 4 new stores in China annually during the
next three years - Exec || Tullow Oil [TLW.UK] Announced oil discovery at
Kigogole-1 exploration well in the Butiaba region of Block 2, Uganda ||
Vendanta resources [VED.UK] Confirmed press speculation that it would simplify
group structure into three commodity focused group; Company also announced that
it would invest $9.8B to boost fully integrated aluminum smelting capacity to
approx 2.6 mtpa by 2016 || Qinetiq [QQ.UK] UK govt will sell 18.9% stake in
company || Origin Energy [ORG.AU] BG Group [BG.UK] stated it would not extend its takeover bid
for Origin Energy nor raise the offer price || Oxford Biomedical [OXB.UK]
Announced promising interim results from the Phase I/II trial of its novel gene
therapy, ProSavin, for the treatment of Parkinson's disease. || Conergy
[CGY.GE] solds its Wind unit to Warburg Pincus, noting Sale would result in a one time gain of
approximately â‚¬35M from discontinued operations. || Siemens [SIE.GE] awarded
contract to supply 500 wind turbines for E.On. Turbines to be installed in
2010-2011 will have an output of 1,150 MW. || Bayer [BAY. GE] Session strength
attributed to chatter of a possible takeover bid with Pfizer mentioned as a
- In speakers : EU's Almunia reiterated that signs of second round effects of
inflation are surfacing, but added that perhaps inflation peaked at 3.8% in
August. He Added that the recent inflation spike has lowered GDP outlook.
Almunia noted that calls for wage-inflation linked deals to end. Almunia noted
that ECB was doing a good job despite difficult conditions, but saw little
signs of improvement in financial market turmoil.
- IMF's Lipsky stated in a German speech that the Global economic slowdown
would likely deepen in H2 of the year, which could help to contain inflation.
He noted that the situation is the most difficult in years. Given the current
environment, the FED, ECB and BOJ can afford to hold interest rates steady.
Interms of growth, consumption in the US faced strong headwinds and strong but
slowing economic momentum in the emerging market economies.
- India Chief Gov Statistician stated that it
saw double digit inflation by the end of 2008 but added that it expected
inflation to decline during 2009.
- Spanish Finance Minister commented that the Spanish economy could worsen
further in coming quarters and the risk of recession remains. However he saw
potential that the economy could bottom out in 2009 and back head back towards
its potential growth in 2010. He noted that inflation continues to remain at
high levels but would likely decline in 2009
- (TH) Thailand court rules PM Samak violated the constitution and must resign
- Energy: Saudi Arabia Oil Min Naimi noted that his country has been working
hard since June to raise its production output to help bring prices to current
levels. Saudi reiterated that the market remains adequately well balanced. OPEC
President Khelil stated that there was no need for production cuts at this time
and noted that prices would continue to decline even if OPEC cut supply. The
Iranian OPEC Gov says some OPEC Members see the need for quota adherence. A Libya says general mood in OPEC focuses
towards enforcing compliance, not a cut in output ceiling. Libya stated that the world could cope with
oil at $100 per barrel. The NationalHurricaneCenter noted that Hurricane Ike was weakening
and currently a category 1 storm. Ike was Expected to be in the South-Eastern
Gulf of Mexico on Wednesday.
- In fixed-income: (BE) Belgium Debt Chief stated that the remaining 2008
financial needs seen around â‚¬3.4B || German set a 4% coupon on new 2-year issue
to be sold on Wed and sought ; seeks bids on â‚¬8.0B || (UK) Jul Mortgage lending
dropped 54% y/y according to the Commission Mortgage Lenders || (NE) the Dutch
sold â‚¬2.1B in 4% 2018 bonds; with an avg yield 4.313%; (UK) BoE stated that UK
Mortgage interest rates fell during the month of August. || ECB alloted â‚¬176.B
in 7-Day Main Refi Operations v â‚¬156.5B benchmark; marginal rate at 4.39%
- In currencies, the USD saw its earlier gains achieved in Asia erode throughout the European morning.
Chatter of Asian central banks returning to divest some USD holdings and
European M&A rumors prompted the greenback to encounter a bit of
profit-taking. Firmer equity market helped the carry- related pairs move off
their Asian session lows.
Â·*** NOTES ***
- European equities continued their post GSE bailout rally aided by lower oil
prices following remarks from a Saudi official ahead of the opening September
OPEC policy meeting. The OPEC President Khelil also stressed that there was no
need for production cuts and that prices will continue to decline even if OPEC
cut supply. The economic releases continued to suggest the clouds on the
economic horizon as UK production data was below expectations
and comments from the IMF, EU's Alumia and the Spanish finance minister Solbes
throughout the morning. The financial market turmoil remains on the front
burner evident by recent high profile analyst comments which ebbed away at EPS
estimates as highlighted by Oppenheimer's Whitney and Ladenburg's Bove. Lastly,
potential EUR 60B M&A chatter of Germany's BAY.GE from a potential US
acquirer was an excuse for the EUR/USD to move off fresh 11 month lows
Looking ahead for the NY session
8:15 (CA) Aug Housing Starts: K v 191.0Ke
10:00 (US) Jul Wholesale Inventories: % v 0.7%e
10:00 (US) Jul M/M: % v -1. 5%ePending Home sales
(US) Sept IBD/TIPP Economic Optimisim: v 44.0e
(MX) Aug Consumer Prices M/M: % v 0.56%e; Y/Y: % v 5. 55%e; CPI Core M/M: % v
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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
John M. Bland, MBA co-founding Partner, Global-View.com
Max McKegg’s Daily Forex Trading Forecasts
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. If you are looking for a quality Forex TRADING Service, see details below.
looking for your first broker or do you need of a new one? There are
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We were trading long before there were online brokers. Global-View
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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.
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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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