User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Friday October 17, 2008 - 10:15:35 GMT
Trade the News Staff -

Share This Story:
| | Email

Forex Blog - European Market Update: ITraxx Crossover hits fresh all-time highs above 760bps; Risk aversion keeping equities subdued

Today 05:52am
European Market Update: ITraxx Crossover hits fresh all-time highs above 760bps; Risk aversion keeping equities subdued


- (JN) Japan Nationwide Dept. Sales Y/Y: -4.7% v -3.1% prior; Tokyo Dept Store Sales Y/Y: -4.6% v -4.1% prior

- (IT) Italian Aug Industrial Orders M/M: -0.3% v -1.7%e; Y/Y: -5.2% v-2.3%e

- (IT) Italian Aug Industrial Sales M/M: -3.0% v1.7%e; Y/Y -11.0% v 4.7% prior

- (NO ) Norway Q3 Existing Homes: -4.5% v 1.1% prior

- (EU ) Aug Euro-Zone Trade Balance: -€9.3B v -€5.5Be; Trade Balance SA: -€6.1B v -€5.4Be

- (EU) Aug Construction Output M/M: 0.1% v 0.1% prior; Y/Y: -2.5% v -3.3% prior



- In equities: Sony Ericsson reported its Q3 results with the net loss of €25M which was better than estimates of a loss of €141M. The revenue came in at €2.81B compared to year ago level of €3.11B. Its market share remained flat at 8%. Its gross margin came in at 22% v 31% y/y and its operating Margin was-1% v 13% y/y. The venture shipped 25.7M units in Q3 v 25.9M units last year. Its average selling price (ASP) was €109 compared to €120 y/y. It added that it saw 2008 Global Handset ASP declining and it it experienced a "challenging" Q3 || ING Weakness in shares being attributed to chatter of a possible government injection of funds needed || Safran [SAF.FR] Reported 9 month Revenues of €7.44B, up 14% from year ago levels. The company maintained its 2008 targets of €10B in revenues (ex mobile phones) and €750 in net profit 9ex mobile phones). || Alcoa [AA] Spokesperson: Australian CAPEX is under review due to the recent market turbulence || Tecnip [TEC.FR] Awarded order to assist in development of E-18, P-9 gas fields by Wintershall Noordzee. Offshore operations are scheduled to commence in the first quarter of 2009. || Ipsen [IPN.FR] Completed acquisition of Tercica in North America [TRCA] || Edison [EDN.IT] Guided The company confirmed its FY08 financial targets and investment with EBITDA seen around €1.55B. The CEO: stated that it might purchase assets of rivals impacted in current credit crisis. The company stated that it has cash to pay for investments and further exploration || Bunzl [BNZL.UK] Provided an interim report that its Q3 Rev was up +15% y/y and saw its trading in line with prior expectations. The growth in group revenue due to a combination of organic growth, the positive impact of acquisitions and the weakening of sterling, principally against the euro and US dollar. || Inchcape [INCH.UK: Reported 9-months Like-for-Like sales -1% y/y, and its Group sales up 6.7% (incl FX). The company noted that following deterioration in trading conditions and assuming this may continue for the foreseeable future, it implemented prompt actions to reduce cost. || Yara [YAR.NO] Reported Q3 Net profit NOK3.36B compared to estimates of NOK3.88B and Revenues of NOK25.06B just below estimates of NOK27.46B. The company noted that recent financial turmoil has created interesting investment opportunities. It saw Q4 energy costs NOK1.1B higher y/y || Kazakhmys [KAZ.UK] Noted that discussions over possible combination with third party have ended || Solvay [SOLB.BE] Acquired Egypt's Alexandria Sodium Carbonate Co. for €100M || Unicredit [UCG.IT] Surges following confirmed investment from Libyan State Bank in its attempts to raise €6.6B in new capital. Had its opening delayed after futures pointed to an open higher than 10%. || Rio Tinto [RIO.UK] Shares rebound following yesterdays slide on news that Alcoa and Chinalco's stake in the firm, purchased through Lehman is secure. || Savills [SVS.UK] stated that it now saw its FY pretax ex items under its consensus forecasts in light of weaker economic conditions

- Speakers: ECB's Gonzalez Paramo stated that the euro-zone inflation to fall below target in H2 of 2009 and that the ECB must look beyond short term inflation rate. However added that inflation is highly dependent on commodity prices. Paramo stated that continue to see constant coordination among global central banks but that coordinated interest rate cuts are generally not justified. Spanish reaction to financial crisis has been better than in other Eurozone countries. || BoJ Governor Shirakawa noted that the Japanese financial system remained stable despite extreme global volatility. The BOJ continued to observe any impact of possible deterioration in the global economy upon Japan. He added that Japanese economic growth would remain subdued and that Japan's economy was facing downside risks, which would unlikely; see any moderate growth for some time. Need to watch for second round effects following rise in commodity prices. Lastly he noted that domestic demand could weaken further. || Japan's Fin Min Nagakawa also noted that tensions within global financial markets were increasing but that Japanese financial system were in good shape compared with that of Europe and the United States. He also stressed that govts need to stay alert for further developments. || German Econ Min Gloss reiterates it is still difficult to say how current financial crisis will impact industries

- Notes several companies are amazingly resilient to financial crisis

- Says there is no need for panic but we must use precaution

- In Currencies: USD was mostly firmer against the majors with exception to the JPY. The continued theme of risk aversion is likely to keep the recent patten of the EUR/USD and USD/JPY trading in tandem with equity prices. Dealers noting that as long as the correlations work, currency markets will go with the flow. || Credit Suisse analyst notes that Turksih banks face strong challenge in FX liquidity || Indonesian Central Bank Governor confirms intervention in currency markets || Goldman Sachs Analyst lowered their outlook on Eastern European emerging market economies as it lowered various GDP estimates for Czech Republic, Hungary, Poland and Russia. The analyst also revised each related currency towards a weaker outlook based upon its revised growth forecast || Thai Central Bank revised its GDP growth forecast. It now sees 2008 in a range of 4.3%-5.0% compared to a prior view of 4.8%-5.8%. Its 2009 GDP growth forecast cut to 3.8%-5.0% compared to 4.3%-5.8% prior July view.

- In energy: Mitsubishi [5001.JP] Reportedly would hold discussions with Turkey over joint Iraqi oil exploration State-run Turkish Petroleum Corp. is urging major Japanese companies, including Nippon Oil Corp. and Mitsubishi Corp., to jointly develop the mostly untapped vast oil deposits in the Kurdish region of northern Iraq || China' Gov't forecasted that Sept imports of diesel totaled 340K metric tons vs 880K m/m; Gasoline imports 122.9K tons v 382.2K || Chevron [CVX] has reportedly been awarded oil and gas exploration rights by the Indonesian gov't for the West Papua blocks; Conoco has been awarded rights for the Arafura Sea block

-In Credit Crisis: ASEAN leaders to meet in Beijing on in late Oct to discuss financial market crisis. The -summit would look at strengthening fund to stabilize member currencies. It noted that the gathering was a panic reaction but a precautionary measure. The meeting likely to take place on Oct 23rd or Oct 24th || Japan's Nakagawa stated that he would not rule out G8 meeting on global crisis, but it must have tangible results. He seeks an emergency adjustment in market to market accounting rules to avoid systemic risks emerging in financial systems

- In the Papers: UK Telegraph noted that banks in bail-out scheme are not allowed to pay dividends for five years under EU laww, which could threaten the Government's scheme. || General Motors and Chrysler are accelerating merger discussions amid strong support from potential lenders that are eager to see a deal done. GM, set to report dismal Q3 earnings and scrambling to find new sources of funding, is aiming to get a deal done as early as the end of Oct. Two major players driving the deal are JP Morgan Chase and Cerberus Capital Mgmt. || Japan is considering a temporary freeze on corporate accounting rules that require financial instruments to be assessed at market value, following the lead of the U.S. and Europe in addressing the global financial crisis

*** NOTES ***

The recent talks from various government officials and central bankers in recent days have been more cautious on the growth front and growing optimism on inflation. The comment from ECB's Gonzalez Paramo: that inflation to fall below target in H2 of 2009 is a very dovish statement. This appears to be the first talk among an ECB members that inflation to fall below its 2.0% target. Previous the ECB saw a 'gradual decline' towards its target. With front month NYMEX crude about 50% off peak levels seen back in July OPEC has decided to move up its emergency meeting regarding possible production cuts to Oct 24th from Nov 18th. A sense of urgency is rising as global growth slow and this is complemented with an increase in inventories. The USD funding continues to improve as the 3-month USD Libor seen expected to improve toward the 4.45% area from Thursday's fixing of 4.50%. The TED spread is at 407bps ahead of the US morning. However, the Itraxx Crossover Index hit a record level of over 760 bps just ahead of the Libor fixing rates. Chatter circulating that ING may need gov't assistance as its shares hit fresh 52-week lows. The slight 'improvement' in the spread market had one dealer make the observation that perhaps credit should be granted to where “credit is due”. As the NY morning approaches traders and dealers will be looking for the first sign of a VIX selloff, or in anticipation thereof as option expiration comes into focus.

- 8:30 (US) Sept Housing Starts. Consensus expectations are 872k; The prior number was 895k.

- 8:30 (US) Sept Building Permits. Consensus expectations are 840k; The prior number was 857k.

- 12:45 (US) St Louis Fed's Bullard to moderate panel on Economic Policy

- 14:00 (US) Fed's Evan's Speaks in Wisconsin

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

Forex Research

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 here.

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."

Actionable trading levels delivered to YOUR charts in real-time.

Register To Test Your Amazing Trader

GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium

Tue 17 July 2018
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales

John M. Bland, MBA
co-founding Partner,

Global-View Affiliate Program

We are starting an affiliate program to market some of our products.

Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.

Put the word "affiliate" in the email subject line.

Contact us

Start trading with forex broker Markets Cube

Max McKegg's Daily Forex Trading Forecasts

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.

Request a TRIAL of Max's Forex Service.


Retail Forex Brokerage Changing!

Are you 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.

Our Best Brokers listing section includes:Forex Broker Reviews, Forex Broker Directory, Forex Broker Comparisons and advice on How to Choose a Forex Broker

If would like guidance, advice, or have any concerns at all ASK US. We are here to help you.

SEE Our Best Brokers List

Currency Trading Tools

  • Live rates, currency news, fx charts. 

  • Research reports and currency forecasts.

  • Foreign Exchange database and history.

  • Weekly economic calendar.

Directory of  Forex trading tools

Terms of Use    Disclaimer    Privacy Policy    Contact    Site Map

Forex Forum
Forex Trading Forum
Forex Forum + forex rates
Forex Forum Archives
Forex Forum RSS
Free Registration

Trading Forums
Currency Forum Guide
Forum Directory
Open Forum
Futures Forum
Political Forum
Forex Brokers
Compare Forex Brokers
Forex Broker News
Forex Broker Hotline

Online Forex Trading
Forex Trading Tools
Currency Trading Tools
Forex Database
FX Chart Points
Risk/Carry Trade Chart Points
Economic Calendar
Quicklinks to Economic Data
Currency Futures Swaps
Fibonacci Calculator
Currency Futures Calculator

Forex Education
Forex Learning Center
FX Trading Basics Course
Forex Trading Course
Forex Trading Handbook

Forex Analysis
Forex Forecasts
Interest Rate Forecasts
Central Bank Forecasts

FX Charts and Quotes
Live FX Rates
Live Global Market Quotes
Live Forex Charts
US Dollar Index Chart
Global Chart Gallery
Daily Market Tracker
Forex News
Forex Blog
Forex News
Forex Blog Archives
Forex News RSS
Forex Services
Forex Products
GVI Forex
Free Trials
FX Bookstore
FX Jobs and Careers
Jobs USA
Jobs UK
Jobs Canada

Forex Forum

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.

Forex News

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

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

Forex Brokers

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 Trading

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.

FX Trading

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.

Forex Blog 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 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.



By using this website, you are agreeing to our Privacy Policy and Terms of Use, and Cookie Policy

Copyright ©1996-2014 Global-View. All Rights Reserved.
Hosting and Development by Blue 105