- Indices are benefiting from an election-day bounce as voters head to the
polls and the uncertainty of the extended presidential contest begins to ebb
away, with the S&P500 above 1000 for the first time since mid October.
Historically indices have rallied in the 12 months following a democratic win
and fallen after a republican victory, although market watchers generally
believe that this year's result will have little impact on its own given the
severity of the current global crisis. Besides the election the major theme
this morning is investors around the world are seeing their willingness to take
on risk return. Front-month crude is up four and a half bucks in early trading
while gasoline traded up nearly 12% at one point. Each helping the energy patch
post gains, with the OIH up 8% mid morning. Dec copper is working back towards
$2 and Gold is up more than 4.5%. The Dollar is under real pressure against the
European currencies while the Yen is giving ground across the board.
Three-month USD LIBOR took another step lower, declining 14 bps to 2.70%. It is
now more than 200 basis points from its highs during the height of the crisis.
- Archer-Daniels Midland blew out earnings estimates, beating the Street by
impressive margins. Net earnings were up 168% y/y, thanks to higher profits as
well as a change to the company's method for valuing inventories, as well as
higher commodity prices. On the conference call, ADM's CEO warned that given
the decline in crude gasoline prices are now lower than ethanol prices, which
will likely slow the overall biofuels industry. ADM also said that the company
would announce a new $500M sugarcane ethanol JV with a Brazilian partner later
this afternoon. ADM+15% is making strong gains, helping to boost biofuels
competitors CZZ+8, BIOF+15% and especially PEIX+40%. Marvel surprised with big
EPS and revenue wins were well ahead of analysts' estimates. The firm boosted
its guidance for the full year, although investors seem to be concentrating on
FY09 guidance that is well below targets. MVL-6% is under water mid morning.
Mid-cap healthcare names Health Net and Tenet Healthcare are both down more
than 15% in early trading after weak earnings reports. HNT-22% missed EPS targets
by a wide range and slashed its FY08 view, and although THC-18% earnings were
in the black, its revenues came in lower than expected. Anadarko reported very
strong earnings and revenue yesterday after the close; APC+8% is strong in
early trading. MasterCard also reported yesterday. While MA+12% had an
excellent quarter, the CEO expressed concern that the economic slowdown will
hit consumer spending. Visa, American Express and Discover are all up 4-7% in
- The Wall Street Journal reported overnight that the Treasury may open the
TARP recapitalization program a broad range of financial companies, not just
banks and insurance companies. Specialty finance firms GE Capital and CIT Group
were mentioned by name in the article; this morning a CIT executive confirmed
that the company would participate in the program. The WSJ article noted that
the Treasury may scrap early plans to buy distressed assets via auction,
purchasing them directly instead. The leading financial names are making gains this
morning, with Citi leading the pack up 5%. Goldman is up 3%; overnight the FT
reported that a $6B GS hedge fund launched back in January had lost close to
$1B through Sept. Morgan spiked 6% but is off its best levels after Landeburg's
Dick Bove raised his 2008-09 earnings estimates for MS.
- In currencies, the bounce in risk appetite ahead of the US
election results is being complemented by growing hunger for the expected
European interest rate cuts later this week. Fitch noted in a recent report
that it expects a severe global recession in 2009 in the United
States, the UK,
the Euro Zone and Japan.
Fitch noted that these areas could experience their steepest decline in GDP
since World War II, with global GDP growth fall to around 1% next year. A Citigroup
analyst complemented this grim view with by noting that emerging markets would
grow around 4.5% (well off earlier views) and putting global economic growth at
1.2%. The two global growth forecasts suggest that global growth could its
slowest pace since the early 1990s. Dealers are noting that recent figures
derived from the euro overnight index average (the Eonia) show interest rate
traders almost fully pricing in a 75bps ECB cut to 3.0%, while British interest
rate futures are suggesting that the BoE could cut rates by 75bps to 3.75%.
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.
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.