- The Thanksgiving stock rally is screeching to a halt this morning as US
equity indices open down and head lower. Risk aversion has returned to
prominence pushing Treasury yields to yet new historic lows in some cases. The
euro and cable continue to suffer while the yen is being bid up. The US ISM
Manufacturing data is weighing on trade, hitting fresh 26-year lows, with the
prices paid component hitting lows last seen in 1949. Front-month crude and
metals are weaker, with oil below $50 as funds head for cover in fixed income.
- Before the NY open JNJ said it would acquire cosmetic surgery supplies
company Mentor for $31/shr, in a
deal valued at $1.12B. The boards of both companies have approved the
transaction, which is expected to have a dilutive impact on JNJ's 2009 EPS by
around $0.03-0.05. and close in Q109. Also before in the pre-market DOW
confirmed a 50/50 joint venture deal with PIC of Kuwait
to launch K-Dow Petrochemicals, noting that the total value of the Dow
businesses going into K-Dow is approximately $17.4B and that it expects to
receive $9B in pretax proceeds. The partners are getting things off the ground
rapidly, with the new company scheduled to begin operations by Jan 1, 2009. K-Dow will concentrate of
manufacturing and marketing petrochemicals and plastics worldwide, including
polyethylene, ethyleneamines, ethanolamines, polypropylene and polycarbonate.
In addition, DOW said that upon closing of the transaction, each shareholder
plans to receive a $1.5B special cash distribution, paid by K-Dow.
- The Big Three automakers are scheduled to return to Washington
at the end of the week to plead their case to Congress. Before the open Ford
announced it would re-evaluate strategic options for Volvo over the next
several months, continuing work on its restructuring plan. Just last week Ford
said it would trim its 2008 European production by 10%, to 15M units from
16.7M. On Sunday various press reports noted that GM spent the weekend jockeying
for the best possible position ahead of CEO Wagoner's appearance on the Hill.
The WSJ wrote overnight that GM board members are keeping the option of a
bankruptcy filing open, while earlier yesterday the London Times wrote that
Wagoner was holding last-ditch negotiations for a debt-equity swap deal with
lenders over a multi-billion debt for equity scheme. In early New
York trade shares of GM and F extended recent gains
before retreating on reports the Swedish government is unwilling to provide aid
to either the Saab or Volvo.
- In other equity news, Alkermes announced it has cancelled its collaboration
agreement with Cephalon and regained rights to Vivitrol. Thanks to recognizing
deferred revenue of around $120M from the deal as net collaborative profit in
Q309, ALKS substantially boosted its FY09 guidance. ALKS gained more than 5%
before the open, and fell rapidly to around -2% after the bell. Merrill cut
price targets on numerous managed care insurance names, leading to broad-based
weakness in the sector. United Health is an exception, after it fine-tuned its
guidance earlier this morning but essentially reaffirmed; Merrill raised the
name to a neutral from sell. The Semicouductor Industry Association had more
bad news for semi names, reporting that global sales in October declined 2.4%
y/y, noting that 2009 PC shipments would decline by 5% and cell phone shipments
are projected to be down 9%.
- In currencies, traders are nervously noting the return of a risk aversion
theme that looks a lot like last August. Equities are broadly lower, the USD
and JPY pairs are exhibiting strength as funds flow to the safety of government
paper in a week with several key central bank decisions scheduled. Growing
speculation points to aggressive interest rate cuts by the BoE and ECB, with
the consensus at this time looks for a 100 bps cut to 2.0% by the BoE and a 50
bps cut by the ECB. Earlier this morning, an ECB source indicated that a 75bps
would be viewed as a ‚Äúpanic move,‚ÄĚ bringing more harm than benefits. The
Swedish Central Bank moved up its scheduled policy meeting to Dec 3 from Dec
16, sparking chatter about coordinated central bank moves.
- A UK
spokesperson denied speculation that the UK
would consider a move into the euro, but the GBP was markedly weaker in the
session against all major pairs. GBP/USD is down 450 pips at 1.4895, GBP/JPY is
lower by 650 pips at 139.85 and the EUR/GBP cross is firmer by 225 pips at
0.8480. CAD rebounded from session lows following its GDP figures for Sept and
Q3, but lower energy and metal prices offset any positive momentum from the
data. USD/CAD is at 1.2440 and AUD/USD is probing the 0.64 handle. Emerging
market currencies were softer on the risk aversion theme. Russian Central Bank
has spent $2.0B in support of the ruble in today's session.
- The risk aversion theme sent European equities lower by 4.8% and yield curves
steeper. The Dec bund contract continued to make fresh contract highs above the
122.55 area. Dec Gilts +100 ticks at 118.50. Euro Stoxx 50 index -5.2% at
2,303; FTSE 100 Index -4.7% at 4,089; CAC 40 index -4.8% at 3,106 and DAX Index
-5.7% at 4,405.
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.