- US stock markets have begun the holiday shortened week slightly to the down
side in expectedly thin trade. World equity markets experienced some selling
after Toyota cut sales guidance and said they were
likely to see and operating loss during the European session. Shares of
Walgreens have traded off roughly 5% after missing Q1 estimates on both the top
and bottom line. Potash names MON and POT are each giving back close to 8%
after pre-market downgrades at Goldman, while Prudential is losing ground after
getting cut at JP Morgan.
- Oil has moved to the downside since the open of floor trade with the Feb
contract down 1.3% at $41.80. Feb Gold is holding onto overnight gains up about
$12 at $849. Treasury futures are trading marginally lower. Yields are ticking
higher at the short end of the curve bringing a flattening bias to the
benchmark curve ahead of this afternoon's 2-year note auction. German
government bond yields have made new all time lows, with the Bund falling below
3%, after continued dovish comments from ECB members over the weekend. Also
helping maintain a firm tone in bund futures are comments from a German think
tank that saw ECB rates at 0.5% from the current level of 2.5% by mid-2009.
- The USD maintained a steady tone during the NY morning as thin, holiday
conditions are prevalent. With no scheduled data releases concern over the
global economic situation remains front and center. The U.S. OCC reported
delinquent loans rose in Q3 and noted that 37% of loans modified in Q1 were
60-days or more delinquent 6-months later. Corporations continue to report cost
cutting measures in response to the slowing economic situation and continued
uncertainty. The EUR/USD continued to consolidate below the 1.40 handle as the
NY morning wore on. Pleased that the inflation rate declined so
significantly", and that he is "not worried about this
correction", the ECB's Stark stated that he expected a "gradual
upswing" in the Euro-zone economy at the end of 2009. This appeared to be
in contrast to ECB's Ordonez observation that World faced a total financial
meltdown during a weekend newspaper interview. USD/JPY continues to hold below
the 90.30 hourly resistance level where dealers noted that USD buy-stops orders
building above. The BOJ continued to issue varying degrees of verbal
intervention as Japanese corporations continue to fault the strong JPY as the
reason for lowered guidance.
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