Standard and Charter reported [STAN.UK] FY08 Net $3.41B ahead of the $3.1B
expectations and Operating Income at $14B compared to $11B reported year on
year. Standard's ROE stood at 15.2% v 16.2% reported year on year. Tier 1
capital ratio was 7.6% v 6.6% reported year on year with the firms total assets
put at $435B up from $330B in 2007. Additionally the firm noted that it is
continuing to de-risk its asset book, positioning it well to confront
challenges arising from uncertain environment. || Munich Re [MUV2.GE] Reported
Q4 Net profit ÔéČ133M v 95.5Me, Op profit ÔéČ844M v ÔéČ648Me. Gross premiums written
ÔéČ9.71B, drops FY09 and FY10 guidance || Kuehn & Nagel [KNIN.SZ] Reported
FY08 Net CHF585M slightly below estimates of CHF596M. Its revenues came in
slight better at CHF21.6B compared to consensus of CHF20.3B. The company gave
no indications that would economy will recover quickly and expected volume
reductions in all units. It would implement rigorous cost management and efficiencies
|| Bayer [BAY.GE] Reported Q4 Net profit of ÔéČ106M below consensus of ÔéČ192.M.
with revenues of ÔéČ7.92B slightly above forecast of ÔéČ7.86B. It guided FY09
revenues of ÔéČ32B compared to expectations of ÔéČ33.1B. Its Adj EBITDA margin to
decline by 5% versus prior expectations of an increase citing that slump in
demand for its plastics and foams overshadowed growth at its drugs unit.. It
guided 2009 CAPEX at ÔéČ1.5B || CRH [CRH] Reported FY09 Pretax profit of ÔéČ1.63B
slightly above ÔéČ1.60B estimates. Revenues were ÔéČ20.89B and in line with ÔéČ20.88B
forecast. It announced a 2 for 7 discounted rights issue of 152M ordinary
shares at ÔéČ8.40/shr. It stated that its outlook for 2009 was extremely
challenging ||Groupe Danone [BN.FR] US Court
stated that company should pursue claims against Hangzhou Wahaha Group in China
|| Galenica [GALN.SZ] Acquired Sun Store pharmacy chain but the financial terms
of the transactions were not disclosed. Sun Store operates 100 shops throughout
UCB [UCB.BE] Reported FY08 Net profit of ÔéČ314M after items and above estimates
of ÔéČ259.9M. Its revenues were ÔéČ3.6B better than ÔéČ3.22B forecast. It guided FY09
Net profit to exceed ÔéČ130M versus current consensus of ÔéČ233.9M with revenues to
reach ÔéČ3.3B compared to estimates of ÔéČ2.93B. The company noted that
Intellectual property settlement offsetting the loss of patent protection for
key drugs. || Gartner: 17M less phones in Cellphone inventory in Q4; Demand not
stabilizing in 2009. The report noted that Samsung,
LG won market share in Q4 || Barry Callebaut [BARN.SZ] Signed an MoU with Natra
to combine European consumer chocolate businesses and would transfer Stollwerck
unit to Natra. It would now focus on core industrial business and expected to
sell at least 85K tons/yr chocolate to Natra. Deal expected to close by summer
of 2009, subject to long-term funding and Financial terms not disclosed ||
Meggitt [MGGT.UK] Reported FY08 Pretax ┬ú243.3Mabv ┬ú212.7Me, Rev ┬ú1.16B above
estimates of ┬ú1.08B. it would reduce 15% of civil sector workforce and expected
2009 revenues to be close with 2008 levels || Wood group [WG.UK] Reported FY08
Pretax $384.1M slight below the $397M consensus. Revenues were $5.24B above
$5.18B forecast. It noted that its Group EBITA margin came in at 8.4% compared
to 7.2% y/y with margin improvements in all three divisions. Its final dividend
was raised by 29% to $0.09/shr || Puma [PUM.GE] CFO Dieter Bock resigned due to
personal reasons. The company also appointed Klaus Bauer to assume newly
created position of COO, effective Aug 1st || Volkswagen [VOW.GE] CEO of Audi
Unit stated that Feb global cars sales came in at 63K, which was down 11% y/y.
Audi unit production cuts reflected expectation of 10% sales decline in 2009.
Remember that Volkswagen reported its FY08 during yesterdays trading session,
revenues were ÔéČ113.8B ahead of the ÔéČ112.18B expected. The firm noted at that
time that refinancing costs would serve as a drag on future 09 profits and that
FY09 guidance could not be provided due to the lack of visibility || BMW [BMW.GE]
stated that in 2008 it had cut 4K positions and saw a further decline of 1K
jobs in 2009 through natural attrition. BMW reaffirmed that it was in
discussions with Fiat [F.IT]. Firm noted that it saw a savings of ÔéČ500M due to
lower labor costs in 2009. || Hypo real estate [HRX.GE] Its DEPFA funding IV LP
would not pay next coupon on ÔéČ500M preferred securities which was slated for
- Speakers: EU's Almunia commented that it could seek second stimulus package
if first stimulus did not have desired effect. He noted that it was too soon to
estimate impact of first stimulus || China's
PBoC Vice Gov reiterated confidence of achieving 8% GDP target in 2009. -To
watch economy before deciding whether to cut interest rates further He noted that
purchasing US Treasuries remained an option for China.
Fighting deflation is an essential worldwide task an and a bigger concern at
this time but must combat both inflationary and deflationary pressures || China
Commerce Ministry stated that China Feb exports did not show recovery and that
the drop in exports and imports were worse than January. The stable Yuan allows
for small fluctuations in its rate and added that he did not see any trend in
modest Yuan depreciation || BoJ Gov Shirakawa reiterated that Japan's economic
situation was 'severe' and deteriorating faster than previously expected ||
French PM Fillon: Impossible to predict end of global crisis, downturn to be
long and recovery difficult. He reiterated the view that 2009 French GDP could
contract in a range of -1.0% to -1.5% (Note: Consistent with Econ Min Lagarde's
forecast of -1.5% given on March 3rd). The PM stated that no stimulus can avert
economic crisis and that Gov't can not manage companies. Thus there are no
magic remedies in the current gobal crisis. The strategy must take into account
public debt and saw public deficit above 5% of GDP this year but hoped to
return to 3% deficit beyond 2012 || OECD Chief Economist stated that Eastern
Europe could confront an' economic havoc' comparable to the Asian crisis
experienced in late 1990s. Noted it is hard to accelerate euro accession plan
for the East but a 'fast track' to euro can be devised once crisis ends but the
current quarter might likely be the 'worst' yet. OECD Chief Gurria reiterated
the view that the economic crisis was becoming worse.
- In Currencies: The session saw a spat of risk appetite briefly return Some
desks saw the Australian central bank decision to hold interest rates steady as
a ÔÇťbuy carry tradeÔÇŁ signal which help weaken the USD and JPY pairs and propel
European equities initially higher. The EUR/USD tested the 1.2680 level before
retreating. Currency dealers initially suggested that the RBA decision to leave
its cash rate unchanged at 3.25% helped perhaps stiffen Trichet's backbone a
bit ahead of the ECB rate decision later this week. There is also chatter of a
1.2500 to 1.3000 option barrier in effect with expiration set for March 10th.
Dealer noting that the inability of the EUR/USD to break below the 1.25 on Sunday
during the Wellington open cemented
this option viewpoint || The USD/CAD was around the 1.29 level for fresh
3-month highs ahead of the BOC interest rate decision. The market looking for a
50bps rate cut to 0.50% ||
- Fixed income: Tensions in credit markets have perhaps been best exemplified
by the iTraxx crossover index, which touched an all time high above 1,125bps
this morning. Government bonds pared early losses as a sell off in equities
quickly took hold. In the UK,
the DMO tapped ┬ú3.75B of the 3.25% 2011 Gilts with strong results , however
with continued short end out performance in the UK
yield curve, traders will be looking to tomorrow's 2039 auction for a better
indication of appetite for UK
debt . Ahead of tomorrow's interest rate decisions, and with unfunded Gilt
purchases by the BoE now largely seen as inevitable, dealers have focused on
unconfirmed reports suggesting the ECB is considering enacting its own asset
purchase program and quantitative easing. In peripheral markets Austria
announced plans to sell ÔéČ1.65B in a new 5 year issue and Greece
confirmed plans to issue a new 10y bond as speculated, with supply pushing
yields spreads wider. In corporate supply, Deutcshe Bahn announced plans to
offer ÔéČ500B - ÔéČ1B in a new benchmark 10y offering, with pricing indicated at
160bps over swaps.
- In Energy: Iran
Oil Minister commented that OPEC to propose "solution" to improve oil
prices at its march 15th meeting. The minister also reiterated that its members
must remain committed to prior output cuts || Gazprom [GAZP.RU] Reported Q3 Net
RUB131.7B below single forecast of RUB149B. Revenues were RUB829.7B below
estimate of RUB989.4B. || Ukraine's Naftogaz says has funds to pay Feb gas
imports from Russia
- Credit Crisis: UK Chancellor Darling may reportedly use quantitative easing
measures and also anticipated that more financial institutions will use the
government's Asset Protection Scheme, which insures against losses arising from
toxic assets || China Feb New bank loans M/M: CNY1.10T v CNY1.62T prior month
*** NOTES ***
- The equity markets were mildly higher during the European morning. Some desks
saw the Australian central bank decision to hold interest rates steady as a
ÔÇťbuy carry tradeÔÇŁ signal which help weaken the USD and JPY pairs and boost
equities. However, the UK Construction PMI data reminded traders tat the global
economic scenario remains fragile. iTraxx Crossover spreads continue to hit
fresh all-time Wide Levels throughout the course of the day.
- Chinas Vice Central Bank Gov: Treasuries still important for China
currency reserve management.
- The Bank of Canada will have its interest rate decision this morning.
Consensus expectation is for a 50bps cut from 1.0% to 0.50%.
- Geithner testifies today, Wed and Thu. Some bank bailout details expected
- Looking Ahead:
- 8:00 (US) Fed's Lockhart speaks in Tampa
- 9:00 (CA) Bank of Canada Interest Rate Decision: 0.50% expected v 1.00% prior
- 10:00 (US) Jan Pending Homes Sales: -3.5% expected v 6.3% prior
- 10:00 (US) Fed Chairman Bernanke testifies before Senate Budget committee in
- 10:00 (TU) Turkey Feb Consumer prices: M/M: 0.3% expected v 0.3% prior; Y/Y:
8.4% expected v 9.5% prior
- 10:00 (TU) Turkey Feb Producer prices: M/M: 0.4% expected v 0.2% prior; Y/Y:
5.7% expected v 7.9% prior
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.