User Name: Password:      Register - Lost password?

Forex News Blog
Back to The Headlines
Wednesday March 4, 2009 - 11:06:21 GMT
Trade the News Staff - www.global-view.com/forex-services/TTN/

Share This Story:
| | Email

Forex Blog - European Market Update: Service PMI's data maintains pressure on ECB; Possible second Chinese stimulus package and FX reserve adjustment buoys stocks, oil and hits US Treasury futures

Today 06:03am EST/11:03am GMT

European Market Update: Service PMI's data maintains pressure on ECB; Possible second Chinese stimulus package and FX reserve adjustment buoys stocks, oil and hits US Treasury futures

*** ECONOMIC DATA ***

- (IR) Irish Feb Services PMI M/M: 31.8 v 33.9 prior (record low)

- (SP) Spain Feb Services PMI: 31.7 v 31.8 prior

- (IT) Italian Feb PMI Services: 37.9 v 39.6e; lowest reading on record

- (FR) French PMI Services:40.2 v 40.1e; lowest reading on record

- (GE) German Feb PMI Services; 41.3 v 41.6e; lowest reading on record

- (EU) Feb Final PMI Services: 39.2 v 38.9e; PMI Composite: 36.2 v 36.2e; lowest readings on record

- (UK) Feb PMI Services: 43.2 v 41.9e

- (UK) Feb Official Reserves: -$6M v -$166M prior

- (GE) German VDMA January Plant and Equipment orders Y/Y: -42%

- (UK) Feb BRC Shop Price Index M/M: % v -2.0% prior; Y/Y: % v 1.1% prior

- (IR) Irish Feb Unemployment Rate: 10.4% v 9.2% prior



*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM ***

- Equities: Costco [COST] Reported its Q2 figures, EPS below expectations at $0.55 v $0.59e and revenues in line at R $16.84B v $16.85Be. For the quarter, SSS were down 3% on a y/y basis. Costco put its US SSS at -1% y/y and International SSS at -11% y/y (both including fuel sales). || UBS [UBSN.SZ] Peter Kurer will not stand for re-election as board's chairman; to be succeeded by Kaspar Villige || Holcim [HOLN.SZ] Reported FY08 Net CHF2.23B above the expected CHF1.93B.with revenues slight missing forecasts with CHF25.16B compared CHF25.6B expected. It would not provide any FY09 outlook and proposed a dividend in Form of Subscription Right with the ratio unchanged. It expected 2009 to be another difficult year for industries and saw a further decline in demand. it would concentrate on rigorous cost management and preserve financial stability. It would mothball two US facilities. It also note that Venezuela failed to pay $550M for the nationalized facility|| Old Mutual [OML.UK] Reported its FY08 preliminary figures. Adjusted profit came in at £999M, lower than the £1.62B reported y/y and Pretax came in at £595M, also lower than the £1.75B reported year. Old Mutual announced that it would not be paying a final dividend. For FY08, ROE stood at 9% down from 13.2% y/y, and AUM fell to £264.8B from £278.9M y/y. The CEO also noted that insurer was considering combining all long term deposits into single unit and that Old Mutual's Wealth Management JV with Ned Bank may be fully bought out by Ned Bank. (Note that OML currently holds 50% stake in the South African Bank) || USG People [USG.NV] Reported Q4 Net profit of €18M missing its €31.5M expectation. Revenues were €952M slightly below €954M consensus. It too would pay a final dividend of €0.58/shr payable in shares. Its Q4 Gross Margin came in at 25.3% versus 25.9% y/y and would not provide outlook for 2009. The negative turnover trend in January is expected to continue for the sometime as company implements further cost cutting || Old Mutual [OML.UK] Reported FY08 Adj Op Profit £999M compared to £1.62B y/y. Pretax £595M versus £1.75B y/y. it would not pay final dividend || Adidas [ADS.GE] Reported Q4 Net profit of €54M better than €44Me forecast. Revenues came in at €2.57B above forecasts of €2.48B. the company maintained its €0.50/shr dividend. The company's 4Q Gross Margin was 46.4% versus 46.6% y/y and expected this to decline in 2009. It guided group ex FX sales to decline at a low- to mid-single digit rate in 2009. its CEO commented that it saw global workforce remaining at same levels in FY09 as in FY08 and was not planning to divest brands

|| France telecom [FTE.FR] Reported FY08 Net profit of €4.07B below consensus of €5.38B. Revenues were roughly in line at €53.49B versus €53.43B forecasts. It raised its dividend to €1.40 from €1.30/shr prior. The company stated it would reduce debt in 2009 to 2X EBITDA and guided FY09 CAPEX 12-13% of Revenues. The amount of the interim dividend for 2009 would be decided in accordance with first-half 2009 results || Credit Agricole [ACA.FR] Reported Q4 Net Loss €309M compared to loss €385M expected. Revenues were €4.60B above €3.84B forecast. Its Tier 1 Ratio 9.1% versus 8.5% q/q. The CEO commented that he believed the financial market crisis would last into second half of 2010 || Carillion [CLLN.UK] Reported FY08 Pretax £115.9M above estimates of £109.1M. Revenues were also better with €5.2B above the consensus view of £4.64B. Named preferred bidder in £1.6B PPP hospital development || British TV producer ITV [ITV.UK] Reported FY08 Adj Pretax £167M above £143M expected with revenues at £2.03B slightly above £2.02B forecasts. It is to pay final dividend of 67.5p/shr. It announced it would cut 600 positions (about 12% of total staff). It reported included £2.7B impairment charge on op costs and saw an additional impairment of £1.1B in FY09. It recommended suspending dividend program in 2009 || Skandinaviska Enskilda [SEBA.SW] Announces rights issue; to offer 11 A-shares for every 5 held at SEK10/shr to raise SEK15.0B || Prosieben SAT.1 [PSM.GE] Reported Q4 Net loss €170M below profit €74Me, revenues were €876.8M just below €888M estimates. It noted that its Q4 international operations weighed by economic downturn and saw a difficult environment in 2009, too early to provide guidance for the year || Property management firm Segro [SGRO.UK] Reported FY08 Pretax loss £932.2M below a gain £122M expected. Its adjusted net £123.9M slightly better than the £113.4M forecast. It announced that it would sell shares in 12-for-1 rights issue seeking to raise £500.6M || For Lloyd's [LLOY.UK], was reported in the Telegraph that the company is in disagreement with the government about the terms of the asset protection scheme (APS). This disagreement has led to the delay of a final decision the market has been expecting since last Friday regarding a £250M placement in the fund. Article notes Lloyds is strongly resisting the conversion of the government's preferred stock into common shares, a move that would push the UK's stake above 50% from 43%. The article adds that Lloyd's CEO may quit over the issue. ||Swiss Telecom reported [SCMN.SZ] its FY08 figures. FY08 net came in at CHF1.75B, this was slightly above the CHF1.73B expected. Revenues were reported at CHF12.2B, inline with the CHF12.15B expected. Additionaly, the firm guided its FY09 Rev (ex Fastnet) between CHF9.2-9.3B and expected its FY09 Fastweb rev around €1.8B (estimates for FY09 CHF12.19Be). Swiss Telecom put its FY09 CAPEX at around CHF1.35B with a FY08 Dividend of CHF18/share v CHF19/share y/y. The CEO noted that the company is well positioned to grow faster than the market in 2009 while expecting that the first half of 2009 will be weaker than that of H1 2008. || The Swiss National Bank [SNBN.SZ] reported its FY08 at a net loss CHF4.7B compared to a profit of CHF8B y/y. Additionally the SNB commented that the UBS stabilization fund had no impact on results despite having to 'revalue' nearly $996M in UBS assets. ||

- Speakers: Australian PM Rudd commented that its country was 'not immune' to worldwide economic slowdown but added that the Australian economy was among the top global performers and that the stimulus program curbed economic slowdown ||Australian Fin Min: Expects must of stimulus impact to occur in Q1. He noted that Run down in inventory levels cannot continue and that consumer demand was holding up relatively well || BoJ's Suda commented that the central bank did not rule out any policy options but quantitative easing was not needed at this time. The- Zero interest rate policy was also not necessary for now. The BOJ must be aware and must examine side-effects of additional steps. the BoJ's intervention in stock market could negatively affect market function || German Steel Federation reiterated that 2009 would be a 'difficult' year for steel but saw a moderate chance for recovery starting in H2. it expected German crude steel output to fall under 40M tons this year for first time since 1993 || China PBOC Official commented that its currency (Yuan) should trend higher in the long-term and that low interest rates are needed to fight deflation, but zero interest rates was a last resort || Swedish Debt Office guided the projected budget deficit for 2009-2010 of SEK135B and SEK65B respectively with its 2009 bond funding at SEK106B, approx SEK32B over original target. It expected to see considerably lower tax revenues. Interestingly, it commented about the SEK and the Baltic region. It noted that the SEK currency was a an unrealistic level due to perceptions regarding crisis in Baltics. Fears over markets in the Baltic are exaggerated and added that the Poland was not in crisis and that the fundamentals of Poland remain strong. The Zloty currency 9PLN) should strengthen n the medium term || Ireland PM commented that its Feb unemployment was seen at 10.4% compared 9.2% prior month


- In Currencies: The EUR/USD tested below the 1.25 level in late Asia for fresh 3-month lows but the pair was off its worst level a dealers covered euro short positioning ahead of the ECB policy meeting later this week. The break below 1.2500 overnight has potential downside momentum to test the 1.2330 Oct 2008 lows. || USD/JPY hit fresh 4-month highs above the 99 level. Dealers noting that the 100.00 area is where exporter offers and option congestion are slated to provide some initial resistance. The 200-day moving average at currently pegged around the 100.20 level. GBP/JPY was back testing its 100-day mvg avg at 139.79 and made a brief surge over 140.


- Fixed income: US Treasuries future prices fell, extending the worst losses in five years, on speculation the U.S. will announce plans tomorrow to sell $60 billion of debt next week as it borrows record amounts to spur the economy. Hampering the sentiment was an earlier Far east press report that China might use its reserves to buy oil in order to diversify away from treasuries


- In Energy: Strength in NYMEX Crude futures overnight attributed to possible China stimulus package and reserve diversify. Earlier in Asia, the Japanese press reported that China might use its reserves to buy oil in order to diversify away from treasuries || PetroChina [PTR] Company official commented that it cut its2009 production targets by 10-20% at several fields but did not include Daqing or Changqing ||WSJ reporte that Venezuela planed to renegotiate contracts with oil-service companies. According to the country's Oil Minister and President of PDVSA, the company planned to cut its spending on oil-service contracts by 40%.


- Credit Crisis: Chinese Premier Wen may announce new stimulus measures tomorrow, adding to a CNY 4T spending plan as the government tries to revive growth in the world's third-biggest economy || Lloyds [ LLOY.UK] Reaffirmed that conversations regarding the APS with the UK government are proceeding


*** NOTES ***

- Dealers noting that a “Leadership crisis” seems to be brewing all around the globe and this had hampered confidence and translated into lower equity prices…but Chinese PM .Wen's pending speech to the legislative keeping hope alive. Also China PMI manufacturing surprises and moves near the magic 50 level (suggesting growth)

- Australian GDP registered its first contraction since late 2000 and the outlook suggests some more short term weakness.

- China's sovereign wealth fund investment chances in energy and commodities and possible at the expense of US Treasuries.

- BoJ Suda talks down Japan economic future, but puts positive outlook on China.



- Looking Ahead:

- 7:00 (US) MBA Mortgage Applications w/e Feb 27th: No expectations v -15.1 % prior

- 7:30 (US) Feb Challenger Job Cuts Y/Y: No expectations v 222.4%

- 8:15 (US) ADP Employment Change: -630k expected v -522k prior

- 9:00 (US) Dec PRX Composite 28dy Index: No expectations v 199.39 prior; Y/Y: No expectations v -21.59% prior

- 9:00 (US) Fed's Fisher speaks in Texas

- 10:00 (US) ISM Non-Manuf. Composite: 41.0 expected v 42.9 prior

- (UK) Feb HBOS House Prices M/M: -2.0% expected v 1.9% prior; 3M/Y: -17.8% expected v -17.2% prior

- 10:00 (US) Treasury Sec Geithner testifies before

 

 

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."



Elevate Your Trading With The Amazing Trader!

The Amazing Trader includes:
  • Actionable trading levels delivered to YOUR charts in real-time.
  • Live trading strategy sessions.
  • Market Updates with Trading Tools.

Register To Test Your Amazing Trader


Trading Ideas for 23 October 2017

Register for the Amazing Trader

1.

Amazing Trader EVENT RISK Calendar:

Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: Medium Tue-- All Day Global flash PMIs. First good look at October economic performances.



  • POTENTIAL PRICE RISK: HIGH Wed-- 01:30 GMT AU- CPI. Top Inflation indicator.

  • POTENTIAL PRICE RISK: HIGH Wed-- 08:00 GMT DE- IFO Survey. Top German indicator.


  • POTENTIAL PRICE RISK: HIGH Wed-- 14:00 GMT CA- BOC Decision. No Policy Change Expected.


  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top Weekly WTI Statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




TRADER ADVOCACY ARTICLES

Trader's Advocate Articles..

pic

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 Global-View.com.

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

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.

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