- Equity indices opened higher this morning for the first time all week, extending yesterday's late rally on expectations and then confirmation of JP Morgan's strong quarterly earnings. In addition, the morning saw the IPO of Rosetta Stone, for the best opening in quite some time. But things have soured fast as traders dump equities in the face of housing headwinds and two major (but somewhat expected) bankruptcies. March housing starts and building permits were lower than expected, while RealtyTrac's March foreclosures index showed a 17% jump over Feb levels and a 46% y/y increase, cooling hopes for signs of improvement in housing. General Growth Properties, the nation's second-largest mall operator, finally declared bankruptcy after debt holders tired of constant pleading for more time to refinance the company's billions in debt, while major newsprint supplier AbitibiBowater has declared Chapter 11 after failing to get financing support for restructuring.
- JP Morgan's results have not been a huge factor for the tier-one financials this morning, given the big moves seen over the last several weeks. The name was up more than 3% at the open and has since fallen to around even, with other leading banks performing similarly. Wells Fargo is an exception here, as it apparently has more exposure than others to AbitibiBowater; shares of WFC fell as much as 4%. Some notable data points from JPM's quarterly report include big jumps in ROE & ROA (5.00% v 1.00% q/q and 0.42% v 0.13% q/q, respectively) and a big turn around in investment banking net revenues ($8.3B v -$302M q/q). CEO Dimon said the firm could pay back its TARP funding tomorrow, but said he is waiting for guidance from the Treasury on repayment, noting that the program has become a "scarlet letter" for banks. In addition, he insisted that the firm has no need to raise any more capital at the moment.
- Manufacturers reported largely positive results mixed with cautionary notes. Illinois Tool Works exceeded earnings expectations on an ex items basis but offered disappointing guidance, warning that it has limited visibility. Revenues in its major segments declined anywhere from 15 to 32% y/y. Briggs & Stratton missed EPS and revenue targets and slashed its full-year guidance. Genuine Parts beat on the bottom line and missed on revenue. Paint maker Sherwin-Williams came in well ahead of expectations on earnings but missed on revenue, and reaffirmed its full year outlook. Shares of ITW, GPC and SHW are both up 8% or so, while BGG is down 9%.
- Nokia, the world's largest mobile phone maker, came in short of expectations, noting that shipments were -17.6% q/q and -19.3% y/y. The company sees industry volumes around 255M units in the first quarter of 2009 (-16% q/q, -14% y/y), and expects them to remain about the same next quarter or up a bit, and still sees 2009 industry volumes -10% y/y. Nevertheless, the company's ADRs are up 10% in early trading, pulling selected mobile phone names along with it, with RIMM up as much as 4%.
- Southwest Airlines was the second major airline to report this season, showing a substantial quarterly loss thanks to fuel hedging losses. Shares of LUV are down more than 12%, with the other major airlines also in the red. Notably American has held up nicely, around even, after beating the street yesterday. Two trucking stocks, Landstar System and USA Truck, reported. Both missed top and bottom line estimates and lamented the stated of the industry. USA Truck's CEO said the quarter presented the most challenging operating environment that he has ever seen, characterized by a severe contraction in freight volumes and and big inventory reductions at both manufacturers and retailers.
- In currencies, the greenback saw its gains from the European morning erode in early New York trading. Cross-related buying in the EUR/GBP pair helped EUR/USD recover from 1.3130 session lows. Dealers attributed the softer USD and JPY tones to the Chinese announcement of its intention to introduce a series of measures to encourage investment and continuously adjust stimulus policies to meet economic needs. Overall the dealers were noting that the price action was not really looking like a directional-trading day, calling the US data released during the morning a mixed bag.
- In other currency news, USD/CAD was testing three-month lows, dipping below the 1.20 handle. Softer precious metals and steady oil pared earlier gains. South Africa's president warned that the country's current account deficit is the biggest weakness for its economy and that financing this deficit is a major concern. Fitch commented on Eastern Europe and that it could downgrade almost half of the 21 Emerging European countries and commented that the Baltic region faced a 'savage' economic adjustment. And the IMF reiterated its position that a coordinated global effort was needed to deal with recession and aggressive monetary and fiscal policies were necessary to support short-term demand.
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.
Mon 19 Feb 2018
00:00 CN, US- Holiday Tue 20 Feb 2018
00:00 CN- Holiday A 10:00 US- ZEW Survey Wed 21 Feb 2018
00:00 CN- Holiday A All Day flash PMIs A 15:00 US- Existing Homes Sales A 15:30 US- EIA Crude AA 19:00 US- Fed Meeting Minutes Thu 22 Feb 2018 A 09:00 DE- IFO Survey A 09:30 GB- GDP AA 13:30 CA- Retail Sales A 13:30 US- Weekly Jobless Fri 23 Feb 2018 A 10:00 EZ- Final HICP AA 13:30 CA- CPI
John M. Bland, MBA co-founding Partner, Global-View.com
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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.