- In equities: European Equity markets extended their streak of positive opens
across the board followed by a strong pre-market session in which DAX30 futures
outperformed on the back earnings out of Commerzbank [CBK.GE] moving those
shares higher. Financials remain the name of the game following finalized
Stress Test results and cap raise levels out of the US Treasury (see backlogged
headlines for full details). Strength in financial names in the NY after-market
rolled over into the Asian trading session and has pushed through into Europe.
US dual listed
firms, including Citi [TRV.GE] and BoA [NCB.GE] have all shown strength in Frankfurt
trading. While earnings flows were down on a day/day basis, a significant flow
was still seen in the Euro pre-market with financial names RBS [RBS.UK] and
Commerzbank [CBK.GE] releasing mixed statements, but trading higher on general
sector strength. Outperformance in basic resource names has continued on the
back of rises in hard commodity and energy prices with names such as Xstrata
[XTA.UK] and Lonmin [LMI.UK] moving higher. Other movers include some of the
heavy manufacturers such as ArcelorMittal [MT.NV], ThysenKrupp [TKA.GE] and
E.On [EOAN.GE] on the back of continued economic optimism and risk appetite.
Equity markets exhibited choppy tendencies, rising from the open to their then
highs by 3:35EST, then paring gains to trade below the +1% mark. Stronger than
expected UK April PPI Outputs rallied markets from their slide returning to
their best levels by 5:00EST in the case of the CAC and DAX. With a lighter US
corporate earnings calendar for the day, key trading out of Stress Test rated
banks and the expected US April Non-farm payroll are expected to dominate NY
morning news flow.
- In individual equities: *STRESS TEST RESULTS: 10 BANKS NEED TO RAISE $74.6B
IN CUMULATIVE CAPITAL: BAC needs $33.9B, CITI needs $5.5B, WFC needs $13.7B,
GMAC needs $11.5B, MS needs $1.8B, STI Needs $2.2B, PNC Needs $600M, KEY needs
$1.8B, RF needs $2.5B, FITB needs $1.1B, GS, JPM, AXP, BBT, BK, COF, MET, STT,
USB does not need capital. ||Commerzbank [CBK.GE] Reports Q1 Net loss â‚¬861M v
loss â‚¬814.3Me, Pretax loss â‚¬880M v loss 767Me, â‚¬ Rev â‚¬2.33B v â‚¬2.3Be, Q1 Core
capital 6.8% v 10.1% y/y, Q1 Tier 1 ratio 10.9% v 13.9% y/y, ROE -15.1% v 8.4%
y/y, Default exposure â‚¬729B, with losses projected at â‚¬1.98B. || RBS[ RBS.UK]
Reports Q1 Pretax loss Â£44.0M v Â£479M y/y, Adj Op Profit Â£4.1B v Â£2.86B y/y,
Rev Â£9.7B v Â£7.7B y/y, Q1 Writedowns Â£4.9B, Q1 Tier 1 ratio 6.7% v 7.5% q/q, Q1
impairment losses Â£2.86B v Â£656M y/y, Q1 Credit market write-downs Â£2.07B v
Â£2.02B y/y, Q1 Monoline writedowns Â£2.1B. || 3I [III.UK] Reports FY08 Net loss
â‚¬1.95B v loss Â£1.8Be; Confirms rights issue at 135p/shr, seeking to raise Â£700M
(48% of market cap), Total AUM at Â£8B v Â£9.8B y/y, Total NAV/share at Â£4.96 v
Â£10.77 y/y. || Puma [PUM.GE] Reports Q1 Net (ex items) â‚¬81M v â‚¬75.7Me, Rev
â‚¬697M v â‚¬676Me, Q1 Gross Margin 52.1% v 53.4 %y.y, Market environment expected
to remain difficult in 2009 and the year would be one of consolidation with a
clear focus on adjusting the cost basis. Positive signs in markets not expected
until 2010 when World cup begins. Current restructuring costs are seen at
â‚¬110M. || Endesa [ELE.SP] Reports Q1 Net â‚¬509M v â‚¬548Me, EBITDA â‚¬1.73B v
â‚¬1.7Be. || Repsol [REP.SP] Reports Q1 Net profit â‚¬401M v â‚¬333Me (ex
- Speakers: IMF commented that recent Chinese economic indicators appear 'very
encouraging' but additional data is necessary to see a clearer picture || ECB's
Bini Smaghi reiterated the press conference view that 1.0% interest rate may
not necessarily be the minimum rate. He did note that the Euro-Zone economy was
improving. || German Econ Min Guttenberg commented that he did not expect its
economy to recover quickly once it reached bottom but that the recent
manufacturing and exports data were good signs. || German Fin Min Steinbrueck
commented that the first stage of bad bank issue to be discussed next week || Reportedly
South Africa's Fin Min Manuel will not return in role under new administration
- In Currencies: The rising risk appetite theme continued to undermine the
sentiment of the USD ahead of the US employment report. EUR/USD was holding
above the 1.34 handle but continued to face some resistance ahead of the 200-day
moving average at 1.3456.
-In Fixed Income: Government Bond markets, the chief beneficiary of doomsday
scenarios in recent months, continue to suffer from fast money rotation into
riskier asset classes. The Bund printed its highest yield of 2009 in early
European trade at 3.44% and the US
10y Note also touched new 2009 highs at 3.343%. Yield curves in Germany
and the UK also
registered new steepening highs above 250pbs and 207pbs respectively
||Government debt futures are lower, with Bunds underperforming after
yesterday's ECB and BoE decisions. June 10-year Bund future were down 50 ticks
on the day at 12.43, while the corresponding Gilt future was off 43 ticks at
118.51. In the cash market the 10-year Bund yield is up 5 bps at 3.43% and the
10-year Gilt yield was up 6 bps at 3.73%.
- In Energy: Reportedly, China
has canceled a plan to increase the ceiling retail price for gasoline and
diesel from today and no reason for the decision was not disclosed. According
to prior reports, China
was expected to increase gasoline prices by CNY520/metric ton and diesel prices
*** NOTES ***
- The week has been characterized by a sense of a growing risk appetite. The US
employment could cement the view that the 'worst' of the economic downturn
could be behind us.
- Bank stress tests contained no big surprises. Trader chatter centers on where
will the money come from and pondering the consequences if a bank is unable to
obtain the funding.
- Looking Ahead:
- 7:00 (CA) Canadian Apr Unemployment Rate: 8.3% expected v 8.0% prior
- 7:00 (CA) Canadian Apr Net Change in Employment: -50.0k expected v -61.3k
- 8:30 (US) April Nonfarm Payrolls : -600k expected versus -663K prior)
- 8:30 (US) Apr Average Hourly Earnings M/M: 0.2% expected versus 0.2% prior;
Average Weekly Hours: 33.2 expected versus 33.2 prior
-10:00 (US) March Wholesale Inventories (last -1.5%)
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."
Actionable trading levels delivered to YOUR charts in real-time.
Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
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.