- In equities: Equity markets opened convincingly to the downside following
bearish pre-market trading. In themes continuing through from yesterday, risk
aversion conversations have made a strong comeback. WSJ stories indicating the
potential risk in the European banking sector as compared to the US sector,
based on the lack of a comparable 'stress tests' and the failure of European
banks to raise capital to the extent seen in the US have added weight to Tier 1
financial names on all three exchanges. Disappointing earnings out of EAD's
[EAD.FR], Q-Cells [QCE.GE], Fraport [FRA.GE] and comments regarding debt
concerns out of VW [VOW.GE] added to the downside momentum in early equity
trading. Better than expected April BRC retail numbers provided lightness to
that sector, with Marks and Spencer [MKS.UK] trading higher, but gains remained
localized. Bourses dropped to the -1% level by 3:15EST before making a bounce.
Markets continued that upward movement with the CAC and DAX recovering all
their losses and turning positive by 3:40EST. In that move, banking and financial
names recovered, while automotive names in the CAC [UG.FR], [RNO.FR] followed
strength out of Fiat [F.IT] in Milan
and pushed higher. In the DAX, market chatter regarding Deutsche Telecom
[DTE.GE] and continued strength following earnings out of Deutsche Bourse
[DB1.GE] rallied that market. European bourses continued their enthusiasm
through the first half of 4:00EST, then being aided by better than expected
Industrial and Manufacturing data out of the UK
past 4:30EST sent markets to their then session highs. Enthusiasm showed some
waning past 4:45EST with a slow drift off those post UK
data highs. Results in line out of Australia
regarding its 2009 budget deficits and GDP forecasts provided little new
momentum to European equity markets with a gradually selling continuing through
the bourses. By the FTSE and
CAC had returned to effectively flat on the session with only the DAX holding
on to wider gains.
- In individual stocks: EAD's [EAD.FR] Reports Q1 Net â‚¬170.0M v â‚¬158.0Me, Rev
â‚¬8.5B v â‚¬9.5Be, Backlog â‚¬413B v â‚¬400B q/q, Expects Airbus to capture up to 300
new gross orders in 2009. Revised industrial plans to complete A400M program
could lead to substantial charges in H1 of 2009. || Babcock
Intl [BAB.UK] Reports FY09 Op Profit Â£147.3M v Â£137Me, Rev Â£1.9B v Â£1.9Be,
raises FY08 dividend 25% to 14.4p. Order book at Â£5.7B. Chairman: We anticipate
increasing pressure for improved efficiency in public-sector spend will further
increase the opportunities available to us. || VW [VOW.GE] Peich: Porsche group
must lower debt burden before integrating with VW. CEO: Expect combined group
to be world's largest automaker. VW-Porsche combination should not include 3rd
party investors. Porsche becoming brand of VW is only 1 option open to the
firm. See Fiat's moves to combine Chrysler and OPEL as 'unhealthy,' to fail
- Speakers: Australia's
Swan released the details to the 2009 budget with the deficit to be A$57.6B (in
line with press speculation). Swan saw GDP contracting by 0.5% in 2009-2010 period.
Unemployment seen at 8.25 and rising toward 8.5% by 2011 || S&P stated that
Australia's sovereign rating unaffected by budget details of higher deficit and
higher debt issuance.
- In Currencies: A degree of risk appetite resurfaced during the European
morning as traders seemed impressed by US banks' ability to raise capital
following the stress test results. Also contributing to the USD's and JPY's
soft tone were lingering concerns over the revised US
deficit projections issued by the US
budget office on Monday. Despite some optimistic economic growth outlook, the
Administration widened its deficit projections.
- Dealers noting that Fed's Bernanke talked up USD presumably to help funding
the massive budget deficits following the US
budget office revisions.
- GBP sentiment helped by its April RICS house price data. GBP/USD held the
1.5075 level for the second day in a row and probed back above the 1.52 handle
during the morning. The production data also provided some upward momentum for
the pound. GBP/USD tested the 1.5300 level and EUR/GBP cross dipped towards
0.8930 level during the morning.
- Both CAD and AUD related pairs were higher in the session aided by higer
energy prices and metals. NYMEX Jun crude futures tested $59.50 and Spot Gold rose
back towards the $920/oz area. The AUD did retrace from session highs following
the release of the 2009 budget details from Aussy Treasurer official Swan.
-In Fixed Income: With equities and commodities catching a bid, a weaker USD
and JPY, Government bonds have been offered in Europe
this morning, completing the risk appetite scenario. Dealers noted that the
belly bearishly leading the way in the session. The UK
sold Â£2.2B in 2030 Gilts with strong results, and the Netherlands
successfully sold â‚¬3.3B in 2012 DSL. For debt investors hungry for yield,
Australian Government Bond markets are set to re-apprear in a big way with
today's budget forecasting total issuance of A$60B in the upcoming fiscal year.
||U.K. government's latest gilt auction attractedsolid demand and the June
Gilts recovered from session lows as a result. The bid-to-cover ratio came in
at 2.24 times, up from 1.37 at the previous auction of this bond. June Gilts
near its best levels for the session at 119.00, but still off 11 ticks from
- In Energy: IEA's Tanaka reiterated his view that it was unlikely to again cut
demand forecast for crude further. Comments are in line with his April 25th
view. || Iran
first nuclear power plant to commence generating electricity by October
according to the Iranian press reports. Etemaad reports the plant in the
southern city of Bushehr will start
producing power by Oct. 23rd and cites Gholam Reza Aghazadeh, head of the Iran's
Atomic Energy Organization. Article noted that Iran
started test operations at the 1,000-megawatt plant in late February. Tests at
the Russian-built site were expected to last between four and seven months ||
*** NOTES ***
- China exports
decline by larger amount expected. India Mar Industrial production declines by
its largest amount in 16 years.
- Bank of America
raises funds by selling stake in China Construction Bank
- Reportedly EU to stress test European banking system by September and tests
reportedly not to test individual banks, but rather the systemic nature of
- Equity markets seem to be the main driver in the session with commodities and
currencies following their lead.
- Looking Ahead:
- 7:00 (SA) South African Mar Manufacturing Production: M/M: % v -0.6%e; Y/Y: %
- 8:20 (US) Fed's Lockhart to speak at conference in Atlanta
- 8:30 (CA) Canadian March International Merchandise Trade: C$0.5B expected v
- 8:30 (US) March Trade Balance (last -$26B)
- 8:30 (US) Fed;'s Rosengen to speak in Atlanta
- 8:30 (EU) ECB's Tumpell-Gugerell to speak in Brussels
- 10:00 (US) May IBD/TIPP Economic Optimism: 51.0 expected v 49.1 prior
- 11:00 (EU) ECB's Weber to speak in Munich
- 11:00 (US) NY Fed to repurchase T-Notes maturing between 05/31/2012 -
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.