- In equities: -In equities: Equity markets in Europe snapped a two-day
negative opening streak following a strong close in NY and Asian equity bourse
movements. Markets were cheered by Indian Q1 GDP coming in better than expected
at 5.8% for Q1. Seen as a further sign in a trend of macro recovery, exporters,
manufacturers' and basic resources firms initially traded higher on the
expectation of demand increases out of South Asia.
Equity stories in Europe continue to be dominated by the
same themes that have continued throughout the week. Fiat [F.IT] has again
expressed its interest in OPEL and willingness to work with all partners.
Comments out of Germany's
Guttenberg that a German decision would be delayed until Friday seem to be
little believed, no, expectation regarding OPEL is now expected until at the
earliest next week. Continuation of discussion between Arcandor [ARO.GE] and
the German gov regarding loan guarantees into next week delay the prospects of
any decision on that firm's future, most likely until the June 12th date set by
the firm as major financing deadline. Nordic region data at 3:30EST out of
Sweden and Denmark provided little new direction as equity markets held tight
ranges from the open between +1.0% to 1.25%. Data out of Europe
throughout the European morning came in broadly in line and had little overall
effect on equity trading. Continued weakness in the USD and strength in hard,
soft and energy commodities drove markets higher. By 5:30EST, equity markets
were holding their ranges +1.0% and began eyeing the approach of the US
preliminary GDP figure due at 8:30EST.
-In individual equities: Severn Trent [SVT.UK] Reported FY09 Net loss Â£57.8M v
gain Â£175.7Me, Rev Â£1.64B v Â£1.6Be. Proposes dividend of 67.34p/share (+2.6%
y/y). || BA [BAY.UK] Moody's lowered ratings one notch to Ba2 from Ba1; affects
$990M in rated debt. Cites weakening profitability and higher fuel charges;
weakness in demands and yields. || Danone [BN.FR] Launching rights issue at
â‚¬24.73 (31.43% discount from Friday's close). Rights issue to be placed through
preferential rights to existing share holders || Puma [PUM.GE] The company is
evaluating the future of its UK retail platform - FT. Property agents have been
circulating details of all but one of Puma's retail outlets in the UK market,
raising questions about the commitment to a high street presence by the brand
in the UK || Strabag [STR.AS] Reports Q1 Net loss â‚¬129.3M v loss â‚¬120Me, Rev
â‚¬2.1B v â‚¬1.9Be. Guides FY09 inline with FY08. Sees further negative market
developments. Q1 Output â‚¬2.19B, Q1 Backlog â‚¬12.9B v â‚¬12.6B y/y. || Tiscali TIS.IT:
Board approves second stage capital increase of â‚¬46.5M and 3rd stage of â‚¬25M
capital hike. Confirms plans for â‚¬190M capital raise through share sale. To
hold EGM to discuss operations. || Fraport [FRA.GE] To end shortened working
hours for cargo unit as of next week. Have won additional contracts, see
volumes reaching acceptable levels. || Bombardier [BBDB.GE] Russian RailRoads
planning to buy 54 trains for approx â‚¬500-550M, Trains for 2013 Olympic games
in Sochi. ||
- Speakers: ECB Trichet's commented that non-standard policy tools have worked,
but that the ECB priority remains price stability. Upside inflation risks have
diminished and long-term inflationary expectations anchored at target. Thus he
reiterated the view that price stability remained the 'needle in the compass'.
He defended the central bank's action noting that the ECB has acted 'swiftly,
flexibly and decisively' during global crisis and lowered interest rates by
historic amount during crisis
|||ECB Draghi commented that deflationary risk appears to be slight (change in
language). He saw encouraging signs in economic and financial indicators and
reiterated that global economic growth was expected to restart in 2010.
However, he noted that the global markets remained volatile and that if banking
sector health was not restored, the recession could be longer. He saw interest
rates increasing over next two years due to big government borrowing. Interest
rates pressures would increase once the recession ends. He stressed that
governments need to substantially lower public debt following the crisis
||German Fin Min Steinbrueck commented that Germany must ensure Maastrict
Stability Pact is not endangered; must protect credibility ||| ECB's Bonello
commented that it was unlikely to see major economies recover until well into
2010 |||French PM Fillion commented that he sees unemployment rising across
Europe. Noted that positive impact on the back of stimulus plan could be seen
as soon as this summer and noted that Consumer spending remained resilient ||
EU's Junker commented that he believes that have yet see the end of financial
crisis. He noted that currency exchange rate volatility remained excessive.
Answers to toxic assets are satisfactory but markets actions remain
'irrational' ||| Polish Central Banker Slawinski commented that External forces
caused slowdown in GDP data. Polish economic growth could slow a bit further
and its outlook depends on investment. He guided 2009 GDP close to zero percent
growth || BoJ executive Director Nakaso commented that the stress on corporate
financing was receding. BOJ prior steps to help corporate financing has
improved outlook but the end of temporary measures is up to markets
- In Currencies: The session took note that the long term dollar outlook was back
in the spotlight as the green back continues to exhibit weakness against the
major currency pairs, emerging market pairs and commodity-related currencies.
Thus it appears the USD on the ropes. Comments earlier from South
Korea's Pension Fund that it indicated a
diversification away from the dollar fueled the sentiment in today's session.
Attempts by US officials to downplay the USD depreciation have not worked to
calm participants' sentiment. Fed's Fisher commented during the Asian session
that the US "AAA"
sovereign rating was not at risk. Dealers noting that the USD/RUB break below
31.00 level triggered some fresh buying in the EUR/USD pair. The EUR/USD moving
towards the 1.41 level as the NY morning approached. GBP/USD hit its best level
since early November as it tested 1.61. The USD weakness reinforced by higher
commodities following the better-than-expected GDP number out of India
just prior to the European morning. NYMEX July Crude futures tested the $61
handle, up almost $1.00 per barrel in its electronic session. Spot Gold firmer
by $15 to hit $974.00/oz
-In Fixed Income: Fixed income futures were higher in the session with June
Bunds at 119.60, up over 40 ticks, while June Gilts were up 65 ticks as it
approached the 119 level. The US
yield curve continued to steepen with the spread between the 2 and 10-year
Treasuries at 166 bps
- I n Energy: Pres. Obama stated that it was not in Saudi
Arabia's interest to have big spikes in US
energy prices || OPEC's El-Badri commented that continues to encourage members
to increase its compliance levels. He noted that it was too early to increase
output levels. Reported 'cheaters' included Iran,
The General Sec stated that he forecasts range of $70 to $75 per barrel by end
*** NOTES ***
- Indian Q1 GDP beats expectations and prior revised up. Commodities rise in
- Japan: Apr
Indus Output +5.2% m/m, sharpest pace in over half a century (since March 1953)
- Fisher: US AAA not at risk. No evidence China
wants to significantly shift its dollar portfolio.
- Korean Pension Fund to reduce exposure to US bonds
- US and China Treasury officials to meet next week
- Looking Ahead:
- 8:00 (SA) South Africa Apr Trade Balance (ZAR): B v -3,4Be
- 8:30 (CA) Canada Q1 Current Account: -$10.3B expected versus -$7.5B prior
- 8:30 (US) Q1 Preliminary GDP Q/Q: -5.5% expected versus -6.1% prior
- 8:30 (US) Q1 Personal Consumption: 2.0% expected versus 2.2% prior
- 8:30 (US) Q1 GDP Price Index: 2.9% expected versus 2.9% prior; Core PCE Index
Q/Q: 1.5% expected versus 1.5% prior
- 9:45 (US) May Chicago Purchasing Manager: 42.0 expected versus 40.1 prior
- 10:00 (US) University of Michigan Confidence: 68.0 expected versus 67.9 prior
- 10:00 (US) May NAPM-Milwaukee: 42.0 expected versus 39.0 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.