- GM's bankruptcy filing, which arrived just before 8amET, is captivating the
media this morning, with front pages, home pages and talking heads discussing
little else. So far equities are responding well to the long-expected news,
with all three leading indices opening higher and pushing out to around 2.5%
gains by mid morning, extending Friday's solid gains. The DJIA was adjusted
this morning, with CSCO replacing GM, and Travelers replacing Govt capital
infused Citigroup; shares of CSCO and TRV are up 4% or so on the move. On the
data front, April Construction Spending was much better than expected, posting
its biggest monthly gain since last August, coming a hair to the positive side
at 0.8% versus expectations of -1.5%. The May ISM Manufacturing reading was in
line, although traders are focusing on the much better than expected prices
paid and new orders component, with the latter hitting its highest level since
November 2007. Commodities continue to rally, with front-month crude pushing
out yet again to six-month highs around $67.50, although gold is off earlier
highs, at $977.
- Little new has emerged in the flurry of GM news this morning, with most of
the details disclosed previously through waves of sources, press releases, and
official comments over the course of the last few weeks. To recap, GM is still
expected to emerge from Chapter 11 protection (the largest industrial
bankruptcy in US history) in 60 to 90 days stripped of most debt, with
ownership of 60.8% by the U.S. Treasury, 11.7% by the Canadian and Ontario
governments, 17.5% by the New VEBA, and 10% by unsecured bondholders. Over in Europe,
brokered a deal to sell GM's Opel unit to a consortium of buyers that includes Russia's
state-owned Sberbank (35% stake), Magna International (20% stake) and Opel
employees (10% stake). GM will retain a 35% stake in the unit. Germany
is extending â‚¬1.5B in funding for the deal, although German Chancellor Merkel
was keen to mention that the Opel situation is putting US-German relationship
under strain. Note that there have also been multiple reports over the weekend
that fellow bankrupt automaker Chrysler is expected to emerge from bankruptcy
as soon as today. And also note that the CEO of auto retailers AutoNation told
CNBC this morning that he believes annual auto sales will be back over 14M
units in five years, up from the dismal forecasts for 9M in overall sales in
- Morgan Stanley and Citigroup have closed early on the launch of their joint
venture, which combines Morgan Stanley's wealth management unit with Citi's
Smith Barney division in a new unit called Morgan Stanley Smith Barney. The JV
was originally scheduled to launch in Q3. Morgan holds a 51% stake in the
venture, which generates about $14B in net revenue a year. Goldman Sachs has
sold $1.9B worth of shares in Industrial and Commercial Bank of China,
representing nearly 20% of Goldman's 4.93% stake in the Chinese bank, which is
the world's biggest lender by market value. Regional bank Zions Bancorp popped
7% before the open after announcing debt and stock sales to shore up its
balance sheet, although shares were down to +3% by mid morning. SunTrust also
launched a $1.4B common stock sale, although shares of the regional bank are
down 2% on the dilutive news.
- In currencies, the strong risk appetite sparked by China
and India's PMI
data continued to build in the New York
session, finally weakening JPY against its major pairs. EUR/JPY and GBP/JPY exhibited
several hundred pip moves in the session on the returning risk appetite.
Commodity currencies held onto most of their earlier gains despite some
retrenchment in the energy and metals. Canadian GDP data was a bit better than
expectations, but a slight back-month downward revision prompted a modest bout
of profit-taking in CAD. There has been a degree of verbal intervention from
some G20 central bankers. The South African Reserve Bank's Mboweni noted that
the current level in the rand could mitigate inflation, but its strength was
unwelcome for balance in the economy. The Russian Central Bank's Ignatiev said
there has been excessive strengthening of the ruble from the real economy's
point of view. However, he vowed to maintain volatility as the ruble moved
toward a free-float regime. EUR/USD ended the NY morning around the 1.42 area.
Dealers are pondering whether the "threshold of pain" around the 1.50
area discussed by the German Exporter Association back in the days prior to the
global recession remains intact.
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.
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.