- In equities: -In equities: Coming off strong gains on Monday's sessions,
European equity markets snapped a 2-day positive level opening streak by
trending negative through the pre-market and opening for trade negative across
the board. Geo-political concerns emerged out of Korea
once again following comments that N Korea was readying
itself to fire another missile, this time of the medium-range variety. Overall,
financial names led the downward direction on the open with Barclays [BARC.UK]
down -12% on the back of IPIC placing its 1.3B stake, HSBC [HSBA.UK] traded
lower on rumor that a major investor may need to sell down Â£2B stake. German
and French tier one banking names also traded lower in a sector wide movement.
Other trends included the paring of recent gains, and some profit taking in
major industrials, exporters and basic resources firms that have moved higher
over the 10+ week rally seen in global equity markets. Steel names, including
ArcelorMittal [MTA.NV] and ThyseenKrupp [TKA.GE] were leading downward movers
in initial trades. Continental markets slowed show recovery from the opening.
Stronger than expected Spanish Net unemployment (showing a positive figure) and
second tier data out of Switzerland
continued this upward momentum. By 4:00EST, the CAC and DAX rallied to their
session highs with the CAC trading nearly flat on the session and the DAX
breaking into positive territory. Recovery in industrial and exporters led this
equity lift. The FTSE, however, never gained positive traction being weighed
down by two of its biggest banking names. Past 5:00ESt, the DAX trended back
into negative territory joining the FTSE and CAC in the red.
-In individual equities: Barclays [BARC.UK] Abu Dhabi's
IPIC to dispose of stake in the company equal to 1.3B shares (15.5% of shares
outstanding). Also IPIC invited offers for its entire Â£1.5B holding of Barclays
capital notes. Abu Dhabi's IPIC has
no current intention to exercise or sell indirect interest in warrants of
Barclays Bank. || HSBC [HSBA.UK] Fears continue that Saudi investor al-Sanea
may need to sell down Â£2B stake -Guardian. Saudi central bank has reportedly
frozen al-Sanea's accounts. al-Sanea is owner fo Saad investments that has
broad global banking investors and significant land and property holdings in Middle
East. S&P cut outlook on Saad property investments to negative
from stable on the back of growing risks in the sector. || Ryanair[ RYA.UK]
Reports FY09 net loss â‚¬169M v gain â‚¬62Me, Rev â‚¬2.94B v â‚¬2.95Be. Fuel costs rose
to â‚¬1.26B +â‚¬466M y/y, Q1-3 are 90% fuel hedged, Group has â‚¬2.3B cash on hand,
Guides FY2010 post tax profit â‚¬200-300M, Guides FY2010 traffic +15% y/y. ||
King Fisher[ KGF.UK] Reports Q1 Group SSS -1.7% y/y, Q1 Total Sales +2.4% y/y
to Â£2.64B. Outdoor seasonal product sales boosted by more favorable weather in
the UK and France
and a later Easter compared to last year, whilst non-seasonal sales continued
to decline. Group retail profit up 38.5%, primarily reflecting a doubling of
B&Q's profit in the UK.
French sales up 1.7%, retail profit up 3.5% benefiting from cost initiative. ||
Centrica [CNA.UK] To acquire 45% stake in gas development block for $145M. Co
to acquire a 45% interest in gas development Block 5, located off the south
east coast of Trinidad. || SocGen [GLE.FR] Co.
traders continue to operate at limit of rules without being reprimanded -
French press. La Tribune reports that for a study carried out by consultants
Technologia at the request of the French bank and its workers committee
recommends steps including a clearer division of tasks between traders and
their back office, improving the job prospects and salary of the back office,
and making bonus policy more transparent. || Deutsche Telecom [DTE.GE] Update:
France Telecom has placed offer for T-MobileUK
-Guardian. Article notes that initial approaches by FTE were rejected by DTE.
|| Gazprom [GAZP.RU] Polish Econ Min: Signed short term gas delivery contract
with company, PGNig signs $300M contracts with Gazprom, sees contract returning
deliveries to full restoration. |||S&P commented that the GM bankruptcy had
limited impact on Japanese automakers |||
- Speakers: Treasury Sec Geithner commented that both China
and US expected USD to be the main reserve currency for some time to come.
Geithner noted that China's
Vice Premier Wang did not express concerns regarding the countries US Treasury
holdings. The Tsy Sec continued to welcome Chinese commitment towards a
flexible Yuan currency over time. He noted that China
was helping to stabilize the international financial system. ||| ECB's Draghi
commented that States must seek to reduce debt levels and currency policies
must be shaped accordingly |||Swedish Central Bank commented that its domestic
banks could manage increased loan losses and that its main scenario assumes
that the major Swedish banks loan losses in 2009 and 2010 to total SEK170B. The
Riksbank noted that its domestic banks had sufficient capital to meet large
losses and remained well capitalized on a global context. It saw 40% of loan
losses from Baltic operations. Central Bank measures have contributed to a
decline in the banks liquidity risk since November but risks posed by Baltic
region economies to Swedish system have risen. The Riksbank noted that the
situation could worsen in region |||Latvian Gov't Advisor Bengt Dennis: Country
needs to devalue Lats currency at some point ||| German Chancellor Merkel
commented that she did not believe Germany should diversify away from exports
|| Spain Industry Minister commented on the decline in Span'sMay unemployment
data and noted that the jobless data could indicate a beginning of the end of
the crisis ||
- In Currencies: The USD managed to achieve some gains against its European
counterparts in the session. The GBP/USD traded at 1.6330, off over 120 pips
from the opening levels in Asia. Dealers were noting
that a negative today for the GBP currency was news that Barclay's largest
Middle Eastern investor, Abu Dhabi's IPIChas announced plans to offload its
long term strategic stake, which could require the selling of GBP currency. The
EUR/USD was lower by 50 pips at 1.4127 for most of the morning and largely
ignored that highest level of unemployment within the Euro-Zone in a decade.
The Euro did manage to retrace most of its session losses as short-covering
ensued after the EU unemployment data. Commodity-related pairs followed the
energy and metal price action and consolidated some of its recent trend moves.
Some vague dealer chatter that the RBA was checking rates around .8100 level.
-In Fixed Income: Government bonds have experienced some relief from the
aggressive selling of the past fortnight with Bunds, Gilts and Treasuries all
in positive territory at the time of writing. UK
and German yield curves continue to steepen with 2s10s in both markets right at
their widest levels of the year. In an illustration of how conditions have
improved over the past two months, the UK sold Â£2B of the 4.25% 2049 Long
Gilts, the same issue which it had failed to sell in March, with auction
generating a strong bid to cover of more than 2 and a yield tail of less than 1
basis point. Issuance on the covered bond market is picking up with benchmark
offerings from DB and BNP both in the works. Three month Euribor improved by
1bps to 1.26%
- I n Energy: PPEC Research Director Qabazard commented that OPEC has an
overhang of 200M+ barrels of oil in floating stock but expressed optimism that
such an overhang would be consumed by the end of 2009. He reiterated the view
that the recent oil price rise was not due to fundamental reasons ||Libyan Oil
Min stated that oil could rise to $80/bbl in Q2 and that OPEC sought an average
price pf $70/barrel for 2009 |||Russian Energy Ministry stated that Russian May
Oil Production was 9.8M bpd, which was unchanged from Aprils's level and up 1%
from year-ago levels. Gazprom's May gas output declined by 14% m/m, and down
34% y/y || Russian Foreign Min Lavrov stated that he expected 'constructive
response' from Iran regarding its nuclear enrichment program || China end of
April Crude oil inventories at 38.6M tons, up 1.0M tons y/y.
In Commodities: China Steel Association Chairman Bingsheng commented that the
Jan-April iron ore imports exceeded demand by 27M tons with iron Ore surplus
seen at 200-300M tons due to excessive imports ||| India's JSW Steel Exec
commented that May sales rose by 50% y/y and the company to consider increasing
steel product prices by 2% in July ||
- Credit Crisis: Reportedly Russian companies overdue loans at RUB500B, up 100%
in four months of 2009
*** NOTES ***
- FT: Chinese official who sees no replacement for the USD
- US Treasury Geithner in China. Dealers did note that the Tsy Sec was very
polite and saying all the right things to his hosts and biggest customers.
However, not all is rosy. China's
Yu tells US to be responsible and that there are alternatives to the USD
(specifically mentioning the Euro and commodities).
- Reserve bank of Australia (RBA) leaves unchanged as expected and adds scope
for further easing if necessary.
- Reportedly North Korea preparing up to 4 more medium-range missile tests
- Swedish Central Bank: Banks notes the potential losses of its exposure from
- Looking Ahead:
-10:00 (US) Pending Home Sales M/M: 0.5% expected v 3.2% prior, Pending Home
Sales Index: No expectations v 3.2 prior
- 10:00 (EU) ECB's Constancio speaks in Portugal
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.