- In equities news overnight: Equity markets in Europe started the 3rd Quarter with a sharply positive start. Equity futures recovered from a precipitous 1:00EST fall based on lower than expected June Indian manufacturing figures. Positive UK earnings in the Retail sector from Marks & Spencer [MKS.UK] mirrored positive comments from Carrefour [CA.FR] lifted European pre-market futures trading. This sector performance was further aided by German May retail numbers, showing 3rd consecutive positive reading and ahead of expectations. Upward equity trending accelerated past 3:13EST following the release of Spanish June PMI's reading their best level in over 1-yr. Outside of Retail sector performance, heavy industrial took heart from comments out of ThyssenKrupp [TKA.GE] regarding ore negotiation and order volumes by trading higher. Oil and gas sector names along with basic resource firms rounded out the upward equity lift. Before 3:30EST, bourses passed the +1.00% mark and threatened the +2.00% line by 3:45EST. Equities steadied their advance by 4:00EST all trading around the +1.50% mark. This range was held in a tight bank through 4:00EST and into 5:00EST. Sector rotation remained in line with the opening moves as financials, energy and basic resource names held their positive trend levels. Volumes proved robust with the DAX and FTSE trading ahead of their average levels and the CAC only slightly lower. For the DAX, heavy volume printed in Commerzbank [CBK.GE] underscored this action as shares surged as high as 17% on the session. Rumor regarding Commerzbank has been rampant, focusing on possible removal of CEO and groups participation in a German Bad Bank Scheme (aided by note out of Morgan Stanley).
-In individual equities: Marks and Spencer [MKS.UK] Reported Q1 UK Like for Like Sales -1.4% y/y v -2.7%e, Total Group Sales +2.9% y/y. Online sales +28% y/y, International sales +15.9% y/y, UK General Merchandise -2.4%y/y; Food -0.5% y/y. CEO: "Consumer confidence appears to be stabilizing. However, we remain cautious about the outlook for the remainder of this and next year and will continue to run the business accordingly. " || Sodexho [SW.FR] Reports Q3 Rev â‚¬3.77B v â‚¬3.39B y/y (â‚¬3.8Be); Confirms FY09 targets. Net debt to equity ratio amounted to 50% as of 28 February 2009. Targeting for FY09: organic revenue growth between 2% and 5%, consolidated revenue growth, at constant currency exchange rates, between 4% and 7%, operating profit of between â‚¬730-760M v â‚¬744.4Me. || ThyssenKrupp [TKA.GE] Order intake in June higher than May levels; seeking iron ore price cuts at greater than 30%. To raise prices for steel effective immediately by undisclosed amount. || EADS [EAD.FR] Reportedly awarded â‚¬2.5B Saudi contract -Le Point. Operations for some electronic defense border control programs. Article states that formal publication to be released later Wed afternoon. ||National Express [NEX.UK] Provides Trading Statement: Trading conditions throughout the H1 have remained challenging; CEO Richard Bowker to step down. All of businesses have experienced difficult market conditions, whether in reduced passenger volumes or in lower growth in yield. H1 Revenue expected +5% y/y, Higher fuel costs to add Â£11M to overall costs in H1. || Anite [AIE.UK] Reports FY09 Pretax Â£18.1M v Â£16.4Me, Rev Â£90.1M v Â£89.9Me. || Lloyds [LLOY.UK] UK banker Sir Win Bischoff is the leading candidate to become the new chairman - FT.|| Anheuser Busch InBev ABI.BE: to sell 4 metal beverage container plants for $577M to Ball. Will subsequently enter long term supply agreement with Ball. || Cattles [CTT.UK] CEO to leave, effective immediately. || Aberdeen [ADN.UK] Closes acquisition of some Credit Suisse assets for final consideration of Â£297.6M. || Tesco [TSCO.UK] Company may be a potential bidder for Northern Rock - London Times. Current gov may be seeking to seel the nationalized lender at a profit prior to next election cycle to prove the merit and success of their 2008/09 rescue schemes. || BA [BAY.UK] Company wants to cut 5K jobs (11% of work force), institute pay freeze for 2 years - Sky News. || RBS [RBS.UK] Reportedly, Australia's ANZ Bank is in advanced talks to buy the firm's retail and commercial banking operations in at least 5 Asian countries. Targeting former ABN Amro assets in Hong Kong, Taiwan, Singapore, Vietnam and Indonesia. Update: Standard Charter continues to be interested in assets in China, India and Malaysia. || Balfour Beatty [BBY.UK] Joint venture company in South East Asia has been awarded a contract in excess of Â£120M. || Areva [EI.FR]Seeking to place 15% stake in transmission and distribution unit -CGT Official. Proceeds from sale of unit to be used to finance expansion in nuclear power operations. Seeking to move quickly on capital raising plan, in discussions with Mitsubishi Heavy amongst others. || Carrefour [CA.FR] Expects 1H operating profit down 28%; 1H like-for-like sales up 1.6%, ex-forex; total revenue up 0.2%. Aiming to cut costs by â‚¬500M; currently on track for goals in 2009. CEO sees stabilizing trends, but no improvement; on track for â‚¬4.5B in cost cutting by 2012. || BASF [BAS.GE] See effects of current crisis lasting for considerable period of time -Sueddeutshce.Group has no financing problems, some customers have been faced with financing problems. || Deutsche Euroshop [DEQ.GE] CEO: Group is interested in 2 Karstadt department stores from Arcandor. Targeting stores in Viernheim and Dessau to expand geographic exposure. || Toyota [TM] Fitch cuts long-term foreign and local currency issuer default ratings and sr unsecured debt ratings by 2 notches to A+ from AA; Outlook Negative. According to Fitch, fundamentals in the automobile industry are likely to remain weak in the medium-term, making it difficult for automakers to regain levels of profitability reached in the easy-credit-fuelled boom which came to an end in Q408. || Iberdrola [IBE.SP] Sells stake in Sagunto and Bahia De Vizcaya facilities for â‚¬200M to Rreef Infrastructure. || ING [INGA.NV] To combine Dutch insurance organizations; to cut 800 jobs in course of 3 yrs (less than 1% of workforce). Expect to invest â‚¬165M into new unit over 4 years. Will see positive P&L effects from restructuring as soon at 2010. || VoestAlpin [VOE.AS] CEO: says 10.3K workers on shortened work week an end of May; Does not see 'substantial' increase in short work, expects H1 loss , profit for FY2009/2010. ||
- Speakers: China's PBoC Advisor Fan Gang commented that China's current economic recovery was sustainable and would be "U" shaped. He noted that Chinese exports would be growing by end of 2009 (TTN Note: Chinese exports have declined for the last seven months). ||Bundesbank's Weber commented that he saw a gradual recovery in the economy. However, het stated that the country would not return to growth before mid-2010 ||| Polish Dep Fin Min Suchocka-Roguska stated that the YTD budget deficit close to PLN16.9B target ||| S&P affirmed Japan's AA/A-1 sovereign ratings. The agency noted that Japan has capacity to withstand increasing fiscal pressure and believes that the high level of fiscal deficits would not last and sees them returning to prior levels. ||| German Retail assoc HDE lowered its 2009 nominal retail sales view to -2% compared to their prior range of down 1.0% to unchanged. ||| Former BOE member Lomax commented that there were "significant risk' that credit squeeze would limit economic recovery and that neither the economic crisis nor recession have subsided just yet. He noted that any UK recovery would be 'bumpy' and that withdrawal of massive policy stimulus would be 'delicate'. He did concede that UK output was showing signs of stabilization || German Fin Min Steinbrueck reiterated the view that no credit crunch seen in Germany at this time, but confesses that a 'squeeze' seen in part of country. He did note that there could see difficulties in H2 of 2009 for financing and that banks needed to pass on ECB interest rate cuts
- In Currencies: The new month and quarter whimpered in with little enthusiasm as the risk appetite and risk averse sentiments continue to battle it out. The continued trend of better-than-expected PMI readings help to sooth the appetite for risk. The USD and JPY related pairs were softer as European equity markets rose in the session. The EUR/USD continues to have difficulties breaking below the 1.40 level and drifted towards the 1.4070 level during the morning. PBoC Advisor Fan Gang comments that China would experience a "U" shape recovery seemed to provided additional optimism for risk appetite. USD/JPY was higher and tested the 97 handle during the morning.
- In Energy: Aug NYMEX crude futures were near their electronic session highs as the NY morning approach. Aug at $71.16/barrel and up around $1.25 in after-hours trading. Sentiment helped by the better-than-expected European Manufacturing PMI readings and constructive comments from a Chinese central bank advisor on the shape of the economic recovery.
- In Fixed Income Supply: German tapped â‚¬5B of the existing 10y Bund, with sluggish demand as auction drew the lowest bid-to-cover for German supply since February. Meanwhile, the UK sold â‚¬5.25B in 5y Gilts with a strong cover ratio of 2.65 times. Gilts have subsequently outperformed on a cross markets basis with buying in all parts of the curve. There is steepening bias on both sides of the Atlantic with better buying of short end issues. Three month euribor improved another basis point to fix at 1.085%
- Geo-political Events: US State Dept Head of Policy Planning Slaughter stated that he hoped US 'engagement' policy would work with Iran. However, he did not not exclude any potential 'confrontation' with the country
*** NOTES ***
- China's PBoC Advisor Fan Gang commented that China's current economic recovery was sustainable and would be "U" shaped
- (US) June Monster Employment Index M/M: 117 v 118
- Fed's Yellen: Worried about drag on economic recovery from rising oil prices, more worried Fed will tighten too soon
- China's PMI rises for the 4th straight month; India stalls
- Japan's Tankan rebounds less than expected to -48
***Looking Ahead***US employment picture to be the focus the next 24 hours
- 7:00 (US) MBA Mortgage Applications w/e Jun 26th: No expectations v 6.6% prior
- 7:30 (US) June Challenger job Cuts Y/Y: No expectations v 7.4% prior
- 8:15 (US) June ADP Employment Change: -395Ke v -532K prior
- 10:00 (BR) Brazil June Trade Balance: $43Be v $26.5B prior
- 10:00 (US) June ISM Manufacturing: 44.6e v 42.8 prior, Prices Paid: 47.0e v 43.5 prior
- 10:00 (US) May Construction Spending M/M: -0.6%e v 0.8% prior
- 10:00 (US) May Pending Home Sales M/M:0.0%e v 6.7% prior, Y/Y: No expectations 3.3% prior
- 10:00 (UK) BoE to conduct Â£3B 5-10y Gilt reverse auction
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.