- In equities news overnight: European equity markets opened to a heavy tone but quickly showed mixed signs of an inclination to recover. This action was despite a broadly negative trend in Asian equity markets, personified through the sharp down trend in Indian markets following yesterday's slight rebound. Within 30 min, the DAX had recovered all its loss, pushed to as high as +0.25% before falling back into negative territory and then bouncing around the unchanged mark. Pre-market comments out of the Bank of France, revising its Q2 GDP view higher, along with reports out of China that industrial names had settled ore negotiations drove the fleeting interest in equities. Analyst upgrades out of Citi, RBS and BoA on basic resource names pushed that sector on the open, specifically within the FTSE100. In other sector moves, Infineon's [IFX.GE] announced unit sale moved that name and other Germany listed techs higher, accounting for much of the strength seen on the DAX. Markets resumed their negative trend ahead for the 4:00EST release of the UK Halifax house prices. Those figures, reading below expectation, unexpectedly deflected the equity trend and led to a marginal rebound. Markets again bounced in and around the unchanged to marginally negative range before turning pronouncedly negative ahead of the 5:00EST release of Euro-zone Q1 final GDP. That figure was inline with expectations at -2.5%, once again causing markets to bounce. Tech and basic resources have continued to serve as primary drivers of equity strength while energy and financial names have been the main larger on bourses. Volumes in today's trading session have been mixed with the CAC significantly outperforming its average with high volume in tech names. DAX and FTSE volumes remain inline with averages.
-In individual equities: E.on [EOAN.GE] and GDF Suez fined â‚¬553M each by EU for cartel in gas market (total fine â‚¬1.1B). Note: Both firms have stated their intention to appeal any fines in case. Reminder: On June 27, it was reported E.On may be fined by European Commission for colluding with Gaz de France by dividing natural gas markets - Der Spiegel. || Rio Tinto [RIO.UK] 4 Staff members from firms Shanghai office have been detained by Chinese authorities -Guardian. Staff members from iron ore sales and marketing arm based in China. Have been detained since Sunday. One of those arrested is AU passport holder, the other 3 Chinese passport holders. And -China has agreed to a 33% price cut for iron ore - China Business News- Also, China has agreed to biannual iron ore talks. The price cut is effective from April through Oct. The report cites unidentified sources. || 3i [III.UK] Provides interim trading statement: Registers Â£2.0B debt shelf. Focus in the Q1 was on strengthening the balance sheet. Successful rights issue, receipt of the proceeds from 3i QPE, and other operational cash in-flow resulted in a reduction of net debt to Â£961M at 30 June 2009 from Â£1.91B at 31 March 2009. || Evraz [EVR.UK] Launches $600M convertible bond and $300M in new share offering (total of 12% of market cap). Proceeds from the Offerings are intended to be used to refinance existing debt and for general corporate purposes. || Carillion [CLLN.UK] Provides interim statement: Sees strong growth in H1, net borrowings lowered by Â£150M. Remains on track to achieve our objective of delivering materially enhanced earnings in the full year. Order book at Â£19.7B with potiential additional pipeline of Â£2.9B. || M&S [MKS.UK] Up to half of the company's shareholders are expected to call for Sir Stuart Rose to step down early as executive chairman - London Times. Reminder: Group to hold AGM today in London. || Heidelbergcement [HEI.GE] Reports 5-month sales at â‚¬4.3B, have disposed of â‚¬324M in assets in H1. || Bayer [BAY.GE] Submits filing for Estradiol-based oral contraceptive to US FSA. || Infineion [IFX.GE] To sell wireline communications business to Golden Gate Capital for â‚¬250M. || Holcim [HOLN.SZ] Placing 50M shares at CHF42/shr in a CHF2.1B equity offering (13% of market cap). Share subscription period to run July 10-16. || Banesto [BTO.SP] Reports H1 Net profit â‚¬409.5M v â‚¬403.2Me. Bad loans rate 2.3% at end of June v 1.97% at end of March. || Tata Steel [TATA.IN] Steel demand to remain strong in India; Have raised some steel spot prices by INR500/ton for July delivery. Continues to expect to achieve 20-25% increase in sales volumes for 2009. ||
- Speakers: ECB's Gonzales-Paramo commented that there was no need for new policy steps. The member noted that some Euro-Zone economies would return to growth next year ||IMF commented that it might not need to extend current loan to Hungary but was prepared to discuss a 'cautionary' loan ||| ECB stated no purchases were made in the covered bond program as of July 7, 2009 || S&P commented on the recently proposed 2009/10 Indian budget and noted that the announcement leaves the country's "BBB-" sovereign ratings view open. S&P reiterated that high levels of state debts are not sustainable in the medium term. S&P noted that the budget speech did not provide details on divestiture of state owned firms or of a road map for fiscal reform. If India achieves fiscal consolidation in the next two to three years, the sovereign ratings on India could be maintained || ECB stated no purchases were made in its â‚¬60B covered bond program as of July 7, 2009. It noted that purchases would only show up in its regular liquidity supply updates when they were settled | Canadian PM Harper: Too soon to begin talk of additional stimulus plans|| German Chemical group VCI reiterated its 2009 forecast of a 10% decline in production and a 12% fall in sales. It noted that companies were finding it increasingly more difficult to finance big deals ||| White House commented that it saw no differences among G8 over stimulus exit strategies || Japan Opposition Lawmaker commented that were studying ways to increase the return on its currency reserves ||
- In Currencies: The USD and JPY began the European morning on a firm note as continued risk aversion. The EUR/USD moved below the 1.39 level and USD/JPY probing towards the lower end of the 94 handle. The lower Asian equities were cited for the continued risk aversion tone. The CHF moved above the 1.09 level following its worse-than-expected unemployment data. The USD retreated back into negative territory against the European pairs as the NY morning approached following the price action of the equity markets, which recovered from opening level lows with the FTSE and DAX pushing into positive territory for the session. German Industrial Orders for may beat expectations and provided some additional upside momentum for the Euro as it tested 1.3940. Dealers do note that the overall price actions seems to be mirroring yesterday.
- The G8 summit begin in Italy today and the draft statement was in-line with various leaks from sources over the last 24-hours. The G8 Draft statement sees substantial risks remain to economic and financial stability. The draft had no direct mention of currencies.
- In Energy: OPEC Provided its medium term outlook. OPEC now expects 2013 crude demand to be below 2008 levels, now seen at 87.9M b/d (down 5.7M b/d from previous target) ||NY Times article noting that Federal regulators were considering restrictions on speculative traders in oil, natural gas and other energy products. The article noted that the move is a big departure from the hands-off approach to market regulation of the last two decades. It also highlights a broader shift toward tougher government oversight under the Obama Administration. In the case of oil and gas trading, regulators made it clear that they were willing to move, without waiting for Congress to act on Mr. Obama's overhaul, invoking their existing powers. . CFTC consider imposing volume limits on trading of energy futures by purely financial investors and that it already has adopted tougher information requirements aimed at identifying the role of hedge funds and traders who swap contracts outside of regulated exchanges
- In Fixed Income Supply: Having opened bid government bonds have managed to hold onto gains in Europe this morning with yield curves gyrating in and out of flattening mode, as the unwinding of leveraged steepener trades contrasts with intermittent short end buying on bouts of risk aversion. The UK sold Â£1B in 2027 linkers with acceptable results whilst Portugal sold â‚¬1B in 10y Bonds at just over 100bps over Bunds. Three mnth euribor continued its decline, fixing at 1.029%
- G8 Summit: Reportedly G8 Draft statement Substantial risks remain to economic and financial stability. The draft had no direct mention of currencies. The G8 was committed to ensuring fiscal sustainability in the medium term. The members saw signs of economic stabilization including recovery in equity markets. The statement noted that stable and sustainable long term growth needs smooth unwinding of current account imbalances. Economic stimulus that is provided will be in line with price and fiscal stability goals. The statement noted that countries need to prepare an exit strategies once recovery is assured, and noted that strategies would vary depending on economic conditions and public finances. The G8 sought a quick commitment on tax havens, and added that it could not tolerate tax evasion
*** NOTES ***
- The G8 summit begin in Italy with China's PM (who went back home to deal with ethnic unrest)
- G8 Draft reportedly does not mention currencies and suggests planning for exit strategies
- Switzerland might seize UBS. data to prevent US DOJ from pursuing court order seeking account holder identities
- OPEC revises lower its medium term global demand; now sees 2013 demand below 2008 levels
- German Industrial Production beats expectations (similar to yesterday's factory orders)
- 7:00 (US) MBA Mortgage Applications w/d Jul 2nd: No estimates versus -18.9% prior
- 8:00 (BR) Brazil June Inflation IPCA M/M: 0.3%e v 0.5% prior, Y/Y: 4.8%e v 5.2% prior
- 10:00 (UK) BoE reverse auction
- 10:30 DOE petroleum inventory data expected (consensus expectations: Crude: -2.5Me; Gasoline: +800Ke; Distillate: +1.7Me; Utilization: 86.8%e
- 13:00 (US) Treasury to reopen $19B in 10y Notes
- 15:00 (US) May Consumer Credit: -$8.8B expected versus -%15.7B 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.
Mon 19 Feb 2018
00:00 CN, US- Holiday Tue 20 Feb 2018
00:00 CN- Holiday A 10:00 US- ZEW Survey Wed 21 Feb 2018
00:00 CN- Holiday A All Day flash PMIs A 15:00 US- Existing Homes Sales A 15:30 US- EIA Crude AA 19:00 US- Fed Meeting Minutes Thu 22 Feb 2018 A 09:00 DE- IFO Survey A 09:30 GB- GDP AA 13:30 CA- Retail Sales A 13:30 US- Weekly Jobless Fri 23 Feb 2018 A 10:00 EZ- Final HICP AA 13:30 CA- CPI
John M. Bland, MBA co-founding Partner, Global-View.com
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.