- In equities news overnight: European equities looked eager to continue last week's strong performance following gains out of the Asian trading session. Continuing to shrug off lower top end earnings out of US giants on Friday, equity markets continue to take hope out re-hashed themes; Asian growth/recovery and USD decline against currency pairs/commodities action. In sector rotation, comments out of Morgan Stanley, raising the Euro Capital Goods sector to neutral from cautious led to some positive momentum. Earnings out of auto-supplies Continental [CON.GE] came in slightly light of expectations, but reassurances that group was firmly within the parameters of its debt covenants buoyed the equity and fellow sector names. Financials continued their upward trend with news out of Lloyd [LLOY.UK], Barclays [BARC.UK] and earnings out of Swedish lender SEB [SEBA.SW]. Reports out of German media sources over the weekend that the state was planning to offer a US-style bank bailout for needy firms added further momentum to the DAX listed sector members. Commodity gains continued to push mining and basic resource names with FTSE sector players outperforming. Equity volatility remained muted through the 3:00EST and 4:00EST hr with markets trading in a tight band while trending slightly higher. In the absence of significant data, markets floated in a range of approx +1.00% until just after 5:00EST when the DAX, CAC and FTSE all rapidly accelerated to the upside in line with US equity futures and gold futures. Market volumes remained muted with only the FTSE outperforming its average on the back of high volume in some of its banking names (Lloyds [LLOY.UK]) while the CAC and DAX sat below their moving averages.
-In individual equities: Lloyds [LLOY.UK] New accounting rules may enable firm to post H1 net profit (-Â£5.1Be) -Times. New accounting rules will enable firm to write-off billions real-estate sub prime investments. Article states that bad debt provisions may rise to as much as Â£13B. Rond Sandler, exec at nationalized Northern Rock, in consideration for Chairman role at Lloyd's -Telegraph. Article notes that Sandler has been shortlisted to group of 4 candidates. || SEB Bank [SEBA.SW] Reports Q2 Net Loss SEK193M v Net Profit SEK1Be, Rev SEK13.2B v SEK11.6Be. Net Interest Income SEK5.4B v SEK5.6Be, Tier 1 Capital Ratio 13.1% v 11.10% q/q, Q2 Loan Losses SEK3.6B v SEK448M y/y, Credit Loss Provisions SEK5.95B v SEK812M y/y. Long term positive view of Baltic region remains unchanged, remain committed to operations in the region. || GlaxoSmithKline [GSK.UK] In talks to supply 30 additional countries; Sales of anti-flu vaccines may reach Â£1.3B by 2010 -Telegraph. Daily Mail has reported that firm is in talks with 30 further governments for additional Swine Flu vaccines. || Continental [CON.GE] Reports Q2 EBIT â‚¬38.8M v â‚¬40.8Me, Rev â‚¬4.76B v â‚¬5Be. H1 Adj EBIT â‚¬248.7M, Rev â‚¬9B v â‚¬9.5Be, H2 and beyond will remain 'big challenge' for supplier industry. Liquidity reserves at end of June remained at 'solid-level'. Continue to see tight financing situation as major hurdle in H2. Complying with financial covenants, || Salzgitter [SZG.GE] CEO: Expects loss in Q2 v Net â‚¬22.9Me; does not plan on further job cuts -Euro Magazine. Reportedly looking to make acquisitions outside core markets. Seeking to raise prices for flat steel products in October. || Deutsche Post World [DPW.GE] Mail unit may report FY09 profits ahead of forecasts at â‚¬1.38B (â‚¬1.1Be) -Die Welt. Figure is lower y/y but ahead of the prior guidance given by firm. || Lufthansa [LHA.GE] Update: Looking to sell loss making BMI Airlines -Sueddeutsche Zeitung. || Finmeccanica [FNC.IT] DRS unit awarded $100M contract with US army. || Barclays [BARC.UK] Exec Roger Jenkins to leave firm to set up independent shop -Telegraph. Jenkins was seen as key as setting up financing package in October that allowed bank to reject govt capital offer. Was former chairman of investment banking arm for Middle East operations. || HSBC [HSBA.UK] Has reportedly shortlisted 5 firms to support bookrunning for mainland China share sale -Apple Daily. Article states that A share approval may be granted from Chinese authorities as early as the beginning of next year. || Domino [DOM.UK] Reports H1 Pretax Â£13.1Me, R 12.6Me, Rev â‚¬73.6M v â‚¬75.4Me, LFL sales +7.1% y/y. Operating cash flow of Â£11.3m (2008: Â£4.5m). || EAD's [EAD.FR] Reportedly Airbus SAS unit has raised cost savings goal to â‚¬300-400M -La Tribune. New target is above previous level of â‚¬200M. || GDF Suez [GSZ.FR] Reportedly has purchased 60% stake in Qatar offshore block. Purchase made from Anadarko petroleum. ||
(GE) Germany's government is considering a US style bank-rescue plan - German Press. Under the plan, the German government would become shareholders in the banks after forcing them to accept the aid. In the past, Chancellor Merkel and Finance Minister Steinbrueck have opposed such a plan. According to the article, Steinbrueck and other policymakers have raised concern that credit conditions may worsen and hurt the economic recovery. || Rhoen Klinikum [RHK.GE] Reports H1 Net â‚¬65.8M v â‚¬58.9Me, EBITA â‚¬140.5M v â‚¬133.0Me. Guides FY09 Net â‚¬130M v â‚¬125.9Me, Rev â‚¬2.3B v 2.3Be. || AB InBev [ABI.BE] Reportedly seeking to sell Tennet brand -Times. Sale part of group debt reduction operations. Tenet holds approx 60% of Scottish lager market. Price target for sale not given. || Kuehn & Nagel [KNIN.SZ] Reports H1 Net CHF258M v CHF252Me, Rev CHF8.5B v CHF8.5Be. Does not anticipate a substantial short term improvement in the global economy and markets. Will continue its focused dual strategy of disciplined cost management and market share expansion. || Roche [ROG.SZ] Phase III study shows Xeloda in combo with Oxaliplatin is effective in early colorectal cancer. ||
- Speakers: German Finance Ministry commented that its Q2 GDP might be better than expected. Indicators suggested that the German economy might be bottoming out. The MOF expected moderate inflation in coming months, but not deflation (in line with ECB view). Exports might stabilize in coming months and the labor market remained "robust". Private consumption likely to have supported economy in Q2 || German Finance Ministry denied press speculation and noted that it had no plans for mandatory recapitalization of banks. The MOF stated that it was up to banks to make use of facilities available |Polish Fin Min: Current 2009 deficit could exceed 5% of GDP level || Singapore Trade Min Lim commented that any pick up in trade would be 'bumpy' and he did not expect' V-shaped' recovery, although retrenchments eased in Q2. He noted that a gradual economic recovery was likely. Rebound in drug, electronics output might falter while the services sector to continue to 'languish'. || Polish Treasury Min Grad commented that Poland to sell between PLN 15B to PLN20B of assets in 2010 in a press interview. || Israeli Central Bank Gov Fisher commented that have seen signs of recovery in EU and US. He also noted that the signs of recovery evident in global export market || UK Council of Mortgage Lenders (CML) noted that seasonal factors might support lending volumes over the summer period
- In Currencies: risk appetite firmly underpinning sentiment as the USD and JPY currencies were under pressure against most other currencies, particularly the commodity correlating and emerging market units throughout the session. Following Wall St scoring its best week in four months and CIT reportedly cutting a deal with bondholders and avoids bankruptcy the EUR/USD pair hit fresh 6-week highs above the 1.4230 area. AUD/USD moving above the 0.81 30 level while USD/CAD moved to 1.1050 area. Commodity prices were firmer with NYMEC Aug crude up over a $1.00 to trade above the $64.50 level ahead of the NY morning. Spot gold up over 1.5% to test $950/oz.
- In Energy/commodities: Russian PM Putin stated that Russia to apply Zero percent export duty for its Eastern Siberian oil fields. Measures to apply to 13 fields and will become effective in 2 months time and run for 9 month period || Iran's IAEA Ambassador Soltanieh stated that IAEA inspections in Iran are proceeding with no obstacles or delays
- In Fixed Income Supply: Government bonds are weaker this morning in Europe amidst another bout of equity strength and broad based risk appetite. Gilt markets showed little reaction to an undershooting in UK money supply and "less worse" mortgage lending figures for June . The German yield curve is undergoing some bear flattening whilst steepening continues in both Gilt and Treasury markets. 2s10s in both regions sit right near their widest levels since early June at 265bps and 268bps respectively. The yield on 2y Note is back above the 1.00% level where a confluence of 50 day and 200 day moving averages currently sit. The 10y Note is yielding 3.69%, 13bps above its 50 day moving average ( the cheapest is has traded relative to that average in all of July).The 10y Gilt is yielding 3.851%, about 10bps above it 50 day moving average whilst the 10y Bund is yielding 3.46%, less than 1bps above its 50 day moving average. In corporates, the investment grade iTraxx Europe index opened 6bps lower at 102bps, its lowest level since early September 2008, in the days leading up to the collapse of Lehman.
- In the papers: German weekend press ran a story that the German government was considering a US style bank-rescue plan. The article noted that under the plan, the German government would become shareholders in the banks after forcing them to accept the aid. German MOF declined the story
*** NOTES ***
U.S. lender CIT Group reached a tentative deal with bondholders for $3B in rescue financing
- Oil rises above $64.50 buoyed by Asian and European equity rally (Note: Japan was out on holiday
- 8:30 (CA) Canadian May Int'l Securities Transactions: C$7.0B e v C$9.0B prior
- 8:30 (CA) Canadian May Wholesale Sales M/M: -2.1%e v -0.6% prior
- 10:00 (US) June Leading Indicators 0.5%e v 1.2% prior
- also might see (No specific time set for release)
- (RU) Russian Jun Unemployment Rate: % v 9.8%e
- (RU) Russian Jun Real Wages Y/Y: % v -3.6%e
- (RU) Russian Jun Investment In Productive Capacity: % v -20.0%e
- (RU) Russian Jun Retail Sales (Real) M/M: v 1.0% prior, Y/Y: % v -6.4%e
- (RU) Russian Jun Disposable Income: % v -2.1%e
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.
Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
John M. Bland, MBA co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
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.