- Uncertainty seems to be interrupting the earnings season rally that has been under way for the last seven or eight sessions, with a big miss from Morgan Stanley unsettling investors this morning and US equity indices zigzagging in and out of negative territory. Bond prices are lower after yesterday's rally as Fed Chairman Bernanke's second day of testimony on the hill appears to have much less of an effect. Oil is recovering some early declines after weekly inventory data from the Department of Energy.
- Morgan Stanley has proved to be the laggard among the top five bank holding companies. The firm reported a quarterly loss that was bigger than expected, and more than twice the expected figure once charges for repaying TARP were factored in. Results were also significantly hampered by an accounting rule related to the value of its debt. Strength in the firm's wealth management and investment banking revenues was not enough to offset declines in trading revenue and real estate losses. Shares of MS opened down 4% but have recovered somewhat in mid morning trading.
- Four leading regional banks reported better-than-expected results, including Wells Fargo, US Bancorp, SunTrust and Bank of New York. KeyCorp's loss was greater than analysts' estimates. Note that results from Wells Fargo and Bank of New York were well below expectations after additional charges for TARP, various write downs and merger expenses were taken into account. Shares of WFC are down 5%, while BK is down 8%. STI's loss was less than expected, although its non-performing loans keep increasing. USB remains firmly profitable, stating that deposit growth is strong while its commercial real estate portfolio is under pressure. Shares of STI and USB are making modest gains this morning. KEY's loss was somewhat offset by revenue that beat expectations and big improvements in ROE and ROA.
- Yesterday evening boldface tech names Apple and Yahoo both blew out analyst estimates, although Apple's guidance for next quarter was notably lower than expected on top- and bottom lines. On the conference call, Apple's CFO said the company has been unable to meet demand for the new iPhone 3G-S, and warned iPod sales are continuing to decline over time. Yahoo's CEO said she is seeing "less fear in the marketplace" and advertisers spending more actively. AMD's results contrasted dramatically with Intel's results, with AMD reporting yet another quarterly loss. AAPL is up 4%, YHOO in the red but off its worst levels and AMD is down 14%.
- In other earnings, Boeing managed to exceed consensus estimates in Q2 and its FY09 guidance despite the recession and ongoing trouble with the 787 Dreamliner. Executives said the firm is still assessing the schedule for 787 test flights and first deliveries more than a month after announcing yet another delay due to problems with a body component. PepsiCo offered results that were more or less in line with expectations and reaffirmed its full-year forecast, noting that it has begun to see the return of consumer spending, even in developed markets. Pfizer also reported in line, and increased its 2009 forecast by a hair. Mid-cap industrials WHR and ITW offered solid results and better-than expected guidance.
- The consolidation in EUR/USD seen throughout the European morning continued into the New York session as option expiration chatter tamed the price action. The 1.4200 strike remained a magnet for choppy price moves ahead of the NY cut. The USD looked like it would initially gain some upward momentum as risk aversion appeared in the wake of Morgan Stanley's poor quarterly results. Dealers noted that the EUR/USD almost broke an eight-day string of higher lows with the 1.4150 level cited as pivotal support. Thus far, market has paused above just above the 1.4150 area. CAD eventually reacted to better retail sales data for May with the 1.10 handle again tested during the morning in USD/CAD. Dealers are noting that prospects for softer equity markets and lower oil prices could cap further gains in the CAD-related pairs. Looking ahead, the Brazilian Central bank is expected to cut its SELIC target by 50bps to 8.75%. The decision usually comes after the value date change ().
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.