- In equities news overnight: Having pulled off 8 straight days of rally in Wednesday's session, European bourses opened slightly positive before slipping into the red in mixed sentiment. Negative sentiment, however, would not last and as we have seen over the past week and half, and equities once again pushed through the unchanged mark to print positive before once again spilling negative. Choppy trading defined the first 60 min of European trading as markets searched for a definitive direction. Sentiment looked to be driven by Q2 and H1 earnings, but with a markedly mixed performance, overall direction remained scarce. Primary European earnings for the session came from peripheral markets including Roche [ROG.SZ], ABB [ABBN.SZ] and Credit Suisse [CSGN.SZ] out of Switzerland, Skanska [SKAB.SW] out of Sweden and Stora Enso [STERV.FH] out of Finland. Ahead of retail sales figures from Italy, Poland and the UK, retailers faired mixed to broadly lower. In other sector news, comments from the UK Water Regulator targeting 2015 improvements and capital projects sent that sector to the bottom of the FTSE led by United Utilities [UU.UK]. Solid Credit Suisse figures rallied the broader financial sector and it, along with basic resources were marked outperformers amongst European equities. Markets took a brief lift past 4:30EST following better than expected UK retail figures for June, but through 4:00EST and into 5:00EST both the CAC and FTSE remained in negative territory, with the DAX only marginally positive. Volumes on trading remain muted outside of some earnings based performance in specific names. As we have seen through this week, European markets look set to take their next cues from the NY pre-market as another wave of corporate earnings is seen ahead of the NY morning.
-In individual equities: Credit Suisse [CSGN.SZ] Reported Q2 Net CHF1.6B touch better than the CHF1.4Bexpected, Revenues came in at CHF8.61B and also slightly above estimates of CHF8.5B. Q2 ROE 17.5% v 22.6% q/q. Q2 Tier 1 Ratio 15.5 % v 14.1% q/q. Q2 Provision for credit losses CHF 310M v CHF183M q/q. ||Roche [ROG.SZ] Reported H1 Net CHF4.05B below CHF5.1B estimates. However, revenues were CHF24.0B just above the CHF23.6B consensus.. Full-year 2009 sales in both divisions expected to grow well ahead of market. Double-digit Core EPS growth expected in 2009 and 2010 (at constant exchange rates). Group will use strong operating free cash flow to repay net debt; expects to repay 25% of debt by end of 2010 and to return to a positive net cash position by 2015. Continuation of dividend guidance. Pharma sales grow 11% in local currencies. || ABB [ABBN.SZ] Reported Q2 Net income $675M above $611M estimates, while revenues were in line at $7.9B. Q2 orders $7.31B v $11.3B y/y. Confirmed previously announced targets for the period FY07-11. Saw growth opportunities despite difficult market. || Telnor [TEL.NO] Reported Q2 Net NOK1.38B versus NOK2.2B estimates, but revenues were NOK24.5B and roughly in line with the NOK24.8B consensus. Q2 impairment charge NOK1.97B. Guided 2009 Rev in line with 2008, "however on the negative side." Expected revenues to remain under pressure for the rest of 2009. Reaffirmed 2009 EBITDA margin target of 34%. Lowers 2009 CAPEX est to 13-15% of sales from 15-17% prior. || Skanska [SKAB.SW] Reported Q2 Net SEK1.17B better than the SEK726.3M estimate, Rev SEK35.7B in line with SEK35.5Be. Construction order booking of SEK37.6B was better than the SEK35.1B estimate. Backlog SEK114B v SEK145B y/y. During 2010 expected continued revenue declines, especially in the Nordic countries and the Czech Republic. Have seen revenue levels decline in a number of markets. Orders in H2 2010 may show signs of recover on the back of US construction orders. || Deutsche Post World [DPW.GE] Reported Q2 Net profit â‚¬66M (after minorities) compared to an expected loss of â‚¬32M. , Rev â‚¬11.1B worse than the â‚¬11.8B expected. Guideed FY09 EBIT â‚¬1.2B compared to the 1.04Bestimate. Outlook: Business development in the second quarter confirms our view, expressed after the first quarter, that in percentage terms volume declines may have seen the bottom. Still, the Group doesn't expect a substantial recovery in world trade in coming months. || Carphone Warehouse [CPW.UK] Provided trading statement: Re-iterates financial guidance for full year. Is trading in line with expectations. Q1 Like-for-Like retail revenue growth 5.4%. Q1 TalkTalk Group revenues were stable quarter-on-quarter and down 2% y/y to Â£340M. Q1 Residential revenues were flat quarter-on-quarter and down 3% year-on-year at Â£264M. Q1Total Best Buy Europe revenues were up 6% year on year to Â£773M. Talk Talk Group: Broadband net adds of 47,000, Acquisition of Tiscali UK completed on 3 July 2009. Best buy Europe: Like-for-Like retail revenue growth 5.4%. || National Express [NEX.UK] The second suitor for the company could be Stagecoach - London Times, the article cites transport industry sources. || AstraZeneca [AZN.UK] To collaborate with Alcon on eye care products. Entered into a five-year collaborative research agreement with AstraZeneca for the exclusive ophthalmic discovery and potential development rights to AstraZenecas compound library. || Land Securities [LAND.UK] Raised Â£360M through secured bond offer. Notes held maturity date of 2027. || Unibail [UL.FR] Reported 1H Net loss â‚¬1.32B v loss â‚¬704.7Me, Net rental Income â‚¬634M v â‚¬712.1Me. || Technip [TEC.FR] Reported Q2 Net profit â‚¬116M v â‚¬92.6Me, Rev â‚¬1.73B v â‚¬1.6Be. Guides FY09 Rev â‚¬6.4B v â‚¬6.3Be. Order intake â‚¬873M v 1.15B q/q. Backlog â‚¬6.06B v â‚¬8.05B y/y. Confirmed y/y improvement in combined operating margin. || Publicis [PUB.FR] Reported H1 Net â‚¬167M v â‚¬148Me, Rev â‚¬2.2B v â‚¬2.2Be, maintains 2009 targets. Expects to outperform market in 2009 despite negative sales growth. || Mobistar [MOBB.BE] Reports Q2 Net â‚¬68.4M v â‚¬66.2Me, H1 Rev â‚¬761.6M v â‚¬752.7Me. States that results remain in line with FY09 forecasts. H1 service rev â‚¬761.6M v â‚¬745.5M y/y. Will pay extraordinary dividend of â‚¬1.65/share. || KPN [KPN.NV] Reports Q2 Net â‚¬340M v â‚¬339Me, Rev â‚¬3.41B v â‚¬3.48Be. Reaffirms FY10 EBITDA â‚¬5.5B. Lower FY10 Rev guidance to â‚¬13.6-13.8B v 14.0Be. Sees free cash flow â‚¬2.4B through 2H 2009. Maintaining dividend guidance for FY2009/10 at â‚¬0.80/share. || ING [INGA.NV] Seeking bids for European and Asian private-banking operations, process is in early stages - WSJ. The operations under consideration for sale could be worth more than $1.0B. || Logitech [LOGN.SZ] Reports Q1 -$0.20 v -$0.19e, R$327.9M v $318.4Me. Guides Q2 Rev $465-485M v $507.5Me, GM 27-29%. ||
- Speakers: German Fin Min Stienbrueck stated that USD to remain dominant reserve currency, but added that the important of USD would decline against both the EUR and CNY currencies. He noted that once the economy recovers there will be the threat of rising inflation || China's Premier Wen commented that it would continue to firmly implement expansionary fiscal policy and reiterated that the PBoC would continue its "appropriately loose" monetary policy. He noted that that fiscal position remained very grim. The Chinese economy was showing more positive signs but reiterated the view that its economic recovery was at a critical point || German Bank Assoc: stated that the German Q2 GDP contraction would be less than 0.5%. The association warned against excessive optimism on economy and noted that German annual CPI to be negative for the next few months || Japan DPJ opposition party official commented that intervention in currency markets must be avoided and added that a gradual rise in Yen's value would be beneficial (elections on Aug 30th) ||Moody's raised Philippines' foreign and local currency gov't ratings to Ba3 from B1; outlook stable || China-Africa Development Fund Vice Gov: End 2Q assets at CNY4 Trillion; Outstanding forex loans total $79.1B || MOF's Vice Fin Min Tango Japanese Trade surplus in June does show an export pickup || Australian RBA Assistant Gov commented that the local economy has held up fairly well || Japanese DPJ Official (opposition party) noted that intervention in currency markets must be avoided, gradual rise in Yen would be beneficial || Italian Banking Association (ABI) forecasted 2009 GDP contraction of 5%. It saw +0.4% growth in 2010 and +1.0% in 2011. The ABI forecasted 2009 and 2010 deficit to GDP ratio at 5.2% and 2011 at 4.8% || || Italy's ISAE forecasted Italian 2009 GDP down by5.3%, with mild growth next year at +0.2%
- In Currencies: The USD and JPY started the European session on a soft note and remained that way throughout the morning into NY. Continued expectations of a global economic recovery continued to increase appetite for yield. There was vague chatter that the Japanese MOF might have told some large Japanese accounts that it is "safe" to buy USD/JPY from around the 93 area. The GBP was firmer following the U.K retail sales data, which beat expectations and also aided by the BBA mortgage approvals also improved to 35.2k in June. Dealers noting that further equity market strength and upbeat U.S.
- In Energy/commodities: Japan weekly oil product inventories 12.5M kiloliters vs 12.4M at July 11 .Gasoline inventories 2.24M kiloliters vs 2.27M prior || FT article noting that spot iron ore prices are fast approaching $100/. The article noted that the level is well above the levels at which miners and steelmakers in Japan, South Korea and Europe have agreed to supply deals.
- In Fixed Income Supply: After a brief interval supply rears its ugly head again today with the Treasury's 2-5 and 7 Note announcements due later in the New York morning. Ahead of the announcements 10y Note futures sit right at the unchanged mark, with prices and yields in the cash market pretty much unmoved from yesterdays close. Across the Atlantic it's a different story with UK and German fixed income both under some pressure despite weakness in the equity space. Better than expected retail sales data saw 10y Gilts hit an intraday high yield of 3.895%, its highest level in over a month. Bunds managed to hold up comparatively better than Gilts , with 10y yields gapping higher but steadily moving lower, with the Bund testing the 3.40% level at the time of writing.
*** NOTES ***
- Asia Development Bank Semi-annual Economic Review: China's GDP may grow more than 7% forecast in 2009, China is "major bright spot" in emerging east Asia
Weekly Jobless a key focus today and a plethora of corporate earnings with BMY, CIT, CME, EMC, F, HSY, MCD, MMM, NEM, NOC, NUE, PM, PNC, POT, RAI, RS, RTN, SWY, T, UPS, WYE, XRX all expected to report before the NY equity open.
- 7:00 (BR) Brazil July FGV Consumer Confidence: No expectations v 106.4 prior
- 8:00 (BR) Brazil Unemployment Rate 8.90% e v 8.80% prior
- 9:00 (US) RPX Composite 28dy Y/Y: No expectations v -19.69% prior
- 9:00 (US) RPX Composite 28dy Index - - No expectations v 188.52 prior
- 9:00 (BE) Belgian Business Confidence Level sa: -22e v -23.6 prior
- 9:30 (US) Fed's Tarullo testifies before Senate Banking Committee
- 10:00 (US) Existing Home Sales 4.84M No expectations v 4.77M prior
- 10:00 (US)Existing Home Sales M/M: 1.50% e v 2.40% 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."
Actionable trading levels delivered to YOUR charts in real-time.
Tue 31 July 2018 AA JP- Bank of Japan A 06:00 DE- Retail Sales A 09:00 EZ- flash HICP/GDP AA 12:30 US- Core PCE Deflator A 14:00 US- CB Consumer Confidence Wed 1 Aug 2018 A Final Mfg PMIs AA 12:15 US- ADP Private Payrolls A 15:00 US- EIA Crude AA 18:00 US- Federal Reserve Decision Thu 2 Aug 2018 AA 11:00 GB- Bank of England Decision A 13:30 US- Weekly Jobless Fri 3 Aug 2018 A Final Services PMIs AA 12:30 US- Employment A 12:30 US/CA- Trade
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.