- In equities news overnight: In equities: Equity markets in Europe entered the last trading day of July on a negative footing. This position was in disregard to yesterday's positive run and the similar sentiments in NY and Asia. End of the month flows were joined with continued equity pressure following a further corporate earnings flow. Today's earnings included large cap names: British Airways [BAY.UK], Air France [AF.FR], Anglo American [AAL.UK], Vedanta [VED.UK], ENEL [ENEL.IT], ENI [ENI.IT], Total [FP.FR], Michelin [ML.FR] and Lafarge [LG.FR]. Earnings sentiment again proved mixed with the heavy oil names disappointing and trading to the downside. While both BA and Air France reported below expectations, continued losses seen at Air France drove those shares lower while BA traded higher. Guidance out of Lafarge, lowering its cement volume output for 2009, had bearish effects for the broad sector as the effects of lower construction and building projects rippled through the market. Following the equity open, shares pushed higher, through the unchanged mark and to their best trading range levels by 3:30EST. This movement was sharply cut short by better than expected preliminary Q2 GDP out of Sweden (the corresponding effect having a negative pull on the EUR/SEK cross). Markets looked ready to push higher at 5:00EST following the release of better than expected Euro-zone unemployment numbers, but were limited by a larger than expected decline in Euro-zone CPI. With a shortened US earnings list expected in the NY morning, markets have already begun to position themselves for the US advanced Q2 GDP release, seen at 8:30EST.
-In individual equities: Air France [AF.FR] Reports Q1 Net loss â‚¬426M v loss â‚¬202Me, Rev â‚¬5.2B v â‚¬6.5B y/y. Q1 capacity -4.7%, Load factor at 79.4% v 80.3% y/y. || Michelin [ML.FR] Reports H1 Net loss â‚¬119.0M v loss â‚¬273.3Me, Rev â‚¬7.13B v â‚¬7.1Be. || AngloAmerican [AAL.UK] Reports H1 underling Net $1.1B v $1.8Be, Rev $11.1B v $10.4Be. Net debt of $11.3 billion at 30 June 2009. || Total [FP.FR] Reports Q2 Net â‚¬1.7B v â‚¬1.7Be, R â‚¬31.4B v â‚¬27.2Be. Q2 Oil and Gas output 2.18M bpd (-7.3% y/y). || Lafarge [LG.FR] Reports Q2 Net â‚¬344M v â‚¬369Me, Rev â‚¬4.36B v â‚¬4.5Be. Based on the market situations observed in the second quarter, we have updated our outlook on volumes for the full year 2009. While the rate of decline is expected to slow in the second half of the year as compared to the first half, annual cement volumes in Lafarge's markets are expected to be down -4% to -8% overall, with significant differences between markets. || Continental [CON.GE] Supervisory board approves plans for capital increase of up to â‚¬1.5B, begins financing talks with creditors. || ENEL [ENEL.IT] Reports H1 Net â‚¬3.52B v â‚¬3.0Be, EBITDA â‚¬7.94B v â‚¬7.7Be. || ENI [ENI.IT] Reports Q2 Adj Net Profit â‚¬900M v â‚¬938Me, EBIT â‚¬2.55B v â‚¬2.5Be. ||
- Speakers: Former MOF official Sakakibara commented that opposition DPJ Bureaucrats would likely to keep overseeing FX policy if elected into power. Comments in response to the DPJ''s main campaign pledges to turn Japan's deeply entrenched, bureaucracy-led policy-making process into one led more by politicians. || Irish Fin Min Lenihan commented that Ireland had an approximate figure of discount on loans to be taken over by 'bad banks' || Chinese Fin Ministry noted that it would adopt a US style 3 and 9 month bill auction. China previously had a mixed bid system || EU approved German state toxic asset relief program for its banking system
-In Currencies: The USD managed to recover from its Asian lows but remained mixed in its overall tone against the major pairs ahead of the US GDP data later today. Despite yesterday's IMF comment about the Euro being 'overvalued' the EUR/USD hovering around the 1.41 area for the bulk of the session today and the trend continues to post higher lows and thus potentially higher highs over the next few weeks.
- The SEK hit its best levels against the USD and Euro pairs following its better Q2 GDP data with the QoQ coming in unchanged compared to the decline of -0.4% expected. EUR/SEK tested 10.333 area while USD/SEK probed the 7.3230 level.
- Japanese economy had slipped into a record level of deflation, with core CPI falling 1.7% y/y in June. Dealers noting that the data encouraged yield-seeking investment flows out of Japan at month-end while the global risk appetite persist for the time being. USD/JPY probing near yesterday's intra-session high of 95.79 and EUR/JPY.
- In Energy/commodities: Kuwait is said to have shut its largest Min al-Ahmadi refinery (460K bpd) due to a problem with the water cooling system ||France's Total [FP.FR] Reported Q2 Net profit of â‚¬1.7B and in-line with consensus estimates of â‚¬1.7Be. Revenues were â‚¬31.4B above â‚¬27.2B estimates. Its Q2 Oil and Gas output was 2.18M bpd (-7.3% y/y) while its refinery use rate came in at 84% versus 88% year-ago levels. The company reiterated FY09 debt to equity target levels || NYMEX Aug crude moved lower from its Asian session highs of 67.78 to by $1.50 to test $66.20 in its electronic session.
- In Fixed Income Supply: Government bonds have performed strongly this morning amidst a modest sell off in equities. Ahead of US GDP reports there was little market reaction to the contradiction of better than expected Euro-zone unemployment and worse than expected CPI estimate . UK and German yield curves are in bull flattening mode tracking yesterdays move in Treasuries. Gilts have lead the way up on a cross market basis, with the yield on 10y hitting intraday lows below 3.88%. Three month Euribor fixed at a fresh record low of 0.893%
*** NOTES ***
- Japanese economy had slipped into a record level of deflation
- Swedish Q2 GDP beats estimates with its 0.0% q/q reading
- China's Shangahi Composite ends July up 15% m/m, largest monthly gain since Aug 2008; Nikkei stock average's at a 10-month closing level of 10,113
***Looking Ahead***CAD and US GDP data to highlight the morning; Chevron to report earnings
- (BE) Belgium Jun Unemployment rate: % v 8.2% prior
- 8:00 (SA) South Africa Jun Trade Balance (ZAR): -1.5B expected versus +2.0B prior
- 8:30 (CA) Canada May Gross Domestic Product M/M: -0.35 versus -0.1% prior
- 8:30 (US) Q2 Advance GDP Annualized: -1.5% versus -5.5% prior; Personal Consumption: -0.5% expected versus 1.4% prior
- 8:30 (US) Q2 GDP Price Index: 1.0% expected versus 2.8% prior; Core PCE Q/Q: 2.3% expected versus 1.6% prior
- 9:00 (BE) Belgium Q2 Preliminary GDP Q/Q: No estimate versus -1.7% prior; Y/Y: No estimate versus -3.1% prior
- 9:45 (US) Jul Chicago Purchasing Manager: 43.0 expected versus 39.9 prior
- 10:00 (US) Jul NAPM-Milwaukee: 52.0 expected versus 50.0 prior
- 10:00 (TU) Turkey Jun Trade balance: -4.8B expected versus -3.5B 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.
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.