- In equities news overnight: European equity markets have continued the broad rally out of Asia with a limited positive trading range. In macro data, Spanish and Czech Q2 GDP figures showed that for much of Europe, the recession was still on. Continued decline in French non-farm payrolls and a lower Euro-zone CPI for July than expected added some weight to equity trading. In corporate news, strong earnings from the luxury sector out of Swiss name Swatch [UHR.SZ] beat estimates and provided the strong forecasts for a sector that has been specifically hurt by the current economic downturn.
- Earnings from major German steel manufacturer ThyssenKrupp [TKA.GE] proved as challenging as smaller rival Salzgitter [SZG.UK], but, as like in Salzgitter, shares of Krupp traded positive from the open on hope that a bottom had been reached. Other earnings in today's premarket included Hochtief [HOT.GE], and SMA Solar [S92.GE]. Following the open, equities looked ready to slip negative on the weight of negative GDP reads, but were able to find a floor and traded broadly upwards from 3:15-4:15EST. Into and through the 4:00EST, markets have remained flat to down in a low acute angle. Trading volumes have continued to remain thin with each of the major bourses trading below their summer averages. ThyssenKrupp [TKA.GE] Reports Q3 Net loss â‚¬642M v loss â‚¬464Me, Rev â‚¬9.3B v â‚¬8.7Be. Q3 order intake â‚¬7.9B v â‚¬14.2B y/y. Guides FY09 at a pretax loss, to be negatively affected by restructuring costs. Guides decline in sales/volumes y/y. || Swatch [UHR.SZ] Reports H1 Net CHF299M v CHF260Me, Rev CHF2.8B v CHF2.4Be. FX to have slight negative impact on FY revenues. Outlook Main growth driver in the coming months will continue to be the improving sales in most of the countries where demand should pick up with the anticipated weakening of the recession. The sales development in the last two to three months as well as current order entries show signs of recovery. || Man Group [EMG.UK] Confirms disposal of MF Global stake to Nomura. Reminder: Earlier in session: Man Group disposes of its remaining shareholding in the company; The structure provides Man Group with gross initial disposal proceeds of $112M. || BritishLand [BLND.UK] Reportedly group has yet to receive a bid -WSJ. Earlier in session: Could receive Â£10B ($17B) bid from a group of foreign investors - London Telegraph. || Hochtief [HOT.GE] Reports Q2 Net â‚¬44M v â‚¬40Me, Rev â‚¬4.7B v â‚¬4.7Be. Q2 order inflow â‚¬5.7B v â‚¬7.1B y/y. Q2 Backlog â‚¬33.1B v â‚¬31.9B y/y. || SMA Solar [S92.GE] Reports Q2 Net â‚¬20M v â‚¬22Me, Rev â‚¬160M v â‚¬160Me; Remain optimistic regarding FY09 outlook. Guides FY09 EBIT margin 18-20%, Rev â‚¬680-730M v â‚¬660Me. ||
- Speakers: HK Gov't revised its 2009 GDP upward to -4.5% to -5.5% range compared to its prior view of -5.5 to -6.5% range. It also lowered its 2009 CPI view to 0.5% from prior 1.0%. Hong Kong noted that it saw some encouraging signs of economic recovery following its better Q2 GDP data || (UK) Q2 Mortgage Repossessions at 11.4k; -10 % q/q, +14% y/y - Council of Mortgage Lenders (CML) || Indian Central Bank (RBI) Subbarao commented that too much liquidity could cause asset price bubble but India was not near that level. He noted that the RBI wpuldl take action on incipient signs of inflation but was too early to be concerned about inflation. No decision at this time on Gov't borrowings. Current drought levels will have an economic impact but not seeing any pressure on food price inflation || Indian Gov Economic Advisor Rangarajan commented that the current deficit levels were not sustainable and that emphasis must be placed on growth; must ensure liquidity is within limits. He forecasted FY2010 GDP growth between 6.0 to 6.5%. Lastly he stated that the gov't did not plan to pursue strategy of full capital account convertibility at breakneck speed
- In Currencies: The GBP/USD declined from its opening level highs in Europe. Dealers noting that M&A chatter provided some earlier support the GBP amid reports that an Asian consortium might be considering a multi-billion GBP bid for BritishLand. The GBP/USD did test below 1.65 level before stabilizing.
- The JPY continued to maintain a firm tone. Japanese press reports noted that the major Japanese exporters lowered internal budget rates for the USD/JPY from 95.00 down towards the 90 and 91 handles. There has been some growing speculation that a new Japanese govâ€™t run by the current opposition could accept a 'stronger yen' in recent session following the country's Aug 30th national election.
- In Fixed Income: European Government bonds are rallying in tandem with equities this morning following yesterday's impressive Long Bond auction. Gilts are leading the way up, with German and UK yield curves both undergoing bull flattening. The UK 2-10y yield spread is approaching 275bps whilst the German 2-10y spread is below 202bps. Short dated issues in both markets received negligible benefit from Euro-zone CPI figures,which undershot expectations , placing inflation in Europe below the ECB's target for the 8th successive month. Traders don' have long to wait before learning whether the trend replicated across the Atlantic and ahead of US CPI data , Fed Fund futures are pricing in about a 40% chance of a 25bps hike to 0.50% by March , having almost fully priced a hike in at least week's close.
- In Energy: Norway Oil Fund reported its Q2 holdings of NOK2.39T v NOK2.08T q/q, Return of 12.7% which was the best level reported in funds history. New capital into fund in Q2 at NOK40B v NOK44B q/q with the fund's equity holdings at 60.3% v 52.6% prior
- In the papers: Toxic loans might wipe out equity of around 150 banks - London Independent. Article noted that the US financial system remained at risk of instability because of toxic loans clogging bank balance sheets, acting a watchdog set up to monitor the government bailout. Analysis done by the Congressional Oversight Panel showed that under a scenario 20% worse than assumptions used in the Federal Reserve's stress tests, about 719 banks with assets between $600M and $100B would need to raise some $21B in new capital to offset loan losses. || China Cracking Down on Credit Card Issuers in the NY Times. Article noted that credit cards gained popularity among Chinese as the middle class expanded and living standards rose and as the government tried to encourage use of the cards to stimulate domestic consumption. But rising debt, especially among young Chinese who were poor candidates for credit cards in the first place, has put a strain on some families, and the government is putting restrictions on the credit card industry
*** NOTES ***
- Overall equity markets current deflect the soft tone in Chinese equities. Shanghai's Composite: -3.0% in session to 3,047 (six week low in index; worst weekly performance since February). One dealer ponders that 'contagion' seems to be a forgotten word
- Hong Kong joins France and Germany out of the recession picture. Next up Japan with positive growth on Monday????
***Looking Ahead*** U.S. data today includes CPI and industrial production.
- 8:30 (US) Jul Consumer Price Index M/M: 0.0% e v 0.7% prior, Y/Y: -1.9% e v -1.4% prior
- 8:30 (US) Jul CPI Ex Food & Energy M/M: 0.1% e v 0.2% prior, Y/Y: 1.60%e v 1.7% prior
- 8:30 (US) Jul CPI Core Index SA: No expectations v 219.344 prior
- 8:30 (US) Jul Consumer Price Index NSA 215.489 e v 215.693 prior
- 8:30 (CA) Canadian Manufacturing Sales M/M: -0.2% e v -6.0% prior
- 8:30 (CA) Canadian New Motor Vehicle Sales M/M: -1.0% e v 1.0% prior
- 9:15 (US) Jul Industrial Production 0.4% e v -0.4% prior
- 9:15 (US) Jul Capacity Utilization 68.3% e v 68.0% prior
- (BE) Belgian Jun Trade Balance: No expectations v â‚¬861.8M prior
- 10:00 (US) Aug Preliminary U. of Michigan Confidence: 69.0e v 66.0 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 19 June 2018 A 12:30 US- House Permits/Starts Wed 20 June 2018 A 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude Thu 21 June 2018 AA 11:00 GB- Bank of England Decision A 12:30 US- Weekly Jobless Fri 22 June 2018 AFlash PMIs
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.