- In equities news overnight: European bourses opened to the downside pairing gains printed in the second half of yesterday's trading session. European markets, which had been broadly negative, rallied sharply on the back of US consumer confidence figures to print new 2009 calendar year highs. Pre-market trading was to the downside following these gains and mixed earnings reports from European firms. Today's earnings included French commercial bank Natixis [KN.FR], utility firm Suez Environment [SEV.FR], the brewer Heineken [HEIA.NV], insurance firm Swiss Life [SLHN.SZ], miner Antofagasta [ANTO.UK], advertising firm WPP [WPP.UK] and energy firms Tullow Oil [TLW.UK] and John Wood Group [WG.UK]. Following their opening lows, equities trended higher following support form earnings names, financials and some discretionary sectors ahead of the German August IFO business climate read at 4:00EST. Speculation that the number would come in ahead of estimates, along with the strong read out of Belgium on Tuesday pushed equities to their highs right before the release. German August IFO figures did not disappoint, reading ahead of the expectation but cautious commentary, including the statement that businesses saw continuing conditions worse now, than in the year ago period led to a rapid drop off. This down movement, led by the DAX pushed European equities back below the unchanged mark, a level they have maintained since. On the back of earnings and economic data, turnover levels in today's trading have come in broadly ahead of their moving averages with the CAC outperforming on strong trading in shares of Alcatel-Lucent [ALU.FR].
-In individual equities: Natixis [KN.FR] Reports Q2 Net Loss â‚¬883M (inc items) v Loss â‚¬801Me, announced strategic review. BPCE to guarantee approximately â‚¬35B of segregated assets. || Suez Environment [SEV.FR] Reports H1 Net â‚¬175M v â‚¬145Me, Rev â‚¬5.9B v â‚¬5.9Be; lowers EBITDA guidance. Sees new 2000 EBITDA at stable y/y vs previous target of low single-digit growth. || Swiss Life [SLHN.SZ] Reports H1 Net CHF172M v CHF139Me; Gross Written Premiums CHF10.4B v CHF10.6Be. Solvency ratio 155%. Seeking to cut operational costs by CHF400M. Swiss sales CHF4.6B -2% y/y. France sales CHF2.5B -7% y/y. Germany sales CHF971M +14% y/y. || Antofagasta [ANTO.UK] Reports H1 Net $236M v $193Me, Rev $1.2B v $1.2Be dividend of 3.4p/shr. Group copper production 218.2k tons v 2336.k y/y. || WPP Group [WPP.UK] Reports H1 Net Â£108M v Â£179Me, Rev Â£4.3B v Â£4.3Be. || John Wood [WG.UK] Reports H1 Net $107M v $108Me, Rev $2.4B v $2.4Be. || Tullow [TLW.UK] Reports H1 Pretax Â£34.8M v â‚¬34Me, Rev Â£291M v Â£289Me. H1 realized oil price bbl $53 v $80.1 y/y. || Heineken [HEIA.NV] Reports H1 Net profit â‚¬483M v â‚¬446Me, Op profit â‚¬993M v â‚¬927Me, Rev â‚¬7.15B v â‚¬6.9Be. H1 consolidated beer volumes -6.6% on like for like basis. || ING [INGA.NV] Reportedly, Co seeks $1.8B for final bids for private banking operations. || Gazprom [GAZP.RU] Reports Q1 Net RUB104B v RUB85Be, Rev RUB931B v RUB912Be. ||
- Speakers: ECB's Gonzalez-Paramo commented that banks must not be overly prudent and lend to the real economy. He noted that the full crisis was not yet over || IFO's Abberger stated one could not conclude that the economic recovery was sustainable at this time. He expected significant rise in jobless rate in latter part of 2009 and into 2010, but did not expect German unemployment to exceed 5M. IFO believes that difficulties easing in all areas of economy. The current levels in EUR exchange rate not posing problems for exporters || IFO's Nerb commented that the ECB should maintain interest rates at a low level and that it was too early for any rate hikes. Nerb also noted that it was too early to discuss exit strategy from government measures. Thus he believes that there should be no ECB interest rate hike until Mid 2010 || Sweden Think Tank NEIR revised its GDP view upward with 2009 GDP seen contracting by 5.0% compared to its prior forecast of a 5.4% contraction made back in June. Its 2010 GDP view now at +1..5% compared with its prior +0.8% June forecast. || China's Q3 industrial output to rise by approximately 11.5% - Ministry with 2009 output up in a range of 11 to 12 percent.
- In Currencies: The German IFO data exceeded expectations but cautious comments by IFO members weighed upon the initial euphoria. EUR/USD tested the 1.4350 area immediately after the IFO data but encountered some steady selling. For the most part the USD was maintaining its familiar levels against most pairs. The GBP maintained a heavy tone against the major pairs in continued selling associated with recent dovish BoE policy stance and high level of government and consumer indebtedness. Overall dealers speculating that the UK recovery will lag the Euro and US regions. noting that GBP/USD dipped below the 1.63 handle while GBP/JPY tested its 100-day mvg avg at 153.33 area.
- In Fixed Income: Corporate debt markets have been subject to a deluge of bank issuance this morning. Deutsche Bank launched its â‚¬3B tier 1 offering aimed at the retail market, with â‚¬1.25B printed thus far at a yield of 9.50%. Soc Gen has followed Deutsche Bank's lead with a benchmark Tier 1 offering of its own in the works, whilst price talk on Lloyd's 10 Euro denominated offering has been set around 195bps over swaps, and a 3y offering from West LB has been indicated around 130bps over swaps. Government Bonds have struggled for direction this morning in Europe . Bunds were subject to particular volatility following the IFO surveys for August, initially selling off in response to better than expected headline readings, only to rally in response to dovish comments out of the IFO economists on the topic of interest rates. Gilts have outperformed ahead of another BoE buyback, with the generic front month futures contract reaching its highest level since late May at 120.39 in early trade . Ahead of conventional BTP auctions on Friday, Italy comfortably sold â‚¬3B in 2011 zero coupon bonds. Heading into the Treasury's $39B auction, new 5y notes hit a high yield just below 2.50% in the when issued market, and are trading at a concession of roughly 3bps to the existing issue at current levels.
- In Energy: Iran Opec Min commented that OPEC to discuss expected Q1 output surplus at Sept 9th meeting || China to raise gasoline and diesel prices by CNY500/ton. The price increase may be effective on Thursday and in response to gains in crude oil prices. The National Development and Reform Commission's crude basket has risen in value by close to 11% over the past 22 working days, which is above the 4% that triggers price increases under China's fuel pricing mechanism.
*** NOTES ***
- Economic data continues to improve but official comments on sustainability remains cautious
- Japan Exports to US were worse than expectations
***Looking Ahead*** US durable goods and new home sales.
- (PD) Polish Central Bank Base Rate Announcement: No change expected, current base rate is 3.50%
- (US) MBA Mortgage Applications w/e Aug 21st: No expectations v 5.60% prior
- 8:30 (US) Jul Durable Goods Orders: 3.0%e v -2.2% prior; Durables Ex Transportation: 0.9%e v 1.6% prior
- 9:00 (GE) German CPI - North Rhine-West. M/M: No expectations -0.2% prior; Y/Y: No expectations -0.7% prior;
- 10:00 (US) Jul New Home Sales 390Ke v 384K prior; Home Sales M/M: 1.6%e v 11.0% prior
- 10:00 (UK) BoE reverse auction with purchases in 2013 - 2019 maturities
- 10:30 (US) DOE Crude, gasoline and Distillate Inventories
- 11:00 (US) Fed to purchases notes/bonds with 2026 - 2039 coupon pass
- 12:00 (FR) French July Total Jobseekers: No expectations v 2.52M prior; Net Change: No expectations v -18.6k prior
- 12:30 (MX) Mexico to sell MXN1.55B in 3-year notes ans MXN 1.2B in 5-year notes
- 13:00 (US) Treasury's $39B 5-year Note auction
**Notable upcoming events: elections in Japan on Sunday.
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.