- In equities news overnight: In equities: With the UK closed for the August Summer Bank Holiday, equity trading in Europe has been thin broadly muted. Themes and towns in Europe have rolled over from the mixed picture in Asia following Japanese monumental national elections and the 22% decline in China's Shanghai Composite for the month of August (including at -6.6% move in today's session). This mixed, risk averse town led to a downside open to those continental bourses holding trade today. Earnings reports in the pre-market were light and included the Austrian construction firm Strabag [STA.AS] and French industrial group Wendel [MF.FR]. Erratic trading dominated the -4:00EST hr as markets sought direction. The release of EU Euro-zone and Italian Aug CPI reads at 4:00EST, both of which were stronger than expected provided a sharp boost to equities which rallied to their session highs. These levels, still in negative territory, were quickly surrendered in the 5:00ESt hr with the CAC off 0.6% and the DAX off 0.7%. As expected, volumes remained light with both bourses reporting turnovers over 20% below their already sedated summer averages.
-In individual equities: Wendel [MF.FR] Reports H1 Net loss â‚¬959M v loss â‚¬879Me. NAV per share at â‚¬37.2, Net cash â‚¬2.55B v â‚¬2.31B H/H. Group has received further extensions on its debt facilities. || Strabag [STR.AS] Reports Q2 â‚¬106M v â‚¬71Me, Rev â‚¬3.3B v â‚¬3.3Be. H1 order backlog â‚¬14.3B v â‚¬13.7B y/y. Q2 Output volume â‚¬3.42B v â‚¬3.37B y/y. || Banco Popolare [BP.IT] Reports 1H Net â‚¬204M v â‚¬177Me. Says "reasonably optimistic" about 2H outlook. H1 tier 1 cap 6.2% (ex-gov bond issuance). Q2 Net loss â‚¬14M v loss â‚¬32Me. || Nordea [NDA.SW] Acquires Denmark's Fionia Bank for â‚¬121M. Fionia has approx 400 employees in 29 branches. Plans to recapitalize Fionia operations. Expects positive return from acquisition in 2011. || Independent News and Media [INM.UK] Planning large secondary offer in coming months -Sunday Business Post. Secondary to be placed at significant discount to current trading levels according to article. || Lloyds [LLOY.UK] To divest controlling stakes in HBOS Plc integrated finance unit's debt - London Telegraph. The debt may be offered to buyers at a discount. || HSBC [HSBA.UK] To sell Â¥60B in samurai bonds. || Lufthansa [LHA.GE] Jet Blue to partner with Lufthansa to file a code-share request with the US Dept of Transportation - FT. The request is expected to be filed by as early as Monday. In 2008, Lufthansa paid $300M to buy a 19% stake in JetBlue. ||
Novartis [NOVN.SZ] Head of Vaccines and Diagnostics Unit Owsald: Company to deliver its first swine flu vaccine in October - Basler Zeitung. Seeking to start Japanese clinical trials during the month of September. ||
- Speakers: BoJ's Shirakawa commented that the Japanese central bank was always watching the impact of currency moves its economy. The BOJ gov reiterated his view that the economic recovery could begin after H2 with pace of recovery only likely to be moderate. The BOJ also reiterated standard G7 mantra that currency should reflect economic fundamentals. He also noted that currency rates tend to swing on short term speculation. Central banks hope that currency movements are in stable manner. On the inflation situation, the BOJ noted that risk of a deflationary spiral was not high but that the output gap to affect Japanese price going forward. It would be a long time before CPI growth returned to normal. The BOJ noted that commercial paper and corporate bond yields are back to pre-Lehman levels (last Sept). There are some bright spot in the global economic outlook but uncertainty remains high || China FX Regulator SAFE commented that it would prevent large fund outflows and sought to improve its long-term return on currency reserves. -The regulator noted that it saw some net capital inflows and would widen outbound portfolio investment channels || Japan MOF official Tango commented that the department would listen to new Gov't requests on budget issues || RBI Deputy Governor commented that the central bank faced challenge to keep inflation low
- In Currencies: Japanese election results and another sharp sell-off in China equities had the market focused on risk aversion. The shift in commodities came in tandem with equity market as Crude approached the NY morning off almost $1.50 per contract at $71.30 in the Oct NYMEX contract. However, the European session was marked by quiet consolidation of the price action exhibited during the Asian morning.
- In Fixed Income: Government bonds are modestly bid in thin volumes this morning in Europe, with equities under pressure following another Shanghai sell off. Yield curves are undergoing some bull steepening , with better buying of short dated issues. There was little market reaction the highlight - Euro-zone flash CPI reading for August, which came in at -0.2%, slightly above consensus forecasts and the third consecutive negative reading. Some interesting levels are being probed in admittedly thin liquidity conditions. Bunds reclaimed the 3.25% level in the cash market with the yield lower by a basis point and right at its 200 day moving average of 3.241%. In Asian hours, the 2y Note fell back below 1.00% for the first time in two weeks, a risk aversion trade following the DPJ's victory in Japan
- In Energy: Chinese State think-tank NDRC denied press speculation that the Chinese government sought to reduce the frequency of domestic fuel-price || Japan July Oil Product Output came in at 15.8M kl, down10.8% y/y while its oil Imports declined by 18.1% y/y to 17.4M kilo liters.
- Commodities: China's state-owned enterprises may unilaterally terminate commodities contracts they have signed with foreign banks
- In the paper: India might cut its economic-growth target for the period from 2007-2012 according to the Economic Times.- PM Singh might lower the 5-yr growth estimate to 7.8% from 9% prior. The estimate for the 12 months ending March 31 might be revised to 6.3% from as much as 7.75%
*** NOTES ***
- European morning quiet with London off for summer holiday
- India's Q2 GDP came in just a tad soft at 6.2%; The question lingers if India lowers its economic-growth target for the period from 2007-2012
- Japan: LDP swept out after resounding DPJ victoryâ€¦question is whether there would be any honeymoon period with unemployment at record levels
- Germany state election results over the weekend swung to the left and bring doubts into play whether current CDU/CSU/FDP coalition would survive following the general election on Sept 27th
- 8:00 (SA) South Africa Jul Trade Balance (ZAR) -0.4Be v 3.2B prior
- 8:00 (BR) Brazil Jul Industrial Production M/M: 1.5%e v 0.2% prior, Y/Y: -10.5%e v -10.9% prior
- 8:30 (CA) Canadian June Gross Domestic Product M/M: 0.2% e v -0.5% prior, Quarterly GDP Annualized: -3.0% e v -5.4% prior
- 9:45 (US) August Chicago Purchasing Manager 48 e v 43.4 prior
- 10:00 (US) August NAPM-Milwaukee 49e v 45 prior
- 10:00 (TU) Turkish Jul Trade Balance (TRY) -3.9B e v -4.2B prior
- 10:30 (EU) ECB's Nowotny
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.