- In equities news overnight: European equities, in contrast to the US and Asian equity rally, set their own tone on a negative footing. The European pre-market was dominated by news in the financial sector. Comments from the CEO of UBS [UBSN.SZ] regarding his interest to pull the bank out of $39.1B commitment to Switzerland's toxic asset program, were followed by the formal announcement from BNP Paribas [BNP.FR] regarding the launch of a â‚¬4.3B capital raise to pay back government held non-voting shares. Despite this improved sentiment regarding the health of the banking sector, other sectors, and equities fared less well. Analyst sector calls, including a cautious view on the UK, a downgrade on the UK Real Estate sector (Credit Suisse) and a cut to the Metal and Mining sector at SocGen. Overall lagers in European trading were dominated by the heavy industrials with steels and autos lagging. Commentary out of Siemens [SIE.GE] regarding future orders and unit performance sent those shares, and the broader tech, IT and industrial names down in sympathy. Into 5:30EST, equities have continued to trend lower. Industrials, basic materials and the oil and gas sector are leading lagers on the EuroStoxx50, with only the financial sector holding to positive levels. Trading volumes have been mixed with good numbers ahead of average on the FTSE, and below average returns on the CAC and DAX.
-In individual equities: BNP [BNP.FR] Launches a â‚¬4.3B share capital increase (approx 7% of market cap). Capital raise will be used to repay â‚¬5.1B non-voting shares held by the French government. || UBS [UBSN.SZ] Wants to end its bad bank deal with the Swiss Government; may return to health within a year - FT interview of CEO Gruebel. UBS may be able to bring the assets at the bad bank back onto its balance sheet by late 2010. || Siemens SIE.GE: CFO: Reiterates Q4 order intake targets at same levels as those seen in Q3; Reiterates FY09 views. IT business will give more detailed outlook later in 2009; IT business not a good place to be in at current time. Order backlog in energy sector will maintain its high margin. Expects renewable unit Q4 margins down slightly, margins in unit will remain broadly weak. || RWE [RWE.GE] Authorizes â‚¬38.5M share buyback program, offer expires Nov 6th. || BASF [BAS.GE] Sees Asian/Pacific sales doubling by 2020; 2020 targets include growth at 2% ahead of market in region. || British Airlines [BAY.UK] CEO: Have seen no signs of recovery as of yet; Group has further plans to reduce network size. || Tui Travel [TT.UK] Provides pre close update: Summer trading almost full; To raise approx Â£440M through convertible bond offer as part of refinancing operations. || Elan [ELN.IR] ELN: Announces Intent to Offer $600M in Senior Fixed Rate Notes Due 2016 (17% of market cap). || Salzgitter [SZG.GE] Launches â‚¬300M (about 7% of market cap) 7-year convertible bond offering, coupon indicated at 0.625 - 1.625%. || VW [VOW.GE] Reaches 18-month labor agreement with IG Metal union, agrees to 4.2% raise for 95K employees, effective Jan 1, 2010. ||
- Speakers: China Central Bank (PBoC) Issued its Q3 Monetary Policy Statement and reiterated to continue with its "moderately loose" monetary policy. The PBoC also noted that the, foundations of recovery remained "unstable" with External demand remaining weak. To continue to strengthen domestic demand for economic growth. The PBoC to guide reasonable growth of money and credit and cap loans to industries with overcapacity. Would maintain sufficient banking system liquidity || ECB's Liikanen commented that the most difficult phase of crisis was now over, but there was no need to rush for exit of monetary stimulus yet. Rebound in oil and other commodities expected to continue though 2011. ECB was assessing data on a monthly basis. There was no need to tighten policy at this time as output gap remains large. No problem for ECB to tightening at appropriate time || ECB's Constancio reiterated the central bank theme that inflationary expectations were well anchored. The economic and financial crisis were showing sings of easing but there was major uncertainty over sustainability of recovery || MOF advisor Gyohten: Does not view JPY rise as sharp; does not see big turbulence in current FX price action || Russian Central banker Ulyukayev commented that the CBR viewed the situation on domestic FX market as balanced and the Refi rate at historical low levels but noted that it could lower still bank rate. It considered that inflationary risks as not high, but considered economic risks higher. Forecasted YoY inflation under 11.0% from Oct. Worst of crisis was back in May but growth was still not stable. He forecasted 2010 GDP growth could top 4.0% and did not see significant threats to central banking system from bad debts || Russian PM Putin: Anti-crisis activities should remain focused on autos, machine building and construction sectors
|| German DIW Institute: Adjusts German Q3 GDP forecast to +0.7% q/q from +0.8% prior view. || EU's Junker commented that have seen stabilization in EU but stressed that best course of action remains prudence. - Exit strategies should be implemented as recovery takes hold. Stated that 2011 should be the year when exit strategies are gradually implemented and that crisis impact on the employment front to be felt for a long period of time || German IFO: firms finding lending slightly less restrictive in Sept v Aug. Credit conditions for large manufacturers at its toughest level since 2003 || IATA: August International Air Passenger Traffic -1.1% y/y; continue to see profitability as remaining distant || Spain forecasted its 2010 gross debt issuances at â‚¬211.5B with Net debt issuances seen at â‚¬76.2B . It would make provisions for issuing up to â‚¬6.0B in foreign currency debt in 2010. Public sector deficit seen at 5.2% in 2011 and falling to 3.0% by 2012
- In Currencies: The USD seems to slowly grind a bid against the European currencies recover against the commodity currencies as the session unfolded. The dollar seemed to follow the commodity markets for its tone. The Chinese Steel Group CISA stated ahead of the trading day that its saw global iron ore markets as being over-supplied in 2010 and the dollar seemed to take note, especially when various central bankers in both Europe and the Far east again issued cautious statements on the sustainability of the recent recovery.
The JPY was again on center stage as the market continues to digest the new Japanese Gov't view on its currency. Throughout the Asian session Japan Finance Minister Fujii seemed to adjust his prior positioning when he noted that he would not rule out taking action in the FX market currency when moves were deemed "abnormal" However he again reiterated that a global competition to devalue each country's currency would be wrong. During the European morning, Japanese Special Currency Advisor to the Ministry of Finance commented that he did not view JPY rise as sharp; does not see big turbulence in current FX price action. The USD/JPY drifted down from the 90 level to test 89.65 but oval price action was subdued.
- The GBP was soft during the European morning as a closed door meeting between BOE member Bean with various London economists took place. Some speculation simmered that the BOE might still pursue a deposit rate cut in a manner that Sweden enacted back in July to negative rates. GBP/USD at 1.5840, lower by 50 pips from its Asian opening levels. However, the GBP recovered following the CBI distributive trade data, whiched registered a positive reading of 3 versus -14 in the prio month. GBP/USD entering the NY morning above the 1.59 handle
- In Fixed Income: In a twist to the usual inverse relationship, which has been ignored for some time now, government bonds have retreated in tandem with equities this morning in Europe. Italy sold a combined total of almost â‚¬6.5B in 3 and 11 BTPs and the UK sold Â£3.75B in 2022 Gilts with similarly acceptable results. Corporate issuance remains heavy with major European names including Renault, BBVA and Elan all coming to market with offerings during the session. Ahead of the ECB's 2nd 12 month refi, three month Euribor actually increased for the first time since June, fixing 1bps higher at 0.75%
- In Energy: China's NDRC confirmed earlier speculation that it would cut gasoline and diesel prices effective Wednesday by CNY190/ton
|| Sinopec [386.hk] To spend billions of yuan to expand and build facilities - South China Morning Post. As part of the plan, the company will spend CNY53B with Kuwait Petroleum to develop an integrated refinery in the Guangdong province.
- In commodities: Chinese Steel Group CISA: Saw global iron ore markets as being over-supplied in 2010; Will attempt to switch negotiation periods to calendar year contracts. It was still engaged in 2009/10 price negotiations with BHP and Vale, but not Rio Tinto ||
*** NOTES ***
- End of quarter continues to influence trade
- US Halloween retail sales spending to decline 18% to $4.8B - National Retail Federations
- Japanese official try to clarify their stand on the JPY currency
- Major event this week will be the September U.S. jobs report Friday and the two employment data points that precede them on Wednesday and Thursday
- (EU) ECB to call for bids in 12 month refi tender
- 7:00 (BR) Brazil Sept FGV Inflation IGP-M M/M: 0.5%e v -0.4% prior; Y/Y: -0.4%e v -0.7% prior
- 9:00 (US) Jul S&P/CaseShiller Composite -20 Y/Y: -14.2%e v 15.44% prior, S&P/CaseShiller House Price Index: No estimates v 141.86 prior
- 9:30 (BR) Brazil Aug Total Outstanding Loans: No estimate versus $1.3B prior; Private Bank lending: No estimate versus $0.8B prior
- 9:50 (US) Fed's Fisher
- 10:00 (IR) Ireland Sept Consumer Confidence: No estimate versus 48.7 prior
- 12:00 (CH) China Aug Leading index: No estimate versus 103.2 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.
Mon 19 Mar 2018 Tue 20 Mar 2018 AA 9:30 GB- CPI A 10:00 DE- ZEW Survey Wed 21 Mar 2018 AA 03:00 AU- Employment AA 9:30 GB- Employment A 12:30 US- Current Account AA 14:00 US- Existing Homes Sales A 14:30 US- EIA Crude A A18:00 US- Fed Rate Decision A 21:00 NZ- RBNZ Rate Decision Thu 22 Mar 2018 AA All Day flash PMIs AA 9:30 GB- Retail Sales AA 12:00 GB- Bank Of England Decision A 13:30 US- Weekly Jobless Fri 23 Mar 2018 AA 12:30 CA- CPI/Retail Sales A 12:30 US- Durable Goods A 14:00 US- New Homes Sales
John M. Bland, MBA co-founding Partner, Global-View.com
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.