- Equity: European equity markets have been swamped by a distorted and confused volume of corporate earnings that have included significant misses, mediocre performers and top line smashers. On the back of this sentiment and the negative trend that flowed out of Asia, market opened to the downside before sharply rallying 15 minutes into the session. Positive financial comments out of Standard Chartered [STAN.UK] followed by a further Russian Central Bank rate cut at this time fueled the rally. Earnings in the premarket and yesterday's post-market included all sectors (financial, industrial, chemical, travel, auto, consumer discretionary). Energy names continued their solid performance with ENI [ENI.IT] and Shell [RDSA.UK] in line, both names rolled over on the open, however. Auto names including heavy truck maker MAN Ag [MAN.GE] and VW [VOW.GE] traded higher off their reports. BASF [BAS.GE] continued its cautious macro tone and added further CIBA integration costs, shares traded lower. Press speculation that Lloyd's would be granted approval for its Â£25B capital raise broke that firms multi-day decline and sent it and RBS [RBS.UK] to the top of the FTSE100. Into 5:30EST, equities are mixed, trading near the unchanged mark expected a plethora of US corporate reports, and the highly anticipated Advanced US Q3 GDP release.
-In individual earrings: VW [VOW.GE] Reports Q3 Net â‚¬172M v â‚¬212Me, Rev â‚¬26B v â‚¬26.4Be; Reiterates expectations that FY09 Rev will come in down y/y. || Shell [RDSA.UK] Reports Q3 Net $3.25B v $2.8Be, Rev $76B v $55.8Be, declares dividend of $0.42/share. || Kazakhamys [KAZ.UK] Reports Q3 production: On track to meet FY target of copper cathode equivalent output of 315kt. || BASF [BAS.GE] Reports Q3 Net â‚¬237M v â‚¬401Me (unclear if comparable), Rev â‚¬12.8B v â‚¬12.8Be; Guides Q4 income down q/q v Q3. || Man [MAN.GE] Reports Q3 Net â‚¬4M v â‚¬34Me, Rev â‚¬3.1B v â‚¬2.9Be. || Henkle [HEN.GE] Reports prelim Q3 adj EBIT â‚¬385M v â‚¬307Me, Rev â‚¬3.49B v â‚¬3.54Be. || Aixtron [AIXA.GE] Update: Reports 9-month Rev â‚¬185M -4% y/y; Guides FY09 higher; Announces capital increase. || Continental [CON.GE] Reports Q3 adj EBIT â‚¬413M v â‚¬182M (unclear if comp), Rev â‚¬5.3B v â‚¬5.1Be; Guides Q4 EBIT and Rev level higher on y/y comps. || Deutsche Bank [DBK.GE] Confirms Q3 Net â‚¬1.4B v â‚¬821Me (as given Oct 21), Rev â‚¬6.7B v 6.8Be; Remain well prepared for crisis; reached 'framework agreement' with Sal Oppenhiem. || ENI [ENI.IT] Reports
- Speakers: IMF present its Asian Region outlook and noted that the region was rebounding fast from depths of credit crunch. The IMF stated that Asia must maintain fiscal support amid sluggish export outlook. It forecasted Asian region 2010 GDP growth at 5.8% from the 2.8% level expected in 2009. Asia must ensure its support does not stroke inflation and noted that maintaining the balance between support and inflation might be difficult. G7 households and businesses 'hobbled' by global crisis legacy and commented that G7 demand for Asian export might remain weak || Moody's placed Greece's "A1" sovereign rating on review for possible downgrade. The deterioration of the fiscal position raises serious questions about the sustainability of Greek public finances and the problem will be compounded by a less favorable global economic environment going forward || Moody's changed Portugal sovereign outlook to negative from stable. Action reflected both the structural economic challenges facing the country, which have been exacerbated by the global crisis, and the apparent lack of motivation for policymakers to address them. || Chinese Trade official Chen: US import limits will not solve trade imbalance, US and China will jointly oppose protectionism || ECB's Quaden reiterated the central bank view that the economic recovery to remain fragile and that inflation was likely to stay weak in coming months. He noted that the conclusions for monetary policy were 'obvious' || EU's Verhuegen: China has a competitive advantage from low CNY rate; G20 should discuss artificially low currencies
- In Currencies: The USD retraced some of its recent strength against the Euro and Swiss currencies during the European morning. Dealers noted that European stocks did not fall as much as initially feared and the comments from the IMF on the Asian region outlook helped to sooth the recent spat of risk aversion. EUR/USD trading in the mid 1.47 neighborhood about 40 pips higher from its opening level in Tokyo. GBP/USD re-tested above the 1.64 level. Dealers noting that market chatter of perhaps more BoE QE measures seem to be offset by the potential M&A flows. Overall dealers noted that the dollar's price action was once again highly correlated to the equity market sentiment.
- Fixed Income: European peripheral government bonds are weaker versus bunds following Moody's action on Portugal and Greece. Greece's ratings were put on review for a possible downgrade while Portugal was cut to negative from stable. The Greek 10y is 5bps wider on the day at 142bps, while the Portuguese 10-year is at bunds +57bps. The Italian 10y BTP is also 5bps wider at Bunds +85bps with up to â‚¬5B in reopenings of 2012 and 2020 BTP's imminent. Treasuries are pretty much unchanged,as are Gilts, having made up a little lost ground following the biggest increase in Mortgage Approvals since March 2008.
- In Energycommodities: Iraq rumored to sign initial agreement for the Zubair Oilfield Eni consortium on Nov 1st || Iran replaced the head of its state oil company as Ghoamhossein Bayat will replace Adel Nejadsalim.
*** NOTES ***
- IMF: Asia leading the world out of recession
- US Q3 GDP data : Most street forecasts range between +3.0% and +3.5%. Traders sense that the rise in GDP being attributed to the "cash for clunkers" program and pondering if the release would be an opportunity to sell stocks. Note US payroll data only a week away with the last positive read seen back in Dec 2007 (some 22 months ago)
***Looking Ahead: U.S. GDP data
- 7:10 (GE) ECB's Weber
- 9:30 (US) Treasury's Geithner
- 8:30 (CA) Canadian Sept Industrial Product Price M/M: -0.2%e v +0.5% prior, Raw Materials Price Index M/M: -0.5%e v 3.7% prior
- 8:30 (US) Q3 Advance GDP Q/Q: 3.2%e v -0.7% prior, GDP Price Index 1.4%e v 0.0% prior, Core PCE Q/Q:1.4%e v 2.0% prior, Personal Consumption: 3.1%e v -0.9% prior
- 8:30 (US) Initial Jobless Claims w/e Oct 24th: 523Ke v 531K prior, Continuing Claims: 5.905Me v 5.923M prior
- 11:00 (US) Fed coupon pass - 13:00 (US) Treasury to sell $31B in 7 year notes
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 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
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.