Dow -69 S&P -8 NASDAQ -10.7 - Yesterday's GDP-driven gains are a memory this morning: leading US equity indices lost ground in the pre-market and headed lower after the opening bell. Today's data doesn't seem to be helping or hindering; the final October U of Michigan confidence reading was as expected, while the Chicago PMI unexpectedly popped back over the 50 handle (the survey still shows big declines in employment in the Midwest). Note that IMF Chief Strauss- Kahn called yesterday's US GDP figures an encouraging sign but warned that the crisis will continue as long as unemployment continues rising. PIMCO's El-Erian told CNBC that he expects 2010 growth of 2% in US and said the time has come for the Fed to start exiting programs. After opening above the $80 handle, front-month crude is down to around $78.50 in mid-morning trade. Treasury prices are higher with another record week of supply in the rearview mirror. The 10-year yield remains below 3.5%.
- Chevron performed better than its major competitors in Q3, beating bottom-line expectations and returning to profitability in its downstream operations. Nevertheless, the firm missed revenue expectations. Arch Coal crushed earnings expectations and did better than expected on the top line, and offered a bullish forecast for next quarter. Utilities Duke, Dominion and Constellation all beat earnings expectations handily but missed revenue targets.
- Engine manufacturer Cummins bottom-line results were ahead of the consensus view while revenue was merely in line. Cummins CEO reiterated the familiar refrain from this earnings season, saying that while improvement was seen in some markets in the quarter, the company expects the economic climate to remain challenging until late 2010. Electronics manufacturer ITT Industries also beat earnings targets while revenue met expectations. Weyerhaeuser's loss was the smallest seen in four quarters and much better than projected, revenue was more or less in line.
- Estee Lauder's results were strong, with both earnings and revenue ahead of the consensus forecast. The company raised its 2010 earnings guidance, but warned that uncertain consumer spending patterns for the coming year and a sharper competitive environment would hamper growth. Jewelry retailer Zales missed in a big way and reported a double-digit comp sales decline for the quarter. Adding even more weight to the name, there were rumors going around that the SEC was investigating accounting issues at Zales.
- Health insurance giant Coventry beat earnings estimates and was more or less in line with revenue expectations. The firm raised its full-year EPS outlook slightly as well. CVH rose 4% right after the open, but reversed course within the first half hour of trade and is now down 3%.
- There were interesting developments this morning at three basket cases that many have speculated could have a hard time keeping out of bankruptcy. Auto parts maker American Axle trumpeted a quarterly profit in its Q3, but a closer examination of the company's press release suggests that earnings were positive solely due to a big gain on pension accounting issues. Executives were intent on reminding investors that it has resolved its short-term liquidity issues and could achieve sales around $3B in by 2013. AXL rose as much as 10% in early trading, but is around +5% mid morning. Trucking name YRC Worldwide's loss was much worse than the consensus view, and insisted that it would be able to resolve talks with noteholders successfully. The CEO warned, however, that YRCW would not growth at all this year or next. YRCWis down 8% or so. CNBC reported that CIT will likely file pre packaged bankruptcy this weekend, as its extended campaign to get bondholders to take a haircut or offer fresh financing has apparently failed., despite the amended credit facility it squeezed out of Goldman Sachs. Shares of CIT are down 15%.
- Currency trading in the New York session initially focused on the Swiss Franc, as renewed chatter circulated that the SBN was again performing stealth currency intervention. EUR/CHF surged almost a big figure off its 1.5080 recent pivot point but drifter off its best levels as the morning wore on. Dealers were also hearing that the SNB might have been in USD/CHF as well. The SNB reiterated its standard policy that does not comment on market rumors. Some risk aversion developed after the US personal spending data registered its first decline in five months. The IMF commented that the recent growth seen in the Q3 US GDP was welcome news but cautioned against too much optimism. The Canadian monthly GDP data for Aug dipped back into negative territory and sent the loonie sharply lower against its major trading pairs. USD/CAD probed above the 1.08, with the CAD softer by over 100 pips from its opening level in Tokyo.
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 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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.