Share This Story
TradeTheNews.com US Market Update: Markets Weak on China Trade and CPI Data
US Market Update: Markets Weak on China Trade and CPI Data
Mon, 10 Mar 2014 10:27 AM EST
- (CA) Canada Feb Housing Starts (Annualized): 192.1K v 190.0Ke
- Weak economic data out of China and Japan drove steep declines in Asia
session trading. Europe initially
shrugged off the Chinese data thanks to some decent industrial production
numbers but indices have given up all of their gains and dropped into negative
territory. As of writing, the DJIA is down 0.56%, the S&P500 is down
0.34% and the Nasdaq is down 0.38%.
- Chinese stocks listed on US markets have tumbled in the early going,
following closely by the major commodities names. Comex traded copper futures slid more than 3.5% on Friday and fell
another 2.8% in the US premarket. The contract has bounced back in the last two
hours. Trading volumes are as much as 90% above average, and speculators
switched from a net-long position in copper to a net-short position, according
to CFTC data. Traders watched iron ore prices plummet 9% in London trading.
Front-month WTI crude has dropped 1.5% to just above $101 in heavy volume.
- EUR/USD has traded in a tight range, well contained in the upper half of the
1.38 handle. Sterling dropped from 1.6735 as low as 1.6630 as market
participants jumped the gun in trying to get in on FX flows in the belief
Vodafone would agree to a preliminary €7.0 billion deal to buy Spanish cable
company ONO. Reports out this morning suggest the deal will still take a few
days to complete.
- The media company backed by five newspaper publishers including Gannett and
McClatchy is reportedly looking to sell its Cars.com website. Classified Ventures is looking to sell
Cars.com, which lets user check prices, compare models and read reviews of auto
dealers, for up to $3 billion. Shares of MNI are up 22% on the news.
- Irish produce firm Fyffes has agreed to merge with Chiquita in a
stock-for-stock deal. According to the terms, Chiquita will hold 50.7% of the
new ChiquitaFyffes organization and Fyffes to own 49.3%. The combined equity
value of the deal is $1.07B.
- McDonalds is only down slightly this
morning after reporting negative comps for the month of February. US
comps fell 1.6% "amid challenging industry dynamics and severe winter
weather." The CEO warned that relatively flat year-to-date global
comparable sales will pressure margins in the first quarter.
- (PE) Peru Jan Trade Balance: -$459Me v +$553M prior
- (MX) Mexico Feb Nominal Wages: No est v 3.9% prior
- 11:30 (US) Treasury to sell combined $48B in 3-Month and 6-Month Bills
- 12:00 (US) USDA World Agricultural Supply and Demand Estimates (WASDE)
- 13:00 (DE) German Chancellor Merkel addresses CDU Innovation Conference in
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
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."