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Forex Market News - European Market Update - UK Average Earnings Grow in JulyEuropean Market Update - UK Average Earnings Grow in July
- The European indices are currently trading in negative territory in the session, reversing gains after the IEA trimmed its 2008 world growth forecast.
- European government bonds are currently trading lower in the session as are gilts over in the UK. In new supply overnight Germany sold â‚¬5.91B in 4.00% 2-year schatz with an average yield of 3.87% and a bid-to-cover of 1.4x. The bid-to-cover fell below the 2.0x seen at the last auction. The amount sold fell below the guided amount of â‚¬7.0B. The Portuguese IGCP sold â‚¬1.0B in 4.35% October 2017 PGBs overnight with an average yield of 4.364% and a bid-to-cover of 1. 785x. The auction brings the amount outstanding for the issue to â‚¬5.9B. The bid-to-cover on the last auction was 2.0x.
- In the UK overnight, the claimant count rate for the month of August was in line with consensus expectations at 2.6%, while July's reading was revised up to 2.7% from 2.6%. - The jobless claims change was slightly better than expected at -4.2K. Average earnings including bonus rose by more than expected to 3.5% in July from an upwardly revised 3.4% in June, while average earnings excluding bonus were in line with estimates at 3.5%. The ILO unemployment rate for the month of July was also in line with consensus estimates at 5.4%.
- Euro-Zone industrial production for the month of July was stronger than expected, with small upward revisions to June's readings. Industrial production was 0.6% m/m and 3.7% y/y, above estimates of 0.2% and 3.1% respectively.
- The Bank of England's King said overnight that the money-market rescue risks a future financial crisis, adding that interest rates could be adjusted quickly when necessary. King added that the BOE is monitoring credit conditions intensively, noting that the turmoil should not hurt economic growth in the long run.
- The German DIHK institute repeated its 2007 forecast for German GDP growth of 2. 8% â€śdespite the Euro FX levelsâ€ť but noted that they see the strong Euro hurting profit margins.
Change on Day: Global Bond Yields
COD Last At
German 2 0.004 3. 931
German 10 0.009 4.103
UK 2 -0.002 5.076
UK 10 -0.002 4.903
US 2 -0.025 3.916
US 10 -0.019 4. 349
French 2 0.005 3.945
French 10 0.004 4. 22
Italian 2 0.01 4.1
Italian 10 0 4. 414
Change on Day: Global Indices
COD % COD
DAX -21.19 -0.28% Intersession
CAC 40 -0.07 0. 00% Intersession
FTSE 100 -21.4 -0.34% Intersession
Euro Stoxx -0.82 -0.20% Intersession
Swiss Market 1.12 0. 01% Intersession
IBEX 35 -59.4 -0.43% Intersession
S&P/MIB - 89 -0.23% Intersession
Nikkei 225 -80.07 -0.50% Closed
Hang Seng 357.9 1.49% Closed
Shanghai 58.659 1. 15% Closed
Shenzhen 20.416 1.46% Closed
ASX 200 -11.13 -0. 34% Closed
Kospi -33.84 -1.83% Closed
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Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
co-founding Partner, Global-View.com
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