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Trade the News - U.S. Market Update U.S. Market Update
Dow -73 S&P -7 NASDAQ -7
- For the second straight session indices are under some pressure led by softness in transportation and financial names. Railroad related stocks are down after Warren Buffet disclosed decreased stakes in UNP -1.7% and NSC -2.3%. WFC and USB are each down more than 1% after reporting earnings. A very disappointing earnings report from Ericsson set a weak tone for European equities and has carried over to other telecom stocks. ERIC -25% NOK -3.5% RIMM -1% CSCO - 2% TLAB -2% Select consumer stocks are holding up relatively well in the down market. MO +1% PEP +0.7% CLX +0.5% Energy futures continue to rally led by November crude up another 1.5% to $87.40. Treasury futures have managed to post small gains despite August TIC data that was reported negative for the first time since the summer of 1998. The benchmark yield is holding near 4.64%.
- FX Dealers were expecting the FX markets to remain relatively subdued ahead of the G7 meeting but comments from the Japanese Ministry of Finance citing potential German concerns over Euro and JPY level help ignite some unwinding of JPY related carry trades throughout the European and NY session. EUR/JPY fell 175 pips to 164.90 area following the initial comment. Alleged sovereign buying of EUR at 1.4150 helped to stabilize the currencies. US TIC data for August saw an outflow of capital from the United States for the first time in 10 years as net long term flows declined by $69.3B v $60.0B increase expected. The USD saw an initial wave of selling as concerns about financing the twin deficits in the US. However, the Soft inflation data out of the UK and Germany clouded the overall direction among the USD related pairs. GBP was the softest of the majors as GBP/USD tested the 2.03 handle and GBP/JPY was off almost 300 pips from its opening levels in Asia. The Bank of Canada left their interest rates unchanged at 4.50%, as expected. Softer base metals helped to soften the CAD in a profit taking session. AUD saw a harsher retracement of its recent uptrend with unwinding of high-yielding currency pairs against the JPY. A Canadian official noted that G7 will discuss unwinding of Global Imbalances (which includes currencies rates) and that one can expect reference to sovereign wealth funds in the final communiquÃ©. The Turish Lira responded to the growing concerns about possible Turish troop movements into the Northern Iraqi region where Kurdish PKK rebels are situated. USD/TTRY moved 300+ pips to trade above the 1.2200 level.
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