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Wednesday November 14, 2007 - 17:21:52 GMT
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Trade the News - U.S. Market Update

U.S. Market Update

Dow -23 S&P +0.3 NASDAQ -10.5

- U.S. equity markets look to consolidate yesterday's move helped by strong performance overseas. Asian markets led the way with the Hang Seng and Shanghai up nearly 5% while the Nikkei posted solid 2.5% gains. U.S. Indices opened higher led again by tech and financials but as the morning has worn on sellers have stepped in. Equity futures popped to their best levels following some reassuringly tame PPI data. BSC +4% is leading the brokers after the CFO indicated the worst may be in the rear view mirror, and put the Co. total ABS CDO exposure at $884M v the $2B figure in late August. Treasury futures initially sold off after the open but have since recovered most of their losses. Fed fund futures have ticked noticeably lower despite the decent inflation data with the Jan contract now projecting roughly a 70% chance of another cut by year-end. Commodity futures are recovering from yesterday's collapse. Oil futures are off their best levels but crude, gasoline, and heating oil have all gained between 1.5 to 2%. Dec gold is also coming off its best levels but is still up 1.5% to $811. Copper briefly spiked on reports of a significant earthquake in Chile but has since come back from those levels to add 2% on the session.

- There was no overall theme, but plenty of news to drive volatility higher among numerous currency pairs. GBP exhibited a high degree of choppiness after the BOE's quarterly inflation report referred to a possible interest rate cut by Q1 2008. The GBP slide among its major pairs as GBP/USD dropped 200+ pips to tests the 2. 0650 level. EUR/GBP hit 4-year highs above the 0.71 level. The JPY weakened on carry-related price movement throughout the Asian/European morning after the strong US performance on Tuesday. The USD/JPY retested the 111.60 level, which was the former post Aug subprime lows as global equity markets continued to move grid higher. Yen recovered from its worst session levels after an EU draft document noted that the EU would seek an accelerated FX appreciation from China at its Nov summit meeting with China. This hawkish EU stance on China helped to unwind carry trades during last Friday's volatile markets. The China State Council noted overnight that it would continue to Strengthen and Improve Macro Controls and ensure basic Price Stability. BoC's Jenkins stated that the US housing market problems are having an effect on the Canadian economy, particularly the timber industry. BOC stated that a stronger CAD poses risk of lowering output and that a weaker USD raises risk of global disorderly adjustments. The EUR was probing fresh all-time highs against the USD. EUR aided by various European GDP data releases in today's session. Fed Fisher said in a speech in Australia that weaker USD contributes to inflation concerns but countered with comment that a weaker USD aids exporters. IMF's Deppler noted that rising inflation risks in Europe complicated the situation for ECB. ECB's Hurley noted that one "Cannot rule out" further Euro FX appreciation during his speech today. European fixed income was off session lows aided by The BOE quarterly inflation report. Traders noted that the BOE Changes its Tone in its Quarterly Report. The BOE noted that inflation will return to its 2.0% target assuming at least once interest rate cut in 2008, a departure from its previous report in August, where the BOE saw the need for one more interest rate hike. Dec Gilts up 10 ticks at 108.92


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