European Market Update: Greece to sell bonds in first debt offering since EU Summit
Monday, March 29, 2010
European Market Update: Greece to sell bonds in first debt offering since EU Summit
*** ECONOMIC DATA *** - (FI) Finland Mar Business Confidence: -4.0 v -1.0 prior; Consumer Confidence: 15.4 v 15.9 prior - (GE) German Mar CPI - Saxony M/M: 0.6% v 0.3% prior; Y/Y: 1.3% v 0.5% prior - (HU) Hungary Feb Unemployment Rate: 11.4% v 10.9%e - (SW) Sweden Feb Retail Sales M/M: -1.0% v 0.3%e; Y/Y: 2.3% v 4.2%e - (GE) German Mar CPI - Brandenberg M/M: 0.3% v 0.3% prior; Y/Y: 0.8% v 0.3% prior - (GE) German Mar CPI - Hesse M/M: 0.4% v 0.4% prior; Y/Y: 0.8% v 0.3% prior - (GE) German CPI - North Rhine- Westphalia M/M: 0.6% v 0.4% prior; Y/Y: 1.2% v 0.6% prior - (UK) Feb Net Consumer Credit Â£0.5B v Â£0.4Be; Net Lending: Â£1.6B v Â£1.4Be - (UK) Feb Mortgage Approvals: 47.1K v 48.4Ke; lowest reading since May 2009 - (UK) Feb Final M4 Money Supply M/M: 0.2% v 0.2% prior; Y/Y: 3.9% v 3.6% prior - (EU) Euro Zone Mar Business Climate: -0.32 v -0.82e; Consumer Confidence: -17 v -17e; Industrial Confidence: -10 v -11e; Economic Confidence: 97.7 v 97.1e; Services Confidence: 1 v 2e
*** SPEAKERS/FIXED INCOME/FX/COMMODITIES/ERRATUM *** - Equities: Equity markets in Europe have followed the strong trading sentiment that was set by mainland China. Solid trading gains in Asia boosted pre-market sentiment that helped pave over geo-political quakes. Coordinated terror attacks in Russia and the announcement of a 10-year prison term for former Rio [RIO.UK] employee and Australian national Stern Hu, failed to temper positive rotation. In further IPO news, German chemical distributer Brenntag [BNR.GE] has had a solid start, opening at â‚¬51.10 after pricing its â‚¬747.5M offering at â‚¬50.00. In IPO spin-offs, the UK's Carphone Warehouse [CPW.UK] spun off its hardline phone and internet provider TalkTalk [TALK.UK] on the LSE. In trading themes, rallies in input prices (minerals, energy) along with financials drove the upward movement in Europe. In individual movers, shares of Vodafone [VOD.UK] traded higher on renewed speculation of a deal with its US mobile JV partner Verizon [VZ]. Renault [RNO.FR] and Daimler [DAI.GE] continued their upward drift on continued reports of an asset swap dance between the auto makers. Turnover in luxury retail name Bulgari [BUL.IT], driven by off the cuff comments from Swatch [UHR.SZ] CEO has lifted the European luxury retail sector on further consolidation rumor. Markets have been broadly positive, but choppy on the session with the opening salvos of Greece's next PDMA 7-year Eurobond offering pricing reminding equities of continued jitters on the sovereign front.
- Individual equities: Rio [RIO.UK]: Shanghai Court rules all 4 Rio Tinto exec guilty of bribery and spying charges; Stern Hu guilty, sentenced to 10 years in prison. || Antisom [ASM.UK]: ATTRACT-1 phase III trial of ASA404 halted following interim analysis. || Deutsche Post World [DPW.GE] As expected German gov agreed to cut some tax privileges extended to firm. || Anglo Platinum [AMS.SA]: Secondary offering received valid subscriptions for 24.76M shares (99.5% of offering). || Siemens [SIE.GE]: To construct wind turbine factory in UK valued at apprx Â£80M; to employ apprx 700 positions. ||
- Speakers: China central bank (PBoC) commented in a 2010 research outlook that it would strengthen study of international issues and closely monitor global economic changes. The PBoC acknowledged it faced more difficulty in Macroeconomic controls It would increase financial reports for economic restructuring and would step up study of its policies and tools *** IMF's Strauss-Kahn called for greater coordinated effort in European economic policy to support growth *** China's National Social Security Fund (NSSF) head Dai: USD to remain key global currency. It believed that the European sovereign debt situation would not escalate and the fund would increase investments both in the US and the EU. He remained confident on Chinese equities in the long run but noted it could experience volatility in 2010 *** China's PBoC announced Monetary Policy Committee changes. It noted that Fan Gang would no longer be part of Monetary Policy Committee and added Zhou Qiren, Li Daokui and Xia Bin as new members***German DIW Institute revised their Q1 GDP forecast slightly higher to 0.3% from 0.2% prior due to the improved position of the industrial sector. The institute noted that performance of other sectors was curbing the growth ***
- Currencies/Fixed Income: March will likely go out like a lion as a busy calendar lurks ahead ahead with Friday's release of US payroll data. The dollar was softer across the European board on Monday with its weakness being blamed on stop-loss orders and receding Greek fears. Several Germany states indicated that inflation accelerated in March although they remain well below the ECB's 2.0% ceiling. EUR/USD tested above the 1.35 level before retracing a bit. The Greece PDMA looks posed to issue 7-year bonds in its first auction since the arrangement from last week's EU summit. The initial pricing indicated at over 300bps over mid swaps. GBP/USD retested the 1.50 area but receded a bit of its session gains after Mortgage Approvals data registered their lowest reading since May 2009 at 47.1K.
- Geo-Political: The metro system in Russia has been attacked by what appears to be a coordinated two part suicide bombing. Initial reports from Russian authorities state that two female suicide bombers have killed upwards of 37 people at two metro stations. Speculation that the attack is Chechen/Dagestan/Ingush linked has been made. The Metro system was similarly attacked in Feb of 2004, an event that claimed the lives of 41. Female attackers have been prominent in previous Chechen attacks including the Beslan and Dubrovka Theater sieges. *** Chinese courts in Shanghai have sentenced four former Rio employees. Stern Hu (an Australian national) was found guilty on both counts (bribery and spying). Hu was sentenced to a 10-year imprisonment term while Wang and Yong were sentenced to 15 years, Ge was sentenced to 8 years *** Italy is now in the second day of regional elections that have so far been characterized by low turnout. Sunday figures put the expectation for final figures at below 47%. Pundits have stated that a low turnout would be negative for Berlusconi and his party as 11 of the 13 regions being contested are taking place in regions currently held by the opposition
***Notes/Observations: - Dozens killed in two separate Moscow subway blasts; suicide bombers suspected - German inflation data shows higher MoM readings - Greece to issue 7-year Euro-denominated bond - Japan Retail Sales +4.2% y/y. Fastest since 1997 - Shanghai stock index futures launch met with excited buying. - China sentences Rio's Hu to 10 years in jail for bribery - US nonfarm payrolls report is expected to be firmly positive
***Looking Ahead: - 8:00 (HU) Hungary Central bank Interest rate Decision: Consensus expectations is for 25bps cut in the Base rate to 5.50% - 8:30 (US) Feb Personal Income: 0.1%e v 0.1% prior; Personal Spending: 0.3%e v 0.5% prior - 8:30 (US) Feb PCE Core M/M: 0.1%e v 0.0% prior; Y/Y: 1.3%e v 1.45 prior; PCE Deflator Y/Y: 1.8%e v 2.1% prior - 10:30 (US) Mar Dallas Fed Manufacturing Activity: No est v -0.1% prior - 15:00 (AR) Argentina Feb Shop center Sales Y/Y: No est v 18.2% prior - (GE) Germany Final/Preliminary CPI M/M: % v %; Y/Y: % v % - (GE) Germany Final/Preliminary CPI EU Harmonized M/M: % v %; Y/Y: % v % - 12:00 (CA) Bank of Canada Jenkins - 12:45 (EU) ECB's Orphanides - 12:45 (UK) BOE's Dale
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 LIVE to YOUR charts
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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.
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.