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Wall Street flat after Facebook IPO fizzles
Stocks were little changed on Friday, reversing earlier gains after Facebook Inc (FB.O) stumbled in its market debut after a delayed opening.
Shares of the social networking giant were volatile in early trading, falling to near breakeven levels after early gains of more than 10 percent. In early trading it was the Nasdaq's most actively traded stock, with more than 100 million shares traded in the first five minutes of trading.
After a delay in the opening print that drove up anxiety levels among traders and onlookers outside the Nasdaq, the company's closely watched stock began trading at $42.05, compared with an IPO price of $38. It rose as high as $45 before pulling back.
The Nasdaq said it was investigating an issue in delivering trade execution messages from the IPO cross in ...
Title:
Dukascopy Morning Forex Overview : 07/05/2012
Fundamental Analysis
EUR
"The U.S. labor-market report will further erode investor confidence"
- Markus Allenspach, head of bond research at Julius Baer Group Ltd.
European stocks extended weekly losses, after a report showed U.S. companies added fewer jobs than expected in April. The Stoxx Europe 600 Index erased 1.76 per cent to 253.00. Germany’s DAX Index tumbled 1.99 per cent and France’s CAC 40 Index contracted 1.90 per cent. The U.K.’s FTSE 100 Index lost 1.93 per cent to 5,655.06.
USD
"We’re still very much on the recovery path, but we’ve got a huge amount of ground to make up in the labor market"
- Scott Brown, chief economist at Raymond James & Associates Inc.
The number of Americans, who have found a job in the private sector in April, tumbled to 115,000 from 154,000 the ...
Title:
Dukascopy Morning Forex Overview : 01/05/2012
Fundamental Analysis
EUR
"We fear things are likely to get worse before they get better"
- Martin van Vliet, a senior euro-region economist at ING Bank
Spain sank into recession in the first quarter of 2012. The economy contracted 0.3 per cent, after shrinking by the same amount in the previous quarter, Madrid-based National Statistics Institute data showed on Monday.
USD
"What was encouraging was that the income numbers improved. Our expectation is that job growth does increase gradually"
- Peter Newland, an economist at Barclays Capital Inc.
U.S. consumer spending was boosted by higher than expected incomes, said the Bureau of Economic Analysis on Monday. Household purchases increased 0.3 per cent. Incomes gained 0.4 per cent, the most in three months.
GBP
"This is year three of a ...
Title:
Dukascopy Morning Forex Overview : 19/04/2012
Fundamental Analysis
EUR
"The debt crisis is far from over still and I think Spain will be worse before it gets better"
- Henrik Drusebjerg, a senior equity strategist at Nordea Bank AB
The seasonally adjusted current account of the euro zone swung a deficit of €1.3 billion in February from a surplus of €3.7 billion in January, said the European Central Bank on Wednesday.
USD
"We got used to companies beating estimates by a pretty good margin"
- Burt White, chief investment officer at LPL Financial Corp.
U.S. stocks fell after Intel Corp. and International Business Machines Corp. disappointed market participants with their quarterly results.
GBP
"… the monetary policy committee is likely to remain on hold on the stock of asset purchases at its May meeting"
- Mauro Giorgio Marrano, an ...
Title:
Dukascopy Morning Forex Overview : 13/04/2012
Fundamental Analysis
EUR
"The outlook for the industrial sector is bleak"
- Martin van Vliet, an economist at ING Group
Euro-area industrial production unexpectedly rose in February, even as the region’s economy continued to slide into a recession. Production increased 0.5 per cent from January, said the European Union’s statistics office in Luxembourg on Thursday.
USD
"Import prices were certainly a problem for businesses in the last three months, but we’ve seen those pressures ease"
- Jacob Oubina, a senior U.S. economist at RBC Capital Markets LLC
The number of Americans claiming for unemployment benefits rose to 380 thousand in the week ended April 7 from the week before, said the Department of Labor on Thursday.
GBP
"Concern persists that U.K. exports will be limited in the near ...
Title:
Dukascopy Morning Forex Overview : 12/04/2012
Fundamental Analysis
EUR
"The ECB should be preparing itself" for "the return of significant financial market tensions"
- Silvio Peruzzo, an economist at Royal Bank of Scotland Group Plc
Spanish "market conditions are not justified," said ECB Executive Board member Benoit Coeure on Wednesday. "Will the ECB intervene? We have an instrument, the securities markets program, which hasn’t been used recently but it still exists."
USD
"Import prices were certainly a problem for businesses in the last three months, but we’ve seen those pressures ease"
- Jacob Oubina, a senior U.S. economist at RBC Capital Markets LLC
U.S. import prices increased more than expected in March, 1.3 per cent, reflecting higher fuel costs, the Labor Department said Wednesday.
GBP
"The unusually warm weather in ...
Title:
Dukascopy Morning Forex Overview : 11/04/2012
Fundamental Analysis
EUR
"There are growing fears that the Spanish economy is caught in a pernicious circle"
- Nicholas Spiro, managing director of Spiro Sovereign Strategy
Spain’s efforts to calm investors with 10 billion euros in savings on education and health spending failed to stem concerns the nation may need additional capital if the economy weakens more than expected.
USD
"Europe is a temporary concern. The market is signaling they haven’t fixed the whole problem"
- James Swanson, chief investment strategist at MFS Investment Management
U.S. stocks extended losses on Tuesday as Spain’s plan for more austerity failed to halt drop in bond prices.
GBP
"We now know that there will not be any new money printing and the rally in European equities appears to be over"
- Stewart ...
Title:
Dukascopy Morning Forex Overview : 10/04/2012
Fundamental Analysis
EUR
"...markets have been overoptimistic after the extra liquidity provided by (the European Central Bank). We will see stocks moving lower"
- Christian Tegllund Blaabjerg, chief economist at FIH Erhvervsbank
Shares closed mixed on Thursday. The Stoxx Europe 600 Index gained 0.12 per cent to 259.07. Germany's DAX Index retreated 0.13 per cent and France's CAC 40 Index gained 0.19 per cent. The U.K.'s FTSE 100 Index rose 0.35 per cent to 5,723.67.
USD
"The economy does continue to grow, but slowly"
- John Carey, a fund manager at Pioneer Investments
U.S. stocks fell on Monday after a report showed the U.S. economy added less jobs than expected.
GBP
"Negative sentiment turned positive as Spanish bond yields retreated following an earlier spike"
- Angus Campbell, the ...
Title:
Dukascopy Morning Forex Overview : 09/04/2012
Fundamental Analysis
EUR
"Equity markets ended the first quarter well"
- Simon Denham, managing director of Capital Spreads
The Stoxx Europe 600 Index gained 0.12 per cent to 259.07. Germany's DAX Index retreated 0.13 per cent and France's CAC 40 Index gained 0.19 per cent. The U.K.'s FTSE 100 Index rose 0.35 per cent to 5,723.67.
USD
"You’re going to see a slowing in the pace of job growth"
- Neil Dutta, an economist at Bank of America Corp.
The number of Americans, who have found a job in in March, fell to 120 thousand from 240 thousand the previous month, the Bureau of Labor Statistics said on Friday. Unemployment slid to 8.2 per cent, the lowest in three years, from 8.3 per cent.
GBP
"If I were on the MPC, I'd be more worried about whether inflation is coming back (down) as ...
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