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European Market Update : 22/05/2012
Fitch cuts Japan's sovereign rating two notches
Economic Data
(JP) Japan Apr Supermarket Sales Y/Y: --1.9% v -2.4% prior
(FI) Finland Apr Unemployment Rate: 8.4% v 8.4%e
(DK) Denmark May Consumer Confidence Indicator: 0.4 v 0.6 prior
(ZA) South Africa Mar Leading Indicator: 134.5 v 134.4 prior
(NL) Netherlands May Consumer Confidence: -38 v -32 prior
(NO) Norway Q1 GDP Q/Q: 1.4% v 0.9%e; GDP Mainland Norway Q/Q: 1.1% v 0.9%e
(UK) Mar ONS UK House Prices Y/Y: -0.4% v +1.0% prior
(UK) Apr Public Finances (PSNCR): -£23.2B v -£6.0Be; Public Sector Net Borrowing: -£18.8B v -£22.8Be; PSNB ex Interventions: -£16.5B v -£20.0Be
(UK) Apr CPI M/M: 0.6% v 0.6%e; Y/Y: 3.0% v 3.1%e; Core CPI Y/Y: 2.1% v 2.0%e
(UK) Apr RPI M/M: 0.7% v 0.6%e; Y/Y: 3.5% v 3.4%e; Core RPI- Ex Mortgages Y/Y: 3.5% ...
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Vale sees iron ore price rising in second half of 2012
Brazilian mining company Vale SA (VALE5.SA) remains confident the price of iron-ore, its main product, will rise in the second half of 2012, relieving environmental and economic pressures on the company which have hurt growth and delayed new projects.
Iron ore .IO62-CNI=SI fell to its lowest level in nearly six months on Friday, slipping 1.7 percent to $131.30 a metric ton (1.1023 tons). The medium- to long-term price, though, should be in the range of $120 to $180 a metric ton, Jose Carlos Martins, Vale's head of ferrous metals and strategy, said at a lunchtime gathering with reporters in Rio de Janeiro.
Demand for steel remains strong in China, thanks to housing, Vale Chief Financial Officer Tito Martins added. At the same time, declines in prices push higher-cost Chinese producers out ...
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YouTradeFX Weekly Market Analysis : 15/05/2012
Fundamental News
Today’s highlights:
· French GDP (QoQ) (FRA, 6:30 GMT)
· German GDP (QoQ) (GER, 7:00 GMT)
· French Non-Farm Payrolls (QoQ) (FRA, 7:45 GMT)
· Trade Balance (GB, 9:30 GMT)
· ZEW Economic Sentiment (EUR, 10:00 GMT)
· German ZEW Economic Sentiment (GER, 10:00 GMT)
· GDP (QoQ) (EUR, 10:00 GMT)
· Core CPI (YoY) (U.S, 13:30 GMT)
· Retail Sales (MoM) U.S, 13:30 GMT)
· NY Empire State Manufacturing Index (U.S, 13:30 GMT)
· TIC Net Long-Term Transactions (U.S., 14:00 GMT)
Foreign direct investment in China fell for a sixth month in April, as faltering global growth and renewed turmoil in financial markets dented company spending in Asia’s biggest economy. Inbound investment ...
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EUR/GBP Testing 80.00 Barrier, As BoE Stops Printing Press
Sunrise Market Commentary
- Fixed Income: Largely uneventful session for core bonds
- Core bonds had an insignificant, technical and sentiment-driven session that left bond yields slightly higher in the close. Overnight, negative headline news on JP Morgan and Greece triggered a moderately strong opening of the Bund. Europe will be in the focus today with the publication of the Spanish banking plan and the EU spring forecasts.
- Currencies: EUR/GBP testing 80.00 barrier, as BoE stops printing press
- On Thursday, sentiment on risk turned slightly less negative, even without progress in the Greek debt/election crisis. Nevertheless, the decline in EUR/USD slowed. EUR/GBP reached a minor low just below 0.8000 as the BoE halted its program of asset purchases. For now, we see no ...
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Investors headed for bond fund smackdown: asset managers
(Reuters) - Retail investors have pumped far too much money into bond funds and may be headed for shocking losses when interest rates rise, several top asset management executives warned on Thursday.
As a reflex against investing in the jittery world of stocks, many individual investors have maxed out their allocation on bonds. But a jump in interest rates would hit bond prices and could trigger significant losses in bond-heavy portfolios, the money managers said.
"We don't think investors are really ready for the negative returns that could be coming," said Marie Chandoha, chief executive of Charles Schwab Investment Management, on a panel discussion at the Investment Company Institute's general membership meeting in Washington D.C.
"When bond prices drop, that's going to be a shock to ...
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Oil ends mixed on China, OPEC, U.S. jobs data
Oil prices ended mixed in choppy trading on Thursday as weaker-than-expected Chinese trade data, higher OPEC production and evidence of a strengthening U.S. jobs market muddied the oil demand outlook.
China, the world's second largest oil consumer after the United States, reported that its exports and imports in April grow at a far slower rate than forecast.
Its trade performance that month was also surprisingly weak, and analysts said the government would need to loosen monetary policy to spur expansion or risk missing annual growth targets.
The Organization of the Petroleum Exporting Countries said it pumped 1.62 million barrels more per day, to 31.62 million bpd last month, as Iraq ramped up output and Libya's oil industry recovered. That's above the 30 million bpd target it had set ...
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Oil choppy; weighs China, OPEC, U.S. jobs data
Oil prices were mixed in choppy trading on Thursday as investors weighed weaker-than-expected Chinese trade data and higher OPEC production against a better picture of the U.S. jobs market, muddling the oil demand outlook.
China, the world's second largest oil consumer after the United States, saw its exports and imports in April grow at a far slower rate than forecast, government data showed.
Its trade performance that month was also surprisingly weak, and analysts said the government would need to loosen monetary policy to spur expansion or risk missing annual growth targets.
The Organization of the Petroleum Exporting Countries said it pumped 1.62 million barrels more per day, to 31.62 million barrels per day last month as Iraq ramped up output and Libya's oil industry recovered.
...
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Oil rises above $113 after U.S. jobs data
Oil climbed above $113 per barrel on Thursday as dealers weighed relatively encouraging U.S. jobs figures against weaker-than-expected Chinese trade data.
Downbeat comments by the Organization of the Petroleum Exporting Countries also weighed on the market. The group's monthly report said oil supply was plentiful and in excess of market requirements.
Brent crude rose 32 cents to $113.52 a barrel, while U.S. crude climbed 65 cents to $97.41 by 08.55 a.m. EDT after reports showed new U.S. jobless claims fell slightly last week.
Brent has fallen sharply from highs of around $126 per barrel in April due to worries about political turmoil in Europe and a growing conviction that the market is well supplied.
"Brent seems to be bottoming out," said Carsten Fritsch, oil analyst at Commerzbank. " ...
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Oil eases to around $113 on weak Chinese data
(Reuters) - Oil fell to around $113 per barrel on Thursday as weaker-than-expected Chinese trade data highlighted concerns over energy demand in the world's second-largest oil consumer.
Downbeat comments by the Organization of the Petroleum Exporting Countries also weighed on the market. The group's monthly report said oil supply was plentiful and in excess of market requirements.
Brent crude oil futures for June lost 10 cents to $113.10 a barrel by 07.06 a.m. EDT after settling at $113.20 on Wednesday, up 47 cents. U.S. crude fell 40 cents to $96.41 per barrel.
Brent has fallen sharply from highs of around $126 per barrel in April due to worries about political turmoil in Europe and a growing conviction that the market is well supplied.
Analysts remained downbeat about prospects for ...
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