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Attract Market FocusTitle:
Euro Succeeds Short Squeeze
Sunrise Market Commentary
- Fixed Income: Global core bonds take a breather
- Investors remained mostly sidelined in an uneventful session on Friday. The G-8 meeting stressed the need for growth, besides fiscal consolidation and sees Greece staying inside EMU. This shouldn’t surprise markets today. With a razor thin calendar, trading might start the week in a lackluster mode.
- Currencies: Euro succeeds short squeeze
- On Friday, the decline of the euro halted and EUR/USD succeeded a cautious rebound, even as uncertainty on the EMU debt crisis persisted. Technical considerations will also dominate trading today as the G8 meeting provided no high profile measures to address the debt crisis.
The Sunrise Headlines
- US Equities rose for a second consecutive session on ...
Title:
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:
Gold jumps 2.6 percent after slump; dead-cat bounce?
Gold rallied more than 2.6 percent on Thursday, its largest one-day gain since late January, as technical buy signals and new signs of a sluggish U.S. economy more than offset deepening despair over the euro zone.
After flirting with a bear market on Wednesday, down more than 20 percent from its September record, bullion rallied early after Philadelphia Federal Reserve data showed a contraction in factory activity in the U.S. mid-Atlantic region that rekindled some hope the Fed would plough more money into the system to stimulate the economy, traders said.
Technical buying also fueled gains after gold had nearly hit a key December low, trading just shy of key technical long-term support at the 100-week moving average of $1,515 per oz.
But with the euro and U.S. stocks in decline and ...
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Gold off 4-1/2 month low on increased physical buying
Gold rose more than 1 percent on Thursday, bouncing off a 4-1/2 month low, as weaker prices attracted new physical buyers, but gains were likely to be limited as the euro was undermined by fears of a deepening debt crisis in Greece.
Spot gold rose 1 percent to $1,553.80 an ounce by 09.07 a.m. EDT, from $1,538.30 late in New York on Wednesday, when it plunged to $1,527 - its weakest since December 29.
The precious metal rose to a high of $1,557.56 earlier, helped by the approaching expiry of gold options in the COMEX futures market.
U.S. gold futures hit a high of $1,557.90 an ounce and were at $1,554.30, up 1.1 percent. The contract had plunged to a multi-month low of $1,526.70 on Wednesday.
Gold, traditionally a safe-haven asset, has been moving in tandem with riskier assets such as ...
Title:
Negativity persists but shows some signs of consolidation
What’s new:
Asia: US equities closed negatively but Asia eking some gains this morning
Forex: GBP still in the negative after yesterday’s dovish inflation report
Japan: Better than expected GDP growth for Q1
United States: Number of policy makers still ready to take action if growth falters
Rates in Asia and Indices:
Low High Change
EUR/USD 1.2712 1.2749 0.06 %
USD/CHF 0.9421 0.9449 0.06 %
GBP/USD 1.5889 1.5933 -0.08 %
USD/JPY 80.25 80.4 -0.01 %
EUR/CHF 1.2010 1.20125 -0.00 %
EUR/JPY 102.09 102.39 -0.06 %
Dow Jones 12597.34 12722.63 -0.26 %
Nasdaq 2558.69 2597.16 -0.74 %
S&P 500 1324.79 1341.78 -0.44 %
Nikkei 225 8765.71 ...
Title:
Global shares, euro hit as political risks pile up
Uncertainty over the impact of a potential Greek exit from the euro on the debt-laden 17-nation currency bloc drove a rush to safety by investors on Monday, sending the single currency to near four month lows and European shares down 1.5 percent.
Problematic negotiations on forming a new Greek government have increased the chances it will be unable to meet the conditions of its bailout deal, and a worsening fiscal position in Spain has added to the sense of crisis facing the region.
The list of political risks facing the euro area grew on Sunday when German Chancellor Angela Merkel's conservatives suffered a crushing defeat in an election in Germany's most populous state.
"Selling rallies in risk assets seems the best way to make money in most asset classes given the event risk is still ...
Title:
Weekly Focus: The Greek Tragedy Continues
Weekly Focus: The Greek Tragedy Continues
■Government formation in Greece will continue to attract attention. Also keep an eye on the Eurogroup and Ecofin meetings next week.
■Global PMI releases will be important given the current mixed signals on the state of global growth. This includes the first-ever release of the US Markit flash PMI.
■US retail sales are likely to post anaemic growth as lower gasoline prices and sluggish same-store sales are dragging down sales growth.
■GDP data is likely to show global growth accelerating in Q1. We expect strong numbers for Japan and Norway, while euro area growth is likely to remain negative.
■We expect the People's Bank of China to deliver a 50bp cut in the reserve requirement within the coming two weeks.
■In ...
Title:
Job-creating foreign investment in U.S. lags
(Reuters) - Foreign investment in the United States is ebbing and beefing it up is critical for economic growth as each job at a foreign company's U.S. unit supports three others, the Organization for International Investment said on Thursday.
A complex U.S. tax code and increasing global competition are curbing business development here by foreign companies. That trend is worrisome because foreign firms generally pay salaries to U.S. workers that exceed the industry average. This type of foreign investment, in turn, drives up employment and consumer spending.
"The global investment pie around the world has been getting larger, but our slice of that pie has been getting smaller as well as the share of GDP that foreign investment in the U.S. represents," Nancy McLernon, president and ...
Title:
S&P ends almost flat; investors shrug off Europe
Investors brushed off Europe's election results, as the S&P 500 rebounded from early losses to end nearly unchanged on Monday, despite the uncertainty surrounding the euro zone's ability to tackle its debt crisis.
U.S. financial stocks, normally highly sensitive to events that could unsettle the euro zone's fiscal stability, were not only the biggest gainers, but had the heaviest volume.
The S&P 500 financial sector index .GSPF rose 0.7 percent. Bank of America (BAC.N) shares shot up 2.8 percent to $7.96 and Goldman Sachs (GS.N) gained 1 percent to $110.04.
"One positive thing we are seeing out of the elections and we are hearing from the ECB chairman is a focus on growth and that austerity measures alone are not going to get them out of this crisis," said Sean Lynch, global investment ...
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