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Confidence In The Stock MarketTitle:
Weaker euro zone economy sends dollar higher
(Reuters) - The U.S. dollar climbed to a 20-month high and safe-haven German bonds set record low yields, after data showed Europe's economic woes intensifying as business confidence is undercut by talk of a Greek exit and slow progress in tackling the debt crisis.
Private-sector factory activity in China also faltered in May as demand for exports fell, in a worrying sign the impact of the euro zone crisis could be undermining the global economic recovery. Europe is China's largest export market.
But U.S. stock index futures have edged higher as investors remain hopeful that pending data on durable goods orders and initial jobless claims will show the world's largest economy is staying on track for recovery.
The slowdown in economic activity in Europe's powerhouse Germany sent the euro ...
Title:
UK shares edge up cautiously from lows
(Reuters) - Britain's top shares rose on Thursday, clawing back some of the previous session's steep losses, though trade remained cautious after a European summit failed to produce concrete proposals for tackling the region's debt crisis.
Markets rallied earlier in the week on hopes that new proposals would be made at the informal summit, including ways of sparking economic growth and boosting investor confidence.
Thursday's economic data made for grim reading, with Britain falling deeper into recession than first thought in the first quarter after a sharp drop in construction output.
In Germany, the manufacturing sector shrank and business sentiment plummeted in May, heightening concerns about the ability of Europe's largest economy to weather the region's crisis.
Market moves have ...
Title:
European Market Update : 23/05/2012
Euro hits fresh 2012 lows ahead of informal summit; More reports of an ECB contingency plan in the works
Economic Data
(GR) Greece Mar Current Account: -€2.1B v €1.1B prior
(NL) Netherlands Mar Consumer Spending Y/Y: % v -1.3% prior
(SE) Sweden Apr Unemployment Rate: % v 7.8%e
(EU) Euro Zone Apr Current Account: +€7.5B v -€5.6B prior; Current Account Seasonally Adj: +€7.5B v -€1.2B prior
(IT) Italy May Consumer Confidence: 86.5 v 89.5e (lowest reading on record after series began in 1996))
(ZA) South Africa Apr CPI (all items) M/M: 0.4% v 0.5%e; Y/Y: % v 6.2%e
(TW) Taiwan Apr Industrial Production Y/Y: -2.3% v -1.7%e; Commercial Sales Y/Y: -2.4% v -0.9% prior
(UK) Apr Retail Sales Ex Auto Fuel M/M: -1.0% v -0.7%e; Y/Y: -0.3% v +0.7%e
(UK) Apr Retail Sales with Auto Fuel M/M: -0.8% ...
Title:
Cautious markets retreat before EU summit
(Reuters) - Riskier assets retreated broadly on Wednesday as hopes for fresh measures to tackle the euro zone debt crisis faded and caution set in ahead of a meeting of European leaders, with sentiment hurt by renewed fears Greece would leave the euro bloc.
European shares also looked likely to slump, with financial spreadbetters predicting major European markets .FTSE .FCHI .GDAXI would open as much as 1.5 percent lower. U.S. stock futures were down 0.5 percent. .EU .L .N
Shares, commodities, commodity-linked currencies and the euro all slid, while safe-haven demand lifted the dollar index .DXY measured against major currencies up to 81.830, its highest since September 2010.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 2.0 percent. It had risen 1.1 ...
Title:
Global shares gain on Europe optimism; euro dips
(Reuters) - World equity markets rose for a second consecutive day on Tuesday on hopes European leaders will tackle the region's debt crisis, but the euro fell on doubts that much would come of a meeting just a day away.
European shares gained almost 2 percent on optimism European leaders may devise new measures to foster growth in the euro zone and restore a doubtful market's confidence.
An informal summit of European Union leaders late on Wednesday is expected to discuss the idea of regional bonds jointly underwritten by all euro zone member states.
However, Germany's long-standing opposition is unlikely to change; the country has dismissed the French-led call for the euro zone to issue common bonds.
"The string of summit meetings that have been called to address the euro crisis thus ...
Title:
The Endgame of the Greek Crisis
Forex News and Events:
It has taken two-and-a-half years, and nearly USD 300bn of IMF/EU funds for markets to finally weigh in a more probable than not exit of the debt-laden country. Greece’s EMU exit is imminent for the second time in the last six months. Surprisingly though, the trigger for the recent gloomy expectations for Greece was not exclusively of an economic nature but also politics. During May 6 elections, the Greeks expressed their unwillingness to abide by the agreed-upon austerity measures. It wouldn’t have been a very dangerous position had Greece been solvent, but regardless of EU officials’ reassurance of continued help for Greece throughout the process, the country would run out of funds for the next installments due end of June and early July. In addition to markets ...
Title:
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% ...
Title:
Copper up but Greek contagion fears weigh
(Reuters) - Copper extended gains on Monday, rising from four-month lows hit last week despite investors' concern about the risk of contagion if Greece defaults on its debt and leaves the euro.
Leaders of G8 major industrialized nations meeting at the weekend vowed to take steps to combat financial turmoil and revitalize a global economy threatened by Europe's debt crisis, but they offered no specific prescription for debt-crippled Greece which is to hold elections on June 17.
Recent opinion polls show Greek voters are returning to the establishment parties that negotiated its bailout, offering potential salvation for European leaders.
But deepening banking sector instability in Spain heightened concerns about contagion from Greece's political turmoil, meaning investors will likely stay ...
Title:
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 ...
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