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ConfidenceTitle:
Wall Street rises at the end of a soft week
Stocks rose on Friday after a strong outlook from chipmaker Nvidia and surprisingly robust consumer confidence offset a slide in bank shares after disclosures of huge trading losses at JPMorgan Chase & Co.
JPMorgan (JPM.N) said it lost at least $2 billion from a failed hedging strategy. The Dow component was down 7.3 percent at $37.77 and weighed on the entire sector.
Nvidia Corp (NVDA.O) rose 8.4 percent to $13.46 after reporting adjusted first-quarter earnings that beat expectations. The stock boosted the Nasdaq and was the S&P 500's top percentage gainer.
U.S. consumer sentiment rose to its highest in more than four years in early May as Americans remained upbeat about the job market. The survey was a welcome sign amid worries that the economic recovery may be slowing down.
"It sort ...
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Gold pares some of the losses, yet heading for another weekly decline
Gold pared some of its earlier losses after the release of better than expected U.S. confidence report which improved the sentiment amid the mounting worries from the euro area which pushed the shiny metal to four-month low. However, gold is heading for the sharpest weekly loss since March.
The shiny metal found support at the day`s low of $1570 an ounce to trade around $1588.38 compared to the day`s opening of $1593.45.
A U.S. report released today showed that consumer confidence rose to the highest level in four years to 77. 8 in May compared to the prior and expected readings of 76.4 and 76.0 respectively.
Gold managed to recover some of the losses after the report, yet it will record another weekly decline as the worries from the euro area caused investors to be wary of ...
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Gold hits 4-month low as dollar rises, stocks slide
Gold prices fell to a four-month low on Friday as worries over the financial health of Greece and Spain and huge trading losses for JPMorgan hurt stock markets and the euro, prompting investors to seek refuge in the dollar.
Investors liquidated gold holdings to cover losses on other markets, analysts said, as a rise in risk aversion sparked selling across assets seen as higher risk, while lifting the U.S. currency and safe-haven German Bunds.
Spot gold slid to $1,573.29 an ounce, its weakest since January 3, after support gave way at $1,579, and was down 0.7 percent at $1,582.19 an ounce at 1145 GMT.
Prices pared the worst of their losses as hopes that a Greek government may be formed soon lifted the euro from lows, but spot prices were still down nearly 4 percent so far this week, ...
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European shares drop on worries from the euro area, downbeat earnings
European shares dropped by midday trading on Friday on worries from Greece and Spain and after the release of worse than expected earnings by some companies.
In Greece, political worries as five days of negotiations between political parties failed to create a new coalition government, thereby casting doubts regarding the adoption of spending cuts vows.
Today, the turn is on Pasok leader Evangelos Venizelos to form a government, where his failure means that another election will take place by mid-June.
On the other hand, the Spanish government will announce today other measures to clean up Bankia balance sheet in another attempt from the government to regain confidence in the ailing banking sector.
In the same context, the European n Commission said it expects the euro area to record ...
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Volatility Extends in Markets after the European Commission Fresh Forecasts
The European Commission supported volatility to extend in the market amid the current deteriorating sentiment in the market, where the Commission revised growth forecast lower for the euro-area region adding concerns the current austerity-linked solution is weighing sharply on growth, forcing more pressures on lawmakers to find another way around to hammer that debt crisis as well as boosting growth, but without adopting further austerity.
The critical economic situation in Europe is worsening and getting more complicated, where lawmakers cannot find a way to fight the debt crisis without affecting growth aspects, where the sharp austerity adopted across Europe has brought a technical recession confirmed in most of the nations in the euro zone, fueling the debt crisis to expand further ...
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European Commission expects euro area to contract 0.3% this year
The European Commission released its economic forecasts on Friday expecting the euro area to record 0.3% contraction this year while rebounding to 1.0% growth in 2013.
In the Spring Forecast today the European Commission said that the "EU economy is estimated to be currently in a mild recession" adding that uncertainty about the economic and financial prospects remains high.
Despite the uncertainty the Commission still sees that the measures taken and the “major advancements” in the EU institutional framework helped reduce financial market tension with the start of the year and tentative stabilization of confidence and still expects further strength over the forecast period.
The Commission raised contraction forecasts for Spain to 1.8% this year from a 1.0% contraction in February, ...
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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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Euro continues on the offer on Greece and Spain
Forex Morning Briefing : Euro continues on the offer on Greece and Spain
What’s new:
US: Mixed to higher session on first monthly budget surplus since 2008. Weak JPM earnings kept gains limited.
Europe: Green equities across the board with Spain leading the pack on back of government support. EUR continue on the offer to new 3-month lows.
Asia: Falling equity markets on weak corporate earnings and Chinese inflation in line with expectations.
Rates in Asia and Indices:
EUR/USD 1.2905 1.2944 -0.11 %
USD/CHF 0.928 0.9307 -0.12 %
GBP/USD 1.6099 1.6154 -0.21 %
USD/JPY 79.73 79.98 0.18 %
EUR/CHF 1.20099 1.20131 -0.00 %
EUR/JPY 102.97 103.49 ...
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Asian stocks drop on JP Morgan, Greece and China’s slower inflation
Asian stocks are heading towards their steepest weekly fall since November as China’s moderating inflation signaled slower consumption while Greece’s political turmoil fuel concerns over Europe’s growth, keeping risk appetite subdued.
The MSCI Asia Pacific Index dropped 0.7% at 12:53 in Tokyo, as Europe’s debt crisis seem to be deepening with the political deadlock in Greece, which puts the eurozone unity at risk especially after the political changes seen in France.
Greek Socialist leader Evangelos Venizelos will meet again with conservative leaders later today in an attempt to form a coalition government, while Spain is expected to announce further measures aimed to reform its banks
Moreover, only one day after China’s slowing growth was confirmed due to the steep drop in exports, ...
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