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Euro Finance MinistersTitle:
Risky trade getting hammered
Higher yielders remained under pressure as uncertainty continues to surround markets. The lack of assurance of an Imperative action on Greece from the euro leaders in their informal summit today makes things further vague for the destiny of the risky trade. While markets lack a conclusive expectation for the outcome of the summit majors look skeptical around key support levels.
During a teleconference earlier today, the Eurogroup Working Group (EWG); which consists of the officials preparing the meetings of finance minister, and form the board of the ESF as well, agreed that euro zone countries must consider and prepare for the consequences of a Greece exit. The move could have further negative impact on the common currency.
While Later today, the finance ministers are expected to unveil ...
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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% ...
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Gold slips in line with euro ahead of EU meeting
(Reuters) - Gold fell towards $1,550 an ounce in Europe, pressured by concerns that a European Union meeting later on Wednesday would fail to significantly ease worries over the euro zone debt crisis which lifted the dollar to a 21-month high against the euro.
The dollar, along with German bond futures, benefited from a flight from riskier assets, including stocks and commodities such as copper and oil.
Spot gold was down 0.1 percent at $1,555.50 an ounce at 0930 GMT while U.S. gold futures for June delivery were down $20.60 an ounce at $1,556.00.
"Gold is acting more as a risky asset, and everything is tumbling this morning ahead of this informal finance ministers meeting, where nothing good is really expected," Societe Generale analyst Robin Bhar said.
"It is not inconceivable that ...
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European shares rise on China`s plan to bolster growth, before EU summit
European shares rise on Tuesday midday trading on plans from China to bolster growth and on hopes European leaders will do more to tackle crisis when they gather at tomorrow`s informal EU Summit.
China is looking forward to accelerating the consent of infrastructure projects as well as allocating construction funding to reinvigorate growth.
On the other hand, before the awaited EU summit on May 25, German and French Finance Ministers said on Monday they agreed "to do everything to keep Greece in the euro club."
Tomorrow`s summit will tackle fiscal crisis and discuss the Greek issue, where new measures such as launching Eurobonds are expected to be on the table.
However, still there are worries after Spain had sold debt with higher yield and the OECD lowered euro area growth forecasts. ...
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Gold drops from $1600 levels amid possible frictions between European leaders
Precious-Gold dropped after approaching $1600 levels amid possible conflict between European leaders over measures to tackle the debt crisis.
Yesterday, German Chancellor Angela Merkel said she will not be shy to reject Hollande`s idea of introducing Eurobonds at the informal EU summit taking place in Brussels tomorrow.
With possible frictions between European leaders crisis may intensify more which will probably make investors refrain from buying commodities and risky assets.
The shiny metal advanced yesterday after Chinese Premier Wen Jiabao said he will give utmost determination to boost growth, while German and French Finance Ministers said they agreed "to do everything to keep Greece in the euro club."
Gold is currently trading around $1582.06 an ounce after recording a high of $ ...
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YouTradeFX Daily Market Analysis : 22/05/2012
Fundamental News
Today’s highlights:
· CPI (MoM) (GB, 09:30 GMT)
· BOE Inflation Letter (GB, Tentative)
· Existing Home Sales (U.S., 15 :00 GMT)
The U.S. labor market is set to strengthen this year, a survey published by the National Association for Business Economics said Monday. The survey of 54 economists said non-farm payroll increases will average 188,000 per month this year, up from the prior projection of 170,000. The jobless rate is expected to fall to 8 percent by the fourth quarter of 2012.
Japan’s foreign investments and assets grew to the second-highest level on record as companies used the high yen to make acquisitions abroad, a trend that may help them cope with stagnant demand at home. Investments abroad grew 3.3 percent to 582 trillion yen ($7. ...
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U.S shares continue raise to close in green
U.S. stocks inclined throughout the day; opening and midday sessions, to accordingly close in green after China and G-8 countries vowed to spur growth in their countries ahead of German-Franco finance ministers meeting later on the day.
Keeping in mind that leaders of the Group of eight nations aligned to keep Greece in the euro and committed to spur growth in their countries, raising growth prospects of the global economy and easing Greece`s debt concerns.
In China, Premier Wen Jiabao vowed to keep an eye on boosting growth in the world`s second-largest economy. In Berlin, German Finance minister Wolfgang Schaeuble will for the first time discuss the euro with his French counterpart, Pierre Moscovici.
The Dow Jones Industrial Average index gained 135.10 points or 1.09% to close at ...
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Gold advances slightly, investors to remain cautious
Precious-Gold continued its rebound on Monday after China has pledged to bolster growth while Group of Eight leaders have urged Greece in the euro area.
Chinese Premier Wen Jiabao said he will give utmost determination to boost growth, while in Japan the BoJ is predicted to raise stimulus when policy makers meet this week.
On the other hand, in the G8 meeting, world leaders focused on bolstering both and fiscal discipline while called for Greece to stay in the euro zone.
Today, German and French Finance Ministers will meet before an EU Summit on May 23.
Despite the rise for the third consecutive session for the yellow metal, it may come once again under pressure amid political uncertainty in Greece and fiscal woes in Span, especially as G8 leaders to did not reveal how they can prevent ...
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Markets selloff ignited as Greek talks fail, new elections in June
The market turned lower once again and surrendered early gains on news that Greek talks failed once again and the nine-day political vacuum is ending with new elections.
The latest attempt by president Karolos Papoulias also failed today as he called the leaders of Greek parties to agree of forming a technocrat government to avoid the new elections, yet the agreement again was not seen among the parties and still over the austerity measures and bailout deals that now risks pushing the nation out of the euro.
Greek Pasok party leader Evangelos Venizelos said after the meeting that the attempt to form a government failed and new elections will be held. The news was confirmed as well from the presidency official Costas Bitsios in comments to reports in Athens and said that a meeting will be ...
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