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European Market Update : 24/05/2012
Major European PMI Manufacturing data misses expectations; German IFO Business Confidence falls for the first time in 7 months
Economic Data
(RU) Russia Gold & Forex Reserve w/e May 18th: $514.3B v $518.8B prior
(DE) Germany Q1 Final GDP Q/Q: 0.5% v 0.5%e; Y/Y: 1.7% v 1.7%e; GDP WDA Y/Y: 1.2% v 1.2%e
(DE) Germany Q1 Private Consumption: 0.4% v 0.2%e; Government Spending: 0.2% v 0.3%e; Domestic Demand: -0.3% v 0.0%e; Capital Investment: -1.1% v -0.3%e; Construction Investment: -1.3% v -0.4%e; Exports: 1.7% v 0.9%e; Imports: 0.0% v 0.3%e
(CH) Swiss Apr Trade Balance (CHG): 1.3B v 1.9Be; Real Exports M/M: -0.9% v +0.2%e; Real Imports M/M: 2.6% v 5.9% prior
(FI) Finland Apr PPI M/M: -0.1% v +0.4% prior; Y/Y: 1.4% v 1.4% prior
(FI) Finland Apr Preliminary Retail Sales Volume Y/Y: -2.0% v ...
Title:
Continued Fears Over Europe's Debt Crisis Keep The Euro Near Its Lowest In 22 Months
Investors continued to limit their risk exposure on Thursday, heading towards the safe haven USD and the Japanese yen, as European leaders failed to adopt concrete actions during yesterday's summit while manufacturing in China is seen shrinking for a seventh month in May.
With the risk of Greece exiting the euro zone not being eliminated by officials yesterday, sentiment is seen subdued, pushing the euro near the lowest since July 2010, especially after Italian Prime Minister Mario Monti backed French President Francois Hollande's proposal of jointly underwrite regional bonds.
Sentiment may continue to be subdued and markets volatile today as data may show that Europe's services and manufacturing industries shrank for a fourth month, while Germany`s IFO business climate index, a key ...
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New home sales, prices rise in April
(Reuters) - New single-family home sales rose solidly in April and prices pushed higher, offering further evidence the housing market was turning the corner.
The Commerce Department said on Wednesday sales increased 3.3 percent to a seasonally adjusted 343,000-unit annual rate after a 332,000-unit pace in March.
The report, whose details were fairly bullish, came on the heels of news on Tuesday that home resales hit a two-year high in April and suggested the housing market recovery was gaining traction.
It also highlighted the economy's underlying strength, even though job growth has slowed in recent months. The weak housing market had been the Achilles heel of the economy's recovery from the 2007-09 recession.
"It's encouraging. These are signs that we might be forming a bottom in ...
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Dukascopy Afternoon Forex Overview : 23/05/2012
Fundamental Analysis
EUR
German bunds rose on worries that European leaders will struggle to resolve the euro zone debt crisis during tonight's European summit. David Schnautz of Commerzbank AG in London thinks that Europe is unlikely to solve key topics and will probably disappoint the market. The 5-year bund lost 5 bp to 0.47 percent at 10:49 GMT after tumbling to 0.461 percent, the lowest since 1990, when Bloomberg began gathering data.
USD
Crude oil futures declined in Asian session on Wednesday as Iran is ready to invite nuclear inspectors, the move that may ease oil import sanctions. Light, sweet crude oil futures for July delivery traded at 91.27 US Dollars per barrel, retreating by 0.63% from the last session's high of 91.72 US Dollars per barrel.
GBP
Today the minutes of the ...
Title:
Euro Rebound Short-Lived
Sunrise Market Commentary
- Fixed Income: Profit taking continued, but now concluded?
- The profit taking on global core bond markets continued in the run-up to tonight's informal EU-Summit. Spanish and Italian spreads decreased significantly but yields remain at elevated levels. Today, the eco calendar is again thin and trading will again be driven by sentiment.
- Currencies: Euro rebound short-lived On
- Tuesday, the euro came again under pressure even as the global context was not that negative. Sentiment on risk was constructive and intra-EMU spreads narrowed, but all this didn't prevent investors to use any upticks in the single currency to further reduce exposure. The key 1.2642/24 support is again coming within reach.
The Sunrise Headlines
- In the final hour of ...
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Analysis: World wheat bounty at risk as dry spell spooks market
(Reuters) - A damaging global dry spell is wilting wheat crops in Kansas, threatening exports from Russia and slowing sowing in Australia, serving a timely reminder to hedge funds that a new era of surplus grain is far from assured.
In their biggest surge since 1996, Chicago wheat prices jumped by more than 17 percent last week and reached a nearly 9-month high of more than $7 a bushel on Monday, a rally stoked by short-covering among big speculators -- a group that had amassed a near-record short position betting on falling prices.
By Tuesday, six days of buying subsided as analysts said the immediate weather-induced panic yielded to a more considered view: conditions are not as dire - at least not yet - as they were in 2010, when world trade in wheat was sharply curtailed as growing ...
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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 ...
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Euro slides vs. dollar as EU summit hopes wane
(Reuters) - The euro fell against the dollar on Tuesday after two days of gains as investors pared back expectations that an informal meeting of European leaders this week would yield much progress in tackling the region's debt crisis.
However, given the market's stretched bearish positioning and oversold signals on the technical charts, the euro could see a short-term squeeze higher ahead of the European summit.
The yen, meanwhile, tumbled after Fitch downgraded Japan's ratings and although the currency posted the biggest loss versus the dollar, investors remained focused on the euro.
While there have been hopes in some quarters that Wednesday's summit may lead to agreement on measures to boost euro zone growth, investors were not confident of a breakthrough given apparent differences ...
Title:
Euro falls vs. dollar as EU summit hopes dim
(Reuters) - The euro fell against the dollar on Tuesday after two days of gains as investors pared back expectations that an informal meeting of European leaders would yield much progress in tackling the region's debt crisis.
However, given the market's stretched bearish positioning and oversold signals on the technical charts, the euro could see a short-term squeeze higher ahead of the European summit.
While there have been hopes in some quarters that Wednesday's summit may lead to agreement on measures to boost growth, investors were not confident of a breakthrough given apparent differences in opinion between Germany and France.
French President Francois Hollande is expected to push for a joint euro zone bond, a measure backed by Italy, Spain and the European Commission.
However ...
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