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Issue Pressures On The EuropeanTitle:
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:
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 ...
Title:
Fitch Downgrades Greece, Moody`s Cuts Spanish Banks, Eyes on G8
As this week has come to an end, negativity seems to be deepening in markets, where the sentiment continued to deteriorate after Fitch downgraded the Greek credit rating by one notch, while Moody`s cut the ranking of 16 Spanish banks, the thing that sent European main equities to 2012 fresh lows, while weighing sharply on the European common currency ahead of the G8 summit today.
Fitch Ratings downgraded the credit ranking of Greece by one notch to CCC from B- on concerns the nation might have to leave the one-currency bloc amid the current political instability and the split over the second bailout deal and the austerity associated with this financial aid provided by International Lenders.
The rating agency clarified that the Greek inability to form a government had raised concerns ...
Title:
Dukascopy Afternoon Forex Overview : 05/14/2012
Dukascopy Fundamental Analysis
EUR
Industrial production in the 17 countries that use the euro fell unexpectedly in March, leaving little doubt the region contracted for a second straight quarter in the first three months of the year and returned to recession, data by Eurostat showed Monday.
USD
Stocks fell, commodities declined to their cheapest level this year and the euro weakened to a three- month low on concern that Greece will exit the single European currency and after German Chancellor Angela Merkel’s party lost a state election.
GBP
The government, and many economists, say the U.K.'s austerity plan has succeeded in reassuring financial markets that the government is focused on wrestling down the country's debt, which had ballooned to the highest levels since World War II. As a ...
Title:
The Bank of England's Next Move
The Week Ahead
■The Bank of England's next move
■Is this the beginning of the end for the Eurozone?
■Fed officials reluctant to signal more easing
■Broader risk environment outweighs Japanese rhetoric
The Bank of England's next move
The BOE kept rates on hold when it concluded its May meeting last week; it also allowed the asset purchase program to come to an end. Since the UK slipped back into recession in Q1 2012 and the growth figures at the start of the second quarter have continued to look weak, the decision to hold interest rates was mostly down to the sticky outlook for inflation. The attention now turns to Wednesday's Inflation Report.
The focus will be on the Bank's growth and inflation forecasts. The growth forecasts are likely to be revised lower. Even ...
Title:
European Market Update : 10/05/2012
Markets eye whether BOE extends its Asset Purchase Program later today; Greece continues to struggle to form new gov't
Economic Data
(RU) Russia Central Bank (CBR) left Refinancing Rate unchanged at 8.00%, as expected
(ID) Indonesia Central Bank left Reference Rate unchanged at 5.75%, as expected
(FI) Finland Mar Industrial Production M/M: -1.5% v -0.2%e; Y/Y: -5.7% v -2.2%e
(FR) Bank of France Apr Business Sentiment: 95 v 95e
(FR) France Mar Industrial Production M/M: -0.9% v -0.6%e; Y/Y: -0.9% v -1.3%e
(FR) France Mar Manufacturing Production M/M:+1.4% v -0.2%e; Y/Y: -0.3% v -2.8%e
(FR) France Mar Central Govt. Balance: -€29.4B v -€24.2B prior
(ES) Spain Mar House transactions Y/Y: -22.7% v -31.8% prior
(CZ) Czech Apr CPI M/M: 0.0% v 0.1%e; Y/Y: 3.5% v 3.6%e
(CZ) Czech Mar ...
Title:
Shares, commodities retreat on Greek uncertainty
(Reuters) - Shares, precious metals and oil fell and the euro remained pressured on Wednesday as Greece struggled to form a government after an election that saw incumbent parties punished, heightening the risk that a hard-won bailout deal could be scrapped.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS shed 1.4 percent to its lowest in more than three months, with energy .MIAPJEN00PUS, materials .MIAPJMT00PUS and growth sensitive industrials .MIAPJIN00PUS leading the declines.
Resources-heavy Australian shares .AXJO plunged 1 percent to a three-week low as oil, precious metals and copper slid.
European shares will likely edge up after a mauling on Tuesday, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open 0.6 ...
Title:
Risk-Aversion Sends the Euro and Sterling South
With the start of the second session this week, tension remains evident in the market as the Greek talks continues for the second day, where so far Greek political leaders are unable to form a government, following the failure of Antonis Samaras, the thing that raised fears regarding the Greek future and existence in the Monetary Union as well, sending high yielding currencies led by the euro and sterling pound south.
The sentiment continues to be negative in the market as Greeks are split over the bailout deal with the European Union and the existence in the euro-area, where major parties in Greece lost significant support as those parties signed the bailout deal with the European Union, which in result mean more austerity and cuts for the Greek nation.
Amid the current political ...
Title:
Dukascopy Afternoon Forex Overview : 02/05/2012
Fundamental Analysis
EUR
German jobless rate unexpectedly climbed first time in last six months as debt turmoil curbed economic growth. The number of unemployed people increased by 19 000, reaching 2.87 million, compared to an expected drop by 10 000 people. The adjusted unemployment rate was 6.8%.
USD
Mitt Romney announced that Yuan's 23% appreciation versus U.S. Dollar in last five years is not enough and branded world's second largest economy as currency manipulator. Romney promised in his campaigns to put more pressure on China as he claimed Obama hasn't done enough to boost stronger Yuan. Economists questioned by Bloomberg expected Yuan to climb versus greenback to CHY 6.15 by the end of 2012.
GBP
FTSE 100 index traded lower on Wednesday as record high unemployment level and ...
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