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Recorded A High After This NewsTitle:
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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The dollar kicks crude to the downside
Crude continues the sharp downside wave extending the losses for another consecutive session, where it retreated yesterday after attempting to move slightly higher to reach the lowest levels this year after the failure of Greek parties to form a coalition government and new elections will take place in June.
Crude oil opened today’s session at $93.11 and declined sharply to reach so far a low of $91.79 after it recorded a high of $93.41, where it is currently trading around $92.26 a barrel.
The commodity is facing strong downside pressure after Greek parties said yesterday that they haven’t reach an agreement to form a coalition government and new elections will likely be held in June, which raised fears again over Greece’s membership in the euro bloc.
Despite the bullish effect from U. ...
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European markets set to open with more losses amid political woes
The tension is evident and the market remains negative amid the uncertainty over the euro outlook and growing fear of a Greek exit. The selloff was reignited midday yesterday after Greece said talks have failed and elections are now the only option.
Investors are worried that anti-austerity parties will be able to now win the vote and negate the agreement with lenders which will leave Greece insolvent and bankrupt, and eventually drop out of the euro! This tension is keeping the market on the edge and pressured stocks to their 2012 lows with the lead of financials of course.
The euro was surely on the receiving end and still trading under heavy bearish pressure. The EUR/USD as of 03:00 EST is hovering around $1.2695 trading below the critical $1.27 areas. The pair recorded the high of $1. ...
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Asian Market Update : 10/05/2012
China trade data misses expectations, Australia records 1-yr low for unemployment
Economic Data
(CN) CHINA APR TRADE BALANCE: $18.42B V $9.9BE
(AU) AUSTRALIA APR UNEMPLOYMENT RATE: 4.9% V 5.3%E (1-yr low); EMPLOYMENT CHANGE: 15.5K V -5.0KE (2nd consecutive increase); PARTICIPATION RATE: 65.2% V 65.4%E
(KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE UNCHANGED AT 3.25%; AS EXPECTED
(JP) JAPAN MAR CURRENT ACCOUNT TOTAL: ¥1.59T V ¥1.4TE; ADJUSTED CURRENT ACCOUNT TOTAL: ¥785.5B V ¥647BE; CURRENT ACCOUNT BALANCE Y/Y: -8.6% V 17.1%E; TRADE BALANCE: ¥4.2B V -¥43BE
(NZ) NEW ZEALAND APR BUSINESS NZ PMI: 48.0 V 53.8 PRIOR
(PH) PHILIPPINES MAR TOTAL EXPORTS: -1.2% V 11.0%E; TOTAL MONTHLY EXPORTS: $4.3B V $4.4B PRIOR
(NZ) NEW ZEALAND APR QV HOUSE PRICES Y/Y: 3.1% V 3.0% PRIOR
(JP) JAPAN APR ...
Title:
Euro Limits The Damage After French And Greek Elections
Sunrise Market Commentary
- Fixed Income: Little support from elections
- Global core bonds set new contract highs at the start of the European session after the French and Greek elections. However, the negative sentiment surprisingly didn't push through and many markets bounced off key levels.
- Currencies: euro limits the damage after French and Greek elections.
- On Monday, the euro opened sharply lower after the election results in Greece and Spain. However, the price moves developed in an orderly way. Even more, the single currency showed remarkable resilience and reversed part of the early losses. The test of the 1.2974 support was rejected. The EUR/GBP 0.8068 support remains under pressure.
The Sunrise Headlines
- US Equities hovered sideways on Monday, halting a ...
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Euro Declines on Downbeat Services Data, Eyes Still on U.S. Jobs Report
As this week comes to an end, markets are standing still awaiting the performance of the labor market in the world's largest economy for more details regarding the pace of recovery; however, markets retreated slightly against the low yielding U.S. dollar after the downbeat performance of the European services sectors which contracted significantly in April, raising fears of recession and deep contraction.
Investors are demanding more of the low yielding U.S. dollar in order to avert as much risk as possible, especially as this week comes to an end, where investors remain in the market awaiting the U.S. jobs report; however, at the same time they tend to avert risk therefore holding the U.S. dollar is the best choice, especially with speculation the jobs report will show improvement in the ...
Title:
Asian Market Update : 01/05/2012
Economic Data
(AU) RESERVE BANK OF AUSTRALIA (RBA) CUTS CASH TARGET RATE BY 50BPS TO 3.75%, MORE THAN EXPECTED
(CN) CHINA APR PMI MANUFACTURING: 53.3 V 53.6E (5th consecutive m/m increase; 13-month high)
(KR) SOUTH KOREA APR EXTERNAL TRADE BALANCE: $2.15B V $3.0BE
(KR) SOUTH KOREA APR CONSUMER PRICE INDEX (CPI) M/M: 0.0% V 0.3%E; Y/Y: 2.5% V 2.8%E (multi-month low); CORE CPI Y/Y: 1.8% V 1.9% PRIOR
(NZ) NEW ZEALAND Q1 AVERAGE HOURLY EARNINGS Q/Q: 1.3% V 0.0% PRIOR; PRIVATE WAGES EXCLUDING OVERTIME: 0.5% V 0.6%E; INCLUDING OVERTIME: 0.5% V 0.5%E
(AU) AUSTRALIA MAR RPDATA-RISMARK HOUSE PRICE ACTUAL: -0.8% V 0.2% PRIOR (3-month low)
(AU) AUSTRALIA Q1 HOUSE PRICE INDEX Q/Q: -1.1% V -0.5%E (fifth consecutive quarter of decline); Y/Y: -4.5% V -3.9%E
(ID) INDONESIA MAR TOTAL TRADE BALANCE: $840M ...
Title:
ECB and Fed on the Sidelines
Forex News and Events:
Without the strong guiding hand of the Fed and ECB, EURUSD momentum will remain indecisive. FX traders are now conditioned to expect the heavy hand of the central banks and to be without that intervention, the pair and risky assets will be range-bound. Wednesday's FOMC meeting suggested that the majority of Fed officials are on hold, willing to simply monitor the US recovery. The statement reaffirmed the FOMC’s conditional commitment to leave policy at near-zero until at least late 2014. In addition, there seems to be little desire for extending Operation Twist or replacing it with any alternative stimulus. Given the choppy nature of incoming data we suspect that the Fed will be in a wait and see mode. But the guessing game will continue. Today’s GDP will provide ...
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The Weekly Bottom Line : 13/04/2012
The Weekly Bottom Line
HIGHLIGHTS OF THE WEEK
United States
A narrowing trade deficit and larger than expected inventory accumulation in February suggests Q1 growth will be closer to 2.5-3.0% than our previous forecast for 1.7%.
That being said, this does not change our underlying outlook. The higher print on GDP reflects an inventory swing and improved trade balance due to weak imports. In contrast, domestic demand still appears set to post a shallow 2% gain.
In order for the U.S. economy to generate sustained growth at the 3% level, we will need to see a much healthier job market that is capable of generating widespread growth in real incomes.
Canada
In two survey releases, the Bank of Canada detailed that businesses are more upbeat about their sales' prospects and ...
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