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Respond To The Euro ZoneTitle:
Japan finance minister hints at intervention after yen gains
Japanese Finance Minister Jun Azumi said on Friday that he was monitoring currency moves with extra care and was prepared to respond as appropriate - a veiled reference to yen-selling intervention.
Azumi said speculators were over-reacting after the yen rose to a three-month high versus the dollar and the euro. He said he has confirmed with Group of Seven countries several times in the past that excessive currency moves are undesirable.
"We are watching currencies with a heightened sense of caution and are prepared to respond as appropriate," Azumi said.
"There was a sudden rise in the yen last night that is attributable to some speculators who are over-reacting."
The dollar rose 0.2 percent to 79.39 yen, also above a three-month low of 79.13 yen touched the previous session. The euro ...
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Euro zone fears starting to hit trade, financing
The euro zone debt crisis is affecting trade as companies shy away from dealing with firms and banks in countries deemed at risk of contagion, a senior banker said on Thursday.
Tan Kah Chye, London-based global head of trade and working capital at Barclays Bank, said companies were recoiling from doing business on an open-account basis, whereby an exporter ships and delivers goods before the importer pays.
An exporter can greatly reduce the risk attached to such 'buy now, pay later' transactions, which make up an estimated 80 percent of global trade, by buying a bank letter of credit.
But Tan, speaking as chairman of the International Chamber of Commerce's commission on banking, said firms were also nervous about being exposed to banks away from the euro zone periphery that were at risk ...
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Asian stocks drop as Greece put the euro zone’s unity at risk
Asian stocks dropped, with the MSCI Asia Pacific Index sliding 0.9% at 14:00 in Tokyo, as the Greek political deadlock continues, the slowdown in China’s economy was confirmed again while Europe’s economy is expected to shrink for the first time since 2009.
Greece continues to put the euro zone unity at risk, as the political parties are still in talks for a ninth day today, in a last attempt to form a government and avoid another round of elections in June, during which the far-left anti-bailout party Syriza is expected to win, which may push the country to exit the eurozone.
Also weighing on sentiment was Moody’s decision to downgrade 26 Italian banks yesterday, fueling concerns over Europe’s growth and keeping risk appetite subdued, especially before a report that may show Europe’s ...
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Wall Street down for 4th day of five, breaks support
Stocks fell on Monday as investors dealt with the one-two punch of worsening political upheaval in the euro zone and the possibility that China's economy may be softening more than previously thought.
The S&P 500 finished lower for the fourth day of five to close at its lowest level since February, adding fuel to worries of a coming market correction.
Economically sensitive shares, including banks and energy companies, paced the decline. Exxon Mobil Corp (XOM.N) lost 1.2 percent to $82.12. The NYSEArca oil index .XOI fell 1.8 percent.
State television in Greece reported the president of the fiscally beleaguered country will continue talks on forming a coalition government, although Socialist leader Evangelos Venizelos said on Monday he was not optimistic that a government could be ...
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Wall Street falls on Europe, but S&P off lows
Stocks fell on Monday but the S&P 500 came off lows after slipping below a key support level on fears of worsening political turmoil in the euro zone and signs of weakening Chinese growth.
Economically sensitive shares, including banks and natural resources companies, led the decline. Morgan Stanley (MS.N) fell 3.1 percent to $14.48, while Exxon Mobil Corp (XOM.N) lost 1 percent to $82.26.
JPMorgan Chase & Co (JPM.N) announced the first exit of a top executive after suffering trading losses that could reach $3 billion or more. The bank said Ina Drew, its investment chief, would retire. JPMorgan shares fell 1.8 percent to $36.31 after losing 9 percent on Friday.
The three major indexes briefly fell more than 1 percent on Monday, with the S&P dropping under an important support level at 1, ...
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Stock index futures signal lower start
U.S. stock index futures pointed to a lower open on Wall Street on Monday, with S&P 500 futures down 1 percent and contracts for the Dow Jones and Nasdaq 100 down 0.9 percent at 04:53 a.m. EDT (0853 GMT).
European shares hit new four-month lows on Monday as Greece's failure to form a government heightened fears it could quit the euro zone, while signs that China was struggling to shore up its economy cast a shadow on global growth prospects.
Japan's Nikkei .N225 share average inched higher on Monday to end a three-day losing streak.
JPMorgan Chase & Co (JPM.N) lost $15 billion in market value and a notch in its credit ratings on Friday while a chorus of regulators and politicians reacted to its surprise $2 billion trading loss by demanding stiffer oversight for the banking industry.
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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 ...
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Pressures intensify on European leaders
Confidence is already in short supply in financial markets and could evaporate further in the coming week if investors judge that Europe's often fractious political leaders aren't mapping out a sustainable path through the current crisis.
Over the past week investors have been rocked by the increased likelihood of Greece leaving the euro, and an admission by one of the world's more highly regarded banks, JPMorgan Chase (JPM.N), of an embarrassing failure in risk management.
Many in the markets are now looking to Europe's political leaders to signal a shift in the German-led austerity drive across Europe which they now see as threatening the fragile recovery underway in the world economy if cuts are not tempered with some efforts to encourage growth.
Credit rating agency Fitch put the ...
Title:
Dukascopy Morning Forex Overview : 09/05/2012
Fundamental Analysis
EUR
"The debt crisis damps demand for German products in Europe but Russia, China, India, Brazil and South Africa should generally be able to compensate declining sales."
- Gerd Hassel, an economist at BHF Bank AG
German industrial production unexpectedly soared in March, adding to signs the euro zone’s largest economy is weathering debt crisis. Production jumped 2.8 per cent from February, when it declined 0.2 per cent, said the Economy Ministry on Tuesday.
USD
"People are preparing for a shock that may or may not occur."
- Michael Holland, chairman and founder of New York-based Holland & Co.
U.S. stocks fell on Tuesday as Greece’s bailout pledge came into question.
GBP
"The health of the housing market is a reverberation of consumer confidence and credit ...
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