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Sector In Europe LooksTitle:
EMU Bond Markets Showing Signs of Easing: Euro Firmer
FX Briefing
Highlights
Restructuring negotiations in Greece ongoing
Strong demand for Spanish and Italian bonds sends yields lower
ECB leaves monetary policy unchanged, stresses that credit contraction might en-danger growth
Growth in US retail sales in December dampens optimism
EMU Bond Markets Showing Signs of Easing: Euro Firmer
As the week began, the US dollar continued to strengthen on the back of the remarkably favour-able US labour market report for December, which was the latest in a recent string of upbeat economic news from the United States. At first, Europe could offer very little compared to the brightening economic outlook in the US. The meetings between Merkel, Sarkozy and Lagarde primarily drew attention to the situation in Greece, where new gaps have ...
Title:
Europe: Recovery or interim respite
(Reuters) - The huge liquidity injection by the European Central Bank into the region's banks looks to be working, but whether it proves to be the turning point in the euro zone debt crisis that has been roiling global markets or a temporary respite is not yet clear.
The growing prospect of a euro zone recession, especially when compared with the brighter U.S. outlook and signs of a soft landing in China, may provide part of the answer, and the full onset of the fourth quarter earnings season in the coming week the next flashpoint.
"The euro looks weaker due to the looser (European) monetary policy conditions and the better outlook elsewhere, which is working out to be better for riskier currencies," said Paul Robinson, Head of Global FX Research for Barclays Capital.
However, the most ...
Title:
Dollar gains on jobs data, but equities retreat
Data showing strong growth in the U.S. labor market and the lowest jobless rate in almost three year lifted the U.S. dollar on Friday, but oil prices fell and equities stalled as the upbeat figures failed to ignite investors.
The Labor Department report showing a fall in the unemployment rate to 8.5 percent, from a revised 8.7 percent in November, offered the strongest evidence yet of an accelerating U.S. economy.
The euro hit an almost 16-month low against the dollar as the data underscored the increasingly divergent fortunes of the U.S. and European economies.
Strong economic data in the past had helped the euro as investors became more tolerant of risk, but investors are now being driven more by the evidence that the U.S. economy is strengthening while Europe appears headed toward ...
Title:
Bond prices rise on euro debt, banking worries
(Reuters) - U.S. government bond prices rose in Europe on Thursday, with investors looking to park their cash in safe instruments due to heightened concerns over the ability of some fringe euro zone sovereigns and banks to fund themselves.
A French auction of ultra-long debt found firm demand following a recent rise in yields, providing relief that the bloc's stronger sovereigns can still smoothly manage an escalation of the debt crisis for now.
But worries grew about Spain, whose economy minister said its 2011 budget deficit could be higher that 8 percent of the economic output and that the domestic banks may be required to find an extra 50 billion euros in provisioning. Austria's yields also rose due to its exposure to central and eastern Europe economies, which have taken a battering.
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Title:
Dukascopy Morning Forex Overview : 05/01/2012
Fundamental Analysis
EUR
"Euro-zone inflation has now passed its peak and is likely to fall further in the coming months"
- Nick Kounis, head of macro research at ABN Amro
Inflation in the euro zone declined for the first time since summer 2011, giving the European Central Bank room for more action. The inflation rate fell to 2.8 per cent in December from 3 per cent in November, said the European Statistical Office on Wednesday.
USD
"The last few weeks of December helped to lift the full- month performance above our earlier expectation"
- Michael Niemira, chief economist at the ICSC
Retail sales at shops open more than a year may have increased 4.5 per cent in December, more than expected, as Americans pursued holiday discounts, said the International Council of Shopping Centers in a ...
Title:
Bank worries hit world stocks, dollar rises
(Reuters) - Worries over the euro zone debt crisis and the region's banks hit global stocks and boosted the dollar on Wednesday after Italian lender UniCredit priced a rights issue at a huge discount and a German bond auction failed to impress.
U.S. stock index futures pointed to weaker open on Wall Street on euro zone concerns after a strong rally in the previous session.
The U.S. dollar index, which tracks the greenback against a basket of currencies, gained 0.6 percent to 80.10 points.
Banking sector fears were ignited by news UniCredit (CRDI.MI) had launched a 7.5 billion euro ($9.8 billion) two-for-one rights issue at a discount of 69 percent to its closing share price on Tuesday.
The capital increase, meant to shore up its ravaged balance sheet, sent shares in Italy's largest ...
Title:
Bank worries hit Europe stocks, euro down
(Reuters) - Worries over the health of Europe's banks hit European stocks on Wednesday after Italian lender Unicredit was forced to price a rights issue at a huge discount, and the euro fell after a benchmark German bond auction left markets unimpressed.
UniCredit (CRDI.MI) launched a 7.5 billion euro ($9.8 billion) two-for-one rights issue at 1.943 euros per share, a discount of 69 percent to its closing share price on Tuesday.
The capital increase, meant to shore up its ravaged balance sheet sent shares in Italy's largest bank by assets down by 9 percent.
European stock markets, which fell early on Wednesday to break a four-session rally, moved further into negative territory, with the FTSEurofirst 300 index .FTEU3 falling about 0.5 percent.
Banking stocks .SX7P, many of which are ...
Title:
Asian shares rise; Oil spikes on Iran tension
(Reuters) - Asian stocks rose on Tuesday as the first trading day of 2012 in most markets brought renewed appetite for riskier assets, while U.S. crude jumped more than 1.5 percent to above $100 a barrel on escalating tensions between Iran and the West.
Stronger-than-expected manufacturing data from China boosted sentiment in Asia, but Europe's drawn-out debt crisis continued to cloud the outlook and dragged on the euro, which struggled off a decade low against the yen.
The official Chinese purchasing managers' index, which indicated a slight rise in factory activity in December, also lifted industrial metals such as copper on hopes of increased demand.
"China's PMI number looks positive, better than most people had expected earlier on," said Huang Yiping, chief economist for emerging ...
Title:
You thought 2011 was tough?
Shaky Europe. Political gridlock. Volatile markets.
Familiar themes for those who lived through 2011, and investors should be ready to revisit them next year.
With a spiraling debt crisis in Europe, political upheaval around the world, and crumbling creditworthiness in major industrial nations, 2011 was a tough year to know where to invest. 2012 is unlikely to offer much respite.
The S&P 500, a measure of the biggest U.S. companies' market value, spent much of the year getting pushed up and down, flummoxing shorts and longs -- and scaring moms and pops away from stocks. It ended 2011 at 1,257.60, down 0.04 of a point.
But the S&P 500's tepid performance was encouraging, compared with other world equity markets. The United States may still be seen as a safe haven, though even that looks ...
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