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Stock Markets On TuesdayTitle:
European Market Update : 25/05/2012
Germany said to be working on growth plan for euro zone
Economic Data
(EU) ECB: 3.8B borrowed in overnight loan facility vs. 3.8B prior; 760.9B parked in deposit facility v 765.9B prior
(RU) Russia Narrow Money Supply w/e May 21st (RUB): 7.00T v 6.93T prior
(SG) Singapore Apr Industrial Production M/M: -3.5% v +06%e; Y/Y: -0.3% v +4.1% prior
(DE) Germany Jun GfK Consumer Confidence: 5.7 v 5.6e
(FR) France May Consumer Confidence: 90 v 88e
(ES) Spain Apr Producer Prices M/M: -0.8% v 0.0%e; Y/Y: 3.1% v 2.7%e
(AT) Austria Mar Industrial Production M/M: +1.6% v -1.4% prior; Y/Y: +0.8% v -0.9% prior
(CH) Swiss Q1 Non-Farm payrolls: 4.049M v 4.044M prior
(DE) Germany May CPI Saxony M/M: -0.2%% v +0.1% prior; Y/Y: 1.9% v 2.0% prior
(IT) Italy Mar Retail Sales M/M: -0.2% V -0.2%e; Y/ ...
Title:
EUR/USD Cedes The 1.2624 Support
Sunrise Market Commentary
- Fixed Income: Risk off pushes German bond yields to new lows
- Risk off sentiment pushed core bonds higher and non-core bond yield spreads re-widened substantially. The Summit didn't bring new information, but another hole found in Spain's regions' budgets might get attention today.
- Currencies EUR/USD cedes the 1.2624 support
- On Wednesday, the EMU debt crisis was again omnipresent. Markets feared that the EU leaders wouldn't be able to take decisive action to address the debt crisis. Extreme risk aversion pushed EUR/USD to a new low for 2012. The losses of EUR/GBP were more contained, as poor UK retail sales and rather soft BoE minutes kept the door open for more policy stimulation.
The Sunrise Headlines
- In the final hour of trading, US ...
Title:
SunBirdFX Daily Market Analysis : 05/24/2012
www.sunbirdfx.com
Another day of battle between the sellers and the buyers in Wall Street has passed by, as the sellers are still on the upper hand. In fact, the continuation of the bearish momentum was expected after the indices made bearish reversal patterns on Tuesday. The new home sales data came out better than expected but this did not help the stock to rise, as today's main data is the continuing jobless claims.
The declines of the stocks caused sharp weakening of most of the major currencies, except the USD. Therefore, we see many oversold/overbought pairs and we see less accurate patterns in the daily chart. What you should do in these kinds of situations is to wait for corrections or trade in the intraday charts and look for quick trades, although it can be more dangerous.
EUR/ ...
Title:
Dukascopy Morning Forex Overview : 24/05/2012
Fundamental Analysis
EUR
Concern about Greece "is a big weight on the market and makes things uncertain"
- Emmanuel Soupre, a fund manager at Neuflize Private Assets
European stocks tumbled on Wednesday, after rising by the most in a month on Tuesday, on speculation Greece may exit the euro zone.
USD
"Its very clear now that the housing market has turned a corner"
- Richard DeKaser, deputy chief economist at Parthenon Group LLC
Sales of new U.S. homes rose by more than expected in April, Commerce Department data showed on Wednesday. Purchases increased to an annual rate of 343,000, up by 3.3 per cent from a revised 332,000 in March.
GBP
" employment remains fragile and wage growth weak"
- Ross Walker, chief U.K. economist at Royal Bank of Scotland Group
U.K. retails sales declined by ...
Title:
Global stocks, euro fall on Greece exit worries
(Reuters) - World stocks skidded and the euro fell to a 21-month low on Wednesday on worries about Greece's possible exit from the euro zone, which threatened to deepen the region's debt crisis and hurt an already fragile global recovery.
Nervous investors piled into low-risk U.S. and German government debt, sending their yields lower. The dollar also was favored as a safe haven by investors.
Each euro zone country will have to prepare a contingency plan for the possibility of Greece's leaving the bloc, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on 5 billion euros in new two-year debt amid the absence of new measures to tackle the region's debt crisis from a European leaders' ...
Title:
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:
Global stocks, euro sag on Greece exit worries
(Reuters) - World stocks stumbled and the euro fell to a 21-month low on Wednesday on worries about Greece's possible exit from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economic recovery.
Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the bloc's currency, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on 5-billion euro worth of new, two-year debt amid the absence of new measures to tackle the region's debt crisis from a European leaders' summit in Brussels.
"The markets are on edge and sensitive to every possible out-of-control scenario coming out of Europe," said Peter Boockvar, ...
Title:
Global stocks, euro fall on Greece exit worries
(Reuters) - World stocks and the euro fell on Wednesday as investors shunned riskier assets on worries about Greece's possible departure from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economy.
Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the single currency, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on a new two-year debt issue amid the absence of new measures from a European leaders' summit in Brussels to tackle the region's debt crisis.
"The markets are on edge and sensitive to every possible out-of-control scenario coming out of Europe," said Peter Boockvar, equity ...
Title:
Doubts over EU summit send shares, euro lower
(Reuters) - World shares fell and Germany sold two-year bonds paying virtually no interest on Wednesday as investors shunned riskier assets, doubting that any new measures to tackle the euro zone debt crisis would emerge from a European leaders summit.
Concerns the latest EU summit could be a failure sent the euro to a 21-month low, put an end to a rally in European equities, and sent yields on Spanish and Italian bonds higher.
But investors bid strongly at an auction of safe-haven two-year German government bonds resulting in a yield of just 0.07 percent, while the dollar, measured against other major currencies .DXY hit a high not seen since September 2010.
The leaders are expected to discuss boosting growth at their meeting later on Wednesday and the idea of a joint euro zone bond. ...
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