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Stocks eke out gains, euro falls
(Reuters) - Global stocks eked out gains on Thursday while the euro fell as data suggested Europe's debt woes were spreading and worsening a global economic slowdown, adding to investor concerns about Greece's possible exit from the euro zone.
In a volatile session, investors looking for bargains initially bought equities, oil and gold, which have been beaten down this week by worries a Greece exit would deepen the euro zone debt crisis.
The appetite for growth-oriented assets faded as fears about the euro zone's drag on the world economy returned. Then for a second straight day, a wave of buying emerged shortly before Wall Street's close.
"The market has pulled back far enough that people are trying to assess if we've priced the worst of what's known. But with the problems in Europe ...
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Weaker euro zone economy sends dollar higher
(Reuters) - The U.S. dollar climbed to a 20-month high and safe-haven German bonds set record low yields, after data showed Europe's economic woes intensifying as business confidence is undercut by talk of a Greek exit and slow progress in tackling the debt crisis.
Private-sector factory activity in China also faltered in May as demand for exports fell, in a worrying sign the impact of the euro zone crisis could be undermining the global economic recovery. Europe is China's largest export market.
But U.S. stock index futures have edged higher as investors remain hopeful that pending data on durable goods orders and initial jobless claims will show the world's largest economy is staying on track for recovery.
The slowdown in economic activity in Europe's powerhouse Germany sent the euro ...
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Asia shares ease as weak China PMI, Greece risks weigh
(Reuters) - Asian shares eased on Thursday as markets were vulnerable to faltering factory orders in China and lack of concrete measures shown by European leaders to tackle the risk of Greece leaving the currency bloc.
European Union leaders, at an informal meeting on Wednesday, said they wanted Greece to stay in the euro zone while respecting commitments it had made in return for its bailout, but have been advised by senior officials to prepare contingency plans in case Greece exits.
The murky outlook for the euro zone and fears that the crisis could derail the global economy have prompted investors to park money in safe-haven assets such as U.S. and German government bonds, the U.S. dollar or cash.
Implications of a retreat in China's HSBC Flash Purchasing Managers Index, the earliest ...
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Guessing game begins over next Treasury chief
(Reuters) - Wanted for the Treasury Department: a new boss who can fix trillion-dollar-plus budget deficits, overhaul the tax system and spur a reluctant Europe into fixing its debt crisis.
It's a tall order, especially when the new Treasury chief also must deal with a fractious Congress - and all for a salary lower than that paid to many junior Wall Street bankers.
Economists, investors and veterans of past administrations are appraising potential successors to Treasury Secretary Timothy Geithner, either in a new Obama administration, if President Barack Obama is re-elected, or under Mitt Romney.
Geithner has made it clear that he is leaving the post he has held since January 2009 even if Obama, a Democrat, beats Romney, the presumptive Republican presidential nominee, in the November ...
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European Market Update : 22/05/2012
Fitch cuts Japan's sovereign rating two notches
Economic Data
(JP) Japan Apr Supermarket Sales Y/Y: --1.9% v -2.4% prior
(FI) Finland Apr Unemployment Rate: 8.4% v 8.4%e
(DK) Denmark May Consumer Confidence Indicator: 0.4 v 0.6 prior
(ZA) South Africa Mar Leading Indicator: 134.5 v 134.4 prior
(NL) Netherlands May Consumer Confidence: -38 v -32 prior
(NO) Norway Q1 GDP Q/Q: 1.4% v 0.9%e; GDP Mainland Norway Q/Q: 1.1% v 0.9%e
(UK) Mar ONS UK House Prices Y/Y: -0.4% v +1.0% prior
(UK) Apr Public Finances (PSNCR): -£23.2B v -£6.0Be; Public Sector Net Borrowing: -£18.8B v -£22.8Be; PSNB ex Interventions: -£16.5B v -£20.0Be
(UK) Apr CPI M/M: 0.6% v 0.6%e; Y/Y: 3.0% v 3.1%e; Core CPI Y/Y: 2.1% v 2.0%e
(UK) Apr RPI M/M: 0.7% v 0.6%e; Y/Y: 3.5% v 3.4%e; Core RPI- Ex Mortgages Y/Y: 3.5% ...
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Technical analysis of the XAU/USD (Gold) pair on May 10th, 2012
Commentary of the XAU/USD (Gold) pair:
The pair XAU/USD has validated yesterday the breakout of 1600 points, offering a new sell signal.
Then, the pair found support on 1580 points and also on the lower band of its medium term bearish channel (purple lines).
All indicators are bearish.
We maintain to trade only short positions as far as 1620 points is resistance.
The breakout of 1580 will both a new sell signal and open the way towards 1550 points.
In case of return above 1620 points, we will wait the breakout of 1640 to advise long positions.
See the previous analysis of the XAU/USD pair of May 9th, 2012
XAU/USD Analysis
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IEA says oil market fundamentals easing
(Reuters) - The oil market has broken a two-year cycle of tightening supply conditions, the International Energy Agency (IEA) said on Thursday, as demand softens and Saudi Arabia increases output in response to tensions with Iran.
The agency said in its monthly report that there had potentially been a rise in global oil stocks of 1 million barrels per day (bpd) over the last quarter, and the impact on prices had not yet been fully realized.
"The cycle of repeatedly tightening fundamentals since 2009 has been broken for now," it said.
The IEA, which advises 28 industrialized nations on energy policy, said the possibility that countries, led by the United States, could release stocks from strategic reserves, together with a pledge from top oil producer Saudi Arabia to supply clients ahead ...
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Technical analysis of the GBP/USD pair on April 12th, 2012
Commentary of the GBP/USD pair :
The pair GBP/USD made a pullback yesterday on 1.5850 and then got back above the resistance at 1.59;
All indicators are bullish.
We now advise to trade only short positions as far as 1.5950 is resistance.
A return below 1.59 will comfort our bearish feeling.
The breakout of 1.58 will give a new sell signal and open the way towards 1.5750.
In case of return above 1.5950, a buy signal will be given.
See the previous analysis of the GBP/USD pair of April 11th, 2012
GBP/USD Analysis
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Technical analysis of the GBP/USD pair on April 11th, 2012
Commentary of the GBP/USD pair :
The pair GBP/USD got back yesterday below the support at 1.59, giving us a sell signal.
Then, the support at 1.58 has been tested and allowed a rebound of the pair who is currently testing a pullback on 1.59.
Indicators are globaly bullish.
We now advise to trade only short positions as far as 1.5950 is resistance.
The breakout of 1.58 will give a new sell signal and open the way towards 1.5750.
In case of return above 1.5950, a buy signal will be given.
See the previous analysis of the GBP/USD pair of April 10th, 2012
GBP/USD Analysis
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