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Global Markets Weekahead: Euro zone policy action becoming critical
(Reuters) - The now familiar European cycle of crisis followed by political action, temporary respite, then another crisis enters that crucial second stage next week when leaders of the 27-member European Union seek solutions in Brussels.
Investors will also be concerned with how hard the crisis is hitting the euro economy, with flash estimates of business activity due from the latest purchasing managers' surveys, and with the view from Bank of Japan policymakers meeting in Tokyo.
The potential for a Greek euro exit and the deteriorating health of the Spanish banking system have fueled a growing sense among investors that the crisis in the 17-member currency bloc is nearing new heights.
"This whole European situation has been managed via crisis," said Didier Saint-Georges, a member of ...
Title:
Global Markets Weekahead: Euro zone policy action becoming critical
The now familiar European cycle of crisis followed by political action, temporary respite, then another crisis enters that crucial second stage next week when leaders of the 27-member European Union seek solutions in Brussels.
Investors will also be concerned with how hard the crisis is hitting the euro economy, with flash estimates of business activity due from the latest purchasing managers' surveys, and with the view from Bank of Japan policymakers meeting in Tokyo.
The potential for a Greek euro exit and the deteriorating health of the Spanish banking system have fueled a growing sense among investors that the crisis in the 17-member currency bloc is nearing new heights.
"This whole European situation has been managed via crisis," said Didier Saint-Georges, a member of the ...
Title:
Dukascopy Afternoon Forex Overview : 05/18/2012
Dukascopy Fundamental Analysis
EUR
Moody's reduced credit rating of 16 Span's banks, citing a rise in bad debts in the country's financial sector and overall deterioration of the economic environment. The decision came after shares of Bankia lost another 14%. The largest banks such as Banco Santander and BBVA were downgraded while ten out of 17 banks were put on negative watch, implying that further credit rating cuts are possible.
USD
As the U.S. dollar gets stronger, investors are concerned that aggravating debt crisis in Europe will reduce demand for oil. Therefore, oil shows decline for a third week. Crude oil lost 25 cents yesterday and reached the 6-month low of $92.56. Brent oil for July delivery slid 0.5 percent to finish at $106.99.
GBP
Following a downgrade of 16 Spanish banks, ...
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Brent hits 2012 low on Europe turmoil, weak U.S. data
Brent crude slipped below $107 per barrel on Friday to its lowest in 2012 as a worsening euro zone crisis and weak U.S. economic data raised fears of a global slowdown that could dent oil demand.
Worries about the euro zone, already roiled by Greek political chaos, mounted as Spain slipped into a recession, pushing the euro to a four-month low while sluggish data out of the United States sent worrisome signs about a still-fragile recovery at the world's largest economy and top oil consumer.
Brent crude was down 64 cents to $106.85 by 2:47 a.m. EDT after slipping to its lowest level for the year at $106.40. Front-month Brent is on track to post its largest three-week fall since May 2011.
U.S. crude was down 58 cents to $91.98, heading for its largest three-week fall since August 2011.
" ...
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Brent crude steady ahead of Seaway pipeline reversal
Brent crude held steady above $109 on Thursday, supported by a rebound in U.S. oil prices on hopes that a reversal in oil flow for the Seaway pipeline will reduce a supply glut in the U.S. Midwest.
Investors cast aside worries about higher oil supply and the euro zone crisis that have dogged the market for the past few weeks and bought U.S. crude futures, allowing the front-month contract to rebound for the first time in five sessions.
West Texas Intermediate (WTI) crude was up 61 cents to $93.42 by 0641 GMT, after rising to an intraday high of $93.72.
Brent crude for July edged down 21 cents to $109.54 but recovered from a low of $109.01, the lowest intraday price since January 25. Brent-WTI spread for July also narrowed to $15.74 after widening to $19.46 on Wednesday, the widest ...
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Global shares recover a bit, though fear on Greece remains
Asian shares on Thursday recovered a bit of the ground lost in the previous day's sell-off, but investors found no reason to bet on risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.5 percent on short covering, after sliding more than 3 percent - its biggest one-day drop in six months - on Wednesday.
The index hit a new 4-month low on Wednesday, and has shed 9.6 percent since May 2.
Gold and the euro recovered from Wednesday's lows as a recovery in shares helped improve sentiment slightly.
Bucking the general trend of recovery in Asia-Pacific, Australian shares .AXJO bucked the general recovery, falling 0.6 percent to a four-month low, with banks easing on ...
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Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
Title:
Dukascopy Afternoon Forex Overview : 05/15/2012
Dukascopy Fundamental Analysis
EUR
Investors battered European stocks, dumped the bonds of Spain and Italy, and bid the euro down against the dollar Monday after the collapse of weekend coalition talks in Greece edged that country closer to an exit from the euro zone.
USD
Retail sales in the U.S. rose in April at the slowest pace of the year, showing unseasonably mild weather and pre-Easter shopping may have pulled consumers to stores the prior month.
GBP
Governor Mervyn King looks set to leave the door open to more support for the struggling economy when he presents the Bank of England's new economic outlook on Wednesday, which is likely to show a tricky mix of lower growth and higher inflation ahead.
CHF
Swiss stocks lost ground on Monday on concern Greece will exit the Eurozone.
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Oil rises as euro zone avoids recession
Brent crude oil futures gained on Tuesday, as the euro zone narrowly avoided recession and as better-than-forecast German first quarter GDP data raised hopes that Germany will steer the way through the European debt crisis.
The euro zone economy stagnated, with zero growth, the EU's statistics office Eurostat said on Tuesday.
The results were more positive than forecast, boosting riskier assets, but the region's debt crisis has sapped the life out of the French and Italian economies and widened a split with paymaster Germany.
Brent crude rebounded from earlier losses, rising by 30 cents to $111.87 a barrel by 05:34 a.m. EDT (0934 GMT) after sliding to $110.04 on Monday, its lowest intraday price since January 25.
U.S. crude dropped 22 cents to $94.56 a barrel, after Monday's fall to $ ...
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