|
|
| 10.06 18:58 |
NYMEX light sweet crude oil futures hold at $131.58 per barrel, up from an earlier low of $130.80 and down from an earlier high of $137.98. |
| 10.06 18:57 |
BOA on BOC decision
John Rothfield of BOA says the BOC decision to leave the overnight rate
unchanged at 3.0% and move to a neutral bias was a "shock" to the
market. "Since a 25bps cut was fully priced in today, Dec BAs yield is
so far +39ps!," he notes. BOA maintains that the 6-month C$0.97 to
C$1.03 range on dollar-Canada continues to hold and they would be a
seller of dollar Canada still, Rothfield adds.
|
| 10.06 18:42 |
Dow +8.63 at 12289.36, Nasdaq -11.65 at 2447.81, S&P -3.97 at 1357.79
Broad-based selling pressure sends the stock market back into negative
territory. There is no clear catalyst for the quick retreat.
The energy sector (-3.3%) is getting hammered. The sector is now the
second best performing sector this year, with its 4.8% advance falling
short of the materials sector's gain of 5.7%.
|
| 10.06 17:58 |
ECB's Weber: expects German inflation to remain above 3% through autumn, returning to 2% next year, but risks remain to the upside. |
| 10.06 17:41 |
ECB's Weber: high Q1 German GDP unlikely to be sustained, says mild winter was a key to that growth. |
| 10.06 17:38 |
ECB's Weber: high Q1 German GDP unlikely to be sustained, says mild winter was a key to that growth. |
| 10.06 17:29 |
July crude is down $2.03 now at $132.30. |
| 10.06 17:22 |
Dow +43.15 at 12326.48, Nasdaq -6.13 at 2452.88, S&P -0.29 at 1361.68
A mostly broad-based increase in buying interest sends the S&P 500
into positive territory before retreating to the unchanged mark. The
Dow is now posting a modest 0.4% gain, near its session highs. The
Nasdaq remains in the red, even as tech recovers (+0.1%).
Five of the ten economic sectors are now in the green, led by
financials (+1.9%), consumer staples (+0.9%) and consumer discretionary
(+0.5%).
|
| 10.06 17:09 |
American focus:
The dollar rose to a three-month high against the yen and climbed
versus the euro after Federal Reserve Chairman Ben S. Bernanke said
economic risks have faded, spurring traders to boost wagers interest
rates will rise.
Bernanke said late yesterday that the central bank will ``strongly
resist'' any waning of public confidence in stable prices. ``Strong''
economic fundamentals will translate to dollar strength, Treasury
Secretary Henry Paulson said today in a Bloomberg Television interview
in Washington.
``The Fed and the Treasury have signaled what they want: a stronger
dollar,'' said Jeff Gladstein, global head of foreign- exchange trading
at AIG Financial Products in Wilton, Connecticut. ``There's potential
for dollar appreciation.''
The dollar rose to 107.14 yen, the highest since Feb. 27, at 10:29 a.m.
in New York, from 106.31 yesterday. Against the euro, the dollar
climbed to $1.5509, from $1.5646. Japan's currency traded at 165.88 per
euro from 166.33 yesterday.
Futures on the Chicago Board of Trade show a 55 percent chance the Fed
will raise its 2 percent target rate for overnight lending between
banks by at least a quarter point at its Aug. 5 meeting, compared with
9 percent the previous day. The contracts show a 95 percent chance the
Fed will increase the rate by December, up from 67 percent odds a week
ago.
|
| 10.06 16:38 |
USD/JPY continues to muscle its way higher
As the
dollar scores gains across the board, the dollar-yen is lifting through
Y107.25 although not building much momentum at this time. Offers remain
in place to Y107.40/50 (61.8% retracement of decline from
Y114.60).
|
| 10.06 16:24 |
Dow +14.49 at 12294.32, Nasdaq -16.60 at 2442.86, S&P -3.72 at 1357.89 |
| 10.06 16:22 |
GBP/USD posted fresh low
Cable just
printed fresh lows for the day as euro-sterling pushed back towards
the European highs, with demand at $1.9510/00 now under threat. Stops
noted through $1.9490, which if triggered would open up a test of May
base at $1.9460.
|
| 10.06 15:54 |
Dow -15.96 at 12262.08, Nasdaq -18.67 at 2440.79, S&P -5.94 at 1355.85
The market continues to fluctuate in negative territory as eight of
the ten economic sectors remain in the red. Within the S&P 500,
only 25% of stocks are posting a gain. Financials (+0.7%) and consumer
staples (+0.7%) account for more than half of the positive stocks.
|
| 10.06 15:47 |
July crude oil contract trading currently at $135.57, up $1.23. |
| 10.06 15:28 |
Wall Street remains under pressure
A rally in bank stocks kept the Dow stable Tuesday morning, but the
broader market slipped as rising oil prices and comments from Fed chief
Ben Bernanke raised worries about inflation and higher interest rates.
Stocks had slid across the board in the early going, but the Dow
managed to cut early losses as financial share bounced back after
Monday's drubbing.
Stocks were mixed Monday after Lehman Brothers' big quarterly loss,
Apple's new iPhone announcement and comments from two Fed officials
that suggested the central bank will soon have to raise rates to combat
inflation. Fed chief Ben Bernanke echoed a similar sentiment in a
speech late Monday night.
Speaking at a conference Monday night, Bernanke indicated
that the Fed may soon need to raise interest rates, to combat rising
commodity prices and other inflationary pressures and to help the
weakened dollar.
Bernanke also said that despite a big jump in unemployment in May, the
danger that the economy has fallen into a "substantial downturn" seems
to have eased.
The gap between imports and exports grew more than
expected in April, the government reported, due largely to high oil
prices. The trade gap swelled to $60.9 billion in April, a 13-month
high, from a revised $56.5 billion in March. Economists expected $60
billion, on average, according to a survey by Briefing.com.
After sliding more than $4 a barrel on Monday, oil prices
gained anew Tuesday. U.S. light crude oil for July delivery gained
$2.45 to $136.80 a barrel on the New York Mercantile Exchange.
Company news: A variety of financial stocks bounced back Tuesday,
finding some momentum after Monday's big slide. Gainers included Dow
components AIG, American Express, Bank of America, Citigroup and JP Morgan Chase.
Washington Mutual climbed 10% after sliding 17% Monday on
worries that the lender is in for billions more in writedowns over the
next three years, amid the subprime mortgage meltdown.
Lehman Brothers was an exception, falling for a second session
as analysts said that the firm is likely to see years of smaller
profits as a result of its plan announced Monday to raise an additional
$6 billion in capital. The brokerage forecast Monday that it would post
a quarterly loss of nearly $2.8 billion.
In merger news, XTO Energy said its buying privately-held Hunt
Petroleum for $4.19 billion in cash and stock. Shares of XTO rose 3%,
briefly touching an all-time high in morning trading.
|
| 10.06 15:01 |
Dow +13.27 at 12294.48, Nasdaq -12.58 at 2447.16, S&P -2.31 at 1359.45
The major indices rebound to their best levels, with the Dow crossing
into positive territory. A surge in financials (+1.8%) is driving the
recovery effort. Eight of the ten sectors remain in the red.
The energy sector (-1.0%) is struggling, even as crude oil climbs 1.8%
to $136.70 per barrel. There are some pockets of strength though.
Shares of XTO Energy (XTO 69.97, +2.25) surged to an all-time high
after the company announced that it will buy privately-held Hunt
Petroleum for $4.2 billion in cash and stock.
Dow component Coca-Cola (KO 57.82, +1.96) is up 3.6% after being
upgraded to Buy from Hold at Deutsche Bank. Deutsche believes the
international side of the company will drive higher volumes.
|
| 10.06 14:30 |
EUR/JPY looks optimistic
EUR/JPY tested Y166.20 before retreated to
Y166.00. Rate now holds in the middle of the day's range, with techs traders suggesting
the overall picture remains bullish. Small offers now seen at Y166.10/15 and
Y166.65/70, with yesterday's highs then resistance at Y167.15. Bids are back at
Y165.50, stronger into Y165.00 with stops under Y164.90.
|
| 10.06 14:15 |
EUR/USD still under pressure
EUR/USD eased to new lows around $1.5480 before
rebounding to current $1.5526. Earlier traders mentioned bids between $1.5480/90.
|
| 10.06 14:05 |
GBP/USD continues to fall
GBP/USD continues to fall, holding a bit higher new session lows around $1.9534 after passing earlier through support area between $1.9550/40. Now the rate may dip to $1.9520/10, with further demand noted on the approach to $1.9490, with stops in place on a break below. Offers remain in place at $1.9580.
|
| 10.06 13:51 |
OPTIONS: Expiries of note for today's 1400GMT cut
USD/JPY: Y106.50, Y105.30, Y104.80 EUR/CHF: Chf1.6050 AUS/USD: $0.9505, $0.9665, $0.9750 Kiwi: $0.7680, $0.7695 USD/CAD: C$1.0270, C$1.0250, C$1.0150
|
| 10.06 13:36 |
USD/JPY rebounds
USD/JPY holds around Y106.91 area, shy of session
highs at Y107.14. Offers Y107.15, further at Y107.20/30 and Y107.40. Bids back
at Y106.25.
|
| 10.06 13:23 |
Before the bell: Inflation fears hound Wall Street
Stocks looked set to
tumble at Tuesday's open after Federal Reserve chief Ben Bernanke fanned inflation concerns. The
comments unnerved investors as they bet that the Fed would raise rates sooner
than expected. A recent jump in the unemployment rate had led some to lower
their rate hike expectations, but Bernanke said in his speech that the danger that
the economy has fallen into a "substantial downturn" appears to have
eased. International trade: The Census Bureau and the
Department of Commerce released the April trade balance report, that showed
deficit widened to $60.9B versus median estimate of -$59.6B. The dollar edged up against the euro and rose to a
three-month high versus the yen after President Bush called for a stronger U.S.
currency. Bernanke's hawkish inflation comments also helped support the dollar.
|
| 10.06 13:10 |
Reaction on BOC rate decision
USD/CAD drops from around C$1.0315 to C$1.0215
as BOC leaves rates unchanged. Rate steadies back around C$1.0230.
|
| 10.06 13:03 |
CANADA: Bank of Canada leaves key interest rates unchanged at 3.00% |
| 10.06 12:46 |
Oil prices rise
Crude oil prices extend gains by another $1.50 during
last half an hour. Traders now cite comment from Gazprom chief executive Alexey
Miller, predicting oil prices could reach $250/barrel in 2009. Overall, WTI
Nymex crude oil is now up $3.30 at $137.65.
|
| 10.06 12:32 |
USA: Apr Trade Balance, -$60.9B |
| 10.06 12:26 |
Median estimate on US trade balance: -$59.6B |
| 10.06 12:15 |
European session: Dollar surges on Bernanke inflation comments [M]
The following data
were issued 06:45FranceIndustrial production
(April) 1.4% 0.2% -1.0 (-0.8)% 06:45FranceIndustrial production
(April) Y/Y 3.2% - 1.0% 08:00ItalyIndustrial production
(April) adjusted 0.7% 0.0% -0.2% 08:00ItalyIndustrial production
(April) Y/Y adjusted 2.0% - -2.5% 08:30UKIndustrial production (April)
0.2% 0.0% -0.5% 08:30UKIndustrial production (April)
Y/Y 0.2% - 0.2% 08:30UKManufacturing output (April)
0.1% 0.0% -0.5% 08:30UKManufacturing output (April)
Y/Y 0.1% - 0.6%
The dollar rose to a more than three- month high
against the yen after Federal Reserve Chairman Ben S. Bernanke said
risks to the U.S. economy have diminished, prompting traders to increase bets
on higher interest rates. The dollar has fallen 11% against the euro and
7.7% versus the yen since September, when the Fed began to lower
borrowing costs from 5.25%. Paulson told CNBC he hasn't ruled out any policy
option to support the dollar, including intervention in the foreign-exchange
market. The euro shot higher
last week after
Trichet hinted an increase from the current 4.0% was possible next month. In the UK, the pound was lower despite upbeat economic data, as investors took
profits on the strong gains made yesterday on the back of high producer price
data.
EUR/USD opened around $1.5582. Rally above
$1.5600 could not be sustained, with rate slipping back to test the overnight
low. Stops were hit on the break of $1.5550, wit rate then making a late dip
under $1.5500. Strong bids $1.5480, tech $1.5478, stops $1.5470, offers
$1.5550/60. GBP/USD opened at $1.9662. Cable eased despite
the better than expectedmanufacturing data, extending lows to $1.9545. USD/JPY opened in early Europe
around Y106.77 before rising up to Y107.12. Later rate retreated to Y106.80. Dlr-yen
offers Y107.15, Y107.40, tech Y108.39, Y108.62, bids Y106.25.
At 12:30 GMT US trade
balance is scheduled to release. Analysts expect deficit widened in April to $59.60B versus $58.21B
month earlier. At 12:30 GMT BOC will
announce its rate decision with 25 points cut is expected.
|
| 10.06 12:04 |
OPTIONS: Expiries of note for today's 1400GMT cut,
USD/JPY: Y106.50, Y105.30, Y104.80 EUR/CHF: Chf1.6050 AUS/USD: $0.9505, $0.9665, $0.9750 Kiwi: $0.7680, $0.7695 USD/CAD: C$1.0270, C$1.0250, C$1.0150
|
| 10.06 11:48 |
USD/JPY retreats
USD/JPY printed high above
Y107.00, taking out barrier interest,some stops and getting
close to offers near Y107.15. These offers still intact with a break above will
target the resistance at February high on Y108.62.
|
| 10.06 11:35 |
OIL, Kuwait Oil Minister: High oil price not due to market fundamentals |
| 10.06 11:27 |
OIL: Kuwait Oil Minister supports Saudi call for a consumer-producer oil meeting |
| 10.06 11:12 |
European focus: Dollar rises against Yen as Bernanke sees less risk to economy [M]
The dollar rose to a more than three- month
high against the yen after Federal Reserve Chairman Ben S. Bernanke said
risks to the U.S. economy have diminished, prompting traders to increase bets
on higher interest rates. The U.S. currency gained for a second
day against the euro. U.S. Treasury Secretary Henry Paulson said
yesterday in an interview with CNBC that he would ``never'' rule out currency
intervention to prop up the dollar. The dollar has fallen 11% against the euro and
7.7% versus the yen since September, when the Fed began to lower
borrowing costs from 5.25%. Paulson told CNBC he hasn't ruled out any policy
option to support the dollar, including intervention in the foreign-exchange
market. Finance ministers of
the Group of Eight industrialized countries may consider joint action to deflate
the price of oil and prop up the dollar at their meeting June 13-14 in Japan, said DBS Group Holdings Ltd.
in a report to clients. The last time the major industrialized
countries intervened was on Sept. 22, 2000, when they bought
the euro after it tumbled 27% from its 1999 debut. They last propped up the
dollar in 1995, when it sank almost 20% in four months against the Japanese yen
to a post-World War II low.
|
| 10.06 10:47 |
HFE: oil set for a decline
«Economics does not support oil at $140 per
barrel: Look for a decline,» says HFE's Carl Weinberg. "We expect to see a
more trend like $85-95 per barrel by the end of the North American hurricane
season. That will put prices on par with year-earlier levels, eliminating
inflation risk perceived by markets and some central banks. Interest rate hikes
will then drop from the conversation - properly so."
|
| 10.06 10:28 |
USD/JPY techs:
Resistance 3: Y109.00 Resistance 2: Y108.60 Resistance 1: Y107.40 Current price: Y107.00 Support 1: Y106.40 Support 2: Y105.60 Support 3: Y104.40 Comments: Dollar continues to rally. Rate heads to Y107.40 with stronger resistance comes at Y108.60 (Feb highs). Break above will target Y109.00. Strong support is around session lows on Y106.40. Below there is a risk of correction to Y105.60. Stronger support comes at yesterday’s lows on Y104.40.
|
| 10.06 10:09 |
USD/CHF techs:
Resistance 3: Chf1.0620 Resistance 2: Chf1.0580 Resistance 1: Chf1.0520 Current price: Chf1.0400 Support 1: Chf1.0350 Support 2: Chf1.0280 Support 3: Chf0.0200 Comments: Dollar remains on an upside. Resistance is around Jun 05 at Chf1.0520, with a break above will bring the rate to Friday’s high on Chf1.0580. Above there is a room for a rise to Chf1.0620 (May 09 high). Support comes at Chf1.0350. Under this level the dollar’s decline may widen to Chf1.0280. Below the downward target is at Chf0.0200.
|
| 10.06 09:50 |
GBP/USD techs:
Resistance 3: $1.9800 Resistance 2: $1.9760 Resistance 1: $1.9620 Current price: $1.9573 Support 1: $1.9540 Support 2: $1.9460 Support 3: $1.9380 Comments: Cable dives. Support is around $1.9540 (Jun 06), stronger – on $1.9460 (Jun 05 low). Below correction may widen to $1.9380. Resistance is near $1.9620, above $1.9760. Stronger level comes around $1.9800 (yesterday’s high).
|
| 10.06 09:35 |
EUR/USD techs:
Resistance 3:$1.5900 Resistance 2: $1.5840 Resistance 1: $1.5620 Current price: $1.5533 Support 1: $1.5520 Support 2: $1.5460 Support 3: $1.5360 Comments: Euro trades under pressure. The nearest support is session low at $1.5520, further support comes at $1.5420 and $1.5360 (June 5 low). Lift above session high at $1.5620, will open a way to yesterday's high on $1.5840, and than- to March highs on $1.5900.
|
| 10.06 09:09 |
IEA OIL REPORT: ready to release oil stocks if supply disrupted.
- Costly oil due not only risks/speculation; supply tight.
- High prices likely to have damaging, lasting economic impact.
- Worst policy response to hike oil subsidies, cut taxes.
- 2008 global demand forecast trimmed by 80 kbd to 86.8 mbd.
- 2008 Non-OPEC supply forecast cut by 300 kbd to 50.0 mbd.
- Global oil supply rose 490 kbd in May to 86.6 mbd.
- OPEC crude output up 395 kbd in May to 32.3 mbd.
- OECD oil stocks down 8.1 mb in April - an atypical decline.
|
| 10.06 08:56 |
ECB LIKKANEN: July rate hike is possible but so far uncertain. |
| 10.06 08:55 |
ECB LIKKANEN: Peak of market crisis is now over. |
| 10.06 08:53 |
ECB LIKKANEN: July rate hike is possible but so far uncertain. |
| 10.06 08:46 |
Goldman Sachs about the Fed's policy
Goldman Sachs says it does not "worry nearly as much about inflation as
most other analysts. In particular, we don't expect substantial
pass-through from the commodity price shocks to domestically generated
wage and core price inflation...We remain comfortable with the view
that the Fed will stay at a 2% funds rate in 2008 and 2009, i.e. much
longer than currently discounted in the markets."
|
| 10.06 08:31 |
UK: Apr Industry Production +0.2% M/M; +0.2% Y/Y |
| 10.06 08:30 |
UK: Apr Manuf Output +0.1% M/M; +0.1% Y/Y |
| 10.06 08:24 |
Stock market: Monday results
closing
Nikkei 225 -308,06 -2.13% 14,181.38
Topix -30.57 -2.18% 1397,54
FTSE 100 -29.20 -0.49% 5,877.60
CAC 40 +4.06 +0.08% 4,799.38
Xetra Dax +11.82 +0.17% 6,815.63
DOW +78.49 +0.64% 12,288.30
NASDAQ -15.10 -0.61% 2,459.46
S&P 500 +1.19 +0.09% 1,361.87
10yr Note +0.5400 +0.137% 3.992%
NYMEX Crude Oil -4.19 -3.02% 134.35
Gold -0.90 -0.10% 898.10
Japan's stocks dropped the
most in two weeks after the U.S. unemployment rate had the biggest gain
in 22 years, sparking concern the largest export market for Japanese-
made electronics and cars will sink into a recession.
Denso,
part owned by Toyota Motor Corp., lost 4.2%, the
sharpest decline since March 17, while Toyota slipped 2.9%. Canon, the world's largest digital-camera maker, retreated
4.4% and Sony Corp. skidded 3.7%, the biggest drop since April 14. Makers of electronics and cars
accounted for about a third of the Topix's drop.
Nomura Holdings Inc.,
Japan's largest securities firm, plunged 5%, the
biggest drop since April 8, while Daiwa Securities Group Inc., second
largest, dived 3.1%. The Topix Securities
Inpex jumped 3.9% and was the biggest winner on the MSCI World Index.
Closest rival Japan Petroleum Exploration Co. rose 1.8%. A gauge representing six mining companies, including both stocks,
jumped to a two-week high and was one of two industry groups that
gained on the Topix as the remaining 31 declined.
AOC Holdings Inc.,
which holds stakes in South China Sea and North Sea oil fields, jumped
7%, the highest since Jan. 9. The company's
shareholders include the Saudi Arabian government, state-owned Kuwait
Petroleum Corp. and Tokyo Electric Power Co.
European stocks fell for a fourth day as investors
speculated bank losses will increase and near- record oil prices will
curb economic and profit growth. Besides indexes could close mix by the
end of the session.
UBS fell
3.3%. The Zurich-based bank may post losses of 2
billion francs to 4 billion francs in the second quarter, Sonntag said,
citing unidentified ``insiders.'
HBOS Plc,
the U.K.'s biggest mortgage lender, fell 7.2%.
Societe Generale SA cut its price estimate on the stock 24 percent to
340 pence as it lowered its earnings estimate.
British Airways,
Europe's third-largest airline, sank 2.5%.
Ryanair, Europe's biggest discount airline, dropped 3.8%. Daimler AG, the world's second-largest luxury carmaker, slipped
1.1%.
Shell,
Europe's largest oil producer, added 1.9%. Total,
the region's third-biggest, gained 2.1%.
Volvo AB and MAN AG
retreated as UBS downgraded the truckmakers' shares to ``sell'' from
``neutral,'' saying sales volumes will probably decline. Volvo, the
world's second-largest truckmaker, fell 3.2%.
MAN, Europe's third- biggest truckmaker, dropped 4.1%.
Barratt Developments Plc led a retreat among
U.K. homebuilders after the Financial Times reported large asset
writedowns may be announced in next month's reporting season.
Land-value declines following the slide in house prices could range
from 15 to 80 percent, the newspaper said, citing ABN Amro NV analyst
John Messenger.
US stocks closed mixed Monday, as
investors eyed Lehman Brothers' big loss, Apple's new iPhone
announcement and some cautious talk from a pair of Fed officials.
Technology stocks Apple and
Google were acting as the biggest drags.
Lehman Brothers (LEH), the fourth-largest investment
bank, said on Monday that it will raise $6 billion through the issuing
of stock, to help make up for an expected loss of $2.8 billion in the
second quarter. Lehman's shares dropped 11% in pre-market trading. McDonald's reported May same-store sales rose 7.7%, topping the 3.6%
Briefing.com consensus estimate. Financial services company CIT Group
(CIT) is getting a lift in premarket action on word that the company it
has agreed to a $3 billion long-term committed financing facility with
Goldman Sachs (GS).
Diversified technology and manufacturing company Honeywell was outperforming. The company announced
that it signed a definitive agreement to sell its Aerospace Consumable
Solutions business to B/E Aerospace for $1.05 billion. Honeywell feels
the Consumables Solutions unit no longer fits with Honeywell
Aerospace's focus on advanced technologies.
Alcoa Inc. (AA:US) had the second-biggest gain in the Dow Jones
Industrial Average, rising 3.2 percent to $40.46. The world's
third-largest aluminum producer might more than double to $60 a share
were it to become a takeover target, Barron's said, citing a Citigroup
Inc. analyst.
CIT Group Inc. (CIT:US) rose the most since March 24, adding 14
percent to $10.45. The largest U.S. independent commercial lender said
Goldman Sachs Group Inc. will provide access to $3 billion in financing.
|
| 10.06 08:24 |
Forex: Monday results
The dollar rose against the euro for the first time in three days as U.S. stock indexes advanced and crude oil prices fell. The dollar fell last week the most against the euro in two
months. The dollar remained higher versus the euro after an industry
report showed an unexpected increase in Americans signing contracts to
buy existing homes in April. The index of pending home resales rose 6.3
percent to 88.2, the highest in six months, following a 1 percent drop
in March, the National Association of Realtors said today. The median
forecast of 32 economists surveyed was for a 0.4 percent drop.The British pound rose to
a one-week high against the dollar after a government report showed
producer-price inflation accelerated in May to the fastest pace in two
decades. The Bank of England held the target lending rate at 5 percent
last week.
The yen dropped versus all of the major currencies after a
government report indicated Japan's longest postwar expansion may be
over.
EUR/USD fell from a high at $1.5840 to $1.5620.
GBP/USD firmed from a low at в $1.9670 to $1.9800, retreating later till $1.9700.
USD/JPY rose from Y104.50 to recent days high at Y106.30.
UK data at 0830GMT also sees April industrial production, which isexpected to be flat on the month and rise 0.1% y/y.
European data starts at 0600GMT with May wholesale prices from Germany.
This is followed at 0645GMT by French industry production for April and
Italian industrial production, also for April. At 1230GMT, the US
international trade gap is expected to widen to $59.5 billion, as
imported petroleum prices surged further. Canada international
merchandise trade for April is also due at the same time.
|
| 10.06 08:10 |
ECB LIIKANEN: Medium term price stability risks increased
- Must assure inflation expectations remain firmly anchored
- Vital to avoid wage-price spiral
|
| 10.06 08:02 |
EU stock markets
European equity bourses open lower following hawkish comments from Fed
Chairman Bernanke and in the wake of sharp losses in Asian equity
bourses overnight. FTSE-100 opens down 40pts (-0.67%) and CAC-40 is
down 38pts (-0.79%).
|
| 10.06 08:00 |
ITALY: April SA industrial production rose 0.7% m/m and 2.0% y/y |
| 10.06 07:51 |
Asian session: dollar is performing
The dollar rose to a three-month high against the yen after Federal
Reserve Chairman Ben S. Bernanke said risks to the U.S. economy have
diminished, prompting traders to increase bets on higher interest rates.
The U.S. currency gained for a second day against the euro after
Bernanke said the central bank will ``strongly resist'' any waning of
public confidence in stable prices. U.S. Treasury Secretary Henry
Paulson said yesterday in an interview with CNBC that he would
``never'' rule out currency intervention to prop up the dollar.
Losses in the euro may be limited after European Central Bank President
Jean-Claude Trichet said controlling inflation is vital for supporting
growth and job creation, in an article in Spain's La Gaceta de los
Negocios newspaper today.
EUR/USD retreated from $1.5650 to $1.5560.
GBP/USD fellf rom $1.9755 to $1.9680.
USD/JPY could firm from Y106.20 to Y106.80.
UK data at 0830GMT also sees April industrial production, which isexpected to be flat on the month and rise 0.1% y/y.
European data starts at 0600GMT with May wholesale prices from Germany.
This is followed at 0645GMT by French industry production for April and
Italian industrial production, also for April. At 1230GMT, the US
international trade gap is expected to widen to $59.5 billion, as
imported petroleum prices surged further. Canada international
merchandise trade for April is also due at the same time.
|
| 10.06 07:41 |
Japan stock market closing
Japan's benchmark stock indices ended Tuesday's session lower, although
rallying modestly off session lows. The benchmark Nikkei 225 was down
160.21 points, or 1.13%, at 14021.17. The index briefly dipped below
the 14,000 level earlier in the day. The broader-based TOPIX was lower
by 14.34 points at 1383.20.
|
| 10.06 07:26 |
USD/JPY techs:
Resistance 3: Y107.90Resistance 2: Y107.20
Resistance 1: Y106.80
Current price: Y106.63
Support 1: Y106.20
Support 2: Y104.40
Support 3: Y103.80
Comments: Dollar continues to firm. The nearest resistance is session high at Y106.80, than comes Y107.20 and Y107.90(January highs). Strong support is Y106.20
(broken resistance), than comes yesterday low at Y104.40 and Y103.80 zone.
|
| 10.06 07:01 |
USD/CHF techs:
Resistance 3: Chf1.0520
Resistance 2: Chf1.0400
Resistance 1: Chf1.0330
Current price: Chf1.0315
Support 1: Chf1.0140 Support 2: Chf1.0020
Support 3:
Chf0.9870
Comments: Dollar remains on an upside. The nearest resistance ios session high at
Chf1.0330,
with further gains pissobly extending till Friday's high on Chf1.0400.
Higher comes
Chf1.0520. The nearest support is yesterday's low on Chf1.0140. Further
losses can extend till Chf1.0020. Than comes April low at Chf0.9880/70.
|
| 10.06 06:45 |
FRANCE: April industry output +1.4% m/m after Mar -1.0% (-0.8%) |
| 10.06 06:44 |
GBP/USD techs:
Resistance 3: $1.9900Resistance 2: $1.9840
Resistance 1: $1.9800
Current price: $1.9673
Support 1: $1.9670
Support 2: $1.9600
Support 3: $1.9540
Comments: Cable dives. Support is around $1.9670 (yesterday;s lows). Below
correction may reach $1.9600 and stronger level on Jun 06 low at $1.9540. Strong resistance
is around yesterdays high on $1.9800. Stronger resistance
comes at $1.9840 (May 27 high) and $1.9900.
|
| 10.06 06:27 |
EUR/USD techs:
Resistance 3:$1.5900
Resistance 2: $1.5840
Resistance 1: $1.5650
Current price: $1.5589
Support 1: $1.5560
Support 2: $1.5460
Support 3: $1.5360
Comments: Euro tradesunder pressure. The
nearest support is session low at $1.5560, further support comes at
$1.5460(May 30 low) and $1.5360(June 5 low). Lift above session high at
$1.5650, will open a way to yesterday's high on $1.5840, and than- to
March highs on $1.5900.
|
| 10.06 06:08 |
GERMAN: Wholesale prices accelerated markedly on the month in May, rising a brisk 1.4% after +0.6% in April |
| 10.06 05:50 |
Major European bourses are initially seen trading lower Tuesday. UK FTSE down 20, the DAX down 19, the CAC down 17 and the Eurostoxx 50 down 12. |
| 10.06 05:24 |
Daily History for June 09, 2008
High Low Close
EUR/USD 1.5841, 1.5618, 1.5639
USD/JPY 106.34, 104.44, 106.26
GBP/USD 1.9798, 1.9670, 1.9739
USD/CHF 1.0294, 1.0147, 1.0275
EUR/JPY 167.14, 164.95, 166.24
EUR/GBP 0.8031, 0.7914, 0.7921
GBP/JPY 210.08, 205.78, 209.77
GBP/CHF 2.0304, 2.0011, 2.0285
Change % Change Last
Nikkei 225 -308,06 -2.13% 14,181.38
Topix -30.57 -2.18% 1397,54
FTSE 100 -29.20 -0.49% 5,877.60
CAC 40 +4.06 +0.08% 4,799.38
Xetra Dax +11.82 +0.17% 6,815.63
DOW +78.49 +0.64% 12,288.30
NASDAQ -15.10 -0.61% 2,459.46
S&P 500 +1.19 +0.09% 1,361.87
10yr Note +0.5400 +0.137% 3.992%
NYMEX Crude Oil -4.19 -3.02% 134.35
Gold -0.90 -0.10% 898.10
|
| 10.06 05:17 |
Schedule for today, Tuesday, June 10, 2008
06:45 France Industrial production (April) -0.8%
06:45 France Industrial production (April) Y/Y 1.0%
08:00 Italy Industrial production (April) adjusted -0.2%
08:00 Italy Industrial production (April) Y/Y adjusted -2.5%
08:30 UK Industrial production (April) -0.5%
08:30 UK Industrial production (April) Y/Y 0.2%
08:30 UK Manufacturing output (April) -0.5%
08:30 UK Manufacturing output (April) Y/Y 0.6%
12:30 Canada International Merchandise Trade (Apr) $5.53B
12:30 US International trade (April), bln -59.4 -58.2
12:30 US Export (April), bln 148.5
12:30 US Import (April), bln 206.7
12:55 US Redbook (07.06)
13:00 Canada BOC meeting announcement 3.00%
23:50 Japan Real GDP (Q1) revised 0.8% 0.8%
23:50 Japan Real GDP (Q1) revised Y/Y 3.3% 3.3%
23:50 Japan Corporate goods price index (CGPI) (May) domestic 0.6%
23:50 Japan Corporate goods price index (CGPI) (May) domestic Y/Y 3.7%
|
|
|