Stiri financiare

Dow +175.22 at 11605.43, Nasdaq +32.26 at 2412.64, S&P +11.10 at 1288.89

Late slide in crude oil allows euro toi cut fresh lows for the day around $1.4770 as residual demand interest to that level is filled. Techs suggest support at $1.4736, the hourly sup line from 19 Aug, 61.8% of $1.4632-$1.4909

Trichet: Monetary analysis needs to be medium- to long-term focused.

CRUDE OIL: Tumbling further, down $4.50 now at $116.65.

"No major implications for monetary policy from Bernanke's speech and they continue to expect the funds rate to remains at 2%."

Dow +151.36 at 11581.46, Nasdaq +21.81 at 2402.19, S&P +8.75 at 1286.46

The dollar rose against the euro and the yen as a South Korean bank said it's ``considering'' an investment in Lehman Brothers Holdings Inc., indicating U.S. financial firms may weather credit market turmoil.
The U.S. currency also rose versus the euro on speculation yesterday's biggest drop since June was overdone and as a decline in European industrial orders added to evidence of a deepening economic slowdown. Federal Reserve Chairman Ben S. Bernanke said falling commodity prices, a stable dollar and slowing growth should stem inflation.
The U.S. currency has decreased 0.8 percent against the euro this week, the first drop in six weeks, on concern deepening credit-market losses and a surge in crude oil prices will prolong the U.S. economic slowdown. The dollar has dropped 0.5 percent versus Japan's currency, while the euro has increased 0.3 percent against the yen.
The dollar has gained almost 8 percent versus the euro since touching the all-time low of $1.6038 on July 15 and appreciated 2 percent against the yen this month as the European and Japanese economies shrank in the second quarter and crude oil fell 19 percent from a record of $147.27 a barrel reached July 11.
Dollar stability and price declines in oil and other commodities are ``encouraging,'' Bernanke said in a speech at the Kansas City Fed's two-day conference on financial stability in Jackson, Hole, Wyoming.

The pound fell 1 percent to $1.8588 and 0.6 percent to 79.79 pence per euro after a report showed U.K. economic growth stagnated in the second quarter. Sterling dropped for a fifth week against the dollar, declining 0.4 percent, its longest losing streak since February 2006. The pound decreased 1.3 percent versus the euro this week.

The euro weakened as the European Union statistics office said today that industrial orders in the 15 countries that use the currency fell 7.4 percent from a year earlier, the most since December 2001
The yen fell as the possibility of a South Korean acquisition of Lehman Brothers encouraged a resumption of the carry trade, in which investors get funds in a country with low borrowing costs and buy assets where returns are higher.

Crude oil for October delivery fell 1.4 percent to $119.49 a barrel. It surged 5.4 percent yesterday, the biggest increase since June 6, and has increased 4.9 percent this week.

GBP/USD: Low was $1.8504, talk of barriers struck at $1.8500 resurfaces.

Industry news: CME Group announced that is has completed the acquisition of NYMEX.

Wall Street advances as investors welcome lower oil prices, a stronger dollar and signs that Lehman Brothers could be bought out.
Falling oil prices and rebounding bank shares helped fire up a stock market rally near midday Friday, as investors eyed a stronger dollar and speculation that Lehman Brothers could be a takeover candidate.
Oil prices retreated Friday morning as the dollar strengthened. Meanwhile, optimism about Lehman Brothers gave the financial sector a lift.
U.S. light crude oil for October delivery fell $3.30 to $117.38 a barrel on the New York Mercantile Exchange, as the dollar rallied versus the yen and euro. A stronger dollar makes dollar-traded commodities like oil more expensive for international investors.
On Thursday, crude jumped $5.62 a barrel, its second-biggest one-day jump ever, on the weaker dollar, tensions in Russia and concerns about a U.S. recession.
Lehman shares rallied 11% on reports that Korea Development Bank may be considering buying the embattled brokerage. The stock has been hard hit on concerns about its financial solvency with many brokerages cutting third-quarter and full-year forecasts on the company.
Lehman has been looking for a buyer for at least part of its investment management business, but talks with Chinese and Korean investors had reportedly broken down earlier in the week.
A variety of other financial stocks jumped too, including Dow components American Express, Bank of America, Citigroup and JP Morgan Chase.
However, after rising in the morning, shares of Fannie Mae and Freddie Mac resumed their downward tumble. The shares have been plunging on fears that a government takeover is imminent.
In the bond market, Treasury prices fell, raising the yield on the benchmark 10-year note to 3.87% from 3.83% late Wednesday. Prices and yields move in the opposite direction.
COMEX gold for October delivery fell $8.40 to $826.60 an ounce.

"Although Bernanke admits the inflation outlook is uncertain, he seems to be growing increasingly confident that a combination of economic slack, a more stable dollar,
and a cooling off of commodity markets will push inflation back down. We believe Bernanke is comfortable keeping rates on hold for now."

Losses extend with October crude trading at $117.90 down $3.70 on the day and at fresh lows for the session.

Dow +182.30 at 11612.51, Nasdaq +28.78 at 2409.16, S&P +14.30 at 1292.02

USD/JPY holds near fresh high for the session around Y110.03. Offers eyed at Y110.30/35 area but few have strong appetite for risk ahead of a long weekend in the UK and after the gyrations of recent sessions.

FED’s Bernanke: But inflation outlook "remains highly uncertain" and Fed will continue to monitor inflation

FED’s Bernanke: Inflation should moderate this year and next

FED’s Bernanke: The recent drop in commodity prices and increased stability of the dollar is "encouraging"

EUR/USD: $1.4800, $1.4750/55, $1.4700
USD/JPY: Y109.00, Y109.50, Y108.00
GBP/USD: $1.8650, $1.8710
USD/CAD: C$1.0450, C$1.0460
EUR/JPY Y162.00, Y162.25

Stock futures rose early Friday, ahead of a speech from Federal Reserve Chairman Ben Bernanke.

The central bank chief Bernanke is due to deliver the keynote address at the Fed's annual Jackson Hole symposium. Bernanke is set to address financial stability when he gives the speech at 14:00 GMT.
Corporate news: Fears that a government bailout of mortgage finance giants Fannie Mae and Freddie Mac is imminent have rattled investors and sent shares of the two firms tumbling. Fannie shares touched a 20-year low Thursday before bouncing back, while Freddie neared an all-time low before closing off those levels.
Lehman has been hit hard by worries about its ability to withstand mounting losses. But an analyst on Thursday said Lehman could be a good takeover candidate.
Gap reported a 51% jump in quarterly profit after the market close Thursday.

GBP/USD currently trading just off earlier lows of $1.8550, around $1.8565. Bids now reported in place between $1.8550/40, a break below to open a deeper move toward recent low at $1.8510. Good demand said to remain in place around this level, now said to extend toward $1.8500 with stops below.Further bids $1.8480. Offers seen placed at $1.8585, more toward $1.8620.

European equity bourses are firmer, with financial stocks leading the charge after wire reports that Korea Development Bank said that it may buy Lehman Brothers. CAC-40 is up 53pts, Xetra-DAX is up 69pts and FTSE-100 is up 88pts.

The following data were issued
08:00EU(15)Current account (June) adjusted, bln-8.2 - -5.5 (-7.3)
08:00EU(15)Current account (June) unadjusted, bln-1.0 - -19.6 (-21.4)
08:30UKGDP (Q2) revised 0.0% 0.1% 0.2%
08:30UKGDP (Q2) revised Y/Y1.4% 1.5% 1.6%
09:00EU(15)Industrial orders (June) -0.3% -1.1% -3.5%
09:00EU(15)Industrial orders (June) Y/Y7.4% - -4.4%

The dollar fought back from the previous day's sharp correction versus a basket of major currencies on Friday, helped by easing oil and a tumbling pound after growth data increased chances of recession in the UK. Oil lost traction after surging nearly 5% on Thursday.
Sterling tumbled on Friday as official figures showed UK economic growth ground to a halt in the second quarter of this year, strengthening fears the economy is already contracting.
The Office for National Statistics revised its first estimate of second quarter growth by more than expected as it said output had been flat quarter on quarter, the lowest figure since the second quarter of 1992. Economists had anticipated a smaller downwards revision of 0.2% quarter on quarter growth.

EUR/USD opened at $1.4890, but was dragged down to session lows on $1.4825. After triggering bids the rate dipped down to $1.4816 before rebounded to $1.4860. Bids on $1.4800 with stops below, while offers at $1.4890/00 with stops on $1.4910.

GBP/USDopenedat$1.8765. Weak data was the catalyst for pound’ sales ans rate fell down to $1.8562 before recovering up to $1.8600.

USD/JPY opened at Y108.83. DollarrosetoY109.08. Offers around Y109.40/50, then – near Y110.00.

Markets awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke, who will talk about financial stability at an annual symposium in Jackson Hole, Wyoming, later in the day, for more clues into the U.S. central bank's view on the economy and its interest rate outlook.

AUS/USD triggered stops on the break back under $0.8700 as gold hits session lows and the greenback trades with a firm tone across the board. Traders now reporting bids at $0.8655/50 with additional stops below.

WTI Nymex crude oil breaks below $120.00 level, easing off earlier high at $121.86 on reports that the Baku-Tbilisi-Ceyhan pipeline, that has been restored. Crude oil prices rose shaply Thursday by $5.62 to close at $121.18 -- biggest increase since June 6. WTI Nymex crude oil is now at $119.83.

EUR/USD: $1.4800, $1.4750/55, $1.4700
USD/JPY: Y109.00, Y109.50, Y108.00
GBP/USD: $1.8650, $1.8710
USD/CAD: C$1.0450, C$1.0460
EUR/JPY Y162.00, Y162.25

Sterling tumbled on Friday as official figures showed UK economic growth ground to a halt in the second quarter of this year, strengthening fears the economy is already contracting.
The Office for National Statistics revised its first estimate of second quarter growth by more than expected as it said output had been flat quarter on quarter, the lowest figure since the second quarter of 1992. Economists had anticipated a smaller downwards revision of 0.2% quarter on quarter growth.
However, the Bank of England had already forecast output would stagnate for the next year, and minutes of the monetary policy committee’s last meeting suggested fears of persistently high inflation could keep rates on hold for some time.
The dollar fought back from the previous day's sharp correction versus a basket of major currencies on Friday, helped by easing oil and a tumbling pound after growth data increased chances of recession in the UK. Oil lost traction after surging nearly 5% on Thursday. It was last at $120.53 a barrel, down 0.65% on the day CLc1, taking the heat out of upside inflation risks and aiding the dollar.
Markets awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke, who will talk about financial stability at an annual symposium in Jackson Hole, Wyoming, later in the day, for more clues into the U.S. central bank's view on the economy and its interest rate outlook.

GBP/USD extends lows to $1.8562 before rebounded to current $1.8586. Earlier rate broke reported demand interest in the area between $1.8575/65. Further demand noted toward $1.8550, stronger at $1.8520/10.

Resistance 3: Y110.70
Resistance 2: Y110.00
Resistance 1: Y109.40
Current price: Y109.27
Support 1: Y108.70
Support 2: Y108.10
Support 3: Y107.60
Comments: USD/JPY rebounds after yesterday’s fall with resistance comes at Y109.40. Above the target is around 5-days channel line on Y110.00 with a break above will open the way to Y110.70 (Aug 15 highs). Minor support comes at Y108.70, then – near Aug 21 lows on Y108.10. Channel support line is near Y107.60.

Resistance 3: Chf1.1040Resistance 2: Chf1.1000
Resistance 1: Chf1.0940
Current price: Chf1.0929
Support 1: Chf1.0840
Support 2: Chf1.0780
Support 3: Chf1.0720
Comments: Dollar rebounds Friday, capping the 2-days decline. In general, rate holds within the upward channel from Jul 15, limited by Chf1.0780/Chf1.1140 (key support and resistance respectively). Resistance comes at Chf1.0940 with stronger – at Aug 20 highs on Chf1.1040. If the pressure on dollar resumes, minor support comes at yesterday’s low on Chf1.0840. Break under the key level at Chf1.0780 will accelerate losses down to Chf1.0720.

Resistance 3: $1.8920
Resistance 2: $1.8840
Resistance 1: $1.8720
Current price: $1.8584
Support 1: $1.8540 Support 2: $1.8500
Support 3: $1.8460
Comments: GBP/USD falls after the weak UK GDP data. Stronger support comes at channel line from Aug 15 on $1.8540 with a break under will open the way to $1.8500 and $1.8460. If rebound resumes, resistance comes at $1.8720. Stronger resistance is around $1.8840 (38.2% of the $1.9930 - $1.8510 move). Further strengthening may extend to $1.8920.

Resistance 3:$1.5080
Resistance 2: $1.4950
Resistance 1: $1.4910
Current price: $1.4839
Support 1: $1.4800
Support 2: $1.4720
Support 3: $1.4630
Comments: EUR/USD declines. Support comes near $1.4800/20, then – around 3-days channel line at $1.4720, stronger – near Tuesday’s low at $1.4630. Yesterday rate failed to break above the 3-days channel resistance line on $1.4900/10. Stronger resistance is around $1.4950 (23.6% of $1.6030 - $1.4630 decline and channel line from Jul 15). Further rise may target $1.5080 (Aug 11 highs).

EUR/USD continues to get dragged lower by cable slippage, though euro-sterling extending its rally to stg0.7970 eases the pressure. Euro-dollar dips to $1.4847, but reported demand in the area between $1.4850/40 so far able to counter. Demand seen placed between $1.4840/30.

Е15: Industrial orders in June to -0.3% m/m; -7.4%

EUR/USD: $1.4800, $1.4750/55, $1.4700
USD/JPY: Y109.00, Y109.50, Y108.00
GBP/USD: $1.8650, $1.8710
USD/CAD: C$1.0450, C$1.0460
EUR/JPY Y162.00, Y162.25

UK: Q2 1st revision GDP unch. q/q; 1.4% y/y

The yen fell from a two-week high against the dollar on speculation Japanese investors took advantage of their currency's gains to buy higher-yielding assets abroad.
The currency also retreated from the strongest in three months versus the euro as more traders started betting the Bank of Japan may cut interest rates. The dollar was still headed for its biggest weekly drop against the yen in three months on speculation Federal Reserve Chairman Ben S. Bernanke will signal he favors keeping borrowing costs low as credit losses widen.
``Japanese investors are sending money abroad constantly,'' said Toru Umemoto, chief currency strategist in Tokyo at Barclays Capital Inc., a unit of Britain's third-biggest bank. ``This is stemming any appreciation of the yen.''

EUR/USD printed high on $1.4900 before retreating to $1.4850.

GBP/USD consolidated within $1.8740/75 before fell sharply to $1.8660

USD/JPY gained from Y108.40 to Y109.20

At 0800GMT, Eurozone Jun current account hits screens, followed by Eurozone Jun industrial new orders data at 0900GMT and the Eurozone Aug BNB business survey at 1300GMT. UK data due at 0830GMT includes the Q2 GDP data, 2nd release, along with the June index of services.

Е15:seasonally adjusted current account deficit widened in June to -E8.2 billion after -E5.5 billion in May

The S&P Sep contract was last 1.7 points lower at 1273.8, with the Nasdaq Sep contract down 3.0 points at 1904.25.

The benchmark Shanghai Comp ended the morning down 63.47 points or 2.61 pct at 2,368.24, extending a 3.63 pct loss yesterday after a rumor-fueled surge of 7.63 pct on Wednesday. The Shanghai A-share Index was down 66.62 points or 2.61 pct at 2,486.02, while the Shenzhen A Index fell 23.78 points or 3.29 pct to 698.69.

Resistance 3: Y110.70
Resistance 2: Y110.00
Resistance 1: Y109.20
Current price: Y108.65
Support 1: Y108.70
Support 2: Y108.10
Support 3: Y107.60

Comments: USD/JPY tries to rebound after yesterday’s fall with resistance comes at 50% Fibo on Y109.20 (Y110.20/25 - Y108.10 decline). Above the target is around 5-days channel line on Y110.00 with a break above will open the way to Y110.70 (Aug 15 highs). Minor support comes at Y108.70, then – near Aug 21 lows on Y108.10. Channel support line is near Y107.60.

Resistance 3: Chf1.1040

Resistance 2: Chf1.0940
Resistance 1: Chf1.0890
Current price: Chf1.0869
Support 1: Chf1.0840
Support 2: Chf1.0780
Support 3: Chf1.0720

Comments: Dollar rebounds Friday, capping the 2-days decline. Dollar weakens despite stronger-than-expected Philadelphia Fed index as credit market concerns get stronger. In general, rate holds within the upward channel from Jul 15, limited by Chf1.0780/Chf1.1140 (key support and resistance respectively). Overnight dollar tested resistance near 23.6% Fibo on Chf1.0880/90 (Chf1.1040 - Chf1.0840 decline), but failed to break above. Above the resistance is around Chf1.0940 with stronger – at Aug 20 highs on Chf1.1040. If the pressure on dollar resumes, minor support comes at yesterday’s low on Chf1.0840. break under the key level at Chf1.0780 will accelerate losses down to Chf1.0720.

Resistance 3: $1.8920
Resistance 2: $1.8840
Resistance 1: $1.8800
Current price: $1.8760
Support 1: $1.8720
Support 2: $1.8600
Support 3: $1.8550

GBP/USD consolidates within the narrow range. Thursday pound rose after the release of strong UK retail sales report. Today the revised 2Q GDP growth is due to come at 08:30 GMT. Analysts expect the economy rose +0.1% q/q and 1.5% y/y (versus preliminary +0.2% q/q and +1.6% y/y respectively). Minor support is around $1.8720, then – around $1.8600. Stronger level comes at channel line from Aug 15 on $1.8550. If rebound resumes, the next band of resistance comes at yesterday’s highs on $1.8800. Stronger resistance is around $1.8840 (of the $1.9930 - $1.8510 move). Further strengthening may extend to $1.8920.

Resistance 3:$1.5080
Resistance 2: $1.4950
Resistance 1: $1.4910
Current price: $1.4879
Support 1: $1.4800
Support 2: $1.4720
Support 3: $1.4630

Comments: EUR/USD can manage to close the week higher versus dollar after 5-weeks sell-off. But Friday’s retreat may cut weekly gains. Yesterday rate failed to break above the 3-days channel resistance line on $1.4900/10. Stronger resistance is around $1.4950 (23.6% of $1.6030 - $1.4630 decline and channel line from Jul 15). Further rise may target $1.5080 (Aug 11 highs). Support comes near $1.4800/20, then – around 3-days channel line at $1.4720, stronger – near Tuesday’s low at $1.4630.

FTSE up 3, the DAX up 8, the CAC up 5 and the Eurostoxx 50 up 4.

The front-month Nymex WTI Oct '08 contract was last down 11 cents at $121.07, having traded a $121.00 - $121.86 range.

High Low Close
EUR/USD 1.4910 1.4729 1.4896
USD/JPY 109.85 108.08 108.46
GBP/USD 1.8793 1.8604 1.8775
USD/CHF 1.0997 1.0842 1.0863

EUR/JPY 162.17 160.15 161.54
EUR/GBP 0.7943 0.7904 0.7931
GBP/JPY 204.64 201.75 203.64
GBP/CHF 2.0474 2.0331 2.0398

Change % Change Last
Nikkei -99.48 -0.8% 12,752.21
Topix -8.84 -0.7% 1,224.53
FTSE -80.84 -1.28% 6,236.96
DAX -99.48 -0.77% 12,752.21
CAC -61.26 -1.40% 4,304.61
Dow +12.78 +0.11% 11,430.21
NASDAQ -8.70 -0.36% 2,380.38
S&P +3.18 +0.25% 1,277.72
10yr Note +0.3900 +0.103% 3.838%
NYMEX Crude Oil +5.62 +4.86% 121.18
Gold +22.70 +2.78% 839.00

08:00 EU(15) Current account (June) adjusted, bln - -7.3
08:00 EU(15) Current account (June) unadjusted, bln - -21.4
08:30 UK GDP (Q2) revised 0.1% 0.2%
08:30 UK GDP (Q2) revised Y/Y 1.5% 1.6%
09:00 EU(15) Industrial orders (June) -1.1% -3.5%
09:00 EU(15) Industrial orders (June) Y/Y - -4.4%

2008