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CFD Markets News and Forecasts — 02-10-2012
U.S. stocks fell, reversing earlier gains by benchmark indexes, after Spanish Prime Minister Mariano Rajoy said a request for rescue funds is not imminent and investors awaited a monthly report on American employment. Rajoy said he has no plans to request rescue funds for Spain in the near term, defying speculation that the nation was preparing to ask for a bailout. Spanish regional presidents meet in Madrid today after Economy Minister Luis de Guindos said yesterday the nation is pressing on with its analysis of whether to seek a bailout.
The jobless rate in the U.S. probably rose 8.2 percent last month from 8.1 percent in August, as employers kept a lid on hiring, economists said before a report this week. Payrolls increased by 115,000 in September, less than the 139,000 average over the first eight months of the year, the report, due Oct. 5, may also show.
Chipotle Mexican Grill Inc. slipped 3.8 percent after hedge fund manager David Einhorn recommended betting against the restaurant chain.
Mosaic Co. dropped 3.9 percent after reporting earnings that missed estimates.
Citigroup Inc. increased 1 percent as its rating was raised by KBW.
MetroPCS Communications Inc. rallied 19 percent as Deutsche Telekom AG is said to be nearing a deal with the wireless carrier.
S&P 500 1,444.29 -0.20 -0.01%
NASDAQ 3,117.55 +4.02 +0.13%
Dow 13,471.65 -43.46 -0.32%
The euro gained versus the dollar for a second day as speculation persisted that Spain will eventually seek a bailout even after Prime Minister Mariano Rajoy said a request for rescue funds is not imminent. Spain’s Rajoy said today he has no plans to request a bailout soon, fending off mounting speculation that a bid was near. Asked at a press conference in Madrid if a bailout request was imminent, Rajoy said: “No.”
The yen fell versus most major currencies on bets Japan may act to weaken the currency, while the euro rose as Spanish and Italian bonds advanced before the European Central Bank meets Oct. 4. The Frankfurt-based ECB will keep its main refinancing rate unchanged at a record low 0.75 percent at this week’s meeting and will reduce it by the end of the year, a Bloomberg survey of economists forecast.
Australia’s dollar slid to a three- week low against its U.S. peer after the Reserve Bank of Australia unexpectedly cut its benchmark interest rate. RBA Governor Glenn Stevens and his board cut Australia’s overnight cash-rate target by a quarter-percentage point to 3.25 percent, the central bank said in a statement in Sydney today. It’s the lowest level since 2009.
New Zealand’s dollar gained versus most major peers after a report showed commodity export prices advanced last month, buoying the currency. ANZ National Bank Ltd.’s price index advanced 3.5 percent to 263 in September, its highest level since April.
Spanish Prime Minister Mariano Rajoy said he has no plans to request a bailout soon, fending off mounting speculation that a bid was near.
Asked at a press conference in Madrid today if a bailout request was imminent, Rajoy said: “No.”
Rajoy is weighing the terms of a Sept. 6 proposal by the European Central Bank President to buy bonds of cash-strapped nations including Spain if they make for a formal aid request from the euro region’s government-run rescue funds. Reuters news agency yesterday reported that Spain is ready to seek a bailout as soon as this weekend.
European stocks declined, after yesterday rallying the most in more than three weeks, as companies from Alstom SA to Erste Group Bank AG sold shares. European stocks yesterday rallied the most since Sept. 6 after stress tests bolstered confidence in Spain’s banking system and a report showed U.S. manufacturing unexpectedly expanded last month. The Stoxx 600 fell 2.7 percent last week amid concern the U.S. Federal Reserve’s bond-buying program will fail to encourage growth.
Alstom sank 4.9 percent after selling a 350 million-euro ($453 million) holding.
Erste Group slipped 2.8 percent after the lender’s largest shareholder sold a 235 million-euro stake.
PostNL NV added 4.4 percent after the postal company said it will increase rates next year.
FTSE 100 5,808.97 -11.48 -0.20%, CAC 40 3,417.92 -17.06 -0.50%, DAX 7,312.7 -14.03 -0.19%
Crude fluctuated as gasoline declined for the first time in six days on estimates that a supply shortage in New York Harbor will ease and as the euro strengthened against the dollar.
Prices were little changed as gasoline pared last week’s 14 percent gain. The euro advanced amid speculation Spain will seek a bailout. Oil supplies probably rose for the third time in four weeks through Sept. 28, a Bloomberg survey showed before a government report tomorrow. Spanish Economy Minister Luis de Guindos said yesterday after a meeting with Olli Rehn, the European Union’s economic and monetary affairs commissioner, that the country is studying the ECB bond-buying proposal.
Crude for November delivery slid 27 cents, or 0.3 percent, to $92.21 a barrel at 10:57 a.m. on the New York Mercantile Exchange. Prices are down 6.7 percent this year.
Brent for November settlement fell 26 cents to $111.93 a barrel on the London-based ICE Futures Europe exchange.
Gold futures fell from a 10-month high in New York on renewed concern that demand in Asia will remain slow.
Imports of gold by India, the world’s top buyer, fell 56 percent in the second quarter, according to the World Gold Council. Standard Bank Plc said in a report today that weak bullion demand has been in place since mid-September and is the most severe in more than a year. In the three months ended Sept. 30, prices jumped 11 percent, the most since June 2010, as a third round of monetary stimulus in the U.S. revived demand for the metal as a hedge against future inflation.
Gold futures for December delivery fell 0.4 percent to $1,776.90 an ounce at 10:14 a.m. on the Comex in New York, declining for the second time in three sessions. Yesterday, prices reached $1,794.40, the highest for a most-active contract since Nov. 14.
EUR/USD $1.2875, $1.2900, $1.2935, $1.2950, $1.3000, $1.3050
USD/JPY Y77.90, Y78.05, Y78.60
USD/CHF Chf0.9300
GBP/USD $1.6000, $1.6150, $1.6200
EUR/GBP stg0.7915
AUD/USD $1.0300, $1.0390, $1.0450, $1.0500
AUD/JPY Y81.00
EUR/SEK Sek8.5000U.S. stock futures advanced as concern about Europe’s debt crisis eased.
Global Stocks:
Nikkei 8,786.05 -10.46 -0.12%
Hang Seng 20,840.38 +78.09 +0.38%
FTSE 5,833.22 +12.77 +0.22%
CAC 3,441.31 +6.33 +0.18%
DAX 7,350.5 +23.77 +0.32%
Crude oil $92.60 +0,13%
Gold $1778.60 -0.26%
Data
00:00 China Bank holiday -
01:30 Japan Labor Cash Earnings, YoY August -1.2% -0.9% 0.2%
04:30 Australia Announcement of the RBA decision on the discount rate - 3.50% 3.50% 3.25%
04:30 Australia RBA Rate Statement -
06:00 United Kingdom Nationwide house price index September +1.3% +0.2% -0.4%
06:00 United Kingdom Nationwide house price index, y/y September -0.7% -0.6% -1.4%
06:30 Australia RBA Commodity prices, y/y September -13.7% -14.9%
08:30 United Kingdom PMI Construction September 49.0 50.0 49.5
09:00 Eurozone Producer Price Index, MoM August +0.4% +0.6% +0.9%
09:00 Eurozone Producer Price Index (YoY) August +1.8% +2.6% +2.7%
The euro rose, recovering with the recent three-week low against the dollar amid growing signs that Spain was prepared to ask for help. But uncertainty about the timing of a negative impact on investor sentiment, which also causes the bulk sale of foreign currency.
Another risk factor is the rating agency Moody, which may soon revise the rating of Spain.
The Australian dollar fell today to a four-week low against the dollar and fell against the euro after the country's central bank cut interest rates by a quarter point, and leave room for further easing of monetary policy.
The pound rose for the first time in three days against the dollar as a report showed that the UK construction index declined at a slower pace in September.
Sensor construction activities, based on a review of Markit and the Chartered Institute of Purchasing and Supply, rose to 49.5 in September from 49 the previous month, while analysts expect the growth rate to the level of 49.9.
Sterling rose against the dollar even after a report showed that house prices in the UK fell in September. The average price of a house fell by 0.4 percent in August, and by 1.4% compared to last year.
EUR / USD: the pair decreased to $ 1.2880, then rose to $ 1.2930
GBP / USD: pair rose to $ 1.6170, then dropped to $ 1.6133 and is currently trading at $ 1.6145
USD / JPY: the pair is trading with an increase, setting all-time high at Y78.22
At 23:30 GMT Australia will index services from AIG in September.
EUR/USD
Offers $1.3048, $1.2990/300, $1.2970/80, $1.2920/25
Bids $1.2880, $1.2860/50, $1.2835/30
AUD/USD
Offers $1.0400, $1.0350, $1.0315/20
Bids $1.0290/80, $1.0250, $1.0200
GBP/USD
Offers $1.6310, $1.6215/25, $1.6200/10, $1.6175
Bids $1.6085/80, $1.6060/50, $1.6030/20, $1.6000
EUR/GBP
Offers stg0.8070/80, stg0.8035/45, stg0.8015/20, stg0.8005
Bids stg0.7945/40, stg0.7885/80, stg0.7860/50
EUR/JPY
Offers Y102.20, Y102.00, Y101.50, Y101.20
Bids Y100.40, Y100.20, Y100.00, Y99.80, Y99.65/60
USD/JPY
Offers Y79.00, Y78.70, Y78.50, Y78.40
Bids Y77.80/70, Y77.50, Y77.40/35, Y77.20
After the recent rally, European stock indexes are moved in a sideways trend. Today's economic data did not have a material effect on the market. Producer price index in August rose by +0.9% (forecast +0.6%) and the annual rate of +2.7% (forecast +2.6%).
Analysts of international rating agency Moody's said that the evaluation of analysts, Spanish banks may need twice as much capital than shown by the results of stress tests. Their capital needs may reach 105 billion euros ($ 135 billion).
To date:
FTSE 100 5,824.13 +3.68 +0.06%
DAX 7,350.49 +23.76 +0.32%
CAC 3,434.20 -0.78 -0.02%
Delhaize Group added 2.3% on sales growth. Alstom shares rose 5.5% after the company sold shares in the private placement of 350 million euros ($ 452 million). Erste Group lost 2.2% after the largest shareholder sold its stake to 235 million euros.
EUR/USD $1.2875, $1.2900, $1.2935, $1.2950, $1.3000, $1.3050
USD/JPY Y77.90, Y78.05, Y78.60
USD/CHF Chf0.9300
GBP/USD $1.6000, $1.6150, $1.6200
EUR/GBP stg0.7915
AUD/USD $1.0300, $1.0390, $1.0450, $1.0500
AUD/JPY Y81.00
EUR/SEK Sek8.5000
Asian stocks rose, with the regional benchmark index gaining for the first time in three days, after U.S. manufacturing unexpectedly expanded and Federal Reserve Chairman Ben S. Bernanke renewed a pledge to sustain record stimulus, boosting the outlook for exporters.
Bernanke yesterday defended the Fed’s unprecedented bond buying, saying it will spur growth, cut unemployment, help savers and support the dollar.
Australia’s S&P/ASX 200 Index advanced 1 percent. The Reserve Bank of Australia cut its benchmark interest rate to the lowest level since 2009 amid a deepening global slowdown.
Nikkei 225 8,786.05 -10.46 -0.12%
S&P/ASX 200 4,432.98 +44.36 +1.01%
Shanghai Composite Closed
Nexon Co. jumped 6 percent in Tokyo after the maker of online games agreed to buy mobile game developer Gloops Inc. for 36.5 billion yen ($468 million).
Exporters advanced. Samsung Electronics rose 1.7 percent to 1.369 million won in Seoul. Sony Corp., the maker of Bravia televisions and PlayStation game consoles, added 1.2 percent to 928 yen in Tokyo. Canon Inc., the world’s biggest camera maker, gained 2.4 percent to 2,604 yen.
Data:
01:30 Japan Labor Cash Earnings, YoY August -1.2% -0.9% 0.2%
04:30 Australia Announcement of the RBA decision on the discount rate - 3.50% 3.50% 3.25%
04:30 Australia RBA Rate Statement -
The dollar weakened versus most of its 16 major counterparts on speculation signs of weakness in U.S. employment will encourage the Federal Reserve to sustain monetary stimulus that tends to debase the currency.
The greenback fell after Fed Chairman Ben S. Bernanke yesterday defended the central bank’s unprecedented bond buying.
Demand for the 17-nation euro was limited before data forecast to show retail sales in the currency bloc decreased for a second month and ahead of an Oct. 4 meeting of the European Central Bank.
Australia’s dollar dropped to the lowest level in more than three weeks after the Reserve Bank cut interest rates.
The yen slid versus its main peers as Asian stocks gained.
EUR / USD: during the Asian session, the pair rose to a high of $ 1.2918.
GBP / USD: during the Asian session, the pair rose to a high of $ 1.6163.
USD / JPY: during the Asian session, the pair rose to the level of Y78.17
Tuesday at 06:00 GMT Britain will present the house price index from Nationwide in September. At 06:30 GMT Australia will price index for raw materials from the RBA in September. At 07:00 GMT in Spain becomes aware of changes in the number of unemployed in September. At 08:30 GMT Britain publishes the PMI index for the construction sector in September. At 09:00 GMT Eurozone will release the producer price index for August. At 09:30 GMT in the UK will hold placement of 10-year bonds. At 20:30 GMT the U.S. are data on changes in the volume of crude oil, according to API.
Yesterday the euro gained from a three-week low versus the dollar as a U.S. manufacturing gauge unexpectedly rose and Spain’s latest budget and banking measures spurred bets the euro region is moving closer to containing its debt crisis. The Institute for Supply Management’s U.S. index of U.S. manufacturing rose to 51.5 in September from 49.6 a month earlier, the Tempe, Arizona-based group said today. A Bloomberg survey projected a reading of 49.7 for September. The dividing line between expansion and contraction is 50.
The 17-member currency strengthened versus all of its 16 most-traded peers after Moody’s Investors Service said Spain’s bank recapitalization is positive for the nation’s credit rating.
A gauge of European manufacturing based on a survey of purchasing managers was 46.1, above an initial estimate of 46 on Sept. 20, Markit said today. The index has held for 14 months below 50, indicating contraction.
Australia’s dollar touched the lowest level in more than a year against its New Zealand counterpart before the larger nation’s Reserve Bank holds a policy meeting tomorrow.
The Dollar Index, which IntercontinentalExchange Inc. uses to track the currency against those of six U.S. trading partners, fell 0.2 percent to 79.814 after rising earlier to 80.147, the highest since Sept. 11.
Bernanke said Fed policy makers “expect that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economy strengthens.” The Fed’s forecast to hold the main interest rate near zero until at least mid-2015 “doesn’t mean that we expect the economy to be weak through” that year, he said in the text of a speech in Indianapolis.
Asian stocks dropped a second day after Japan’s largest manufacturers became more pessimistic and China’s manufacturing shrank for second month amid a global economic slowdown that has sapped export demand.
China’s purchasing managers’ index signaled for a second month that manufacturing is contracting, the first time that’s happened since 2009.
Japan’s Tankan index of sentiment among large industrial companies fell to minus 3, posting a negative reading for a fourth quarter, the Bank of Japan said today. A number below zero figure means pessimists outnumber optimists.
Nikkei 225 8,796.51 -73.65 -0.83%
S&P/ASX 200 4,388.62 +1.61 +0.04%
Shanghai Composite Closed
Toyota Motor Corp., the world’s biggest carmaker by market value, fell 1.7 percent.
Nippon Shokubai, which supplies a third of the global market for chemicals used in diapers, slumped 13 percent to 757 yen in Tokyo, the most since October 1987, after a fire at its western Japan factory on Sept. 29 led to a death and stopped output.
Among stocks that advanced, Arrium jumped 25 percent to 68 Australian cents. The company rejected an offer from a consortium led by Noble Group and Posco Australia Pty. to buy its shares at 75 Australian cents apiece, saying the offer “undervalues Arrium.”
European stocks advanced the most in more than three weeks as test results showed the stress to the Spanish banking system was less than estimated and as U.S. manufacturing expanded for the first time in four months. Spain’s banks have a capital deficit of 59.3 billion euros ($76 billion), stress tests conducted by New York-based management consultancy Oliver Wyman showed last weekend. That was less than the 62 billion euros Wyman estimated in June that the lenders would need.
Spain commissioned the stress test as part of terms to obtain a European bailout of as much as 100 billion euros for its banks after more than 180 billion euros of losses linked to real-estate loans. Wyman tested the banks’ ability to handle an extreme scenario -- a three-year economic contraction -- even as the government debated whether to seek a wider rescue package.
Credit Agricole SA rose 7.8 percent after starting talks to sell its unprofitable Greek unit.
International Consolidated Airlines Group SA climbed 3.4 percent after the International Air Transport Association raised its 2012 global airline-profit forecast.
Banco Popular Espanol SA slumped the most in two months after announcing a capital-increase plan.
FTSE 100 5,820.48 +78.41 +1.37%, CAC 40 3,433.6 +78.78 +2.35%, DAX 7,328.14 +111.99 +1.55%
U.S. stocks rose, following the biggest weekly decline since June in the Standard & Poor’s 500 Index, after a measure of manufacturing beat economists’ forecasts and concern about Europe’s debt crisis eased. Stocks extended gains after data showed American factories are holding up in the face of a global economic slowdown that’s weakened manufacturing from Asia to Europe. The Institute for Supply Management’s factory index rose to 51.5 last month from 49.6 in August. Economists in a Bloomberg survey projected a September reading of 49.7. Federal Reserve Chairman Ben S. Bernanke renewed a pledge to sustain record stimulus even after the U.S. expansion gains strength, while saying policy makers don’t expect the economy to remain weak through 2015.
Equities pared gains as Apple Inc., the world’s most valuable company, reversed an earlier advance. Bank of America Corp., Hewlett-Packard Co. and Alcoa Inc. rallied at least 1 percent. Goldman Sachs Group Inc. increased 3.2 percent after a report said the stock will rise as much as 25 percent within a year. Ceradyne Inc. jumped 43 percent after 3M Co. agreed to buy the company for $860 million to expand its energy unit.
S&P 500 1,443.59 +2.92 +0.20%
NASDAQ 3,109.68 -6.55 -0.21%
Dow 13,508.2 +71.07 +0.53%
Prospects for global growth have deteriorated
Prospects for economic growth next year will hurt
The balance of risks to the global economy shifted in a negative direction
Inflation will meet the target level
China's economic growth slowed
The Board pointed to the decline in export prices, the deterioration of the global economic outlook
Uncertainty surrounds China's prospects
The situation in the Australian labor market has deteriorated in recent months
Prices for key commodities have fallen dramatically
It takes time to change policy impacts on the economies
Terms of trade fell by more than 10% from the peak of 2011
Change % Change Last
Oil 92.28 +0.09 +0.10%
Gold 1775.70 +1.80 +0.10%
Change % Change Last
Nikkei 225 8,796.51 -73.65 -0.83%
S&P/ASX 200 4,388.62 +1.61 +0.04%
Shanghai Composite 2,086.17 +29.85 +1.45%
FTSE 100 5,820.45 +78.38 +1.37%
CAC 40 3,434.98 +80.16 +2.39%
DAX 7,326.73 +110.58 +1.53%
S&P 500 1,443.59 +2.92 +0.20%
NASDAQ 3,109.68 -6.55 -0.21%
Dow 13,508.2 +71.07 +0.53%
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2886 -0,22%
GBP/USD $1,6129 -0,65%
USD/CHF Chf0,9383 +0,14%
USD/JPY Y77,99 +0,47%
EUR/JPY Y100,51 +0,27%
GBP/JPY Y125,79 -0,17%
AUD/USD $1,0355 -0,87%
NZD/USD $0,8278 -0,43%
USD/CAD C$0,9819 +0,18%
00:00 China Bank holiday -
01:30 Japan Labor Cash Earnings, YoY August -1.2% -0.9% 0.2%
04:30 Australia Announcement of the RBA decision on the discount rate - 3.50% 3.50%
04:30 Australia RBA Rate Statement -
06:00 United Kingdom Nationwide house price index September +1.3% +0.2%
06:00 United Kingdom Nationwide house price index, y/y September -0.7% -0.6%
06:30 Australia RBA Commodity prices, y/y September -13.7%
07:00 United Kingdom Halifax house price index September -0.4% +0.2%
07:00 United Kingdom Halifax house price index 3m Y/Y September -0.9% -0.9%
08:30 United Kingdom PMI Construction September 49.0 50.0
09:00 Eurozone Producer Price Index, MoM August +0.4% +0.6%
09:00 Eurozone Producer Price Index (YoY) August +1.8% +2.6%
23:30 Australia AIG Services Index September 42.4
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