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CFD Markets News and Forecasts — 03-09-2012
European stocks rose for a second day and copper advanced on speculation central banks will take more steps to boost growth as reports signaled the economic slowdown is deepening. Spain’s bonds gained and emerging-market shares climbed the most in a week.
Euro-area manufacturing contracted more than initially estimated in August and China’s factory output unexpectedly shrank for the first time in nine months, according to reports from London-based Markit Economics today and a government survey in Beijing Sept. 1. Federal Reserve Chairman Ben S. Bernanke said Aug. 31 that he wouldn’t rule out more stimulus. European Central Bank President Mario Draghi may unveil details of his bond-purchase program after a policy meeting Sept. 6.
The Stoxx 600 rebounded from two weeks of losses, the first back-to-back declines since May. BHP Billiton Ltd. and Rio Tinto Group led a rally in mining companies.
EUR/USD $1.2450, $1.2500, $1.2525, $1.2535, $1.2550, $1.2585, $1.2615, $1.2640
USD/JPY Y78.50, Y79.00
GBP/USD $1.5850
AUD/USD $1.0240, $1.0280, $1.0300, $1.0330, $1.0350
E4.001bln 3-month BTF, avg yield -0.01% (-0.013%), cover 3.11 (2.21)
- E1.601bln 6-month BTF, avg yield -0.005% (-0.009%), cover 3.58 (2.69)
- E1.196bln 12-month BTF, avg yield 0.005% (0.005%), cover 4.24 (2.5)
Data
01:00 China Non-Manufacturing PMI August 55.6 56.3
01:30 Australia Retail sales (MoM) July +1.0% +0.3% -0.8%
01:30 Australia Retail Sales Y/Y July +4.1% +3.5%
01:30 Australia ANZ Job Advertisements (MoM) August -0.8% -2.3%
01:30 Australia Company Operating Profits Quarter II -4.0% +1.2% -0.7%
02:30 China HSBC Manufacturing PMI (finally) August 47.6 47.6
06:30 Australia RBA Commodity prices, y/y August -9.8% -13.7%
07:15 Switzerland Retail Sales Y/Y July +3.7% +4.5% +3.2%
07:30 Switzerland Manufacturing PMI August 48.6 49.2 46.7
07:50 France Manufacturing PMI (finally) August 46.2 46.2 46.0
07:55 Germany Manufacturing PMI (finally) August 45.1 45.1 44.7
08:00 Eurozone Manufacturing PMI (finally) August 45.3 45.3 45.1
08:30 United Kingdom Purchasing Manager Index Manufacturing August 45.4 46.2 49.5
In today's trading the euro traded in a narrow range against the U.S. dollar in relation to the output in the U.S. and Canada. Against this background, the market activity is quite low.
The yen rose against higher-yielding currencies such as the Australian and New Zealand dollar as signs of a global economic downturn caused demand for safe assets.
Japan's currency strengthened against 13 of its 16 major counterparts after a report showed the euro zone, that index of business activity in the manufacturing sector declined in August. Today revealed a reduction in the activity index non-manufacturing sector of China.
The Australian dollar fell to a five-week low against the U.S. dollar after retail sales declined. Federal Reserve Chairman Ben Bernanke said last week that we should not exclude stimulate growth.
The pound rose against the euro and the dollar after data showed that the level of production in the UK fell less than economists forecast.
EUR/USD: during the European session varies in a narrow range
GBP/USD: pair rose sharply, updating the Friday's high
USD/JPY: pair dropped to the lowest level on Friday, and then step back a little and is now trading at Y78.30
At 23:01 GMT the UK will monitor BRC retail sales for August. Canada and the United States celebrate Labor Day.
EUR/USD
Offers $1.2650, $1.2625, $1.2600
Bids $1.2555/50, $1.2520/15, $1.2510/00
GBP/USD
Offers $1.5980, $1.5950, $1.5930/35, $1.5900
Bids $1.5830, $1.5820, $1.5800, $1.5765
AUD/USD
Offers $1.0400, $1.0380/90, $1.0350, $1.0300, $1.0270/80
Bids $1.0225, $1.0200, $1.0170, $1.0150
USD/JPY
Offers Y78.90, Y78.80, Y78.60, Y78.50
Bids Y77.80, Y77.50
EUR/JPY
Offers Y99.45/50, Y99.00, Y98.80
Bids Y98.00, Y97.85/80, Y97.75/70, Y97.50
EUR/GBP
Offers stg0.8000, stg0.7980, stg0.7950
Bids stg0.7890, stg0.7875/70, stg0.7860/50European stocks started the week on expectations of increased adoption of new stimulus measures by central banks in the world due to the continued weakening of the global economy.
Today's data on the index of business activity eurozone and France came out better than slightly better than forecast.
An important event of this week is the ECB meeting, and investors are hoping that the head of the Central Bank, Mario Draghi will publish details of the program of redemption eurozone sovereign bonds, previously announced.
To date:
FTSE 100 5,745.02 +33.54 +0.59%
CAC 40 3,434.15 +21.08 +0.62%
DAX 7,002.95 +32.16 +0.46%
Economic uncertainty in the euro zone is very concerned
Franc carries the risk of deflation
Franc - a significant threat to the Swiss economy
The minimum limit for the euro / franc - the right policy
- While the need to maintain a minimum limit for the euro / franc
EUR/USD $1.2450, $1.2500, $1.2525, $1.2535, $1.2550, $1.2585, $1.2615, $1.2640
USD/JPY Y78.50, Y79.00
GBP/USD $1.5850
AUD/USD $1.0240, $1.0280, $1.0300, $1.0330, $1.0350
Asian stocks outside Japan rose as economic reports across the region fueled speculation that central banks will boost stimulus measures. Japanese stocks fell as the yen rose against most of its major counterparts, weighing on the earnings outlook for exporters.
Nikkei 225 8,783.89 -56.02 -0.63%
S&P/ASX 200 4,329.7 +13.59 +0.31%
Shanghai Composite 2,057.68 +10.16 +0.50%
James Hardie Industries SE, a building-materials supplier that gets 67 percent of sales from the U.S., rose 1.2 percent in Sydney.
Canon Inc., a camera maker that gets 31 percent of its revenue in Europe, lost 1.7 percent.
Shimao Property Holdings Ltd. paced gains among Chinese developers on a report the nation should do more to help economic growth.
Samsung Card Co. soared 15 percent in Seoul after the credit-card issuer said it will buy back shares.
01:00 China Non-Manufacturing PMI August 55.6 56.3
01:30 Australia Retail sales (MoM) July +1.0% +0.3% -0.8%
01:30 Australia Retail Sales Y/Y July +4.1% +3.5%
01:30 Australia ANZ Job Advertisements (MoM) August -0.8% -2.3%
01:30 Australia Company Operating Profits Quarter II -4.0% +1.2% -0.7%
02:30 China HSBC Manufacturing PMI (finally) August 47.6 47.6
06:30 Australia RBA Commodity prices, y/y August -9.8% -13.7%
The yen strengthened against most of its 16 major counterparts as signs of a global economic slowdown boosted demand for safer assets. Japan’s currency gained for a third-day against the dollar before U.S. data this week forecast to show factory activity and hiring remained weak. The Institute for Supply Management’s manufacturing index was probably at 50 in August, according to the median estimate of economists surveyed by Bloomberg News before the Tempe, Arizona-based group releases its figures tomorrow. It was at 49.8 in July, below the level of 50 that marks the dividing line between expansion and contraction.
Demand for the greenback was limited after Federal Reserve Chairman Ben S. Bernanke said last week that a third round of bond purchases, or quantitative easing, shouldn’t be ruled out. Bernanke told central bankers and economists at the Kansas City Fed’s annual symposium in Jackson Hole, Wyoming that “nontraditional policies” shouldn’t be ruled out if economic conditions warrant them. Speaking on Aug. 31, he emphasized that a new round of bond purchases is an option, and repeated the Federal Open Market Committee’s last statement that the central bank “will provide additional policy accommodation as needed” to spur growth.
Australia’s currency fell to a five-week low after the nation’s retail sales unexpectedly declined and a private report showed China’s manufacturing contracted. Australian retail sales declined 0.8 percent in July from the previous month, the government said today. That compares with the 0.2 percent gain predicted in a Bloomberg survey.
EUR/USD: during the Asian session, the pair traded in the range of $1.2555-85.
GBP/USD: during the Asian session the pair fell to $ 1.5850.
USD/JPY: during the Asian session the pair fell to the Friday's low.
European data starts at 0700GMT with car registrations data from France, but data also includes the final manufacturing PMI data from the main European states for July. This includes Spain at 0713GMT, Italy at 0743GMT, France at 0748GMT, Germany at 0753GMT and the main EMU data at 0758GMT. US markets remain closed for the Labor Day holiday on Monday. The UK releases the Markit/CIPS Manufacturing PMI at 0830GMT.
On Friday the Dollar Index fell to a more than three-month low after Federal Reserve Chairman Ben S. Bernanke said he wouldn’t rule out further bond purchases to boost growth and reduce unemployment, which he called a “grave concern.”
The currency fell against all but one of its 16 most-traded peers after Bernanke told central bankers and economists at an annual forum in Jackson Hole, Wyoming, that “nontraditional policies” shouldn’t be ruled out if economic conditions warrant. The dollar also weakened as reports showed business activity in the U.S. expanded more slowly this month and demand for U.S. capital goods dropped in July.
The pound is set for a monthly gain versus the greenback as a report showed U.K. house prices rose in August, easing concern that the recession is worsening.
Asian stocks fell, with the regional benchmark index heading for its first monthly decline since May, as investors await a speech by U.S. Federal Reserve Chairman Ben S. Bernanke and as reports showed lower industrial output in South Korea and Japan amid slowing economic growth.
Nikkei 225 8,839.91 -143.87 -1.60%
S&P/ASX 200 4,316.11 +0.44 +0.01%
Shanghai Composite 2,047.52 -5.06 -0.25%
Sharp Corp. sank 13 percent as Taiwan’s Foxconn Technology Group founder Terry Gou ended a visit to Japan without announcing the conclusion of a deal to invest in the Japanese electronics maker.
China Shipping Container Lines Co. slid 7 percent after brokerages including Jefferies Group Inc. downgraded ratings and price targets for the nation’s second- largest shipping company.
Samsung Electronics Co. climbed 1.5 percent, reversing losses, as a Tokyo court ruled the mobile- phone maker didn’t infringe Apple Inc.’s patents.
European stocks rose as Federal Reserve Chairman Ben S. Bernanke said he would not rule out further bond purchases to boost growth and reduce unemployment, which he called a “grave concern.”
Bernanke’s speech comes two weeks before he leads a meeting of the Federal Open Market Committee to decide whether an expansion of the Fed’s record stimulus is needed to spur growth. Two rounds of large-scale asset purchases totaling $2.3 trillion have so far failed to reduce the jobless rate below 8 percent more than three years into the recovery.
Euro-area unemployment reached the highest on record in July, the European Union’s statistics office in Luxembourg said today. The jobless rate in the economy of the 17 nations using the euro was 11.3 percent, the same as in June after that month’s figure was revised higher. That’s the highest since the data series started in 1995.
National benchmark indexes advanced in every western- European market today, except for the U.K. and Iceland. The U.K.’s FTSE 100 Index fell 0.1 percent, while France’s CAC 40 Index rose 1 percent. Germany’s DAX Index climbed 1.1 percent.
Hermes increased 2.3 percent to 228.95 euros as it said annual sales growth excluding currency shifts “could be around 12 percent.” The company last month said it targeted annual revenue growth of 10 percent.
A gauge of European lenders was the best performer of the 19 industry groups on the Stoxx 600, with Banca Monte dei Paschi dei Siena SpA surging 6.5 percent to 22.4 euro cents, and Banco Santander SA rising 6 percent to 5.67 euros. Credit Agricole SA increased 7.6 percent to 4.64 euros.
Neste Oil Oyj, Finland’s only oil refiner, rallied 3.9 percent to 9.16 euros after Goldman Sachs Group Inc. raised the stock to buy from sell.
U.S. stocks rose, extending a third straight monthly gain, as Federal Reserve Chairman Ben S. Bernanke said he wouldn’t rule out more steps to lower a jobless rate he described as a “grave concern.”
Bernanke’s speech at an annual forum in Jackson Hole, Wyoming, comes two weeks before he leads a meeting of the Federal Open Market Committee to decide whether an expansion of the Fed’s record stimulus is needed to spur growth. Two rounds of large-scale asset purchases have failed to reduce the jobless rate below 8 percent more than three years into the recovery.
Splunk Inc. climbed 14 percent to $34.81. The maker of software that helps businesses analyze Web data reported a narrower fiscal second-quarter loss than analysts estimated and raised its full-year sales forecast.
Facebook Inc. dropped 5 percent to $18.13, a record low, on concern that businesses are spending less to advertise on the world’s largest social-networking website. Through yesterday, the stock had lost half its value since Facebook sold shares at $38 apiece in an initial public offering on May 17.
01:00 China Non-Manufacturing PMI August 55.6 56.3
01:30 Australia Retail sales (MoM) July +1.0% +0.3% -0.8%
01:30 Australia Retail Sales Y/Y July +4.1% +3.5%
01:30 Australia ANZ Job Advertisements (MoM) August -0.8% -2.3%
01:30 Australia Company Operating Profits Quarter II -4.0% +1.2% -0.7%
02:30 China HSBC Manufacturing PMI (finally) August 47.6 47.6
06:30 Australia RBA Commodity prices, y/y August -9.8%
07:15 Switzerland Retail Sales Y/Y July +3.7% +4.5%
07:30 Switzerland Manufacturing PMI August 48.6 49.2
07:50 France Manufacturing PMI (finally) August 46.2 46.2
07:55 Germany Manufacturing PMI (finally) August 45.1 45.1
08:00 Eurozone Manufacturing PMI (finally) August 45.3 45.3
08:30 United Kingdom Purchasing Manager Index Manufacturing August 45.4 46.2
09:30 Eurozone ECB President Mario Draghi Speaks -
12:00 Canada Bank holiday -
12:00 U.S. Bank holiday -
23:01 United Kingdom BRC Retail Sales Monitor y/y August 0.1% -0.5%
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