CFD Markets News and Forecasts — 09-11-2012

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09.11.2012

20:00

Dow 12,828.98 +17.66 +0.14% Nasdaq 2,911.93 +16.35 +0.56% S&P 500 1,382.93 +5.42 +0.39%

19:00

American focus: the dollar rose

The euro fell to a two-month low against the dollar and to the weakest level in nearly a month against the yen since the fall of French industrial production adds speculation that Europe's economic prospects are deteriorating. The data showed that the amount of French industrial production fell by 2.7%, compared to the previous month, while the average forecast was at 1%. We also learned that business confidence in the second-largest economy of the euro area reached a three-year low last month.

The single currency was headed for a weekly decline against the yen and the dollar, as Greek lawmakers prepared to vote on November 11 for the next year's budget. The euro recovered some losses, even in spite of the fact that the index of U.S. consumer confidence rose to a five-year maximum.

The yen reached 79.08 per dollar, which is the strongest level since Oct. 18, but also showed an increase against most other major currencies. Note that the currency is generally stronger in times of political, financial and economic turmoil, and the latest data on the trade surplus means that the country has to rely on foreign creditors. But, despite this growth rate still declined, approaching with up to the opening level of the day.

The dollar index (DXY) rose 0.3% to 81.035, after an early increase to the level of 81.087, which is a two-month high.

Canadian dollar recovered today suffered losses early in the day, after a report on the level of consumer confidence in the United States. Note that the currency is trading above parity with U.S. counterpart for a second day.

18:40

US President Obama: taxes go up on jan 1 if no congress action

want to deliver in 2nd term, hope find willing partners
american people looking for cooperation, common sense
lets extend the middle class tax cuts right now
should be no drama over extending middle class tax cuts
believe can get majority in congress to reach agreement
majority of americans 'agree with my approach'
open to new ideas but want a balanced approach
no wedded to every detail of own plan
must combine spending cuts with revenue increases
to work with both parties to do more on cutting deficit
fiscal cliff has made action 'that more urgent'
top priority has to be jobs and growth
invited leaders of both parties to white hse next week

18:39

US President Obama: taxes go up on jan 1 if no congress action

want to deliver in 2nd term, hope find willing partners
american people looking for cooperation, common sense
lets extend the middle class tax cuts right now
should be no drama over extending middle class tax cuts
believe can get majority in congress to reach agreement
majority of americans 'agree with my approach'
open to new ideas but want a balanced approach
no wedded to every detail of own plan
must combine spending cuts with revenue increases
to work with both parties to do more on cutting deficit
fiscal cliff has made action 'that more urgent'
top priority has to be jobs and growth
invited leaders of both parties to white hse next week

18:00

European stocks close:

Most European stocks fell, with the Stoxx Europe 600 Index posting its biggest weekly drop in a month, amid concern that automatic spending cuts and tax increases may push the world’s largest economy into a recession.

Credit Agricole sank 5.9 percent after posting a wider third-quarter loss than analysts had estimated. Novo Nordisk A/S rallied 7.3 percent as an advisory panel to the Food and Drug Administration backed its insulin treatment.

The Stoxx 600 slipped less than 0.1 percent to 270.53 at 4:30 p.m. in London, after earlier declining as much as 1.1 percent.

The U.S. economy will contract if Congress fails to act, allowing more than $600 billion of tax increases and spending cuts to take effect next year, Fitch Ratings said.

A report from the Congressional Budget Office published late yesterday reiterated that failing to avoid the fiscal cliff would lead to a recession in the first half of 2013.

The Thomson Reuters/University of Michigan consumer- sentiment index climbed to 84.9 in November. That beat the average economist estimate for a figure of 82.9.

National benchmark indexes declined in 10 of the 18 western-European markets.

FTSE 100 5,769.68 -6.37 -0.11% CAC 40 3,423.57 +15.89 +0.47% DAX 7,163.5 -41.46 -0.58%

Credit Agricole slumped 5.9 percent to 5.57 euros. France’s third-largest bank posted a quarterly loss of 2.85 billion euros ($3.6 billion), wider than the 1.88 billion-euro average estimate of analyst. The lender’s decision to sell its Emporiki Bank unit to Greece’s Alpha Bank SA cut net income by 1.96 billion euros.

Deutsche Bank AG and Commerzbank AG, Germany’s two biggest lenders, fell 2.3 percent to 33.52 euros and 6.3 percent to 1.33 euros, respectively. A gauge of lenders contributed the most to the Stoxx 600’s decline.

Rheinmetall AG plunged 5.7 percent to 32.85 euros. The company, which helps make Germany’s Leopard 2 battle tank, reported third-quarter profit of 33 million euros, falling short of the average analyst estimate of 35 million euros. The company cut its full-year sales forecast to 4.8 billion euros from 4.9 billion euros.

Aegon NV, the Dutch insurer which owns Transamerica Corp., fell 3.5 percent to 4.25 euros. The stock was downgraded to neutral from buy at Bank of America Corp.’s Merrill Lynch unit.

Corio NV retreated 3.3 percent to 32.29 euros as the Netherlands’ largest publicly traded property company reported profit that missed some analysts’ estimates.

Earnings excluding changes in asset values and deferred tax declined to 196.6 million euros in the first nine months compared with 197.1 million euros a year earlier, Utrecht-based Corio said. Kai Klose, an analyst at Berenberg Bank in London, had predicted 204.7 million euros of profit on the same measure.

Telecom Italia SpA rose 3.7 percent to 69.1 euro cents after posting third-quarter profit that beat analysts’ estimates. Net income declined 13 percent to 681 million euros from a restated profit of 786 million euros a year earlier, the company said. Analysts had predicted profit of 664 million euros.

17:48

US'S Boehner:gop understand importnce of averting fiscal cliff

don't want to preclude any options moving forward
everything' has to be looked at in tax reform
raising tax rates will slow dwn ability to create jobs
as a political party republicans have some work to do
eliminating tax loopholes would bring more econ growth
clearly the deficit is a drag on the s economy
need a deal that can pass both houses of congress
now an opportunity for obama to lead
2013 should be the start of tax,entitlement

17:00

European stocks close: FTSE 100 5,769.68 -6.37 -0.11% CAC 40 3,423.57 +15.89 +0.47% DAX 7,163.5 -41.46 -0.58%

16:42

The cost of oil increases

After falling for most of the day, oil prices are still able to grow, driven by speculation that the political debate in the U.S. will slow economic growth, which is the largest oil consumer in the world. At this time, it was reported that gasoline prices rose because of a lack of fuel in the New York and New Jersey.

Earlier, futures fell 1.1% amid concerns that U.S. lawmakers will not be able to compromise and avoid automatic spending cuts and tax increases at the start of 2013.

Note that today, gasoline rationing was introduced in New York City and Long Island, following similar measures in New Jersey, and is currently under restriction were already 12 districts.

Also today, the Organization of Petroleum Exporting Countries has cut its forecast for oil demand in the next year, and said thus to lower production in the past month. It is learned that the 12-member group will provide an average of 29.7 million barrels per day in 2013, 1.25 million less than the current pump, and 100,000 barrels a day less than forecast a month ago .

The report also showed that the supply from the OPEC fell by 0.2% to 30.95 million barrels a day in October, while still achieving the lowest since December last year due to lower production in Nigeria, Iran and Saudi Arabia.

December futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 85.82 dollars a barrel on the New York Mercantile Exchange.

December futures price for North Sea petroleum mix of mark Brent rose $1.18 to 108.24 dollars a barrel on the London Stock Exchange ICE Futures Europe.

16:21

Gold prices retreated from the maximum

Today, the price of gold reached a three-week high, and headed to the biggest weekly gain since January, at a time when the prospects for further stimulus in the U.S. is rising. Also, the data showed that stocks of gold bullion, exchange traded funds supported increased to record levels.

Recall that gold has risen in price this week on speculation that U.S. policy will add more stimulus after President Barack Obama won the presidential election, as well as fears that the current situation in Greece can not meet the requirements for the provision of assistance. We also learned that the gold assets in exchange-traded products reached 2,596.1 tons yesterday. At the same time, analysts say that the demand for gold in India, the largest consumer of the precious metal, could rise by as much as 15 percent in the quarter, against the season of festivals, which stimulates the sale of jewelry.

Note that the record gold reserves in the funds are a strong signal that the institutional and private investors believe gold and see it as the strongest currency.

According to the data, gold has increased by 11% this year, and is on the way to the 12th annual gain, and could have outrun the index S & P500, which is added in the same period of about 9.5%.

December futures price of gold on the COMEX is now 1731.30 an ounce.