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CFD Markets News and Forecasts — 13-09-2012
The dollar fell against the yen after the Federal Reserve announced a third round of asset purchases to support the economy and to reduce the rate of the U.S. currency.
The dollar fell against most major currencies, as the Fed announced that the Fed will buy agency mortgage-backed securities by another $ 40 billion a month
The yen reached a seven-month high against the dollar, prompting speculation that Japanese policymakers may consider the possibility of market intervention to lower the exchange rate.
The Federal Open Market Committee said in a statement that if the prospects in the labor market will not improve significantly, the committee will continue its purchases of mortgage-backed securities and to make additional purchases of assets and use its other tools as necessary.
FOMC said that, most likely, will keep rates near zero until at least mid-2015.
Bernanke said Aug. 31 in a speech in Jackson Hole that the Fed study showed that the large-scale asset purchases may have increased the level of economic output by 3% and caused a rise in employment in the private sector are more than 2 million jobs. He also said that the labor market is a "major concern."
Two rounds of Fed bond purchases totaling $ 2.3 trillion failed to breathe life into the labor market. Unemployment has been stuck above 8% for 43 consecutive months, while the U.S. economy grew by less than 2% in the second quarter.
The central bank is also in the process of replacing the short-term to long-term bonds in order to put downward pressure on long-term borrowing costs.
European stocks fell from the highest level in 14 months as investors awaited a Federal Reserve decision on further stimulus measures.
European Aeronautic, Defence & Space Co. (EAD) and BAE (BA) Systems Plc slid more than 7 percent as Barclays Plc recommended investors trim their holdings in the companies in the short term, as they plan a merger. Zodiac Aerospace rose 2.1 percent after Societe Generale SA upgraded its rating on the stock.
The Stoxx Europe 600 Index slipped 0.2 percent to 272.42 at the close of trading, paring losses of as much as 0.6 percent. The gauge rose to its highest level since July 2011 yesterday after Germany’s top constitutional court cleared the way for ratification of the euro area’s permanent bailout fund.
EADS slid 10 percent to 25.15 euros. The company said yesterday it has entered talks for a merger with BAE to build an equal to Boeing Co. (BA) that would balance civil and defense operations. Deutsche Bank AG downgraded the stock to hold from buy.
BAE lost 7.3 percent to 337.1 pence. Europe’s biggest arms maker was cut to hold from buy at
Barclays advised investors to trim their exposure to EADS and take profits in BAE because of the potential for near-term challenges in the deal closure process. Barclays kept its overweight recommendation, similar to a buy, on both companies, reflecting long-term prospects.
National benchmark indexes fell in 11 of the 18 western- European (SXXP) markets.
FTSE 100 5,819.92 +37.84 +0.65% CAC 40 3,502.09 -41.70 -1.18% DAX 7,310.32 -33.21 -0.45%
Next Plc (NXT) slumped 7.2 percent to 3,320 pence after the U.K.’s second-largest clothing retailer said sales in August and early September were “disappointing,” paring growth for the year to date.
Imagination Technologies Group Plc. (IMG) tumbled 7.2 percent to 566 pence after saying first-quarter royalty revenue growth was in line with expectations, while royalty rates decreased slightly because of higher volumes in low-end smartphones.
Numis Securities downgraded its recommendation on the U.K. chip designer for mobile applications to hold from buy, with a price forecast of 590 pence per share.
Debenhams Plc (DEB), the U.K. department-store operator, slid 1.8 percent to 98.25 pence.
Home Retail Group Plc (HOME), an operator of home and general-merchandise retail stores, retreated 4.6 percent to 94.85 pence. A gauge of retailers was among the worst performers of the 19 industry groups on the Stoxx Europe 600 Index.
Vinci SA (DG), Europe’s biggest builder, fell 3.6 percent to 35.46 euros after Bank of America Corp. cut its recommendation on the shares to neutral from buy. A gauge of construction companies made the biggest contribution to the Stoxx 600’s decline today.
Vestas Wind Systems A/S (VWS), the world’s largest wind turbine maker, plunged 13 percent to 34.55 kroner. The company is considering selling shares to existing investors if talks on a strategic cooperation with Mitsubishi Heavy Industries Ltd. fail, two people familiar with the matter said.
Zodiac Aerospace (ZC), which manufactures and sells aeronautical equipment including weapons systems, added 2.1 percent to 79.60 euros after Societe Generale upgraded its recommendation on the shares to hold from sell.
WPP Plc (WPP), the world’s biggest advertising agency, rose 1.3 percent to 848 pence after the shares were raised to hold from underperform at Jefferies Group Inc.
Lonza Group AG (LONN) gained 4.9 percent to 49.32 Swiss francs. The Swiss specialty-chemical maker sold 305 million francs ($324 million) of bonds to refinance a bridge loan used for its acquisition of Arch Chemicals Inc. in October 2011.
Julius Baer Group Ltd. (BAER) advanced 2.9 percent to 33.49 francs. Chief Executive Officer Boris Collardi said he was “confident on the cost-cutting side” at the Asian wealth- management business it bought from Bank of America Corp
Oil rose to four-month high on concern that protests in the Middle East and North Africa could increase demand and on speculation the Federal Reserve will resort to additional measures to stimulate the economy.
Futures rose 1.6% after the protesters tried to storm the U.S. Embassy in Sana'a, Yemen. In this regard, Yemeni police cordoned off the area near the embassy to prevent access there. We also recall that on September 11, was killed the American ambassador to Libya, Chris Stevens, along with his three colleagues. Also on that day were reported clashes near the embassy in Cairo.
We also learned about the demonstrations in Egypt and Iran against the film, which is regarded as offensive to Islam. At least 16 people were injured and 24 arrested.
As market participants expect the decisions of the Federal Open Market Committee, which may announce a third round of bond purchases, known as quantitative easing today and extend its zero interest rate policy until 2015.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 97.97 per barrel.
October futures price of North Sea Brent crude oil mix is now $ 116.54 a barrel on the ICE Futures Europe Exchange.
Gold may gain after a report showed the number of Americans filing applications for unemployment benefits rose more than projected, boosting prospects that the Federal Reserve will take steps to spur growth.
Jobless claims increased 15,000 to 382,000 in the week ended Sept. 8, the biggest gain in almost two months, Labor Department figures showed. The median forecast of economists called for an increase to 370,000. Gold jumped 3.1 percent last week amid speculation that the Fed and the European Central Bank will announce measures to stimulate growth, increasing demand for the precious metal as a store of value.
Today’s unemployment numbers have sprung no surprises, so the hopes of a new round of easing remain alive.
Yesterday, the metal reached $1,749.50, the highest for a most- active contract since Feb. 29, amid expectations that the Federal Open Market Committee will announce stimulus measures today after the conclusion of its two-day meeting.
October futures price of gold on the COMEX is now 1733.2 dollars per ounce.
EUR/USD $1.2900, $1.2875, $1.2850, $1.2800, $1.2900
USD/JPY Y77.75, Y78.00, Y78.70
EUR/JPY Y100.25
GBP/USD $1.6000, $1.5920, $1.5800
EUR/GBP stg0.7950
EUR/CHF Chf1.2070
AUD/USD $1.0400, $1.0450, $1.0460, $1.0500, $1.0515
U.S. stock futures slightly fell as investors await the Federal Reserve announcement that may initiate a new round of bond buying.
Global Stocks:
Nikkei 8,995.15 +35.19 +0.39%
Hang Seng 20,047.63 -27.76 -0.14%
Shanghai Composite 2,110.38 -16.18 -0.76%
FTSE 5,793.27 +11.19 +0.19%
CAC 3,514.89 -28.90 -0.82%
DAX 7,320.97 -22.56 -0.31%
Crude oil $97.48 +0,48%
Gold $1735.80 +0.12%
Microsoft (MSFT) initiated with a Hold at Jefferies
Intel (INTC) downgraded to Neutral from Buy at Citigroup
Data
07:15 Switzerland Producer & Import Prices, m/m August -0.3% -0.2% +0.5%
07:15 Switzerland Producer & Import Prices, y/y August -1.8% -0.7% -0.1%
07:30 Switzerland SNB Interest Rate Decision - 0.25% 0.25% 0.25%
07:30 Switzerland SNB Monetary Policy Assessment -
08:00 Eurozone ECB Monthly Report -
The dollar dropped to the weakest in seven months versus the yen amid speculation the Federal Reserve will announce it will buy bonds under a program of quantitative easing that tends to debase the currency.
The greenback slid toward a four-month low against the euro before the central bank also releases policy makers’ forecasts for unemployment, inflation and the expected path of the federal funds rate.
The central bank is also predicted to extend the duration of its zero-interest-rate policy into 2015. Two previous series of bond purchases totaling $2.3 trillion have failed to revive the labor market, which Fed Chairman Ben S. Bernanke said last month is a “grave concern.”
The euro strengthened against most of its major peers today even as Greece’s Prime Minister Antonis Samaras received the second refusal in four days from coalition partners over plans to reduce spending that are key to receiving international aid. It rose yesterday after a German court said the country can ratify the European Stability Mechanism, a 500 billion-euro rescue fund.
EUR / USD: during the European session, the pair rose to $ 1.2931 and retreated
GBP / USD: the pair grown, reaching a high of $ 1.6125 and retreated
USD / JPY: the pair dropped to a mark of 77.57
At 12:30 GMT, Canada will release the house price index in the primary market for July and capacity utilization in Q2. At 12:30 GMT the U.S. producer price index will be released, including excluding prices for food and energy prices in August, the number of initial claims for unemployment insurance and the number of repeated applications for unemployment benefits. At 16:30 GMT FOMC decision will be published on the basic interest rate and the accompanying statement will be made FOMC. At 18:00 GMT the U.S. will publish a monthly report on the budget and economic outlook will be made by FOMC. At 18:15 GMT the press conference of the Federal Reserve System
EUR/USD
Offers $1.3000, $1.2950, $1.2940
Bids $1.2890
GBP/USD
Offers $1.6215/20, $1.6200, $1.6140-60
Bids $1.6060/50, $1.6030/20, $1.6000, $1.5960/50
AUD/USD
Offers $1.0600, $1.0580, $1.0540/50
Bids $1.0400
EUR/JPY
Offers Y100.85, Y100.65/70
Bids Y99.75/70, Y99.10/00, Y98.80
USD/JPY
Offers Y78.50, Y78.00-20
Bids Y77.30, Y77.20, Y77.00
EUR/GBP
Offers stg0.8080, stg0.8050, stg0.8025/30
Bids stg0.8000, stg0.7970, stg0.7945/40
European stocks fell after reaching a 14-month high yesterday, as investors awaited a Federal Reserve policy meeting that may include an announcement of further stimulus measures.
The Fed is likely today to announce another round of bond purchases, according to almost two-thirds of economists in a Bloomberg survey. The previous two series of quantitative easing totaling $2.3 trillion have failed to revive the labor market, which Fed Chairman Ben S. Bernanke said last month is a “grave concern.”
EADS slid 5.5 percent to 26.47 euros. The company said yesterday it has entered talks for a tie-up with BAE to build an equal to Boeing Co. that would balance civil and defense operations. Deutsche Bank AG downgraded the stock to hold from buy.
BAE lost 5.3 percent to 344.2 pence. Europe’s biggest arms maker was downgraded to hold from buy at Oriel Securities Ltd.
Barclays advised investors to trim their exposure to EADS and take profits in BAE given the potential for near-term challenges in the deal closure process.
FTSE 100 5,781.95 -0.13 0.00%
CAC 40 3,521.77 -22.02 -0.62%
DAX 7,319.53 -24.00 -0.33%
Sold E1.0bln 2017 BTP vs target E500mln-E1.0bln
- E1.0bln of 5.25% Aug 2017 BTP; avg yield 3.71%, cover 1.85
Sold E1.5bln 2026 BTP vs target E750mln-E1.5bln
- E1.5bln of 4.50% Mar 2026 BTP;avg yield 5.32%, cover 1.5
Sold E4bln 2015 BTP vs target E3bln-E4bln
- E4.0bln of 4.50% July 2015 BTP;avg yield 2.75% (4.49%),cover 1.49 (1.89)
EUR/USD $1.2900, $1.2875, $1.2850, $1.2800, $1.2900
USD/JPY Y77.75, Y78.00, Y78.70
EUR/JPY Y100.25
GBP/USD $1.6000, $1.5920, $1.5800
EUR/GBP stg0.7950
EUR/CHF Chf1.2070
AUD/USD $1.0400, $1.0450, $1.0460, $1.0500, $1.0515
Asian stocks swung between gains and losses as investors await a U.S. Federal Reserve’s policy announcement and after a Chinese newspaper commentary said massive stimulus measures would be “detrimental” to the nation’s sustainable growth.
Nikkei 225 8,995.15 +35.19 +0.39%
S&P/ASX 200 4,339.4 -21.85 -0.50%
Shanghai Composite 2,125.68 -0.87 -0.04%
James Hardie Industries SE, a building-materials supplier that gets 67 percent of sales from the U.S. rose 1.5 percent.
Bank of Communications Co. slid 1.4 percent in Hong Kong.
Kansai Electric Power Co. and Kyushu Electric Power Co. advanced on a report the utilities are considering a rate increase.
TDK Corp., a battery supplier to Apple Inc., climbed 4.4 percent in Tokyo after the iPhone 5 was unveiled.
01:00 Australia Consumer Inflation Expectation September +2.4% +2.4%
01:10 New Zealand RBNZ Governor Bollard Speaks -
01:30 Australia RBA Bulletin Quarter III
The dollar dropped to the lowest in seven months versus the yen amid speculation the Federal Reserve will announce it will buy bonds under a program of quantitative easing that tends to debase the currency. The Fed is projected to announce a third round of quantitative easing, or QE, today at the end of a two-day meeting, according economists in a Bloomberg News survey. The central bank is also predicted to extend the duration of its zero-interest-rate policy into 2015. Two previous series of bond purchases totaling $2.3 trillion have failed to revive the labor market, which Fed Chairman Ben S. Bernanke said last month is a “grave concern.”
Gains in the common European currency were limited after Greece’s Prime Minister Antonis Samaras received the second refusal in four days from coalition partners over plans to reduce spending that are key to receiving international aid. The 17-nation euro rose yesterday after Germany’s constitutional court said the country can ratify the European Stability Mechanism, a 500 billion-euro ($646 billion) rescue fund. The court also ruled Germany’s 190 billion-euro contribution can’t be increased without legislative approval.
Italy will auction today as much as 6.5 billion euros of government securities maturing in 2015, 2017 and 2026.
The New Zealand dollar remained higher following two days of gains after the country’s Reserve Bank left its benchmark interest rate unchanged at 2.5 percent today, in line with expectations of all 16 economists surveyed by Bloomberg. Governor Alan Bollard, who will step down later this month, signaled rates would remain unchanged through mid-2013.
EUR / USD: during the Asian session, the pair rose to yesterday's high.
GBP / USD: during the Asian session, the pair traded in the range of $1.6100-25.
USD / JPY: during the Asian session the pair fell by updating the seven-month low.
At 0780GMT, the SNB announces monetary policy decision. No outright policy action is expected, although further comments underlining the forex floor are likely. At 0800GMT, the ECB is to publish the Sep Monthly Bulletin. At 0900GMT, Italian Aug final HICP data is released. US data also starts at 1230GMT, with the September 8th week Jobless Claims data and the August Producer Price Index. The day's main event is set for 1630GMT, when the FOMC issues its policy decision after a two-day meeting, followed by updated quarterly economic projections at 1800GMT and Chairman Ben Bernanke's quarterly news conference at 1815GMT.
Yesterday the euro rose against the dollar to its highest level in four months, after a German court allowed ratify the ESM, increasing the demand for the single currency.
Euro continued its two-day rise against the yen, after the Constitutional Court of Germany has introduced certain conditions. It ruled that the German contribution to the ESM should not exceed 190 billion euros, and more - with the consent of the Bundestag lower house.
The dollar fell against most of its 16 major counterparts as the focus of traders focused on the outcome of the two-day meeting of the U.S. Federal Reserve, which will be announced.
The Australian dollar rose to a three-week high against the dollar on speculation that the Fed may announce the stimulus and after Premier Wen Jiabao said that China will resort to economic stimulus.
The British pound fell against the dollar after a report showed that the unemployment rate in the UK rose unexpectedly in July to a level of 8.1% from 8.0% in June.
The dollar index (DXY), which is used to track the value of the dollar against six major currencies, fell 0.2 percent to 79.722.
Asian stocks rose, with the regional benchmark index headed for the longest winning streak in two months, on speculation China and the U.S. will take more measures to spur growth in the world’s two biggest economies.
Nikkei 225 8,959.96 +152.58 +1.73%
S&P/ASX 200 4,361.3 +35.51 +0.82%
Shanghai Composite 2,120.3 -0.25 -0.01%
Electronics maker Samsung Electronics Co., which gets 48 percent of its revenue in China and the Americas, rose 3 percent in Seoul.
Fanuc Corp., the world’s biggest maker of industrial robots, gained 2.2 percent after Japan’s machinery orders beat estimates in July.
China Eastern Airlines Corp., the nation’s second-largest carrier by passengers, climbed 3.5 percent in Hong Kong after announcing plans to raise $570 million.
European stocks advanced to a 14- month high after Germany’s top constitutional court cleared the way for the ratification of the euro area’s permanent bailout fund.
BAE Systems jumped the most in nine years after the company began talks with European Aeronautic, Defence & Space Co., for a possible combination. Barratt Developments Plc (BDEV) lost 6.6 percent after the housebuilder said it won’t pay an annual dividend.
The Stoxx Europe 600 Index (SXXP) rose 0.1 percent to 272.91 at 4:30 p.m. in London, the highest close since July 8 last year.
The Stoxx 600 climbed in late afternoon trading yesterday as speculation grew that the U.S. Federal Reserve will boost stimulus. The gauge last week surged the most since June as European Central Bank policy makers agreed to an unlimited bond- buying plan to help lower borrowing costs in the region.
The Federal Constitutional Court in Karlsruhe today dismissed motions filed by groups including an opposition political party that sought to halt German ratification of the 500 billion-euro ($640 billion) fund, known as the European Stability Mechanism, and a deficit-control treaty championed by Chancellor Angela Merkel.
The court stipulated that Germany set a cap of about 190 billion euros on its liabilities before ratifying the ESM, unless parliament decides to back extra funds.
BAE jumped 10.6 percent to 363.6 pence, the biggest increase since January 2003. The talks with EADS are at an advanced stage and the two companies are exploring a transaction that would allow London-based BAE to maintain its independence to sell into the U.S. defense market, said one of the people, who asked not to be identified because the talks are private.
Commerzbank, Germany’s second-largest lender, rallied 7.2 percent to 1.58 euros as a gauge of European banks added 1.3 percent, the biggest advance among the 19 industry groups on the Stoxx 600. France’s Natixis (KN) SA jumped 6.4 percent to 2.65 euros, while Credit Agricole SA (ACA) advanced 6 percent to 5.90 euros.
ING, the largest Dutch financial-services firm, rose 1.9 percent to 6.79 euros. AXA SA (CS) climbed 2 percent to 12.78 euros and Allianz SE (ALV), Europe’s largest insurer, added 1.2 percent to 95.05 euros.
Investors also awaited the outcome of the Fed’s two-day policy meeting tomorrow amid expectations that the central bank will announce a third round of so-called quantitative easing to help support growth, according to almost two-thirds of economists in a Bloomberg survey.
National benchmark indexes rose in 14 of the 18 western European markets.
FTSE 100 5,782.08 -10.11 -0.17% CAC 40 3,543.79 +6.49 +0.18% DAX 7,343.53 +33.42 +0.46%
Vestas (VWS) dropped 8.9 percent to 39.90 kroner, extending yesterday’s 6.1 percent decline. Sanford C. Bernstein & Co. downgraded the company to underperform, the equivalent of a sell rating, from market-perform.
Barratt Developments lost 6.6 percent to 158.5 pence after the U.K.’s largest housebuilder by volume refrained from paying a dividend. The company was expected to pay investors 0.7 pence a share. Barratt last paid a dividend in 2008.
The shares fell even after the company posted its first full-year profit since 2008 of 67.4 million pounds ($109 million) compared with a loss of 13.8 million pounds a year earlier. The shares have surged 71 percent so far this year.
Lonmin Plc (LMI) dropped 6.3 percent to 572.5 pence after the mining company’s workers refused to return to their jobs and begin wage talks. A strike entered its second month at Lonmin’s Marikana operation, which accounts for about 10 percent of global platinum production.
Novo Nordisk A/S (NOVOB) declined 3.2 percent to 896 kroner as Natixis SA reduced its recommendation for the world’s largest insulin maker to neutral from buy.
Major U.S. stock indexes during trading showed mixed results, but still managed to finish the session a slight increase
At the beginning of today's session, support the growth index has positive market sentiment amid reports of constitutional recognition of Germany's participation in the European Stabilization Mechanism (ESM) by the Constitutional Court of the country. However, the decision was made to a number of conditions. The German Constitutional Court ruled that the German contribution to the ESM should not exceed 190 billion euros. More - with the consent of the Bundestag lower house.
However, the growth index was restrained on expectations of market participants is the outcome of today's meeting starting Open Market Committee Federal Reserve. The Bloomberg survey shows that the majority of economists (two-thirds) are awaiting a decision on the third round of QE to begin today meeting of the Federal Open Market.
It is also expected that there will be a decision to hold the federal funds rate to near zero level by 2015.
Announcement of the upcoming meeting will be held tomorrow.
In the composition of the index DOW most components declined. The greatest show shares minus E. I. du Pont de Nemours and Company (DD, -1,9%) and Bank of America Corporation (BAC, -1,00%). More than others in the share price rose Verizon Communications Inc. (VZ, +1.38%) and General Electric Company (GE, +1.16%).
Most of the major economic sectors are growing. The leader is the sector of industrial goods (+0.7%). The biggest minus demonstrates sector utilities (-1.1%).
At the close:
Dow 13,333.66 +10.30 +0.08%
Nasdaq 3,114.31 +9.78 +0.32%
S & P 500 1,436.58 +3.02 +0.21%
Change % Change Last
Oil $96.83 -0.18 -0.19%
Gold $1,734.00 +0.30 +0.02%Change % Change Last
Nikkei 225 8,959.96 +152.58 +1.73%
S&P/ASX 200 4,361.3 +35.51 +0.82%
Shanghai Composite 2,120.3 -0.25 -0.01%
FTSE 100 5,782.08 -10.11 -0.17%
CAC 40 3,543.79 +6.49 +0.18%
DAX 7,343.53 +33.42 +0.46%
Dow 13,333.66 +10.30 +0.08%
Nasdaq 3,114.31 +9.78 +0.32%
S&P 500 1,436.58 +3.02 +0.21%
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,2898 +0,36%
GBP/USD $1,6107 +0,25%
USD/CHF Chf0,9374 -0,17%
USD/JPY Y77,83 +0,05%
EUR/JPY Y100,40 +0,43%
GBP/JPY Y125,37 +0,31%
AUD/USD $1,0461 +0,32%
NZD/USD $0,8199 +0,33%
USD/CAD C$0,9757 +0,27%01:00 Australia Consumer Inflation Expectation September +2.4% +2.4%
01:10 New Zealand RBNZ Governor Bollard Speaks -
01:30 Australia RBA Bulletin Quarter III
07:15 Switzerland Producer & Import Prices, m/m August -0.3% -0.2%
07:15 Switzerland Producer & Import Prices, y/y August -1.8% -0.7%
07:30 Switzerland SNB Interest Rate Decision - 0.25% 0.25%
07:30 Switzerland SNB Monetary Policy Assessment -
08:00 Eurozone ECB Monthly Report -
12:30 Canada New Housing Price Index July +0.2% +0.3%
12:30 U.S. PPI, m/m August +0.3% +1.2%
12:30 U.S. PPI, y/y August +0.5% +1.5%
12:30 U.S. PPI excluding food and energy, m/m August +0.4% +0.2%
12:30 U.S. PPI excluding food and energy, Y/Y August +2.5% +2.6%
12:30 U.S. Initial Jobless Claims - 365 370
16:30 U.S. Fed Interest Rate Decision - 0.25% 0.25%
16:30 U.S. FOMC Statement -
18:00 U.S. Federal budget August -69.6 -157.1
18:00 U.S. FOMC Economic Projections -
18:15 U.S. Federal Reserve Press Conference -
22:45 New Zealand Food Prices Index, m/m August +0.2%
22:45 New Zealand Food Prices Index, y/y August -1.8%
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