CFD Markets News and Forecasts — 14-12-2012

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14.12.2012

20:00

Dow 13,134.63 -36.09 -0.27%, Nasdaq 2,968.01 -24.15 -0.81%, S&P 500 1,413.64 -5.81 -0.41%

19:32

American focus: dollar fell

The yen strengthened from an almost nine-month low against the dollar as technical indicators showed the decline was overdone before elections on Dec. 16 where Japan’s opposition leader Shinzo Abe is projected to win. The Japanese currency pared a weekly loss as Abe has called on the Bank of Japan to provide “unlimited easing” and set an inflation target of at least 2 percent.

The euro reached the highest in seven months versus the dollar as preset buy orders were triggered. The euro touched an eight-month high versus the yen after EU finance ministers meeting overnight in Brussels agreed to put the European Central Bank in charge of all euro-area lenders in a deal that paves the way for the currency bloc’s firewall fund to provide direct bailouts to banks.

The dollar weakened against major peers after consumer prices in the U.S. fell more than forecast last month, a sign the Federal Reserve’s bond-buying program hasn’t caused inflation. The 0.3 percent decrease in the consumer-price index was the first drop since May and followed a 0.1 percent gain the prior month, the Labor Department reported today in Washington. The median estimate of 80 economists called for a 0.2 percent drop. The core index, which excludes volatile food and energy costs, climbed less than projected.

The Canadian dollar was lower against the U.S. dollar after the bank downgrades by S&P and the weak data on shipments in the manufacturing sector in Canada. S&P has downgraded the ratings of several banks in Canada. The list of banks whose ratings have come under attack, included ScotiaBank, Banque National and several smaller institutions. In November, shipments in the manufacturing sector of Canada fell 1.4%

18:30

European stocks close:

European stocks closed little changed as investors watched U.S. lawmakers debate a new budget agreement to avoid automatic tax increases and spending cuts in the world’s largest economy.

U.S. President Barack Obama and House Speaker John Boehner met yesterday to discuss averting more than $600 billion of spending cuts and tax increases before a year-end deadline, with no public announcement of progress.

Industrial production in the world’s largest economy increased 1.1 percent in November, after a revised 0.7 percent drop the previous month, the Federal Reserve said today. That beat the median forecast that called for a 0.3 percent gain.

In China, a report showed manufacturing may expand at a faster pace this month. The December preliminary reading was 50.9 for a purchasing managers’ index released today by HSBC Holdings Plc and Markit Economics. That compares with the 50.8 median projection. The Shanghai Composite Index jumped the most since October 2009 also on speculation that state-backed institutions were buying shares.

In the euro area, a preliminary report showed that a measure of manufacturing climbed to 46.3 in December, up from 46.2 in the previous month. A composite index that also includes services jumped to 47.3 this month, the highest since March, from 46.5 in November. A reading below 50 means contraction.

FTSE 100 5,921.76 -7.85 -0.13%, CAC 40 3,643.28 +0.15 0.00%, DAX 7,596.47 +14.49 +0.19%

Fiat SpA, which owns 58.5 percent in Chrysler Group LLC, dropped 1.9 percent to 3.63 euros. Il Messaggero reported that Chief Financial Officer Richard Palmer held meetings with banks on a possible capital increase to fund its acquisition of the remaining 41.5 percent of Chrysler.

Alcatel-Lucent rallied 7 percent to 91.3 euro cents after saying it will get a $2.1 billion multiyear financing commitment from Goldman Sachs and Credit Suisse. The deal “provides stabilization and enhances Alcatel-Lucent’s liquidity profile,” the company said.

Akzo Nobel advanced 7.1 percent to 48.70 euros, the biggest jump since September 2011, after PPG Industries agreed to buy its North American decorative-paints business for $1.05 billion.

ProSiebenSat.1 Media AG rallied 1.8 percent to 23.66 euros after Discovery Communications Inc. agreed to buy the German broadcaster’s northern European assets.

17:54

Oil rises on expansion in U.S., Chinese manufacturing

Oil rose for the third time in four days as manufacturing grew in the U.S. and China, the world’s two biggest oil-consuming countries.

Futures advanced as much as 1.2 percent as industrial production in the U.S. rose in November by the most in two years, the Federal Reserve reported. A preliminary purchasing managers’ index showed China’s manufacturing is expanding at a faster pace this month.

Output at U.S. factories, mines and utilities increased 1.1 percent last month after a revised 0.7 percent drop in October that was more than initially estimated, the Fed reported. Economists forecast a 0.3 percent advance. Manufacturing, which is a part of production, also surged 1.1 percent in November, the most this year.

In China, a preliminary purchasing managers’ index by HSBC Holdings Plc and Markit Economics indicated a reading of 50.9, for December, higher than a median estimate of 50.8 in a survey. It followed a reading of 50.5 in November, which was above the expansion-contraction dividing line of 50 and was the first growth in 13 months.

Oil also rose as the euro strengthened against the dollar after European Union chiefs pledged to seek a joint strategy for handling failing banks. A stronger euro and weaker dollar raise dollar-denominated oil’s appeal as an investment alternative.

West Texas Intermediate crude for January delivery advanced to $86.92 a barrel on the New York Mercantile Exchange. Prices are up 0.6 percent since Dec. 7 and are heading for the fifth weekly gain since Nov. 2.

Brent for January settlement, which expires today, rose $1.20, or 1 percent, to $109.11 a barrel on the London-based ICE Futures Europe exchange. The more actively traded February contract gained $1.11 to $107.57. The European benchmark grade was at a premium of $22.65 to WTI.

17:12

GBP/USD: Pound jumped to a daily high at 1.6162

The British pound rose in the last few hours of almost a half-figure of 1.6110 - to an intraday high of 1.6162.

17:00

European stocks closed slightly changed: FTSE 100 5,921.76 -7.85 -0.13%, CAC 40 3,643.28 +0.15 0.00%, DAX 7,596.47 +14.49 +0.19%

16:32

EUR/USD: Euro jumped to $ 1.3142, its highest since October 17, as the strong performance of industrial production and the manufacturing PMI U.S. supported the players' interest risk

16:25

Gold prices near $ 1,700 an ounce

Spot gold price at auction on Friday continues to stay below $ 1,700 an ounce, seeking a third consecutive weekly decline, as investors await progress in the negotiations on the budget of the United States.

U.S. President Barack Obama and House Speaker John Beyner met again on Thursday to address the "budget cliff" - raise taxes and cut spending by $ 600 billion, which will come into force in early 2013, if the politicians do not come to other agreements, and can push the world's largest economy into recession.

This year, the gold price will rise 12 th consecutive year, mainly due to the easing of central banks. The U.S. Federal Reserve on Wednesday directly linked its policy with unemployment and inflation, and announced that it would continue buying long-term Treasury bonds of maturities of $ 45 billion a month, as well as mortgage-backed securities by $ 40 billion a month.

Last month, U.S. inflation slowed more than expected amid falling energy prices, confirming that the level of CPI in the country is under control.

In November, the consumer price index fell 0.3% - the first time since May - against 0.1% the previous month, as reported today by the Ministry of Labor in Washington. Economists expected a more modest decline (-0.2%). Net CPI, which does not include volatile components such as food and energy, rose less than forecast.

Faced with little threat of inflation, this week's Federal Reserve policy expanded the program of asset purchases, based on the reduction of unemployment and stimulate economic growth.

February futures price of gold on COMEX today is trading in the range of 1694.00 - 1701.90 dollars per ounce.

16:02

USD/CAD: Canadian dollar fell after downgrades of banks and weak data on shipments

USD/CAD updated for a maximum of 0.9862, after it was reported that S & P downgraded the ratings of several banks in Canada. The list of banks whose ratings have come under attack, included ScotiaBank, Banque National and several smaller institutions.

USD/CAD rose by the messages, as well as weak data on shipments in the manufacturing sector in Canada.

15:47

USD/JPY hit a low of 83.31 due to the closing of short positions

Investors use the weak value of the consumer price index (CPI) for the partial closure of the U.S. short positions in the Japanese yen, which made the dollar into negative territory against the Japanese currency.

The market opened an excessive amount of long positions in the pair dollar / yen in Japan before the election, scheduled for Sunday. Expected to come to power a political party, intentional conduct active easing of monetary policy, so there is a partial closing of short positions on the yen.

14:33

US Stocks open: Dow 13,167.42 -3.30 -0.03%, Nasdaq 2,972.06 -20.10 -0.67%, S&P 1,415.00 -4.45 -0.31%

14:29

Before the bell: S&P futures -0.02%, Nasdaq futures -0.44%

U.S. stock futures were little changed as data showed China’s manufacturing may expand at a faster pace and investors watched budget talks in Washington.

Global Stocks:

Nikkei 9,737.56 -5.17 -0.05%
Hang Seng 22,605.98 +160.40 +0.71%
Shanghai Composite 2,150.63 +89.15 +4.32%
FTSE 5,922.38 -7.23 -0.12%
CAC 3,637.66 -5.47 -0.15%
DAX 7,580.92 -1.06 -0.01%
Crude oil $86.26 +0.43%
Gold $1697.50 +0.05%