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CFD Markets News and Forecasts — 24-12-2012
European stocks retreated for a second straight day as volume tumbled before the Christmas holiday and concern grew U.S. policy makers won’t meet a year- end budget deadline.
Exchanges in 10 of the 18 western European nations were shut today, including Germany, Switzerland and Italy. The other markets closed early.
Time is running out for U.S. lawmakers to agree on a budget deal to avoid triggering more than $600 billion in tax increases and spending cuts in January, Senator Joseph Lieberman said. The odds are that Republicans and Democrats won’t be able to reach a deal in the lower house and Senate leaders now must take charge of resolving the stalemate, Lieberman, a retiring Connecticut independent, said on CNN’s “State of the Union” program.
In Europe, Italian Prime Minister Mario Monti said he won’t run in the country’s elections in February, though he would consider being the candidate for a coalition backing his economic agenda. Monti announced his resignation on Dec. 21, paving the way for elections on Feb. 24-25.
D’Ieteren plummeted 17 percent to 30.40 euros, the biggest drop since at least 1990. The owner of the world’s largest vehicle-glass repair company said its 2012 profit decline will be deeper than earlier projections and forecast an earnings drop of at least 10 percent next year. D’Ieteren now sees pretax profit excluding one-time items down about 30 percent this year, compared with a Nov. 8 estimate of a 25 percent slide.
British American Tobacco, Europe’s largest cigarette maker, dropped 1.3 percent to 3,101 pence, contributing the most to the Stoxx 600’s decline.
UBM rose 1 percent to 721 pence as a gauge of media companies posted the best performance of 19 industry groups in the Stoxx 600.
U.S. stock futures fell amid concern that President Barack Obama and Congress will fail to agree on a budget by the end of the year.
Global Stocks:
Hang Seng 22,541.18 +34.89 +0.16%
Shanghai Composite 2,159.05 +5.74 +0.27%
FTSE 5,954.18 +14.19 +0.24%
CAC 3,652.61 -8.79 -0.24%
DAX 7,636.23 -35.87 -0.47%
Crude oil $88.49 -0.19%
Gold $1661.70 +0.10%
General Motors (GE) resumed with a Buy at Goldman
Needham raised Yahoo! (YHOO) price target to $26 from $19
Needham raised Facebook (FB) target to $33 from $25. In addition
EUR/USD $1.3150, $1.3200, $1.3250
USD/JPY Y84.50, Y84.25, Y84.00, Y83.50
GBP/USD $1.6200
EUR/GBP stg0.8150
AUD/USD; $1.0400
Data
2:00 Japan official holiday
2:00 Eurozone bank holiday
2:00 The official holiday Switzerland
The yen fell to a 20-month low against the dollar after the newly elected Japanese Prime Minister Shinzo Abe said he would consider the question of changing the law that governs the actions of the central bank, if it can raise the inflation target. Abe also urged the Bank of Japan to conduct unlimited easing before the end of deflation and restore growth.
Japan's currency fell against all but one of the major currencies on speculation the Bank of Japan to increase foreign exchange measures to achieve the inflation target.
The dollar weakened against the euro Friday after a sharp increase, driven by fears that U.S. lawmakers will not be able to avoid the so-called "financial cliff", which include increases in taxes and spending cuts. We also recall that on Friday, President Barack Obama called the leaders of both parties to agree at least on the minimum compromise on taxes to avoid raising rates for 98% of the country's citizens and to extend unemployment benefits for 2 million Americans. According to the President, the time to reach a comprehensive agreement in 2012 no longer exists. For its part, the Republican House Speaker John Boehner said he was ready for new talks, but after the failure of the passage through the House bill designed it believes that the first should have their say the Senate, where Democrats have a majority. The Senate could theoretically consider his bill Thursday.
EUR / USD: during the European session, the pair rose to $ 1.3223
GBP / USD: during the European session, the pair went up to a maximum of $ 1.6203
USD / JPY: during the European session is around Y84.30-Y84.50
At 23:50 GMT Japan will price index for corporate services in November.
EUR/USD
Offers $1.3295/310, $1.3250/55, $1.3230/35
Bids $1.3200, $1.3125/15, $1.3100
GBP/USD
Offers $1.6310, $1.6285/300, $1.6260, $1.6230/35, $1.6205
Bids $1.6185/80, $1.6145/35, $1.6220, $1.6195/90, $1.6155/50, $1.6120
AUD/USD
Offers $1.0530/35, $1.0510, $1.0500, $1.0480, $1.0450/55
Bids $1.0385/80, $1.0370, $1.0350
EUR/JPY
Offers Y112.50, Y112.00/20, Y111.80
Bids Y111.10/00, Y110.65/50, Y110.35/30, Y110.10/00
USD/JPY
Offers Y85.10/20, Y84.90/5.00, Y84.60-75
Bids Y84.20, Y84.00, Y83.80, Y83.60/50
EUR/GBP
Offers stg0.8280, stg0.8220, stg0.8195/200, stg0.8170
Bids stg0.8125/20, stg0.8115/10, stg0.8095/90, stg0.8080, stg0.8065/60, stg0.8045, stg0.8035/30
Market in Europe is not observed habitual activity, as in connection with the Catholic Christmas closing of most countries, including the trade of Germany, Italy and Switzerland.
As before, the focus of the market is still a threat to the "fiscal cliff" in the United States. U.S. President Barack Obama expressed confidence that the U.S. would avoid the "fiscal cliff." President's words came during a press conference, television channel CBS.
His statement the White House made after talks with Senate Democratic leader Harry Reid and Republican Speaker of the U.S. House of Representatives John Boehner.
Gross domestic product (GDP) in the UK according to final data rose by 0.9% in the III quarter of 2012. with respect to the II quarter, reported the National Bureau of Statistics of the country. Analysts had forecast a growth rate of 1%. Previously reported preliminary data on GDP growth in the UK in the III quarter of 2012. by 1.0%.
FTSE 100 5,952.20 -0.21% +12.21
DAX 7,636.23 -35.87 -0.47%
CAC 3,655.54 -5.39 -0.15%
Shares D'Ieteren SA, has been repairing windows of vehicles fell by 14%. The company downgraded earnings for 2012 and expects to reduce the indicator in 2013 by at least 10%.
It is estimated D'Ieteren, before tax profit excluding one-time factors on the results of this year will be reduced by 30%, while November 8 predicted decline of 25%.
EUR/USD $1.3150, $1.3250, $1.3200, $1.3250
USD/JPY Y84.00, Y83.50, Y84.25, Y84.50,
GBP/USD $1.6200
EUR/GBP stg0.8150
AUD/USD; $1.0400
Most Asian stocks gained, led by gold producers and Chinese banks. Trading volume was low across the region ahead of the Christmas holiday amid speculation U.S. lawmakers will miss a deadline on budget talks.
Nikkei 225 Closed
S&P/ASX 200 4,635.19 +11.61 +0.25%
Shanghai Composite 2,159.05 +5.74 +0.27%
Alacer Gold Corp. led producers of the precious metal higher.
China Construction Bank Corp., the nation’s second- largest lender, advanced 1.1 percent.
Korea Gas Corp. slid 5.3 percent in Seoul after the world’s largest buyer of liquefied natural gas delayed the sale of asset-back securities.
On Friday trading the yen and the dollar strengthened, which was caused by the flight of investors in these assets due to concerns that a deal to reduce the deficit will not be achieved, against which spending cuts and tax increases will not be possible to avoid.
The single currency has lost all of his conquered during the day, the position relative to the dollar, after it was reported that a scheduled vote on the plan, Speaker John Boehner was canceled. Note that members of the House of Representatives and the Senate decided to continue voting after Christmas. Note that to solve the problem they will have less than a week. Meanwhile, to reach an agreement, Boehner should receive sufficient support from the Republicans, and to maintain control over his party, relying on the votes of Democrats who need to take any action. In addition, the decline of the euro has also been caused by the statement that the Italian Prime Minister Mario Monti will retire.
Showed a significant drop and the pound, which fell to a seven-week high against the dollar after a report showed that the UK economy grew in the third quarter, less than previously estimated, and the budget deficit unexpectedly increased last month. It is learned that the gross domestic product grew by 0.9%, while the original estimate was 1%. Between it, the deficit without state support of banks was 17.5 billion pounds compared with 16.3 billion pounds a year earlier.
In addition, the London research group GfK said its sentiment index fell to -29 in November from -22 in November, which was the highest level since May 2011.
Asian stocks fell, with the regional benchmark index heading for the first two-day loss in five weeks, after U.S. House Republican leaders canceled a planned vote that would permit higher taxes amid stalled budget talks.
Nikkei 225 9,940.06 -99.27 -0.99%
S&P/ASX 200 4,623.58 -10.53 -0.23%
Shanghai Composite 2,153.31 -15.04 -0.69%
Techtronic Industries Co., a maker of power tools that gets 72 percent of its sales in North America, dropped 1.7 percent in Hong Kong.
Samsung Electronics Co. dropped 4.1 percent in Seoul after the European Union said its preparing an antitrust complaint against the maker of TVs and smartphones.
Mitsubishi Estate Co. rose 2.9 percent, pacing gains among Japanese realtors, on a report the Bank of Japan may reconsider its objectives for inflation.
European (SXXP) stocks fell from a 19-month high as U.S. House Republicans canceled a vote on higher taxes for top earners, fueling concern budget talks will fail.
The Stoxx Europe 600 Index dropped 0.3 percent to 280.95 at the close in London, paring its weekly gain to 0.6 percent.
Indexes pared earlier losses after a report showed orders for durable goods in the U.S. climbed 0.7 percent last month, beating the median forecast for a 0.3 percent increase in a Bloomberg survey. A separate release showed U.S. consumer confidence fell in December to a five-month low.
National benchmark indexes fell in 12 of the 18 western European markets.
FTSE 100 5,939.99 -18.35 -0.31% CAC 40 3,661.4 -5.33 -0.15% DAX 7,636.23 -35.87 -0.47%
Aeroports de Paris (ADP) slumped 5.4 percent to 58.62 euros, the biggest decline since August 2011, after cutting projections for earnings before interest, taxes, depreciation and amortization and for traffic growth. ADP now expects Ebitda growth of 25 percent to 35 percent between 2009 and 2015, compared with its previous forecast of 40 percent.
ArcelorMittal dropped 2.5 percent to 12.88 euros. The world’s biggest steelmaker will write down the goodwill in its European businesses by about $4.3 billion as the region’s weakening economy erodes demand.
Eurasian Natural Resources Corp., a producer of ferro alloys and iron ore in Kazakhstan, slid 1.4 percent to 276.9 pence. The stock was cut to neutral from buy at Goldman Sachs Group Inc. A measure of the shares of commodity companies declined for a third day.
Alcatel-Lucent SA (ALU) lost 3.8 percent to 1.02 euro. Standard & Poor’s may cut the French network-equipment vendor’s long-term rating.
Spectris Plc (SXS) fell 1.5 percent to 2,019 pence, for the largest drop in more than a month. the U.K.’s biggest maker of production-testing gear was downgraded to hold from buy at Investec.
Major stock indexes retreated from session lows, but still finished the session below zero. For the week DOW index rose 0,42%, Nasdaq rose 1,67%, S & P500 gained 1.17%
Note that the index held near the minimum values on fears that the U.S. government will not be able to solve the Jan. 1 issue of "fiscal cliff."
Yesterday after the close of yesterday's trading on the major U.S. stock markets, it was reported that House Speaker John Boehner failed to promote his alternative plan on taxes and government spending through the lower house of Congress. Boehner could not get support from not only Democrats, but Republicans.
Yesterday's events have shown that some members of the Republican party is not willing to raise taxes, even for people whose income exceeds $ 1 million a year. It is this plan called for Boehner. Recall Obama conceded and now advocates a tax increase for people with incomes greater than $ 400 thousand a year.
So, after yesterday's events in a compromise solution to the looming problem became even more uncertain.
At a press conference today, John Boehner not announced any new information about the negotiations. Boehner said again today that the U.S. President does not solve the problem with respect to costs. Speaker also noted that Congress has passed a bill to prevent the budget cliff. Yesterday's failure has been said that "the desire of Congress was not to" plan B "".
All components of the index DOW, except one, are reduced. Below are the rest of the shares Bank of America (BAC, -2.00%). Currently showing only modest growth stocks American Express (AXP, +0.47%).
All sectors of the S & P is in the red. Maximum loss is conglomerates sector (-1.1%) and technology sector (-1.1%).
At the close:
Dow -119.11 13,192.61 -0.89%
Nasdaq -31.09 3,019.30 -1.02%
S & P -13.40 1,430.29 -0.93%
00:00 Japan Bank holiday
The yen declined versus its peers after incoming Japanese prime minister Shinzo Abe said he will consider changing the law governing the central bank unless it boosts its inflation target to 2 percent next month. Abe said on Fuji Television yesterday that he will consider revising the central bank law if the Bank of Japan (8301) fails to increase its inflation target from 1 percent at its January meeting. He is poised to become prime minister after his Liberal Democratic Party’s coalition secured a majority in elections on Dec. 16.
The greenback remained stronger versus the euro amid concern U.S. lawmakers will fail to avert the so-called fiscal cliff of tax increases and spending cuts, supporting demand for haven assets. In Washington, political leaders are debating how to avoid the fiscal cliff: more than $600 billion in automatic tax increases and spending cuts that will take effect in January unless Congress acts. House Republican leaders canceled a vote on Speaker John Boehner’s plan to allow higher tax rates for annual income above $1 million last week, sending stocks prices lower. Boehner, an Ohio Republican, said in a statement on Dec. 20 that his tax measure -- which he called “Plan B” -- “did not have sufficient support from our members to pass.”
EUR/USD: during the Asian session, the pair traded in the range of $ 1.3170-85.
GBP/USD: during the Asian session, the pair traded in the range of $ 1.6140-70.
USD/JPY: during the Asian session, the pair traded in the range of Y84.30-50.
The calendar for Monday is extremely quiet. Japanese markets remain closed for the Emperor's Birthday holiday, but in terms of the volume economic data releases they are still up there with the UK and euro zone who both also have empty calendars.
00:00 Japan Bank holiday -
00:00 Eurozone Bank holiday -
00:00 Switzerland Bank holiday -
23:50 Japan CSPI, y/y November -0.7% -0.6%
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