CFD Markets News and Forecasts — 27-11-2012

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27.11.2012

20:01

Dow 12,900.36 -67.01 -0.52%, Nasdaq 2,974.52 -2.26 -0.08%, S&P 500 1,402.36 -3.93 -0.28%

19:20

American focus: dollar rose

The euro fell from the highest this month against the dollar on concern a deal for Greece to buy back its bonds may falter, holding up disbursements of bailout funds to the nation.

The dollar extended gains against major counterparts after consumer confidence rose to the highest in more than four years. Euro-area finance chiefs and the International Monetary Fund said they would cut Greece’s interest rates and give it more time to pay back rescue loans after the repurchase of government debt.

In the latest bid to keep the 17-nation euro intact, the lawmakers cut the rates on bailout loans, suspended interest payments for a decade, gave Greece more time to repay and engineered a Greek bond buyback. The country was also cleared to receive a 34.4 billion-euro ($44.7 billion) loan installment in December.

The U.S. currency will appreciate against all of its Group of 10 counterparts except the Canadian dollar by 2014, as America’s economy expands 2 percent, more than the 1.26 percent average. And as the U.S. economy shrugs off the fiscal cliff and outperforms the G-10 nations.

Lawmakers are trying to avert the fiscal cliff, a collection of $607 billion in automatic tax increases and spending cuts scheduled to take effect at the beginning of 2013 unless lawmakers take action, to prevent a short-term shock to the economy and reach an agreement on long-term deficit reduction.

Sterling strengthened after a report confirmed Britain’s economy exited a double-dip recession in the third quarter. The pound added 0.3 percent to 80.73 pence per euro. The U.K. currency was little changed at $1.6025 after rising to $1.6056, the highest since Nov. 2.

18:20

European stocks close:

European stocks advanced after euro- region finance ministers eased the terms of aid for Greece and cleared the way for a loan instalment in December.

European finance ministers eased the terms on emergency aid for the Mediterranean nation. In the latest bid to keep the 17- nation euro-area intact, the ministers cut the rates on bailout loans, suspended interest payments for a decade on money from the temporary rescue fund, gave the country more time to repay, and engineered a Greek bond buyback. Greece was also cleared to get a 34.4 billion-euro ($44.7 billion) loan instalment in December.

In the U.K., consumer spending and exports propelled the economy to its fastest growth since 2007 in the third quarter. Gross domestic product rose 1 percent from the second quarter, the same as reported on Oct. 25, the Office for National Statistics said today in London.

National benchmark indexes rose in 13 of the 18 western European markets. France’s CAC 40 Index was little changed, while Germany’s DAX Index rose 0.6 percent. The U.K.’s FTSE 100 Index gained 0.2 percent.

Remy Cointreau surged 6.4 percent to 88.51 euros for the biggest gain in the Stoxx 600. The company said first-half adjusted operating profit from current operations rose to 141.5 million euros, beating analyst estimates for 137.3 million euros. Remy Cointreau said second-half growth will be more moderate than in the first half. Still, it confirmed its target to “substantially” lift annual earnings.

Galp lost 5.9 percent to 11.50 euros. Eni said late yesterday that it’s selling 49.8 million Galp shares. They are being offered at 11.48 euros to 11.73 euros apiece, according to the terms obtained.

17:22

Fitch took a look at the Greek debt buyback, says is positive but risks remain

The agreement can help put Greece's sovereign debt on a sustainable path

Has yet to provide answers to key questions, the risk associated with the sale, a high

Forecasts suggest that the pact will help restore annual economic growth to 3% -3.5% by the end of the decade

Projections suggest that Greece will maintain a primary surplus of 4.5% of GDP in 2016

The agreement confirms that the Eurogroup still thinking to solve the Greek crisis, which will allow the country to remain in the eurozone

Questions remain regarding the implementation of the recapitalization of banks

Questions remain as to whether there will be enough to pour capital in order to ensure the viability of banks in the long term

It is not clear whether an agreement to increase the confidence of consumers and investors enough to halt the decline of the economy

17:02

European stocks closed in plus: FTSE 100 5,799.71 +12.99 +0.22%, CAC 40 3,502.13 +1.19 +0.03%, DAX 7,332.33 +40.30 +0.55%

16:40

Oil fell for a second day

Oil fell for a second day as U.S. crude inventories were forecast to increase and on concern that a deal for Greece to buy back its bonds may falter.

Prices dropped as much as 1 percent as oil supplies probably grew 350,000 barrels last week, according to analysts surveyed by Bloomberg before an Energy Department report tomorrow. If the Greek emergency aid package agreed to by European finance ministers falls through, it could hold up disbursements of bailout funds to the nation.

In the latest bid to keep the 17-nation euro intact, European finance ministers eased the terms on emergency aid for Greece.

The finance chiefs cut the rates on bailout loans, suspended interest payments for a decade, gave Greece more time to repay and engineered a bond buyback. The country was also cleared to receive a 34.4 billion-euro ($44.7 billion) loan installment in December.

Oil also followed declines in U.S. stocks amid the ongoing budget debate in Washington and concern about the so-called fiscal cliff. Congress returns from the Thanksgiving recess this week, seeking a budget deal to avoid $607 billion of automatic tax increases and spending cuts from kicking in next year.

Crude for January delivery fell to $86.83 a barrel on the New York Mercantile Exchange. Prices are down 12 percent this year.

Brent for January settlement slid $1.31, or 1.2 percent, to $109.61 a barrel on the London-based ICE Futures Europe exchange.

16:20

Gold fell

Gold cheaper against the strengthening dollar after U.S. consumer confidence reached a four-year high

In November, the U.S. consumer confidence (confidence index Conference Board) reached 73.7 - the highest since February 2008 - vs. 73.0 and 72.2 the previous month. This is a sign of potential growth expenditures.

As shown by the report, the percentage of Americans who plan to buy a home, rose to a record high, suggesting that the recovery of the housing market and the labor market allow households decided on long-term costs. Sustained recovery in consumer spending, which account for a significant share of the U.S. economy, could help to overcome concerns about the impending "financial failure."

House price index fell from +0.7% to +0.2% vs. +0.4%. Richmond Fed index jumped from -7 to 9 against expectations of -2. Housing prices S & P / Case-Shiller rose to 3.0% vs. 2.9% expected and revised from 2.0% to 0.8% of the previous value.

Earlier, gold prices rose by almost $ 3 thanks to an agreement on international creditors Greece reduce its debt.

Euro zone finance ministers and the International Monetary Fund as a result of 12-hour talks on Monday agreed to reduce Greece's debt by 40 billion euros, which will allow them to allocate new loans to Athens. With this news the euro rose to a month high against the dollar.

The market continues to monitor the talks in the U.S., designed to help the country avoid a financial crisis at the beginning of next year. Republicans in Congress on Monday, President Barack Obama offered a detailed description of the proposed spending cuts and confirmed the rejection of higher taxes on the rich, the Democrats proposed.

Activity in the physical market of Asia decreased after small scrap sales on Monday, according to dealers.

December futures price of gold on COMEX today fell to 1742.50 dollars per ounce.

16:00

GBP / USD The pound updated intraday low $ 1.6011 on data on consumer confidence in the U.S.

Strong results of the report on consumer confidence in the U.S. in November, and a surprisingly high figure provoked Richmond Fed dollar rally, in which the currency of all losses incurred earlier. GBP / USD slipped from 1.6050 level, reaching a low of 1.6011.

In November, consumer confidence in the U.S. reached 73.7 - the highest since February 2008 - vs. 73.0 and 72.2 the previous month. Richmond Fed index jumped from -7 to 9 against expectations of -2.

House price index fell from +0.7% to +0.2% vs. +0.4%. Housing prices S & P / Case-Shiller rose to 3.0% vs. 2.9% expected and revised from 2.0% to 0.8% of the previous value.