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European stocks declined as Bank of England policy maker Adam Posen ended his support for more stimulus and bad loans surged in Spain.

Posen ended his push for further Bank of England stimulus, joining the majority of the nine-member Monetary Policy Committee in seeking no change to the 325 billion-pound ($517 billion) asset-purchase target, according to minutes of their April 4-5 meeting published today in London.

Non-performing loans for Spanish banks as a proportion of total lending jumped to 8.16 percent in February, the highest level since 1994, from less than 1 percent in 2007, according to Bank of Spain data. The total credit in the economy that the regulator lists as “doubtful” reached 143.8 billion euros.

National benchmark indexes fell in 15 of the 18 western- European markets. France’s CAC 40 Index declined 1.6 percent and the U.K.’s FTSE 100 Index slid 0.4 percent. Germany’s DAX Index lost 1 percent. Spain’s IBEX 35 Index retreated 4 percent to its lowest since March 2009.

Santander, Spain’s largest bank, dropped 4 percent to 4.81 euros. Banco Popular Espanol SA fell 3.2 percent to 2.39 euros. CaixaBank slid 3.5 percent to 2.60 euros. A gauge of European bank shares was the second-worst performer of the 19 industry groups on the Stoxx 600.

Repsol dropped 6.2 percent to 15.40 euros. Argentina rejected its demand for $10.5 billion in compensation after President Cristina Fernandez de Kirchner seized its YPF SA unit, saying it hasn’t invested enough in the South American country.

Iberdrola dropped 7.9 percent to 3.59 euros, its lowest since November 2003, after Actividades de Construccion & Servicios SA sold a 3.7 percent stake in Spain’s biggest power company to cut debt. ACS tumbled 6.1 percent to 16.45 euros as it said the stake sale will reduce its earnings by 540 million euros.

Statoil Fuel & Retail soared 51 percent to 52.60 kroner. Alimentation Couche-Tard offered to buy the company for 53 kroner per share, valuing it at 15.9 billion kroner ($2.8 billion). The offer represents a 53 percent premium for Scandinavia’s biggest gas-station operator, the Laval, Canada- based company said in a statement today. Statoil ASA (STL), Norway’s biggest oil producer, has agreed to sell its 54 percent stake in the company.

BHP Billiton added 0.9 percent to 1,943 pence, gaining for a third day. The world’s largest mining company said third- quarter iron ore production rose 14 percent as it expands its mines and port in Australia.

Heineken NV advanced 2.5 percent to 43.35 euros after reporting first-quarter revenue of 3.83 billion euros, beating analysts’ estimates of 3.74 billion euros.

The yen weakened for a second day against all of its 16 most-traded counterparts after the Bank of Japan suggested more stimulus may be needed even as global economic growth accelerates. The dollar gained to a one-week high versus the yen as Bank of Japan Deputy Governor Kiyohiko Nishimura said the central bank is ready to implement additional easing. The Japanese currency dropped the most against the pound after Nishimura said it’s vital to make efforts to support upward momentum toward an economic recovery. The BOJ is “committed to implementing additional easing measures, if deemed necessary,” he said in a speech in Okayama, western Japan.

Euro fell against the dollar amid growing profitability of peripheral bonds. Thus, the yield on 10-year bond 5.87% Spain 5.71% against the previous. A yield of 10-year bonds of Italy 5.52% against 5.40% earlier. Also, pressure on the single currency was the fact that Italy has revised forecast for growth. According to the statement, the growth in 2012 will decrease by 1.2% against the previous estimate of -0.5%. In 2013 the economic growth of 0.5% against the previous forecast of 0.3%.

The pound rose after Bank of England minutes showed policy maker Adam Posen ended a push for more stimulus. The pound advanced for a second day versus the euro after minutes of the Bank of England’s April 4-5 meeting published today showed Posen joined the majority of the nine-member Monetary Policy Committee in seeking no change to the 325 billion-pound ($517 billion) asset-purchase target. While officials said the U.K. may face a recession in the first half of this year, they also said inflation might pose more of a danger than previously anticipated.

U.S. stocks retreated, following the biggest advance in more than a month for the Standard & Poor’s 500 Index, as Intel Corp. and International Business Machines Corp. drove a technology slump after reporting results.

Stocks retreated after Intel and IBM posted the slowest sales growth in years as Europe’s economic slump weighed on orders last quarter. Equities also joined European shares lower after Bank of England policy makers said inflation may be higher than forecast. Spain will auction 3.3 percent two-year notes and 5.85 percent 10-year debt tomorrow.

Dow   13,050.15   -65.39 -0.50%, Nasdaq    3,029.15    -13.67 -0.45%, S&P 500 1,385.74    -5.04     -0.36%

Intel (INTC) slumped 2 percent to $27.90, while IBM (IBM) retreated 2.9 percent to $201.42. IBM’s revenue climbed 0.3 percent to $24.7 billion in the period, while Intel sales rose 0.5 percent to $12.9 billion. That was the smallest increase for either company since the third quarter of 2009, when the U.S. economy was just emerging from recession. Even so, Intel predicted a pickup in sales for the current quarter.

Berkshire Hathaway Class A shares lost 1.3 percent to $119,775. Buffett, 81, will begin a two-month treatment of daily radiation in July, he said. The regimen will restrict his travel during the period and not otherwise change his daily routine, said Buffett, who is also chief executive officer of the Omaha, Nebraska-based company.

Genworth Financial Inc. tumbled 21 percent to $6.09. The life insurer and mortgage guarantor firm postponed plans for a public offering of its Australian unit backing home loans after “elevated” losses in the nation.

Yahoo! Inc. advanced 2.9 percent to $15.45 after reporting first-quarter sales that topped estimates, fueling optimism that a turnaround effort by Chief Executive Officer Scott Thompson may take hold.

The value of gold against a background of declining controversial news from Europe. The concern of investors led information that Italy has worsened the budget deficit forecast for this year from 1.6% to 1.7% of GDP. In this case the target deficit for 2013 was changed from 0.1% to 0.5% of GDP.

Good statistics on the UK labor market, registered a decline in unemployment from 8.4% to 8.3%, was neutralized by weak data on production in the construction sector in the eurozone.

In addition, successful results of the auction on placement of the German debt securities.For example, Germany has attracted 4.2 billion euros by record low interest rate - 0.14%.

May futures on the COMEX gold fell today to $ 1639.1 an ounce.

Crude fell after the U.S. government reported a larger-than-expected supply gain amid speculation a slowing European economy may reduce demand.

Prices dropped as much as 1.7 percent after the Energy Department said oil inventories rose 3.86 million barrels to 369 million last week. Supplies were forecast to grow 1.8 million barrels. Refinery utilization was 84.6 percent.

Oil inventories are at the highest level since the week ended May 27, the department report showed. The industry-funded American Petroleum Institute reported yesterday that oil supplies rose 3.41 million barrels to 369.3 million last week.

Petroleum demand fell 0.7 percent to 18.9 million barrels a day, according to the data. It was down 2.1 percent from the year earlier.

Crude for May delivery slid to $102.46 a barrel on the New York Mercantile Exchange. Prices have risen 3.8 percent this year.

Brent for June settlement fell $1.89, or 1.6 percent, to $116.89 a barrel on the London-based ICE Futures Europe exchange.

Resistance 3:1420 (4 years high)

Resistance 2:1397 (Apr 5 high)

Resistance 1:1388 (Apr 13 and 17 highs)

Current price: 1382,25

Support 1:1375 (МА (200) for Н1, Apr 16 high, resistance line from Apr 2 broken earlier)

Support 2:1357/60 (area of Apr 16-17 lows and support line from Mar 6)

Support 2:1352 (Apr 10 low)

EUR/USD $1.3040, $1.3050, $1.3100, $1.3200

USD/JPY Y80.80, Y81.10

EUR/CHF Chf1.2000

GBP/USD $1.5850, $1.6000

NZD/USD $0.8205

AUD/USD $1.0230, $1.0300, $1.0390

U.S. stock futures fell  as Intel (INTC) Corp. and International Business Machines Corp. tumbled after reporting results.

Global Stocks:

Nikkei  9,667.26 +202.55 +2.14%

Hang Seng 20,780.73 +218.42 +1.06%

Shanghai Composite 2,380.85 +45.86 +1.96%

FTSE  5,753.66 -13.29 -0.23%

CAC  3,235.53 -56.98 -1.73%

DAX 6,736.75 -64.25 -0.94%

Crude oil: $103.61 (-0.57%).

Gold: $1640.00 (-0.67%).

IBM (IBM): Q1 EPS of $2.78 vs cons $0.13. Revenue of $24.67B (flat Y/Y).

IBM said it now expects 2012 earnings of at least $15.00 per share. The company's previous guidance was earnings of at least $14.85 per share and the current consensus earnings estimate is $14.87 per share for the year ending December 31, 2012.

Intel (INTC): Q1 EPS of $0.53 vs cons $0.50. Revenue of $12.91B (flat Y/Y).

Intel Corp. (INTC) said it expects second quarter revenue of $13.10 billion to $14.10 billion. The current consensus revenue estimate is $13.39 billion for the quarter ending June 30, 2012.

Data:

08:00 Eurozone Current account, adjusted, bln February 4.5 4.3 1.3

08:30 United Kingdom Bank of England Minutes -

08:30 United Kingdom Claimant count March 7.2 6.6 3.6

08:30 United Kingdom Claimant Count Rate March 5.0% 5.0% 4.9%

08:30 United Kingdom ILO Unemployment Rate February 8.4% 8.4% 8.3%

08:30 United Kingdom Average Earnings, 3m/y February +1.4% +1.3% 1.1%

08:30 United Kingdom Average earnings ex bonuses, 3 m/y February +1.7% +1.6% 1.6%

09:00 United Kingdom MPC Member Tucker Speaks -

09:00 Switzerland Credit Suisse ZEW Survey (Expectations) April 0.0 2.1

 

The yen weakened  against the euro and dollar before U.S. data tomorrow forecast to show employment and housing markets are improving, reducing demand for the safety of Japan’s currency.

U.S. initial jobless claims fell to 370,000 last week from 380,000 in the previous period, according to the economists surveyed by Bloomberg News before the Labor Department data tomorrow. Separate U.S. reports this week are forecast to show manufacturing in the Philadelphia region expanded and existing home sales increased.

The pound strengthened after Bank of England minutes showed policy maker Adam Posen ended his push for further stimulus. Sweden’s krona appreciated as the central bank kept its benchmark interest rate unchanged.

The pound advanced for a second day versus the euro after minutes of the Bank of England’s April 4-5 meeting published today showed Posen joined the majority of the nine-member Monetary Policy Committee in seeking no change to the 325 billion-pound ($517 billion) asset-purchase target.

While officials noted the U.K. may face a recession in the first half of this year, they said inflation might pose more of a danger than previously anticipated.

 

EUR/USD: the pair showed  low in $1,3160 area.

GBP/USD: the pair grown in $1,5980 area, showed high at $1,6000.

USD/JPY: the pair rose to Y81,50 area then slightly receded.

  

 

The weekly EIA crude oil stocks data is due at 1430GMT.

EUR/USD
Offers $1.3175/80, $1.3160, $1.3115/25, $1.3100
Bids $1.3065/60, $1.3050, $1.3030, $1.3000/990, $1.2990/70, $1.2955/50

AUD/USD
Offers $1.0490/00, $1.0460/65, $1.0450/55, $1.0430/35
Bids $1.0365/60, $1.0340/35, $1.0300, $1.0275/70, $1.0255/50, $1.0225

EUR/JPY
Offers Y107.80/85, Y107.45/50, Y107.10, Y106.95/00
Bids Y106.20/10, Y106.00, Y105.80, Y105.50, Y105.30/25

USD/JPY
Offers Y82.50/60, Y82.30/35, Y81.90/00, Y81.60/65
Bids Y81.30/10, Y80.55/50, Y80.30, Y80.10/00

Resistance 3: Y82.55 (Apr 6 high)
Resistance 2: Y81.90 (Apr 10 high)
Resistance 1: Y81.60 (area of session high)
Current price: Y81.37
Support 1: Y81.10 (МА (200) for Н1)
Support 2: Y80.30/20 (area of Feb 29, Apr 16-17 lows)
Support 3: Y80.00 (Feb 28 low)

Комментарии: пара преодолела линию сопротивления от 2 апреля, что можно рассматривать как завершение коррекции после роста пары в феврале-марте.

Resistance 3: Chf0.9340 (high of March)
Resistance 2: Chf0.9250 (Apr 16 and Mar 16 highs)
Resistance 1: Chf0.9200 (session high)
Current price: Chf0.9190
Support 1: Chf0.9170 (МА (200) for Н1)
Support 2: Chf0.9140 (support line from Apr 3)
Support 3: Chf0.9090 (Apr 12 low)

Resistance 3 : $1.6170 (high of October)
Resistance 2 : $1.6060 (high of April)
Resistance 1 : $1.5990/00 (session high, psychological level)
Current price: $1.5975
Support 1 : $1.5940 (resistance line from Apr 2 broken earlier)
Support 2 : $1.5890 (МА(200) for Н1, session low)
Support 3 : $1.5860 (Apr 17 low)

Resistance 3 : $1.3250 (Mar 29 low)
Resistance 2 : $1.3210 (Apr 12 high)
Resistance 1 : $1.3130 (session high, resistance line from Apr 3)
Current price: $1.3075
Support 1 : $1.3050 (Apr 10 low)
Support 2 : $1.3000 (Apr 16 low, low of March, psychological level)
Support 3 : $1.2975 (low of February)

EUR/USD $1.3040, $1.3050, $1.3100, $1.3200

USD/JPY Y80.80, Y81.10

EUR/CHF Chf1.2000

GBP/USD $1.5850, $1.6000

NZD/USD $0.8205

AUD/USD $1.0230, $1.0300, $1.0390

Asian stocks rose, with the regional benchmark index headed for its biggest gain this month, after the International Monetary Fund raised global economic forecasts and Spain sold more debt than targeted, boosting the earnings outlook for exporters.

Nikkei 225 9,667.26 +202.55 +2.14%

Hang Seng 20,777.39 +215.08 +1.05%

S&P/ASX 200 4,348.66 +59.88 +1.40%

Shanghai Composite 2,380.88 +45.86 +1.96%

Toyota Motor Corp., Asia’s biggest carmaker by market value, gained 2.8 percent in Tokyo. OCI Co., a maker of materials used in solar panels, advanced 4.7 percent in Seoul on speculation oversupply in the industry may ease as companies consolidate and restructure.

BHP Billiton Ltd. rose 2.5 percent in Sydney after commodity prices gained and the miner’s iron-ore production rose.

CSR Corp., a Chinese trainmaker, increased 4.6 percent in Hong Kong after a report it won orders from Hong Kong.

00:30 Australia Leading Index February +0.6% +0.2%

The yen fell against all of its major peers as Asian stocks extended a global rally and before U.S. data that may show fewer Americans filed for jobless benefits, reducing demand for safer assets. Japan’s currency retreated from a six-week high versus the dollar after the Nikkei newspaper said the Bank of Japan may raise its inflation forecasts, fanning speculation the central bank will add to monetary easing to achieve its price target.

Demand for the yen and the dollar was limited after the International Monetary Fund raised its global growth estimates yesterday. Its World Economic Outlook forecast the economy will expand 3.5 percent this year and 4.1 percent in 2013, an increase from its January projections of 3.3 percent growth in 2012 and 4 percent next year.

Japan’s central bank may lift its 2012 forecast for the nation’s consumer price index, excluding food, to a range of zero to 0.5 percent from the 0.1 percent projected in January, the Nikkei reported, citing people familiar with the bank’s thinking. The BOJ, which set a 1 percent inflation goal on Feb. 14, will next meet on April 27.

The euro was 0.4 percent from a 19-month low against the pound before Spain sells bonds tomorrow. Spain will auction 3.3 percent two-year notes and 5.85 percent 10-year debt tomorrow. Yields on the nation’s benchmark 10-year bond slid 18 basis points to 5.89 percent yesterday after Spain raised more than its maximum target at a bill sale.

The Bank of England will publish today the minutes of its April 5 meeting, when officials maintained its quantitative- easing program at 325 billion pounds ($518 billion). Government data showed yesterday that the nation’s consumer prices climbed 3.5 percent in March from a year earlier, above the BOE’s 2 percent target.

EUR/USD: during the Asian session the pair traded in a range $1.3105-$1.3140.

GBP/USD: during the Asian session the pair traded in a range $1.5915-$1.5940.

USD/JPY: during the Asian session the pair gain to Y81.40.

EMU data sees the ECB current account data at 0800GMT followed at 0900GMT by construction output. At 1300GMT, European Commission President Jose Manuel Barroso is due to discuss means to combat the Economic crisis in the Eurozone at the European Parliament. In the UK, at 0800GMT, Bank of England Deputy Governor Paul  Tucker delivers a speech at the Association of Corporate Treasurers. It is also a key day for UK data with both the latest meeting minutes from the Bank of England and also labour market data at 0830GMT. At 1230GMT, US Treasury Secretary Tim Geithner will speak on the state of the global economy at the Brookings Institution in Washington. The weekly EIA crude oil stocks data is due at 1430GMT.

Yesterday the yen fell versus all of its 16 most-traded peers as a report showing German investor confidence rose to a two-year high fueled appetite for riskier assets. The ZEW Center for European Economic Research in Mannheim said its index of investor and analyst expectations, which is designed to predict economic developments six months in advance, increased to 23.4 from 22.3 in March. That’s the highest since June 2010.

Canada’s dollar gained the most in four months against the greenback as the central bank said higher borrowing costs “may become appropriate” because economic growth will be faster than forecast. The Bank of Canada said the nation’s economy will reach full output in the first half of next year, sooner than a January forecast for the third quarter of 2013, while predicting that Europe will emerge from recession later this year and the U.S. recovery will be stronger than policy makers expected. The BOC kept its key interest rate unchanged today at 1 percent.

The euro was buoyed against the yen as increased demand at Spanish debt sales eased concern Europe’s sovereign- debt crisis is worsening. The euro gained versus the yen as the Frankfurt-based Bundesbank said the German economy, Europe’s largest, is in “remarkably good shape.” Growth should gather pace as unemployment at a two-decade low fuels domestic demand, it said in a statement today. The International Monetary Fund raised its economic growth estimates. Its World Economic Outlook forecast the global economy will expand 3.5 percent this year and 4.1 percent in 2013, an increase from its January projections of 3.3 percent growth in 2012 and 4 percent next year.

The pound climbed after U.K. consumer prices climbed 3.5 percent from a year earlier, after rising 3.4 percent in February, the Office for National Statistics said in London. The reading was higher than the 3.4 percent median estimate of economists, and above the central bank’s target of 2 percent.

EUR/USD: yesterday the pair traded about a level $1.3130.

GBP/USD: yesterday the pair gain, fixed above $1.5900.

USD/JPY: yesterday the pair rose to Monday’s high.

EMU data sees the ECB current account data at 0800GMT followed at 0900GMT by construction output. At 1300GMT, European Commission President Jose Manuel Barroso is due to discuss means to combat the Economic crisis in the Eurozone at the European Parliament. In the UK, at 0800GMT, Bank of England Deputy Governor Paul  Tucker delivers a speech at the Association of Corporate Treasurers. It is also a key day for UK data with both the latest meeting minutes from the Bank of England and also labour market data at 0830GMT. At 1230GMT, US Treasury Secretary Tim Geithner will speak on the state of the global economy at the Brookings Institution in Washington. The weekly EIA crude oil stocks data is due at 1430GMT.

Asian stocks fell for a second day as foreign direct investment into China dropped for a fifth month, and Spanish borrowing costs climbed to the highest level this year ahead of a debt auction by the nation today.

China Construction Bank Corp. retreated 2.6 percent in Hong Kong even as investment slipped at about half the rate forecast by economists.

Nikkei 225 9,464.71 -5.93 -0.06%

Hang Seng 20,554.15 -56.49 -0.27%

S&P/ASX 200 4,288.79 -13.55 -0.31%

Shanghai Composite 2,334.98 -22.04 -0.94%

Esprit Holdings Ltd., which depends on Europe for about 80 percent of its sales, retreated 3.6 percent as Spain prepares to sell bonds later today. Apple Inc. suppliers fell amid concern demand for the company’s products will slow.

Gree Inc., a Japanese social-network game operator, rose 9.1 percent in Tokyo after Bank of America Merrill Lynch said its domestic revenue growth is accelerating.

Resistance 3: Y82.55 (Apr 6 high)

Resistance 2: Y81.85 (Apr 10 high)

Resistance 1: Y81.45 (session high)

The current price: Y81.39

Support 1: Y81.20 (Apr 13 high)

Support 2: Y80.85 (session low)

Support 3: Y80.30 (Apr 16 low)

Resistance 3: Chf0.9250 (Apr 16 high)

Resistance 2: Chf0.9200 (Apr 13 high)

Resistance 1: Chf0.9170 (high of the American session on Apr 17)

The current price: Chf0.9155

Support 1: Chf0.9140 (session low)

Support 2: Chf0.9120 (Apr 17 low)

Support 3: Chf0.9090 (Apr 12 low)

Resistance 3 : $1.5985 (Apr 12 high)

Resistance 2 : $1.5970 (Apr 17 high)

Resistance 1 : $1.5940 (session high)

The current price: $1.5928

Support 1 : $1.5915 (session low)

Support 2 : $1.5860 (Apr 17 low)

Support 3 : $1.5815 (Apr 16 low)

Resistance 3 : $1.3215 (Apr 12 high)

Resistance 2 : $1.3170 (Apr 17 high)

Resistance 1 : $1.3140 (session high)

The current price: $1.3121

Support 1 : $1.3105 (low of the American session on Apr 17)

Support 2 : $1.3070 (Apr 13 low)

Support 3 : $1.3030 (Apr 9 low)

Change % Change Last

Oil $104.23 +0.03 +0.03%

Gold $1,651.00 -0.10 -0.01%

Change % Change Last

Nikkei 225 9,464.71 -5.93 -0.06%

Hang Seng 20,554.15 -56.49 -0.27%

S&P/ASX 200 4,288.79 -13.55 -0.31%

Shanghai Composite 2,334.98 -22.04 -0.94%  

FTSE 100 5,766.95 +100.67 +1.78%

CAC 40 3,292.51 +87.23 +2.72%

DAX 6,801 +175.81 +2.65%

Dow 13,115.54 +194.13 +1.50%

Nasdaq 3,042.82 +54.42 +1.82%

S&P 500 1,390.78 +21.21 +1.55%

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,3127 -0,04%

GBP/USD $1,5924 +0,18%

USD/CHF Chf0,9151 0,00%

USD/JPY Y80,88 +0,54%

EUR/JPY Y106,17 +0,51%

GBP/JPY Y128,81 +0,75%

AUD/USD $1,0396 +0,40%

NZD/USD $0,8214 +0,18%

USD/CAD C$0,9899 -1,00%

00:30 Australia Leading Index February +0.6%

08:00 Eurozone Current account, adjusted, bln February 4.5 4.3

08:30 United Kingdom Bank of England Minutes -

08:30 United Kingdom Claimant count March 7.2 6.6

08:30 United Kingdom Claimant Count Rate March 5.0% 5.0%

08:30 United Kingdom ILO Unemployment Rate February 8.4% 8.4%

08:30 United Kingdom Average Earnings, 3m/y February +1.4% +1.3%

08:30 United Kingdom Average earnings ex bonuses, 3 m/y February +1.7% +1.6%

09:00 United Kingdom MPC Member Tucker Speaks -

09:00 Switzerland Credit Suisse ZEW Survey (Expectations) April 0.0

14:30 Canada Bank of Canada Monetary Policy Report Quarter II

14:30 U.S. EIA Crude Oil Stocks change 13.04.2012 +2.8

15:15 Canada BOC Press Conference -

22:00 New Zealand ANZ Job Advertisements (MoM) March +5.3%

22:30 Japan BOJ Governor Shirakawa Speaks -

22:45 New Zealand CPI, q/q Quarter I -0.3% +0.6%

22:45 New Zealand CPI, y/y Quarter I +1.8% +1.6%

23:50 Japan Adjusted Merchandise Trade Balance, bln March -313.2 -446.3