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European stocks dropped the most in two weeks as an official at China’s association of carmakers said auto sales will miss its forecast in 2012.

Vehicle sales in the world’s second-largest economy will probably miss the China Association of Automobile Manufacturers’ forecast for 2012, according to an official at the state-backed body. Total vehicle deliveries -- forecast to grow 8 percent this year -- may fail to increase by even 5 percent because of the “difficult” economy, Gu Xianghua, one of two deputies to the secretary general at the CAAM, said at a conference in Qingdao today, giving his personal opinion.

BHP Billiton said China’s steel production has slowed as the world’s fastest-growing major economy switches its focus toward consumers and away from large building projects.

National benchmark indexes declined in 15 of the 18 western-European markets.

FTSE 100 5,891.41    -69.70 -1.17%, CAC 40 3,530.83    -47.05 -1.32%, DAX 7,054.94    -99.28 -1.39%   

BMW, the world’s largest maker of luxury vehicles, sank 5 percent to 68.22 euros. Daimler, whose Mercedes-Benz division is third-biggest after BMW and Audi, dropped 4.4 percent to 45.05 euros. Volkswagen, which owns Audi, slid 4.4 percent to 133.05 euros. Porsche SE decreased 3.9 percent to 44.71 euros.

BHP Billiton, the world’s biggest mining company, slid 4.1 percent to 1,965 pence as a gauge of mining shares fell. Rio Tinto Group, the world’s third-largest mining company, dropped 4.2 percent to 3,464.5 pence.

The dollar rose against most of its major counterparts as concern increased that China’s economic growth outlook has cooled, spurring demand for the currency of the world’s largest economy. The U.S. currency strengthened after BHP Billiton Ltd. (BHP) said China’s steel production is slowing, boosting concern about the nation’s growth outlook. BHP, whose biggest customer is China, is re-evaluating spending plans amid slowing Chinese growth, the Australian Financial Review reported today, citing comments by Chairman Jacques Nasser to investors. China’s Premier Wen Jiabao this month announced an economic growth target of 7.5 percent for this year, down from an annual 8 percent over the past seven years. Steel output growth in China, the biggest producer, may slow to 4 percent this year, the China Iron and Steel Association said March 6. Housing starts in the U.S. fell in February from a three- year high, showing the recovery in the residential real estate market will take time to develop.

The euro fell against the dollar after earlier briefly erasing losses. The euro rose 0.2 percent to 83.49 pence, after declining to 82.84 pence yesterday, the weakest since Feb. 16. The last time the currency dropped below 82.21 pence was Sept. 10, 2010. The euro fell against the greenback and pound as concern mounted about European economic growth. The Netherlands today increased its 2013 budget deficit forecast to 4.5 percent of gross domestic product from a previous estimate of 4.6 percent. The German Federal Statistics Office said today that producer prices climbed 0.4 percent from January, when they gained 0.6 percent.

The pound strengthened against most of its 16 major peers after U.K. data showed inflation slowed less than economist estimates in February. Consumer prices rose 3.4 percent from a year earlier, compared with the 3.3 percent median estimate.

U.S. stocks declined, snapping a three-day advance for the Standard & Poor’s 500 Index, as commodities fell on concern about a Chinese economic slowdown.

Industrial and commodity shares slumped as China raised fuel prices by the most in two years and BHP Billiton Ltd. said the nation’s steel production is slowing.

Equity index Dow Jones Industrial Average showing mostly negative trend. Caterpillar (САТ, -2,50%) and Alcoa  (AA, -1,7%).  Positive trend shows the Bank of America Corp.  (BAC, +2,20%).

Dow    13,172.76     -66.37     -0.50%,  Nasdaq         3,063.33     -14.99     -0.49%, S&P 500      1,403.90     -5.85     -0.41%

Adobe sank 4.3 percent to $33.04. Excluding some costs, profit will be 57 cents to 61 cents a share in the second quarter, Adobe said. The midpoint of that range -- 59 cents -- missed the 60 cents predicted by analysts.

Tiffany rallied 6.7 percent to $73.28. The company is benefiting from stock-market gains that have prompted luxury consumers to resume jewelry purchases, a turnabout from January, when the retailer said weak spending from U.S. customers had slowed holiday sales.

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  • Eventually the situation will improve, the prospects for economic development are optimistic

  • Members of the Federal Reserve will continue to monitor these economic reports and analyze financial performance

  • The Fed failed in its mission during the Great Depression

  • Need to address the problem of "bubbles" in the property market through regulation

   

Oil dropped on forecasts that U.S. crude stockpiles increased to a six-month high and on signals that economic growth and fuel demand will slow in China.

Futures fell as much as 2.2 percent before a report tomorrow that will show supplies rose for a fifth week. China raised fuel prices by the most in two years and the nation’s vehicle sales may miss industry targets.

Oil for April delivery fell to $106,25 on the New York Mercantile Exchange.

Brent oil for May settlement decreased $1.63, or 1.3 percent, to $124.08 a barrel on the London-based ICE Futures Europe exchange.

Gold prices are driven down by increasing the dollar after a three-day rally.

Dollar grows due to the turmoil in the market in connection with negotiations with the unions of the Italian Government on the reforms necessary for the growth of one of the largest economies in the eurozone. Also contribute to the strengthening of the dollar these last two weeks from the U.S., indicating a faster-than-expected recovery of the world's largest economy.

Physical demand is markedly reduced this week because of a strike jewelers in India -the world's largest consumer of gold - protesting against the government's intention to increase the import duty on gold.

Stocks of the largest gold-ETP funds on Tuesday recorded the largest decline in two months, decreasing by 56,000 ounces to 70.843 million ounces.

April futures price of gold on COMEX has fallen today to $ 1641.2 an ounce.

Resistance 3:1440 (May’2008 high)

Resistance 2:1408/10 (Mar 19 high, high of June’2008)

Resistance 1:1397 (intraday high)

Current price: 1395,50

Support 1:1391 (session low)

Support 2:1384 (Mar 14 low)

Support 3:1377 (Feb 29 and Mar 1-2 highs)

Offers seen to $1.5900. A break here to open a move toward Monday's high at $1.5915.

EUR/USD $1.3250, $1.3200, $1.3175, $1.3120

USD/JPY Y83.75, Y83.00

GBP/USD $1.5850

GBP/JPY Y131.20

EUR/CHF Chf1.2050, Chf1.2100

AUD/USD $1.0600

AUD/JPY Y88.50

USD/CAD C$0.9900

U.S. stock futures fell as commodities slumped on concern about a Chinese slowdown after BHP Billiton Ltd. said the nation’s steel production is slowing.

Global stocks:

Hang Seng 20,888.24 -227.05 -1.08%

Shanghai Composite 2,376.84 -33.35 -1.38%

FTSE  5,890 -71.11 -1.19%

CAC  3,529.53 -48.35 -1.35%

DAX 7,052.53 -101.69 -1.42%

Crude oil $106.85 (-1.2%).

Gold $1650.00 (-1,0%).

Data:

07:00 Germany Producer Price Index (MoM) February +0.6% +0.5% +0.4%

07:00 Germany Producer Price Index (YoY) February +3.4% +3.2% +3.2%

08:15 Switzerland Industrial Production (QoQ) IV quarter -1.4% +0.4% +7.9%

08:15 Switzerland Industrial Production (YoY) IV quarter -1.4% -2.0% -2.0%

09:30 United Kingdom HICP, m/m February -0.5% +0.4% +0.3%

09:30 United Kingdom HICP, Y/Y February +3.6% +3.4% +3.4%

09:30 United Kingdom HICP ex EFAT, Y/Y February +2.6% +2.4% +2.4%

09:30 United Kingdom Retail Price Index, m/m February -0.6% +0.6% +0.8%

09:30 United Kingdom Retail prices, Y/Y February +3.9% +3.4% +3.7%

11:00 United Kingdom CBI industrial order books balance March -3 -5 -8

EUR/USD

Offers $1.3290/300 

Bids $1.3185/80, $1.3170, $1.3135/20, $1.3100, $1.3080

AUD/USD

Offers $1.0665/70, $1.0645/50, $1.0595/00, $1.0535/40

Bids $1.0475/70, $1.0455/50, $1.0425/20, $1.0410/00, $1.0385/80

Resistance 3: Y85.50 (high of 2011)

Resistance 2: Y84.50 (psychological level)

Resistance 1: Y84.20 (area of Mar 15 high)

Current price: Y83.74

Support 1: Y83.00 (Mar 19 low)

Support 2: Y82.70 (intraday low on Mar 13, Mar 9 high)

Support 3: Y81.90 (Mar 13 low, Mar 5 high)

Resistance 3: Chf0.9200 (Mar 15 low)

Resistance 2: Chf0.9280 (Mar 19 high)

Resistance 1: Chf0.9150 (session high, Mar 16 low)

Current price: Chf0.9149

Support 1: Chf0.9110 (session low)

Support 2: Chf0.9070 (Mar 8 low)

Support 3: Chf0.9045 (Mar 2 low)

Resistance 3 : $1.6090 (Nov 11-14 highs)

Resistance 2 : $1.5970/90 (Mar 1-2 high, high of February)

Resistance 1 : $1.5915 (Mar 19 high)

Current price: $1.5848

Support 1 : $1.5840/20 (session low, support line from Mar 19, Mar 19 low)

Support 2 : $1.5750 (area of  Mar 13-15 highs)

Support 3 : $1.5690 (Mar 15 low)

Resistance 3 : $1.3360 (Mar 1 high)

Resistance 2 : $1.3290 (Mar 8 high)

Resistance 1 : $1.3260 (resistance line from Mar 8)

Current price: $1.3199

Support 1 : $1.3140/20 (session low, Mar 16 high)

Support 2 : $1.3140/20 (Mar 19 low, Mar 15 high)

Support 3 : $1.3040 (Mar 16 low)

EUR/USD $1.3250, $1.3200, $1.3175, $1.3120

USD/JPY Y83.75, Y83.00

GBP/USD $1.5850

GBP/JPY Y131.20

EUR/CHF Chf1.2050, Chf1.2100

AUD/USD $1.0600

AUD/JPY Y88.50

USD/CAD C$0.9900

Asian stocks fell after China raised fuel prices, sparking concern growth in the world’s fastest-growing major economy may slow, and a Federal Reserve official said the U.S. rebound still faces risks.

Nikkei 225 Closed

Hang Seng 20,876.75 -238.54 -1.13%

S&P/ASX 200 4,275.02 -15.78 -0.37%

Shanghai Composite 2,376.84 -33.35 -1.38%

Gome Electrical Appliances Holding Ltd., China’s second- biggest electronics retailer, dropped 4.5 percent.

Sun Hung Kai Properties Ltd. fell 2 percent after a director of the world’s No. 1 developer was arrested as part of a bribery investigation.

Transurban Group, an Australian operator of toll roads, dropped 2.6 percent after its largest shareholder sold a 7.9 percent stake at a discount.

00:30 Australia RBA Meeting's Minutes

03:05 Australia RBA Assist Gov Edey Speaks

The dollar rose against most major peers after BHP Billiton Ltd., the world’s largest mining company, said China’s steel production is slowing, damping demand for currencies linked to Asian growth. The dollar was still 0.2 percent from a one-week low against the euro on speculation Federal Reserve Chairman Ben Bernanke will repeat that a slow U.S. recovery warrants near-zero interest rates.

Australia’s dollar weakened as Rio Tinto Plc  also signaled that China’s near-term growth is waning, raising concern that commodity prices will fall. Reserve Bank of Australia policy makers noted that while downside risks “could still materialize, this seemed somewhat less likely than a few months ago,” according to the minutes of their March 6 meeting released today. “So long as inflation remained well contained, there would be ample scope for the bank to ease policy in such a scenario.”

Governor Glenn Stevens held the overnight cash rate at 4.25 percent for a second meeting this month.

New Zealand’s currency slid for the first time in four days as Asian stocks were poised for their biggest drop in more than a week.

GBP/USD: during the Asian session the pair receded from $1.5900.

USD/JPY: during the Asian session the pair traded in range Y83.35-Y83.50.

In the UK, at 0930GMT, inflation data is due. The January 2011 VAT hike clearly had a sharp upward effect on inflation that month, with

National Statistics' assessment that it added 0.76 percentage point to the 12 month CPI rate, and there is evidence some retailers staggered  some of the rise into February. US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, which is followed at 1230GMT by Housing Starts and at 1255GMT by the weekly Johnson Redbook Chain Store Sales.

Yesterday the dollar Index fell to a one-week low as traders sold the U.S. currency in favor of the Swiss franc, triggering automatic sell orders for the pair that further weighed on the greenback.

The 17-nation euro also rose against the dollar as it broke through its 100-day moving average, a technical level that once breached, may spur further appreciation. The shared currency earlier fell against most of its major counterparts before a report forecast to show a contraction in industrial output. The euro weakened earlier after International Monetary Fund Managing Director Christine Lagarde urged policy makers to be vigilant about global economic stability. Lagarde, speaking in Beijing yesterday, said oil prices, debt levels, and the risk of slowing growth in emerging markets threaten global economic stability.

The U.S. currency pared losses against the yen. The dollar’s 14-day relative strength index against the Japanese currency was at 71.8, more than the 70 level some traders see as a sign an asset may reverse direction.

EUR/USD: yesterday the pair gain, fixed above $1.3200.

GBP/USD: yesterday the pair rose to $1.5900.

USD/JPY: yesterday the pair fell, touched Y83.00.

In the UK, at 0930GMT, inflation data is due. The January 2011 VAT hike clearly had a sharp upward effect on inflation that month, with

National Statistics' assessment that it added 0.76 percentage point to the 12 month CPI rate, and there is evidence some retailers staggered  some of the rise into February. US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data, which is followed at 1230GMT by Housing Starts and at 1255GMT by the weekly Johnson Redbook Chain Store Sales.

Asian stocks rose, with the regional benchmark index heading for its fifth day of advance, before the release of U.S. data this week that’s expected to show further signs of stabilization in the housing market.

Nikkei 225 10,141.99 +12.16 +0.12%

Hang Seng 21,115.29 -202.56 -0.95%

S&P/ASX 200 4,290.8 +14.64 +0.34%

Shanghai Composite 2,410.18 +5.45 +0.23%

Samsung Electronics Co., Asia’s No. 1 consumer-electronics maker, climbed 1.8 percent in Seoul.

Cnooc Ltd., China’s biggest offshore oil producer, gained 2.2 percent in Hong Kong as crude traded near a one-week high.

Aluminum Corp. of China Ltd., the country’s largest producer of the metal, sank 3.7 percent after saying it may be unprofitable in the first quarter after posting a wider-than-expected loss in the second half of 2011.

Resistance 3: Y84.80 (Apr 12 high)

Resistance 2: Y84.20 (Mar 15 high)

Resistance 1: Y83.55 (Mar 19 high)

The current price: Y83.41

Support 1: Y83.00 (Mar 19 low)

Support 2: Y82.65 (low of the American session on Mar 13)

Support 3: Y81.95 (Mar 13 low)

Resistance 3: Chf0.9200 (Mar 15 low)

Resistance 2: Chf0.9175 (Mar 19 high)

Resistance 1: Chf0.9150 (Mar 16 low)

The current price: Chf0.9119

Support 1: Chf0.9090 (Mar 19 low)

Support 2: Chf0.9070 (Mar 8 low)

Support 3: Chf0.9010/20 (area of Feb 27 high and Mar 1 low)

Resistance 3 : $1.6050 (Nov 2 high)

Resistance 2 : $1.5975/90 (area of Feb’s high and Mar’s high)

Resistance 1 : $1.5915 (Mar 19 high)

The current price: $1.5870

Support 1 : $1.5850 (low of the American session on Mar 19)

Support 2 : $1.5815 (Mar 19 low)

Support 3 : $1.5735 (Mar 15 high)

Resistance 3 : $1.3355 (Mar 1 high)

Resistance 2 : $1.3290 (Mar 8 high)

Resistance 1 : $1.3265 (Mar 19 high)

The current price: $1.3228

Support 1 : $1.3215 (support line from Mar 16)

Support 2 : $1.3190 (Mar 19 high)

Support 3 : $1.3140 (Mar 19 low)

Change % Change Last

Oil $107.88 -0.21 -0.19%

Gold $1,664.10 -3.20 -0.19%

Change % Change Last

Nikkei 225 10,141.99 +12.16 +0.12%

Hang Seng 21,115.29 -202.56 -0.95%

S&P/ASX 200 4,290.8 +14.64 +0.34%

Shanghai Composite 2,410.18 +5.45 +0.23%   

FTSE 100 5,961.11 -4.47 -0.07%

CAC 40 3,577.88 -16.95 -0.47%

DAX 7,154.22 -3.60 -0.05%

Dow 13,239.13 +6.51 +0.05%

Nasdaq 3,078.32 +23.06 +0.75%

S&P 500 1,409.75 +5.58 +0.40%

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

EUR/USD $1,3236 +0,47%

GBP/USD $1,5888 +0,29%

USD/CHF Chf0,9112 -0,47%

USD/JPY Y83,41 -0,02%

EUR/JPY Y110,38 +0,41%

GBP/JPY Y132,50 +0,25%

AUD/USD $1,0610 +0,20%

NZD/USD $0,8261 +0,19%

USD/CAD C$0,9870 -0,46%

00:30 Australia RBA Meeting's Minutes 0

03:05 Australia RBA Assist Gov Edey Speaks 0

07:00 Germany Producer Price Index (MoM) February +0.6% +0.5%

07:00 Germany Producer Price Index (YoY) February +3.4% +3.2%

08:15 Switzerland Industrial Production (QoQ) IV quarter -1.4% +0.4%

08:15 Switzerland Industrial Production (YoY) IV quarter -1.4% -2.0%

09:30 United Kingdom HICP, m/m February -0.5% +0.4%

09:30 United Kingdom HICP, Y/Y February +3.6% +3.4%

09:30 United Kingdom HICP ex EFAT, Y/Y February +2.6% +2.4%

09:30 United Kingdom Retail Price Index, m/m February -0.6% +0.6%

09:30 United Kingdom Retail prices, Y/Y February +3.9% +3.4%

11:00 United Kingdom CBI industrial order books balance March -3 -5

12:30 U.S. Building Permits, mln February 0.676 0.685

12:30 U.S. Housing Starts, mln February 0.699 0.700

16:45 U.S. Fed Chairman Bernanke Speaks 0

21:30 U.S. FOMC Member Narayana Kocherlakota 0

21:45 New Zealand Current Account IV quarter -4.60 -2.81

23:30 Australia Leading Index January +0.5%