European stocks closed little changed, after the biggest weekly selloff this year, as a rebound in automakers and mining companies offset an unexpected drop in U.S. housing data.
A U.S. Commerce Department report today showed purchases of new houses unexpectedly fell in February for a second month. Sales dropped 1.6 percent to a 313,000 annual pace, the slowest since October, compared to 318,000 in January.
National benchmark indexes rose in 13 of 18 western- European markets. France’s CAC 40 rose 0.1 percent, the U.K.’s FTSE 100 and Germany’s DAX both rose 0.2 percent.
Renault rallied 2.5 percent to 40.30 euros today, leading a gauge of companies in the auto industry 1.4 percent higher. PSA Peugeot Citroen SA increased 2.3 percent to 12.89 euros and Volkswagen SA increased 1.7 percent to 132.35 euros.
Mining companies also advanced as copper rebounded in London. Antofagasta rallied 2.7 percent to 1,172 pence, the first increase in four days. Kazakhmys Plc advanced 2.5 percent to 935.5 pence and Rio Tinto Group gained 1.5 percent to 3,382.5 pence.
Elsewhere, CGGVeritas, the world’s largest seismic surveyor of oil fields, climbed 4.7 percent to 22.70 euros after JPMorgan Chase & Co. raised its recommendation for the shares to neutral from underweight.
The euro climbed against the yen after falling for three days, prompting bets the move lower was overdone. The euro rose for the first time in four days against the dollar after dropping to the lowest in almost a week yesterday amid a decrease in a gauge of euro-area industry based on a survey of purchasing managers.
The yen weakened earlier today after versus the dollar Bank of Japan Governor Masaaki Shirakawa said the central bank and the government share the same view on the economy, increasing concern the central bank may increase stimulus measures to boost the nation’s economy, which would debase the currency. Finance Minister Jun Azumi said the Bank of Japan established an inflation target of 1 percent on Feb. 14, replacing earlier wording that the central bank had an “understanding” of where consumer prices should go. It also said it would add 10 trillion yen ($119 billion) yen of stimulus to the economy.
IntercontinentalExchange Inc.’s Dollar Index, used to track the greenback against the currencies of six major U.S. trading partners including the euro, yen and pound, slid 0.5 percent to 79.377. It rose to as high as 80.738 last week as signs of strength in the U.S. economic recovery damped expectations of further Federal Reserve asset purchases, or quantitative easing. Fed Bank of St. Louis President James Bullard said monetary policy may be at a ‘‘turning point” as the world’s largest economy strengthens. With Fed policy currently “on pause, it may be a good time to take stock of whether we may be at a turning point,” Bullard said in a speech in Hong Kong today. The U.S. economy may expand 3 percent this year, he said, adding that “the outlook has improved markedly” over the past eight months. The Fed has held its target rate at a range of zero to 0.25 percent since December 2008.
U.S. stocks rose, trimming the biggest weekly drop of the year for the Standard & Poor’s 500 Index, as a gain in energy companies offset a report showing purchases of new homes unexpectedly fell.
U.S. stocks retreated yesterday as manufacturing contracted in China and Europe and FedEx Corp. tumbled amid a disappointing forecast. The S&P 500 is still up 2.3 percent for March, heading for its longest monthly rally since September 2009 as economic data topped forecasts and the European Central Bank disbursed more than 1 trillion euros ($1.3 trillion) to lenders.
Dow 13,086.52 +40.38 +0.31%, Nasdaq 3,062.19 -1.13 -0.04%, S&P 500 1,397.27 +4.49 +0.32%
Chevron (CVX) climbed 1.1 percent to $106.55. Oil surged almost $3 a barrel after Reuters reported Iranian oil exports will drop by 300,000 barrels a day because of tighter sanctions. Consol Energy Inc. jumped 2.8 percent to $33.85 while Nabors Industries Ltd. added 3 percent to $19.08.
Raw-material companies had the second-biggest gain out of 10 groups in the S&P 500, climbing 1.1 percent as commodity prices rose. Alcoa Inc. (AA) jumped 2.1 percent, the most in the Dow, to $10.22.
Financial shares advanced. Morgan Stanley added 3.8 percent to $20.34 for the biggest gain in the S&P 500. The New York- based firm was raised to sector perform from underperform at Royal Bank of Canada. Discover Financial Services climbed 3.8 percent to $33.71 after the payments network company was raised to conviction buy at Goldman Sachs Group Inc.
The S&P Supercomposite Homebuilding Index fell 2 percent today. New-home sales fell 1.6 percent to a 313,000 annual pace, the slowest since October, from a 318,000 rate in January that was weaker than previously reported, figures from the Commerce Department showed today in Washington.
KB Home, the Los Angeles-based homebuilder that targets first-time buyers, sank 8.9 percent to $10.24. Revenue in the first-quarter was $254.6 million, falling short of the average analyst estimate of $328.6 million.
Micron Technology Inc. fell 3.7 percent to $8.39 for the biggest drop in the S&P 500 after reporting a third consecutive quarterly loss as sluggish demand for personal computers dragged down chip prices.
Oil surged almost $3 a barrel after Reuters reported Iranian oil exports will drop by 300,000 barrels a day this month because of tighter sanctions.
Futures jumped more than 2 percent in three minutes on the New York Mercantile Exchange, topping $108 a barrel for the first time in four days.
Oil has risen this year as Western countries imposed sanctions on Iran’s petroleum exports aimed at halting its nuclear program. Iran threatened to shut the Strait of Hormuz, a transit route for a fifth of the world’s oil, in retaliation.
Futures fell earlier this week as Saudi Arabia said it could boost output immediately to make up for any supply shortfall.
Crude oil for May delivery rose to $108.25 a barrel. Prices have risen 3 cents this week and are up 8.4 percent this year.
Brent oil for May settlement gained $2.19, or 1.8 percent, to $125.33 a barrel on the London-based ICE Futures Europe exchange.
Gold prices rise in support of the euro, but will decline following the fourth consecutive week because of the reduction in investment and consumer demand.
For the week prices may fall by 0.6 percent, and the March gold cheaper by almost 3percent, as investors, encouraged by statistics from the U.S., interested in more risk assets - equities and high-yielding currencies.
Markets rely less on the new stage of quantitative easing in the U.S., which became one of the reasons for the decline in gold prices this month.
The outflow of gold from the funds of ETF on Thursday amounted to nearly a quarter of a million ounces, after which the stock funds fell to month low 70.431 million ounces.
April futures price of gold on COMEX today rose to $ 1666.3 an ounce.
Resistance 1:1410 (area of Mar 19 and June’2008 highs)
Resistance 2:1400 (Mar 22 high)
Resistance 1:1392 (МА(200) for Н1)
Current price: 1383,25
Support 1:1380 (session low)
Support 2:1377 (Feb 29 and Mar 1-2 highs)
Support 3:1360 (Mar 12 low)

U.S. stock futures were little changed ahead of a report on new-home sales.
New home sales rose to a 325,000 annual rate in February from 321,000 the previous month, according to a survey of economists ahead of a Commerce Department report at 14:00 GMT. That would be the fastest since December 2010.
Global Stocks
Nikkei 10,011.47 -115.61 -1.14%
Hang Seng 20,668.8 -232.76 -1.11%
Shanghai Composite 2,349.54 -26.23 -1.10%
FTSE 5,825.2 -20.45 -0.35%
CAC 3,452.39 -20.07 -0.58%
DAX 6,951.34 -29.92 -0.43%
Crude oil $105.83 +0.5%
Gold $1650.00 +0,5%
Data:
09:30 United Kingdom BBA Mortgage Approvals February 38.1 39.1 33.1
The dollar fell after Federal Reserve Bank of St. Louis President James Bullard said monetary policy may be at a “turning point” as the world’s largest economy strengthens.
The Canadian dollar depreciated versus its U.S. counterpart as crude oil and U.S. stocks headed for weekly declines, amid reduced demand for higher-risk assets.
The Canadian currency weakened for a fourth day, the longest streak this year, and fell against the majority of its most-traded peers as a government report showed the annual inflation rate increased last month less than forecast.
The consumer price index rose 2.6% in February from a year earlier, Statistics Canada said. Economists predicted the total rate would quicken to 2.7%.
EUR/USD: the pair tested resistance in $1.3280 area, but returned to $1,3240 area later.

GBP/USD: the rate showed high in $1.5900 area, returned to $1.5840 area later.

USD/JPY: the pair receded in Y82.50 area.

US data starts at 1400GMT with BLS Mass Layoffs data and the pace of new home sales, which has been forecast to increase slightly to a 327,000 annual rate in February after a small decline in January broke a string of four straight increases.
EUR/USD
Offers $1.3335/50, $1.3320, $1.3300
Bids $1.3225/20, $1.3170/60, $1.3135/20, $1.3100, $1.3080
GBP/USD
Offers $1.5990/6000, $1.5965/75, $1.5950, $1.5930/35
Bids $1.5820/30, $1.5800, $1.5735/25
Resistance 3: Y84.20 (area of Mar 15 high)
Resistance 2: Y83.30 (МА(200) for Н1)
Resistance 1: Y83.00 (Mar 22 high, Mar 19 low)
Current price: Y82.44
Support 1: Y82.30 (Mar 22 low)
Support 2: Y81.90 (Mar 13 low)
Support 3: Y81.50 (Mar 9 low)

Resistance 3: Chf0.9200 (Mar 15 low)
Resistance 2: Chf0.9180 (Mar 19 and 22 highs)
Resistance 1: Chf0.9140 (session high)
Current price: Chf0.9109
Support 1: Chf0.9075/70 (session low, Mar 8 and 21 lows)
Support 2: Chf0.9020 (Mar 1 low)
Support 3: Chf0.8930 (low of February)

Resistance 3 : $1.6090 (Nov 11-14 highs)
Resistance 2 : $1.5990 (high of February)
Resistance 1 : $1.5910/20 (session high, Mar 19 and 21 highs)
Current price: $1.5829
Support 1 : $1.5820 (support line from Mar 22)
Support 2 : $1.5770 (Mar 22 low)
Support 3 : $1.5750 (area of Mar 13-15 highs)

Resistance 3 : $1.3490 (high of February)
Resistance 2 : $1.3360 (Mar 1 high)
Resistance 3 : $1.3280/90 (Mar 8 and 21 highs, session high)
Current price: $1.3241
Support 1 : $1.3190 (session low, МА (100) for D1)
Support 2 : $1.3140 (area of Mar 19 and 22 lows)
Support 3 : $1.3040 (Mar 16 low)

EUR/USD $1.3100, $1.3130, $1.3150, $1.3200. Exotic $1.3000KO
USD/JPY Y82.50, Y82.75, Y83.00, Y83.50
GBP/USD $1.5800, $1.5885
EUR/GBP stg0.08350
USD/CHF Chf0.9300
AUD/USD $1.0400
NZD/USD $0.8220
Asian stocks fell, with the benchmark index headed for its biggest weekly loss this year, as a surprise drop in profit at China’s third-largest bank compounded concern the global economy is slowing as manufacturing shrinks from Europe to Asia.
Nikkei 225 10,011.47 -115.61 -1.14%
Hang Seng 20,668.8 -232.76 -1.11%
S&P/ASX 200 4,270.39 -3.29 -0.08%
Shanghai Composite 2,349.54 -26.23 -1.10%
Agricultural Bank of China Ltd., slid 4.3 percent after posting lower-than-expected earnings and HSBC Holdings Plc, Europe’s largest lender by market value, slid 1.6 percent in Hong Kong.
Honda Motor Co., which gets about 80 percent of its revenue overseas, fell 2.9 percent in Tokyo after the yen strengthened.
BHP Billiton Ltd., the world’s largest mining company, lost 1.2 percent in Sydney after metal and oil prices fell yesterday.
Banks have limited ability to boost capital by curbing payouts
00:01 United Kingdom Nationwide Consumer Confidence February 47 49 44
02:00 China Leading Index February +1.6% +0.8%
The yen fell against most of its major peers before data forecast to show U.S. sales of new homes rose last month, damping demand for haven assets. In the U.S., sales of new homes probably climbed to a 325,000 annual rate in February from 321,000 the previous month, according to a Bloomberg News survey of economists before today’s report. That would be the fastest since December 2010.
The dollar gained for the first time in three days versus the yen after Federal Reserve Bank of St. Louis President James Bullard said monetary policy may be at a “turning point” as the world’s largest economy rebounds. With Fed policy currently “on pause, it may be a good time to take stock of whether we may be at a turning point,” Bullard said in a speech in Hong Kong today. The U.S. economy may expand 3 percent this year, he said, “the outlook has improved markedly” over the past eight months. The Fed has held its target rate to a range of zero to 0.25 percent since December 2008.
EUR/USD: during the Asian session the pair traded in a range $1.3190-$ 1.3215.
GBP/USD: during the Asian session the pair traded in a range $1.5810-$ 1.5825.
USD/JPY: during the Asian session the pair restored after yesterday's falling.
European data for Friday starts at 0700GMT with construction orders from Germany, which is followed by France data at 0745GMT, including Q4 employment data and Manufaturing and Services sentiment data. US data starts at 1400GMT with BLS Mass Layoffs data and the pace of new home sales, which has been forecast to increase slightly to a 327,000 annual rate in February after a small decline in January broke a string of four straight increases. At 1930GMT, Atlanta Federal Reserve Bank President Dennis Lockhart speaks to students at Georgetown University in Washington on his career and the Fed. Late US data sees the 2015GMT release of C&I loans.
Extends recovery into the area of recent highs at $1.3286/91, moving above at writing. Traders have reported a good mix of stops and offers placed toward a reported barrier at $1.33300, a break here to expose next barrier interest at $1.3315 with more stops noted on a break of $1.3320.
Yesterday the yen rose by more than one percent against all of its 16 most-traded peers as weaker factory data in Europe and China spurred concern economic growth was slowing, boosting safety demand. The yen surged by the most in three weeks against the dollar after Japan reported an unexpected trade surplus for last month, adding to evidence of a rebound in the economy.
Intercontinental Exchange Inc.’s Dollar Index, used to track the greenback against the currencies of six major U.S. trading partners including the euro, yen and pound, rose 0.1 percent to 79.723 after touching 79.315 yesterday, the lowest level since March 9. Applications for unemployment benefits in the U.S. dropped last week to the lowest level in four years, reinforcing signs the U.S. labor market is picking up. Jobless claims decreased by 5,000 to 348,000 in the week ended March 17, the fewest since February 2008, Labor Department figures showed.
The euro has weakened 2.9 percent during the past six months against the currencies of its nine developed-nation counterparts. A euro-area composite index based on a survey of purchasing managers in manufacturing and services dropped to 48.7 from 49.3 in February, London-based Markit Economics said in an initial estimate. Economists forecast a gain to 49.6, according to the median of 21 estimates in a Bloomberg News survey. A reading below 50 indicates contraction.
EUR/USD: yesterday in first half of day the pair fell below $1.3130, however could restore a part of the positions later.
GBP/USD: yesterday in first half of day the pair fell to $1.5770, however restored later, closed day above $1.5800.
USD/JPY: yesterday the pair fell to a figure, closed day on Y82.50.
European data for Friday starts at 0700GMT with construction orders from Germany, which is followed by France data at 0745GMT, including Q4 employment data and Manufaturing and Services sentiment data. US data starts at 1400GMT with BLS Mass Layoffs data and the pace of new home sales, which has been forecast to increase slightly to a 327,000 annual rate in February after a small decline in January broke a string of four straight increases. At 1930GMT, Atlanta Federal Reserve Bank President Dennis Lockhart speaks to students at Georgetown University in Washington on his career and the Fed. Late US data sees the 2015GMT release of C&I loans.
Asian stocks rose after Japan posted an unexpected trade surplus and as a survey that showed China’s manufacturing may contract this month stoked speculation the government may introduce more measures to bolster growth.
Nikkei 225 10,127.08 +40.59 +0.40%
Hang Seng 20,901.56 +44.93 +0.22%
S&P/ASX 200 4,273.68 +19.43 +0.46%
Shanghai Composite 2,375.77 -2.42 -0.10%
First Tractor Co., a Chinese maker of farm equipment, jumped 6 percent in Hong Kong after the mainland’s central bank cut reserve requirements to more branches of Agricultural Bank of China Ltd.
Samsung Electronics Co., Asia’s No.1 consumer- electronics maker that counts China as its biggest market, gained 1.3 percent in Seoul. Honda Motor Co., Japan’s second- largest carmaker, added 1.7 percent in Tokyo.
European stocks fell for a fourth day, the longest losing streak since November, as manufacturing contracted in China and the euro area.
A preliminary measure of Chinese manufacturing fell to 48.1 this month, according to HSBC Holdings Plc and Markit Economics. That’s the lowest reading on the purchase managers’ index since November and compares with a final 49.6 in February. A result below 50 indicates a contraction.
European services and manufacturing output contracted more than forecast in March. A euro-area composite index based on a survey of purchasing managers in both industries dropped to 48.7 from 49.3 in February, according to Markit.
National benchmark indexes fell in all of the 18 western European markets. The U.K.’s FTSE 100 slipped 0.8 percent, France’s CAC 40 retreated 1.6 percent and Germany’s DAX declined 1.3 percent.
Randgold plunged 13 percent to 5,765 pence, the largest decline since October 2008. A Malian army officer said the country’s constitution has been suspended and all state institutions dissolved because of the government’s “incompetence.”
Baloise slid 6.6 percent to 71.05 Swiss francs after saying profit dropped 86 percent last year on investment losses and a writedown on Greek sovereign debt.
Hermes International SCA rose 2.3 percent to 249.80 euros after the French maker of Kelly bags and silk scarves posted earnings that exceeded analyst projections and offered a bonus dividend to shareholders.
Lanxess AG, the German chemical maker spun off from Bayer AG in 2005, jumped 8.5 percent to 61.05 euros, the largest gain since November 2009, after reporting fourth-quarter profit that beat analysts’ estimates on higher demand from Brazil and China.
U.S. stocks retreated, trimming the longest monthly rally since September 2009 for the Standard & Poor’s 500 Index, as manufacturing contracted in China and Europe and FedEx Corp. tumbled amid a disappointing forecast.
Equities joined a global slump today as a Chinese manufacturing index indicated a worse contraction this month. Euro-area services and manufacturing output contracted more than economists forecast. Stocks fell even after data showed that jobless claims dropped to the lowest level in four years, reinforcing signs the U.S. labor market is picking up.
Dow 13,046.14 -78.48 -0.60%, Nasdaq 3,063.32 -12.00 -0.39%, S&P 500 1,392.78 -10.11 -0.72%
FedEx tumbled 3.5 percent to $92.50. It forecast a profit range for its current fiscal quarter whose low end trailed analysts’ estimates amid slowing express-shipment demand.
The company is responding to a drop in express shipments and “below-trend” growth by parking an unspecified number of planes in the desert, reducing flight hours and reviewing domestic capacity. The range of goods delivered by FedEx and United Parcel Service Inc. makes them economic barometers.
Energy and raw material shares retreated as the S&P GSCI gauge of commodities declined 1.1 percent amid concern about slower demand. Alcoa (АА) иretreated 2.5 percent, the most in the Dow, to $10.01. Chevron (CVX) slumped 2.4 percent to $105.35. Among industrial companies, Caterpillar Inc. (CAT) dropped 2.4 percent to $106.43.
Discover Financial Services added 2.7 percent to $32.49. The payments network company said fiscal first-quarter profit rose 36 percent to a record as consumers spent more on credit cards.
Resistance 3: Y84.10/20 (area of Mar 15-21 highs)
Resistance 2: Y83.50 (Mar 22 high)
Resistance 1: Y83.00 (Mar 19 low)
The current price: Y82.83
Support 1: Y82.30 (Mar 22 low)
Support 2: Y81.95 (Mar 13 low)
Support 3: Y81.45 (Mar 9 low)

Resistance 3 : $1.5915/20 (Mar 19-21 high)
Resistance 2 : $1.5890 (Mar 22 high)
Resistance 1 : $1.5845 (resistance line from Mar 21)
The current price: $1.5811
Support 1 : $1.5770 (Mar 22 low)
Support 2 : $1.5725 (61.8% FIBO $1.5920-$1.5600)
Support 3 : $1.5691 (Mar 16 low)

Resistance 3: Chf0.9200 (Mar 15 low)
Resistance 2: Chf0.9180 (Mar 19-22 high)
Resistance 1: Chf0.9150 (Mar 20-21 high)
The current price: Chf0.9133
Support 1: Chf0.9125 (session low)
Support 2: Chf0.9095 (Mar 22 low)
Support 3: Chf0.9075 (Mar 21 low)

Resistance 3 : $1.3285 (Mar 21 high)
Resistance 2 : $1.3255 (Mar 22 high)
Resistance 1 : $1.3215 (session high)
The current price: $1.3201
Support 1 : $1.3170 (Mar 20 low)
Support 2 : $1.3130 (Mar 22 low)
Support 3 : $1.3110 (61.8% FIBO $1.3285-$1.3000)

Change % Change Last
Oil $105.52 +0.17 +0.16%
Gold $1,642.30 -0.20 -0.01%
Change % Change Last
Nikkei 225 10,127.08 +40.59 +0.40%
Hang Seng 20,901.56 +44.93 +0.22%
S&P/ASX 200 4,273.68 +19.43 +0.46%
Shanghai Composite 2,375.77 -2.42 -0.10%
FTSE 100 5,845.65 -46.30 -0.79%
CAC 40 3,472.46 -54.91 -1.56%
DAX 6,981.26 -90.06 -1.27%
Dow 13,046.14 -78.48 -0.60%
Nasdaq 3,063.32 -12.00 -0.39%
S&P 500 1,392.78 -10.11 -0.72%
(pare/closed(00:00 GMT +02:00)/change, %)
EUR/USD $1,3199 -0,10%
GBP/USD $1,5813 -0,32%
USD/CHF Chf0,9134 +0,11%
USD/JPY Y82,56 -0,99%
EUR/JPY Y108,97 -1,09%
GBP/JPY Y130,56 -1,31%
AUD/USD $1,0393 -0,54%
NZD/USD $0,8098 -0,19%
USD/CAD C$0,9993 +0,72%
00:01 United Kingdom Nationwide Consumer Confidence February 47 49
02:00 China Leading Index February +1.6%
08:30 Switzerland SNB Quarterly Bulletin Quarter I
09:00 Switzerland KOF Institute Economic Forecast Quarter II
09:30 United Kingdom BBA Mortgage Approvals February 38.1 39.1
11:00 Canada Consumer Price Index m / m February +0.4% +0.5%
11:00 Canada Consumer price index, y/y February +2.5% +2.7%
11:00 Canada Bank of Canada Consumer Price Index Core, m/m February +0.2% +0.2%
11:00 Canada Bank of Canada Consumer Price Index Core, y/y February +2.1% +2.2%
14:00 U.S. New Home Sales February 321 326
18:30 U.S. FOMC Member Dennis Lockhart Speaks 0
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