The international currency market Forex euro continues to rise against the dollar. But already seen an obvious overheating. How long the rally will not last, and on Friday, October 1, we can expect the beginning of correction. Thus, players have two more sessions for which the euro could reach the key level of 1.38 dollars per euro. True, further to improve the game is unlikely.
On Wednesday, September 29 at 8:30 GMT the euro is trading at around 1.36 dollars / euro, and it is also difficult level, but the players are optimistic in the morning, and is likely to increase during the day continues.
But raising the British pound is less aggressive. On the eve of the data were released, according to which the UK GDP in the II quarter of 2010. By the final results, in comparison with the previous quarter grew by 1.2%. This figure coincided with analysts' expectations, and in general suggests that the economy is emerging from crisis. At the same time, market participants will remember how much re-printed pounds this cost growth, and, of course, fear of inflation.
Thus the current "shakeup" in the Forex market is primarily associated with the flight of inflation, rather than seeking a safe haven. The economy is confidently stands up, and players will start (and reasonably) afraid of depreciations.
Oil prices on world markets have changed in different directions
Oil prices on world markets on Tuesday, September 28, changed differently. During the day on the market dynamics affect opposing factors. On the one hand, up quotations of oil futures pushed the weakening dollar, on the other - the pressure on prices exerted concern about supply and demand dynamics of gasoline inventories in the U.S..
Following the auction on Tuesday, September 28 at the New York Mercantile Exchange futures price for WTI crude oil for November delivery fell 0.34 dollars to 76.18 dollars per barrel. At the InterContinental Exchange in London November contract for Brent Crude oil price increased by 0.14 dollars and closed at 78.71 dollars per barrel.
Tuesday on the oil market was marked by increased volatility. Positive impact on the dynamics of trades provided events on the currency market, where the dollar continued to fall against the European currency. (A weaker dollar increases the attractiveness of oil as an alternative investment). As a result, prices for WTI crude oil during the day reaches 77.12 dollars per barrel.
Backdrop for the dollar's decline was the index of consumer confidence in the U.S., whose value in September fell to 48.5 points against 53.2 points a month earlier (analysts expected a decline to 52.1 points). This decrease is activated expectations that U.S. Federal Reserve will begin the next round of monetary incentives. Consequently, the U.S. dollar exchange rate broke through key resistance level against the euro fell to its lowest level in five months. The decline was 0.9%, resulting in the dollar to a level of 1.3579 dollars per euro. During the day, the dollar sank to a mark of 1.3595 dollars per euro.
But to stay on reached an intraday high oil prices failed. Against the market once again played a concern of investors in the further demand for gasoline in the U.S.. Spoil the mood of market participants to these companies MasterCard Inc., According to which, last week, gasoline consumption in the country fell for the fifth time in six weeks. As reported by the company, the week before 24 September gasoline demand in the U.S. fell by 0.2% to 8.98 million barrels per day
Expressed concerns, market participants and for gasoline stocks. On Wednesday, come next data U.S. Department of Energy (US Department of Energy, DOE) on oil and petroleum products. It is expected that last week the amount of gasoline in the U.S. stores has increased by 350 thousand barrels. Meanwhile, the data of the American Petroleum Institute (API), released on the eve after the close of exchange trading, pointed to the increase in gasoline stocks by 3 million barrels. More positive figures API introduced in respect of oil (-2.4 million barrels). And distillates (- 2.8 million barrels).
Following the auction on Tuesday, September 28 at the New York Mercantile Exchange futures price for WTI crude oil for November delivery fell 0.34 dollars to 76.18 dollars per barrel. At the InterContinental Exchange in London November contract for Brent Crude oil price increased by 0.14 dollars and closed at 78.71 dollars per barrel.
Tuesday on the oil market was marked by increased volatility. Positive impact on the dynamics of trades provided events on the currency market, where the dollar continued to fall against the European currency. (A weaker dollar increases the attractiveness of oil as an alternative investment). As a result, prices for WTI crude oil during the day reaches 77.12 dollars per barrel.
Backdrop for the dollar's decline was the index of consumer confidence in the U.S., whose value in September fell to 48.5 points against 53.2 points a month earlier (analysts expected a decline to 52.1 points). This decrease is activated expectations that U.S. Federal Reserve will begin the next round of monetary incentives. Consequently, the U.S. dollar exchange rate broke through key resistance level against the euro fell to its lowest level in five months. The decline was 0.9%, resulting in the dollar to a level of 1.3579 dollars per euro. During the day, the dollar sank to a mark of 1.3595 dollars per euro.
But to stay on reached an intraday high oil prices failed. Against the market once again played a concern of investors in the further demand for gasoline in the U.S.. Spoil the mood of market participants to these companies MasterCard Inc., According to which, last week, gasoline consumption in the country fell for the fifth time in six weeks. As reported by the company, the week before 24 September gasoline demand in the U.S. fell by 0.2% to 8.98 million barrels per day
Expressed concerns, market participants and for gasoline stocks. On Wednesday, come next data U.S. Department of Energy (US Department of Energy, DOE) on oil and petroleum products. It is expected that last week the amount of gasoline in the U.S. stores has increased by 350 thousand barrels. Meanwhile, the data of the American Petroleum Institute (API), released on the eve after the close of exchange trading, pointed to the increase in gasoline stocks by 3 million barrels. More positive figures API introduced in respect of oil (-2.4 million barrels). And distillates (- 2.8 million barrels).
European stocks showed no significant changes
Trading in stocks in Europe on Tuesday, 28 September, the leading index opened lower, following the collapse of American stock indicators before and negative dynamics in Asian trading on Tuesday. Soon fall to a halt, and then quotes the majority of papers have started to grow strongly. During the day, the markets remained highly volatile, but on the session key stock indicators were again on the closing level on Monday. Following the session, the French CAC 40 index fell by 0.1% - to 3762.35 points, the German DAX dropped by 0,05% - to 6276.09 points, Britain's FTSE 100 rose 0.09% - to 5578.44 points.
During the day, influenced the trading exerted oppositely directed factors. Rating agency Standard & Poor's warned that could continue to reduce the credit ratings of Ireland, if government spending on the restructuring of troubled bank Anglo Irish Bank will approach previously called around 35 billion euros.
Paper Michelin, French tire maker, have fallen to 10,2% on the announcement the company plans to raise 1.2 billion euros by issuing new shares to finance business expansion in developing countries. Shares of Akzo Nobel, Netherlands chemical company, fell 2.17%, Akzo Management plans to increase its dividend this year, only 5 cents, while investors hoped for more generous benefits. Paper British bank Royal Bank of Scotland fell 1.56% after reports that he plans to cut additional 500 jobs.
Shares of Unilever rose to 1.05%. UK / Netherlands company before agreed to buy U.S. manufacturer of personal hygiene Alberto Culver for 3.7 billion euros, paying U.S. $ 77.5 per share. Executive Director of the European company Paul Poulman expressed confidence that the products manufactured by American competitors, which successfully complement the range of Unilever.
Issuing statistics did not cause investors have little optimism. UK GDP in the II quarter of 2010. By the final results, in comparison with the previous quarter grew by 1.2%. On this news service reported RBC with reference to the National Bureau of Statistics of the country. Analysts also predicted that this figure will increase by 1.2%. In annual terms, the GDP of Great Britain in II quarter of 2010. increased by 1,7%. In the I quarter of 2010. UK GDP, according to revised data, relative to the IV quarter of 2009. increased by 0,4% (previously reported growth of 0,3%), and with respect to I quarter of 2009. showed a decline of 0.3% (previously reported a decline of 0.2%).
The consumer price index in Germany in September 2010. According to preliminary data, increased by 1,3% in annual terms. Such data has published the Federal Statistics Service of Germany. Analysts also expect the value of this indicator at the level of 1,3%. Compared with August 2010. inflation fell to 0.1 percentage points. In August of this year Consumer prices in Germany, according to updated data, rose 1% on an annualized basis, and on a monthly basis figure has not changed.
During the day, influenced the trading exerted oppositely directed factors. Rating agency Standard & Poor's warned that could continue to reduce the credit ratings of Ireland, if government spending on the restructuring of troubled bank Anglo Irish Bank will approach previously called around 35 billion euros.
Paper Michelin, French tire maker, have fallen to 10,2% on the announcement the company plans to raise 1.2 billion euros by issuing new shares to finance business expansion in developing countries. Shares of Akzo Nobel, Netherlands chemical company, fell 2.17%, Akzo Management plans to increase its dividend this year, only 5 cents, while investors hoped for more generous benefits. Paper British bank Royal Bank of Scotland fell 1.56% after reports that he plans to cut additional 500 jobs.
Shares of Unilever rose to 1.05%. UK / Netherlands company before agreed to buy U.S. manufacturer of personal hygiene Alberto Culver for 3.7 billion euros, paying U.S. $ 77.5 per share. Executive Director of the European company Paul Poulman expressed confidence that the products manufactured by American competitors, which successfully complement the range of Unilever.
Issuing statistics did not cause investors have little optimism. UK GDP in the II quarter of 2010. By the final results, in comparison with the previous quarter grew by 1.2%. On this news service reported RBC with reference to the National Bureau of Statistics of the country. Analysts also predicted that this figure will increase by 1.2%. In annual terms, the GDP of Great Britain in II quarter of 2010. increased by 1,7%. In the I quarter of 2010. UK GDP, according to revised data, relative to the IV quarter of 2009. increased by 0,4% (previously reported growth of 0,3%), and with respect to I quarter of 2009. showed a decline of 0.3% (previously reported a decline of 0.2%).
The consumer price index in Germany in September 2010. According to preliminary data, increased by 1,3% in annual terms. Such data has published the Federal Statistics Service of Germany. Analysts also expect the value of this indicator at the level of 1,3%. Compared with August 2010. inflation fell to 0.1 percentage points. In August of this year Consumer prices in Germany, according to updated data, rose 1% on an annualized basis, and on a monthly basis figure has not changed.
Prices of oil futures changed insignificantly
Prices of oil futures on the stock exchanges in New York and London with the beginning of this week have changed insignificantly. Results of the trades on the exchanges for oil contracts, the first entry on Sept. 27 were as follows:
- New York Mercantile Exchange on an urgent New York Mercantile Exchange (NYMEX) the official price of the futures Light, Sweet Crude Oil (November) symbolically rose by 3 cents and set at around 76.52 dollars per barrel. with a range of prices for transactions during the session 75,52-77,17 per barrel.;
- In London on an electronic commodities exchange InterContinental Exchange Futures Europe (ICE Futures Europe) official price of the futures IPE Brent Crude (November) fell by 30 cents (-0.4%) and set at around 78.57 dollars per barrel. with a range of prices for transactions during the session 77,60-79,20 per barrel.
Opposite changes in prices for active contracts were due to unnatural preservation of the positive price difference between oil benchmarks Brent and WTI, which is technically ensured a weak increase in the official price of the futures Light Sweet. Meanwhile, the overall market condition characterized by low activity and a weakening demand for oil futures by a lack of strong fundamentals and the decline in the leading stock indexes in the U.S. and Europe.
Pressure on the oil market on September 27 also helped out weekly increase in U.S. inventories of crude oil and energy derivatives. On the eve of industry experts predicted that as of September 24, commercial crude oil inventories in the U.S. could rise for the week by 2,0-2,2 million barrels., Gasoline stocks at the same time could grow to 800-900 thousand barrels per day., and heavy distillate stocks - by 40-500 thousand barrels.
At the same time, some support for the oil market has had on the eve of a cheap dollar, kept the oil prices from a substantial reduction. Thus, an indicator of the market Forex, reflecting changes in U.S. dollar concerning "basket" of six leading world currencies, Dollar Index (spot) on September 27 has slightly decreased, and sank to its lowest level since early February 2010. - 79.338 points.
Recall last week's oil on the stock exchanges rose in price three times - 20, 23 and 24 September. In general, for the past week the official price of WTI crude oil rose by 2.83 dollars per barrel., Or 3,8%, and the barrel of Brent crude rose by 66 cents, or 0.8%. Including the results of bidding on September 24 WTI oil price has reached its maximum value for the first nine trading days - to $ 76.49 per barrel. And the price of crude oil Brent - the maximum for the four trading days - to $ 78.87 per barrel.
- New York Mercantile Exchange on an urgent New York Mercantile Exchange (NYMEX) the official price of the futures Light, Sweet Crude Oil (November) symbolically rose by 3 cents and set at around 76.52 dollars per barrel. with a range of prices for transactions during the session 75,52-77,17 per barrel.;
- In London on an electronic commodities exchange InterContinental Exchange Futures Europe (ICE Futures Europe) official price of the futures IPE Brent Crude (November) fell by 30 cents (-0.4%) and set at around 78.57 dollars per barrel. with a range of prices for transactions during the session 77,60-79,20 per barrel.
Opposite changes in prices for active contracts were due to unnatural preservation of the positive price difference between oil benchmarks Brent and WTI, which is technically ensured a weak increase in the official price of the futures Light Sweet. Meanwhile, the overall market condition characterized by low activity and a weakening demand for oil futures by a lack of strong fundamentals and the decline in the leading stock indexes in the U.S. and Europe.
Pressure on the oil market on September 27 also helped out weekly increase in U.S. inventories of crude oil and energy derivatives. On the eve of industry experts predicted that as of September 24, commercial crude oil inventories in the U.S. could rise for the week by 2,0-2,2 million barrels., Gasoline stocks at the same time could grow to 800-900 thousand barrels per day., and heavy distillate stocks - by 40-500 thousand barrels.
At the same time, some support for the oil market has had on the eve of a cheap dollar, kept the oil prices from a substantial reduction. Thus, an indicator of the market Forex, reflecting changes in U.S. dollar concerning "basket" of six leading world currencies, Dollar Index (spot) on September 27 has slightly decreased, and sank to its lowest level since early February 2010. - 79.338 points.
Recall last week's oil on the stock exchanges rose in price three times - 20, 23 and 24 September. In general, for the past week the official price of WTI crude oil rose by 2.83 dollars per barrel., Or 3,8%, and the barrel of Brent crude rose by 66 cents, or 0.8%. Including the results of bidding on September 24 WTI oil price has reached its maximum value for the first nine trading days - to $ 76.49 per barrel. And the price of crude oil Brent - the maximum for the four trading days - to $ 78.87 per barrel.
Forex: Ireland stopped the growth of the euro
Euro rallies up starts coming to an end. The reason for stopping the aggressive buying currencies on Monday, 27 September, was the emergence of new problems in Ireland. This week the country will announce the final price of redemption Anglo Irish Bank and try to allay fears of investors about the fact that the country will have to ask for help from the EU. Though currently the state estimates the size of the cost of bailouts of $ 22 billion, the rating agency Standard & Poor's believes that the payments could reach 35 billion euros, equivalent to 20% of annual GDP.
Typically, when such news, the euro lost several pieces, but not this time. The fact that this week September 28-30, European banks have to refinance much of its debt to the ECB, which collectively reach 530 billion euros, and against this background that the Europeans are buying up its currency.
Thus until the end of the week the euro will remain near current levels (1.345 dollars / euros at 9:00 GMT), but on Friday, October 1, perhaps starting a new flight to the dollar or the yen. In the first currency to expect a mass influx is not necessary. Since the Fed systematically weakens the "American", carrying out periodic verbal intervention of quantitative easing. However, the yen in the current situation does not look the best choice, since the intervention of the Japanese Central Bank has already moved from the category of literature in the actual discharge. That's the start on Friday.
Typically, when such news, the euro lost several pieces, but not this time. The fact that this week September 28-30, European banks have to refinance much of its debt to the ECB, which collectively reach 530 billion euros, and against this background that the Europeans are buying up its currency.
Thus until the end of the week the euro will remain near current levels (1.345 dollars / euros at 9:00 GMT), but on Friday, October 1, perhaps starting a new flight to the dollar or the yen. In the first currency to expect a mass influx is not necessary. Since the Fed systematically weakens the "American", carrying out periodic verbal intervention of quantitative easing. However, the yen in the current situation does not look the best choice, since the intervention of the Japanese Central Bank has already moved from the category of literature in the actual discharge. That's the start on Friday.
U.S. Market: rally continues
On Friday, 24 September, the U.S. stock market right from the opening of confidence went up. The reason for the optimism were seemingly weak macroeconomic data released by the U.S. Department of Commerce (US Department of Commerce). According to them, orders for durable goods in August 2010. decreased compared with the previous month by 1,3%, while analysts predicted a drop of only 1%. However, if you look at the value of the index with the exception of orders for vehicles (as calculated by the Ministry), it increased by as much as 2% with respect to the July figure. So down the value of the index utyanuli just collapsed sale of aircraft and vehicles.
Interrupted the rally reported that sales of new homes in the U.S. in August 2010. not changed compared with the figures for July and amounted to 288 thousand units. Experts reasonable to expect that after a number of positive sector news that came this week, and this figure will not fail and will reach 295 thousand units. But even fell short of expectations did not cause a reversal of intraday market trends. Results day is impressive: the Dow Jones and NASDAQ have upgraded four-month highs go, and S & P caught up with them at the end of the session.
Following the auction on September 24 the Dow Jones index rose 197.84 points (1.86%) - to 10,860.26 points, NASDAQ - at 54.14 points (2.33%) to 2,381.22 points, S & P - by 23.83 points (2.12%) to 1,148.66 points.
On the background of strong data on orders for durable goods increased demand was the shares of industrial conglomerates and the representatives of heavy industry. Not that investors are instantly changed the prospects of the economy, rather after a protracted consolidation simply used the occasion to open a short-term long positions on a temporary ideological securities. Shares of United Technologies Corp. rose 2,44%, Loews Corp. - On 2,03%, 3M Co. - On 1,67%, General Electric Co. - On 3,22%, Caterpillar Inc. - On 4,55%, Deere & Co. - On 2,04%, and Cummins Inc. - On 2,89%.
Leading developers of the country on Friday were able to avoid falling. Firstly, a day earlier formed a local oversold, when a drop in prices of the industry amounted to 6%, and secondly, a good report for the III quarter of 2009, 2010. financial year published a KB Home. Despite the fact that the quarter once again proved to be unprofitable, the loss amounted to only 2 cents per share, versus forecasts of market participants to 15 cents. Furthermore, sales jumped 9% - to 0,5 billion dollars, and it became the most outstanding result of the developer over the past four years. Against this background, quotes KB Home rose by 3,42%, Lennar Corp. - On 3,68%, PulteGroup Inc. - On 2,93%, Toll Brothers Inc. - On 3,23%, DR Horton Inc. - On 2,82%, Beazer Homes USA Inc. - At 5.03%. Outsider preceding session - Hovnanian Enterprises Inc. again lagged behind the sector (1.32%).
Interrupted the rally reported that sales of new homes in the U.S. in August 2010. not changed compared with the figures for July and amounted to 288 thousand units. Experts reasonable to expect that after a number of positive sector news that came this week, and this figure will not fail and will reach 295 thousand units. But even fell short of expectations did not cause a reversal of intraday market trends. Results day is impressive: the Dow Jones and NASDAQ have upgraded four-month highs go, and S & P caught up with them at the end of the session.
Following the auction on September 24 the Dow Jones index rose 197.84 points (1.86%) - to 10,860.26 points, NASDAQ - at 54.14 points (2.33%) to 2,381.22 points, S & P - by 23.83 points (2.12%) to 1,148.66 points.
On the background of strong data on orders for durable goods increased demand was the shares of industrial conglomerates and the representatives of heavy industry. Not that investors are instantly changed the prospects of the economy, rather after a protracted consolidation simply used the occasion to open a short-term long positions on a temporary ideological securities. Shares of United Technologies Corp. rose 2,44%, Loews Corp. - On 2,03%, 3M Co. - On 1,67%, General Electric Co. - On 3,22%, Caterpillar Inc. - On 4,55%, Deere & Co. - On 2,04%, and Cummins Inc. - On 2,89%.
Leading developers of the country on Friday were able to avoid falling. Firstly, a day earlier formed a local oversold, when a drop in prices of the industry amounted to 6%, and secondly, a good report for the III quarter of 2009, 2010. financial year published a KB Home. Despite the fact that the quarter once again proved to be unprofitable, the loss amounted to only 2 cents per share, versus forecasts of market participants to 15 cents. Furthermore, sales jumped 9% - to 0,5 billion dollars, and it became the most outstanding result of the developer over the past four years. Against this background, quotes KB Home rose by 3,42%, Lennar Corp. - On 3,68%, PulteGroup Inc. - On 2,93%, Toll Brothers Inc. - On 3,23%, DR Horton Inc. - On 2,82%, Beazer Homes USA Inc. - At 5.03%. Outsider preceding session - Hovnanian Enterprises Inc. again lagged behind the sector (1.32%).
Forex: Dollar continues to take positions
Most players in the Forex can not cope with the strengthening of the euro, although this may well explain the weakness of the dollar, analysts said Deutsche Bank. The situation in the U.S. for them to clear and unambiguous. The Fed is trying to cope with the weakness of the economy, but unemployment remains high and the outcome of congressional elections in November is uncertain. According to recent polls, more than half the inhabitants of the country agree with the decisions of the government. Thus, most readily accept the weakening dollar. Much more difficult to understand the growth of the euro. Ireland, Greece and Portugal were again in the spotlight. But the steadfast position of the single currency. "We still see potential for growth in the euro against the dollar to a mark of 1.3565 dollars per euro", - underline analysts Deutsche Bank.
September 27, the ratio of the euro / dollar is near the mark 1.346 dollars per euro, which is not too far from the goals, defined objectives Deutsche Bank. At the same time, euro rally on this is unlikely to cease, and, most likely, the first signs of eye fixation, "European" will begin in the medium term, higher, perhaps around mark 1.38 dollars / euro.
But probably the main growth of the euro has played, and in recent days looks better the British pound. Apparently, in the next session of the players will pay attention on the currency. One pound is worth 1.582 U.S. dollars, short-term forecast of 1.6 dollars per pound.
September 27, the ratio of the euro / dollar is near the mark 1.346 dollars per euro, which is not too far from the goals, defined objectives Deutsche Bank. At the same time, euro rally on this is unlikely to cease, and, most likely, the first signs of eye fixation, "European" will begin in the medium term, higher, perhaps around mark 1.38 dollars / euro.
But probably the main growth of the euro has played, and in recent days looks better the British pound. Apparently, in the next session of the players will pay attention on the currency. One pound is worth 1.582 U.S. dollars, short-term forecast of 1.6 dollars per pound.
Forex: The Fed is not afraid to weaken the dollar
In the currency market has started to consolidate: the euro / dollar hovered below $ 1.34. On Friday quotes this cross were near the mark 1.334 dollars / euros. In the foreign exchange market has developed an ambiguous situation. As noted by President Kanundrum Capital, Brian Kelly, a statement the U.S. Federal Reserve suggests that soon we can expect increasing inflation. "In fact, Reserve reported that its concern: inflation is too low. And it means that it will improve. But, in my opinion, we are already seeing inflation in the market of cereals, especially wheat and maize. We see inflation on the stock exchanges of raw materials, we see inflation in China, and it is already beginning to overflow into the U.S. economy through imports. The Fed admits a big mistake, driving inflation expectations "- the expert believes. But the desire to control "push" the liquidity of the banking system in the real sector faces a lack of understanding of bankers, since the latter does not make sense to lend to the private sector, the dollar has deflated.
Inflation expectations have weakened U.S. currency. Meanwhile, however, record spreads on bonds of the peripheral countries to the German benchmark bond yield evidence of financial instability in Europe. Therefore, the euro can not be "defensive" currency from inflation in the U.S., although he showed growth at the beginning of the current trading five days. Meanwhile, the British pound a week goes on. On Friday, he was quoted at around U.S. $ 1.567 Prospects for further growth in the currency of Great Britain are questionable.
Thus, for the players is just the yen. However, bidders funky Bank of Japan intervention, yet does not reach it. At 9:00 GMT on September 24 yen was quoted at 85.14 yen to the dollar. And, most likely it will continue to become cheaper despite the growing worldwide risk. As a result, investors will sooner or later will come to an old and reliable U.S. dollar, namely the government and U.S. corporate bonds. Terms of the Federal Reserve is closed.
Inflation expectations have weakened U.S. currency. Meanwhile, however, record spreads on bonds of the peripheral countries to the German benchmark bond yield evidence of financial instability in Europe. Therefore, the euro can not be "defensive" currency from inflation in the U.S., although he showed growth at the beginning of the current trading five days. Meanwhile, the British pound a week goes on. On Friday, he was quoted at around U.S. $ 1.567 Prospects for further growth in the currency of Great Britain are questionable.
Thus, for the players is just the yen. However, bidders funky Bank of Japan intervention, yet does not reach it. At 9:00 GMT on September 24 yen was quoted at 85.14 yen to the dollar. And, most likely it will continue to become cheaper despite the growing worldwide risk. As a result, investors will sooner or later will come to an old and reliable U.S. dollar, namely the government and U.S. corporate bonds. Terms of the Federal Reserve is closed.
U.S. market: Investors did not dare to play a proactive
On Thursday, September 23, at the bidders on the U.S. stock market were reasons both for pessimism and to improve mood. Started trading in a gap down, and this dynamic was fully justified: in Europe business activity index fell, National Bureau of Ireland reported that in the II quarter of 2010. GDP declined by 1.2%, while the country was faced with the probability of double-dip recession, the first portion of domestic macroeconomic statistics, the U.S. was also negative. U.S. Department of Labor (US Department of Labor) reported an increase in the number of initial applications for unemployment benefits last week, which ended Sept. 18, 2010. As compared with that of the previous week to 12 thousand - up to 465 thousand Thus, all embarked on their places, because it was strange to expect improvement in the labor market, as predicted by experts, consolidating on a minimum of 450 thousand claims. The figure for the previous week, incidentally, still has been revised upward from 450 thousand to 453 thousand
The reason that allowed by the middle of the day to win back the morning of loss, was the publication of data from the housing market, as well as the index of leading indicators for August. Both figures indicated a slight improvement and was better than economists had forecast. In general, the mere fact that investors have turned a blind eye to the negative, when there were even a little optimistic numbers, positive for the market and indicates the willingness to start the game from purchases as soon as a suitable occasion. Perhaps this occasion will be Friday's release of data on sales of new buildings, once the current week's statistics from the real estate market encouraged investors. Ahead of the curve, however, on Thursday to play bidders decided not to, and understand they can - hope hopes and rally still continues to decline, and already next week there is a real risk of a hard "drawdown." In this light, the fact of the return indices for morning lows are not surprising.
Following the auction on September 23 the Dow Jones index dropped by 76.89 points (-0.72%) - to 10,662.42 points, NASDAQ - by 7.47 points (-0.32%) to 2,327.08 points, S & P - by 9.45 points (-0.83%) to 1,124.83 points.
The reason that allowed by the middle of the day to win back the morning of loss, was the publication of data from the housing market, as well as the index of leading indicators for August. Both figures indicated a slight improvement and was better than economists had forecast. In general, the mere fact that investors have turned a blind eye to the negative, when there were even a little optimistic numbers, positive for the market and indicates the willingness to start the game from purchases as soon as a suitable occasion. Perhaps this occasion will be Friday's release of data on sales of new buildings, once the current week's statistics from the real estate market encouraged investors. Ahead of the curve, however, on Thursday to play bidders decided not to, and understand they can - hope hopes and rally still continues to decline, and already next week there is a real risk of a hard "drawdown." In this light, the fact of the return indices for morning lows are not surprising.
Following the auction on September 23 the Dow Jones index dropped by 76.89 points (-0.72%) - to 10,662.42 points, NASDAQ - by 7.47 points (-0.32%) to 2,327.08 points, S & P - by 9.45 points (-0.83%) to 1,124.83 points.
The U.S. market: the players do not see the reason for shopping
On Wednesday, September 22, trades on the U.S. stock market took place in a moderately pessimistic vein. Investors do not have a reason for the investment of funds in equities, since the outcome of the meeting the day before the U.S. Federal Reserve is not presented with pleasant surprises. Some reshaping market a new round of dollar weakness against the euro. On Wednesday, the dollar sank to a five-month minimum, which was due to a high probability of continuing the policy of "cheap money" - the Fed confirmed its willingness to resort to monetary incentives, if necessary. Desheveyuschy dollar does not help the flow of investment capital into the stock market, the players expressed a preference for a more reliable instruments - bonds and contracts on gold.
As a result of trading on September 22 the Dow Jones index dropped by 21.72 points (-0.2%) - up to 10,739.31 points, NASDAQ - by 14,8 points (-0.63%) to 2,334.55 points, S & P - 5,5 points (-0.48%) to 1,134.28 points.
Amid the dismal prospects of weakening the national currency investors sought to get rid of the shares of American banks. Sales were broad front, no one has managed to avoid losses. By the end of the day Morgan Stanley lost 4,26% of the capitalization, Citigroup Inc. - 1,52%, Wells Fargo & Co. - 2,16%, JPMorgan Chase & Co. - 1,6%, Bank of America Corp. - 1,68%, The Goldman Sachs Group Inc. - 2,2%, and the U.S. Bancorp - 1,53%.
As an outsider of the day is firmly established software maker Adobe Systems Inc. The company introduced a weak financial report for the III quarter of the current fiscal year, its net profit rose 69.2% to $ 230.1 million against $ 136.0 million in the previous year. Revenues increased by 42% - to 990.3 million dollars dynamics in a very good, but investors were disappointed with the manufacturer's forecast for IV quarter - the company does not expect revenue growth and, moreover, does not preclude its fall. The reason lies in the low demand from educational institutions, which industry analysts have placed high hopes. Against this background, once a number of analytical houses downgraded the papers Adobe - that ISI Group, Robert W. Baird and the FBR Capital. In summary, the recommendations were reviewed with the highest to neutral. Day Adobe Systems has completed a crushing fall at 19.03%. Obviously, the "bears" are overdone. Among other software vendors poorly looked Symantec Corp. (-1%) And McAfee Inc. (-0.23%). Able to grow Oracle Corp. (1.42%).
Much less noticeable in comparison with Adobe growth of financial indicators demonstrate one of the largest networks in the U.S. to sell used cars, CarMax Inc. Its net profit rose 4.76%, while revenue - by 12,5%. But here the expectations of experts were more restrained, so the company could easily surpass forecasts. As a result, the cost of shares of CarMax soared to 8.46% - down two-month maximum.
As a result of trading on September 22 the Dow Jones index dropped by 21.72 points (-0.2%) - up to 10,739.31 points, NASDAQ - by 14,8 points (-0.63%) to 2,334.55 points, S & P - 5,5 points (-0.48%) to 1,134.28 points.
Amid the dismal prospects of weakening the national currency investors sought to get rid of the shares of American banks. Sales were broad front, no one has managed to avoid losses. By the end of the day Morgan Stanley lost 4,26% of the capitalization, Citigroup Inc. - 1,52%, Wells Fargo & Co. - 2,16%, JPMorgan Chase & Co. - 1,6%, Bank of America Corp. - 1,68%, The Goldman Sachs Group Inc. - 2,2%, and the U.S. Bancorp - 1,53%.
As an outsider of the day is firmly established software maker Adobe Systems Inc. The company introduced a weak financial report for the III quarter of the current fiscal year, its net profit rose 69.2% to $ 230.1 million against $ 136.0 million in the previous year. Revenues increased by 42% - to 990.3 million dollars dynamics in a very good, but investors were disappointed with the manufacturer's forecast for IV quarter - the company does not expect revenue growth and, moreover, does not preclude its fall. The reason lies in the low demand from educational institutions, which industry analysts have placed high hopes. Against this background, once a number of analytical houses downgraded the papers Adobe - that ISI Group, Robert W. Baird and the FBR Capital. In summary, the recommendations were reviewed with the highest to neutral. Day Adobe Systems has completed a crushing fall at 19.03%. Obviously, the "bears" are overdone. Among other software vendors poorly looked Symantec Corp. (-1%) And McAfee Inc. (-0.23%). Able to grow Oracle Corp. (1.42%).
Much less noticeable in comparison with Adobe growth of financial indicators demonstrate one of the largest networks in the U.S. to sell used cars, CarMax Inc. Its net profit rose 4.76%, while revenue - by 12,5%. But here the expectations of experts were more restrained, so the company could easily surpass forecasts. As a result, the cost of shares of CarMax soared to 8.46% - down two-month maximum.
Forex: Euro preparing for correction
U.S. Federal Reserve shook the market Forex. Over two sessions the dollar handed over to the euro in more than three figures. And it is very noticeable movement. At 9:00 Moscow time on Thursday, 23 September, trading a pair of euro / dollar held at around 1.34, but apparently, the players start to think about the correction, and the reasons for that.
With European exchanges began outflow, as evidenced by reduction in the stock indices at the sites of the region and the growth of bond peripheral countries. All this seems to prepare for another wave of reduction, but It's too early to say.
From a technical point of view, the euro / dollar reached a complex resistance 1.34, and get it right the first time are unlikely to succeed. This will lead to at least consolidate the quotes, but as a maximum - to the correction to elevation 1,316 dollars / euros.
It should be noted that typically more volatile pound in the current wave of the rally is growing much worse than the euro, which indicates a certain affectation of trades and lack of unity in the opinion of the players. And this is another factor in favor of correction
With European exchanges began outflow, as evidenced by reduction in the stock indices at the sites of the region and the growth of bond peripheral countries. All this seems to prepare for another wave of reduction, but It's too early to say.
From a technical point of view, the euro / dollar reached a complex resistance 1.34, and get it right the first time are unlikely to succeed. This will lead to at least consolidate the quotes, but as a maximum - to the correction to elevation 1,316 dollars / euros.
It should be noted that typically more volatile pound in the current wave of the rally is growing much worse than the euro, which indicates a certain affectation of trades and lack of unity in the opinion of the players. And this is another factor in favor of correction
Forex: Dollar went down
It is finished: Tuesday, 21 September, the U.S. Federal Reserve following the meeting announced the level of interest rates. He has remained unchanged - in the range of 0-0,25%. There are no new incentives, no new data disappointing meeting of the American Reserva no avail. Everything went according to the standard scenario, but the reaction of markets for some reason was very stormy. For a few minutes passed dollar against the euro and a half figures, and on Wednesday, 22 September, the weakening U.S. currency continued.
The euro / dollar was around 1.33 marks, and, apparently, the growth of the single currency will continue, because at the moment it suits the U.S. government. Yes, and for Europe the current ratio of the euro and the dollar is not yet critical. The end of this trend lies in the region 1,4-1,45 dollars / euros, at these levels and expect the second series of European debt drama.
The only country really suffers from the weakening U.S. currency - is Japan. But speculators are so scared of central bank intervention of this state, that even the decision of the Fed did not cause the burst of volatility in the market. Bidders sidelined a couple of yen / dollar.
Thus, on Tuesday at the market established trend to a weakening dollar, and in the next month expect a reversal is not necessary. This weakness of the U.S. currency is often accompanied by growth of quotations on commodity platforms as well as increase shareholder value. Autumn - a good time to rally.
The euro / dollar was around 1.33 marks, and, apparently, the growth of the single currency will continue, because at the moment it suits the U.S. government. Yes, and for Europe the current ratio of the euro and the dollar is not yet critical. The end of this trend lies in the region 1,4-1,45 dollars / euros, at these levels and expect the second series of European debt drama.
The only country really suffers from the weakening U.S. currency - is Japan. But speculators are so scared of central bank intervention of this state, that even the decision of the Fed did not cause the burst of volatility in the market. Bidders sidelined a couple of yen / dollar.
Thus, on Tuesday at the market established trend to a weakening dollar, and in the next month expect a reversal is not necessary. This weakness of the U.S. currency is often accompanied by growth of quotations on commodity platforms as well as increase shareholder value. Autumn - a good time to rally.
Oil prices fell against a background of concern about the economy
Oil prices on Tuesday, 21 September, declined, having fallen under the pressure of the results of the next meeting of the Fed. The negative dynamics of quotations and contributed to expectations that the next report U.S. Department of Energy (US Department of Energy) will show a significant reduction in the load factor of U.S. refineries.
As a result of trading on Sept. 21 at the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery fell 1.34 dollars - up to 73.52 dollars per barrel. Validity of the October contract expired on the eve. The cost of the November futures for petroleum of this mark has fallen to 1,22 dollars - to 74.97 dollars per barrel. At the InterContinental Exchange in London, the November contract for Class Brent Crude prices have fallen by 0.9 dollars, closed at 78.42 dollars per barrel.
As a result of the meeting held on Tuesday the U.S. Federal Reserve decided to keep the key discount rate in the range of 0-0,25% per annum. This decision was expected and coincided with forecasts of analysts. Nevertheless, participants in the oil market reacted negatively to the accompanying statement, the regulator, which expressed concern about the situation in the U.S. economy.
As noted in a press release of the Reserve in August, the restoration of the U.S. economy slowed. Costs have increased the country's citizens, but Americans' purchasing power is constrained by a number of obstacles, in particular high unemployment, slow growth in incomes, declining demand in the housing sector and the strict conditions for granting credit. From these and related regulator's decision, at a rate that was adopted to create the ground for the emergence of conditions to accelerate economic recovery.
However, the regulator refrains from taking measures to stimulate the economy and reduce unemployment. He preferred to take a position of observer to see whether the economy recover on its own. The Committee will continue to monitor economic performance and developments in the financial field and is ready to provide additional assistance if needed to support the economy recovered and returned in time to the proper level of inflation, the Fed said in a statement.
As a result of trading on Sept. 21 at the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery fell 1.34 dollars - up to 73.52 dollars per barrel. Validity of the October contract expired on the eve. The cost of the November futures for petroleum of this mark has fallen to 1,22 dollars - to 74.97 dollars per barrel. At the InterContinental Exchange in London, the November contract for Class Brent Crude prices have fallen by 0.9 dollars, closed at 78.42 dollars per barrel.
As a result of the meeting held on Tuesday the U.S. Federal Reserve decided to keep the key discount rate in the range of 0-0,25% per annum. This decision was expected and coincided with forecasts of analysts. Nevertheless, participants in the oil market reacted negatively to the accompanying statement, the regulator, which expressed concern about the situation in the U.S. economy.
As noted in a press release of the Reserve in August, the restoration of the U.S. economy slowed. Costs have increased the country's citizens, but Americans' purchasing power is constrained by a number of obstacles, in particular high unemployment, slow growth in incomes, declining demand in the housing sector and the strict conditions for granting credit. From these and related regulator's decision, at a rate that was adopted to create the ground for the emergence of conditions to accelerate economic recovery.
However, the regulator refrains from taking measures to stimulate the economy and reduce unemployment. He preferred to take a position of observer to see whether the economy recover on its own. The Committee will continue to monitor economic performance and developments in the financial field and is ready to provide additional assistance if needed to support the economy recovered and returned in time to the proper level of inflation, the Fed said in a statement.
Oil prices rose on a background of optimism about the economy
Oil Market completed a four-time reduction significantly increases. On Monday, September 20, quotes added an average of 1.5%, following the rising stock market. Supported by oil prices and a statement of the National Bureau of Economic Research, the U.S. is that the downturn in the country was completed in June 2009.
Following the auction on September 20 at New York Mercantile Exchange futures price for WTI crude oil for October delivery rose 1.2 dollars - up to 74.86 dollars per barrel. 21 September validity of the October contract expires. The cost of the November futures for petroleum of this mark rose to $ 1.27 - up to 76.19 dollars per barrel. At the InterContinental Exchange in London November contract for Brent Crude grade went up by 1.11 dollars, closing at 79.32 dollars per barrel.
One of the reasons for the growth was optimistic about the future prospects of the economy (and hence oil demand). In particular, the mood of investors has improved the message of the National Bureau of Economic Research, United States (NBER) that the recession in the country ended in June 2009. "The Commission found that the spread of business activity in the U.S. economy took place in June 2009. This marked the end of the rotation period of recession that began in December 2007. And the beginning of a period of economic growth", - stated in a press release research organization. National Bureau of Economic Research, the U.S. is considered a "referee" in determining the boundaries of economic cycles in the U.S.. Thus, the completion of the recession in the country received official confirmation.
Supported economic positive for the oil market and the positive dynamics of shares. Major U.S. stock indexes, and Europe completed the first trading day of the week in a significant plus. In addition to statements of the National Bureau of Economic Research USA, a positive effect on the dynamics of the quotes provided and corporate news. The third-largest builder in America, Lennar Corp. presented a very positive financial results for the fiscal quarter III, far exceeding analysts' expectations. Net income was 16 cents a share, while analysts were expecting a mere 4 cents. In the financial sector strong record for the III quarter of the current fiscal year, has published an operator billing system Discover Financial Services.
Following the auction on September 20 at New York Mercantile Exchange futures price for WTI crude oil for October delivery rose 1.2 dollars - up to 74.86 dollars per barrel. 21 September validity of the October contract expires. The cost of the November futures for petroleum of this mark rose to $ 1.27 - up to 76.19 dollars per barrel. At the InterContinental Exchange in London November contract for Brent Crude grade went up by 1.11 dollars, closing at 79.32 dollars per barrel.
One of the reasons for the growth was optimistic about the future prospects of the economy (and hence oil demand). In particular, the mood of investors has improved the message of the National Bureau of Economic Research, United States (NBER) that the recession in the country ended in June 2009. "The Commission found that the spread of business activity in the U.S. economy took place in June 2009. This marked the end of the rotation period of recession that began in December 2007. And the beginning of a period of economic growth", - stated in a press release research organization. National Bureau of Economic Research, the U.S. is considered a "referee" in determining the boundaries of economic cycles in the U.S.. Thus, the completion of the recession in the country received official confirmation.
Supported economic positive for the oil market and the positive dynamics of shares. Major U.S. stock indexes, and Europe completed the first trading day of the week in a significant plus. In addition to statements of the National Bureau of Economic Research USA, a positive effect on the dynamics of the quotes provided and corporate news. The third-largest builder in America, Lennar Corp. presented a very positive financial results for the fiscal quarter III, far exceeding analysts' expectations. Net income was 16 cents a share, while analysts were expecting a mere 4 cents. In the financial sector strong record for the III quarter of the current fiscal year, has published an operator billing system Discover Financial Services.
Forex: Judgement day in the Forex market has come.
Players have one week before the meeting the U.S. Federal Reserve ceased active operations. The euro / dollar is the fourth session of trading in a narrow range 1,305-1,31. Investors are waiting for new measures to support the American economy - their nature and will depend on the direction of currency movements.
At the same time say that these measures are a complete mystery to the market, it is impossible. In particular, in recent days, the press periodically appeared on the news that the U.S. will be increased taxes for the rich and lowered - for the middle class. In addition, America is going to finance the construction of infrastructure. But all is not monetary measures - such actions only indirectly affect the exchange rates.
It seems that the Fed's decision was not a bolt from the sky, before it was common message of the National Bureau of Economic Research, United States (NBER) that the recession the U.S. economy ended in June 2009. This organization is an official "arbiter" in determining the boundaries of economic cycles in the U.S.. According to the report NBER, the Commission decided to assume that the spread of business activity in the economy of the United States occurred in June 2009. This marked the end of the rotation period of recession that began in December 2007. And the beginning of a period of economic growth.
In principle, these messages are quite enough to justify the omission of the Reserve at the upcoming meeting: the recession ended, the economy is stimulated, and the new monetary measures can wait. Therefore, expect massive sales dollar is not worth it. Most likely, nothing will remain, at least in the near future.
At the same time say that these measures are a complete mystery to the market, it is impossible. In particular, in recent days, the press periodically appeared on the news that the U.S. will be increased taxes for the rich and lowered - for the middle class. In addition, America is going to finance the construction of infrastructure. But all is not monetary measures - such actions only indirectly affect the exchange rates.
It seems that the Fed's decision was not a bolt from the sky, before it was common message of the National Bureau of Economic Research, United States (NBER) that the recession the U.S. economy ended in June 2009. This organization is an official "arbiter" in determining the boundaries of economic cycles in the U.S.. According to the report NBER, the Commission decided to assume that the spread of business activity in the economy of the United States occurred in June 2009. This marked the end of the rotation period of recession that began in December 2007. And the beginning of a period of economic growth.
In principle, these messages are quite enough to justify the omission of the Reserve at the upcoming meeting: the recession ended, the economy is stimulated, and the new monetary measures can wait. Therefore, expect massive sales dollar is not worth it. Most likely, nothing will remain, at least in the near future.
Forex: Participants leave the dollar
In Forex continues to dominate the tendency to flee from the dollar. However, not all paths are free. After intervening in the foreign exchange market the Bank of Japan for the care of a conservative yen road is closed. The Japanese currency continues to remain in a narrow corridor 85,5-86 yen / dollar. And changes in this pair is not expected due to the fact that this week on Monday and Thursday markets in Japan will be closed, and on this background, participants exchange market will be extremely active.
For the players there is only one way - an escape into risky euro and pound. Also for the huge overhang of cheap liquidity, accumulated from the banks, the government of southern Europe is ready to pay handsomely. This led to the fact that the single currency broke the mark up 1.3 USD / EUR. On Monday, September 20 at 9:00 GMT the pair was trading around 1.307 marks. It is possible that during the first session of the week the European currency has yet to pick up weight.
The reason for the same flight of investors from the dollar is a difficult situation in the U.S. economy. Statistical indicators clearly show that the GDP growth slows down, the flywheel and the market does not want to run. In this case, the Fed on Sept. 21 plans to announce the adoption of new anti-crisis measures - in fact, enable the printing press, although the old portion of liquidity in the market are not yet absorbed and remained in the accounts of American banks. The same fate awaits the new money that will go from the controller.
Thus, left with no real tools to influence the market reserve drives himself into a dead end like the Japanese. In this deflationary scenario is unlikely: U.S. in the world so much that the U.S. economy will go towards stagflation. This fact and the players are afraid of speeding up its pace in alternative currencies.
For the players there is only one way - an escape into risky euro and pound. Also for the huge overhang of cheap liquidity, accumulated from the banks, the government of southern Europe is ready to pay handsomely. This led to the fact that the single currency broke the mark up 1.3 USD / EUR. On Monday, September 20 at 9:00 GMT the pair was trading around 1.307 marks. It is possible that during the first session of the week the European currency has yet to pick up weight.
The reason for the same flight of investors from the dollar is a difficult situation in the U.S. economy. Statistical indicators clearly show that the GDP growth slows down, the flywheel and the market does not want to run. In this case, the Fed on Sept. 21 plans to announce the adoption of new anti-crisis measures - in fact, enable the printing press, although the old portion of liquidity in the market are not yet absorbed and remained in the accounts of American banks. The same fate awaits the new money that will go from the controller.
Thus, left with no real tools to influence the market reserve drives himself into a dead end like the Japanese. In this deflationary scenario is unlikely: U.S. in the world so much that the U.S. economy will go towards stagflation. This fact and the players are afraid of speeding up its pace in alternative currencies.
European forex markets: the sale of bonds continues
On Thursday, 16 September, the market of European government bonds the second consecutive day the initiative is fully owned by the Bears, their actions have forced debt securities of European governments to fall significantly in price.
Catalyst for sales of bond auctions for the euro zone were the primary market, fully possess the attention of investors. At the auctions have been proposed for the implementation of debt obligations of governments of France (up 10.3 billion euros) and Spain (4 billion euros). Auctions have been very successful, and interest in the securities secondary market, respectively, fell drastically.
Did not save the situation and the macroeconomic statistics eurozone, whose output is virtually no impact on the nature of trading. In particular, the European statistical office in Luxembourg reported a very substantial reduction in export volumes. In July, for the first three months of slowing activity on a global scale caused a decline in orders for products produced in the leading euro-zone countries outside the region. As a result, after the June increase of 5.3% the volume of exports from the eurozone industrial production declined seasonally adjusted at 0.6%. The volume of imports in July has also decreased - on 1,5%, while the trade surplus jumped from June's 2.2 billion to 6.7 billion euros, while analysts forecast a reduction in surplus to 1.3 billion euros. Seasonally adjusted trade deficit declined by 200 million euros. Meanwhile, experts expect a greater reduction in the trade deficit - at 0.5%. Decline in exports will have a profound negative impact on economic development of the eurozone. Go to the expected slowdown in global economic recovery and the added anxiety about future cuts in government spending, which is the region's governments intend to implement in the near future. Therefore, European investors with growing pessimism about the future, which is reflected in their attempt to escape into quality reduce the risks of loss of their capital. And, although the bonds in the secondary market dropped in price, investors are more than replenished their stocks of "defensive" assets with new debt issuance eurozone.
Catalyst for sales of bond auctions for the euro zone were the primary market, fully possess the attention of investors. At the auctions have been proposed for the implementation of debt obligations of governments of France (up 10.3 billion euros) and Spain (4 billion euros). Auctions have been very successful, and interest in the securities secondary market, respectively, fell drastically.
Did not save the situation and the macroeconomic statistics eurozone, whose output is virtually no impact on the nature of trading. In particular, the European statistical office in Luxembourg reported a very substantial reduction in export volumes. In July, for the first three months of slowing activity on a global scale caused a decline in orders for products produced in the leading euro-zone countries outside the region. As a result, after the June increase of 5.3% the volume of exports from the eurozone industrial production declined seasonally adjusted at 0.6%. The volume of imports in July has also decreased - on 1,5%, while the trade surplus jumped from June's 2.2 billion to 6.7 billion euros, while analysts forecast a reduction in surplus to 1.3 billion euros. Seasonally adjusted trade deficit declined by 200 million euros. Meanwhile, experts expect a greater reduction in the trade deficit - at 0.5%. Decline in exports will have a profound negative impact on economic development of the eurozone. Go to the expected slowdown in global economic recovery and the added anxiety about future cuts in government spending, which is the region's governments intend to implement in the near future. Therefore, European investors with growing pessimism about the future, which is reflected in their attempt to escape into quality reduce the risks of loss of their capital. And, although the bonds in the secondary market dropped in price, investors are more than replenished their stocks of "defensive" assets with new debt issuance eurozone.
Forex: Market comes to life
After an active session on Tuesday, on Wednesday, 15 sentryabrya, and Thursday, Sept. 16, the Forex market it's quiet - it's time for reflection. Of course, before there was a notable event - the Bank of Japan broke another scheme for carry-trade dollar-yen, and now players will have to seek new opportunities, but often they are more risky than a conservative "Americans" - "Japanese woman".
Incidentally, the first impulse to weaken the yen did not continue. The dollar / yen is the second day of trading slightly above $ 85 yen per dollar. Apparently, the strengthening of the yen will resume once the players recover from the shock. The reason may be renewed expectations of hyperinflation in the dollar, and it is against the backdrop of deflation, the yen. To preserve capital players once again start to buy an extremely conservative currency.
At the same time, the most traded pair euro-dollar hovered at around 1.3 dollars / euros. Fresh statistics from the U.S. has not given clear u4kazany about the direction of motion, and on Thursday the players will wait for new data. Most likely, after all the shocks they chose to return to the good old U.S. dollar and risky to leave Europe.
Incidentally, the first impulse to weaken the yen did not continue. The dollar / yen is the second day of trading slightly above $ 85 yen per dollar. Apparently, the strengthening of the yen will resume once the players recover from the shock. The reason may be renewed expectations of hyperinflation in the dollar, and it is against the backdrop of deflation, the yen. To preserve capital players once again start to buy an extremely conservative currency.
At the same time, the most traded pair euro-dollar hovered at around 1.3 dollars / euros. Fresh statistics from the U.S. has not given clear u4kazany about the direction of motion, and on Thursday the players will wait for new data. Most likely, after all the shocks they chose to return to the good old U.S. dollar and risky to leave Europe.
WTI oil prices dropped on the news about the pipeline in Canada
Oil prices on Tuesday, 14 September, at auction in New York declined slightly after a company Enbridge Energy Partners LP said that the repair pipeline is almost completed and will be ready on Wednesday, September 15.
As a result of trades on Tuesday, September 14, at the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery fell 0.39 dollars to 76.80 dollars per barrel. At the InterContinental Exchange in London, the October contract for Brent Crude oil rose by 0.13 dollars and closed at 79.16 dollars per barrel. On Wednesday, September 15, expires October futures for petroleum of this mark. The cost of the November contract rose 0.20 dollars and accounted for 79.27 dollars per barrel.
Representatives of the company Enbridge Energy Partners LP said Tuesday that repairs to the 12-foot (3.66 m) segment of the pipeline Line 6A is almost complete and the company can resume the flow of oil. Recall that on September 9 of the pipeline Line 6A, owned by Canadian company Enbridge Energy Partners LP, has been suspended in connection with the leak. Pipeline Line 6A is part of the system, pumping oil from Canada to the Midwest, refinery and distribution center in Oklahoma.
Canada is the largest supplier of oil to the U.S.: in June there was received 2.2 million barrels. oil per day. Before the suspension of oil pushed oil prices up, because, according to investors, could lead to a reduction of oil in storage Cushing.
Expectations of an early resumption of the pipeline to put pressure on prices, which on Tuesday left one-month highs. However, an obstacle to the company may become regulators, who must approve the return of the pipeline into operation. "The company Enbridge did not resume until the pipeline unless (regulators) are not satisfied that the repair and follow plans guarantee the safety of people and the environment" - said the representative of the Office of Pipeline Safety and Hazardous Materials USA.
As a result of trades on Tuesday, September 14, at the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery fell 0.39 dollars to 76.80 dollars per barrel. At the InterContinental Exchange in London, the October contract for Brent Crude oil rose by 0.13 dollars and closed at 79.16 dollars per barrel. On Wednesday, September 15, expires October futures for petroleum of this mark. The cost of the November contract rose 0.20 dollars and accounted for 79.27 dollars per barrel.
Representatives of the company Enbridge Energy Partners LP said Tuesday that repairs to the 12-foot (3.66 m) segment of the pipeline Line 6A is almost complete and the company can resume the flow of oil. Recall that on September 9 of the pipeline Line 6A, owned by Canadian company Enbridge Energy Partners LP, has been suspended in connection with the leak. Pipeline Line 6A is part of the system, pumping oil from Canada to the Midwest, refinery and distribution center in Oklahoma.
Canada is the largest supplier of oil to the U.S.: in June there was received 2.2 million barrels. oil per day. Before the suspension of oil pushed oil prices up, because, according to investors, could lead to a reduction of oil in storage Cushing.
Expectations of an early resumption of the pipeline to put pressure on prices, which on Tuesday left one-month highs. However, an obstacle to the company may become regulators, who must approve the return of the pipeline into operation. "The company Enbridge did not resume until the pipeline unless (regulators) are not satisfied that the repair and follow plans guarantee the safety of people and the environment" - said the representative of the Office of Pipeline Safety and Hazardous Materials USA.
Forex: Record-low price for a dollar - 82.87 yen
Tuesday, September 14, "bulls" in the Forex market volume of retail sales in the U.S. in August, has not only grown stronger, but showed the biggest increase for five months due to the gas station and clothing stores. This alleviated concerns about the markets, the second wave of the crisis. Retail sales rose by 0,4% compared to the previous month. Analysts expected the growth rate at 0,3%. Thus, in August, American makrostatistika, including the growth of employment in the private sector and the acceleration of industrial production, pointed to the restoration of economic growth after the recent slowdown.
Of course, the second thought in the mind of every currency trader, after GDP growth - inflation. Restore U.S. economy could trigger a noticeable surge in dollar depreciation. And the first thing after the release of these data the players began to "shove" their dollars by currency, less inclined to succumb to inflationary pressures. Euro for a few hours rose by 160 points and reached U.S. $ 1,3 \ euro.
Of course, on Wednesday, September 15, started a correction, and the euro loses a little weight. One euro is worth 1.2975 dollars.
However, the most noticeable pressure sensed the Japanese yen. Before the record was set low price for the dollar over the past 15 years - 82.87 yen. In response to this on Wednesday, Japanese authorities have decided for the first time since 2004. to resort to intervention in the currency market to prevent a rapid strengthening of the national currency. On early intervention in the morning the Minister of Finance of Japan. As a result the dollar costs for 85 yen.
Of course, the second thought in the mind of every currency trader, after GDP growth - inflation. Restore U.S. economy could trigger a noticeable surge in dollar depreciation. And the first thing after the release of these data the players began to "shove" their dollars by currency, less inclined to succumb to inflationary pressures. Euro for a few hours rose by 160 points and reached U.S. $ 1,3 \ euro.
Of course, on Wednesday, September 15, started a correction, and the euro loses a little weight. One euro is worth 1.2975 dollars.
However, the most noticeable pressure sensed the Japanese yen. Before the record was set low price for the dollar over the past 15 years - 82.87 yen. In response to this on Wednesday, Japanese authorities have decided for the first time since 2004. to resort to intervention in the currency market to prevent a rapid strengthening of the national currency. On early intervention in the morning the Minister of Finance of Japan. As a result the dollar costs for 85 yen.
Forex markets in Europe: Bond again in price
On Monday, 13 September, the market of European government bonds dominated "bearish" sentiment. Investors are willing to get rid of the "protective" assets on fears the weakening global economy. The reason for this attitude among the players was just a few. First, the optimistic news came from Asia: the August industrial production growth in China in annual terms amounted to 13,9%, exceeding expectations and experts, and the previous month. Then the activity of sellers of European state bonds stimulated European Commission report, which stated that due to the growth of consumption, the eurozone economy is recovering faster than predicted earlier. The European Commission has revised upward its previous forecast of GDP growth. Instead of the expected growth in the spring of euro-zone economy and the EU in the current year to 0,9% and 1% respectively, the new forecast implies a rise in economic activity for the year the euro zone to 1.7% and the EU - 1,8%. Economists have raised the European Commission and the forecast of economic growth in Germany this year - from 1,2% to 3,4%. Nevertheless, the expectations of slowing economic growth in the euro area, particularly in the second half, no one has repealed. The experts there will be no repeat of the regional economy sliding into recession.
The fall of investor interest in debt obligations of European governments in the secondary market contributed significantly to the auctions in the primary market. Its debt obligations on Monday implemented the German and Italian governments. In total, the auction was sold 6-month Bunds in Germany for 4.58 billion euros, and Italian bonds with a term expiration in 2015. and 2040g. - For 5.5 billion euros.
Additional impetus to sales, in particular, the French government bonds was the message of the national statistical offices that the current account deficit (Current Account) France fell in July from 2.7 billion to 2.2 billion euros.
Thus, the fourth consecutive day, investors get rid of the "protective" assets to the weakening of concerns about slowing global growth. Every once a signal that a slowing global economy may not be as severe as predicted by experts before reinforces investors' appetite for risk, spurred buying stocks and selling government bonds. Apparently, this behavior of market participants will occur in the coming weeks, until not released new data on economic growth in the III quarter - then it becomes clear what could be the real extent of the economic downturn, at least up to the current year.
The nature of the first trading session began the week as a whole has not undergone significant changes - active sales of virtually all the most liquid debt of Germany, France and Britain continued throughout the day. However, for the last hour of the session, some British Gilts still managed to reverse the downward trend and end your day price growth. Following a two-year yield trades Bunds in Germany remained almost unchanged, but a decade - up by 2 bp The spread between them has increased from 166 to 168 bp
The fall of investor interest in debt obligations of European governments in the secondary market contributed significantly to the auctions in the primary market. Its debt obligations on Monday implemented the German and Italian governments. In total, the auction was sold 6-month Bunds in Germany for 4.58 billion euros, and Italian bonds with a term expiration in 2015. and 2040g. - For 5.5 billion euros.
Additional impetus to sales, in particular, the French government bonds was the message of the national statistical offices that the current account deficit (Current Account) France fell in July from 2.7 billion to 2.2 billion euros.
Thus, the fourth consecutive day, investors get rid of the "protective" assets to the weakening of concerns about slowing global growth. Every once a signal that a slowing global economy may not be as severe as predicted by experts before reinforces investors' appetite for risk, spurred buying stocks and selling government bonds. Apparently, this behavior of market participants will occur in the coming weeks, until not released new data on economic growth in the III quarter - then it becomes clear what could be the real extent of the economic downturn, at least up to the current year.
The nature of the first trading session began the week as a whole has not undergone significant changes - active sales of virtually all the most liquid debt of Germany, France and Britain continued throughout the day. However, for the last hour of the session, some British Gilts still managed to reverse the downward trend and end your day price growth. Following a two-year yield trades Bunds in Germany remained almost unchanged, but a decade - up by 2 bp The spread between them has increased from 166 to 168 bp
Forex: Dollar not to frighten the budget deficit
After a considerable growth of the euro on Monday, 13 September, the markets came to a lull. The market did not react even to a message that the federal budget deficit the U.S. in August 2010. amounted to 90.53 billion dollars, down year on year to 14.3%. A year earlier, the budget deficit figure was fixed at 103.56 billion dollars in the first 11 months of 2009-2010 fiscal year, which ended in the U.S. on September 30 this year, the U.S. budget deficit amounted to $ 1.260 trillion, compared with the previous year, recorded a slight reduction in the "hole" in the budget of the United States. Thus, for the 11 months preceding the fiscal year budget deficit was recorded at around 1.371 trillion dollars
Estimates of the White House, the U.S. budget deficit up to the current financial year will amount to 1.56 trillion dollars, or 10.6% of GDP. Thus, the 2009-2010 fiscal year will be the second consecutive year in the U.S. will be recorded budget deficits in excess of 1 trillion dollars
On the one hand, these figures show that the U.S. economy continues to "swim" is not only cheap money from the Fed, but the budget and grant preferential treatment: a good signal for the "bulls" - the crisis will not be. At the same time, unlimited printing of money can not go unnoticed in financial markets and banks: the latter can "get hooked" on cheap credit and financial markets may begin to inflate the new "bubbles", for example the gold market. And all this at a time when, by and large, there is no alternative to the dollar.
Thus the market is ready to accept a virtually unlimited supply of dollars, because he has no alternative. Therefore, data on gaps in the budget of the United States is not too influenced by the cost of "American." So the dollar is worth 1.289 euros, and the markets are waiting for data from the euro zone to start a new spurt.
Estimates of the White House, the U.S. budget deficit up to the current financial year will amount to 1.56 trillion dollars, or 10.6% of GDP. Thus, the 2009-2010 fiscal year will be the second consecutive year in the U.S. will be recorded budget deficits in excess of 1 trillion dollars
On the one hand, these figures show that the U.S. economy continues to "swim" is not only cheap money from the Fed, but the budget and grant preferential treatment: a good signal for the "bulls" - the crisis will not be. At the same time, unlimited printing of money can not go unnoticed in financial markets and banks: the latter can "get hooked" on cheap credit and financial markets may begin to inflate the new "bubbles", for example the gold market. And all this at a time when, by and large, there is no alternative to the dollar.
Thus the market is ready to accept a virtually unlimited supply of dollars, because he has no alternative. Therefore, data on gaps in the budget of the United States is not too influenced by the cost of "American." So the dollar is worth 1.289 euros, and the markets are waiting for data from the euro zone to start a new spurt.
The European Commission raised its growth forecast for Eurozone GDP in 2010. to 1,7%
The European Commission raised its forecast of growth of gross domestic product (GDP) the euro zone in 2010. to 1,7% in comparison with the previous estimate, this past spring, the 0,9% growth. The outlook for economic growth in the EU also increased significantly - from 1,0% to 1,8%, the report says the European Commission. At the same time the European Commission forecast by analysts inflation in 2010. remained stable and will make 1,8% for the EU and 1,4% for the eurozone.
According to the report of the European organizations, such a substantial increase in GDP growth forecast EU and the euro zone in 2010. due to the strong growth rate in II quarter (GDP in the euro area in the II quarter of 2010. rose by 1% compared with the previous quarter, considerably higher than in I quarter of 2010. at the level of 0,3%). At the same time, analysts European Commission (EC) noted the recovery of domestic demand in Europe, especially in Germany - Europe's largest economy. However, despite these encouraging findings, experts from the EC informed that the second half of 2010. GDP growth in EU countries will slow, while excluding the possibility of occurrence of the second wave of recession in the economy. In general, according to the report of the EC, economic recovery remains fragile, the uncertainty - high, and the differences between EU member states is very large.
Note that the EC has significantly enhanced the outlook for economic growth in Germany in 2010. - Up to 3.4% from the previous estimate of 1.2%. However analysts said the EC, the German economy recovered rapidly, showing a steady growth for the fifth consecutive quarter, starting with the II quarter of 2009. The experts of the EC was also raised forecast GDP growth of France in 2010. (Although less significantly) - up to 1,6% from 1,3%. More optimistic analysts of the EC and the situation in Spain, where the projected decline in GDP in 2010. 0,3% (previously reported by the EC on the reduction of GDP by 0,4%). In general, the positive trends in the Spanish economy in the I and II quarters of 2010., Due to temporary factors, and come to naught in the II half of 2010., The report says the EC. In addition, the EC has revised GDP growth forecast for Britain in 2010. - Up to 1,7% from 1,2% and the forecast for growth in Poland - to 3,4% from 2,7%. Revision of forecast for GDP growth in Poland is associated with better than predicted, analysts results of the first half of 2010.
According to the report of the European organizations, such a substantial increase in GDP growth forecast EU and the euro zone in 2010. due to the strong growth rate in II quarter (GDP in the euro area in the II quarter of 2010. rose by 1% compared with the previous quarter, considerably higher than in I quarter of 2010. at the level of 0,3%). At the same time, analysts European Commission (EC) noted the recovery of domestic demand in Europe, especially in Germany - Europe's largest economy. However, despite these encouraging findings, experts from the EC informed that the second half of 2010. GDP growth in EU countries will slow, while excluding the possibility of occurrence of the second wave of recession in the economy. In general, according to the report of the EC, economic recovery remains fragile, the uncertainty - high, and the differences between EU member states is very large.
Note that the EC has significantly enhanced the outlook for economic growth in Germany in 2010. - Up to 3.4% from the previous estimate of 1.2%. However analysts said the EC, the German economy recovered rapidly, showing a steady growth for the fifth consecutive quarter, starting with the II quarter of 2009. The experts of the EC was also raised forecast GDP growth of France in 2010. (Although less significantly) - up to 1,6% from 1,3%. More optimistic analysts of the EC and the situation in Spain, where the projected decline in GDP in 2010. 0,3% (previously reported by the EC on the reduction of GDP by 0,4%). In general, the positive trends in the Spanish economy in the I and II quarters of 2010., Due to temporary factors, and come to naught in the II half of 2010., The report says the EC. In addition, the EC has revised GDP growth forecast for Britain in 2010. - Up to 1,7% from 1,2% and the forecast for growth in Poland - to 3,4% from 2,7%. Revision of forecast for GDP growth in Poland is associated with better than predicted, analysts results of the first half of 2010.
The U.S. market for three days completely won back losses Tuesday
Friday, 10 September, the U.S. stock market continued to regain the losses incurred in the first trading session of the week. The belief that the indices in the coming time will be much higher, yet not returned, but chances are that the free assets will be invested in securities, while there. Macro-economic statistics in recent days are not so bad as far as for most of the summer, and the bulls were able to act a little more active. According to the U.S. Department of Commerce (US Department of Commerce), inventories at the warehouses of wholesale trade in July 2010. increased by 1,3% compared to the previous month. Analysts predicted that this figure will increase by 0,4%. More significant than expected, an increase of wholesale stockpiles was viewed positively and regarded by players as the preparation of wholesalers to increase consumer activity. However, if we consider that wholesale sales while growing half as fast as the current situation does not look too optimistic, as the glut could lead to a drop in manufacturing activity. But the market is set to increase, and the indices were still able to return to the levels of early this week, and even exceed them.
As a result of trading on September 10 the Dow Jones index rose by 47.53 points (0.46%) - up to 10,462.77 points, NASDAQ - at 6.28 points (0.28%) - up to 2,242.48 points, S & P - by 5.37 points (0.49%) - up to 1,109.55 points.
Locally, the high price of oil (a barrel of Brent holds steady near 78.5 dollars per barrel.) Permitted oil and gas companies to demonstrate better the dynamics of the market. Capitalization Chevron Corp. increased by 1,89%, Occidental Petroleum Corp. - On 0,81%, Anadarko Petroleum Corp. - On 1,21%, EOG Resources Inc. - On 3,17%, Marathon Oil Corp. - On 1,73%, Hess Corp. - On 0,55%.
Leading American banks look weaker. The reason for this impressive growth the previous day, although negative in the European banking sector has not disappeared, and the official statements that the problems with the bank's capital does not occur, was not. In the U.S., buying continued, but the results were modest Friday: Bank of America Corp. added 0,37%, The Goldman Sachs Group Inc. - 0,84%, Wells Fargo & Co. - 0,23%, Citigroup Inc. - 0,01%, Morgan Stanley - 0,67%. U.S. Bancorp and The Bank of New York Mellon Corp. lost by 0,09% and 0,27% respectively.
Adversely formed bidding for the manufacturer of integrated circuits Texas Instruments Inc. His quotes left in the minus on 0,59% after the company lowered its profit forecast and sales at the III quarter of 2010., Citing reduced demand for the products on the background of a slowing world economy. Meanwhile, analysts Goldman Sachs Group left the recommendation on the shares of the company at "buy." For Texas Instruments, and proceeded down the electronics manufacturer Emerson Electric Co. (-0.84%). Honeywell International Inc., On the contrary, start bidding at zero, their closure has achieved the result plus 2%.
On Friday, experts KeyBanc Capital Markets began coverage analytical number of construction companies, all of them were assigned to the recommendation to "keep" and "buy". Among the most liquid sector representatives in the number received the highest recommendations included Toll Brothers Inc. (1.48%), and Lennar Corp. (-0.14%). DR Horton Inc. and PulteGroup Inc. was assigned to the recommendation to "keep", but their day the results were not worse - plus 0,73% plus 1,39%, respectively.
Despite all the problems and concerns, the U.S. stock indices continued to climb. Perhaps the funds slowly parked free money in paper, because, according to forecasts by leading investment firms and banks before the end of 2010. market remains a significant growth potential, and this is quite a small period of time. Talking about the problems in Europe have appeared, and the second wave of global economic crisis does not start, that allows to build an appetite for risk. The Dow Jones closed on Sept. 10 at the maximum level in almost a month, this is a good "bullish" signal, giving hope to the output in the near future to summer highs.
As a result of trading on September 10 the Dow Jones index rose by 47.53 points (0.46%) - up to 10,462.77 points, NASDAQ - at 6.28 points (0.28%) - up to 2,242.48 points, S & P - by 5.37 points (0.49%) - up to 1,109.55 points.
Locally, the high price of oil (a barrel of Brent holds steady near 78.5 dollars per barrel.) Permitted oil and gas companies to demonstrate better the dynamics of the market. Capitalization Chevron Corp. increased by 1,89%, Occidental Petroleum Corp. - On 0,81%, Anadarko Petroleum Corp. - On 1,21%, EOG Resources Inc. - On 3,17%, Marathon Oil Corp. - On 1,73%, Hess Corp. - On 0,55%.
Leading American banks look weaker. The reason for this impressive growth the previous day, although negative in the European banking sector has not disappeared, and the official statements that the problems with the bank's capital does not occur, was not. In the U.S., buying continued, but the results were modest Friday: Bank of America Corp. added 0,37%, The Goldman Sachs Group Inc. - 0,84%, Wells Fargo & Co. - 0,23%, Citigroup Inc. - 0,01%, Morgan Stanley - 0,67%. U.S. Bancorp and The Bank of New York Mellon Corp. lost by 0,09% and 0,27% respectively.
Adversely formed bidding for the manufacturer of integrated circuits Texas Instruments Inc. His quotes left in the minus on 0,59% after the company lowered its profit forecast and sales at the III quarter of 2010., Citing reduced demand for the products on the background of a slowing world economy. Meanwhile, analysts Goldman Sachs Group left the recommendation on the shares of the company at "buy." For Texas Instruments, and proceeded down the electronics manufacturer Emerson Electric Co. (-0.84%). Honeywell International Inc., On the contrary, start bidding at zero, their closure has achieved the result plus 2%.
On Friday, experts KeyBanc Capital Markets began coverage analytical number of construction companies, all of them were assigned to the recommendation to "keep" and "buy". Among the most liquid sector representatives in the number received the highest recommendations included Toll Brothers Inc. (1.48%), and Lennar Corp. (-0.14%). DR Horton Inc. and PulteGroup Inc. was assigned to the recommendation to "keep", but their day the results were not worse - plus 0,73% plus 1,39%, respectively.
Despite all the problems and concerns, the U.S. stock indices continued to climb. Perhaps the funds slowly parked free money in paper, because, according to forecasts by leading investment firms and banks before the end of 2010. market remains a significant growth potential, and this is quite a small period of time. Talking about the problems in Europe have appeared, and the second wave of global economic crisis does not start, that allows to build an appetite for risk. The Dow Jones closed on Sept. 10 at the maximum level in almost a month, this is a good "bullish" signal, giving hope to the output in the near future to summer highs.
Stock markets in Europe closed without dynamic
Trades in Europe on Friday, September 10, opened opposite changes leading indexes. During the day, common dynamics were observed, as the influence on the course of trading provided confounding factors. Before the output of the investors chose to lock in profits, which prevented the markets continue to grow. The impact on individual securities quotes provided corporate news. Little support in the indices at the end of the day had a positive opening of the American session. Stock trades in the U.S. opened mostly growth of leading indexes against a background of improving the forecast of growth of the Japanese economy and increased oil imports in China, which has given investors hope for a global recovery.
As a result, by the end of the day prices of many stocks still rose slightly. The outcome of the French CAC 40 index rose 0.1% to 3,725.82 points, Britain's FTSE 100 index - on 0,14% - to 5501.64 points. Deutsch DAX declined by 0.1% and closed at 6,214.77 points.
Deutsche Bank shares went up by 0.40%, despite the information that the bank is considering selling its shares to raise 9 billion euros, intends to extend an increase in the share of Deutsche Postbank. Additional funds Deutsche Bank also needed in connection with the anticipated tightening of capital requirements of banks from the international banking regulator (the Basel Committee). It is assumed that the new requirements will be formulated already 11-12 September and the final decision on this matter is expected in November this year In accordance with new requirements of the Basel Committee may establish Tier I capital ratio of banks at a level not less than 6%. The news caused concern among investors over the entire banking sector as a whole.
Immediately, two leading French car manufacturer - Renault SA and PSA Peugeot Citroen extinguished by 1 billion euros of its debt to the French government. Now the amount of the debt of both companies before going to Paris amounted to 2 billion euros. Payment of the loan will be made from its own supply of liquidity of companies. Thus, the French automakers seek to reduce their debt obligations, and with them the interest on the loan, issued on 12 April 2009. in accordance with the decision of Head of the Republic Nicolas Sarkozy, give companies financial support totaling $ 6 billion euros. In exchange, Paris demanded that Renault and Peugeot Citroen to guarantee the work of his enterprises in the territory of France. News about the early repayment of debt allowed Renault SA shares increased by 1,82%, PSA Peugeot Citroen - on 1,81%.
Shares of French GDF Suez, which is the fifth largest producer of electricity and the largest importer of gas in Europe, have fallen in price on 1,19%. The company intends to completely sell its share of 5,01% in the Spanish gas company Gas Natural, said on Friday Spanish stock market regulator CNMV. This package includes 46.2 million shares with a market value as of the close of the trading session on September 9 2010. amounts to 561 million euros. The search for a buyer on the U.S. banks Citigroup and Goldman Sachs, who intend to resort to an accelerated book building applications that will find buyers in a few hours.
Price Securities Nokia, the largest producer of mobile phones, grew by 0.65% after the Board of Directors decided to appoint a CEO Stephen Elopa currently occupies one of the leading positions at Microsoft and previously worked at Adobe Systems, Jupiter Networks and Macromedia. In the new position he will come on September 21 2010.
Indicators of industrial production in France were quite positive. Industrial production in France in July 2010. increased by 0,9% compared to the previous month. Such data. According to news service RBC, provided the national statistical office Insee. Analysts had expected growth to 0,7% in monthly terms.
Industrial prices in the UK in August 2010. increased by 4,7% compared with August 2009., reported the National Statistics Office UK. Analysts had expected growth to 4,8%. Compared with July 2010. Industrial prices in the UK over the past month increased by 0,1%. The index of industrial prices, reflecting the change in value when selling goods directly from factories, is a key indicator for determining future inflation at the consumer level.
As a result, by the end of the day prices of many stocks still rose slightly. The outcome of the French CAC 40 index rose 0.1% to 3,725.82 points, Britain's FTSE 100 index - on 0,14% - to 5501.64 points. Deutsch DAX declined by 0.1% and closed at 6,214.77 points.
Deutsche Bank shares went up by 0.40%, despite the information that the bank is considering selling its shares to raise 9 billion euros, intends to extend an increase in the share of Deutsche Postbank. Additional funds Deutsche Bank also needed in connection with the anticipated tightening of capital requirements of banks from the international banking regulator (the Basel Committee). It is assumed that the new requirements will be formulated already 11-12 September and the final decision on this matter is expected in November this year In accordance with new requirements of the Basel Committee may establish Tier I capital ratio of banks at a level not less than 6%. The news caused concern among investors over the entire banking sector as a whole.
Immediately, two leading French car manufacturer - Renault SA and PSA Peugeot Citroen extinguished by 1 billion euros of its debt to the French government. Now the amount of the debt of both companies before going to Paris amounted to 2 billion euros. Payment of the loan will be made from its own supply of liquidity of companies. Thus, the French automakers seek to reduce their debt obligations, and with them the interest on the loan, issued on 12 April 2009. in accordance with the decision of Head of the Republic Nicolas Sarkozy, give companies financial support totaling $ 6 billion euros. In exchange, Paris demanded that Renault and Peugeot Citroen to guarantee the work of his enterprises in the territory of France. News about the early repayment of debt allowed Renault SA shares increased by 1,82%, PSA Peugeot Citroen - on 1,81%.
Shares of French GDF Suez, which is the fifth largest producer of electricity and the largest importer of gas in Europe, have fallen in price on 1,19%. The company intends to completely sell its share of 5,01% in the Spanish gas company Gas Natural, said on Friday Spanish stock market regulator CNMV. This package includes 46.2 million shares with a market value as of the close of the trading session on September 9 2010. amounts to 561 million euros. The search for a buyer on the U.S. banks Citigroup and Goldman Sachs, who intend to resort to an accelerated book building applications that will find buyers in a few hours.
Price Securities Nokia, the largest producer of mobile phones, grew by 0.65% after the Board of Directors decided to appoint a CEO Stephen Elopa currently occupies one of the leading positions at Microsoft and previously worked at Adobe Systems, Jupiter Networks and Macromedia. In the new position he will come on September 21 2010.
Indicators of industrial production in France were quite positive. Industrial production in France in July 2010. increased by 0,9% compared to the previous month. Such data. According to news service RBC, provided the national statistical office Insee. Analysts had expected growth to 0,7% in monthly terms.
Industrial prices in the UK in August 2010. increased by 4,7% compared with August 2009., reported the National Statistics Office UK. Analysts had expected growth to 4,8%. Compared with July 2010. Industrial prices in the UK over the past month increased by 0,1%. The index of industrial prices, reflecting the change in value when selling goods directly from factories, is a key indicator for determining future inflation at the consumer level.
Stock exchange closed in Europe increased on a background of positive statistics, U.S.
Trading in shares in Europe were opened in Thursday, 9 September 2010., Different directions movement leading indicators. Soon, however, investors began to buy back the paper. During the day the positive sentiment in the markets are maintained, and stock indexes have shown growth. The increase in optimism contributed to the results of placement of government bonds Poland, Portugal and Ireland. Rising prices of metals heated up investor interest in securities representatives of the mining sector. An additional impetus for the growth of stock indices obtained after the release of macroeconomic statistics in the U.S., which were better than expected, and growth of the leading U.S. indices at the beginning of the session. In the U.S., the number of initial applications for unemployment benefit for a week, which ended on 4 September 2010. In comparison with that of the previous week declined by 27 thousand and reached 451 thousand, according to news service RBC. Analysts had expected that this figure will be 470 thousand until the end of the session value of European shares continued to rise.
The outcome of the French CAC 40 index rose 1.22% to 3,722.15 points, Germany's DAX - on 0,93%% to 6,221.52 points, the British FTSE 100 - on 1,19% - to 5494.16 paragraph.
Bank of England left the base discount rate without changes - at their lowest level in history - 0,5% per annum. This was decided at the meeting of Committee of the bank's monetary policy. This decision coincided with the expectations of analysts.
Shares of British corporation BAE Systems fell 1.3%. One of the world's largest arms producers intend to reduce to 1 thousand jobs. Reductions in staff will affect five plants in the UK, including enterprises in the cities Brou, Chedderton, Farnborough, Selmsberi and Wharton. An appropriate statement was made on Thursday representatives of the management BAE Systems. According to them, the reduction associated with a reduction in workload, mainly due to reduction program Hawk (production of training and combat aircraft) and changes in the defense program announced by the UK government in December 2009.
UK trade deficit in July 2010. compared with the previous month has grown and reached 8.67 billion pounds (10.5 billion euros). Such data are published the National Statistical Service of Great Britain. Analysts expected a trade deficit of the country at 7.5 billion pounds (9.11 billion euros). In June of 2010. trade deficit, according to revised data, amounted to 7.53 billion pounds (9.14 billion euros). Previously reported a deficit of $ 7,40 billion pounds sterling.
The outcome of the French CAC 40 index rose 1.22% to 3,722.15 points, Germany's DAX - on 0,93%% to 6,221.52 points, the British FTSE 100 - on 1,19% - to 5494.16 paragraph.
Bank of England left the base discount rate without changes - at their lowest level in history - 0,5% per annum. This was decided at the meeting of Committee of the bank's monetary policy. This decision coincided with the expectations of analysts.
Shares of British corporation BAE Systems fell 1.3%. One of the world's largest arms producers intend to reduce to 1 thousand jobs. Reductions in staff will affect five plants in the UK, including enterprises in the cities Brou, Chedderton, Farnborough, Selmsberi and Wharton. An appropriate statement was made on Thursday representatives of the management BAE Systems. According to them, the reduction associated with a reduction in workload, mainly due to reduction program Hawk (production of training and combat aircraft) and changes in the defense program announced by the UK government in December 2009.
UK trade deficit in July 2010. compared with the previous month has grown and reached 8.67 billion pounds (10.5 billion euros). Such data are published the National Statistical Service of Great Britain. Analysts expected a trade deficit of the country at 7.5 billion pounds (9.11 billion euros). In June of 2010. trade deficit, according to revised data, amounted to 7.53 billion pounds (9.14 billion euros). Previously reported a deficit of $ 7,40 billion pounds sterling.
Forex: Yen - similar to gold
Friday, September 10, the morning came the news about the economy of Japan. Gross domestic product in real terms for the II quarter of 2010., On the final data, rose by 1,5% on the I quarter of 2010. recalculated for the year (annualized rate). This figure is aligned with the expectations of analysts.
In nominal terms (not adjusted for inflation) GDP in Japan in April - June 2010. decreased by 0,6% compared with the previous three months. GDP deflator in the II quarter of this year was a negative 1.7%, which indicates the persistence of deflationary pressure in the Japanese economy. Thus, players once again have the support to continue the game to strengthen the yen. And even if Japan's central bank lowered interest rates to zero, it is unlikely to greatly change the mood of investors: in order to receive the income from the yen, it is not necessary to invest in any instruments. At one yen each year to buy more and more goods (in contrast to the euro or the dollar).
However, the news of Japan's GDP has not yet had a noticeable impact on the currency market, as has coincided with the expectations of players. As a result, one dollar on Friday was worth 84 yen. But in the case of a sharp deterioration in investor sentiment yen could again make "protective" currency. It will update its quotes historical maximum.
In nominal terms (not adjusted for inflation) GDP in Japan in April - June 2010. decreased by 0,6% compared with the previous three months. GDP deflator in the II quarter of this year was a negative 1.7%, which indicates the persistence of deflationary pressure in the Japanese economy. Thus, players once again have the support to continue the game to strengthen the yen. And even if Japan's central bank lowered interest rates to zero, it is unlikely to greatly change the mood of investors: in order to receive the income from the yen, it is not necessary to invest in any instruments. At one yen each year to buy more and more goods (in contrast to the euro or the dollar).
However, the news of Japan's GDP has not yet had a noticeable impact on the currency market, as has coincided with the expectations of players. As a result, one dollar on Friday was worth 84 yen. But in the case of a sharp deterioration in investor sentiment yen could again make "protective" currency. It will update its quotes historical maximum.
Oil prices dropped again on exchanges
Oil on the stock exchanges in New York and London on the basis of trading in Thursday, 9 September 2010. Again become cheaper. Prices of oil futures declined on the eve of an average of 0,75%.
The results of trading on the stock exchange for oil contracts the first position on Sept. 9 were:
- New York Mercantile Exchange, on an urgent New York Mercantile Exchange (NYMEX) the official price of the futures Light, Sweet Crude Oil (October) dropped to 0,4 dollars (-0,6%) and set at around U.S. $ 74.25 barrel. (The lowest since September 7) at the price range of transactions per session 73,88-75,96 per barrel.;
- In London on an electronic commodity exchange InterContinental Exchange Futures Europe (ICE Futures Europe) The official price for the futures IPE Brent Crude (October) decreased by 0,7 dollars (-0,9%) and set at around 77.47 dollars per barrel . (The lowest since Sept. 6) at the price range of transactions per session 77-78,82 dollars per barrel.
Oil prices fell on the eve of, despite the fact that in the U.S. following last week reduced crude oil, gasoline and heavy distillates. Experts say falling prices for oil futures was due to the persistence of low demand for petroleum energy in the U.S., as indicated by official data published on the eve of U.S. Department of Energy (US Department of Energy) on oil and petroleum products in the country.
As at 3 September 2010. commercial stocks of crude oil in the U.S. declined for the week by 1.9 million barrels., petrol - on 200 thousand barrels., heavy distillates - by 400 thousand barrels. Crude oil in the U.S. declined during the week was more significant than industry experts predicted. However, this positive news was offset by slower than expected decrease in gasoline inventories. Reduction of heavy distillates stocks was another surprise for the market, but also caused no increase in prices for oil futures.
How should data from the main power U.S. agencies, reducing oil stocks fell by oil imports, rather than increased consumption of petroleum products. Thus, the importation of "black gold" in the U.S. during the week fell by 8,2% and amounted to 8.885 million barrels per day. This is the lowest since mid-April this year Meanwhile, U.S. gasoline consumption per week decreased by approximately 1% - from 9.4 million to 9.3 million barrels per day, but heavy demand for distillates has hardly changed, remaining at 9.3 million barrels per day.
At the same time the dollar on Sept. 9 has strengthened its position in the global currency market, which further reduced the attractiveness of speculative oil futures. On the eve of dollar increased against the euro, British pound and Swiss franc, which has greatly contributed to macroeconomic statistics from the U.S..
The results of trading on the stock exchange for oil contracts the first position on Sept. 9 were:
- New York Mercantile Exchange, on an urgent New York Mercantile Exchange (NYMEX) the official price of the futures Light, Sweet Crude Oil (October) dropped to 0,4 dollars (-0,6%) and set at around U.S. $ 74.25 barrel. (The lowest since September 7) at the price range of transactions per session 73,88-75,96 per barrel.;
- In London on an electronic commodity exchange InterContinental Exchange Futures Europe (ICE Futures Europe) The official price for the futures IPE Brent Crude (October) decreased by 0,7 dollars (-0,9%) and set at around 77.47 dollars per barrel . (The lowest since Sept. 6) at the price range of transactions per session 77-78,82 dollars per barrel.
Oil prices fell on the eve of, despite the fact that in the U.S. following last week reduced crude oil, gasoline and heavy distillates. Experts say falling prices for oil futures was due to the persistence of low demand for petroleum energy in the U.S., as indicated by official data published on the eve of U.S. Department of Energy (US Department of Energy) on oil and petroleum products in the country.
As at 3 September 2010. commercial stocks of crude oil in the U.S. declined for the week by 1.9 million barrels., petrol - on 200 thousand barrels., heavy distillates - by 400 thousand barrels. Crude oil in the U.S. declined during the week was more significant than industry experts predicted. However, this positive news was offset by slower than expected decrease in gasoline inventories. Reduction of heavy distillates stocks was another surprise for the market, but also caused no increase in prices for oil futures.
How should data from the main power U.S. agencies, reducing oil stocks fell by oil imports, rather than increased consumption of petroleum products. Thus, the importation of "black gold" in the U.S. during the week fell by 8,2% and amounted to 8.885 million barrels per day. This is the lowest since mid-April this year Meanwhile, U.S. gasoline consumption per week decreased by approximately 1% - from 9.4 million to 9.3 million barrels per day, but heavy demand for distillates has hardly changed, remaining at 9.3 million barrels per day.
At the same time the dollar on Sept. 9 has strengthened its position in the global currency market, which further reduced the attractiveness of speculative oil futures. On the eve of dollar increased against the euro, British pound and Swiss franc, which has greatly contributed to macroeconomic statistics from the U.S..
Forex: the players are looking for safe havens
On Wednesday, September 8, the Forex market was once again hot. However, the major currency pairs - EUR / USD has not changed much. Players have become interested in the peripheral currencies. For example, the Canadian dollar. Bank of Canada raised a key interest rate Wednesday by 25 basis points - up to 1%. Of course, it is a call to strengthen "Canadian", and on the session Tuesday, it closed at 1.0375 Canadian dollar / US dollar. However, on Thursday began weakening Canadian currency after the Bank of Canada reports that the low growth in the U.S. slowed the recovery of the Canadian economy. Time pair is trading at around 1,039 Canadian dollars / U.S. dollars. USA.
Another interesting aspect was the strengthening of conservative Japanese yen and Swiss franc. Players continue to flee from risk, and one dollar could buy 83.75 yen or 1,011 Swiss francs.
Thus, despite the general optimism on stock markets, the players continue to maintain skepticism about the economic growth of developed countries, so far away from the conservative buying currency. And even to improve the profitability of risky currencies (such as the Canadian dollar), can not compel the bidders refuse to let the low-income, but safe zones.
Another interesting aspect was the strengthening of conservative Japanese yen and Swiss franc. Players continue to flee from risk, and one dollar could buy 83.75 yen or 1,011 Swiss francs.
Thus, despite the general optimism on stock markets, the players continue to maintain skepticism about the economic growth of developed countries, so far away from the conservative buying currency. And even to improve the profitability of risky currencies (such as the Canadian dollar), can not compel the bidders refuse to let the low-income, but safe zones.
Oil has risen against the backdrop of growth stocks and the weakening dollar
On Wednesday, September 8, oil on world markets has risen amid rising stock market indices and the weakening dollar against the euro. As a result of trading on the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery rose 0.58 dollars to 74.67 dollars per barrel. At the InterContinental Exchange in London, the October contract for Brent Crude oil rose by 0.43 dollars and closed at 78.17 dollars per barrel.
The dynamics of trade in world markets on Wednesday determined the news from Europe. The successful placement of state bonds Portugal and Poland reduced the fears of investors in Europe and the debt crisis has awakened a desire to take risks. The result was the growth of quotations on the stock markets, as well as the growth of the euro against the dollar. Positive dynamics was noted and the oil market, the attractiveness is against this background significantly increased.
Index broad market Standard & Poor "s 500 Index rose 0.64%, the index of blue chips" Dow Jones Industrial Average - at 0.45%, high-tech NASDAQ - on 0,90%. In Europe, Germany's DAX rose by 0, 76%, the British FTSE 100 - on 0,41%, French CAC-40 - on 0,92%. At the same time members of the European equity markets are so delighted by the news of the successful placement of bonds that prevent the growth of quotations could not even adverse macroeconomic indicators for the region .
In particular, the negative dynamics shown by the data on imports and exports of Germany. In July, exports from the country decreased by 1,5% compared to the previous month, imports - by 2.2%. The index of industrial production in Spain fell in July to 1,2% on a monthly basis and pointed out that the country's problems are far from being resolved. Moreover, in conjunction with the July retail sales fall, this could mean that Spain once again sliding into recession, analysts said Capital Economics.
The dollar has fallen in price against the euro on 0,3%, to 1.2719 dollars per euro. Stocks and the dollar seemed to move the markets - the president believes the company Oil Outlooks & Opinions Carl Larry. - The market begin to grow investments, trading volume increases after the August slowdown.
Support to the market of oil trading on Wednesday also provided a regular review of the U.S. Department of Energy (US Department of Energy, DOE), on the prospects for the energy market in the short run (Short-Term Energy Outlook). Experts agencies increased their forecast for oil demand in 2010. (50 thousand barrels.) And downgraded the oil industry in countries outside of OPEC.
Simultaneously, DOE has downgraded the forecast oil prices for 2010. (From 79.13 to 77.37 dollars per barrel.) And the forecast for oil demand in 2011. (100 thousand barrels.) Review DOE became the first in a chain of such reviews, the publication of which is expected this week. At Thursday, September 9, will take forecasts OPEC on Friday - the International Energy Agency.
Oil prices continued to rise in electronic trading after the release of these American Petroleum Institute (API) on oil and petroleum products in the U.S.. According to the report API, last week, oil fell by 7.31 million barrels., To 354.2 million barrels. According to analysts, oil reserves in the U.S. grew by 1 million barrels.
The dynamics of trade in world markets on Wednesday determined the news from Europe. The successful placement of state bonds Portugal and Poland reduced the fears of investors in Europe and the debt crisis has awakened a desire to take risks. The result was the growth of quotations on the stock markets, as well as the growth of the euro against the dollar. Positive dynamics was noted and the oil market, the attractiveness is against this background significantly increased.
Index broad market Standard & Poor "s 500 Index rose 0.64%, the index of blue chips" Dow Jones Industrial Average - at 0.45%, high-tech NASDAQ - on 0,90%. In Europe, Germany's DAX rose by 0, 76%, the British FTSE 100 - on 0,41%, French CAC-40 - on 0,92%. At the same time members of the European equity markets are so delighted by the news of the successful placement of bonds that prevent the growth of quotations could not even adverse macroeconomic indicators for the region .
In particular, the negative dynamics shown by the data on imports and exports of Germany. In July, exports from the country decreased by 1,5% compared to the previous month, imports - by 2.2%. The index of industrial production in Spain fell in July to 1,2% on a monthly basis and pointed out that the country's problems are far from being resolved. Moreover, in conjunction with the July retail sales fall, this could mean that Spain once again sliding into recession, analysts said Capital Economics.
The dollar has fallen in price against the euro on 0,3%, to 1.2719 dollars per euro. Stocks and the dollar seemed to move the markets - the president believes the company Oil Outlooks & Opinions Carl Larry. - The market begin to grow investments, trading volume increases after the August slowdown.
Support to the market of oil trading on Wednesday also provided a regular review of the U.S. Department of Energy (US Department of Energy, DOE), on the prospects for the energy market in the short run (Short-Term Energy Outlook). Experts agencies increased their forecast for oil demand in 2010. (50 thousand barrels.) And downgraded the oil industry in countries outside of OPEC.
Simultaneously, DOE has downgraded the forecast oil prices for 2010. (From 79.13 to 77.37 dollars per barrel.) And the forecast for oil demand in 2011. (100 thousand barrels.) Review DOE became the first in a chain of such reviews, the publication of which is expected this week. At Thursday, September 9, will take forecasts OPEC on Friday - the International Energy Agency.
Oil prices continued to rise in electronic trading after the release of these American Petroleum Institute (API) on oil and petroleum products in the U.S.. According to the report API, last week, oil fell by 7.31 million barrels., To 354.2 million barrels. According to analysts, oil reserves in the U.S. grew by 1 million barrels.
Forex: Yen rises in price against the euro
Tuesday, September 7, the foreign exchange market witnessed many events. At the same time there has been two distinct trends. First and foremost it is worth noting the strong downward movement of the euro against the dollar. A recent stress tests that were conducted in Europe to determine the viability of large banks, have been seriously underestimated the volume of risky debt in the ownership of some financial institutions, according to one of the most influential U.S. newspapers. According to the Banking Association of Germany, the ten largest banks in the country will need additional infusion of 105 billion euros, to prevent the recurrence of the crisis, reports Reuters.
Of course, the sum of 105 billion euros is a symbolic compared with the trillions of dollars and euros that have been poured into the economies of developed countries. But the fact of fraud with the results of stress tests call into question the whole idea. It is worth noting that in the spring of this year, the results of stress testing of European banks have launched an aggressive downward trend for the euro.
On Wednesday morning, 8 September, the euro traded at around 1,271 dollars, and, apparently, until the players took a break. In the next few days may come information that is not only Germany had distorted information about the stress tests. Serious blow to the single European currency may be a need infusion of funds into the capital of the southern banks of the eurozone countries - Spain, Portugal, Greece and Italy. If this happens, then soon we will see the euro at around 1.19 dollars, or even lower.
The second significant event of the day was the meeting of the Bank of Japan, who with incredible tenacity refuses to take at least some action to limit the growth of the yen. On Tuesday there is a breakthrough line of support 84 yen / dollar. On Wednesday, one yen was worth U.S. $ 83,5 Thus, the Japanese currency is not much left to a historic high near 80 yen to the dollar.
Of course, the sum of 105 billion euros is a symbolic compared with the trillions of dollars and euros that have been poured into the economies of developed countries. But the fact of fraud with the results of stress tests call into question the whole idea. It is worth noting that in the spring of this year, the results of stress testing of European banks have launched an aggressive downward trend for the euro.
On Wednesday morning, 8 September, the euro traded at around 1,271 dollars, and, apparently, until the players took a break. In the next few days may come information that is not only Germany had distorted information about the stress tests. Serious blow to the single European currency may be a need infusion of funds into the capital of the southern banks of the eurozone countries - Spain, Portugal, Greece and Italy. If this happens, then soon we will see the euro at around 1.19 dollars, or even lower.
The second significant event of the day was the meeting of the Bank of Japan, who with incredible tenacity refuses to take at least some action to limit the growth of the yen. On Tuesday there is a breakthrough line of support 84 yen / dollar. On Wednesday, one yen was worth U.S. $ 83,5 Thus, the Japanese currency is not much left to a historic high near 80 yen to the dollar.
Oil prices have changed in different directions
Oil prices on Monday, September 6, changed in different directions. In the U.S. stock market session yesterday in connection with the celebration of Labor Day was not done. However, in electronic trading on the American variety WTI became cheaper in the background of concerns about demand, which was caused by the end of the driving season in the U.S.. In London, oil prices rose, reflecting traders' opinion that the fundamentals of this market in Europe is somewhat better than in the United States.
As a result of trading on September 6 at the InterContinental Exchange in London, the October contract for Brent Crude oil rose by 0.2 dollars, closed at 76.87 dollars per barrel. In electronic trading on the New York Mercantile Exchange at 19-20 Moscow time before the price of a futures contract for WTI crude oil varieties for delivery in October dropped to 0.64 dollars - up to 73.96 dollars per barrel.
Labor Day in the United States caused by investors in the oil market is far from celebratory mood. Marking the end of the summer driving season in the country, this day has deprived the market participants remaining hopes for recovery in demand for "black gold". In conjunction with anecdotal evidence slow recovery of the U.S. economy and high oil this fact is very adversely affected by the dynamics of prices on brand WTI.
"U.S. crude oil futures fall under significant pressure against the end of driving season and high oil reserves, while the pessimistic employment data continue to destroy the hopes for economic recovery - said the head of department for the Exploration of the energy market consulting firm JBC Energy. - I do not I see no reason for growth. All the fundamentals are very weak. "
Meanwhile, further pressure on oil quotations could have a coming period of planned maintenance at refineries, the U.S. and Europe. "In the coming weeks and in the first half of October, scheduled maintenance at the refinery will be constrained by the demand for oil," - warn analysts Morgan Stanley.
Several best situation is observed on the eve of the auction in London: traders win back the idea that the fundamentals London Brent slightly better than WTI. "Temporary spreads for WTI, is likely to remain weak in September, and perhaps will continue to weaken further, given that the start of the season scheduled maintenance may cause an increase in oil reserves. Spreads to Brent crude also come under pressure, but price declines will be limited ability to store oil in floating storage costs 0,65-0,75 $ / bbl. a month "- believed to Morgan Stanley.
As a result of trading on September 6 at the InterContinental Exchange in London, the October contract for Brent Crude oil rose by 0.2 dollars, closed at 76.87 dollars per barrel. In electronic trading on the New York Mercantile Exchange at 19-20 Moscow time before the price of a futures contract for WTI crude oil varieties for delivery in October dropped to 0.64 dollars - up to 73.96 dollars per barrel.
Labor Day in the United States caused by investors in the oil market is far from celebratory mood. Marking the end of the summer driving season in the country, this day has deprived the market participants remaining hopes for recovery in demand for "black gold". In conjunction with anecdotal evidence slow recovery of the U.S. economy and high oil this fact is very adversely affected by the dynamics of prices on brand WTI.
"U.S. crude oil futures fall under significant pressure against the end of driving season and high oil reserves, while the pessimistic employment data continue to destroy the hopes for economic recovery - said the head of department for the Exploration of the energy market consulting firm JBC Energy. - I do not I see no reason for growth. All the fundamentals are very weak. "
Meanwhile, further pressure on oil quotations could have a coming period of planned maintenance at refineries, the U.S. and Europe. "In the coming weeks and in the first half of October, scheduled maintenance at the refinery will be constrained by the demand for oil," - warn analysts Morgan Stanley.
Several best situation is observed on the eve of the auction in London: traders win back the idea that the fundamentals London Brent slightly better than WTI. "Temporary spreads for WTI, is likely to remain weak in September, and perhaps will continue to weaken further, given that the start of the season scheduled maintenance may cause an increase in oil reserves. Spreads to Brent crude also come under pressure, but price declines will be limited ability to store oil in floating storage costs 0,65-0,75 $ / bbl. a month "- believed to Morgan Stanley.
Markets in Europe: the demand for European bonds rising
At Monday, September 6, trades on the market of European government bonds held in the apparent advantage of market "bulls". Active buying of bond euro spurred economic statistics eurozone, while the increased interest to the British Gilts stimulated speculation about the decision of the Governing Board of the Bank of England on the rates and amounts of redeemable assets that will be adopted during the current week. As a result, British and German debt finished the day in the addition of a heavy price, while French bonds, did not enjoy the day in high demand, closed in different directions.
Another catalyst for growth in the eurozone and the quotations of bonds, primarily, Bunds in Germany was the statement of the ECB Governing Council member Ewald Navotny, who expressed confidence that European monetary authorities did not begin until December to discuss ways to minimize emergency response support to the regional economy. "In the meantime, the economic development in many ways remains unclear. One thing is clear - it is too early to take a clear position," - said the head of the Austrian central bank.
While the official monetary authorities to take time out to recall the economic incentives, among European investors, apparently fearful because of pessimistic forecasts about the economy, growing insecurity. This is according to the index of sentiment among investors in the eurozone (Sentix Investor Confidence), which is calculated research group Sentix. According to calculations by Sentix, September declined from August marks 8.5 points to 7.6 points. A sudden decrease in the index of investor sentiment eurozone Sentix increased fears of market participants have made their choice in favor of protection of assets.
Concerns for the future of the economy does not give rest and investors in the British debt. To prevent slippage of the UK economy in re-recession, the British monetary authorities may decide to increase the volume of purchase of assets. Meeting of the Board of Governors of the Bank of England, which will decide the rates and volumes of redeemable assets, will be held next Thursday, Sept. 9. It is the expectation that the Bank of England, as well as the ECB last week, will continue to support its economy and stimulate purchases of British Gilts, by the end of the day steadily shaped a rising price trend.
The nature of trades during the day has not undergone much change - British Gilts and Bunds in Germany and grew up in price until the closing of the trading session. The French government bonds finished the day mixed dynamics of quotations. Following the first trading session began the week returns and 2-year Bunds in Germany, and the 10-year securities fell by 1 bp Spread between 2-year-olds and 10-year Bunds Germany amounted to 170 bp
Another catalyst for growth in the eurozone and the quotations of bonds, primarily, Bunds in Germany was the statement of the ECB Governing Council member Ewald Navotny, who expressed confidence that European monetary authorities did not begin until December to discuss ways to minimize emergency response support to the regional economy. "In the meantime, the economic development in many ways remains unclear. One thing is clear - it is too early to take a clear position," - said the head of the Austrian central bank.
While the official monetary authorities to take time out to recall the economic incentives, among European investors, apparently fearful because of pessimistic forecasts about the economy, growing insecurity. This is according to the index of sentiment among investors in the eurozone (Sentix Investor Confidence), which is calculated research group Sentix. According to calculations by Sentix, September declined from August marks 8.5 points to 7.6 points. A sudden decrease in the index of investor sentiment eurozone Sentix increased fears of market participants have made their choice in favor of protection of assets.
Concerns for the future of the economy does not give rest and investors in the British debt. To prevent slippage of the UK economy in re-recession, the British monetary authorities may decide to increase the volume of purchase of assets. Meeting of the Board of Governors of the Bank of England, which will decide the rates and volumes of redeemable assets, will be held next Thursday, Sept. 9. It is the expectation that the Bank of England, as well as the ECB last week, will continue to support its economy and stimulate purchases of British Gilts, by the end of the day steadily shaped a rising price trend.
The nature of trades during the day has not undergone much change - British Gilts and Bunds in Germany and grew up in price until the closing of the trading session. The French government bonds finished the day mixed dynamics of quotations. Following the first trading session began the week returns and 2-year Bunds in Germany, and the 10-year securities fell by 1 bp Spread between 2-year-olds and 10-year Bunds Germany amounted to 170 bp
Stock indexes in Europe were consolidated around the levels achieved
Trades in Europe on Monday, September 6, opened mostly higher leading indexes after a stormy Friday the growth of U.S. markets and the positive dynamics at the auctions in Asia. Positive effect on mood of players continued to provide a report U.S. Department of Labor (US Department of Labor), published on Friday, September 3. Although unemployment in the country in August 2010. rose by 0.1 percentage points - up 9.6%, as predicted, analysts are optimistic investors were greeted by reducing the number of jobs in non-agricultural sectors of the country on 54 th at the forecast decline to 105 thousand
During Monday a significant macroeconomic statistics are not published. U.S. markets were closed Monday because of Labor Day. In the absence of U.S. players bid for the European sites were fairly calm. During the session, major stock indexes fluctuated near the opening level and on the day showed no significant changes. The French CAC 40 index rose 0.34% to 3,684.73 points, Germany's DAX - on 0,33%% - to 6155.04 points, the British FTSE 100 - on 0,20% - to 5439.19 points. As leaders rise were shares of energy companies on the background of news that Germany has extended the operation of nuclear power plants.
British Airways shares have fallen in price on 0,99%. British Airlines and Spanish carrier Iberia are considering following the completion of the merger to expand the combined business by buying several of the 12 companies. This list is as operators of budget airlines, and airlines, providing an extensive range of services, but they are registered in developing countries with high growth potential such as Brazil, India and China. According to available data, initially as a potential target acquisitions of 40 companies were listed, but later, British Airways and Iberia, for various reasons lost interest in most of them. Recall merger British Airways and Iberia should be completed in late 2010., And the combined company will be named International Airlines Group.
The price of shares of investment bank Natixis rose to 5.92% after reports about his inclusion of securities in the calculation of the CAC 40 index. Increase in the French media company demonstrated Paper Publicis (+1,1%), which will also be included in the calculation of the CAC 40 index.
Quotes securities BP rose 1.2% after reporting on the expansion plans asset sales to $ 40 billion, in particular, the company intends to sell part of its assets in Alaska. The costs of the company incurred in connection with an accident on an oil platform deep Deepwater Horizon in the Gulf of Mexico reached $ 8 billion BP has reported previously that the costs of responding to the catastrophe of $ 6.1 billion in connection with the crash in the Gulf of Mexico cost oil concern BP advertising has increased three times from April to July of this year compared with the same period a year earlier.
Introduction to banking standards, Basel III ", estimated the 10 largest credit institutions in Germany, will require them to attract an additional 105 billion euros. Such amounts of "fresh" capital required to maintain capital adequacy at the level of 8%, the proposed new Basle Accord. The final decision to tighten the requirements for bank capital will be made in November 2010. at a meeting of European heads of State and Government. In addition, the agenda is the issue of strengthening the requirements for capital and liquidity levels of debt. However, a preliminary discussion of the key points of the reform will be held for 7 September 2010. at a meeting of the Basel Committee. Including members of the Banking Committee will decide on the minimum level of equity credit institution and on what kind of role should alternative forms of capital. According to current assumptions, regulators may require credit institutions to prove that 80% of core Tier I capital is paid-up capital and retained earnings.
During Monday a significant macroeconomic statistics are not published. U.S. markets were closed Monday because of Labor Day. In the absence of U.S. players bid for the European sites were fairly calm. During the session, major stock indexes fluctuated near the opening level and on the day showed no significant changes. The French CAC 40 index rose 0.34% to 3,684.73 points, Germany's DAX - on 0,33%% - to 6155.04 points, the British FTSE 100 - on 0,20% - to 5439.19 points. As leaders rise were shares of energy companies on the background of news that Germany has extended the operation of nuclear power plants.
British Airways shares have fallen in price on 0,99%. British Airlines and Spanish carrier Iberia are considering following the completion of the merger to expand the combined business by buying several of the 12 companies. This list is as operators of budget airlines, and airlines, providing an extensive range of services, but they are registered in developing countries with high growth potential such as Brazil, India and China. According to available data, initially as a potential target acquisitions of 40 companies were listed, but later, British Airways and Iberia, for various reasons lost interest in most of them. Recall merger British Airways and Iberia should be completed in late 2010., And the combined company will be named International Airlines Group.
The price of shares of investment bank Natixis rose to 5.92% after reports about his inclusion of securities in the calculation of the CAC 40 index. Increase in the French media company demonstrated Paper Publicis (+1,1%), which will also be included in the calculation of the CAC 40 index.
Quotes securities BP rose 1.2% after reporting on the expansion plans asset sales to $ 40 billion, in particular, the company intends to sell part of its assets in Alaska. The costs of the company incurred in connection with an accident on an oil platform deep Deepwater Horizon in the Gulf of Mexico reached $ 8 billion BP has reported previously that the costs of responding to the catastrophe of $ 6.1 billion in connection with the crash in the Gulf of Mexico cost oil concern BP advertising has increased three times from April to July of this year compared with the same period a year earlier.
Introduction to banking standards, Basel III ", estimated the 10 largest credit institutions in Germany, will require them to attract an additional 105 billion euros. Such amounts of "fresh" capital required to maintain capital adequacy at the level of 8%, the proposed new Basle Accord. The final decision to tighten the requirements for bank capital will be made in November 2010. at a meeting of European heads of State and Government. In addition, the agenda is the issue of strengthening the requirements for capital and liquidity levels of debt. However, a preliminary discussion of the key points of the reform will be held for 7 September 2010. at a meeting of the Basel Committee. Including members of the Banking Committee will decide on the minimum level of equity credit institution and on what kind of role should alternative forms of capital. According to current assumptions, regulators may require credit institutions to prove that 80% of core Tier I capital is paid-up capital and retained earnings.
Forex: in the first place there Yen
The information vacuum created Monday, Sept. 6, in connection with the weekend in the U.S., has led to the fact that the Forex market has been unusually quiet. Nevertheless, the players have not left a market and began preparations for active service. In particular September 7, a pair euro / dollar a stable downtrend and it was near the mark of 1.28, which on the whole figure is lower than the day before.
Couple pound / dollar retreated significantly from the level 1,55. She was quoted near the mark of 1,538 dollars per pound. Apparently, the opening session of the United States the trend in selling the British currency will continue.
But the most interesting in the currency market on Tuesday will take place in a pair of yen / dollar: it has long been the approach of quotations to mark 84 yen / dollar. It is a powerful level of support, a breakthrough which greatly disappointed the Bank of Japan, but will increase the interest in the yen by the players. Who is stronger - emission center or puhnuschie of liquidity banks - will show the next session. However, the rate is higher than ever: continued strengthening of the yen could inflict a severe blow to the Japanese economy, the issue is that currency can lead to inflation and, consequently, more expensive loans for the Japanese government.
In Forex is gaining momentum in conservative tendency to escape currencies - the dollar strengthened to European competitors. The yen meanwhile, is growing relative to the dollar. Meanwhile, in the next session may occur interesting event - will develop the struggle for the future of the yen. Many market participants are happy to take part in this struggle.
Couple pound / dollar retreated significantly from the level 1,55. She was quoted near the mark of 1,538 dollars per pound. Apparently, the opening session of the United States the trend in selling the British currency will continue.
But the most interesting in the currency market on Tuesday will take place in a pair of yen / dollar: it has long been the approach of quotations to mark 84 yen / dollar. It is a powerful level of support, a breakthrough which greatly disappointed the Bank of Japan, but will increase the interest in the yen by the players. Who is stronger - emission center or puhnuschie of liquidity banks - will show the next session. However, the rate is higher than ever: continued strengthening of the yen could inflict a severe blow to the Japanese economy, the issue is that currency can lead to inflation and, consequently, more expensive loans for the Japanese government.
In Forex is gaining momentum in conservative tendency to escape currencies - the dollar strengthened to European competitors. The yen meanwhile, is growing relative to the dollar. Meanwhile, in the next session may occur interesting event - will develop the struggle for the future of the yen. Many market participants are happy to take part in this struggle.
China has pledged to increase imports for economic recovery of the world
At the ongoing meeting in Beijing with the head of the National Economic Council Larry Summers representatives of the Chinese government promised to take measures to increase imports of raw materials and high-tech equipment, as well as lower fees for importers, but no concrete steps have been proposed. These statements came in response to criticism from the United States, insist that the weak yuan gives Chinese exporters an unjustified price advantage, and that China's trade surplus due to the priority of exports over imports. "This criticism is unfounded. China by its actions makes due contribution to world economic development", - said the Chinese government.
In July of 2010. China's trade surplus reached 28.7 billion dollars - a peak for 18 months. In June this year Chinese government announced that it will not interfere with the vibration rate of the yuan against the dollar, but since that time the national currency of China grew only by 0,6%. For this reason, many U.S. lawmakers insist that the government should stop such a tight control exchange rates and allow the yuan to strengthen. Some policies encourage trade sanctions against the yuan.
However, Beijing also called the U.S. protectionist trade policies. The governments of both countries are equally dissatisfied with conditions of access to national markets for steel, automobile tires, movies and other goods. Not long ago, American authorities have increased the duties on imports of Chinese aluminum production, after China's opponents raised the VAT on manufactured in the United States of America hen.
Recall, 19 June, a week before the summit, G20, which was held in Canada June 26-27, People's Bank of China announced on the return to the reform of exchange rate policy, suspended in mid-2008. against the background of the global financial crisis. Bank of China said it would make exchange rate more flexible, which could mean a gradual revaluation of the yuan - is this from Beijing, Washington is seeking for a long time.
In July of 2010. China's trade surplus reached 28.7 billion dollars - a peak for 18 months. In June this year Chinese government announced that it will not interfere with the vibration rate of the yuan against the dollar, but since that time the national currency of China grew only by 0,6%. For this reason, many U.S. lawmakers insist that the government should stop such a tight control exchange rates and allow the yuan to strengthen. Some policies encourage trade sanctions against the yuan.
However, Beijing also called the U.S. protectionist trade policies. The governments of both countries are equally dissatisfied with conditions of access to national markets for steel, automobile tires, movies and other goods. Not long ago, American authorities have increased the duties on imports of Chinese aluminum production, after China's opponents raised the VAT on manufactured in the United States of America hen.
Recall, 19 June, a week before the summit, G20, which was held in Canada June 26-27, People's Bank of China announced on the return to the reform of exchange rate policy, suspended in mid-2008. against the background of the global financial crisis. Bank of China said it would make exchange rate more flexible, which could mean a gradual revaluation of the yuan - is this from Beijing, Washington is seeking for a long time.
Oil prices fell on the background data on the U.S. services sector
Oil market concluded last week on a minor note. The reason for the reduction of quotations again become makrostatistika the U.S., which again reinforced the concerns of investors regarding the future prospects of the economy.
As a result of trading on Friday, September 3 at the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery fell 0.42 dollars - up 74.6 per barrel. At the InterContinental Exchange in London, the October contract to grade Brent Crude prices have fallen by 0.26 dollars to close at a mark of 76.67 dollars per barrel.
The last trading day of the week has elevated volatility. The dynamics of oil prices reflected the mood of investors, changing after each new portion of the macroeconomic data. Pleased with the players long-awaited report on employment in the U.S. non-farm sector, were better than analysts' forecasts. According to these data, in the reporting month fell by 54 thousand Analysts also expect the fall to 105 thousand when the main cause of reducing the overall number of jobs the dismissal of staff employed at the time of the census, while private sector employment grew by 67 thousand against the forecast of 40 thousand in the positive side of the July data were revised (fall of 54 thousand against a reduction of 131 thousand previously). According to the latest figures from the private sector jobs grew in July to 107 thousand against 71 thousand earlier.
"In general, data revisions upward makes the report much stronger than we expected - analysts say Barclays Capital. - It does not change the moderate upward trend in employment in the private sector and not consistent with fears that the economy shows a sharp slowdown. We believe that this report in conjunction with other data will persuade the Fed to refrain from launching a new program to buy assets. "
"Released on Friday report on employment will help reduce the remaining concerns about the double recession - according to analysts Capital Economics. - Yet now, a year after the start of reconstruction, economic growth is still very weak and probably will remain as such. In these circumstances, we expect that several more years unemployment will remain at a very high level. "
Against this background, oil prices went up, but the publication of an index of business activity in the services sector the U.S. again to change the mood of market participants on the downbeat, which quotes "black gold" in New York fell to 73.2 dollars per barrel. Futures erupted after it became known that in August, an indicator of business activity fell to its lowest level in seven months - 51.5 points (54.3 points against the previous month and 53.2 points, expected by analysts). "This level is dangerously close to a mark of 50 points, signals contraction. The U.S. economy will grow more slowly in the second half of 2010. Than in the first," - believe in the Commerzbank.
As a result of trading on Friday, September 3 at the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery fell 0.42 dollars - up 74.6 per barrel. At the InterContinental Exchange in London, the October contract to grade Brent Crude prices have fallen by 0.26 dollars to close at a mark of 76.67 dollars per barrel.
The last trading day of the week has elevated volatility. The dynamics of oil prices reflected the mood of investors, changing after each new portion of the macroeconomic data. Pleased with the players long-awaited report on employment in the U.S. non-farm sector, were better than analysts' forecasts. According to these data, in the reporting month fell by 54 thousand Analysts also expect the fall to 105 thousand when the main cause of reducing the overall number of jobs the dismissal of staff employed at the time of the census, while private sector employment grew by 67 thousand against the forecast of 40 thousand in the positive side of the July data were revised (fall of 54 thousand against a reduction of 131 thousand previously). According to the latest figures from the private sector jobs grew in July to 107 thousand against 71 thousand earlier.
"In general, data revisions upward makes the report much stronger than we expected - analysts say Barclays Capital. - It does not change the moderate upward trend in employment in the private sector and not consistent with fears that the economy shows a sharp slowdown. We believe that this report in conjunction with other data will persuade the Fed to refrain from launching a new program to buy assets. "
"Released on Friday report on employment will help reduce the remaining concerns about the double recession - according to analysts Capital Economics. - Yet now, a year after the start of reconstruction, economic growth is still very weak and probably will remain as such. In these circumstances, we expect that several more years unemployment will remain at a very high level. "
Against this background, oil prices went up, but the publication of an index of business activity in the services sector the U.S. again to change the mood of market participants on the downbeat, which quotes "black gold" in New York fell to 73.2 dollars per barrel. Futures erupted after it became known that in August, an indicator of business activity fell to its lowest level in seven months - 51.5 points (54.3 points against the previous month and 53.2 points, expected by analysts). "This level is dangerously close to a mark of 50 points, signals contraction. The U.S. economy will grow more slowly in the second half of 2010. Than in the first," - believe in the Commerzbank.
Forex: Market participants leave the dollar
Good statistics on the United States has become an occasion for the players to continue to raise the level of risk. On Friday, September 3, there is still a steady growth of the euro and pound. These trends are gaining momentum and on Monday, September 6. The players attempted to storm the complex level of resistance to 1,29 dollars / euros. From the success of this undertaking will depend on further developments in this currency pair.
It should be noted that on Monday, U.S. investors do not work on the occasion of Labor Day weekend in the country. And therefore expect significant volumes of trading on the Forex is not worth it. If you take a mark 1,29 dollars / euros and will happen, it is likely to happen only on Tuesday. The same is true for the pair Pound / dollar: penetration mark 1,55 dollars per pound, apparently held no earlier than Tuesday.
Meanwhile, significant changes in the yen is still not happened. A pair dollar / yen remains in a narrow range of 84-85 yen / dollar. And this kind of training players to breakthrough support 84 yen to the dollar. down. In this situation, the technical picture suggests that all verbal intervention of the Bank of Japan have so far been unsuccessful: the words of bidders not scare.
Forex trading once again formed a mixed picture. On the one hand, players raise the level of risk by buying European currencies, on the other - some investors are hard pressed to conservative yen. In normal circumstances, these trends are mutually exclusive: the players are running any of the dollar and the yen in the pound and the euro, or from euros to dollars, and then in the yen. Now there is the flight from U.S. currency anywhere. How long it will last is uncertain.
It should be noted that on Monday, U.S. investors do not work on the occasion of Labor Day weekend in the country. And therefore expect significant volumes of trading on the Forex is not worth it. If you take a mark 1,29 dollars / euros and will happen, it is likely to happen only on Tuesday. The same is true for the pair Pound / dollar: penetration mark 1,55 dollars per pound, apparently held no earlier than Tuesday.
Meanwhile, significant changes in the yen is still not happened. A pair dollar / yen remains in a narrow range of 84-85 yen / dollar. And this kind of training players to breakthrough support 84 yen to the dollar. down. In this situation, the technical picture suggests that all verbal intervention of the Bank of Japan have so far been unsuccessful: the words of bidders not scare.
Forex trading once again formed a mixed picture. On the one hand, players raise the level of risk by buying European currencies, on the other - some investors are hard pressed to conservative yen. In normal circumstances, these trends are mutually exclusive: the players are running any of the dollar and the yen in the pound and the euro, or from euros to dollars, and then in the yen. Now there is the flight from U.S. currency anywhere. How long it will last is uncertain.
Trading in the U.S. closed the growth index by an average of 1,3%
Stock trades in the U.S. on September 3 2010. leading indexes ended higher against the backdrop of favorable macroeconomic statistics. Investors are pleased, in particular, news from the U.S. labor market. Despite the fact that the Ministry of Labor (US Department of Labor) reported that the unemployment rate in the country in August 2010. rose by 0.1 percentage points - up 9.6% (which coincided with forecasts of analysts), investors optimistic about the reduction in the number of jobs in non-agricultural sectors of the country for less than anticipated, the magnitude, namely 54 thousand (the forecast falling to 105 thousand). At the same time in the U.S. Office reported that the decline in jobs in non-agricultural sectors of the country up to August due to the termination of temporary employees engaged by the authorities in the spring for the census. At the same time, private companies continue to recruit new staff, and only since December last year the number of new jobs in the private sector increased by 763 thousand
The first news on the macroeconomic plan responded banking sector: shares of the largest in the U.S. Bank of America Corp. grew by 1,7%, Citigroup Inc. - On 0,8%, J. P. Morgan Chase & Co. - On 2,6%, Morgan Stanley - to 3,8%, Wells Fargo & Co. - By 2,9%.
Have supported the stock market and news from the commodity exchanges, where an increase was recorded in oil prices. Against this background, quotes energy companies have completed the trading session in the "plus": shares ExxonMobil Corp. added to the price of 0,4%, its competitors - ConocoPhillips and Chevron Corp. - 1,1% and 0,7% respectively. Securities oilfield service companies Schlumberger and Halliburton Co. went up quite substantially - by 1,7% and 2,6% respectively.
Furthermore, the increase in metal prices supported by quotations mining companies: securities aluminum giant Alcoa Inc. mededobyvaschego and Freeport-McMoRan Copper & Gold Inc. grew by 0,5% and 2,1%. At the same time, the less favorable developments in the trading session for the gold mining companies: shares of Newmont Mining Corp. fallen in price on 0,8%, Goldcorp - 2,2%.
It is worth noting that the "plus" completed auctions for the engineering company Caterpillar (+2,3%), diversified group General Electric (+1,6%) and airline US Airways Group (+3,3%). At the last rally had a positive impact of information on airline revenue growth in August 2010.
As a result of trades on Friday, the Dow Jones index rose 127.83 points (1.24%) - up to 10,447.93 points, S & P rose by 14.41 points (1.32%) - up to 1,104.51 points, NASDAQ rose 33.74 points (1.53%) - up to 2,233.75 points.
The first news on the macroeconomic plan responded banking sector: shares of the largest in the U.S. Bank of America Corp. grew by 1,7%, Citigroup Inc. - On 0,8%, J. P. Morgan Chase & Co. - On 2,6%, Morgan Stanley - to 3,8%, Wells Fargo & Co. - By 2,9%.
Have supported the stock market and news from the commodity exchanges, where an increase was recorded in oil prices. Against this background, quotes energy companies have completed the trading session in the "plus": shares ExxonMobil Corp. added to the price of 0,4%, its competitors - ConocoPhillips and Chevron Corp. - 1,1% and 0,7% respectively. Securities oilfield service companies Schlumberger and Halliburton Co. went up quite substantially - by 1,7% and 2,6% respectively.
Furthermore, the increase in metal prices supported by quotations mining companies: securities aluminum giant Alcoa Inc. mededobyvaschego and Freeport-McMoRan Copper & Gold Inc. grew by 0,5% and 2,1%. At the same time, the less favorable developments in the trading session for the gold mining companies: shares of Newmont Mining Corp. fallen in price on 0,8%, Goldcorp - 2,2%.
It is worth noting that the "plus" completed auctions for the engineering company Caterpillar (+2,3%), diversified group General Electric (+1,6%) and airline US Airways Group (+3,3%). At the last rally had a positive impact of information on airline revenue growth in August 2010.
As a result of trades on Friday, the Dow Jones index rose 127.83 points (1.24%) - up to 10,447.93 points, S & P rose by 14.41 points (1.32%) - up to 1,104.51 points, NASDAQ rose 33.74 points (1.53%) - up to 2,233.75 points.
European stocks finished the week growth
Trades in Europe on Friday, September 3, leading indexes opened higher after the U.S. market and Asia. During the day the market continued to demonstrate the lateral movement, as investors were in no hurry to buy or sell in anticipation of release of key statistics of the week - data on the U.S. labor market for August. Positive impact on the mood of players had a report of the U.S. Department of Labor (US Department of Labor). Although, according to the document, the unemployment rate in the country in August 2010. rose by 0.1 percentage points - up 9.6%, as predicted, analysts are optimistic investors were greeted by reducing the number of jobs in non-agricultural sectors of the country on 54 th at the forecast decline of 105 thousand stock trading in the U.S. opened steady growth leading indicators on the background of optimistic news about the labor market of the country. The growth of European shares also been recovered, and the main stock indicators finished the week growth in the region. The French CAC 40 index rose 1.12% to 3,672.2 points, Germany's DAX rose by 0,83% - to 6134.62 points, Britain's FTSE 100 rose by 1,06% - to 5428.15 points.
Shares of British BP Plc. rose to 2.32%, despite news that the company's expenses incurred in connection with an accident on an oil platform deep Deepwater Horizon in the Gulf of Mexico reached $ 8 billion BP has reported previously that the costs of responding to the disaster 6100000000 dollars worth noting that, in connection with the crash in the Gulf of Mexico cost oil company BP on advertising has increased three times from April to July of this year compared with the same period a year earlier. For publicity purposes the company has spent more than 93 million dollars At the same time in BP reported that most of the funds went to inform residents of the affected regions to work on the consequences of a spill.
The volume of retail sales in the area of circulation of uniform European currency continues to grow, albeit at a slower pace than analysts expected. This news service RBC with reference to the European statistical agency Eurostat. In July of 2010. relative to the previous month it rose by 0,1%. Analysts also expect that retail sales on a monthly basis will increase by 0,2%. In the 27 EU countries this indicator on a monthly basis also increased by 0,1%. The volume of retail trade in the euro zone in July 2010. compared with July 2009. increased by 1,1%, and in 27 countries - EU members - at 1%.
The European Commission approved the establishment of a stabilization fund Hellenic Financial Stability Fund (HFSF) for Greek banks' volume of 10 billion dollars the fund will be earmarked for recapitalizing the Greek banks hit by the debt crisis in the country. According to the European Commission, this mechanism is fully consistent with the rules of providing financial assistance to the EU. Creating HFSF is part of emergency assistance provided to Athens EU in cooperation with the IMF. Stabilization Fund will operate until 30 June 2017. As stated in the document, in the case of recourse HFSF each financial company would be bound to provide the European Commission's own restructuring plan.
Shares of British BP Plc. rose to 2.32%, despite news that the company's expenses incurred in connection with an accident on an oil platform deep Deepwater Horizon in the Gulf of Mexico reached $ 8 billion BP has reported previously that the costs of responding to the disaster 6100000000 dollars worth noting that, in connection with the crash in the Gulf of Mexico cost oil company BP on advertising has increased three times from April to July of this year compared with the same period a year earlier. For publicity purposes the company has spent more than 93 million dollars At the same time in BP reported that most of the funds went to inform residents of the affected regions to work on the consequences of a spill.
The volume of retail sales in the area of circulation of uniform European currency continues to grow, albeit at a slower pace than analysts expected. This news service RBC with reference to the European statistical agency Eurostat. In July of 2010. relative to the previous month it rose by 0,1%. Analysts also expect that retail sales on a monthly basis will increase by 0,2%. In the 27 EU countries this indicator on a monthly basis also increased by 0,1%. The volume of retail trade in the euro zone in July 2010. compared with July 2009. increased by 1,1%, and in 27 countries - EU members - at 1%.
The European Commission approved the establishment of a stabilization fund Hellenic Financial Stability Fund (HFSF) for Greek banks' volume of 10 billion dollars the fund will be earmarked for recapitalizing the Greek banks hit by the debt crisis in the country. According to the European Commission, this mechanism is fully consistent with the rules of providing financial assistance to the EU. Creating HFSF is part of emergency assistance provided to Athens EU in cooperation with the IMF. Stabilization Fund will operate until 30 June 2017. As stated in the document, in the case of recourse HFSF each financial company would be bound to provide the European Commission's own restructuring plan.
Markets in Europe: the sale of bonds continues
On Friday, September 3, at the European government bond market prevailed "bearish" sentiment. The third day in a row investors against a background of positive macroeconomic news are selling debt obligations of European governments, preferring the risky assets. Morning trades are not distinguished by high activity, and this contributed to the formation of mixed dynamics quotes. The activity of market participants grew as the release of macroeconomic statistics. The catalyst for active sales "defensive" assets served as news received from overseas. Thus, it became known that U.S. companies created jobs considerably more than analysts predicted. It is the U.S. labor market statistics became the main cause of rising prices of European bonds, capped a week of very significant reduction in price.
The morning sale of European government bonds were not significant, since it does not receive support from the European economic statistics. In particular, economists Markit Economics, provide the results of their research activity in the service sector leading economies of Europe and the eurozone as a whole, not too pleased investors. According to information provided by experts Markit Economics, the increased activity in the manufacturing industry and service sectors Eurozone is slowing, as evidenced by the decrease in the composite index (PMI Composite) Eurozone with the July level of 56.7 to 56.2 points. At the same time in most service areas the Euro things better - the euro zone PMI Services index rose in August, though only slightly - from the level of the previous month, 55.8 to 55.9 points. Has accelerated activity in the service sector in Germany: here the index of expectations of purchasing managers in the services sector (PMI Services) rose from the previous mark of 56.5 to 57.2 points. Worse things in France - PMI Services Index declined from the July level of 61.1 to 60.4 points. Decreased activity and in the leading industry of the British economy: the UK PMI Services Index fell in August from July to mark 53,1 51,3 points. Until such a low mark rate has never fallen since April 2009.
Slightly increased optimism of market participants and after the release of statistics on retail sales eurozone. Growth in sales of goods at retail in July slowed down compared with June. Thus, the rate rose to 0.1% (expected to increase by 0,2%) after the June growth at 0.2%. In annual terms, retail sales rose by 1.1% (expected to increase by 0,6%) after the annual growth in June at 1.2%.
The morning sale of European government bonds were not significant, since it does not receive support from the European economic statistics. In particular, economists Markit Economics, provide the results of their research activity in the service sector leading economies of Europe and the eurozone as a whole, not too pleased investors. According to information provided by experts Markit Economics, the increased activity in the manufacturing industry and service sectors Eurozone is slowing, as evidenced by the decrease in the composite index (PMI Composite) Eurozone with the July level of 56.7 to 56.2 points. At the same time in most service areas the Euro things better - the euro zone PMI Services index rose in August, though only slightly - from the level of the previous month, 55.8 to 55.9 points. Has accelerated activity in the service sector in Germany: here the index of expectations of purchasing managers in the services sector (PMI Services) rose from the previous mark of 56.5 to 57.2 points. Worse things in France - PMI Services Index declined from the July level of 61.1 to 60.4 points. Decreased activity and in the leading industry of the British economy: the UK PMI Services Index fell in August from July to mark 53,1 51,3 points. Until such a low mark rate has never fallen since April 2009.
Slightly increased optimism of market participants and after the release of statistics on retail sales eurozone. Growth in sales of goods at retail in July slowed down compared with June. Thus, the rate rose to 0.1% (expected to increase by 0,2%) after the June growth at 0.2%. In annual terms, retail sales rose by 1.1% (expected to increase by 0,6%) after the annual growth in June at 1.2%.
China first opened the structure of its foreign reserves
The volume of foreign reserves in China is 2.45 trillion dollars, according to reports, the Chinese government on Sept. 3 edition of the China Securities Journal (CSJ), with reference to sources in the People's Bank of China (the Chinese central bank). In this case, according to the publication, 65% of all gold reserves of China nominated in U.S. dollars, 26% - in euros, 5% - in pounds sterling, and another 3% - in the yen. Thus, the figures were released the most detailed information on the status of China's foreign reserves in recent years.
Meanwhile, the Chinese central bank has already commented on the published figures. According to representatives of the organization, reduction of reserve currency of concern in Beijing. In addition, the central bank said that China should adopt more effective and flexible macroeconomic policies in order to facilitate the use of renminbi in international markets. "At the same time, China will continue the gradual opening of domestic financial markets to foreign holders of yuan," - noted in the Central Bank of China.
It is worth noting that the total national foreign exchange reserves of China and the earlier estimated at 2.5 trillion dollars, but their structure is a state secret. It was assumed that the dollar-denominated assets, primarily long-term treasury bonds and other debt obligations of U.S. government accounted for about 70%, while the remaining 30% in the odds ratio divided between the assets in European currencies and the yen, while the euro is a big part. China's investment in the euro-zone government debt was estimated at roughly 630 billion euros. It was believed that the debt bonds in Greece, Ireland, Italy, Portugal and Spain, with regard to financial stability, which the official Beijing has repeatedly expressed concern, are negligible, since the basis of a conservative financial strategy of the country on the principle of security.
Meanwhile, the Chinese central bank has already commented on the published figures. According to representatives of the organization, reduction of reserve currency of concern in Beijing. In addition, the central bank said that China should adopt more effective and flexible macroeconomic policies in order to facilitate the use of renminbi in international markets. "At the same time, China will continue the gradual opening of domestic financial markets to foreign holders of yuan," - noted in the Central Bank of China.
It is worth noting that the total national foreign exchange reserves of China and the earlier estimated at 2.5 trillion dollars, but their structure is a state secret. It was assumed that the dollar-denominated assets, primarily long-term treasury bonds and other debt obligations of U.S. government accounted for about 70%, while the remaining 30% in the odds ratio divided between the assets in European currencies and the yen, while the euro is a big part. China's investment in the euro-zone government debt was estimated at roughly 630 billion euros. It was believed that the debt bonds in Greece, Ireland, Italy, Portugal and Spain, with regard to financial stability, which the official Beijing has repeatedly expressed concern, are negligible, since the basis of a conservative financial strategy of the country on the principle of security.
Unemployment in the U.S. in August fell by 0,1% and amounted to 9,6%
The unemployment rate in the U.S. in August 2010. compared to the previous month increased by 0.1 percentage points and amounted to 9,6%. These data provided the Ministry of Labour of the country. Analysts also predicted the value of this indicator at the level of 9,6%.
Meanwhile, the number of jobs in non-agricultural sectors of the country in August 2010. compared with the previous month decreased by 54 thousand Analysts expected drop in employment of 105 thousand Furthermore, according to revised data for the previous month, this indicator also declined by 54 thousand, whereas previously reported a decline of 131 thousand
Meanwhile, the number of jobs in non-agricultural sectors of the country in August 2010. compared with the previous month decreased by 54 thousand Analysts expected drop in employment of 105 thousand Furthermore, according to revised data for the previous month, this indicator also declined by 54 thousand, whereas previously reported a decline of 131 thousand
The EC approved the creation of a fund assistance to banks in Greece to 10 billion dollars
The European Commission today approved the establishment of a stabilization fund Hellenic Financial Stability Fund (HFSF) for Greek banks' volume of 10 billion dollars are reported to the fund will be earmarked for recapitalizing the Greek banks hit by the debt crisis in the country. According to EC, this mechanism is fully consistent with the rules of providing financial assistance of the European Union, according to a common material today European organization.
Creating HFSF is part of emergency assistance provided to Athens EU in cooperation with the International Monetary Fund (IMF). This fund will operate until 30 June 2017. As stated in the document, in the case of recourse to HFSF every financial company is obliged to provide the European Commission's own restructuring plan.
Compliance with conditions of use of the fund with European standards was confirmed by the European Commissioner for Competition Joaquin Almunia. "The conditions on which Greece could use fund that comply with the support of the financial sector during the crisis, adopted by Greece, as well as other members of the EU", - said Mr. Almunia.
In May of this year Greece reached an agreement with the EU and the IMF to give her financial assistance to 110 billion euros in the three-year loan at preferential rates - well below market. It is literally pulled out of Greece, the debt precipice. The first credit tranche under the program of international financial assistance was obtained Greece in May in the amount of 20 billion euros. Instead, Athens must conduct a radical program to reduce the budget deficit, which up to 2009. reached exorbitant 13,6% of GDP. The Greek "austerity measures" include raising taxes and excise taxes, freezing salaries for state employees, cutting the "thirteenth" salary, etc. These measures have caused fierce resistance from the population. However, according to figures from the Greek government, the program "austerity" is bearing fruit: in the I half of 2010. the government budget deficit has been reduced by 45% year on year.
Creating HFSF is part of emergency assistance provided to Athens EU in cooperation with the International Monetary Fund (IMF). This fund will operate until 30 June 2017. As stated in the document, in the case of recourse to HFSF every financial company is obliged to provide the European Commission's own restructuring plan.
Compliance with conditions of use of the fund with European standards was confirmed by the European Commissioner for Competition Joaquin Almunia. "The conditions on which Greece could use fund that comply with the support of the financial sector during the crisis, adopted by Greece, as well as other members of the EU", - said Mr. Almunia.
In May of this year Greece reached an agreement with the EU and the IMF to give her financial assistance to 110 billion euros in the three-year loan at preferential rates - well below market. It is literally pulled out of Greece, the debt precipice. The first credit tranche under the program of international financial assistance was obtained Greece in May in the amount of 20 billion euros. Instead, Athens must conduct a radical program to reduce the budget deficit, which up to 2009. reached exorbitant 13,6% of GDP. The Greek "austerity measures" include raising taxes and excise taxes, freezing salaries for state employees, cutting the "thirteenth" salary, etc. These measures have caused fierce resistance from the population. However, according to figures from the Greek government, the program "austerity" is bearing fruit: in the I half of 2010. the government budget deficit has been reduced by 45% year on year.
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