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Microsoft reports Q4 EPS of $0.69 on revenue of $17.37 billion
EU draft:

Greek loans to be extended to minimum 15 years, will provide EFSF loans at approx 3.5%. Greece will provide some collateral to cover risk. Banks willing to support Greece on voluntary basis. Private sector to contribute through a menu of options.

Cyprus president: EU leaders are very close to a deal.
Cyprus president: EU leaders are very close to a deal.
US focus: the dollar plummeted down

The dollar dropped against a basket of rival currencies on U.S. debt ceiling talks. In addition, the S&P reiterated the risk of a downgrade of U.S. debt within three months is at 50-50.

The euro hit the 2-week high versus the dollar on bets the European Financial Stability Facility may guarantee Greek bonds.

The Australia’s dollar rebounded and shows a steady growth.

The Canadian dollar rose for a third day versus its U.S. rival as today the Bank of Canada prompted investors to move forward the date of expected interest rate increases.

The yen gained after beating data from Japan Ministry of Finance, showing ?70.737 billion ($897 million) trade surplus in June.

Dow +161.96 at 12733.94, Nasdaq +22.29 at 2836.52, S&P +19.23 at 1345.07

After pausing for some time, stocks are slipping off of their morning highs. Overall gains remain strong, though.
Tech stocks continue to lag the rest of the market. The sector's 0.4% gain, which is less than half of what the S&P 500 has achieved, comes as weakness in F5 Networks (FFIV 100.73, -10.71) and Western Digital (WDC 35.30, -2.78) offsets strength in eBay (EBAY 34.04, +0.87) and Motorola Mobility (MMI 24.24, +1.83). F5's slide comes even though the company posted an upside earnings surprise for the latest quarter. eBay did the same last quarter, but investors have had a much more positive response to the company's numbers.

Dow +146.53 at 12718.51, Nasdaq +28.73 at 2842.96, S&P +17.34 at 1343.18

The stock market's upward push has taken pause, so as to give stocks a bit of a breather. As things currently stand, the S&P 500 is on pace for a weekly gain of more than 2%.
Financials have been a big driver of today's gains. The sector is now up 2.0%, which makes it the top performing sector in the broad market. For the week, financials are collectively up 3%.
Morgan Stanley (MS 23.26, +1.54) is a top performer among financials today. The stock's 7% spike comes in response to news that the investment bank and brokerage outfit had a narrower-than-expected loss for the latest quarter. Earlier this week peer Goldman Sachs (GS 134.39, +1.64) posted earnings that were well short of what had been widely expected on Wall Street.

Nomura on LEI

"The largest contributors to the LEI in July were the real money supply (+0.3pp) and the yield curve (+0.4pp). Together, these two components reflect the Fed's ongoing economic support. Outside of the Fed's help, the LEI would have declined by 0.3% in July."

HFE on Philly Fed index

Analysts at HFE say July Philly Fed index at 3.2 is still much below its March high of 43.4, "thanks to the spike in oil prices". Details "show the new orders index up to 0.1 from -7.6, so it is still weak."

Dow +114.81 at 12686.72, Nasdaq +14.14 at 2828.37, S&P +13.97 at 1339.81

Stocks are trying to extend their opening advance following the latest data.
The Philadelphia Fed Survey for July came in at 3.20, which is better than the 0.00 reading that had been expected. It is also an improvement from the -7.70 that was posted for the prior month.
Leading Indicators for June registered a 0.3% increase, as had been widely anticipated.

US: June LEI +0.3%
US: July Philly Fed index +3.2
Option expires for today's NY cut

EUR/USD  $1.4210, $1.4300, $1.4315
USD/JPY Y79.00, Y79.25, Y79.50, Y80.00
EUR/JPY Y112.35, Y111.15, Y110. 80
GBP/USD $1.6125, $1.5875
HBP/JPY Y129.60
EUR/CHF Chf1.1600
AUD/USD $1.0700, $1.0750, $1.0850
AUD/JPY  Y84.50
NZD/USD  $0.8440

Before the bell: Stocks poised to rise amid EU summit

U.S. stocks were set for mild gains Thursday, as European leaders met in Brussels.
Before the summit's official start German Chancellor Angela Merkel and French President Nicolas Sarkozy reached consensus on a deal that would provide more aid to Greece.

Economy: The Labor Department's weekly report on initial unemployment claims climbed by 10,000 to 418,000 in latest week. Economists expected claims to rise to 411,000.
The Philadelphia Federal Reserve will release its July manufacturing survey at 14:00 GMT.
Federal Reserve Chairman Ben Bernanke is scheduled to testify in front of the Senate Banking Committee starting Thursday.
Companies: Express Scripts (ESRX, Fortune 500) announced early Thursday morning it will buy Medco Health Solutions (MHS, Fortune 500) in a deal worth $29.1 billion. Shares of Medco jumped more than 20% in premarket trading.
Travelers (TRV, Fortune 500) reported a net loss of $364 million, or 88 cents per share, on revenue of $6.4 billion. The insurer said it had $1.1 billion in catastrophe losses due to extraordinary tornado activity in April and May.
Morgan Stanley (MS, Fortune 500) reported a net loss of 38 cents per share, on revenues of $9.3 billion for the second quarter. Analysts had expected the bank to post a loss of 64 cents a share.
Phone maker Nokia reported a second-quarter loss, but shares were up 3.1% in premarket trading.
AT&T (T, Fortune 500) topped analyst earnings estimates by one cent, reporting earnings of 60 cents per share on revenue of $31.5 billion.
After the bell, investors will get earnings results from Intel competitor Advanced Micro Devices (AMD, Fortune 500), as well as software maker Microsoft (MSFT, Fortune 500).

GREECE: Wires report EMU calls for a Greek 'Marshall Plan'
US: Initial jobless claims +10k to 418k
Techs on oil:

As earlier happenes, this time oil failed to sustain a move above the 38.2% Fibonacci (of $114.83/89.61). Also initial resistance at $99.24 on Thursday). Initial support around $95.56-96.01 (23.6% Fibonacci, the 21-DMA and a supp line from Jun 27). Further support seen at $94.96 (200-DMA).

EU session review: Euro falls as Juncker says Greek default is possible

Data released
06:58     France     PMI (July) flash    50.1    53.0    52.5
06:58     France     PMI services (July) flash    54.2    56.7    56.1
07:28     Germany     PMI (July) flash    52.1    54.0    54.6
07:28     Germany     PMI services (July) flash    52.9    56.1    56.7
07:58     EU(17)     PMI (July) flash    50.4    51.5    52.0
07:58     EU(17)     PMI services (July) flash    51.4    53.2    53.7
08:00     EU(17)     Current account (May) unadjusted, bln     -18.3    -    -6.5
08:00     EU(17)     Current account (May) adjusted, bln     -5.2    -    -5.4 (-5.1)
08:30     UK     Retail sales (June)    0.7%    0.5%    -1.4%
08:30     UK     Retail sales (June) Y/Y    0.4%    0.3%    0.2%
08:30     UK     PSNCR (June), bln    21.0    -    11.1
08:30     UK     PSNB (June), bln    14.0    12.8    17.4

The euro fell against the dollar for the first time in three days after European officials signaled Greece may default on government bonds.
The 17-nation currency was weaker amid concern a summit won’t stop contagion from Greece spreading through Europe’s bond markets.
Luxembourg Prime Minister Jean-Claude Juncker said today he couldn’t rule out a so-called selective default on Greek debt.
“The word ‘default’ is still in these headlines; that, of course, is a bit disappointing,” said Jane Foley, a senior currency strategist at Rabobank International.
German Chancellor Angela Merkel and French President Nicolas Sarkozy reached an agreement on Greece after seven hours of talks in Berlin and details will be released at the summit in Brussels.
“I am not in charge of explaining if yes or no there will be a selective default,” Luxembourg’s Juncker told reporters today before the summit. “You can never exclude such a possibility, but everything should be done in order to avoid such a possibility.”
The Swiss franc fell against the dollar after Zurich-based newspaper Blick quoted Switzerland’s Economy Minister Johann Schneider-Ammann as saying the currency’s strength versus the euro is “alarming.”

EUR/USD was close to $1.4300, but failed to break above. Rate corrected to session lows around $1.4138 before recovered to $1.4190.

GBP/USD fell from the highs on $1.6200 to $1.6120 before it was back to $1.6170.

USD/JPY tested Y79.00 and retreated to Y78.80.

US Jobless claims comes at 12:30  GMT.
Later, at 14:00 GMT, Philadelphia Fed index for July is due to comes.

EUR/USD recovered

EUR/USD recovered from session lows around $1.4138 and currently holds above $1.4170. Resistance/offers placed around earlier broken support at $1.4180. next resistance is near $1.4200 (38.2% $1.4294/1.4138).

According to Die Welt ECB, Germany, France, banks agreed on joint solution
EUR/USD continues to drag down - holding below $1.4150 to $1.4147. Next support noted at $1.4135/30.
EU focus: Euro falls; Lonnie weakens

The euro gets down ahead of EU summit. Earlier rate rose after Germany and France reached an agreement on addressing Greece’s debt crisis.

Canada’s dollar weakens today too after it rose yesterday to the highest since May 2.
The rate was earlier supported after Bank of Canada Governor Mark Carney adjusted wording in a statement to suggest interest rate increases will happen as early as September.
In its Monetary Policy report the central bank said inflation will average 2.8% between July and September and slow to 1.9% in the second quarter of next year . The so-called core rate, which excludes energy and food prices, will peak at 2.1% in the first quarter of 2012.

EUR/USD falls

EUR/USD falls after it broke under the technical support at $1.4167 (76.4% $1.4133/1.4294). Rate holds at $1.4158 with next support between $1.4135/30.

FTSE 5,836 -17.42 -0.30%, CAC 3,746 -8.14 -0.22%, DAX 7,179 -42.40 -0.59%
Option expiries for today's 1400GMT cut:

EUR/USD  $1.4210, $1.4300, $1.4315
USD/JPY Y79.00, Y79.25, Y79.50, Y80.00
EUR/JPY Y112.35, Y111.15, Y110. 80
GBP/USD $1.6125, $1.5875
HBP/JPY Y129.60
EUR/CHF Chf1.1600
AUD/USD $1.0700, $1.0750, $1.0850
AUD/JPY  Y84.50
NZD/USD  $0.8440

Forex: Wednesday's review

On Wednesday Canada’s dollar advanced to the highest since May 2 against the greenback as optimism that policy makers in Europe and the U.S. will address debt conflicts drove demand for higher-yielding assets.
The rate was supported after Bank of Canada Governor Mark Carney yesterday adjusted wording in a statement to suggest interest rate increases will happen as early as September. 
Crude oil rose for a second day.
Banc of Canada Monetary Policy report said inflation will average 2.8% between July and September and slow to 1.9% in the second quarter of next year . The so-called core rate, which excludes energy and food prices, will peak at 2.1% in the first quarter of 2012.
The policy rate was kept at 1%, where it’s been since September.
Data showed Canadian wholesale sales increased 1.9% to C$47.6 billion ($50 billion) in May, the fastest rate in 18 months. The median was for a 0.1% rise.uch as 1.6 percent to $99.02 a barrel in New York. 

EUR/USD: on results of yesterday's session the pair grown in $1.4220  area.
GBP/USD: on results of yesterday's session the pair  grown in $1.6150  area.
USD/JPY: the pair  fell in Y78.80  area.

Asian session: The euro rose

Data:02:30 China HSBC Manufacturing PMI (Jul) Preliminar 48.91
04:30  Japan All Industry Activity Index (MoM) (May) 2.0% 1

The euro rose for a third day against the greenback after Germany and France reached an agreement on addressing Greece’s debt crisis before a summit convened to prevent contagion in Europe’s bond markets.
The 17-nation currency also climbed to the highest level in a week versus the yen before the joint Franco-German position is presented at the meeting in Brussels. 
Australia’s dollar weakened after data showed Chinese manufacturing slowed.
The Swiss franc weakened after Blick, a Zurich-based newspaper, cited Economy Minister Johann Schneider-Ammann as saying the currency’s strength against the euro is “alarming.”
The Dollar Index slid for a third day as the Obama administration signaled it may accept a short-term increase in the U.S. debt limit only if it’s combined with a major agreement to cut the deficit.

EUR/USD: the pair  grown in  $1.4270 area.
GBP/USD: the pair   grown in  $1.6170 area .
USD/JPY: the pair  fell in Y78.60  area, but  restored later.

UK DATA: Jun Ret Sales +0.7% m/m; +0.4% y/y
EMU: Purchasing Manager Index Services (Jul) 51.4, Purchasing Manager Index Manufacturing (Jul) 50,4
Germany Purchasing Manager Index Services (Jul) 52.9; Purchasing Manager Index Manufacturing (Jul) 52.1
Stocks: Wednesday's review

Starting the session with sharp jump, Asian markets closed higher
Asian markets grew on expectations that the U.S. will address debt conflicts drove demand for higher-yielding assets. and yesterday's strong report from Apple, released after hours.
Late Monday Q3 earnings report of Apple (AAPL) beat expectations, supporting the technology sector of Asian markets today: TDK Corp. rose by 3.06%, Toshiba Corp. - by 2.74%, Pioneer Corp. - by 1.82%.
Shares of Taiwanese handset maker HTC Corp. jumped by the day’s 7% limit after Google Inc. Chief Executive Eric Schmidt expressed support for the company in its patent battle with Apple Inc.
The financial sector also advanced: Japanese Mitsubishi UFJ Financial Group Inc. added 1.57%, Hong Kong’ Bank of Communications Co. - At 1.36%, Australian National Australia Bank Ltd. and Commonwealth Bank of Australia - at 2.59% and 2.06% respectively.

U.S. stocks ended little changed Wednesday, as investors moved to the sidelines to survey the latest twists in the debt ceiling drama.
The Dow Jones industrial average (INDU) fell, with United Technologies (UTX) and Microsoft (MSFT0) dragging on the blue chip index. Boeing (BA) and Bank of America (BAC) posted the biggest gains.
But investors remain cautious amid concerns that the Gang of Six's plan may not have enough time or support to make it through Congressional negotiations to increase the debt ceiling by Aug. 2.
Companies: Apple (AAPL) reported blowout earnings after the bell Tuesday -- hitting all-time highs with its quarterly profit and revenue, with iPhone and iPad sales. Shares of Apple rose nearly 3%.
Yahoo (YHOO) was the weakest performer on the S&P 500 and the Nasdaq, with shares falling almost 8%. The company reported weakness in display and search revenue, as well as a lower-than-expected outlook in its second-quarter earnings report Tuesday.
After the bell, Dow components American Express (AXP) and Intel (INTC) will issue their quarterly results.
American Airlines announced a plan Wednesday to replace one of the largest commercial airline fleets, with hundreds of new leased airplanes from Boeing and Airbus. Shares of AMR Corp (AMR)., the parent company for American Airlines, slipped 0.2%.
Wells Fargo (WFC) agreed to pay an $85 million civil penalty for allegedly forcing borrowers into more costly mortgages, the Federal Reserve said. Shares of the bank rose 1%.
Economy: The National Association of Realtors said existing home sales declined 0.8% in June to an annual rate of 4.77 million.

Tech on USD/JPY

Resistance 3: Y79.60 (Jul 13-14 high) 

Resistance 2: Y79.30 (Jul 15 and 20 high) 
Resistance 1: Y79.00 (session high) 
Current price: Y78.81
Support 1:Y78.50/60 (Jul 12 and 14 low, session low)  
Support 2:Y78.00 (psychological mark)  
Support 3:Y77.10 (Mar 17 low)  
Comments: the pair holds at Y78.80 area. The immediate support - Y78.50/60. Below losses are possible to Y78.00. The immediate resistance - Y79.00. Above growth is possible to Y79.30.

Tech on USD/CHF

Resistance 3: Chf0.8330 (Jul 13 high)

Resistance 2: Chf0.8275 (Jul  12 low, Jul 19 high)
Resistance 1: Chf0.8230 (session high)
Current price: Chf0.8222
Support 1: Chf0.8200 (session low)
Support 2: Chf0.8180 (Jul 20 low)
Support 3: Chf0.8150 (Jul 19 low)
Comments: the pair holds above Chf0.8200. The immediate support - Chf0.8200. Below loss may extend to Chf0.8180. The immediate resistance Chf0.8230. Above is located Chf0.8275. 

Tech on GBP/USD

Resistance 3: $ 1.6260 (Jun 22 high)

Resistance 2: $ 1.6220 (resistance line from May 2)
Resistance 1: $ 1.6180/90 (Jul 14  and 19 high, session high)
Current price: $1.6156
Support 1 : $1.6140 (session low)
Support 2 : $1.6110 (low of american session on Jul 20)
Support 3 : $1.6070 (Jul  20 low)
Comments: the pair holds at $1.6160 area. The immediate support - $1.6140. Below  decrease is possible to $1.6110. The immediate resistance - $1.6180/90. Above growth is possible to $1.6220. 

Tech on EUR/USD

Resistance 3: $ 1.4480 (resistance line from May)

Resistance 2: $ 1.4370 (Jul 7-8 high)
Resistance 1: $ 1.4280 (session high, Jul 14 high)
Current price: $1.4256
Support 1 : $1.4240 (intraday low)
Support 2 : $1.4200 (session low, support line from Jul 18)
Support 3 : $1.4170 (low of american session on Jul 20)
Comments: the pair   grown. The immediate support - $1.4240. Below losses are possible to $1.4200. The immediate resistance $1.4280. Above growth is possible to $1.4370. 

Switzerland Trade Balance (Jun) 1.745В
Schedule for today, Thursday, Jul'21'2011:

04:30 Japan  All industry index (May) 1.8% 1.5%

07:28 Germany PMI (July) flash 54.0 54.6
07:28 Germany PMI services (July) flash 56.1 56.7
07:58 EU(17) PMI (July) flash 51.5 52.0
07:58 EU(17) PMI services (July) flash 53.2 53.7
08:00 EU(17) Current account (May) unadjusted, bln - -6.5
08:00 EU(17) Current account (May) adjusted, bln - -5.1
08:30 UK Retail sales (June) 0.5% -1.4%
08:30 UK Retail sales (June) Y/Y 0.3% 0.2%
08:30 UK PSNCR (June), bln - 11.1
08:30 UK PSNB (June), bln 12.8 17.4
12:30 USA Jobless claims (week to 16.07) 405K 405K
14:00 USA Philadelphia Fed index (July) 4.5 -7.7
14:00 USA Leading indicators (June) 0.2% 0.8%
23:01 UK Nationwide consumer confidence (June) 50 55

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