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Dow -62.44 at 11920.47, Nasdaq -14.99 at 2703.18, S&P -7.66 at 1283.63
Unable to rebound, stocks are stuck near session lows. Weakness remains widespread in that declining issues outnumber advancers by almost 3-to-1 in the S&P 500. With only an hour left in trade, participants are looking ahead to the next round of earnings results. Tonight's batch features the latest from Yahoo! (YHOO 15.90, -0.19). Tomorrow morning brings Abbot Labs (ABT 47.89, -0.28), Boeing (BA 71.62, -1.11), ConocoPhillips (COP 67.04, -1.06), United Technologies (UTX 81.29, -0.23), and U.S. Airways (LCC 10.05, -0.05). Outside of earnings, President Obama will issue the latest State of the Union address this evening. Tomorrow the FOMC issues its latest policy statement.
King: BOE Policy Won't React To Headlines On High Inflation


  • Defends BOE Policy, Stresses CPI Will Fall Back In 2012   ;
  • BOE King: Determinants Suggest Inflation Will Fall Back Quite Sharply  ;
  • BOE King: Decision On Hiking Bank Rate Depends On Medium Term Outlook.

UK VIEW: Valentin Marinov of CitiFX says Tuesday's speech by BOE GovKing (at 19:40 GMT/2:40 EDT) "could provide some insight about theBank's assessment of the latest inflation developments."
In prior remarks, King typically has been cautious in his assessment of theeconomy and monetary outlook and this has weighed on cable, he reminds. With the BOE releasing the minutes of the December meeting Wednesday (unless the Bank sounds less hawkish, comments may support cable), any cable sell-off on King's comments may present "a good buying opportunity" ahead of the minutes," Marinov says.
Dow -39.24 at 11941.28, Nasdaq -6.88 at 2710.67, S&P -4.03 at 1286.81
The major equity averages continue to trade in the red with modest losses. There really hasn't been any real form of leadership for stocks to follow today; telecom's 0.9% gain is of little influence since the sector makes up only about 3% of the weight of the S&P 500. Meanwhile, technology, which carries more market weight than any other sector, is flat. Financials, second by weight, are down 0.8%. Treasuries continue to climb amid the market's weakness. The yield on the benchmark 10-year Note is now down to almost 3.30%. As for the dollar, it is now flat after it had oscillated for most of the morning.
COMMODITIES: Gold Off 7.5% From Life Peaks - Is It Time To Buy?
The price of gold is off 7.5% from the record high of $1430.95, seen December 7 to Tuesday's low, with much debate about whether current levels, near key support at $1315/$1330, represent good value or whether there is more carnage to come.
American focus: the risk sentiment has fallen.

The dollar dropped against the yen as Treasury yields fell on expectations President Barack Obama will propose a five-year freeze on non-security spending.

“The White House issues are definitely pushing Treasuries up,” said Hidetoshi Yanagihara, a senior currency trader at Mizuho Financial Group Inc. in New York. “That’s pressuring dollar-yen.”

Sterling dropped the most in a month versus the greenback after a report showed the U.K.’s gross domestic product unexpectedly shrank in the fourth quarter. The Swiss franc rallied versus most of its major counterparts as a drop in stocks encouraged demand for safety.

Obama will outline the freeze in U.S. spending in the State of the Union address tonight in Washington, according to a person familiar with the situation.

Dow -28.57 at 11951.95, Nasdaq -6.62 at 2710.93, S&P -3.33 at 1287.51
Stocks continue to cut their losses. As things currently stand, the S&P 500 is now up five points from its session low, the Dow is up 43 points from its session low, and the Nasdaq is up a dozen points from its low of the day. Volatility is still higher for the day. Specifically, the Volatility Index is up 4.3% to trade just above its 50-day moving average.
US: Two leading budget groups are urging President Obama to use his coming fiscal year 2012 budget to begin the much awaited "pivot" to policies that begin to tackle the nation's worsening fiscal situation.
Dow -57.67 at 11926.22, Nasdaq -14.41 at 2704.32, S&P -6.71 at 1284.13
Stocks have stabilized since succumbing to a recent bout of selling pressure. Weakness remains widespread, though, as only telecom sports any kind of a gain. Telecom stocks are currently up a collective 0.7%. Energy stocks remain in the worst shape. They are down 1.2%. But with a 0.9% loss, financials aren't too far behind. The financial sector has been dragged down by weakness in American Express (AXP 44.43, -1.36), which is down 3% after investors shrugged off the firm's in-line earnings results. Regional banks were a source of weakness for the financial sector yesterday, but they are more mixed this session. KeyCorp (KEY 8.92, +0.31) is up sharply following its better-than-expected earnings report, but Regions Financial (RF 6.99, -0.31) has fallen precipitously following an upside earnings surprise of its own.
EU Regling: sees costs for Ireland around 6%.
GERMANY IND ASSN: See 2011 german gdp growth of around 2.5%
  • German GDP to reach pre-crisis level in 2011;
  • See German 2011 export growth of 7.3%;
  • See German 2011 import growth of 7%.
High Frequency Economists on consumer confidence

Ian Shepherdson of High Frequency Economists says consumer confidence, at 60.6 in January vs 53.3 in December, was above the 54.0 consensus reading and the highest reading in 8 months. "This report confirms that the recovery in stock prices and the beginnings of an improvement in the labor market are making people feel better about the economy," he says.

Dow -35.27 at 11942.64, Nasdaq -13.89 at 2702.26, S&P -4.41 at 1286.11

Stocks are down in the early going. There isn't a single major sector driving the decline. Instead, weakness is moderate widespread.
Commodities are also under broad pressure in the early going. That has left the CRB Commodity Index to trade with a 0.8% loss.
Treasuries have made a modest tick higher amid the weakness in the equity market and commodity pit. That has the yield on the benchmark 10-year Note back below 3.40% by a couple of basis points.

US: Jan consumer confidence jumped to 60.6 vs 53.3r in Dec
The Conference Board will report its January report on consumer confidence at 15:00 GMT

  The index is expected to increase to 53.5 from last month's reading of 52.5.

Before the bell:

U.S. stocks were set for a slightly lower open Tuesday, as investors weighed a fresh batch of earnings results and awaited reports on home prices and consumer confidence.

Stocks began the week with a solid start, with the Dow inching toward the 12,000 mark on Monday. The blue-chip index has been on an upward trend since Thanksgiving, and is now within a stone's throw of 12,000 -- a level last seen on June 18, 2008.
While economic reports may continue to be lackluster in the coming month, stocks are likely to remain in an upward march as investors focus on strong earnings.
Companies: Before the opening bell, DuPont (DD) logged quarterly results that widely beat expectations. The company also hiked its forecast for the current quarter. The results boosted shares slightly in pre-market trading.
Verizon (VZ)'s earnings missed by a penny, while revenue fell 2.6% from a year earlier. Shares of the phone service provider slumped 1%.
3M (MMM) posted earnings that were down slightly from a year ago, beating expectations by a penny. Shares of the company fell 1% in early trading.
Johnson & Johnson (JNJ)'s earnings met expectations, while revenue slipped 5.5%. Shares of the company fell 1.5% ahead of the market open.
After the bell on Monday, American Express (AXP) reported earnings of 94 cents per share on revenue of $7.32 billion. The numbers fell a hair short of analyst estimates. Shares fell about 1% in pre-market trading.
Yahoo (YHOO) is slated to report the market closes Tuesday, and is expected to report earnings per share of 22 cents on $1.19 billion in revenue.
Economy: The Conference Board, a business research group, will report its January report on consumer confidence shortly after the opening bell. The index is expected to increase to 53.5 from last month's reading of 52.5.
World markets:

Oil for March delivery slipped $1.36 to $86.51 a barrel.
Gold futures for February delivery tumbled $18.50 to $1,326 an ounce.
The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.38% from 3.41% late Monday.

US: S&P-Case Schiller unadj -1.0% Nov, -1.6% y/y
EUR/GBP keeps positive mood

Touched a high of stg0.8635, as the reaction to release of weak GDP prompted a strong sell off in the pound. The rally held off a retest of 2011 highs at stg0.8645, with strong offers noted between stg0.8645/50 with stops noted above. Rate holds back at stg0.8623. Support seen back at stg0.8600, with stops placed on a break of stg0.8590.

Option expiries for today's 1500GMT cut:

EUR/USD $1.3725, $1.3650, $1.3550
USD/JPY Y81.75, Y82.50, Y83.00, Y84.00
EUR/JPY Y111.50
GBP/USD $1.5700
USD/CHF Chf0.9590
EUR/CHF Chf1.2950, Chf1.3000
AUD/USD $99.25, $0.9880, $0.9850
AUD/JPY Y81.50
NZD/USD $0.7675
USD/CAD C$0.9900 (lge)

AUD/USD at new lows

AUD/USD hits a new low on the day of $0.9897 as euro falls back through $1.3600. Small rally in sterling aussie adding weight to the pair. Aussie trades $0.9899/01.

EU session review: Pound slides after UK growth shock

Data released:
07:45     France     Consumer spending (December)    0.6%    0.3%    2.8%
07:45     France     Consumer spending (December) Y/Y     0.4%    0.5%    1.5%
09:30     UK     GDP (Q4) preliminary    -0.5%    0.4%    0.7%
09:30     UK     GDP (Q4) preliminary Y/Y     1.7%    2.6%    2.7%
09:30     UK     PSNCR (December), bln    25.5    17.0    16.8
09:30     UK     PSNB (December), bln    16.8    18.1    23.3
12:00     Canada     CPI (December)    0.0%    0.1%    0.1%
12:00     Canada     CPI (December) Y/Y    2.4%    2.5%    2.0%
12:00     Canada     CPI core (December)    -0.3%    -0.1%    0.0%
12:00     Canada     CPI core (December) Y/Y    1.5%    1.6%    1.4%

Sterling tumbled on Tuesday as a surprise contraction in fourth-quarter UK GDP raised fears over a double-dip recession and doused expectations that the Bank of England would raise interest rates to fight inflationary pressures in the British economy.
Figures showed the UK economy shrunk 0.5% in the last three months of 2010, far worse than expectations for growth of 0.5%.
Howard Archer at IHS Global Insight said it was a stunningly bad outcome, far worse than even the most pessimistic of forecasts. He said even allowing for a very substantial hit to economic activity from December’s severe weather, the news was extremely disappointing and worrying.
“This weakness cannot be put down only to the weather,” said Mr Archer. “The data add major support to the argument that the Bank of England should keep interest rates down at 0.5% despite current elevated inflation levels.”
Analysts said the news raised serious concerns that the UK economy was in a strong enough position to withstand the coming fiscal tightening.
The pound, which last week hit a two-month high of $1.6059 after a sharp rise in consumer price inflation raised expectations that the Bank would raise interest rates, suffered its worst fall in a month.

EUR/USD fell from $1.3688 to  $1.3578 before recovered to $1.3620.

GBP/USD fell more than 200 points from $1.5970 to the lows around $1.5750.

USD/JPY holds within Y82.25/54.

US data starts at 1355GMT with the weekly Redbook, which is followed at 1400GMT by the latest S&P/Case-Shiller Home Price Index.

US data also includes Consumer Confidence at 1500GMT, which is released at the same time as State Unemployment data, the FHFA Home Price Index and also the latest Richmond Fed Manufacturing Index. The index of 
consumer confidence is expected to rise to a reading of 54.3 in January after falling in December. The Michigan Sentiment index suggested that consumers were slightly more pessimistic than in December.
EUR/USD holds above lows

EUR/USD continues to claw its way higher as it extends its recovery off pullback lows of $1.3573. Rate trades to $1.3627 with next resistance seen at $1.3644 (61.8% $1.3688/1.3573) ahead of $1.3660 (76.4%). A break of this latter level exposes the earlier high at $1.3688.

AUD/USD under pressure

AUD/USD just eclipsed the post CPI Sydney low of $0.9626 as Europe sells to $0.9925, but pair protected from the euro and sterling falls by cross trades as rate picks up to $0.9951 before easing back to $0.9930.

CANADA: Dec BOC core CPI -0.3% m/m, +1.5% y/y
CANADA: Dec CPI 0.0% m/m, +2.4% y/y
EU focus: Euro retreats, Aussie stung by CPI

The euro retreated from a two-month peak on Tuesday after a rally in the past two weeks, as climbing euro zone interest rates prompted speculators to bet on further gains in the currency.
The euro was also helped by buying against the Australian dollar.

The Australian dollar fell broadly after lower-than-expected consumer inflation data reinforced market expectations that Australia's central bank will be in no hurry to lift interest rates, though it cut much of its losses in late Asian trade.
Rising risk appetite helped to limit the fall in the Aussie dollar against the dollar.

Some market players remained sceptical about the chance of an ECB rate hike, thinking that concerns about highly indebted peripheral euro zone countries could tie the central bank's hands.
Still, as the euro continued to recover, the dollar index dangled near a 2-½ month low of 77.814 hit on Monday.

GBP/USD extends losses to $1.5770 with reported stops below currently seen pressured. A break here to open a deeper move toward $1.5750 ahead of $1.5735/30.
EUR/GBP holds higher

EUR/GBP breaks above resistance at stg0.8595/00 as sterling comes under general pressure following release of much weaker than expected UK GDP data. Rate extends recent recovery to stg0.8615, currently trading around stg0.8603. Resistance now seen at stg0.8620/25 ahead of stg0.8645/55.


Cable falls from $1.5925 to $1.5795 following release of much weaker than expected UK Q4 GDP data.

UK: Dec PSNB Stg15.305bn vs Stg14.339bn in Dec 09
UK: Preliminary Q4 GDP -0.5% q/q; +1.7% y/y
Option expiries for today's 1500GMT cut,

EUR/USD: $1.3725, $1.3650, $1.3550
USD/JPY: Y81.75, Y83.00, Y84.00

EUR/JPY: Y111.50
GBP/USD: $1.5700
USD/CHF: Chf0.9590
AUD/USD: $99.25, $0.9880, $0.9850
AUD/JPY: Y81.50
Asian session: The dollar fell

00:30 Australia Consumer Price Index (QoQ) (Q4) 0.4% 
00:30 Australia Consumer Price Index (YoY) (Q4) 2.7%
03:35 Japan BoJ Interest Rate Decision (Jan 25) 0.1%

The dollar fell toward a two-month low against the euro before Federal Reserve policy makers begin a two-day meeting amid speculation accelerating U.S. growth won’t be enough to prompt a tightening of monetary policy.
The greenback weakened before data this week forecast to show home prices dropped by the most since December 2009 while the U.S. economic expansion quickened. 
Australia’s currency slid after a government report showed consumer prices rose at the slowest pace in almost two years. The yen was near a two-month low against the euro as Asian stocks advanced amid signs the global recovery is building momentum, boosting demand for higher-yielding assets.

EUR/USD: the pair bargained in the field of $1,3690.
GBP/USD: the pair decreased in around $1,5930.
USD/JPY: the pair bargained within the limits of Y82,30-Y82,65.

UK data at 0930GMT includes the first estimate of Q4 GDP as well as the public finance forecasts, which are for public sector net borrowing (PSNB), public sector net borrowing excluding financial interventions (PSNBX) and the public sector net cash requirement (PSNCR). PSNB is  expected to slip to stg18.1 billion with PSNBX at stg20.6 billion and  PSNCR fairly steady at stg17.0 billion. The GDP forecasts highlight the  uncertainty over the impact of bad weather late in the year and the extent of the slowdown. Analysts' forecasts range from flat on the  quarter to up 0.6%, with a median forecast of 0.4% q/q, compared with up  0.7% on the quarter in Q3.
US data starts at 1245GMT with the weekly ICSC-Goldman Store Sales data. US data continues at 1355GMT with the weekly Redbook, which is followed at 1400GMT by the latest S&P/Case-Shiller Home Price Index.
US data also includes Consumer Confidence at 1500GMT, which is released at the same time as State Unemployment data, the FHFA Home Price Index and also the latest Richmond Fed Manufacturing Index. The index of 
consumer confidence is expected to rise to a reading of 54.3 in January after falling in December. The Michigan Sentiment index suggested that consumers were slightly more pessimistic than in December.

Stocks: Monday's review

Japanese stocks rose for the first time in three days, led by automakers, after Nomura Holdings Inc. raised its rating on Honda Motor Co. to “buy,” and after General Electric Co. of the U.S. beat earnings estimates.
Honda climbed 3.8 percent. Elpida Memory Inc., the world’s third-largest maker of computer-memory chips, jumped 5.1 percent after Goldman Sachs Group Inc. boosted its investment rating. Yaskawa Electric Corp., a maker of electronic controls, leapt 4.5 percent after the company swung to profit. Tokyo Tomin Bank Ltd., a regional lender based in Japan’s capital, tumbled 6.1 percent, leading a decline by banks.
The Nikkei 225 Stock Average increased 0.7 percent to 10,345.11 at the close in Tokyo. The broader Topix index also gained 0.7 percent to 917.18, after earlier falling as much as 0.1 percent. About three shares rose for each that fell on the Topix.

European stocks rose as optimism that economic reports later this week will show faster growth in the U.S. economy offset declines in carmakers and earnings that missed estimates from Royal Philips Electronics NV.
Northern Foods Plc surged 17 percent following a report that Greencore Group Plc was considering whether to make a higher bid for the maker of Fox’s biscuits and Goodfella’s frozen pizzas. Philips, the world’s biggest maker of patient- monitoring systems, sank 5.5 percent. Porsche SE lost 3 percent, leading automakers lower.
The Stoxx 600 increased 0.3 percent to 281.99 euros at the 4:30 p.m. close in London. The gauge lost 0.9 percent last week amid speculation that the Chinese government will lift interest rates and as Goldman Sachs Group Inc. posted earnings that failed to beat analysts’ estimates. Still, the gauge has risen 2.2 percent this year as reports suggested the global economy has continued to recover and investors bet that European leaders will take further measures to contain the debt crisis.
National benchmark indexes rose in 14 of the 18 western European markets today. Germany’s DAX Index gained 0.1 percent and France’s CAC 40 Index advanced 0.4 percent. The U.K.’s FTSE 100 Index rose 0.8 percent.

U.S. stocks advanced, sending the Dow Jones Industrial Average to the highest level since June 2008, as acquisitions, share-buyback plans and dividend prospects bolstered investors’ optimism.
Intel Corp. gained 2 percent, spurring a rally in technology shares, after the world’s largest chipmaker added $10 billion to its buyback plan. Smurfit-Stone Container Corp. jumped 27 percent as Rock-Tenn Co. agreed to buy the packaging company for $3.5 billion. Warren Buffett’s Berkshire Hathaway Inc. advanced 3.2 percent, the most since June, amid speculation the company may start paying a dividend this year.
The Standard & Poor’s 500 Index climbed 0.6 percent to 1,290.84 as of 4 p.m. in New York, a second straight gain. The Dow rose 108.68 points, or 0.9 percent, to 11,980.52, extending gains after an eight-week rally. 
The S&P 500 rebounded today following its first weekly drop since November. The benchmark gauge for American equities rose as much as 91 percent since March 2009 amid government stimulus measures and higher-than-estimated corporate profits. The benchmark gauge for U.S. equities is currently trading for 15.7 times its companies’ reported earnings, compared with a 10-year average of 18.23.

Tech on USD/JPY

Resistance 3:Y83,10 (Jan 20-21 high)
Resistance 2:Y82,90 (Jan 24 high)
Resistance 1:Y82,60 (session high)
Current price: Y82.40
Support 1:Y82.30 (session low)
Support 2:Y82.00 (line of support from Jan 3)
Support 3:Y81.80 (Jan 19 low)
Comments: the pair bargains in a narrow range. The nearest resistance - Y82,60. Above growth is possible to Y82.90. The nearest support - Y82,30. Below losses are possible to Y82.90. 

Tech on USD/CHF

Resistance 3: Chf0.9765/85 (Jan 13 and 11 high)
Resistance 2: Chf0.9610 (МА (200) for Н1)
Resistance 1: Chf0.9500 (session high)
Current price: Chf0.9490
Support 1: Chf0.9470 (session low, Jan 24 low)
Support 2: Chf0.9300 (Dec 31 low)
Support 3: Chf0.9200 (psychological mark)
Comments: the pair bargains below mark Chf0,9500. The nearest support Chf0,9470. Below loss may extend to Chf0.9300. The nearest resistance Chf0,9500. Above is located Chf0.9610.

Tech on GBP/USD

Resistance 3: $ 1.6300 (Nov 4-5 high)
Resistance 2: $ 1.6060 (Jan 18 high)
Resistance 1: $ 1.6010 (resistance line from Jan 18)
Current price: $1.5996
Support 1 : $1.5920 (МА (200) for Н1)
Support 3 : $1.5830 (Jan 20 low)
Support 3 : $1.5785 (38,2 % FIBO $1,5340-$ 1,6060)
Comments: the pair bargains in former frameworks. The nearest support - $1,5920. Below decrease  is possible to $1.5830. The nearest resistance - $1,6010. Above growth is possible to $1,6060. 

Tech on EUR/USD

Resistance 3: $ 1.3790 (Nov 22 high)
Resistance 2: $ 1.3740 (61.8 % FIBO $1.4275-$ 1.2870)
Resistance 1: $ 1.3690 (session high)
Current price: $1.3658
Support 1 : $1.3620 (support line from Jan 11)
Support 2 : $1.3540 (Jan 24 low)
Support 3 : $1.3380 (38.2 % FIBO $1,2870-$ 1,3690)
Comments: the pair bargains in the field of the high reached yesterday. The nearest support - $1,3620. Below decrease is possible to $1.3540. The nearest resistance - $1,3690. Above growth is possible to $1,3740. 

Schedule for today, Tuesday, Jan'25'2011:

00:30 Australia Consumer Price Index (QoQ) (Q4) 0.4% 0.8% 0.7%
00:30 Australia Consumer Price Index (YoY) (Q4) 2.7% 3.0% 2.8%
03:35 Japan BoJ Interest Rate Decision (Jan 25) 0.1% 0.1% 0.1%
07:00 Germany Gfk Consumer Confidence Survey (Feb) 5.7 5.4 5.5Revised from 5.4
09:30 United Kingdom Gross Domestic Product (QoQ) (Q4) Preliminar 0.5% 0.7%
09:30 United Kingdom Gross Domestic Product (YoY) (Q4) Preliminar 2.6% 2.7%
09:30 United Kingdom Index of Services (3M/3M) 0.8% 0.6%
09:30 United Kingdom Public Sector Net Borrowing (Dec) £18.400B £22.774B
12:00 Canada Consumer Price Index (MoM) (Dec) 0.2% 0.1%
12:00 Canada Bank of Canada Consumer Price Index Core (MoM) (Dec) -0.1% 0.0%
12:00 Canada Bank of Canada Consumer Price Index Core (YoY) (Dec) -1.8% 1.4%
12:00 Canada Consumer Price Index (YoY) (Dec) 2.5% 2.0%
14:00 United States S&P/Case-Shiller Home Price Indices (YoY) (Nov) -1.4% -0.8%
15:00 United States Consumer Confidence (Jan) 54.5 52.5
15:00 United States Housing Price Index (MoM) (Nov) -0.1% 0.7%
15:00 United States Richmond Fed Manufacturing Index (Jan) 23 25

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