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Market news

15 February 2011
  • 19:56

    Hot stocks:

    WYN Wyndham Worldwide ...     31.68     +1.98     +6.65%
    GPS Gap Inc     22.76     +1.29     +6.01%
    MMC Marsh and Mclennan...     30.33     +1.46     +5.06%
    HR BH and R Block Inc     13.79     +0.59     +4.47%
    GENZ Genzyme Corp     74.44     +2.67     +3.72%
    MAS Masco Corp     12.93     -1.26     -8.88%
    JDSU Jds Uniphase Corp     25.55     -2.34     -8.39%
    NDAQ The Nasdaq Omx Gro...     27.98     -1.66     -5.60%
    CF CF Industries Hold...     143.91     -7.87     -5.19%
    MON Monsanto Co     71.41     -3.72     -4.95%

  • 19:26

    Dow -47.11 at 12221.08, Nasdaq -9.08 at 2808.10, S&P -4.35 at 1327.97

    Stocks have spent the entire session chopping along with modest losses in a relatively narrow range. The drift comes after stocks advanced to within about a point of the S&P 500's 100% gain level from its 2009 low, which was registered just beneath the 667 line. The hesitation on the part of buyers to extend the stock market's recent run into today's trade comes amid a mixed batch of data and an underwhelming dose of corporate news.

  • 18:15

    American focus:

    The euro advanced versus most major counterparts as data showed German investor confidence increased this month and U.S. retail sales rose in January less than economists forecast.
    Commerce Department data showed U.S. retail purchases rose 0.3 percent last month, the smallest gain since a drop in June. Economists in a Bloomberg News survey predicted a gain of 0.5 percent.
    “The euro’s price action is encouraging and somewhat corrective to some of the weakness we’ve seen in recent days,” said Nick Bennenbroek, head of currency strategy at Wells Fargo & Co. in New York. “It’s responding mostly to those retail sales figures, with the disappointing data leading to a slightly stronger euro.”
    Global demand for U.S. stocks, bonds and other financial assets fell in December from a month earlier, the Treasury Department reported. Net buying of long-term equities, notes and bonds totaled $65.9 billion during the month compared with net buying of $85.1 billion in November, according to data released today in Washington.
    The pound rose against all 16 major currencies as U.K. inflation increased. Europe’s common currency lost 0.9 percent versus the greenback over the past week.

  • 17:35
  • 17:21

    FED: Richmond Fed Pres Lacker worried about overall inflation but it's not a done-deal that inflation will accelerate.

  • 16:32

    Dow -51.54 at 12216.65, Nasdaq -14.27 at 2802.91, S&P -5.38 at 1326.94

    Failure to extend an early rebound encouraged sellers to redouble their efforts, but support continues to limit broad market losses. The action has left the stock market only modestly lower for the session.
    Energy stocks have been hit with some stiff selling, however. The sector surged more than 2% in the prior session, but participants appear to be taking profits as they send the sector to a 1.2% loss in the face of higher oil prices, which were last quoted with a 0.6% gain at $85.35 per barrel.
    Materials stocks were also strong yesterday, when they advanced to a 1.0% gain. They are down 0.7% today.

  • 15:45

    HSBC on Empire mfg index

    HSBC says an 8mo high in Feb Empire mfg index at 15.43 shows "recovery in manufacturing activity is continuing and becoming more widespread as the New York region catches up with increasing measures of activity in other parts of the country."

  • 15:18

    Dow -36.29 at 12231.90, Nasdaq -5.02 at 2812.16, S&P -2.75 at 1329.57

    Stocks are slowly working their way back from an opening slip. Financials are still out in front, although the sector trades with a gain of only 0.2%.
    The dollar is down for the first time in several days. Its greatest loss has come against the British pound, which is up 0.7% to $1.615 following news that the CPI for the United Kingdom increased by 4.0% in January.
    Business inventory data for December was just released. Inventories reportedly increased by 0.8% after a 0.4% increase in the prior month. The data has done little to move the broader market.

  • 15:00

    US: Dec business inventories +0.8% vs +0.6% expected

  • 14:27

    EUR/JPY holds higher

    EUR/JPY printed session high on Y113.40 and still holding higher despite current retreat. Break above Friday's high of Y113.44 likely to open higher towards Y114.01 the Jan 27 high. Cross trades Y113.23.

  • 14:18

    Before the bell: Stocks poised for another flat open

    U.S. stocks were headed for a flat opening Tuesday.
    Stocks ended Monday's session mixed, as investors digested President Obama's 2012 budget proposal in a quiet trading session.
    The market has been moving gradually higher this year amid expectations of an improving economy. The S&P 500 is up nearly 6% so far in 2011.

    Economy: The Commerce Department said total retail sales rose 0.3% last month. Economists on average had forecast an increase of 0.5% for January, compared to a 0.6% gain in sales the prior month.
    Sales excluding autos and auto parts also rose a weaker-than-expected 0.3%, compared to a 0.5% increase in ex-auto sales in December.
    Other economic reports on tap before the market opens include data on business inventories.
    Companies: Sirius XM Radio (SIRI) reported a loss of 2% per share in the fourth quarter and issued a 2011 sales outlook that was slightly below analysts' expectations. Shares were down 3% in premarket trading.
    Shares of Netflix (NFLX) fell 1.5% in premarket trading, a day after the stock rose to an all-time high.
    After the closing bell, Dell (DELL, Fortune 500) will report its quarterly results. Analysts expect the company to report earnings per share of 37 cents, on $15.71 billion in revenue.
    World markets: European stocks were mixed in morning trading. Britain's FTSE 100 ticked fell 0.1%, the DAX in Germany gained 0.1% and France's CAC 40 added 0.4%.
    China's consumer price index rose 4.9% in January, up slightly from 4.6% growth in December.
    Asian markets ended the session mixed. The Shanghai Composite was flat and the Hang Seng in Hong Kong slid nearly 1%, while Japan's Nikkei added 0.2%.

  • 14:03

    US: December TIC flows were $48.2 bn

  • 14:02

    US: December US long-term securities at $65.9bn

  • 13:46

    NEWS REACT:

    Mixed bag of US data will see focus on slightly softer than expected retail sales data. Currently EUR/USD at $1.3510, GBP/USD - on $1.6137 and USD/JPY - at Y83.68.

  • 13:32

    US: NY Fed Empire State Mfg Index rose to 15.43 in Feb

  • 13:31

    US: Jan retail sales +0.3% overall, +0.3% ex auto

  • 13:06

    EU session reviw: Euro advances versus Dollar, Yen as German investor confidence increases

    Data released
    07:00     Germany     GDP (Q4) flash    0.4%    0.5%    0.7%
    07:00     Germany     GDP (Q4) flash Y/Y    4.0%    4.1%    3.9%
    09:00     Italy     GDP (Q4) preliminary    0.1%    0.2%    0.3%
    09:00     Italy     GDP (Q4) preliminary Y/Y    1.3%    1.4%    1.1%
    09:30     UK     HICP (January)    0.1%    0.3%    1.0%
    09:30     UK     HICP (January) Y/Y    4.0%    4.2%    3.7%
    09:30     UK     HICP ex EFAT (January) Y/Y    3.0%    3.3%    2.9%
    09:30     UK     Retail prices (January)    0.3%    0.2%    0.7%
    09:30     UK     Retail prices (January) Y/Y    5.1%    5.1%    4.8%
    09:30     UK     RPI-X (January) Y/Y         5.1%    4.7%
    10:00     Germany     ZEW economic expectations index (February)    15.7    20.0    15.4
    10:00     EU(16)     GDP (Q4) flash    0.3%    0.4%    0.3%
    10:00     EU(16)     GDP (Q4) flash Y/Y    2.0%    2.1%    1.9%
    10:00     EU(16)     Trade balance (December) adjusted, bln     -2.3    -    -3.2 (-1.9)

    The euro gained versus most of its major counterparts as data showed German investor confidence rose for a fourth month in February.
    The ZEW Center for European Economic Research said its index of investor and analyst expectations, which aims to predict developments six months in advance, increased to 15.7 from 15.4 in January. Economists forecast a gain to 20, according to the median of estimates.
    “Although the German ZEW number was perhaps not as strong as the market was expecting, overall the numbers weren’t actually that poor, so couple that with some buying interest in terms of flow in the market and you have seen euro-dollar actually perform relatively well,” said Lauren Rosborough, a senior strategist.
    The finance ministers agreed that a permanent rescue mechanism to be set up from 2013 would total 500 billion euros, but there was no agreement over how to beef up its existing rescue fund.
    The yen weakened before reports that are forecast to show a strengthening U.S. economy, increasing the appeal of higher-yielding assets.
    The Bank of Japan kept rates on hold at the end of its two-day policy meeting as widely expected.

    EUR/USD initially declined to $1.3460 before recovered to $1.3552. Rate holds higher, but off session highs.

    GBP/USD broke above strong resistance at $1.6100 and printed session high on $1.6144. Offers at $1.6140/60.

    USD/JPY rose from Y83.40 to Y83.80. Offers mentioned ahead of Y84.00 with stops above.

    The main US releases are due to come at 1330GMT, when the Jan retail sales data, Jan export/import data and Feb NY Fed Empire State Survey come.
    Retail sales are expected to rise 0.5% in January. Sales excluding motor vehicles are also expected to post a 0.5% increase on the higher gasoline prices.
    The Empire State Index is expected to rise to a reading of 15.0 in February, indicating further expansion.
    At 1400GMT the release of the December TICS data is scheduled.

  • 12:47

    GOLD:

    Prices move higher on the day now through the 100 day MA around $1365 and tripped some stops through $1369/70. Gold printed high at $1373.75 before easing back to $1372.75. Next target $1379.40 and $1393.25 (Jan 13 high) ahead of $1400.

  • 12:39

    EUR/GBP holds under stg0.8400

    EUR/GBP breaks down through stg0.8400 to lows around stg0.8383. Cross also breaks under support at stg0.8390. Cross currently trades near stg0.8385.


  • 11:46

    EUR/GBP falls

    EUR/GBP collapses again from early highs of stg0.8447 as cable makes a second attack on the $1.6100 resistance level. Cross now probing critical support at stg0.8400/8398 and stg0.8390. Large bids luck beneath at stg0.8350. Cross currently resting around stg0.8397.

  • 11:25

    EU focus: Euro edges up from 3-week low but faces headwinds

    The euro edged higher on Tuesday but faced headwinds in moving further away from a three-week low hit a day earlier when reports about ailing lender WestLB triggered another outbreak of worries on euro zone debt and banking problems.
    Market players said the euro could slip back if upcoming U.S. data, including retail sales figures later in the day, paints an improving picture of the economy, which could push up U.S. interest rates further.
    "The dollar is likely to be bought back more. Investors have come to think that the Fed will not extend its quantitative easing beyond June, and markets will try to bet on an eventual rate hike by the Fed for now," said Etsuko Yamashita, chief economist at Sumitomo Mitsui Banking Corp.

    The finance ministers agreed that a permanent rescue mechanism to be set up from 2013 would total 500 billion euros, but there was no agreement over how to beef up its existing rescue fund.
    While policymakers have said they will hammer out a deal by March, analysts noted that there are some political events that could shake investor confidence on the euro in coming days.
    They said a German local election on Feb. 20 could make Berlin reluctant to dish out aid to indebted countries.
    "The greenback may regain its footing over the next 24 hours of trading as the economic docket is expected to reinforce an improved outlook for future growth," said David Song, currency analyst at DailyFX. "As market participants expect retail sales to increase for the seventh consecutive month in January, the expansion in private sector activity is likely to reinforce an enhanced outlook for the world's largest economy as household spending remains one of the leading drivers of growth."
    Against the yen, the dollar gained, edging close to a three-week high of Y83.68 set on Friday.
    The Bank of Japan kept rates on hold at the end of its two-day policy meeting as widely expected.
    The Australian dollar rose. It was helped by China's consumer price index that came in at 4.9%, below market expectations of 5.3%, though it was exactly the same as a whispered number that swirled through markets yesterday.

  • 11:23

    Eurogroup, Juncker: Europe is losing a strong defender of stability with the withdrawal of Bundesbank President Axel Weber

    • but stability is not so much a question of personalities than of convictions;
    • Weber was a strong defender of the stability policy inside the euro area and I don't know the deeper reasons why he made the decision he has made.
  • 11:01

    UK: BoE Governor King's letter to Chancellor of the Exchequer Osborne to explain why inflation is high

    • Real Differences of View Among MPC On CPI Outlook          
    • Inflation to Rise to 4-5% in Next Few Months                             
    • High Inflation due VAT, Sterling fall, Commodity Prices       
    • Lot of Uncertainty Over Medium Term CPI Outlook               
    • MPC Sees CPI As Likely Above/Below Target In 2-3 Years  

     

  • 11:00

    UK: BoE Governor King's letter to Chancellor of the Exchequer Osborne to explain why inflation is high

    • Real Differences of View Among MPC On CPI Outlook          
    • Inflation to Rise to 4-5% in Next Few Months                             
    • High Inflation due VAT, Sterling fall, Commodity Prices       
    • Lot of Uncertainty Over Medium Term CPI Outlook               
    • MPC Sees CPI As Likely Above/Below Target In 2-3 Years  

     

  • 10:55

    BOJ: Bank of Japan Governor Masaaki Shirakawa speaks

    • Higher Yen Reducing Commodity Price Rise Impact
    • Upside, Downside Risks Still Largely Balanced
    • Uncertainty Over U.S. Economy Remains
    • No Need to Change Jan Update To Outlook
    • Japan CPI Drop Smaller But Aware Aug Revision
    • Consider Spillover, Feedback in Policymaking
    • High Yen Has Both Positive, Negative Effects
  • 10:54

    BOJ: Bank of Japan Governor Masaaki Shirakawa speaks

    • Higher Yen Reducing Commodity Price Rise Impact
    • Upside, Downside Risks Still Largely Balanced
    • Uncertainty Over U.S. Economy Remains
    • No Need to Change Jan Update To Outlook
    • Japan CPI Drop Smaller But Aware Aug Revision
    • Consider Spillover, Feedback in Policymaking
    • High Yen Has Both Positive, Negative Effects
  • 10:30

    FTSE +3.10 +0.05% 6,063.19, CAC +12.72 +0.31% 4,109.34, Dax +8.86 +0.12% 7,405.49

  • 10:26

    OPTIONS: expiries for the 15:00 GMT cut:

    EUR/USD $1.3275, $1.3600, $1.3650, $1.3700, $1.3800 USD/JPY Y81.50, Y82.50, Y82.60, Y83.00, Y84.05, Y85.00 EUR/JPY Y112.00 GBP/USD $1.5975, $1.6100 AUD/USD $0.9750, $1.0250 AUD/JPY Y83.50
  • 10:11

    EMU DATA: 4Q GDP +0.3% On Quarter; +2.0% On Year

  • 09:38

    UK Data: Jan CPI +0.1% m/m; +4.0% y/y; Сore CPI +3.0% y/y; Jan RPIX +0.3% m/m; +5.1% y/y; Jan +5.1% y/y

  • 09:01

    Stocks: Monday's review

    Japan’s Topix index rose for a sixth day as the country’s gross domestic product shrank less than expected and after Egyptian President Hosni Mubarak resigned. Japan’s market was closed Feb. 11 for a holiday.
    Toyota Motor Corp., the world’s largest carmaker, jumped 2.5 percent after the company said it will streamline its management.
    Fanuc Corp., an industrial-robot manufacturer that gets almost 80 percent of its sales overseas, climbed 3.8 percent after the yen weakened.
    Mitsui O.S.K. Lines Ltd., the second-largest shipping line by sales, leapt 3.8 percent after a gauge of cargo tariffs increased.
    Stocks also rose after capital investment grew.
    Japan’s economy contracted 1.1 percent on an annual basis in the quarter ended December, its first decline in five quarters, according to the Cabinet Office. The median forecast of 26 economists surveyed by Bloomberg News was for a 2 percent drop. Capital investment gained 0.9 percent in the fourth quarter from the previous three months.
    The Topix has increased 6.7 percent this year, compared with gains of 5.7 percent by the S&P 500 and 4.4 percent by the Stoxx Europe 600 Index.
    European stocks rose to their highest level since September 2008 as a smaller-than-estimated contraction in Japan’s economy spurred speculation that the global recovery will continue.
    John Wood Group Plc soared 14 percent as General Electric Co. agreed to buy its well-support division for $2.8 billion.
    Credit Suisse Group AG added 1.9 percent after Switzerland’s second-biggest bank agreed to sell 6 billion Swiss francs ($6.19 billion) of contingent convertible bonds to shareholders in Qatar and Saudi Arabia.
    European stocks recovered their losses on Feb. 11 as Egyptian President Hosni Mubarak stepped down and handed power to the military, bowing to the demands of protesters who have occupied Tahrir Square in central Cairo for the past few weeks.
    Carrefour SA, the world’s second-largest retailer by sales, advanced 1.1 percent to 35.77 euros as JPMorgan Chase & Co. added the shares to its analyst focus list.
    Nexans SA jumped 3.9 percent to 68.02 euros after the world’s largest cable maker posted 2010 net income of 82 million euros, compared with 2009 profit of 8 million euros.
    U.S. stocks ended Monday's session mixed, as investors digested President Obama's 2012 budget proposal in a quiet trading session.
    Exxon Mobil (XOM, Fortune 500), Chevron (CVX, Fortune 500) and Alcoa (AA, Fortune 500) were among the top performers on the Dow, helped by a Chinese trade balance report that showed a 51% jump in imports last month for the world's now second-largest economy. Copper futures also climbed 2.1% during the session.
    Wal-Mart (WMT, Fortune 500) and Verizon (VZ, Fortune 500) were the biggest losers on the blue-chip index.
    President Obama unveiled his administration's $3.7 trillion budget proposal, which will cut the nation's long-term deficit by about $1.1 trillion over the next 10 years.
    Traders however said there was little for Wall Street to react to in the White House's proposal.
    Companies: Shares of Emergency Medical Services (EMS). plunged 11%, after private equity firm Clayton, Dubilier & Rice announced plans to buy the company for $3.2 billion.
    FedEx (FDX, Fortune 500) and UPS (UPS, Fortune 500) shares fell 1% in aftermarket trading after FedEx lowered its third-quarter outlook, citing the bad weather that plagued most of the nation this year and higher fuel costs.
    Shares of General Electric (GE, Fortune 500) rose 0.8%, after the industrial conglomerate said it would purchase an oil-and-gas engineering company for $2.8 billion.
    Shares of Green Mountain Coffee Roasters (GMCR) rose 7% on heavy volume after Starbucks (SBUX, Fortune 500) confirmed it was working on creating branded single-brew coffee products, but declined to say if it was working on a separate product or a partner. Green Mountain, with its Keurig cup system, is the largest producer of single-serve coffee products.
    Netflix (NFLX) shares rose 7%, after the company's stock was upgraded by two investment firms. Shares also got a boost after chipmaker Qualcomm (QCOM, Fortune 500) said at an industry conference that it planned to bring streaming video onto Google Android-enabled smart phones.
    Internet radio site Pandora filed late Friday to raise up to $100 million in an initial public offering.

  • 08:24

    Tech on USD/JPY

    Resistance 3:Y85.20 (МА (200) for D1)
    Resistance 2:Y84.50 (high of November and December)
    Resistance 2:Y83.70 (Feb 7 and 11 high)
    Current price: Y83.54
    Support 1:Y83.40 (support line from Feb 4)
    Support 2:Y82.50 (МА (200) for Н1)
    Support 3:Y82.20 (Feb 9 low)
    Comments: essential changes hasn't occured. The nearest support Y83.40. Below losses are possible to Y82.50. The nearest resistance - Y83.70. Above growth is possible to Y84.50. 

  • 08:09

    Tech on GBP/USD

    Resistance 3: $ 1.6140 (Feb 10 high)
    Resistance 2: $ 1.6090 (resistance line from Feb 3)
    Resistance 1: $ 1.6060 (session high)
    Current price: $1.6056
    Support 1 : $1.6020 (session low)
    Support 2 : $1.5960 (Feb 11 low)
    Support 3 : $1.5920 (38.2 % FIBO $1,5340-$ 1,6280)
    Comments: the pair become stronger. The nearest resistance - $1.6060. Above growth is possible to $1.6140. The nearest support - $1.6020. Below is possible testings of around $1.5960. 

  • 08:07

    Tech on EUR/USD

     

    Resistance 3: $ 1.3660 (resistance line from Feb 2)
    Resistance 2: $ 1.3610 (МА (200) for Н1)
    Resistance 1: $ 1.3530 (session high)
    Current price: $1.3518
    Support 1 : $1.3430 (Feb 14 low)
    Support 2 : $1.3370 (50.0 % FIBO $1.2880-$ 1.3850)
    Support 3 : $1.3250 (61.8 % FIBO $1.2880-$ 1.3850)
    Comments: the pair becomes stronger. The nearest resistance - $1,3530. Above  growth is possible to $1,3610. The nearest support - $1,3430. Below decrease is  possible to $1.3370. 

     

  • 07:07

    Schedule for today, Tuesday, Feb 15 2011:

    00:30 Australia RBA Meeting's Minutes
     
    02:00 China Consumer Price Index (YoY) (Jan) 4.9% 5.3% 4.6% 
    02:00 China Producer Price Index (YoY) (Jan) 6.6 6.4 5.9
    03:42 Japan BoJ Interest Rate Decision (Feb) 0.1% 0.1% 0.1%
    04:30 Japan Industrial output (December) final - 3.1%
    04:30 Japan Industrial output (December) final Y/Y - 4.6%
    07:00 Germany GDP (Q4) flash 0.5% 0.7%
    07:00 Germany GDP (Q4) flash Y/Y 4.1% 3.9%
    09:30 UK HICP (January) 0.1% 1.0%
    09:30 UK HICP (January) Y/Y 4.0% 3.7%
    09:30 UK HICP ex EFAT (January) Y/Y - 2.9%
    09:30 UK Retail prices (January) - 0.7%
    09:30 UK Retail prices (January) Y/Y - 4.8%
    09:30 UK RPI-X (January) Y/Y - 4.7%
    10:00 Germany ZEW economic expectations index (February) 20.0 15.4
    10:00 EU(16) GDP (Q4) flash 0.4% 0.3%
    10:00 EU(16) GDP (Q4) flash Y/Y 2.1% 1.9%
    10:00 EU(16) Trade balance (December) adjusted, bln - -1.9
    10:00 EU(16) Trade balance (December) unadjusted, bln 1.0 -0.4
    13:30 USA NY Fed Empire State manufacturing index (February) 13.0 11.9
    13:30 USA Retail sales (January) 0.6% 0.6%
    13:30 USA Retail sales excluding auto (January) 0.6% 0.5%
    13:30 USA Import prices (January) 0.9% 1.1%
    13:30 USA Export prices (January) - 0.7%
    13:55 USA Redbook (12.02)  
    14:00 USA TICS net flows (December), bln - 39.0
    14:00 USA TICS net long-term flows (December), bln - 85.1
    15:00 USA Business inventories (December) 0.7% 0.2%
    23:50 Japan Tertiary activity index (December) -0.6% 0.6%

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