Friday, September 5th, 2008
News
- Nokia warns of risks to its market share in the 3rd quarter.
- HBOS exploring sale of Australian units; expects to raise up to $5.7bln.
Macros
|
CAD
|
Employment Change 15.2k vs. 9.0k expected & -55.2k prior |
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CAD
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Unemployment Rate 6.1% vs. 6.2% expected & 6.1% prior |
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USD
|
Non-Farm Employment Change -84k vs. -73k expected & -60k prior |
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USD
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Unemployment Rate 6.1% vs. 5.7% expected & 5.7% prior |
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USD
|
Average Hourly Earnings m/m 0.4% vs. 0.3% expected & 0.4% prior |
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CAD
|
Ivey PMI 51.5 vs. 61.7 expected & 65.5 prior |
Equities
As the trading week draws to a close European markets finish in the red. In Frankfurt the DAX closes lower by 2.57%, in Paris the CAC loses 2.51% and in London the FTSE is down 2.25%. The US S&P500 index is down 1.14% at time of writing.
Currencies
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GBPUSD:
|
The US$ has looked weaker this afternoon on the back of the non-farm payrolls. Cable is currently trading at 1.7680 from 1.7580s at midday. |
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EURUSD:
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Currently trading in 1.4270s with highs above 1.4340. |
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USDJPY:
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This cross moved below 106.00 earlier this afternoon but the US$ has fought back. (106.55) |
Commodities
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Energies:
|
Natural gas (1.42%) rises while other energies fall. Heating oil sheds 1.70%, gasoline loses 1.78% and crude is down 1.27% at $106.50 |
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Metals:
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Gold (1.42%) trades higher at $815 as the US$ weakens this afternoon. Other metals decline led by copper (-4.93%) and palladium (-3.73%). Platinum is down 1.16% and silver (-1.00%) trades at $1281. |
P Please think before you print
Posted in Daily Recaps |
Friday, September 5th, 2008
News
- JD Wetherspoon reports 11% in pre-tax profits to £55mln.
- Altria Group reportedly in talks to buy UST Inc for $10bln.
- Goldman Sachs cuts Merrill Lynch to a sell on future write down expectations.
- Deutsche Bank cuts UK retailers Sainsbury & Morrisons on tough outlook.
Macros
|
AUD
|
AIG Construction Index 43.1 vs. 41.6 prior |
|
JPY
|
Capital Spending q/q -6.5% vs. 1.2% expected & -4.9% prior |
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EUR
|
French Government Budget Balance -51.4bln vs. -33.5bln expected & -32.8bln prior |
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EUR
|
Italian Trade Balance -1.03bln vs. -1.00bln expected & -0.08bln prior |
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EUR
|
German Industrial Production m/m -1.8% vs. -0.5% expected & 0.2% prior |
Equities
Yesterday saw declines of over 3% for the DJI and the S&P and this, coupled with several stock downgrades, has translated into weakness for European markets today. The DAX (1.50%) is leading the major bourses lower as industrial production in Germany is seen to be slowing at a faster rate than analysts expected. In London the FTSE is down 1.09% with miners leading the index lower while over in Paris the CAC is losing 1.21% with STMicroelectronics (-3.17%) the biggest decliner as it is downgraded by UBS.
Currencies
|
GBPUSD:
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Sterling is slightly lower on the European session this morning trading at 1.7580s. |
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EURUSD:
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This cross is consolidating at 1.4220 after moving lower from 1.42800. |
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USDJPY:
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The Yen trades at 106.30 against the US$ as the Yen holds up in the face of a marauding US$. |
Commodities
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Energies:
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Commodities are generally lower today as economic gloom clouds the road ahead. Natural gas is down 0.60%, gasoline is lower by 1.11% and heating oil declines 1.35%. Crude (-1.40%) is trading in mid-$106s. |
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Metals:
|
Palladium (-3.17%) and copper (-2.99%) are down significantly this morning while platinum (-1.94%) follows. Silver trades at $1278 down 1.20% and gold is lower by 0.54% at $799. |
Upcoming Today
|
CAD
|
Employment Change at 12:00 UK |
|
USD
|
Non-Farm Employment Change at 13:30 UK |
P Please think before you print
Posted in Daily Recaps |
Thursday, September 4th, 2008
News
- BOE keeps rates on hold at 5.00%.
- ECB keeps rates on hold at 4.25%.
- Wal-Mart says August sales exceeded expectations.
Macros
|
GBP
|
Official Bank Rate 5.00% vs. 5.00% expected & 5.00% prior |
|
EUR
|
Minimum Bid Rate 4.25% vs. 4.25% expected & 4.25% prior |
|
USD
|
ADP Non-Farm Employment Change -33k vs. -30k expected & 1k prior |
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USD
|
Revised Nonfarm Productivity q/q 4.3% vs. 3.3% expected & 2.2% prior |
|
USD
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Unemployment Claims 444k vs. 422k expected & 429k prior |
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USD
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Revised Unit Labor Costs q/q -0.5% vs. 0.1% expected & 1.3% prior |
|
USD
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ISM Non-Manufacturing PMI 50.6 vs. 49.4 expected & 49.5 prior |
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USD
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Natural Gas Storage 90bln vs. 88bln expected & 102bln prior |
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USD
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Crude Oil Inventories vs. 0.0mln expected & -0.1mln prior |
Equities
The statement from ECB President has added to a gloomy day for stocks as European markets decline sharply today. In London the FTSE is lower 2.45%, the Paris CAC declines 3.11% and the DAX loses 2.88%. US markets are not faring much better as the DJI (-2.13%) and S&P500 (-1.98%) move lower.
Currencies
|
GBPUSD:
|
Sterling fails to gain much traction this afternoon as it slips from 1.7820 to 1.7620s before bouncing to current levels of 1.7670s. |
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EURUSD:
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Similar story here as the US$ is rampant gaining to 1.4340s from 1.4480 earlier. |
|
USDJPY:
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The Yen is holding up well in the face of a gaining US$ trading to 107.80s from 108.20s. |
Commodities
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Energies:
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Natural gas storage figures came out roughly in line with expectations and crude inventories slipped this afternoon. Energies are lower with natural gas (-3.08%) and gasoline (-2.59%) leading the way. Heating oil is down 2.14% and crude loses 2.24%. |
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Metals:
|
Platinum rises 0.77% bucking a bearish trend today while sister metal palladium (-0.42%) is lower. Gold is down 0.94% at $800, copper loses 0.95% and silver is lower by 1.29%. |
Upcoming Tomorrow
|
CAD
|
Employment Change & Unemployment Rate at 12:00 UK |
|
USD
|
Non-Farm Employment Change & Unemployment Rate at 13:30 UK |
P Please think before you print
Posted in Daily Recaps |
Thursday, September 4th, 2008
News
- Bombardier Q2 EPS 14c vs. 11c analyst estimate.
- JPMorgan face probes into sale of swaps and other derivatives to local governments.
- Unilever hires ex-Nestle CFO Paul Polman.
Macros
|
AUD
|
Trade Balance -0.7b vs. 0.1b expected, 0.4b prior |
|
GBP
|
Halifax HPI m/m -1.8% vs. 1.8% expected, -1.7% prior |
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EUR
|
German Factory Orders m/m -1.7% vs. 0.4% expected, -2.6% prior |
Equities
The DAX is losing 1.08%, led by Deutsche Borse and Infineon and is joined by a falling CAC (-0.70%). Encouraging news that BP will settle the conflict regarding its Russian holding and well received news regarding Unilever’s new CEO leads the FTSE100 higher (+0.71%). US futures are signalling a mildly lower open at time of writing.
Currencies
|
GBPUSD:
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Pushes up over 1.7850 in early trade, but house price data weighs on the Pound (1.7785). |
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EURUSD:
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A little choppy this morning, unexpectedly poor data from Germany takes the Euro back below ‘45 (1.4488). |
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USDJPY:
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After dipping below 108, the Dollar recovers above this morning (108.332). |
Commodities
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Energies:
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A slight weakening in the Dollar, and some concern about Ike intensifying to a category 4 and a possible course towards the Gulf of Mexico lead to some rises in energy this morning. Gasoline adds 0.86%, natural gas is up 0.85% while crude and heating oil add 0.78% and 0.41% respectively. |
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Metals:
|
A little dollar weakness helps out metals too this morning, led by a rise of 1.13% for Platinum, closely followed by 1.03% by silver. Gold and copper add 0.59% and 0.44% respectively. |
Upcoming Today
|
GBP
|
Interest Rate (12:00 UK) |
|
EUR
|
Interest Rate (12:45 UK) |
|
USD
|
ADP Nonfarms (13:15 UK), ISM Non-Manufacturing PMI (15:00 UK) |
P Please think before you print
Posted in Daily Recaps |
Wednesday, September 3rd, 2008
News
- The Bank of Canada leaves rates on hold at 3%.
- IATA says airlines set to lose %5.2b in 2008.
Macros
|
USD
|
Challenger Job Cuts y/y 11.7% vs. 140.8% prior |
|
CAD
|
Overnight Rate 3% vs. 3% expected, 3% prior |
|
USD
|
Factory Orders m/m 1.3% vs. 1.0% expected, 2.1% prior |
Equities
The FTSE100 remains the leading laggard in Europe, closing down 2.09%, followed by a drop of 1.80% for the CAC while the Frankfurt DAX ends the day lower at 0.66%. US futures continue mildly lower at time of writing.
Currencies
|
GBPUSD:
|
Holds the recovery this afternoon from the mornings downward break of 77′ (1.7740) |
|
EURUSD:
|
Almost a mirror of the action in cable, a dip below 43′ this morning results in a rally this afternoon (1.4445). |
|
USDJPY:
|
Down slightly on a fairly flat day (108.440). |
Commodities
|
Energies:
|
Natural gas drops 2.47% to lead a field of declines, followed by a drop of 1.80% from crude oil. Gasoline and heating oil drop 1.40% and 1.32% respectively. |
|
Metals:
|
Copper is higher by 1.01% despite other metals trading lower. Silver is down 2.40% while gold trades lower by 1.10% at $801. Palladium and platinum lose 2.06% and 0.68% respectively. |
Upcoming Tomorrow
|
GBP
|
Interest Rate (12:00 UK) |
|
EUR
|
Interest Rate (12:45 UK) |
|
USD
|
ADP Nonfarms (13:15 UK), ISM Non-Manufacturing PMI (15:00 UK) |
P Please think before you print
Posted in Daily Recaps |
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