Thursday, December 18th, 2008
News
- British Pound sets new low of 0.95 against the Euro.
- Carrefour cuts revenue and profit expectations for 2nd time this year.
Macros
|
NZD
|
NBNZ Business Confidence -35.0 vs. 43.0 prior |
|
CHF
|
Trade Balance 2.15bln vs. 1.70bln expected & 1.95bln prior |
|
CHF
|
Retail Sales y/y 2.9% vs. 1.9% expected & 6.4% prior |
|
EUR
|
German IFo Business Climate 82.6 vs. 84.0 expected & 85.8 prior |
|
EUR
|
Italian Unemployment Rate 6.7% vs. 7.0% expected & 6.7% prior |
|
GBP
|
Retail Sales m/m 0.3% vs. -0.6% expected & -0.3% prior |
|
GBP
|
Public Sector Net Borrowing 16.0bln vs. 13.5bln expected & 3.3bln prior |
|
GBP
|
Prelim M4 Money Supply m/m 1.2% vs. 2.0% expected & 2.8% prior |
|
EUR
|
Trade Balance -1.3bln vs. -5.2bln expected & -4.4bln prior |
Equities
Of the major Europeans Bourses the DAX is the biggest gainer up 0.87% while the FTSE (0.07%) languishes almost flat on the day. The CAC is under some pressure losing 0.82% as Carrefour weighs heavy in the index this morning. US equity futures are all gaining at this point.
Currencies
|
GBPUSD:
|
Sterling was initially under pressure falling toward 1.5350 but as retail sales surprised to the upside it has found some support. (1.5478) |
|
EURUSD:
|
Sharp moves around 9.30am took the Euro above 1.4700 from below 1.45000. (1.4590) |
|
USDJPY:
|
The US$ has been slowly appreciating this morning peaking above 89.00 before pulling back. (88.65) |
Commodities
|
Energies:
|
Natural gas (-0.91%) is lower bucking the bullish trend in energies today. Gasoline (2.63%) and heating oil (2.50%) are the biggest risers with crude up 1.14% at $45.15. |
|
Metals:
|
A mixed picture this morning as copper (-2.11%) moves lower along with silver (-0.48%) while the rest of the sector rises. Palladium (2.20%) leads the way higher followed by platinum (1.64%) and gold (0.71%) |
Upcoming Today
|
CAD
|
Core Retail Sales m/m at 13:30 UK |
|
USD
|
Unemployment Claims at 13:30 UK |
P Please think before you print
Posted in Daily Recaps |
Monday, December 15th, 2008
News
- BNP Paribas may lose €350mln from exposure to Bernard Madoff’s fund.
- Electrolux to cut 3,000 jobs after declines in demand.
- US Authorities recommend $800mln fine for Siemens.
Macros
|
GBP
|
Rightmove HPI m/m -2.3% vs. -2.9% prior |
|
CHF
|
PPI m/m -1.4% vs. -0.6% expected & -0.6% prior |
Equities
European equities have started the week with gains led by the DAX which adds 1.83% outperforming its peers. In Paris the CAC is up 0.73% while here in London the FTSE gains 0.81%. US equity futures are holding onto very weak gains.
Currencies
|
GBPUSD:
|
Cable was holding above 1.5000 for most of the overnight session but has retreated this morning. (1.4964) |
|
EURUSD:
|
The Euro has traded in a range against the US$ all morning failing to breach 1.3500. (1.3478) |
|
USDJPY:
|
A few moves toward 90.500 have been rebuffed. (90.75) |
Commodities
|
Energies:
|
Energies are rallying strongly this morning. Heating oil is up 5.60%; crude adds 4.99% to trade at $48.60 while gasoline rises 4.88%. Rounding off the sector is natural gas which is higher by 2.37%. |
|
Metals:
|
Silver (1.96%) and platinum (1.91%) lead metals higher with gold in tow up 1.06% trading at $830. Copper adds 0.98% while palladium lags the sector adding 0.57%. |
Upcoming Today
|
USD
|
TIC Long-Term Purchases at 14:00 UK |
P Please think before you print
Posted in Daily Recaps |
Friday, December 12th, 2008
News
- Sterling sets new record low against the Euro for 5th consecutive day.
- HBOS loan write-downs for 2008 to hit £5bln.
- US Senate rejects $14bln rescue for US carmakers.
Macros
|
JPY
|
Revised Industrial Production m/m -3.1% vs. -3.1% expected & -3.1% prior |
|
JPY
|
Household Confidence 28.4 vs. 28.0 expected & 29.4 prior |
|
EUR
|
Industrial Production m/m -1.2% vs. -1.0% expected & -1.8% prior |
Equities
Markets are losing ground swiftly as the trading week draws to a close, under pressure as HBOS reveals further write-downs and the survival options for the US automakers look to be almost exhausted. In London the FTSE is losing 3.71% with HBOS (-21.35%) unsurprisingly the biggest decliner along with Lloyds TSB (-18.16%) and RBS (-17.25%). On the continent the DAX is lower by 4.39% while in Paris the CAC is down 5.00%. US equity futures are currently down around 4% as US markets look set to close the week with losses.
Currencies
|
GBPUSD:
|
Earlier attempts to breach 1.5000 were not realised as Sterling ran out of steam before starting to decline towards current levels. (1.4933) |
|
EURUSD:
|
After strong rallies the last two days the Euro pulls back today as it consolidates in the 1.3300 region. (1.3330) |
|
USDJPY:
|
Despite having pulled back from earlier highs at 88.21 the Yen continues to trade at levels not seen since 1995. (90.38) |
Commodities
|
Energies:
|
After rallying in recent days energies pull back this morning. Leading the way lower is crude which is down 5.29% trading at $45.42 with gasoline (-3.73%) close in tow. Heating oil is lower by 2.42% while natural gas declines by 2.27%. |
|
Metals:
|
We are seeing large declines for copper (-7.08%) and palladium (-5.97%) along with platinum (-3.37%) as metals come under pressure. Silver is losing 2.93% trading at $1012 while gold is down 1.21% at $816. |
Upcoming Today
|
USD
|
Retail Sales m/m & PPI m/m at 13:30 UK; Preliminary UoM Consumer Sentiment at 14:55 UK |
P Please think before you print
Posted in Daily Recaps |
Wednesday, December 10th, 2008
News
- Rio Tinto to cut 14,000 jobs; pull back spending by $5bln.
- China reports first decline in exports in 7 years
Macros
|
GBP
|
NIESR GDP Estimate -1.0% vs. -0.8% prior |
|
AUD
|
Home Loans m/m 1.3% vs. 1.0% expected & -2.4% prior |
|
EUR
|
German WPI m/m -3.3% vs. -1.4% expected & -1.5% prior |
|
EUR
|
French Industrial Production m/m -2.7% vs. -0.6% expected & -0.8% prior |
|
EUR
|
Italian Industrial Production m/m -1.2% vs. -0.9% expected & -2.6% prior |
|
CHF
|
ZEW Economic Expectations -76.2 vs. -88.5 prior |
Equities
It is a mixed picture in equities this morning as most markets were trading lower initially but have turned positive. The DAX is higher by 0.51% while in Paris the CAC adds 0.26%. Here in London the FTSE is largely unchanged (0.00%). US futures are pointing to gains for the US session.
Currencies
|
GBPUSD:
|
Sharp moves lower have taken Cable below 1.4800 where it spent most of the morning consolidating before retracing. (1.4820) |
|
EURUSD:
|
The Euro has been under some pressure this morning approaching the 1.2900 mark. It did find some support in this region and has bounced. (1.2947) |
|
USDJPY:
|
As equity markets were opening across Europe the Yen gained rising to 92.30s but since we have seen the US$ recover erasing almost all earlier losses. (92.75) |
Commodities
|
Energies:
|
Ahead of inventories this afternoon crude is higher by 4.04% at $43.77. Gasoline adds 4.14%; heating oil is up 2.51% while natural gas posts more muted gains of 0.04%. |
|
Metals:
|
Palladium (-0.84%) moves lower in contrast to sister metal platinum (1.91%) which leads the sector this morning. Copper adds 1.73%; gold rises by 1.77% to trade at $788 while silver trades at $999 up 1.42%. |
Upcoming Today
|
CAD
|
Labour Productivity q/q at 13:30 UK |
|
USD
|
Crude Oil Inventories at 15:35 UK & Federal Budget Balance at 19:00 UK |
P Please think before you print
Posted in Daily Recaps |
Tuesday, December 9th, 2008
News
- U.K housing sales fall to lowest level since 1978.
- Sony to cut 8,000 jobs, curb investment & pull out of some businesses.
- Slovakia cuts interest rates by 75bps to 2.50%.
Macros
|
GBP
|
BRC Retail Sales Monitor y/y -2.6% vs. -2.2% prior |
|
GBP
|
RICS House Price Balance -76.5% vs. -83.0% expected & -81.0% prior |
|
AUD
|
NAB Business Confidence -30 vs. -29 prior |
|
JPY
|
Leading Indicators 85.0% vs. 85.0% expected & 89.2% prior |
|
JPY
|
Prelim Machine Tool Orders y/y -62.2% vs. -40.0% prior |
|
CHF
|
Unemployment Rate 2.7% vs. 2.6% expected & 2.6% prior |
|
EUR
|
German Trade Balance 15.8bln vs. 14.0bln expected & 13.7bln prior |
|
EUR
|
French Gov Budget Balance -60.7bln vs. -56.6bln prior |
|
EUR
|
French Trade Balance -7.1bln vs. -5.7bln expected & -6.0bln prior |
|
GBP
|
Manufacturing Production m/m -1.4% vs.-0.6% expected & -0.8% prior |
|
GBP
|
Trade Balance -7.8bln vs. -7.5bln expected & -7.5bln prior |
|
GBP
|
DCLG HPI y/y -7.4% vs. -6.5% expected & -5.1% prior |
|
GBP
|
Industrial Production m/m -1.7 vs. -0.5% expected & -0.2% prior |
|
EUR
|
German ZEW Economic Sentiment -45.2 vs. -55.7 expected & -53.5 prior |
|
EUR
|
ZEW Economic Sentiment -46.1 vs. 55.8 expected & -54.0 prior |
Equities
Markets across Europe were trading lower in the early stages of the session but have since swung to post gains. In London the FTSE is up 1.34% with Invensys (10.80%) the big riser. On the continent the CAC adds 1.77% while in Frankfurt the DAX is up by 0.89%. US futures are currently posting weak gains.
Currencies
|
GBPUSD:
|
Sterling has twice risen above 1.4800 but has found a lack of support. (1.4760) |
|
EURUSD:
|
Despite losing ground early on the Euro rallied back, rising to 1.2890s from 1.2820s. Subsequently these gains have been erased. (1.2836) |
|
USDJPY:
|
The Yen was gaining for the first few hours of the session as it approached 92.200 but failed to hit this mark. The US$ has since responded. (92.80) |
Commodities
|
Energies:
|
Natural gas adds 0.16% as the lone riser in the energy space. Gasoline is down 1.17%; heating oil loses 0.21% while crude is lower by 0.57% trading at $43.44. |
|
Metals:
|
Copper (-4.81%) moves sharply lower with platinum (-2.64%) also moving lower. Gold (0.12%) and silver (-0.35%) are largely unchanged at $768 and $994 respectively. Bucking the general theme palladium adds 1.06%. |
Upcoming Today
|
CAD
|
Overnight Rate & BOC Rate Statement at 14:00 UK |
|
USD
|
Pending Home Sales m/m at 15:00 UK |
P Please think before you print
Posted in Daily Recaps |
Contact the GDI Markets Team on +44 (0) 207 073 9206 or at info@gdimarkets.com
This document is issued by GDI Markets Limited ("GDI") who are authorised and regulated by the Financial Services Authority. Please be aware that Forex, CFDs and Futures are margin products that carry a high level of risk as you can lose all or more than your initial investment. These products may not be suitable for all investors and you should ensure you fully understand the risks involved, seeking independent advice if necessary. Any views expressed do not constitute a personal recommendation or solicitation to buy or sell, and are not held out as impartial investment research and may have been acted upon by persons connected with GDI. Market data has been obtained from independent sources believed to be reliable, however GDI makes no guarantee of its accuracy or completeness, and can accept no responsibility for any consequence of its use by recipients. The information in this document has been prepared for existing and prospective clients only and may not be copied or further distributed
