Social bookmarking

Social bookmarking digg  Social bookmarking delicious  Social bookmarking reddit  Social bookmarking stumbleupon  Social bookmarking slashdot  Social bookmarking yahoo  Social bookmarking google  Social bookmarking blogmarks  Social bookmarking live      

Bookmark and share the address of forexgreenland - Forex forum,Forex training, Forex signals, Forex mgt accts on your social bookmarking website

Bookmark and share the address of Forexgreenland - Forex forum,Forex training, Forex signals, Forex managed accounts on your social bookmarking website

Daily World Forex News Bulletin

Go down

Daily World Forex News Bulletin

Post by magicstick on Mon Jun 01, 2009 7:13 pm

US Market
Stocks Seeing Significant Strength In Mid-Morning Trading

After rallying into the close in the previous session, stocks are showing significant strength in mid-morning trading on Monday. The major averages are all firmly in positive territory, looking to extend their gains for a third straight session as traders digest encouraging economic data.

While the Institute for Supply Management released a report showing that activity in the manufacturing sector contracted for the sixteenth consecutive month in May, the pace of contraction slowed by more than economists had been expecting.

The report showed that the index of activity in the manufacturing sector rose to 42.8 in May from 40.1 in April, with a reading below 50 indicating a contraction. Economists had been expecting the index to edge up to a reading of 42.0.

A turnaround in new orders contributed to the improvement in the sector, with the new orders index climbing to 51.1 in May from 47.2 in April. This marked the first time the index has been above 50 since November of 2007.

Additionally, construction spending unexpectedly increased in the month of April, according to a report released by the Commerce Department, with the unexpected growth reflecting a notable increase in spending on private construction.

The report showed that construction spending increased by 0.8 percent to an annual rate of $968.7 billion in April following a revised 0.4 percent increase in March. Economists had expected spending to decrease by about 0.8 percent.

The Commerce Department also released a separate report showing that personal income unexpectedly rose in the month of April, with the increase partly due to the reduced taxes and increased social benefit payments associated with the government's economic stimulus plan.

On the corporate front, auto giant General Motors (GM) officially filed for insolvency this morning. The Obama administration said Sunday that it has deemed GM's reorganization plan viable and will provide the company $30.1 billion in debtor-in-possession financing.

Subsequently, Dow Jones revealed that GM would be removed from the Dow Jones Industrial Average along with Citigroup (C), with Cisco (CSCO) and Travelers (TRV) to take the place of the troubled firms. Both changes will be effective with the opening of trading on Monday, June 8.

The major averages have moved roughly sideways in recent trading, hovering near their best levels of the day. The Dow is currently up 194.90 at 8,695.23, the Nasdaq is up 46.31 at 1,820.64 and the S&P 500 is up 22.07 at 941.21.

Stocks markets across the Asia-Pacific region soared on Monday. Japan's benchmark Nikkei 225 Index rose by 1.6 percent, while China's Hang Seng climbed 3.4 percent.

The major European markets are also seeing significant strength. The French CAC 40 Index and the German DAX Index are up by 3.0 percent and 4.0 percent, respectively, while the U.K.'s FTSE 100 Index is also on the rise, climbing by 2.2 percent.

In the bond markets, treasuries are plunging, giving back most of the gains posted in the previous session. Subsequently, the yield on the benchmark ten-year note is trading at 3.649 percent, a climb of 18.4 basis points on the day

Asian Market
The markets across the Asia-Pacific region ended in positive territory on Monday, led by resource stocks on higher commodity prices. A positive closing on Wall Street on Friday and economic data from China that revealed that manufacturing in the world's third largest economy increased for the third successive month lifted market sentiment.

Japanís Nikkei 225 Average opened slightly weaker at 9,517 compared to its previous close at 9,522 on profit taking following recent gains. Thereafter, the market reversed the trend and moved above the unchanged line. Higher commodity prices, Chinese manufacturing data and positive sentiment across the Asian markets lifted the sentiment and drove the index to the day's high of 9,692.

The benchmark index ended a shade lower at 9,678, representing a gain of 155.25 points, or 1.63%. The broader Topix Index of all first section issues gained 14.61 points, or 1.63%, to close at 913.

On the economic front, the Ministry of Health, Labor and Welfare revealed that labor cash earnings for companies with five or more employees eased 2.5% year-on-year in April following a revised 3.9% fall in March. Analysts expected earnings to slip 4.2%.

Inpex, the leading oil exporter in the country, added 0.65%, Showa Shell advanced 1.80% and Nippon Oil gained 2.24%. The shares of Konica Minolta hit the upper limit, ending the day with a gain of 9.79% after Goldman Sachs raised the rating for the company by one notch to "buy" on expectations of more upside growth for the company in the medium term.

Shipping stocks continued to advance following Chinese manufacturing data. Kawasaki Kisen surged up 7.42%, Mitsui OSK Lines advanced 6.36% and Nippon Yusen rose 5.04%.

Among financial stocks, Mitsubishi UFJ gained 2.84%, Mizuho Financial advanced 3.95%, Resona Holdings added 2.31% and Sumitomo Mitsui rose 2.72%. Nomura Holdings gained 3.63% after the brokerage revealed that it is conducting a survey of the market to gauge the demand, terms and pricing for raising funds through the issue of straight bonds under its shelf registration.

Australiaís All Ordinaries Index opened slightly higher at 3,820 compared to its previous close at 3,813. In early trading, the index slipped below the unchanged line briefly on short covering, but it recovered smartly following the release of the Chinese manufacturing report. The index ended the session at the day's high of 3,888, registering a gain of 1.96% or 74.60 points. The benchmark S&P/ASX 200 Index followed a similar trend and ended up at 3,894, a gain of 76.3 points, or 2.00%.

Commodity stocks led the gains in the market, while financial stocks also showed notable buying interest. Macquarie Group soared 11.82% following the finalization of terms to acquire Canada-based global energy advisory firm Tristone Capital Global Inc.

Retail stocks advanced on hopes of a revival in consumer spending. David Jones gained 4.99%, Harvey Norman advanced 2.05%, Coles owner Wesfarmers rose 4.50% and Woolworths added 0.20%.

In Hong Kong, the Hang Seng Index ended sharply higher, led by positive manufacturing data in mainland China, higher commodity prices and Wall Street's gains on Friday. The index ended the session at 18,889, up 718 points, or 3.95%.

Thirty-seven of the forty index components ended in positive territory. PetroChina advanced 5.62% and CNOOC, the largest offshore oil firm in China, surged 8.82%, on higher crude oil prices.

In South Korea, the benchmark KOSPI Index ended in positive territory, led by foreign institutional investors who continued to pick up select stocks. Resource, steel and automotive stocks led the gains. After showing some nervousness in early trading, the Kospi rose decisively above the unchanged line before ending with a gain of 19.21 points or 1.38% at 1,415.

The Indian market ended in positive territory, continuing its northward march on expectations of further economic reforms by the Congress party under Dr. Manmohan Singh's stewardship, which returned to power for the second time. Positive sentiment across the Asian markets and increasing hopes for recovery also propped up the market. The BSE Sensex ended at a 9-month high of 14,841, a gain of 215.38 points, or 1.47%, and the Nifty gained 1.82% or 80.95 points, to close at 4530.

Among the other major markets in the region, China's Shanghai Composite Index added 88.35 points, or 3.36% to close at 2,721, Indonesia's Jakarta Composite Index gained 81.75 points or 4.26% to close at 1,999, the Strait Times Index in Singapore added 50.99 points, or 2.19% to close at 2,380, and the Taiwan Weighted Index ended at 6,954, up 63.66 points, or 0.92%.

European Markets and U.S. Economic Reports
The major European averages are trading higher on Monday, with the French CAC 40 Index and the German DAX Index rising 2.04% and 3.15%, respectively, while the U.K.ís FTSE 100 Index is gaining 1.52%. The commodity rally has thus far been the driving force behind the market upside in todayís session.

A report released by Hometrack revealed that U.K. house prices remained stable in May for the first time in 20 months. House prices showed monthly declines in each of the past 20 months. After falling 0.3% in April, average house prices stayed at GBP 155,600 in May. However, house prices were down 9.6% in May compared to the year ago period.

U.S. Economic Reports

The unfolding week is a pretty hectic week on the economic calendar, with a couple of market moving reports due to be released in the week. The monthly non-farm payrolls report for May, the results of the ADP private employment survey, which is seen as a precursor to the Labor Department report due on Friday, the Bureau of Economic Analysis' personal income and outlays report for April and the results of the Institute for Supply Management's manufacturing and non-manufacturing surveys for May are likely to be closely watched by traders.

Additionally, market attention is likely to be vested on the motor vehicle sales for May, given the backdrop of General Motors' impending insolvency filing, the Commerce Department's construction spending report for April and the National Association of Realtors' pending home sales index for April. The Fed's consumer credit report and the Labor Department's final productivity & costs report for the first quarter and the regularly scheduled weekly jobless claims and oil inventory reports may also receive some attention.

The rise of the continuing claims to fresh record highs and the continued increase in the unemployment rate offer little hope for a turnaround in job market conditions. However, State Street Advisors expect the modest improvement evident in April employment to be sustained in May, although without further improvement thereon. The unemployment rate is expected to top 9% in May.

A report released by the Bureau of Economic Analysis showed that personal income rose 0.5% month-over-month in April following a downwardly revised 0.2% decline in March. Economists had expected a 0.2% increase in income for the month. Personal spending fell 0.1% compared to expectations for a 0.2% increase.

Spending on durable goods fell 0.6% in April after declining 0.3% in March, while spending on non-durable goods dropped 0.6%. Spending on services rose 0.3% in May after rising 0.1% in the previous month. The core price consumption expenditure index rose at a 1.9% year-over-year rate, the same rate in February.

The results of the Institute for Supply Managementís manufacturing survey, which are based on data compiled from purchasing and supply executives nationwide, are due out at 10 AM ET. Economists expect the index to show a reading of 42 for May.

In April, the manufacturing sector continued to contract, although at a slower rate than in the previous month. The ISM's purchasing managers' index rose 3.8 points to 40.1, with the indexes of new orders, production, employment, supplier deliveries, inventories and backlog of orders showing an improvement in the month from depressed levels. The prices index also rose 1 point to 32.

Although we have seen fledgling signs of recovery, the outlook for the manufacturing sector is still weak. Regional manufacturing surveys show that the sector is still in the contraction zone. However, a rebound in durable goods orders point towards the emergence of strength in the pipeline.

The Commerce Department's construction spending report to be released at 10 AM ET on Monday is expected to show a 0.8% decline in spending for April.

In March, construction spending edged up 0.3% month-over-month, marking the first increase in six months. The gain came amid a 1.1% increase in public construction, while private construction spending eased 0.1%. In the private construction category, spending on single-family home construction slumped 8.6% and multi-family home construction spending dropped 1.1%. Meanwhile, private non-residential construction spending rose 2.7% compared to the previous month


Number of posts : 17
Age : 39
Location : Planet X
Reputation : 0
Points : 15
Registration date : 2008-01-21

View user profile

Back to top Go down

Re: Daily World Forex News Bulletin

Post by shiny100 on Fri Jul 17, 2009 10:11 am

Fitch downgraded New Zealandís long-term sovereign rating from stable to negative. The currency was sold off heavily after the news, taking the NZD/USD pair from 0.6503 to as low as 0.6389, shedding 1.2% in a single session.The ZEW index of investor sentiment in Switzerland fell to 0.0 in July, down from the 9.7 reading in June.The number of Americans filing first-time claims for unemployment benefits slipped to 522,000 from the revised figure of 569,000 the previous week. Net capital outflows in the US rose to 66.6 billion in May.. The Philly Fed business index came out at 7.5 last month (versus Ė 2.2).The NAHB housing market index is up to 17 from 15 in June.


Number of posts : 25
Location : Asia
Reputation : 1
Points : 26
Registration date : 2009-06-15

View user profile

Back to top Go down

Back to top

- Similar topics

Permissions in this forum:
You cannot reply to topics in this forum