Saxo Bank (Saxo Bank)
Finance  |  June 08, 2011 12:11:36

Prewiev Market: Bernanke and Schauble spearhead


Night trading on foreign exchange markets: EUR traded below

EUR against the USD traded lower this morning, after German Finance Minister Wolfgang Schäuble said that bondholders must "substantially" contribute to a second stimulus package for Greece. Fed Chairman Ben S. Bernanke signaled the U.S. central bank should continue its policy of monetary stimulation to strengthen the "uneven" and "disappointingly slow" economic recovery.

JPY is traded against the USD by 0.1% higher.

At 6 pm the euro traded against the USD by 0.2% below and at $ 1.4663 while the GBP against the U.S. dollar traded lower by 0.2%, that for $ 1.6420. EUR to GBP traded slightly lower, at L 0.8930.

AUD against the USD traded lower by 0.5%.

British stock markets: You may open lower

British stock markets are likely to open lower. It is expected that the FTSE 100 to open 17 to 29 points below.

Later in the day are planned financial results of companies Punch Taverns, Hyder Consulting, GB Group, Dewhurst and Walker Crips Group.

Cairn Energy Company now expects a decision against Greenpeace environmental movement in the matter of further disruption of drilling activities off the coast of Greenland.

British Airways, as part of the International Consolidated Airlines Group, čilská Airline Lan Airlines have agreed to pay a total of about 155.5 miles . USD freight customers as compensation in U.S. court case concerning the fixing of prices for the global air cargo.

According to Reuters on Tuesday was for 48 hours due to maintenance shut down the main fluid catalytic cracking unit to produce gasoline in Texas BP refinery, the reason it works on wet wash of gas.

Asian stock markets: trading below

Asian markets trading lower this morning, watching the night movement on Wall Street.

In Japan, Tokyo Electric Power shares traded below in connection with reports that all nuclear reactors in Japan could be shut down. Nintendo shares are trading lower as new investors in the video game did not do the expected effect. Kawasaki Kisen Company's shares are traded above Kaisha, after the brokerage firm raised its rating of its shares from "neutral" to "Out-Perform." At 6 pm the Nikkei index traded 0.3% lower, at 9414.5.

In South Korea, shares of Hyundai Heavy Industries traded lower due to reports of a share of its interest in Hynix Semiconductor. Markets in Hong Kong trade below, caused by declines in financial shares and commodity sector. In China, the shares of China Merchants Bank and Industrial & Commercial Bank of China traded lower as investors' willingness to risk weakening. Huaneng Power International Company and Yanzhou Coal Mining is trading below, based on reports that China could in 2011 to issue new emissions standards for coal-fired power plants.

U.S. stocks: Futures are trading below

At 6 pm the futures on U.S. stock indexes traded slightly lower, while futures on the S & P 500 fell by 1.6 points.

The most important economic data today, the results of economic research - Fed Beige Book, weekly index of mortgage applications (MBA) and development of crude oil stocks from the EIA.

Regarding the results of companies, today published details of its Pall Corporation, Grief, Men's Wearhouse, bidding Corporation and Piedmont Natural Gas Company.

In yesterday's trading post, the company Ulta Salon Cosmetics & Fragrance improved by 13.7% after it announced better earnings for the first quarter than expected. The Oxford Industries went up by 5.6% higher after the publication of first quarter earnings and revenue outlook for the strengthening of fiscal year 2011.The Hovnanian Enterprises fell by 5.6%, the reason for the higher losses for the second quarter. Hill-Rom Holdings fell by 4.2%. Molycorp has fallen by 2.9% due to its plans to offer convertible bonds (senior notes) worth 200 miles . Payable in USD 2016 and more 30 miles . USD Bonds in the original purchaser. LDK Solar Company declined due to the weak outlook by 2.1%.

The S & P 500 yesterday dropped by 0.1%, as investors were disappointed that it did not get any indication from the Fed Chairman Ben S. Bernanke, the new round of economic stimulus. Cablevision Systems, the company went up by 4.5% following its announcement allocating one of its divisions, AMC Networks, and the positive observations, the brokerage company. Shares of technology sectors, by F5 Networks and Intel Corporation, has improved by 4.6% and 1.1%, respectively, while Cisco Systems and Hewlett-Packard went down by 3.0% and 1.1% in this order. Avery Dennison worsened by 3.8% after an analyst lowered its rating.

European stock markets: Expected to open at lower levels

We expect the European markets open at lower levels. DAX Index is likely to open a 28 to 38 points lower and the CAC 20 to 23 points below.

Investors expect the data on the current account balance, trade balance and industrial production in Germany, euro area GDP, gross capital of France's trade balance and unemployment rate in Switzerland.

Kabel Deutschland Holding, Thrane & Thrane, and Beate Uhse Gifi published in the course of the day its financial results.

French manufacturer of food ingredients company Eurogerm announced a joint venture with Japan's Nisshin Seifun group in Shanghai.

Deutsche Boerse and NYSE announced that they pay a one-time dividend of about 620.0 miles . EUR in order to gain support for the merger of investors.

Meanwhile, The Financial Times wrote that the company Hochtief sale started its activities on the airport in order to get rid of by assets and improve your investor profile.

Man With The Board of Directors rejected a takeover offer from Volkswagen's argument is too low prices and recommended that shareholders not start it.

Current macrodata
Retail price inflation slowed in May, suggests British BRC

The British Retail Consortium (BRC) reported that the index of retail prices in the UK strengthened in May by 2.3% compared with growth of 2.5% from the previous month.

Bernanke says the economy will begin in the second half of 2011 to accelerate

Federal Reserve Chairman Ben Bernanke said that in the second half of the expected recovery in the U.S. economy due to the gradual improvement in the labor market. He added that the Fed take the necessary steps to keep inflation under control.

The current account surplus of balance of payments of Japan in April decreased

The current account surplus of Japan balance of payments amounted to 405.6 billion in April, compared to JPY 1,679 trillion. JPY for the previous month.

Economy of South Korea in the 1st quarter of fiscal 2011, growing

Compared with the previous period, the gross domestic product (GDP) of South Korea in the 1st quarter of 2011 by 1.3% against 1.4% forecast.

The World Bank lowered global growth forecast for the U.S. economy

The World Bank lowered the global economy growth forecast for 2011 from 3.3% to 3.2% and the U.S. economy from 2.8% to 2.6%.

For more information, visit www.saxobank.cz .

 Globální online investiční banka

Saxo Bank je globální investiční banka specializující se na online obchodování a investice na mezinárodních finančních trzích. Saxo Bank umožňuje soukromým investorům a institucionálním klientům obchodovat s FX, CFD, cennými papíry, futures, opcemi a dalšími deriváty a poskytuje i profesionální správu portfolia a fondů díky svým online obchodním platformám oceněným řadou různých ocenění.

Více informací na: www.saxobank.cz

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