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Home arrow Trading Resources arrow Daily Market News arrow Market Talk - 01/02/12

Trading News and Views:

1st February, 2012

Indices:

European markets:

The FTSE, CAC and DAX rose on Tuesday as hopes of a Greek deal was rekindled, but gains were limited after US home prices fell more than expected in November. Ian King an expert said that investors are optimistic about a Greek deal and hence their focus has now shifted to fundamental corporate and economic data.
(source: reuters.com).

Across Europe, the UK’s FTSE 100 was up 0.2 percent, DAX rose 0.2 percent and CAC 40 gained 1 percent.
(source: bloomberg.com).

US markets:

DOW and S&P and the Nasdaq was flat on Tuesday after US home prices and US Midwest business activity missed expectations. Stephen Massocca, an expert from San Francisco, said that not so good economic numbers may not show growth in GDP.
(source: reuters.com).

The Dow Jones Industrial Average fell 0.16 percent, the  Standard & Poor's 500  was down 0.05 percent and the Nasdaq was up 0.07 percent.
(source: reuters.com).

Asian Markets:

The Nikkei and the Hang Seng rose as Greek Prime Minister Lucas Papademos said the debt deal talks made some progressand industrial production grew faster than economists estimated. Angus Gluskie, a Sydney based strategist said Europe is showing some positice signs. Greek agreement may happen but some debate may prevail.
(source: bloomberg.com).

The benchmark Nikkei rose 0.1 percent and the Hang Seng climbed 1.1 percent.
(source: bloomberg.com).

Forex/Currencies:

The euro remained strong against the dollar after Greek Prime Minister Lucas Papademos said that the debt swap deal talks have made progress with bondholders. Thomas Molloy, a New Jersey based expert said that short term problems in Europe could see solutions.
(source: bloomberg.com).

The euro was at $1.3171 up by 0.2 percent.
(source: bloomberg.com).

Commodities:

Oil Trading:

Oil moved down on Tuesday after drop in US home sales, but prices surged later on hopes of Greek debt swap deal. Dan Flynn, analyst from Chicago said Greece's debt deal is bringing some hope to investors but investors have heard this before but are still betting on it.
(source: reuters.com).

Crude Oil futures for March delivery fell 30 cents to settle at $98.48 a barrel. 
(source: reuters.com).

Gold Trading:

Gold rose on Tuesday after Europe showed economic unease.
(source: reuters.com).

US Gold futures for April delivery was up $13.40 at $1,744.40
(source: reuters.com).


Bonds:

US Bonds:

US government bonds rose after US home prices fell and business activity in US Midwest grew more slowly than expected. Investors are looking at US economic data according to Hiroki Shimazu, an expert.
(source: reuters.com). 

US 30 year bond yield fell to 2.94 percent.
(source: reuters.com).

German Bonds:

German bunds fell yesterday after stocks rose on news from Greek Prime Minister than the Greek debt deal talks have been going well. Niels From, analyst from Copenhagen said that the deal on fiscal rules are good according to the Greek Prime Minister and that is good for risk appetite. For the short term this deal could impact but cannot sustain for long.
(source: bloomberg.com).

German bund yield was up two basis points to 1.81 percent.
(source: bloomberg.com).

 

Economic Calendar 1st February 2012:

Market Focus:

Friday’s employment report could be scrambled if the ADP report shows surprise strength or weakness.

 

 

Instrument

% Change

Indicator

INDICES

DOW

0.16%

downDOWN

 

NASDAQ

0.07%

upUP


S&P

0.05%

downDOWN

 

FTSE

0.19%

upUP

 

CAC

1.01%

upUP

 

ESTOXX

0.50%

upUP

 

DAX

0.22%

upUP

 

HSI

0.04%

upUP

 

NIKKEI

0.00%

downDOWN

CURRENCIES

EURO

0.15%

downDOWN

 

YEN

0.09%

downDOWN

 

GBP

0.08%

downDOWN

COMMODITIES

GOLD

0.03%

downDOWN

 

OIL

0.37%

upUP

BONDS

BOND 30 

0.002 yield change

upUP

 

BUND 10 

0.000 yield change

downDOWN

(percent changes based on previous day's underlying market data, for indication only)

 

Sources include: Bloomberg.com , Reuters.com, Fxstreet.com, Economicnews.ca, g20.org and FT.com

(Any opinions expressed in these updates do not reflect the views of the company, and as such should not be taken as trading advice.) 

 

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