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Oil falls below $100 2008-02-28 08:54:00 Crude extends decline to near $99 a barrel on increase in U.S. crude supplies.SINGAPORE (AP) -- Oil prices fell further Thursday after dropping by more than a dollar in the previous session on larger-than-expected increases in U.S. crude and gasoline supplies.Prices remained supported near Tuesday's record close of $100.88 a barrel as the U.S. dollar tumbled to fresh lows against the euro and worries about the American economy drove more money into energy futures as a hedge against inflation.The report by the U.S. Energy Department's Energy Information Administration showed that country's crude oil inventories rose by 3.2 million barrels, or 1%, to 308.5 million barrels.Although that number is slightly lower than levels a year ago, it is well ahead of the 2.4 million barrel gain analysts h
Stockholm shares slightly lower midmorning hit by weak US dollar 2008-02-28 08:45:00 Shares were slightly lower in midmorning trade on profit taking following yesterday's weak US data and on concerns after the US dollar fell to 15 year lows against the Swedish krona.At 10.50 am, the OMX Stockholm
index was down 0.38 pct at 323.08 points, while the OMX Stockholm 30 was 0.48 pct lower at 975.37 points. Turnover amounted to 4.588 bln skr.Big exporting companies exposed to the dollar were among the biggest losers, with Volvo B down 1.31 pct at 94.25, Electrolux B down 2.12 pct at 103.75, Ericsson (NASDAQ:ERICY) B down 0.80 pct at 13.65, and Atlas Copco A down 1.73 pct at 99.25.Handelsbanken A was up 0.28 pct at 177.00 skr after its sharp fall yesterday. Keefe, Bruyette & Woods (KBW) downgraded shares
in the bank to 'underperform' and slashed its 2008 and 2009 EPS estimates
Euro Holds 1.5100 As Data Continues to Shine, Where is the Top? 2008-02-28 08:37:00 Talking Points• Japanese Yen: Bounces to 106.50• Euro: Holds 151.00 as labor retail data prove supportive• Pound: No event risk today• Swiss Franc: employment expands for 11th quarter in a row• US Dollar: GDP on tap EURUSD made itself comfortable at its new home above the 1.5000 level, holding on to the 1.5100 figure for most of the night. The news out of the EZ continued to be constructive as both labor data and Retail PMI numbers demonstrated that the underlying fundamentals in the 15 member region remain sound.German unemployment declined more than expected dropping by -75K from -48K forecast, as EZ largest economy continued to expand. More importantly German Retail PMI readings recovered from their sharp drop last month of 44.2 to end up above the 50 boom/b Read more:Shine
Forex Report with FMCI Update by Forex Metrics - Feb.28/2008 2008-02-28 08:28:00 Forex
Report with FMCI Update
by Forex Metrics
- Feb.28/2008FMCI is down by 54 pips to 1.2210 level with 4 out of 10 currencies up.Today, after the US economic data release, FMCI dropped substantially due to the fear of recession gripping the global economy. Although Euro was high against USD and Pound, the overall global trend shows sign of economic slowdown.FMCI reflects the current trend of global economies as a whole, from the value of major global currencies. Fall in FMCI indicates a global slowdown.Economic data released on Feb/27 was negative for US.* US Durable Goods Orders m/m fell -5.3% confirming reduction in consumer durable goods buying power.Core Durable Goods Orders fell -1.6% m/m.New Home Sales dropped to 588K, again showing no sign of recovery.USD Crude Oil
Forex Report with FMCI Update by Forex Metrics - Feb.26/2008 2008-02-28 08:04:00 Forex
Report with FMCI Update
by Forex Metrics
- Feb.26/2008FMCI shot up by 110 pips to 1.2245 level with 9 out of 10 currencies up.Today, FMCI rose substantially with a relatively positive economic data. Major currencies were volatile in upward direction.Economic data released on Feb/25 was positive in a way for US and UK.* US existing-home sales fell a less-than-expected by 0.4% on m/m to a 4.89 million annual rate in January. This catalist signifies the possibility of avoiding recession and gave boost to USD, although there was negative news, that inventories of homes available for sale increased 5.5% at the end of January to 4.19 million.* UK house prices fell 0.2% m/m in February, pushing annual house price inflation to a 22-month low, showing a sign of economic slowdo
Weekly Forex Update - Week09 : Feb.24/08 - Mar.01/08 2008-02-28 07:54:00 Weekly ForexUpdate
- Week09 : Feb.24/08 - Mar.01/08 ForexMetrics Currency Index (FMCI)Last week FMCI was stable and consistent above 1.2100 level. Since FMCI is stable, major currencies do not have a definite direction as yet due to uncertainty on global economic slow down. Stable FMCI indicates that major currency pairs may remain range bound, which is suitable for conservative trader. Please be advised that we do not recommend forex trading, as FMI works on its own strategy of “TradeVestment”. For our trading strategy and techniques, range bound currency pairs are most favorable.Monitor FMCI for fundamental economic analysis and daily report, before trading.USDUS data definitely points towards continuing slow down of economy but at a reducing rate, as impact of rate cuts starts pe Read more:Weekly
Major Currencies Interest Rate as of 11 February 2008 2008-02-12 05:15:00 Following the latest EUR and GBP interest rate released on 7th Feb 2008. Interest
rate for Sterling Pound was cut from 5.50% to 5.25% after caving in to the rumors of an imminent economical recession. On the other hand, as expected, European Central Bank holds its interest rate steady at 4% for the eight consecutive months. A day before, the Australian dollar interest rate was raised from 6.75% to 7.00%, an 11 year high. The Reserve Bank of Australia said that the tighter monetary policy was needed against escalating inflation. After this latest round of interest rate adjustment, the interest rate of major currencies is as follows: Japanese Yen (JPY) - 0.50%Swiss Franc (CHF) - 2.75%US Dollar (USD) - 3.00%Euro Dollar (EUR) - 4.00%Canadian Dollar (CAD) - 4.00%Sterling Pound Read more:Major
, Currencies
, February
Forex Market Mechanism 2008-02-12 05:02:00 I believe all of you already know by now that the Forex
market is the largest traded market in the world. So how are these currency pairs quoted on the Forex market? You will see two numbers on all Forex quotes. The first number is called the bid and the second is known as the offer (or the ASK) price. Take for instance EURUSD, you will see 1.4394/1.4395. The first quote of 1.4394 is the bid price, the price where traders are prepared to buy Euro against the USD Dollar. The second number 1.4395 is the offer or ask price and it is the price traders are prepared to sell the Euro against the US Dollar. You will notice that there is a difference between the bid and the offer price. This difference is known as the spread. Based on the previous EUR/USD quote, you know that 1 Euro is equal 1.439 Read more:Market
Exploring Today's Gold Stocks: Week of February 11, 2008 2008-02-11 13:15:00 Drilling For and Discovering GoldThere were were so many exceptionally impressive gold drill results announced in the past few days, that I just couldn't bring myself to limit the New Drill Results section of this week's Drill Rig to just five. Last week we saw some beautiful low-grade gold intercepts with widths including 200 meters, 233 meters, and 321 meters. We also saw unbelievably high-grade results including 1,375 g/t gold and a mind-bending 5,420 g/t gold. So instead of limiting the New Drill Results section to just five, we decided to list four low-grade sets of results and four high-grade sets of results. But first let's quickly go through some of the new and continuing drill programs. NEW AND CONTINUING DRILL PROGRAMS US Precious Metals Inc. (OTC BB: USPR) reported that Read more:February
, Exploring
, Today
, Stocks
6 Gold and Mining Stocks to Watch 2008-02-10 12:10:00 Even with the market in a frenzy, gold is still in demand. Especially now that the Feds cut rates by 75bp, you can expect the trend to continue. I have claimed GLD to be my true love in the past because of its supreme run, and this is just one example of a solid play on gold.With that said, here are 6 different stocks that are involved in gold, or gold and silver mining that should be on your watch close watch list.Goldcorp, GG Stock is looking quite juicy right now at just above $35 a share, with the stock hitting a high last week of $39.94. If the 50 day moving average can start to uptrend again, watch out. As of this post GG stock rests at $35.06.GG Stock Chart, Click to View Barrick Gold Corp, ABX stock has strong exposure internationally and mines gold alongside copper. The stock has Read more:Stocks
, Mining
7 Great Stocks to Short with the Market Heading Down 2008-02-10 12:05:00 Looking for stocks to short? Well, this list is for you. With the market so volatile to the downside there are many easy plays that can yield you quick profits. The overall trend right now is bearish, so play the downside and you have a good shot at being a winner. The smart investor is always the successful investor. Baidu.com (BIDU) Stock, $230 This stock was a great short candidate first with the move below $262.43, and again with the move below the 200 MA below $248.30. A key entry now would be with a pullback to the 200 MA, with a great cover price being $268.10. Amazon.com (AMZN) Stock, $68.49 I shorted Amazon at $72 yesterday, current stop at $74.25. The stock was technically first a short with the fall below $73.37, then again with the fall below $72. My target for AMZN is $60. A Read more:Market
, Stocks
, Great
, Short
, Heading
Philippine stock market lost 9% in January 2008 2008-02-10 11:38:00 If you placed money in the Philippine
stock market from the beginning of January
this year, you would have already lost 9% by now. That translates to a million pesos worth only P910,000 as of January 31.That is based on the performance of the Philippine Stock Exchange index (PSEi), a basket of 30 listed common stocks representing the overall movement of market prices and the general state of the Philippine economy.On January 31, the PSEi closed at 3,294.08, down 9.04% compared to its original level at the start of the year. Badly hit were the Mining and Oil sector which lost 15.12% and the Holding Firms sector which declined in value by 14.74%.The PSEi lost 9% of its value in January 2008 alone.
Calculating FOREX Profits and Losses 2008-02-09 06:38:00 FOREX currencies are traded in much smaller divisions than cash. Whereas the smallest division in US cash is the penny ($0.01), US currency can be traded on the FOREX in divisions of $0.0001. This smallest division is called the pip (short for Price Interest Point - sometimes just called 'points'). Since currencies are traded in large lots of (say) $100,000 - small movements in value can generate substantial profits and losses. In a lot of US$100,000 one pip is worth $10 so an increase in 40 pips (4/10 of one cent) can generate a profit or loss of $400.Currencies are traded in lots of various sizes. The standard lot is 100,000 units of the base currency. A unit is the currency name e.g. one unit of US dollars is the dollar. So a standard lot of US currency is worth $100,000. FOREX trades c Read more:Losses
Euro Stocks Lower as Pharmas and Banks Sink 2008-02-08 07:53:00 European stocks slipped into territory Friday afternoon, tracking U.S. futures and with declining pharmaceuticals and banks dragging on the major indexes.U.S. stock index futures lost their positive bias, with fears of a U.S. recession returning to the market.In Asia, many investors were away for the Lunar New Year. Japan fell 1.4 percent in a quiet session and Australia finished 1.1 percent higher, in thin volumes.GlaxoSmithKline was one of the lead losers on the FTSE-100, with declines of 2.9 percent, as the London-listed drug maker was downgraded by Fitch Ratings after it warned on 2008 earnings Thursday. Sanofi-Aventis and Merck were also lower.Fears over the health of the U.S. economy and the spreading of the credit crunch still remained a key concern, with some analysts saying any re Read more:Stocks
, Lower
Forex - Canadian dollar strengthens vs US dollar after strong employment data 02/08/2008 2008-02-08 07:48:00 LONDON (Thomson Financial) - The Canadian
dollar strengthened against the US dollar following a strong set of employment
data, which dampened hopes for a large interest rate cut at the Bank of Canada's next meeting in March. Statistics Canada said jobs rose by 46,000 in January, boosting the employment rate to a record high of 63.8 pct. This brought the unemployment rate down to 5.8 pct from 5.9 pct in December, confounding Thomson IFR Markets' consensus expectation for a rise to 6.0 pct. "The probability of the BoC doing a 50 basis point cut has dropped significantly," said James Vola at Thomson IFR Markets. "The economy has had another monster print for employment and wages are rising, and the BoC does not seem likely to add to much fuel to the economy's fire." At 12.49 pm, Read more:Forex
Oil higher on Nigeria supply disruptions and cold US weather 2008-02-08 07:40:00 LONDON (Thomson Financial) - Oil was up in London as supply disruptions in Nigeria
and colder weather
in the US gave prices a boost. "On Thursday, Royal Dutch Shell announced that it was halting 130,000 bpd of production in Nigeria due to pipeline leaks," said analysts at Barclays Capital. "In addition, US weather forecasts indicated that temperatures in the North East would fall below normal next week leading to speculation that US demand would rise in response." They cautioned however that gains have been capped by fears of a looming recession in the US and seasonally lower demand in Q2 of the year, which could yet see prices move further away from the highs. At 12.38 pm, New York's WTI crude for March delivery was up 59 cents at 88.70 usd per barrel. Yesterday, prices dipped as low
forex earnings Week of 2/4/2008 thru 2/8/2008 2008-02-08 07:28:00 Monday, February 04, 2008 Economic 7:30am Jan Challenger Job Cuts (last –18.7% y/y) 10:00am Dec Factory Orders (last 1.5%) Events 11:20am Fed's Kroszner speaks on mortgage regulation in Las Vegas.1:15pm US Treasury's Solomon & Swagel hold briefing on 2009 budgetplan. Credit Suisse Energy Summit, Gartner Business Process ManagementSummit, Annual Meeting of the American Academy of Dermatology. TradesEx-dividend: XLNX $0.12, CTAS $0.46, ZION $0.43, FO, $0.42, HAR $0.013. Earnings Before the Open: AHCI, ADM, BEAV, CLX, FCTR, HUM, IR, NTE, NNN, PTIE, PMI, PCH, TPP, WEN. After the Close: ASEI, APC, AUDC, AXS, BMI, EFX, FEIC, HAIN, ILMN, LVS, LNC, MTW, NTCT, NUAN, OPNT, OMI, PKY, PRE, PPS, PWAV, PFG, RMBS, RCII, SVVS, SCUR, SIGI, SGTL, SIRF, SOHU
Shanghai rebounds strongly to lead Asian rally 2008-02-04 13:29:00 HONG KONG (MarketWatch) -- Shanghai
-listed shares rebounded strongly Monday to lead a regionwide rally, after the Chinese market regulator approved the launch of two new stock funds for the first time in several months, triggering heavy buying in beaten-down resource stocks such as Jiangxi Copper Co. and PetroChina Co.Most other Asian
markets were cheered by a higher close on Wall Street, with Japanese stocks rising sharply as shares of Yahoo Japan (4689) and its largest shareholder Softbank Corp. (9984) paced gains after Microsoft Corp. launched a $44.6 billion bid to acquire the Japanese Internet company's parent Yahoo on Friday.Australian shares got a lift from miners after Alcoa Inc. and Aluminum Corp. of China, or Chinalco, jointly acquired a 12% stake in Rio Tinto (RIO)(RTP), raising
Ryanair profit declines 27% outlook Airline warns that fiscal 2008 profit could fall as much as 50% 2008-02-04 13:18:00 LONDON (MarketWatch) -- Shares of Ryanair
Holdings Plc declined 12% on Monday as Europe's largest low-cost airline reported a 27% drop in adjusted third-quarter profit
because of lower ticket prices, and warned that higher fuel prices and weaker consumer spending could cut next year's profit by as much as 50%. Third-quarter net income at the budget carrier slipped to 47.2 million euros from 47.7 million euros a year earlier. Excluding a one-time gain of 12 million euros from the disposal of aircraft, adjusted profit fell 27% to 35 million euros. Passenger traffic rose 16% to 12.4 million. Sales climbed 16% to 569 million euros as a 30% increase in ancillary revenue offset a 4% drop in yields, also known as ticket prices. Ancillary revenue includes revenue from food sold on the plane, lugg Read more:Airline
, warns
, fiscal
Japan stocks rise on Microsoft factor 2008-02-04 13:06:00 Shares in Softbank soared as much as 16% and Yahoo Japan
was untraded due to a flood of buy orders on Monday in Tokyo, on hopes a potential Microsoft
acquisition of Yahoo would boost the Japanese firms’ competitiveness, reports Reuters. Microsoft’s $44.6bn bid for Yahoo announced Friday was priced at $31 per share - a 62% premium to Yahoo Inc’s Thursday close. Internet and mobile phone service company Softbank owns 3.9% of Yahoo Inc in terms of voting rights. Yahoo Japan is owned 41% by Softbank and 33% by Yahoo Inc. The deal, if realised, would be highly positive for Yahoo Japan, said one analyst, as Microsoft’s financial prowess and technological expertise would help Yahoo Inc and Yahoo Japan compete better with Google in internet search services. Meanwhile, a weekend report in t Read more:factor
Microsoft + Yahoo = Microsoft - $44.6 billion 2008-02-04 12:59:00 NEW YORK (Reuters) - Microsoft
Corp (MSFT.O: Quote) has made an unsolicited offer to buy Yahoo
Inc (YHOO.O: Quote) for $44.6 billion
in cash and stock, seeking to join forces against Google Inc (GOOG.O: Quote) in what would be the biggest Internet deal since the Time Warner-AOL merger.In its boldest-ever acquisition move, Microsoft said on Friday it offered $31 per share for Yahoo, or a 62 percent premium over the Internet media company's closing stock price on Nasdaq Thursday.Yahoo, whose shares jumped to $30.75 in premarket trading, said it would evaluate the bid.Microsoft shares, which have a market capitalization of about $300 billion, fell 6 percent to $30.78.
World Economic Update 2008-02-04 12:46:00 The International Monetary Fund (IMF) has again cut its forecast for world economic growth and is bracing for more bad news in rich and poor countries, even as it stopped short of using the word "recession" on Tuesday (WASHINGTON). This year, the global economy will post its weakest performance in five years, the global economic watchdog said in an update to its semi-annual WorldEconomic
Outlook report. The warning comes days after IMF managing director Dominique Strauss-Kahn broke with tradition and asked governments to spend more - even at the cost of increasing budget deficits, which the agency normally considers a cardinal sin - to stimulate their economies. Strauss-Kahn cited the severity of the unfolding downturn. Growth in 2008 likely will slow to 4.1%, from 4.9% in 2007. Last Octo Read more:Update
The 19 biggest trading scams 2008-02-04 12:35:00 Company: Societe Generale (2008) Detail: Lost 4.9 billion euros ($7.2 billion) before taxes after trader went beyond permitted limits on European stock index futures.Company: Bank of Montreal (2007) Detail: Wrong-way bets on natural gas led to a pretax loss of about C$680 million ($663 million).Company: Amaranth Advisors LLC (2006) Detail: Trader Brian Hunter's bad bets on natural gas triggered $6.6 billion of losses.Company: Refco Inc. (2005) Detail: Declared bankruptcy after hiding $430 million of debt Company: China Aviation Oil (2004) Detail: Lost $550 million on (Singapore) Corp. speculative oil-futures trades, forcing debt restructuring.Company: Allied Irish Banks Plc (2002) Detail: Trader hid $691 million in currency market losses.Company: Plains All American (1999) Detail: Lost $16
TFN NEWS BRIEFING: Macroeconomics highlights to 10:10 GMT 2008-02-03 12:51:00 US, EU unlikely to stop Microsoft deal WASHINGTON (AP) - U.S. and European antitrust regulators aren't likely to prevent Microsoft from buying Yahoo, analysts said Friday, though scrutiny of the deal could drag on for months. 2008-02-01 23:31:41 EconoLog NEW YORK (AP) - Is the U.S. economy slipping into recession? Economists, analysts, company executives and investors are increasingly recognizing the possibility. Following are some comments Friday assessing the state of the economy, and what may happen if it slides into a recession: -- Analysts from Moody's in a conference call cited heightened fear of a recession as one of the reasons the ratings agency is likely to downgrade some bond insurers' financial-strength ratings by the end of the month.
UPDATE: Colombia Nov Trade Surplus $190M Vs Nov 2006 Deficit 2008-02-03 12:43:00 Colombia posted a trade surplus of $190 million in November compared to a $239 million deficit in the same month in 2006, the national statistics department, known as DANE, said Friday. DANE said exports in November advanced 47% to $2.59 billion.In the first 11 months of the year, the country posted a trade deficit of $1.33 billion compared to a deficit of $52 million in the same period in 2006.Exports of oil, coal, coffee and nickel rose 53% in November from the same month in 2006 to $1.43 billion, while other exports saw a 42% rise to $1.69 billion.Exports of oil products in November rose 111% to $853 million, boosted by higher prices, as the country's oil companies shipped 25% more tons of oil and processed products out of the country. Coal exports rose 9.5% to $304 million in value, an Read more:Colombia
, Trade
, Surplus
EUR/USD Technical Analysis 12 March 2008 2008-03-12 06:50:00 EUR/USD 1.5361 - 12 March
EUR/USD Open 1.5339 High 1.5481 Low 1.5283 Close 1.5340The Euro continued climbing yesterday to High 1.5481 till 14:00 GMT when the announcement by FED was to to lend as much as $200 billion in US Treasuries helped the US Dollar recover to 1.5285, which are the first resistance and support levels respectively for today. Next resistance upwards is 1.5530, followed by 1.5600. In downward direction next support is at 1.5215, which is 23.6% Fibonacci correction of the rise 1.4440 - 1.5455, and the lowest rate from 5 March at 1.5150.Technical
resistance levels: 1.5480 1.5530 1.5600Technical support levels: 1.5285 1.5215 1.5150Trading range: 1.5350 - 1.5415Trend: UpwardBuy at 1.5361 SL 1.5331 TP 1.5401Yesterday we made +50 pips profit on EUR/USD from the following signal Read more:Analysis
Fed move spurs stocks upwards, oil near record 2008-03-12 05:10:00 LONDON (Reuters) - World equity markets rose on Wednesday in reaction to large gains on Wall Street which followed Federal Reserve-led moves to inject billions of dollars of liquidity into cash-starved credit markets. Oil stayed close to its near-$110 a barrel record high but the dollar eased back after gaining in the previous session, as currency traders became skeptical about whether the measures could solve problems in the economy or the credit market. Deep concerns among investors about the threat of another round of last year's credit crisis were at least temporarily assuaged when the Fed said on Tuesday it would allow financial firms to swap securities backed by home mortgages for some $200 billion in Treasury bonds. This was supported by other liquidity-inducing ef Read more:upwards
Lufthansa sees further profit rise this year 2008-03-12 04:29:00 FRANKFURT (Reuters) - Germany's Deutsche Lufthansa (LHAG.DE: Quote, Profile, Research) expects operating profit
to rise again this year as air travel continues to grow even as financial markets stutter and fuel prices hover at record levels.The positive trend was expected to continue in 2009, Lufthansa said in its annual report on Wednesday."The perspectives for the aviation industry are full of promise," Chief Executive Wolfgang Mayrhuber said in a statement."In spite of the current uncertainty in the financial markets, the economic conditions remain good for Lufthansa. There have been no ground-breaking changes in terms of the fundamental conditions or the need for mobility."Shares in Lufthansa were 1.7 percent higher at 15.28 euros by 4:32 a.m. EDT, outperforming a 1.
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