News - 2013 02

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2013 02

In Europe, it looks as though the major players will form a coalition government in Italy, as bond yields traded lower yesterday as the government held a successful debt auction. Equity futures are pointing to a rise of around 80bps ahead of German CPI and unemployment data along with French PPI and consumer sentiment.

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Asian markets mainly firmer with the exception of Japan, following better than expected macro data out of the US. In corporate news, AIA, Asia's third largest insurer rose 3.5% after reporting better than expected results.

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Europe is dominated by the Italian election with indications that there could be a hung parliament and the need for a re-vote. European equity futures are pointing to a sharply lower open down around 1.5% whilst the Euro is also lower at around 1.3050. Moody's cut their ratings for Barclays and Lloyds overnight.

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Asian markets higher this morning with the Nikkei up almost 2% after the Yen traded at two and half year lows against the dollar

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Asian markets are slightly firmer this morning with the Nikkei reversing losses from earlier in the session. Singapore's economy grew more than expected for the quarter with a smaller than expected contraction in manufacturing.

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In Europe, equity futures are pointing to move of around 80bps lower after selling off late in yesterday's session. Today we have German, French and Eurozone PMI data, and UK public sector net borrowing. Earnings today from Axa, Allianz, Swiss Re, Schneider and Bae Systems.

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In Europe, markets posted strong gains buoyed by positive survey data out of Germany. Today we have German producer prices, CPI for both Germany and France, Italian Industrial orders and in the UK, jobless claims and BOE minutes. Accor, Lafarge, Credit Agricole, France Telecom, Cap Gemini and Billiton have all released earnings.

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Asian markets are slightly lower this morning, with China's Shanghai Composite the main loser down over 1%

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Asian markets firmer, boosted by Japan's Nikkei up almost 2% on a weaker Yen after G20 finance leaders avoided criticism of the country's efforts of stimulus. Trading in China resumed after markets have been closed for the past week, with the Shanghai Composite almost 1% lower after holiday retails sales rose at their slowest pace in 4 years.

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Asian markets are weaker this morning on profit taking. The Nikkei was down around 2% at one stage with the Yen falling back down through the 93 level. Kirin Holdings, Japan's largest drink maker, fell around 5% after the company said that profit growth would be lower than forecasts.

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Asian markets are higher again, with Hong Kong's Hang Seng looking set to close at 18 month highs. Japan released their quarterly GDP numbers which came in lower than expected with a contraction of 0.4%, reinforcing the argument for increased stimulus. Japanese brewer, Asahi Group, rose almost 8% after better results and a share buyback announcement. Elsewhere, South Korea kept their benchmark interest rate unchanged at 2.75%.

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Asian markets firmer with the exception of the Nikkei which trades just over 1% lower on a stronger Yen. Elsewhere, Australian and Korean markets surged higher with the former posting multi year highs after consumer confidence climbed the most in almost 2 years.

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In Europe, equity futures are pointing to a loss of around 30 bps. There is some market talk that G7 leaders will make an announcement ahead of the G20 summit in Moscow later this week, in an effort to calm fears over the threat of a global currency war. Today we have UK CPI, RPI and PPI. Barclays have reported their quarterly earnings.

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A couple of chart patterns that have emerged in the past week or so that are worth considering, firstly on the DAX….. the index was the first to start its underperformance and now sits down on the year, over the past week a pennant formation has been building and a significant break of the 7600 level would signal a continuation of the prior trend with a move equating to the move prior to the pennant, in other words we could see prices towards the 7400 level. On the US indices it is worth noting

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Many Asian markets are closed this morning, but notably Indonesian and Phillipine markets made fresh highs whilst Australia's ASX was little changed at highs not seen since 2010 after US markets made fresh highs on Friday.

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