5.9 C
New York
Friday, March 29, 2024

Pivotfarm Daily News Harvest 12th August 2010

Courtesy of Pivotfarm

Markets in a Flash

·         The USD is starting to look stronger today. Against the JPY it is pulling back some of its losses.

·         The EUR/JPY appears to be pushing to new monthly lows today. It is trading around the 110.000 level.

·         US equity futures are lower today suggesting the selloff will continue when the markets open.

·         Oil is falling and Gold is rising as investors become more risk averse. Wheat prices continue to rise as supply fears feed the trend.

·         Asian markets fell over night. The Nikkei 225 finished down -0.86% while other indices were also lower.

·         European equity markets are fluctuating between rises and falls this morning with no direction being obvious.

News focus

Industrial Output in Europe Falls

Industrial output data for the Eurozone, released this morning, came in worse than expected. The monthly change in the figure was forecast to be +0.7% but when released showed a decline of -0.1%. The figure released today for June shows a decline, this follows last month’s data for May which showed a rise in production of 1.1%. This new information may show that the Eurozone economy is starting to slow its growth rate in line with what appears to be happening across the Atlantic in the US.

GM Seeks IPO

The automaker, General Motors Co, primarily owned by the US government is expected to seek an Initial Public Offering. The IPO is expected to raise somewhere in the region of $12Bn to $16Bn, this will make it the second largest IPO in US history behind 2008’s $19.7Bn offering of Visa inc. The S1 document is expected to be filed with the Securities and Exchange Commission tomorrow or Monday.

 

Just Released

0830ET – Jobless Claims

New Claims – Level

Previous                              479 K               Consensus          460 K

Consensus Range            460 K to 470 K        Actual                 484 K

This week’s jobless claims figure came in worse than consensus and worse than previous. This should be bearish for the markets and show that the economy is struggling more than thought. This fits in with the recent trend of employment data being worse than thought. If the labour market in the US is not in good health it is a very bad sign for the wider economy.

Coming up Today

1030ET – Natural Gas Report

The weekly report by the Energy Information Administration provides data on US natural gas stocks. A report showing a drop in natural gas stocks may signal increasing demand in the economy and see an increase in the price of the commodity.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,450FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x