Macroeconomic Snapshot
On a quarter-on-quarter basis, the construction output in the UK declined 3.9% in the second quarter of 2012.
On an annual basis, the output price inflation in the UK eased to 1.7% in July, from a revised 2.0% growth recorded in June.
On a monthly basis, the import price index in the US fell 0.6% in July, following a revised 2.4% drop recorded in June.
The budget deficit in France narrowed to €56.7 billion at the end of June, compared to a deficit of €69.6 billion recorded at the end of June 2011.
Inflation in Germany stood at 1.7% in July, unchanged from the figure for June.
On a quarterly basis, the gross domestic product in Japan expanded 0.3% in the second quarter of 2012, following a revised 1.3% growth recorded in the previous quarter.
Financial Markey Summary
At
0500 BST today, DJIA futures are trading 31 points lower.
Nikkei
225 index is trading flat at 8,892.6.
At
0500 BST today, FTSE 100 futures are trading 18.7 points lower.
At
0500 BST today, German DAX Xetra 30 futures are trading 25.2 points lower,
while French CAC-40 futures are trading 12.8 points lower.
In
Asia, crude oil for September delivery is trading 0.8% or $0.73 higher at
$93.60 per barrel.
At
0400 BST today, the GBP is trading marginally higher against USD at $1.5674,
marginally lower against the EUR at €1.2746, 0.1% higher against the JPY at
¥122.78.
US Market
Snapshot
At
0500 BST today, DJIA futures are trading 31 points lower.
On
Friday, DJIA edged up 0.3% to close at 13,208.0. NASDAQ inched 0.1% higher to
settle at 3,020.9. S&P 500 ticked up 0.2% to end at 1,405.9.
US
markets closed higher, as a drop in domestic import prices in July for the
fourth straight month and disappointing Chinese trade data, added to expectations
global central banks would act to shore up the world`s economies.
JC
Penney rose 5.9%, after its Chief Executive detailed about its turnaround
plans, amid quarterly losses and plunging sales. Research In Motion climbed
6.3%, on reports that IBM might acquire its enterprise division.
Harman
International Industries jumped 7.5%, leading the S&P 500 index, as its
fourth-quarter earnings more than doubled, amid forecast-beating results.
Spectrum
Pharmaceuticals added 2.6%, as it boosted its stock re-purchase plan to $100
million from previously authorized $25 million.
In
extended hours trading, Manchester United lost 0.6%, as they slashed their IPO
price. Logistics firm, C.H. Robinson notched up 3 cents as it boosted its share
repurchase programme.
Asian Market
Snapshot
Asian
markets are trading mostly lower today, following disappointing economic growth
data from Japan and after China failed to announce any growth-stimulating
measures over the weekend.
In
Japan, Sharp tumbled after a media report stated that the company might soon
sell its foreign LCD module assets to Taiwan's Hon Hai Precision Industry.
Nexon fell after the company cut its profit forecast.
In
Hong Kong, Bank of Communications fell after it received regulatory approval
for a nearly $9 billion private placement.
In
South Korea, Kumho Industrial declined amid media report that the company was
mulling a capital writedown plan by the end of this year.
Nikkei
225 index is trading flat at 8,892.6. Hang Seng index is trading 0.1% lower at
20,115.7, while Kospi index is trading 0.4% lower at 1,939.4.
UK Market
Snapshot
At
0500 BST today, FTSE 100 futures are trading 18.7 points lower.
Standard
Chartered has agreed to a demand from the New York Department of Financial
Services that the bank hire an outside monitor to ensure compliance with US
anti-money laundering laws.
BP
has agreed to sell its Sunray and Hemphill processing plants and associated
2,500 miles of pipelines in the Texas Panhandle to Eagle Rock Energy Partners
LP for a consideration of $227.5 million in cash.
European Market
Snapshot
At
0500 BST today, German DAX Xetra 30 futures are trading 25.2 points lower,
while French CAC-40 futures are trading 12.8 points lower.
Siemens
subsidiary Osram and Samsung have settled their global patent dispute over LED
technology according a filing with the US-International Trade Commission (ITC)
in Washington.
ARCHOS
reported a first-half loss of €21.9 million compared to a profit of €1.7
million in the previous year. Revenues stood at €74.2 million, an increase of
3.5% from €71.7 million reported in the previous year.
Commodities
In
Asia, crude oil for September delivery is trading 0.8% or $0.73 higher at
$93.60 per barrel.
On
Friday, crude oil for September delivery dropped 0.5% or $0.49 to $92.87 per
barrel, after data showed that China's crude oil imports dropped in July and
after the International Energy Agency cut its estimates for global oil demand,
trimming its demand forecast for 2013 by 400,000 barrels per day citing
"worrying slowdown" in global economic activity.
However,
geopolitical tensions in Syria and reports of a possible military strike on
Iran's nuclear facilities by Israel supported crude oil prices. Additionally,
news that a tropical depression in the Atlantic could become a tropical storm
also kept investors cautious, supporting oil prices.
Gold
for immediate delivery is trading 0.3% higher today, at $1,624.50 per ounce.
Gold
for December delivery settled up 0.2% or $2.60 at $1,622.80 per ounce on
Friday, as the dollar slipped against its counterparts and as lacklustre data
in China increased speculation that the country might take more steps to boost
economic growth.
On
Friday, copper 3-month futures dropped 0.9% or $70.5, to close at $7,439.50
/MT. Aluminium 3-month futures fell 0.3% or $5.0, to close at $1,765.00 /MT.
Currencies
At
0400 BST today, the GBP is trading marginally higher against USD at $1.5674,
marginally lower against the EUR at €1.2746, 0.1% higher against the JPY at
¥122.78.
The
EUR is trading slightly higher against the USD at $1.2297. Earlier, the USD was
trading higher against the EUR amid speculation reports tomorrow would show
gross domestic product grew at a slower pace in Germany and contracted in
France. The USD was also supported on speculation that reports this week would
show sales at US retailers rose in July for the first time in four months.
The
EUR is trading 0.1% higher against the JPY at ¥96.33, before Italy sells €8
billion in bills today.
The
JPY is trading lower against the EUR and the USD, after data showed that the
pace of economic growth in Japan eased to an annualized 1.4% in the second
quarter of the year.
The
AUD and NZD are trading lower against their major peers as signs of a slowdown
in global economic recovery decreased demand for higher-yielding assets.
On
Friday, the EUR closed lower against the USD and the GBP, as demand for riskier
assets declined amid concerns the European debt crisis is worsening and slowing
global economic growth in the region. Spanish and Italian bond yields rose amid
concern the ECB’s bond buying program might fail to address problems of Spain
and Italy.
Source: www.etxcapital.com
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