Friday, 21 September 2012

September 21, 2012 Financial Market Summary

At 0500 BST today, FTSE 100 futures are trading 13.6 points higher.
At 0500 BST today, German DAX Xetra 30 futures are trading 10.0 points up, while French CAC-40 futures are trading 10.0 points higher.
At 0500 BST today, DJIA futures are trading 34.0 points higher.
Nikkei 225 is trading 0.6% higher, at 9,142.3.
In Asia, crude oil for November delivery is trading 0.6% or $0.60 higher at $93.02 per barrel.
At 0400 BST today, the GBP is trading 0.1% higher against the USD at $1.6231, flat against the EUR at €1.2503, and 0.1% higher against the JPY at ¥127.00.
US Market Snapshot
At 0500 BST today, DJIA futures are trading 34.0 points higher.
Yesterday, DJIA edged up 0.1% to settle at 13,596.9. NASDAQ inched 0.2% lower to end at 3,176.0. S&P 500 dropped 0.1% to close at 1,460.3.
US markets closed mostly lower yesterday, as weak economic reports from China, Japan, Europe and the US rattled investors sentiment, increasing concern about global economic growth.
Citigroup, Goldman Sachs and Morgan Stanley declined between 1.1% and 2.1%, as UBS downgraded its rating on these stocks to “Neutral” from “Buy”. Bank of America fell 1.1%, as it mulled to cut about 16,000 jobs by the year end.
Norfolk Southern slumped 9.1%, after it projected third-quarter earnings that trailed market expectations. Green Mountain Coffee Roasters slumped 9.6%, as Starbucks revealed its own line of single-serve coffees and electric brewers, intensifying competition.
However, Exxon Mobil gained 1.1%, as it agreed to acquire Denbury Resources Bakken oil shale assets for $1.6 billion. ConAgra Foods rose 6.2%, as it raised its first-quarter dividend and boosted its profit forecast.
After the closing bell, McDonald's edged up 0.1%, as it increased its quarterly dividend by 10%. Michael Kors added 3.6%, as it raised its second-quarter and full-year earnings and revenue guidance.
Asian Market Snapshot
Asian stock markets are trading higher this morning, tracking positive cues from the Dow Jones Industrial Average, as recent moves by global central banks continued to help sentiment.
In Japan, Sharp gained value, amid report that it is in talks with Intel for capital tie-up. Carriers of the iPhone, Softbank and KDDI advanced, as iPhone 5 hit shelves in Japan.
In Hong Kong, AIA traded higher, following a managerial appointment, while CNOOC gained values, as Nexen approved its takeover bid.
In South Korea, Samsung Electronics, that gets 9% of its sales from Apple, gained value as the new iPhone went on sale.
Nikkei 225 is trading 0.6% higher, at 9,142.3. Hang Seng index is trading 0.8% up, at 20,764.5, while the Kospi index is trading 0.5% higher, at 2,000.0.
UK Market Snapshot
At 0500 BST today, FTSE 100 futures are trading 13.6 points higher.
The UK lawmakers have demanded G4S to waive its $92 million management fee for its failure to provide thousands of security guards for the Olympic Games.
The Daily Telegraph reported that JJB sports was “hesitant” to report it had been incorrectly applying VAT to children’s clothing resulting in a £5 million tax liability.
European Market Snapshot
At 0500 BST today, German DAX Xetra 30 futures are trading 10.0 points up, while French CAC-40 futures are trading 10.0 points higher.
According to “Süddeutsche Zeitung”, Deutsche Bank would cut thousands of jobs in Germany, with around 543 jobs being scrapped in Bonn and Frankfurt.
Vinci Energies, one of the five divisions of the construction group Vinci, has announced the acquisition of the Indian company Vasundara, which specializes in industrial automation and robotic solutions.
Commodities
In Asia, crude oil for November delivery is trading 0.6% or $0.60 higher at $93.02 per barrel.
Yesterday, crude oil for October delivery fell 0.1% or $0.11 to $91.87 per barrel, as disappointing preliminary manufacturing data from Europe and China sparked worries over slowing global economic growth and demand outlook for crude oil. The contract expired at the end of floor trading. The most actively traded November delivery contract gained $0.12 to settle at $92.42 per barrel.
However, later in the trading session oil prices pared some losses, after data showed that manufacturing activity in the Philadelphia-region improved more-than-expected in September.
Gold for immediate delivery is trading 0.1% higher today, at $1,771.75 per ounce.
Gold for December delivery settled down 0.1% or $1.50 at $1,770.20 per ounce yesterday, as the dollar strengthened against the euro decreasing the demand for the yellow metal as a hedge against inflation. 
Yesterday, copper 3-month futures fell 1.3% or $110.5, to close at $8,220.00 /MT. Aluminium 3-month futures dropped 1.5% or $30.0, to close at $2,025.00 /MT.
Currencies
At 0400 BST today, the GBP is trading 0.1% higher against the USD at $1.6231, flat against the EUR at €1.2503, and 0.1% higher against the JPY at ¥127.00.
The EUR is trading marginally higher against the USD at $1.2980 and 0.1% higher against the JPY at ¥101.57, ahead of the meeting between Spanish Prime Minister Mariano Rajoy and his Italian counterpart Mario Monti in Rome. However, gains were capped, ahead of data due next week which is forecasted to show German business sentiment remained near the lowest in more than two years in September.
Yesterday, the EUR ended lower against the USD and other major currencies, after data revealed that eurozone composite PMI fell unexpectedly to a three-year low in September. The EUR also fell, as Spanish bond yields rose for the first time in three days.
The USD and the JPY closed higher against other currencies, as dismal economic data from China and the eurozone reignited worries about global economic growth, spurring demand for the safe haven assets. A separate report revealed that US jobless claims dropped less-than-expected last week.
The AUD ended lower against the USD, after a report indicated that manufacturing activity in China declined for an eleventh month in September, dampening prospects for the nation’s resource exports.
The NZD closed higher against the USD, after data showed that New Zealand’s economic growth slowed less-than-estimated in the second quarter of 2012 on the back of stronger farm output and construction.
Macroeconomic Snapshot
On a month-on-month basis, retail sales in the UK dropped 0.2% in August, compared to a 0.3% rise recorded in July.
The composite Purchasing Managers’ Index (PMI) in the eurozone fell to a reading of 45.9 in September, from 46.3 in the previous month.
The consumer confidence index in the eurozone fell to a reading of -25.9 in September, from -24.6 recorded in August.
The preliminary manufacturing PMI in the US stood at a reading of 51.5 in September, unchanged from the previous month.
For the week ended 15 September 2012, initial jobless claims in the US fell to 382,000, from the previous week's revised figure of 385,000. However, for the week ended 8 September 2012, continuing claims in the US fell to 3.272 million.
The Conference Board Leading Economic Index for the US dipped 0.1% in August, compared to a revised 0.5% increase recorded in July.
On a yearly basis, machine tool orders in Japan dropped 2.7% in August, compared to 6.7% decrease recorded in the previous month.
 

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