tag:blogger.com,1999:blog-4383158027255888342024-02-08T09:54:57.640-08:00Reymount Blog - Online Forex & CFD, Precious Metals TradingReymount Investment, provides online trading platform for its investors to trade in spot forex, Precious metals trading, cfd trading, trading software & trading broker .Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.comBlogger144125tag:blogger.com,1999:blog-438315802725588834.post-37799073109469070572012-12-26T01:07:00.000-08:002012-12-26T01:07:29.914-08:00Gold Declines on U.S. Economic Recovery, Budget-Deal Optimism<br />
Gold dropped for the first time in
four days as optimism that the U.S. economy is recovering and
lawmakers will reach a budget deal damped demand for the metal
as a protection of wealth. Platinum and palladium advanced. <br />
Spot gold fell as much as 0.4 percent to $1,651.62 an ounce
and was at $1,655.73 at 3:25 p.m. in Singapore. It lost 2.3
percent last week, the most since the period to June 22, after
data showed that consumer spending, durable-goods orders and
industrial output increased in November. A separate report
showed the largest economy grew at a 3.1 percent annual rate
last quarter, exceeding all projections in a Bloomberg survey. <br />
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An Argor Heraeus SA-branded one
kilogram gold bar is seen in this arranged photograph at Gold
Investments Ltd. bullion dealers in London, U.K.. Photographer: Chris
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The U.S. may be a “bright spot” for the global economy in
2013, according to Huang Guobo, who oversees management of the
$3.3 trillion foreign-exchange reserves in China, the largest
foreign lender to the U.S. government. President Barack Obama
and House Speaker John Boehner have not yet been able to reach a
deal to avert more than $600 billion in automatic spending cuts
and tax increases from Jan. 1, known as the fiscal cliff. <br />
“The U.S. economy has been recovering and the market is
optimistic on resolution of the fiscal cliff,” Janet Kong, an
analyst at China International Capital Corp., the nation’s
largest investment bank, wrote in a note. <br />
Gold for February delivery slipped 0.1 percent to $1,658.30
an ounce on the Comex in New York. Holdings in gold-backed ETPs
reached a record 2,632.516 metric tons on Dec. 20, and have
expanded 12 percent this year, data compiled by Bloomberg show. <br />
Spot gold is 5.9 percent higher this year, set for a 12th
annual gain, as investors sought the metal to hedge against
weakening currencies and the threat of inflation after central
banks around the world boosted stimulus to prop up economies. <br />
Spot platinum rose as much as 0.9 percent to $1,549 an
ounce, before trading at $1,548.50. The best performing precious
metal in 2012 has risen 11 percent. Palladium rose 0.2 percent
to $687.25 an ounce, 4.9 percent higher this year. Cash silver
fell 0.1 percent to $29.925 an ounce, up 7.5 percent this year.<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b>
<b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-74942895522312729862012-12-24T04:18:00.004-08:002012-12-24T04:23:29.034-08:00Morgan Stanley Triple-Top Buy Setup?<br />
<center>
<i>Shares of Morgan Stanley are approaching what may be a relatively rare but important chart point -- a triple-top buy pattern.</i></center>
<b>Security:</b> <span style="color: blue;">MS</span><br />
<b>Position:</b> <span style="color: blue;">N/A</span><br />
<br />
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%px;">
<tbody>
<tr><td>After enduring a sharp 10-week long decline in the spring
of 2012 -- one that saw Morgan Stanley (MS) shares shed more than 42%
of their value -- this key financial sector stock managed to put in a
strong, well-spaced double-bottom pattern (between June 4 and July 23,
2012), attracting the interest of value-conscious smart money interests
as it did so. <br />
<br />
Now, five months later, MS is up by more than 50%
and is rapidly closing in on what could be an explosive triple-top buy
signal, one that could lead to even more gains in the stock as 2012
fades out and 2013 arrives. Here's a closer look now (see Figure 1).<br />
<br /></td></tr>
<tr><td><img src="http://technical.traders.com/authors/images/7192_1.gif" />
</td></tr>
<tr><td><b>FIGURE 1: MS, DAILY.</b> Triple-top buy patterns
are infrequent, but they can sometimes lead to powerful continuation
moves. Note how bullish that Morgan Stanley's long-term money flow trend
is on this daily chart.</td></tr>
<tr><td><br /></td></tr>
<tr><td></td></tr>
<tr><td>Chart pattern trading can be a valuable technical analysis
timing tool, particularly when an attractive pattern -- such as the
beautiful triple-top buy signal you see above -- is put into a big
picture context that includes at least several of the following
confirming market dynamics:<br />
<br />
1. The four- and 13-week relative strength of the stock versus the .SPX, .NDX, and/or .RUT. See Figure 2.<br />
2. The long-term money flow trend of the stock -- using an 89- to 110-day Chaikin money flow histogram.<br />
3.
The six- to 12-month earnings growth projections for the stock. Check
for recent upward/downward revisions in earnings growth rates.<br />
4. The
price cycles for the stock; the more that agree with the projected
breakout of the chart pattern, the more reliable the breakout is likely
to be.<br />
<br />
There are other tools that can be used, of course, but
using these four is a great place to start, especially when dealing with
a very large pattern that may offer a substantial profit opportunity.
In the case of MS, the stock scores very favorably in each of those four
categories, and the next big event to watch for is a break above 18.57,
which is the October 18, 2012 high of the second of the three tops
shown on the chart. <br />
<br />
We've all heard the phrase "third time's a
charm," and in this instance, it's going to be positive fundamentals and
technicals (rather than sheer luck) that will power MS higher in the
days ahead, playing MS here on the long side, possibly weeks ahead.<br />
<br /></td></tr>
<tr><td><img src="http://technical.traders.com/authors/images/7192.gif" />
</td></tr>
<tr><td><b>FIGURE 2: SPX.</b> Many financial sector stocks in
the Standard & Poor's 100 are outperforming the .SPX over the past
13 weeks, including Morgan Stanley.</td></tr>
<tr><td></td></tr>
<tr><td>Playing MS here on the long side isn't too complicated, but you
definitely need to decide what your trading objectives are, since there
is a high probability of a pullback to retest the 18.50 to 19.00 area
(depending on how powerful the break higher might be), traders using 30-
to 60-minute charts might find any number of good entry points after a
pullback and may be able to ride them higher for one to three days. <br />
<br />
Intraday
scalpers might simply go for a 25- to 50-cent gain on a break above
18.57, being careful to use a very close stop if they do. Finally,
traders could simply buy a January '13 MS $17.50 covered call -- selling
for about 17.27 as this is written -- intending to hold the position
through option expiration on January 19, 2013. <br />
<br />
Using the 21-day
exponential moving average (EMA) (blue line on Figure 1) can help give
you an objective trailing stop for the entire position; if you see MS
make a daily close below it, you simply liquidate both sides (remember,
you're long 100 shares of stock and short one call option when you put
on a covered call) of the position. Risking 2% or less of your account
equity can also help limit the damage to your portfolio on trades that
simply don't work out, as risk control is a critical component in the
long-term success of any kind of trading endeavor. Trade wisely until we
meet here again.<br />
<br /></td></tr>
</tbody></table>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-22842208025079448332012-12-24T00:46:00.000-08:002012-12-24T01:05:35.999-08:00U.S. Stock Futures Drop as Yen Slips Amid Budget Deadlock<br />
U.S. stock futures declined and oil
headed toward the lowest close in a week amid speculation
American lawmakers will miss a year-end budget deadline. The yen
slid as Japan’s incoming pro-stimulus prime minister said he may
change rules governing the central bank. <br />
Futures for Standard & Poor’s 500 Index dropped 0.5 percent
as of 8:17 a.m. in London. The Stoxx Europe 600 Index slipped
less than 0.1 percent even as BP Plc climbed after winning
judicial approval on claims settlement for the 2010 Gulf of
Mexico oil spill. Markets in most European nations are closed
today for Christmas eve. The yen fell 0.2 percent against the
dollar, extending the longest streak of weekly declines in nine
months. Brent oil in London dropped 0.3 percent to $108.62 a
barrel. Spot gold climbed 0.4 percent. <br />
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The yen weakened against the dollar. Photographer: Kiyoshi Ota/Bloomberg </div>
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<div class="caption">
The Japanese national flag flies atop the Bank of Japan headquarters in Tokyo, Japan. Photographer: Akio Kon/Bloomberg </div>
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Time is running out for U.S. lawmakers and President Barack
Obama to agree on a budget deal by year end to avoid triggering
more than $600 billion in tax increases and spending cuts,
Senator Joseph Lieberman said. Shinzo Abe said he will consider
changing laws governing the Bank of Japan if it fails to revise
its inflation target up to 2 percent next month. <br />
“Most people had made the assumption that the fiscal-cliff
discussions would have been successful,” said Robert Rennie,
chief currency strategist at Westpac Banking Corp. in Sydney.
U.S. House Speaker John “Boehner’s failure to get enough votes
for the ‘Plan B’ in the House certainly was a shock to the
financial markets. If that story continues, it will continue to
hit risk markets and support demand for the U.S. dollar.” <br />
Volume on Australia’s stock market, which shut at 2:10 p.m.
local time, was more than 60 percent below the 30-day average
for the time of day. Hong Kong traded for half a day, while
Japan was closed. <br />
<h2>
Gold Producers </h2>
The MSCI Asia Pacific excluding Japan Index gained 0.1
percent with about eight shares rising for every seven that
fell. Hong Kong’s Hang Seng Index gained 0.2 percent and
Australia’s S&P/ASX 200 Index closed 0.3 percent higher. South
Korea’s Kospi Index was up 0.1 percent, while the Shanghai
Composite Index advanced 0.3 percent. <br />
Supplies of cash in China are the most plentiful in three
years in the run-up to public holidays, after policy makers told
the central bank to ensure companies have enough funds to
support economic growth, according to the seven-day repurchase
rate from the National Interbank Funding Center. <br />
Gold producers advanced in Asia as the U.S. budget impasse
boosted demand for the metal as an investment haven. Alacer Gold
Corp. (AQG) surged 6.7 percent in Sydney and Newcrest Mining Ltd.
climbed 1 percent. Zijin Mining Group Co. (2899), China’s No. 1 gold
producer by market value, rose 2.4 percent in Hong Kong. <br />
<h2>
Budget Stalemate </h2>
The S&P 500 Index had its worst decline in more than a
month on Dec. 21 after Boehner failed to garner support from his
caucus for “Plan B,” which would have extended tax cuts on
incomes below $1 million. <br />
“For the first time I feel it’s more likely that we will
go off the cliff,” Lieberman, a retiring Connecticut
independent, said on CNN’s “State of the Union” program of the
so-called fiscal cliff. Lawmakers plan to return to Washington
Dec. 27 to continue negotiating. <br />
The yen dropped against 15 of 16 major peers and was down
to 84.37 per dollar. The currency fell for a sixth week against
the greenback last week after the nation’s central bank said it
would review its inflation target after a pro-stimulus
government was elected. <br />
Abe, who is poised to become prime minister after his
Liberal Democratic Party’s coalition secured a majority in
elections on Dec. 16, has called on the BOJ to pursue
“unlimited easing” to help end deflation and revive growth. <br />
Japan’s currency has tumbled 12 percent this year, the
worst performer among the 10 developed-nation currencies tracked
by Bloomberg Correlation-Weighted Indexes. <br />
<h2>
Gold’s Reversal </h2>
Gold advanced after its worst week in six months, erasing
an earlier decline. Bullion for immediate delivery rose to
$1,663.42 an ounce after dropping as much as 0.3 percent today. <br />
“The market’s wondering which way it’s going to go,” said
David Lennox, a resource analyst at Fat Prophets in Sydney. “As
2012 draws to a close and 2013 comes into play, the price may
drift back up as it looks like it’s not going to happen,” he
said, referring to an agreement by U.S. lawmakers on the budget. <br />
Copper climbed for a second day after U.S. data showed
demand from the second-largest user may improve, gaining 0.2
percent in London. Reports from the U.S. Commerce Department
last week showed household purchases climbed last month as
orders for long-lasting items increased more than forecast.<br />
<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b>
<b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-21590084158013206432012-12-23T04:58:00.003-08:002012-12-23T04:58:57.744-08:00Egypt Shares Drop as Economy Concern Outweighs Vote<br />
Egyptian stocks fell for the first
time in four days as concern that the government will fail to
revive economic growth overshadowed initial results showing a
draft constitution won approval. <br />
Palm Hills Developments SAE, a developer of luxury real
estate, tumbled 3.6 percent. Commercial International Bank Egypt
SAE (COMI) dropped 2 percent. <br />
The EGX 30 Index (EGX30) declined 1.2 percent to 5,378.21 at 1:39
p.m. in Cairo, the biggest retreat since Dec. 10. The benchmark
gauge has still advanced 48 percent this year, the sharpest
rally since 2007. Elsewhere in the Middle East, the Bloomberg
GCC 200 Index of the biggest companies in the six-nation Gulf
Cooperation Council, slipped 0.2 percent today. <br />
“In theory, the constitution’s approval means we’re on the
road to stability,” said Ashraf Akhnoukh, Cairo-based manager
for Middle East and North Africa markets at Commercial
International Brokerage Co. “But in reality, the economy
remains a huge challenge and it’s a big question whether this
government will be able to stimulate recovery.” <br />
Islamists who support President Mohamed Mursi said 64
percent of voters backed the charter. Still, unrest in the month
leading up to the vote had forced the government to delay a $4.8
billion International Monetary Fund loan seen crucial to revive
the economy, which U.K.-based consulting firm Maplecroft says
won’t grow enough over the next three years to prevent
unemployment from rising. <br />
The volume of shares changing hands in Egyptian stocks was
50 percent more than the average of the last 10 days, according
to data compiled by Bloomberg. <br />
<h2>
Plunging Reserves </h2>
Growth may average 3 percent over the next three years,
according to Maplecroft. The pound, subject to managed float, is
trading at the lowest level since 2004 as the country struggles
to stem the decline in foreign-currency reserves, which have
plunged 58 percent since last year’s uprising. <br />
Palm Hills declined 6 percent, the biggest intraday drop
since Dec. 6, to 2.37 pounds. Commercial International Bank fell
2.5 percent to 34.50 pounds. <br />
Dubai’s DFM General Index (DFMGI) gained 0.4 percent to 1,606.92 at
the close in the emirate, the highest since Dec. 10. <br />
Air Arabia (AIRARABI) rose 2.7 percent to 80.2 fils, the highest since
March 2011. The company was the second-most traded stock in the
index. Air Arabia’s 2012 profit may jump 44 percent to 387
million dirhams ($105 million), according to the average
estimate of eight analysts on Bloomberg. <br />
<h2>
Payout Expectation </h2>
“Investors are positioning themselves in anticipation of
the dividends for 2012,” said Samer Darwiche, Dubai-based
analyst at Gulfmena Investments Ltd. <br />
The Sharjah-based airline last paid a cash dividend of 0.06
dirham a share for 2011, when profit dropped 12 percent, data
compiled by Bloomberg show. <br />
Abu Dhabi’s ADX General Index rose 0.5 percent, Oman’s
MSM30 Index gained 0.3 percent and Bahrain’s measure added 0.7
percent. Kuwait’s index fell 0.3 percent, Qatar’s QE Index
retreated 0.2 percent and Saudi Arabia’s Tadawul All Share Index
dropped 0.2 percent at 2:39 p.m. in Riyadh. <br />
Israel’s TA-25 Index declined 0.5 percent. The country’s
benchmark bonds rose, pushing the yield to the lowest level in
almost a week, on speculation the central bank may lower
borrowing costs as early as tomorrow.<br />
<br />
<br />
<b>Source: Bloomberg</b><br />
Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-33723917550303772552012-12-20T03:19:00.002-08:002012-12-20T03:19:48.721-08:00European Stocks Fluctuate Near 19-Month High European stocks fluctuated near a
19-month high as investors awaited developments in U.S.
negotiations to avoid so-called fiscal cliff. U.S. index futures
and Asian shares were little changed. <br />
Ericsson AB lost 2.6 percent after taking an 8 billion
kronor ($1.2 billion) charge related to its wireless-chip
venture with STMicroelectronics NV. (STM) UBS AG, Switzerland’s
biggest bank, dropped 1 percent as it faces scrutiny in Hong
Kong for possible misconduct linked to the city’s rates. SBM
Offshore NV (SBMO) soared 13 percent after seeking to settle a dispute
with Talisman Energy Inc. <br />
The Stoxx Europe 600 Index (SXXP) retreated less than 0.1 percent
to 281.62 at 10:10 a.m. in London, having swung between gains
and losses at least six times. The benchmark measure is heading
for a seventh straight month of gains and has rallied 15 percent
this year as the European Central Bank announced an unlimited
bond-buying program and the Federal Reserve began a third round
of asset purchases. <br />
“Investors won’t be taking any big positions from now
until year end,” said Matthieu Giuliani, a fund manager at
Banque Palatine SA in Paris, which oversees $5.3 billion. “As
for the fiscal cliff, it’s in the best interest of both parties
to find a solution. It’s normal that the opposition asserts its
power to prolong things, but in the end they will reach an
agreement.” <br />
Standard & Poor’s 500 Index futures fell 0.1 percent today,
while the MSCI Asia Pacific Index (MXAP) rose less than 0.1 percent as
the Bank of Japan expanded its asset-purchase program. <br />
<h2>
Budget Talks </h2>
Officials from President Barack Obama’s administration told
leaders of U.S. business and financial-services groups that
negotiations with House Speaker John Boehner, a Republican, have
deteriorated in the last 24 hours, according to a person
familiar with the meeting. <br />
The officials told the group of eight industry
representatives at the White House that Republican plans to move
forward with Boehner’s alternative proposal on taxes and
spending risks pushing the government past the deadline, said
the person, who asked for anonymity to discuss the private
talks. If lawmakers don’t reach an agreement by the end of the
year, a package of more than $600 billion of automatic tax
increases and spending cuts, will come into force in January. <br />
Data on U.S. gross domestic product, home sales and leading
indicators are among economic reports expected today. <br />
Ericsson fell 2.6 percent to 64.60 kronor as the world’s
largest maker of mobile-phone networks took the charge for
writing down the value of ST-Ericsson. The company said it won’t
buy a full majority of the unit after Geneva-based
STMicroelectronics said it will exit the venture. <br />
STMicroelectronics lost 1.2 percent to 5.31 euros in Milan. <br />
<h2>
UBS Probe </h2>
UBS (UBSN) slipped 1 percent to 15.05 Swiss francs. The Hong Kong
Monetary Authority has started an investigation to see if there
was wrongdoing by the bank in its submission of data for setting
the Hong Kong Interbank Offered Rate, according to a statement
from the de-facto central bank. <br />
SBM Offshore climbed 13 percent to 10.43 euros as the
world’s largest maker of floating oil and gas output platforms
sought to settle a dispute with Talisman and wrote off the value
of a related operation. The company will sell a 9.95 percent
stake to HAL Investments BV for $193 million to restore its
balance sheet and meet banking covenants. <br />
Cap Gemini SA (CAP), a French computer-services company, slid 3.6
percent to 33.24 euros. Accenture Plc, the world’s second-
largest technology-consulting company, reported a decline in
first-quarter sales of its advice. <br />
<h2>
Areva Declines </h2>
Areva SA (AREVA) lost 3.9 percent to 12.90 euros. The maker of
nuclear reactors, offshore wind turbines and biomass plants cut
its earnings forecast for 2013, citing financing delays at
unspecified renewable energy projects carried out by clients. <br />
Rheinmetall AG (RHM), the maker of KS Kolbenschmidt engine
pistons, dropped 2.8 percent to 36.43 euros as Citigroup Inc.
downgraded the stock to sell from neutral. <br />
Immofinanz AG (IIA) tumbled 4 percent to 3.28 euros, for the
biggest drop in the Stoxx 600. The Austrian real estate company
said first-half net income declined to 103.3 million euros from
265.1 million euros a year ago.<br />
<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-23608624455965145772012-12-19T03:12:00.001-08:002012-12-19T03:12:11.884-08:00Gold Gains as Consumers Buy After Drop to 3-Month Low, ETPs Rise<br />
Gold gained in London as a drop to
the lowest level in more than three months and a weaker dollar
spurred buying while holdings in exchange-traded funds rose to a
record. <br />
Physical demand from top buyer India has been “above
average” this week, volumes in China are also strong, and
buying out of Europe is “notable,” UBS AG said in a report
today. The U.S. Dollar Index (DXY), a gauge against six counterparts,
fell as much as 0.3 percent to the lowest level since Oct. 18.,
amid speculation U.S. lawmakers will reach an agreement on the
budget, reducing demand for safer assets. Gold typically trades
counter to the U.S. currency. <br />
“Indian and Chinese buying was active on the lows
overnight,” said Andrey Kryuchenkov, an analyst at VTB Capital
in London. “After such heavy losses, activity remains subdued
with some small-scale opportunistic buying on the lows. Weaker
dollar is also somewhat helping bullion.” <br />
Gold for immediate delivery gained 0.3 percent to $1,675.81
an ounce by 10:09 a.m. in London. The price fell to $1,661.10
yesterday, the lowest since Aug. 31. Bullion for February
delivery increased 0.4 percent to $1,676.70 on the Comex in New
York. <br />
“Near-term gold sentiment is under pressure, but further
out the view remains positive and in that sense current weakness
ought to be considered a good buying opportunity,” Edel Tully,
a London-based analyst at UBS, said in a report today. Commodity
index re-balancing next month may boost gold demand by about
300,000 ounces, she wrote. <br />
<h2>
Bank Actions </h2>
Spot gold is up 7.2 percent this year, heading for a 12th
annual gain, after central banks from the U.S. to China and
Europe took action to prop up economies. Holdings in gold-backed
exchange-traded products increased to a record 2,631.43 metric
tons yesterday, data tracked by Bloomberg show. They’ve expanded
12 percent this year. <br />
In the U.S., House Speaker John Boehner offered a backup
plan that would raise tax rates for Americans making more than
$1 million a year, as he seeks compromise between fellow
Republicans and the Obama administration. Standard & Poor’s
raised Greece’s rating after a debt buyback. <br />
Silver for immediate delivery rose 0.2 percent to $31.70 an
ounce, up 14 percent for the year. Spot platinum advanced 0.3
percent to $1,598.50 an ounce, advancing 14 percent in 2012.
Palladium gained 0.2 percent to $689.50 an ounce.<br />
<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b>
<b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-5434189336991605702012-12-19T01:09:00.000-08:002012-12-19T01:09:03.001-08:00Yen Falls to August 2011 Low Versus Euro on Stimulus Bets<br />
The yen fell to its lowest level
against the euro since August last year on prospects the Bank of
Japan (8301) will expand stimulus at a two-day policy meeting that ends
tomorrow, its first since the nation’s general election. <br />
Japan’s currency traded near the weakest level since April
2011 versus the dollar after data today showed the country’s
trade deficit widened in November. The 17-nation euro extended
gains against the dollar to an eighth day and touched a seven-
month high amid optimism U.S. lawmakers will reach agreement on
the budget and before data forecast to show improvement in
German business confidence. <br />
“Yen-selling is likely to remain intact,” said Koji Iwata, vice president of foreign-exchange trading in New York at
Mizuho Corporate Bank Ltd., a unit of Japan’s third-biggest
financial group by market value. “The BOJ will probably
disappoint the market if it doesn’t boost asset purchases.” <br />
The yen touched 111.78 per euro, the weakest since Aug. 30,
2011, before trading at 111.69 as of 6:30 a.m. in London, 0.3
percent below yesterday’s close. Japan’s currency lost 0.2
percent to 84.35 per dollar, after touching 84.48 on Dec. 17,
the lowest since April 12 last year. The euro advanced 0.1
percent to $1.3243 after earlier reaching $1.3256, the most
since May 1. <br />
Seventeen of 21 analysts surveyed by Bloomberg News expect
the BOJ to ease monetary policy at its policy meeting. Incoming
Prime Minister Shinzo Abe, whose Liberal Democratic Party swept
to victory in elections for the lower house of Japan’s
Parliament on Dec. 16, said yesterday that he requested BOJ
Governor Masaaki Shirakawa agree to an accord containing a 2
percent inflation target. <br />
Abe has called for unlimited easing by the BOJ to defeat
deflation and revive growth. <br />
<h2>
Trade Deficit </h2>
Japan’s exports fell 4.1 percent last month from a year
earlier, leaving a trade deficit of 953.4 billion yen ($11.3
billion), the Finance Ministry said today in Tokyo. <br />
Commonwealth Bank of Australia (CBA) lowered its forecasts for
the yen today, citing a falling surplus in Japan’s current
account, the broadest measure of trade. <br />
The Japanese currency will drop to 98 yen per dollar in
December next year, Commonwealth Bank strategists Joseph Capurso
and Richard Grace wrote in an e-mailed report. That compares
with an earlier projection for it to trade at 83. The yen will
decline to 129.36 per euro by the end of 2013 compared with an
earlier projection of 110.39, according to the bank, which is
Australia’s largest by market value. <br />
<h2>
Yen Forecasts </h2>
A sharp contraction in the current account surplus is a
major reason the yen will “weaken substantially further in
2013,” the strategists wrote. The surplus “will remain small,
or possibly return to deficit, because Japan’s household savings
is likely to keep falling and government budget deficits are
likely to remain large.” <br />
The yen has lost 13 percent this year, the worst performer
among the 10 developed-nation currencies tracked by Bloomberg
Correlation-Weighted Indexes. The dollar has weakened 3.3
percent and the euro has dropped 1 percent. <br />
Japan’s benchmark Nikkei 225 Stock Average climbed as much
as 2.4 percent today, rising above 10,000 for the first time
since April, as a weaker yen brightened overseas earnings
prospects. The MSCI Asia Pacific Index of shares advanced 1.2
percent. <br />
The Dollar Index, which IntercontinentalExchange Inc. uses
to track the greenback against currencies of six U.S. trading
partners, touched a two-month low amid speculation a compromise
will be reached in U.S. budget negotiations, sapping demand for
safer assets. Political leaders in Washington are debating how
to avoid the so-called fiscal cliff, more than $600 billion in
automatic tax increases and spending cuts that will take effect
in January unless Congress acts. <br />
<h2>
‘Plan B’ </h2>
House Speaker John Boehner is trying to sell a tax increase
for top earners to fellow Republicans. The speaker said
yesterday the House will vote this week on a budget “plan B”
that would raise tax rates on income of more than $1 million a
year, while he continues to negotiate with President Barack Obama. Obama’s administration and other Democrats immediately
rejected the proposal as inadequate. <br />
The Dollar Index declined as much as 0.2 percent to 79.221,
the least since Oct. 18. <br />
Europe’s shared currency advanced for an eighth day against
the dollar, the longest series of gains since the eight trading
sessions ended April 28, 2011. <br />
<h2>
Ifo Survey </h2>
In Germany, the Munich-based Ifo institute is predicted to
say its business climate index rose to 102 this month from 101.4
in November, according to economists surveyed by Bloomberg. An
Ifo measure of executives’ expectations may increase to 96.4
from 95.2, while a gauge of the current situation probably slid
to 108 from 108.1, surveys showed ahead of the data today. <br />
Standard & Poor’s yesterday lifted Greece’s credit rating
to B- from selective default, citing the completion of the
nation’s distressed debt buyback and the determination of euro-
zone member states to preserve its membership in the bloc. <br />
The next key test for euro sentiment will come from the Ifo
survey, Ray Attrill, the Sydney-based global co-head of currency
strategy at National Australia Bank Ltd., wrote in a note to
clients today. “Any improvement on the November readings should
keep the rally intact.” <br />
The New Zealand dollar fell against all of its 16 major
counterparts after Auckland-based Fonterra Cooperative Group
Ltd., the world’s largest dairy exporter, said whole-milk prices
fell for a fourth-straight auction. <br />
New Zealand’s currency, known as the kiwi, dropped 0.2
percent to 83.95 U.S. cents. It fell 0.1 percent to 70.79 yen.<br />
<br />
<b>Source: Bloomberg</b><br />
<br />
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-18784914006810142042012-12-17T00:44:00.001-08:002012-12-17T00:44:46.393-08:00Gold Drops for Third Day as Dollar Strength Counters ETP Record<br />
Gold declined for a third day as the
dollar’s strength damped demand for alternative investments,
countering record holdings in exchange-traded products. Silver
slumped to a one-month low. <br />
Spot gold fell as much as 0.6 percent to $1,686.70 an
ounce, before trading at $1,689.20 at 3:47 p.m. in Singapore.
Bullion slid to a one-month low of $1,684.77 an ounce on Dec. 7. <br />
The dollar strengthened 0.1 percent against a basket of six
major currencies including the yen after Shinzo Abe’s victory in
Japan’s general election increased expectations that the central
bank will add to stimulus. Gold increased 8 percent this year as
central banks from the U.S. to China and Europe took action to
prop up economies, debasing currencies and increasing haven
demand. Abe has called for unlimited easing to revive growth. <br />
“Headlines about potential stimulus are having little
impact on the market at a time of light end-of-year trading,”
said Xiang Nan, an analyst at CITICS Futures Co., a unit of
China’s biggest listed brokerage. “Investment demand is holding
up well, however the market needs buying on the physical side to
move higher.” <br />
Holdings in ETPs expanded 12 percent this year to 2,630.703
metric tons on Dec. 14, data compiled by Bloomberg show. In the
physical market, the U.S. Mint has sold 35,500 ounces of gold
coins so far in December, according to figures on the Mint’s
website. At that pace, total sales for the month would be up 8.4
percent from a year earlier to 71,000 ounces, compared with
136,500 ounces in November. <br />
Gold for February delivery slipped 0.4 percent to $1,690 an
ounce on the Comex in New York. While money managers raised net-
long positions in gold futures and options by 3 percent to
129,865 contracts in the week ended Dec. 11, the total number of
speculative long positions fell 1.2 percent, dropping for a
second week, U.S. Commodity Futures Trading Commission data
show. <br />
Cash silver lost as much as 0.5 percent to $32.1050 an
ounce, the least expensive since Nov. 16, before trading at
$32.1875. It’s still the best performing precious metal this
year, rising 16 percent. <br />
Spot platinum dropped 0.5 percent to $1,609.24 an ounce,
and palladium declined 0.3 percent to $700.50 an ounce.<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b>
<b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-37881569847222516352012-12-13T03:12:00.000-08:002012-12-13T03:12:13.555-08:00Trading Edges Are The Foundation Of Success<br />
<center>
<i>Certain key factors have to be in place to succeed at trading
the markets, and having a trading edge is the most important of them
all.</i></center>
<b>Security:</b> <span style="color: blue;">AAPL</span><br />
<b>Position:</b> <span style="color: blue;">Hold</span><br />
<br />
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%px;">
<tbody>
<tr><td>Tune into the stock market on any given day and, most
often than not, they are efficient in that all the available and
unavailable information that pertains to them are already reflected in
the current price. As a result, most of the time, prices will move
randomly with no real force in any given direction and just drift
aimlessly. If the markets were to trade in such a random fashion, most
traders would be profitable, but the reality of attempting to trade such
randomness is simply not profitable in the long run. Worse, it will be a
fruitless and frustrating experience for the trader who can't overcome
such randomness and identify those times in a stock or underlying
instrument where price is slightly less random and statistically biased
to form a sound trading edge.<br />
<br />
A reliable trading approach factors
in positive expectancy where, over a series of trades, winners and
losers are lumped together with their results averaged out and an
expected value is calculated, the probability-weighted average of the
payouts.<br />
<br />
Before either of these critical calculations can be
formed in favorable terms, you have to have a trading edge that gives
you a higher level of profitability and/or reward/risk ratio. See Figure
1.<br />
<br />
<br /></td></tr>
<tr><td><img src="http://technical.traders.com/authors/images/7167_1.gif" />
</td></tr>
<tr><td><b>FIGURE 1: B&H.</b> A buy & hold strategy
attempts to use time as its trading edge, but that is based on the
premise that all stocks go up, no matter what, which is a bit flawed. No
one can predict the future or be promised that a stock will eternally
go up.</td></tr>
<tr><td><br /></td></tr>
<tr><td></td></tr>
<tr><td>In theory, even a true zero-expectancy game can be traded in a
random trading environment and break even but, as usual, reality is
altogether different. In reality, costs such as commissions, slippage,
missed trades, lack of discipline, missed profit targets, hesitation,
and other factors can form a hurdle for traders who enter into trading
without having accounted for them in the first place.<br />
<br />
Having laid
the groundwork up to this point, the question remains how to find and
develop a significant trading edge in order to develop an approach that
suits your personality and forms the foundation of successful trading
with positive expectancy and expected value.<br />
<br />
All trading edges start with observation that leads to a premise that acts as the starting point for a quantified trading edge.<br />
<br />
<br /></td></tr>
<tr><td><img src="http://technical.traders.com/authors/images/7167.gif" />
</td></tr>
<tr><td><b>FIGURE 2: AAPL, WEEKLY.</b> Using the weekly chart,
a 40-day simple moving average (SMA), and entering on AAPL's all-time
high when the stock is trading above its 40-day SMA, you have a defined
edge to exploit price action at its rising while exiting the market when
price trades below a pivot low and the 40-day SMA. This combination of
strategies keep you in the trade when it is moving in your direction
without the risk of being exposed to the market until all the trading
edges align in a low-risk setup.</td></tr>
<tr><td></td></tr>
<tr><td><span style="font-size: x-small;"><i><br /></i></span>In a perfect world, price would have no memory or recall of
where it began or where it came from, but again, in reality, market
memory is not the result of price but of the human beings who trade
price altogether.<br />
<br />
If we observe that humans remember where price
has come from then see price come to some price level, like support or
resistance, then you can form the premise that most traders will trade
off of support or resistance, depending on the context at the time, and
the trade becomes a self-fulfilling prophecy.<br />
<br />
You can form an
approach that trades between support and resistance since other traders
and investors that make up the market are likely to lie in waiting at
those price levels and ride the momentum back and forth between them.
See Figure 2.<br />
<br />
<br /></td></tr>
<tr><td>You can take it a step further by using moving
averages to filter out which side you trade -- support or resistance --
to only take the trades that are likely to improve your profitability
and risk/reward ratio overall, the two key metrics of your trading edge.<br />
<br />
The
important thing is to track your results and then make concerted steps
to improve each component -- positive expectancy, expectancy value,
profitability, risk/reward ratio -- to refine your edge. More important,
by tracking your results you can determine when a trading edge has lost
its statistical bias and step away until it returns.<br />
<br />
Finally,
remember, the most important thing about trading edges is to use them to
develop a trading approach that matches your personality so you are
psychologically able to keep following it even during losing streaks;
otherwise, you may not bother following it at all.<br />
<br />
<br /></td></tr>
</tbody></table>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-395757101672238162012-12-11T02:57:00.004-08:002012-12-11T02:57:59.545-08:00Oil Trades Near One-Month Low as Fuel Stockpiles Seen Rising<br />
Oil traded near the lowest close in
almost a month in New York on speculation that an Energy
Department report will show fuel stockpiles climbed in the U.S.,
the world’s biggest crude consumer. <br />
Futures were little changed after dropping for a fifth day
yesterday, the longest losing streak since October. Distillate
supplies, including diesel and heating oil, are projected to
rise a second week while gasoline inventories may reach the
highest level since April, according to a Bloomberg News survey
before the government report tomorrow. The Organization of
Petroleum Exporting Countries is gathering in Vienna to
determine the group’s targets for crude production. <br />
“Crude is starting to feel the weight of softer demand
given lower refining activity expected in the first quarter,”
said Filip Petersson, a commodities strategist at SEB AB in
Stockholm. “The market needs a clear statement or action from
the Saudis that they will cut production to the already agreed
upon quota.” <br />
West Texas Intermediate crude for January delivery was at
$85.74 a barrel in electronic trading on the New York Mercantile
Exchange, up 18 cents, at 8:47 a.m. London time. The contract
slid 37 cents to $85.56 yesterday, the lowest close since Nov.
15. Prices have fallen 13 percent this year and are headed for
the first annual decrease since 2008. <br />
Brent for January settlement on the London-based ICE
Futures Europe exchange was at $107.67 a barrel, up 34 cents.
The European benchmark crude was little changed at a premium of
$21.97 to WTI, near the widest in a week. <br />
<h2>
Fuel Supplies </h2>
Oil may extend its decline in New York after settling below
an upward-sloping trend line on the daily chart yesterday,
according to data compiled by Bloomberg. Losses tend to
accelerate when technical-support levels are breached. This
line, connecting the intraday lows of June and November, is
around $85.66 a barrel today. <br />
U.S. distillate inventories probably increased 1.5 million
barrels in the week ended Dec. 7, according to the median
estimate of seven analysts surveyed by Bloomberg before
tomorrow’s Energy Department report. Gasoline supplies may have
gained 2 million barrels to 214.1 million. Crude stockpiles are
expected to have shrunk 2.5 million barrels as refineries
boosted fuel production, the survey showed. <br />
The American Petroleum Institute in Washington will release
separate inventory data today. The industry group collects
stockpile information on a voluntary basis from operators of
refineries, bulk terminals and pipelines. The government
requires that reports be filed with the Energy Department for
its weekly survey. <br />
<h2>
OPEC Quota </h2>
OPEC, which supplies about 40 percent of the world’s crude,
is expected to maintain its output quota at 30 million barrels a
day at its meeting tomorrow, according to a Bloomberg survey of
18 analysts published last week. The group will release its
monthly oil market report at about midday today. <br />
“My expectations are for oil to hold” at about $85 a
barrel, said Jonathan Barratt, the chief executive officer of
Barratt’s Bulletin, a commodity newsletter in Sydney. “We may
see some rhetoric come out of OPEC that will support prices, but
I don’t think they will change the quota.” <br />
Saudi Arabia and other Gulf nations increased output this
year to replace volumes lost from Iran, whose exports have been
curbed by U.S. and European Union sanctions, relegating it from
the rank of OPEC’s second-largest producer. <br />
The 12-member group last month estimated demand for its
crude at 29.72 million barrels a day in 2013, an assessment
reaffirmed yesterday by a subcommittee in Vienna. The
International Energy Agency in Paris on Nov. 13 predicted the
so-called “call on OPEC” at 29.8 million barrels. <br />
OPEC may temporarily extend the role of Secretary General
Abdalla El-Badri as talks on a successor remain in deadlock,
according to two people familiar with the matter. The meeting is
scheduled to select a replacement for the Libyan, whose second
three-year term ends Dec. 31.<br />
<br />
<b>Source: Bloomberg</b><br />
<br />
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-69734623073351258112012-12-10T01:45:00.001-08:002012-12-10T01:49:32.471-08:00Euro Near 2-Week Low After Italy’s Monti Says He May Quit<br />
The euro fell toward its lowest
level in two weeks after Italy’s prime minister said he intends
to resign, rekindling concern that a change in government will
upend efforts to rein in debt. <br />
The euro slid versus most of its 16 major counterparts
before a Dec. 13-14 summit of European Union leaders to debate a
road map to overhaul the currency bloc. Demand for the greenback
was limited amid speculation the Federal Reserve may announce
this week additional bond purchases. The Australian dollar fell
after China reported weaker-than-expected trade figures. <br />
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<img alt="Euro Falls Toward 2-Week Low After Monti Says He Plans to Resign " class="small_img img_keep_size" src="http://www.bloomberg.com/image/ih4girrtjTKs.jpg" />
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<div class="caption">
The euro fell 0.1 percent to $1.2913 as of 6:41 a.m. in London. Photographer: Kiyoshi Ota/Bloomberg </div>
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<img alt="Currency Strategists Disagree on Euro, Yen Outlook" class="small_img img_keep_size" src="http://www.bloomberg.com/image/icSLPUcL.8Gg.jpg" />
</div>
<div class="caption">
Dec. 10 (Bloomberg) --
Steven Saywell, global head of foreign-exchange strategy at BNP Paribas
SA, and Nick Beecroft, chairman of Saxo Capital Markets U.K. Ltd.,
discuss the prospects for the euro, yen, Swiss franc and pound in 2013.
They talk with Mark Barton on Bloomberg Television's "Countdown."
(Source: Bloomberg)</div>
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<div class="caption">
Mario Monti, Italy's prime minister. Photographer: Alessia Pierdomenico/Bloomberg </div>
</div>
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</div>
“In the near term at least, it does look like the euro
wants to go lower,” said Imre Speizer, a strategist in Auckland
at Westpac Banking Corp. (WBC) The report that Italy’s Mario Monti may
quit “impacts the euro because it’s evidence of more political
instability within the zone.” <br />
The euro fell 0.1 percent to $1.2913 as of 6:41 a.m. in
London after touching $1.2877 on Dec. 7, the weakest since Nov.
23. It slid 0.2 percent to 106.44 yen. The dollar bought 82.43
yen, 0.1 percent below the close last week, when it reached as
high as 82.83, the strongest since Nov. 22. <br />
Monti will try to corral his coalition, which includes his
predecessor Silvio Berlusconi’s People of Liberty Party, for a
vote to pass budget legislation before handing in his
“irrevocable resignation,” national President Giorgio
Napolitano’s office said in an e-mailed statement on Dec. 8. <br />
The prime minister will quit immediately if his allies
won’t comply, Monti’s spokeswoman, Elisabetta Olivi, said in a
telephone interview. <br />
<h2>
Italian Yields </h2>
Italian 10-year bond yields rose 10 basis points, or 0.1
percentage point, in three days to 4.53 percent on Dec. 7. The
yield is still almost 2.5 percentage points below its closing
level of 7 percent on Nov. 16, 2011, when Monti was named prime
minister. <br />
Monti, 69, has been weakened as his tax increases push
Italy deeper into recession. Berlusconi announced on Dec. 8 that
he will seek the premiership in next year’s election and
criticized Monti for running a “German-centric” program. <br />
“Combined with the region’s economic prospects, the
growing political risk in Italy may be a double whammy for the
euro,” said Junichi Ishikawa, an analyst at IG Markets
Securities Ltd. in Tokyo. <br />
The euro fell 0.9 percent in the past week, according to
Bloomberg Correlation-Weighted Indexes, which track 10
developed-nation currencies. The greenback rose 0.3 percent,
while the yen was little changed. <br />
<h2>
More Purchases </h2>
In the U.S., the Federal Open Market Committee meets for
the final time this year on Dec. 11-12. It will consider whether
to expand purchases of assets after its so-called Operation
Twist program of swapping $45 billion a month in short-term
Treasuries for long-term debt expires this month. <br />
“There is a good chance that the Fed will announce a new
round of money printing and bond buying,” said Westpac’s
Speizer. <br />
Expectations of more central bank stimulus come as data
released Dec. 7 by the Labor Department showed the unemployment
rate in the world’s biggest economy dropped to 7.7 percent, the
lowest level since December 2008. <br />
Economists polled by Bloomberg News say U.S. retail sales
probably rose 0.5 percent in November from the previous month,
when they declined 0.3 percent. The Commerce Department will
publish the figures on Dec. 13. <br />
The central bank has already pumped $2.3 trillion into the
financial system through two rounds of quantitative easing,
known as QE, to stimulate the economy. In September, the Fed
also announced a plan to buy $40 billion of mortgage-backed debt
each month. <br />
<h2>
Chinese Exports </h2>
Australia’s currency weakened after data from China’s
customs administration showed that exports rose 2.9 percent in
November from a year earlier while imports were unchanged. Both
trailed the median analyst estimates in a Bloomberg survey. <br />
The Australian dollar slid 0.1 percent to $1.0482. It
touched $1.0516 on Dec. 6, the highest since Sept. 21. <br />
In Japan, gross domestic product shrank an annualized 3.5
percent in the three months ended Sept. 30, revised data from
the Cabinet Office showed in Tokyo today, matching preliminary
figures from November. The median estimate of economists
surveyed by Bloomberg was for a 3.3 percent drop. <br />
Futures traders increased bets that the yen will weaken
against the dollar to the most since July 2007, figures from the
Washington-based Commodity Futures Trading Commission show. <br />
The difference in the number of wagers by hedge funds and
other large speculators on a decline in the yen compared with
those on a gain -- so-called net shorts -- was 90,326 on Dec. 4,
compared with net shorts of 79,466 a week earlier. <br />
“Extreme short market positioning will likely limit the
ability of the currency pair to push higher,” Mitul Kotecha,
Hong Kong-based head of currency strategy at Credit Agricole SA (ACA),
wrote in a note to clients today in reference to the dollar-yen
cross. “On the topside, 83.15 will market strong resistance for
the currency pair,” he wrote, noting a level last seen on April
2. Resistance is an area on a chart where orders to sell may be
clustered.<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-42441453597280599612012-12-08T23:14:00.003-08:002012-12-08T23:14:19.568-08:00Qatar LNG Spot Sales to Fall 40% by 2014, QNB Says<br />
Qatar, the world’s biggest producer
of liquefied natural gas, will reduce spot-market sales of the
fuel by at least 40 percent by 2014, curbing supplies available
for Europe, state-controlled Qatar National Bank (QNBK) said. <br />
Spot volumes available for sale will drop to about 27
percent of total output this year from 28 percent, and to 16
percent by 2014 as long-term supply agreements go into effect
and new ones are signed, the bank’s QNB Group said in a report. <br />
“These new contracts are mainly to Asia Pacific and South
America, meaning that Europe’s share of Qatar LNG exports is
likely to fall,” according to today’s report. <br />
A drop in Qatari LNG sales to Europe may boost dependence
on Russian pipeline gas and push up prices on the continent
nearer to Asian fees. Japanese LNG prices averaged $17 per
million British thermal units this year, 16 percent higher than
last year, the bank said. European prices rose 8 percent to $11. <br />
“This provides a price incentive for spot-market
deliveries to be exported to the Asia Pacific, in addition to
the rising number of long-term” agreements, the bank said. <br />
Asian demand for LNG, which is gas cooled to a liquid for
transport by tanker, has grown as nations seek more fuel for
power generation. Japan has increased purchases since shutting
almost all its nuclear capacity following the Fukushima reactor
disaster in 2011, while U.S. imports have dropped amid a boom in
domestic shale-gas output. <br />
<h2>
Japanese Demand </h2>
Japan, the world’s biggest LNG buyer, will have to purchase
at least 21 million metric tons on the spot market this year,
according to data from Tri-Zen International Inc. The country
paid an average of $16.84 per million Btus in September, down
from $18.07 in July, which was the highest price since Bloomberg
began compiling the data in 2006. <br />
Qatar, which can produce 77 million tons of LNG a year, is
diversifying its customer base, increasing its shipments of the
fuel to 23 countries last year from eight in 2007, the bank
said. The country is planning its first LNG delivery to
Singapore and is reported to have signed a sales agreement with
Thailand, the bank said. Jordan is also seeking to buy LNG from
Qatar, which is helping it build a re-gasification terminal. <br />
Qatar exported 47 percent of its supplies to Asia last
year, with Japan purchasing 12 million tons, India 10 million
and South Korea 8 million, according to the report. <br />
Europe bought 42 percent of Qatari production, with the
U.K. being the single largest buyer. Britain has a long-term
agreement for an annual 12 million tons and purchased 4 million
tons on the spot market, the bank said. Italy bought 6.1 million
tons, Spain 4.8 million tons and France 3.2 million tons.<br />
<br />
<b>Source: Bloomberg</b><br />
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-56700790897793350602012-12-04T02:38:00.001-08:002012-12-04T02:38:27.591-08:00Gold Drops to Four-Week Low as Commodities Fall on Budget Talks<br />
Gold fell to a four-week low in
London, dropping below $1,700 an ounce, as a stalemate in U.S.
budget talks weighed on commodities. <br />
Commodities retreated for the first time in four days as
talks over the so-called fiscal cliff of spending cuts and tax
increases remained deadlocked. European Union finance ministers
meet in Brussels today to discuss measures to stem the debt
crisis. Bullion pared some losses as the dollar reached a six-
week low versus the euro. <br />
“It’s more the risk aversion out of commodities which is
probably having an impact on gold,” Peter Fertig, the owner of
Quantitative Commodity Research Ltd. in Hainburg, Germany, said
today by phone. Still, “there are arguments investors should
buy gold on worries the U.S. economy could fall over the fiscal
cliff,” he said, citing demand for a haven investment. <br />
Gold for immediate delivery dropped 0.6 percent to
$1,705.41 an ounce by 9:23 a.m. in London. Prices reached
$1,696.78, the lowest since Nov. 6. Gold for February delivery
was 0.9 percent lower at $1,706.40 on the Comex in New York. <br />
Holdings in gold-backed exchange-traded products climbed
1.7 metric tons to a record 2,623.4 tons yesterday, data
compiled by Bloomberg show. Prices are up 9.1 percent this year
as central banks from Europe to China pledged more steps to spur
economic growth. <br />
Gold may gain as businesses temper spending and stimulus
falls short, John Gilbert, chief investment officer at General
Re-New England Asset Management, a unit of Warren Buffett’s
Berkshire Hathaway Inc. (BRK/A), wrote in a newsletter. Buffett said in
a February letter that investors should avoid bullion as it
doesn’t have the potential of farmland or companies to produce
wealth. <br />
Silver for immediate delivery fell 1.1 percent to $33.2950
an ounce. Platinum was 0.6 percent lower at $1,596.13 an ounce.
Palladium declined 1.2 percent to $683 an ounce.<br />
<br />
<b>Source: Bloomberg</b><br />
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-67570974270612595102012-11-28T04:17:00.002-08:002012-11-28T04:17:39.846-08:00Italy Sells 7.5 Billion Euros of Bills as Yield Drops<br />
Italy sold 7.5 billion euros ($9.7
billion) of six-month Treasury bills, the maximum set for the
auction, at the lowest yield on a similar note in more than two
and a half years. <br />
The Treasury in Rome today sold the 182-day bills at 0.919
percent, the lowest since April 2010 and down from 1.347 percent
at the last auction on Oct. 29. Investors bid for 1.65 times the
amount of bills offered, up from 1.52 times last month. Italy
returns to the market tomorrow with the sale of as much as 6
billion euros of five and 10-year bonds. <br />
“From a pricing perspective, Italy has overcome the euro-
zone crisis,” said Nicholas Spiro, managing director of Spiro
Sovereign Strategy in London. “Italy is by no means out of the
woods and has become a tale of two halves: an increasingly
resilient and externally driven bond market and an economy in
deep recession amid mounting political uncertainty.” <br />
Italy’s 10-year yield declined 6 basis points to 4.67
percent at 12:07 p.m. in Rome, the lowest since June 2011. That
left the difference with comparable-maturity German debt at 328
basis points. <br />
<h2>
Falling Yields </h2>
Italy sold 3.5 billion euros of zero-coupon bonds yesterday
at the lowest yield on a similar bond since October 2010. <br />
The country’s bond yields have fallen since European
Central Bank President Mario Draghi said in July that the
Frankfurt-based institute would do what’s needed to keep the
euro and announce in September a bond-buying program for nations
in financing stress. <br />
Italy needs to uphold Prime Minister Mario Monti’s pledge
to shore up public finances in order to enjoy investor
confidence even after elections due by April, the Organization
for Economic Cooperation and Development said in its latest
Economic Outlook report this week. <br />
The Paris-based OECD also said that Monti’s efforts to
reduce the deficit won’t allow Italy to start trimming the euro
region’s second-biggest debt next year and that “further fiscal
tightening in 2014 would be necessary.”<br />
<br />
<b>Source: Bloomberg</b><br />
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-73810806394960649502012-11-25T00:03:00.003-08:002012-11-25T00:03:58.937-08:00Euro Gains Most in Nine Months Versus Yen on Greek-Deal Optimism<br />
The euro had its biggest gain
against the yen in nine months on speculation Europe’s policy
makers will agree to keep aid flowing to Greece next week. <br />
The shared currency gained the most in two months versus
the dollar as German business confidence unexpectedly rose from
the lowest in 2 1/2 years. The yen fell at least 1.2 percent
against all of its 16 most-traded counterparts as exports waned
and amid speculation Japanese elections next month will hand
power to an opposition party that advocates aggressive monetary
easing. The dollars of Australia and Canada gained after the
International Monetary Fund said the two may be classified as
reserve currencies. <br />
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</div>
<div class="caption">
Nov. 23 (Bloomberg) -- Ulrich Leuchtmann, head of currency strategy at Commerzbank AG, talks
about the outlook for the euro, dollar and yen ahead of the Nov. 26 emergency meeting on Greece.
He speaks from Frankfurt with Guy Johnson on Bloomberg Television's "The Pulse." (Source: Bloomberg)</div>
</div>
</div>
</div>
“The euro’s strength is mostly short covering -- investors
getting nervous in case we do get some kind of announcement on a
Greek debt buyback or cuts to the interest rates on loans,”
Eimear Daly, a currency-market analyst at Monex Europe Ltd. in
London said Nov. 23. “Comments by the potentially new political
leader have really been driving the yen in a way we really
haven’t seen play out before. Low market volatility is really
letting the yen weaken off.” <br />
A short is wager an asset will weaken, and short covering
involves investors buying an asset to offset a prior sale. <br />
The euro rallied to 106.98 yen on Nov. 23, the highest
since April, before trading at 106.94 for a 3.2 percent weekly
advance, the most since the five days ended Feb. 24. The shared
currency touched $1.2991 on Nov. 23, the strongest in three
weeks versus the dollar, and ended the week 1.8 percent stronger
at $1.2976. The yen fell for a second week against the dollar,
declining 1.3 percent to 82.40. It reached 82.84 on Nov. 22, the
weakest in more than seven months. <br />
<h2>
‘Technical Problems’ </h2>
European finance ministers said a further meeting on Greece
had been arranged for Nov. 26 and that only “technical
problems” are holding up a deal. Among the options they are
considering include recycling European Central Bank profits on
Greek bonds, charging Greece lower interest rates and extending
repayment deadlines. <br />
The Munich-based Ifo institute said its business climate
index climbed to 101.4 this month, compared with an estimated
reading of 99.5 based on the median of 48 forecasts in a
Bloomberg survey. <br />
The yen has fallen 3.8 percent in the past month, the most
among the 10 developed currencies measured by Bloomberg
Correlation-Weighted Indexes. The euro is the second-worst
performer, losing 0.5 percent, while the dollar has declined 0.4
percent. <br />
<h2>
Yen Declines </h2>
Shinzo Abe, leader of the Liberal Democratic Party that is
favored to topple the ruling Democratic Party in Dec. 16
elections, has advocated an increase in the central bank’s
inflation goal to as much as 3 percent from 1 percent. <br />
The yen extended its decline even after the Bank of Japan (8301)
completed a two-day policy meeting this week where Bank of Japan
Governor Masaaki Shirakawa said the opposition party’s proposals
to weaken the currency are unrealistic. <br />
Japan’s exports decreased for a fifth straight month,
falling 6.5 percent in October from a year earlier, leaving a
trade deficit of 549 billion yen ($6.7 billion), according to a
report on Nov. 20. <br />
“The yen got an extra push because of the trade-balance
figures,” Eric Viloria, senior currency strategist for Gain
Capital Group LLC in New York, said Nov. 21. “It showed a
deficit that was larger than expected, which is putting pressure
on the yen because Japan is an export-driven economy.” <br />
The Dollar Index, which IntercontinentalExchange Inc. uses
to track the greenback against currencies of six U.S. trading
partners, dropped 1.3 percent to 80.217. It was the first weekly
decline since the five days ended Oct. 19. <br />
<h2>
‘Aren’t Stupid’ </h2>
The dollar fell against most of its major counterparts as
U.S. lawmakers expressed optimism the $607 billion in automatic
tax increases and spending cuts scheduled to take effect at the
beginning of 2013 unless Congress acts would be avoided. The
dollar usually gains in times of economic stress as investors
seek the world’s reserve currency as a haven. <br />
House Speaker John Boehner, who called Nov. 16 discussions
with Obama “constructive,” said Republicans are willing to put
revenue on the table in exchange for spending cuts. <br />
“I’m assuming these people aren’t stupid, but I’d like
them to prove it,” Kit Juckes, head of foreign-exchange
research at Societe Generale SA in London, said Nov. 23. “If
you remove the problem of the fiscal cliff, there is a danger
the U.S. economy could surprise on the upside next year.” <br />
<h2>
Aussie, Loonie </h2>
The Canadian and Australian dollars advanced after the
International Monetary Fund said in a Nov. 14 report that the
two currencies “are to be considered for inclusion” separately
in the IMF’s “Currency Composition of Official Foreign-Exchange
Reserves” data. They’ve previously been included in an “other
currencies” category in the Washington-based lender’s COFER
reports. <br />
The Canadian dollar, nicknamed the loonie, advanced 0.8
percent to 99.29 cents per U.S. dollar, in the biggest weekly
gain since Aug. 10. The Aussie was 1.2 percent stronger at
$1.0461. <br />
Sweden’s krona was the best performer against the dollar
after a survey of Swedish industrial companies showed
investments are expected to rise 9 percent this year, Statistics
Sweden said Nov. 21. The report damped concern over the economy
amid reports of slumping exports and job cuts. <br />
The krona rallied 2.5 percent against the dollar to 6.6228,
the largest weekly gain in nine months. The Swedish currency
advanced 0.7 percent to 8.5937 versus the euro.<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b>
<b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-39639855237054537722012-11-24T23:48:00.003-08:002012-11-24T23:48:57.075-08:00Gold Futures Top $1,750, Silver Rises as Dollar Declines<br />
Gold futures topped $1,750 an ounce
and silver climbed to a six-week high as the dollar’s drop
spurred demand for the metals as alternative investments. <br />
The greenback fell to a three-week low against a basket of
major currencies as data showed German business confidence rose
in November and speculation mounted that Europe’s policy makers
will agree to keep aid flowing to Greece. Gold reached a five-
week high. <br />
<div class="story_inline assets clearfix ">
<br /></div>
“The dollar weakness is supporting gold,” Michael Smith,
the president of T&K Futures & Options in Port St. Lucie,
Florida, said in a telephone interview. <br />
Gold futures for December delivery rose 1.3 percent to
$1,751.40 at 12:45 p.m. on the Comex in New York. That’s the
biggest gain for a most-active contract since Nov. 6. Earlier,
the metal touched $1,755, the highest since Oct. 17. <br />
Floor trading was closed yesterday for the U.S.
Thanksgiving holiday. <br />
Holdings in gold-backed exchange-traded products rose to a
record 2,605.3 metric tons on Nov. 21, data compiled by
Bloomberg show. The U.S. Mint sold 67,000 ounces of American
Eagle gold coins this month, exceeding the 59,000 ounces for all
of October, data on its website showed. <br />
Silver futures for March delivery gained 2.3 percent to
$34.206 an ounce. Earlier, the price reached $34.25, the highest
since Oct. 11. <br />
Platinum futures for January delivery advanced 2.1 percent
to $1,617.10 an ounce on the New York Mercantile Exchange, while
palladium futures for December delivery increased 2.5 percent to
$667.60 an ounce.<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-81911949725164448822012-11-20T04:18:00.002-08:002012-11-20T04:18:38.535-08:00Yen Rallies From 7-Month Low as BOJ Refrains From Easing<br />
The yen rallied from near its
weakest level in almost seven months against the dollar after
Bank of Japan (8301) Governor Masaaki Shirakawa said the opposition
party’s proposals to weaken the currency are unrealistic. <br />
The Japanese currency rose versus most of its 16 major
counterparts as the BOJ refrained from adding to stimulus
measures. Shinzo Abe, favored to topple Japan’s prime minister
in Dec. 16 elections, has advocated unlimited easing. The euro
weakened against the pound after Moody’s Investors Service cut
France’s top rating, renewing concern that Europe’s debt crisis
will deepen. <br />
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</div>
<div class="caption">
The euro slid versus most of its
16 major counterparts after Moody’s Investors Service lowered France’s
government bond rating, renewing concern the currency bloc’s debt crisis
is deepening. Photographer: Chris Ratcliffe/Bloomberg </div>
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<img alt="Moody's Drops France Rating in Blow to Hollande" class="small_img img_keep_size" src="http://www.bloomberg.com/image/iBCoods35MR8.jpg" />
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<div class="overlay">
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<span class="duration">2:55</span>
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France lost its top credit rating
with Moody’s Investors Service, dealing a blow to President Francois
Hollande’s efforts to show budget credibility in the face of a stalled
economy. </div>
</div>
</div>
</div>
“Shirakawa is being cautious, pouring some cold water on
some of the ideas that have been put out by the opposition,”
said Derek Halpenny, European head of global-markets research at
Bank of Tokyo-Mitsubishi UFJ Ltd. in London. “It’s a reason to
pare short positions on the yen.” A short position is a bet
that an asset will fall in price. <br />
The yen climbed 0.2 percent to 81.28 per dollar at 11 a.m.
London time. It touched 81.59 yesterday, the weakest level since
April 25. Japan’s currency rose 0.2 percent to 104.10 per euro.
Europe’s currency was little changed at $1.2807. <br />
The pound appreciated 0.2 percent to 80.43 pence per euro,
after depreciating to 80.65 pence on Nov. 15, the weakest since
Oct. 31. <br />
The yen will strengthen toward 79 per dollar within the
next six weeks, amid demand for the safest assets, Halpenny
forecast. <br />
<h2>
BOJ Independence </h2>
Shirakawa told reporters in Tokyo he wants people to
respect the BOJ’s independence and that unlimited money printing
would be damaging. He spoke after the central bank said it would
keep its asset fund at 66 trillion yen and a credit-lending
facility unchanged at 25 trillion yen. All of 22 economists
surveyed by Bloomberg News had forecast no change. <br />
Abe, leader of Japan’s Liberal Democratic Party, has
advocated an increase in the central bank’s inflation goal to as
much as 3 percent from 1 percent. The BOJ is scheduled to hold a
policy meeting three days after the election, with 16 economists
forecasting easing. <br />
“The markets are pausing for breath in dollar-yen,” said
Greg Gibbs, a senior currency strategist at Royal Bank of
Scotland Group Plc in Singapore. “They’re now thinking about
the election, who’s likely to win it and what form the next
government would take.” <br />
<h2>
Dollar-Yen Overdone </h2>
The 14-day relative strength index for the dollar against
the Japanese currency rose to 71 yesterday, above the 70 level
that some traders see as a sign an asset’s move may change
direction. <br />
“The move looks a bit overdone,” Mitul Kotecha, Hong
Kong-based head of currency strategy at Credit Agricole SA (ACA), said
in an interview on Bloomberg Television. “I don’t think we’re
going to see a quick move up to 85.” <br />
The yen has declined 3.7 percent over the past three
months, the biggest decline among the 10 developed-nation
currencies tracked by Bloomberg Correlation-Weighted Indexes.
The euro has gained 2.9 percent, while the dollar has dropped
1.2 percent. <br />
Moody’s cut France by one grade to Aa1 from Aaa late
yesterday and said the nation’s outlook remains negative “as a
result of its deteriorating economic prospects.” <br />
The move follows similar action by Standard & Poor’s in
January. Since S&P’s rating action, French government bonds have
returned 9.4 percent, compared with 3.4 percent for German debt,
and 2.5 percent for that of the U.S., according to Bank of
America Merrill Lynch data. <br />
<h2>
‘Kneejerk Reaction’ </h2>
“There is probably more downside ’til the kneejerk
reaction is out of the way,” Steven Englander, Citigroup Inc.’s
New York-based global head of Group of 10 strategy wrote of the
euro in an e-mail to clients. “On the whole, it seems likely
that this more reflects an already existing reality than new
information for the market, so the downside should be relatively
limited.” <br />
Europe’s shared currency may slide as it trades near the
so-called neck line of an M-shaped trading pattern known as a
double-top formation, according to Brown Brothers Harriman & Co. <br />
The euro may drop toward $1.2450 as it trades near $1.28,
the neck line between a high of $1.3172 on Sept. 17 and a peak
of $1.3140 on Oct. 17, Marc Chandler, New York-based global head
of currency strategy at BBH, wrote in an e-mailed note to
clients yesterday. The $1.2450 level was last seen on Aug. 22,
when it dipped to as low as $1.2431.<br />
<br />
<b>Source: Bloomberg</b><br />
<br />
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-12641150920930867962012-11-13T04:42:00.002-08:002012-11-13T04:42:18.285-08:00Oil Drops in New York as Supplies Seen Increasing<br />
Oil declined for a second day in New
York amid speculation that U.S. crude inventories rose last week
and after the International Energy Agency cut its forecast for
global demand growth this quarter. <br />
Futures slipped as much as 1.2 percent. U.S. crude
stockpiles probably increased last week to the highest level in
more than three months, according to a Bloomberg survey before
an Energy Department report on Nov. 15. OPEC will need to pump
less crude this quarter as demand growth slows, the IEA said.
Oil slid yesterday as investors awaited budget talks in the
U.S., and extended losses after European leaders said they’ll
meet again Nov. 20 to discuss additional funding for Greece. <br />
“Primarily bearish winds are blowing in oil markets at the
moment,” said Filip Petersson, a commodities strategist at SEB
AB in Stockholm who predicts Brent crude will average $110 a
barrel this quarter. “On the macro side, bearish influences are
coming from a new wave of Greek worries and the approaching U.S.
fiscal cliff.” <br />
Crude for December delivery slid as much as 99 cents to
$84.58 a barrel in electronic trading on the New York Mercantile
Exchange and was at $85.49 at 12:10 p.m. London time. The
contract fell 50 cents to $85.57 yesterday. Prices are down 13
percent this year. <br />
Brent for December settlement declined 31 cents, or 0.3
percent, to $108.76 a barrel on the London-based ICE Futures
Europe exchange. The European benchmark contract was at a
premium of $23.27 to West Texas Intermediate futures, compared
with $23.50 yesterday. <br />
<h2>
Crude Output </h2>
U.S. crude inventories probably rose 2.5 million barrels to
377.3 million, according to the median estimate of seven
analysts in the Bloomberg survey before the Energy Department
report. Gasoline supplies climbed 800,000 barrels while
distillate stockpiles declined 500,000 barrels, according to the
survey. The inventory data will be released Nov. 15, a day later
than usual because of the Veterans Day holiday yesterday. <br />
Global oil consumption will average 90.1 million barrels a
day this quarter, which is 290,000 barrels a day, or 0.3 percent
less than previously forecast, the Paris-based IEA said in its
monthly report today. <br />
“The market is very well supplied,” Abdalla El-Badri,
OPEC’s secretary-general, said today at the Oil & Money
conference in London. “There is no doubt about it. Stocks are
very high.” <br />
The Organization of Petroleum Exporting Countries will need
to supply 30 million barrels a day this quarter, 500,000 barrels
a day less than previously projected because of the weaker
demand outlook and expectations for increased non-OPEC supply,
the IEA said. Global demand will rise by 830,000 barrels a day
in 2013 to 90.4 million, 70,000 barrels less than last month’s
forecast. <br />
<h2>
U.S., Europe </h2>
President Barack Obama invited the Democratic and
Republican leaders in Congress to the White House this week to
begin talks on a plan to avert the so-called fiscal cliff. If
Congress doesn’t act by the end of the year, $607 billion in
automatic spending cuts and tax increases are scheduled to take
effect starting in January. <br />
“The biggest challenge we are facing is the U.S. fiscal
cliff,” El-Badri said. <br />
European finance ministers meeting in Brussels yesterday
put off until Nov. 20 a decision on how to cover additional
Greek needs of as much as 32.6 billion euros ($41 billion) and
left unclear whether the International Monetary Fund will
continue to contribute. They granted the country a two-year
extension to 2016 to cut its budget deficit to 2 percent of
gross domestic product. <br />
<h2>
Buzzard Field </h2>
The Buzzard oil field in the North Sea resumed production
late yesterday after halting during the Nov. 10 to Nov. 11
weekend, according to three people with knowledge of the matter,
who declined to be identified as the information is
confidential. <br />
The 200,000 barrel-a-day Buzzard field is the biggest
contributor to Forties crude. Buzzard restarted production on
Nov. 3 after two months of maintenance, Nexen Inc., the operator
of the field, said on Nov. 5. Two officials at Nexen, based in
Calgary, Canada, didn’t immediately respond to e-mails from
Bloomberg today seeking comment.<br />
<br />
<br />
<b>Source: Blommberg</b><br />
<b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-19032117521028240452012-11-11T06:52:00.000-08:002012-11-11T07:06:53.446-08:00Saudi Shares Drop to 3-Week Low as Sabic Declines on Lower Sales<br />
Saudi Arabia’s benchmark stock index
dropped the most in three weeks on investor concern over U.S.
budget cuts and a decline in third-quarter sales at Saudi Basic
Industries Corp. (SABIC) <br />
The world’s largest petrochemicals maker by market value
known as Sabic fell to the lowest level in a week. Al Rajhi
Bank, the kingdom’s biggest publicly traded lender, declined for
a second day. The Tadawul All Share Index lost 0.5 percent, the
most since Oct. 22, to 6,884.29 at the close in Riyadh. The
measure gained 2.2 percent last week. The Bloomberg GCC 200
Index (BGCC200) of regional stocks and Qatar’s QE Index lost 0.5 percent. <br />
The Stoxx 600 Index dropped 1.7 percent last week and the
MSCI Emerging Markets Index (MXEF) lost 1.4 percent on concern the U.S.
will slip back into recession if lawmakers fail to reach a
budget compromise on the so-called fiscal cliff, which refers to
about $607 billion of tax increases and federal spending cuts
set to kick in automatically in January. Saudi Arabia relies on
oil exports for about 90 percent of government revenue, making
it vulnerable to swings in global demand. <br />
“Petrochemical stocks have high sensitivity to news about
the global economy,” Turki Fadaak, head of research at Albilad
Investment Co. in Riyadh, said by phone. “Any positive news has
a good impact on the companies and any negative news has the
opposite effect.” <br />
Sabic’s sales dropped to 44.8 billion riyals ($11.9
billion), the company said in a regulatory filing today. Sabic
said on Oct. 17 third-quarter profit tumbled 23 percent as
prices for its products dropped amid slower global economic
growth. Profit has fallen in the past four quarters as the maker
of fertilizers, plastics and steel suffers from the effects of
slowing growth in developed economies. <br />
<h2>
‘Below Expectations’ </h2>
Sabic’s third-quarter sales were “a bit below
expectations, primarily due to lower petrochemical prices in the
third quarter,” Muhammad Faisal Potrik, an analyst at Riyad
Capital, said by phone. “Ethylene prices were down 5 percent
quarter on quarter, so that also had an impact.” He had
estimated third-quarter sales at around 46 billion. <br />
Sabic shares fell 0.6 percent to 90.25 riyals, the lowest
since Nov. 5. Al Rajhi declined 0.4 percent to 69.50 riyals. <br />
Elsewhere in the Middle East, Dubai’s DFM General Index
lost 0.2 percent and Abu Dhabi’s index slipped 0.1 percent.
Kuwait’s gauge gained 0.2 percent. Oman’s MSM30 Index (MSM30) and
Egypt’s EGX 30 Index were little changed. <br />
Israel’s TA-25 Index (TA-25) dropped 0.3 percent. The yield on the
nation’s 5.5 percent bonds maturing in January 2022 fell two
basis points, or 0.02 percentage point, to 3.9 percent.<br />
<br />
<b>Source: Bloomberg</b><br />
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-68103561939151435242012-11-11T02:51:00.002-08:002012-11-11T02:51:43.381-08:00Dubai Index Drops as U.S. Fiscal Cliff Pressures Global Stocks<br />
Dubai’s shares fell, leading
declines in the Persian Gulf, after concern over U.S. budget
cuts and a delay in the European Union’s bailout of Greece
spurred drops in global shares. <br />
Emirates Integrated Telecommunications Co (DU), the United Arab
Emirates phone services company known as Du, and construction
company Arabtec Holding Co. fell for a second time in three
days. The benchmark DFM General Index (DFMGI) dropped 0.3 percent to
1,612.92 points at 12:31 p.m. in the emirate. The Bloomberg GCC
200 Index (BGCC200) of regional stocks lost 0.2 percent and Qatar’s QE
Index decreased 0.3 percent. <br />
The Stoxx 600 Index dropped 1.7 percent last week and the
MSCI Emerging Markets Index (MXEF) lost 1.4 percent on concern the U.S.
will slip back into recession if lawmakers fail to reach a
budget compromise on the so-called fiscal cliff, which refers to
about $607 billion of tax increases and federal spending cuts
set to kick in automatically in January. Euro-area finance
ministers may not make a decision on unlocking funds for Greece
until late November, a European Union official said last week. <br />
Share price declines in Dubai are “mostly due to the fears
that global markets now face due to the fiscal cliff in the U.S.
with their budget as well as fears of the Greek bailout being
delayed,” Marwan Shurrab, vice-president at Gulfmena
Investments Ltd. said by phone today. “What we are going to see
is consolidation around these levels, until there is greater
clarity on the views and direction from international markets
and sentiment.” <br />
Du retreated 1 percent to 3.79 dirhams. Arabtec, which fell
3.1 percent last week, lost 1.2 percent to 2.46 dirhams, set for
the lowest close since Nov. 7. The biggest builder in the U.A.E.
last week said it revived plans to increase capital and sell
convertible bonds as it seeks financing for expansion amid a
decline in quarterly profit. <br />
Elsewhere in the Middle East, Abu Dhabi’s index slipped 0.3
percent and Kuwait’s gauge lost 0.2 percent. Oman’s MSM30 Index (MSM30)
and Saudi Arabia’s Tadawul All Share Index (SASEIDX) were little changed. <br />
Israel’s TA-25 Index (TA-25) dropped 1 percent. The yield on the
nation’s 5.5 percent bonds maturing in January 2022 fell two
basis points to 3.9 percent.<br />
<br />
<b>Source:Bloomberg: </b><br />
Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-11479646848645591722012-11-10T03:01:00.001-08:002012-11-10T03:01:41.983-08:00Euro Loses Most in 4 Months Against Yen on Fiscal Cliff, Greece<br />
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The euro slid the most in in four months versus the yen on concern a U.S. budget showdown known as the fiscal cliff will push the world’s biggest economy into recession and Greece will struggle for more rescue funds.</div>
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Japan’s currency rose against all of its 16 most-traded peers as investors sought haven amid a worsening global economic outlook. The euro fell for a third week versus the dollar, the longest losing streak since July, before Greece’s parliament votes on a budget tomorrow. The 17-nation euro economy shrank for a second quarter, data next week are forecast to show. New Zealand’s dollar tumbled after the nation’s jobless rate jumped.</div>
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“There’s definitely been a reluctance to take on risk until we see clearer signs that a resolution to the fiscal cliff is in sight,” Vassili Serebriakov, a New York-based currency strategist at BNP Paribas SA, said yesterday in a telephone interview. “The decision to hold off on a Greek decision was a negative as well.”</div>
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The euro tumbled 2.1 percent to 101.05 yen in New York trading in its biggest weekly loss since July 6. It touched 100.43 yen yesterday, the weakest level since Oct. 11. The shared currency dropped 0.9 percent to $1.2714 and reached $1.2690, the lowest since Sept. 7. The yen rallied 1.2 percent to 79.49 per dollar in its first weekly gain since Oct. 12.</div>
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Net Shorts</h2>
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Futures traders increased their bets the euro will decline against the U.S. dollar, according to Commodity Futures Trading Commission data. The difference in the number of wagers by hedge funds and other large speculators on a decline in the euro compared with those on a gain -- so-called net shorts -- was 67,141 on Nov. 6, compared with 58,204 a week earlier.</div>
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Speculators increased wagers the yen will fall versus the greenback to 40,414, the most since May 11, from 37,020 a week earlier, the figures showed.</div>
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The dollar gained against the majority of its most-traded counterparts amid concern President Barack Obama will struggle to convince Congress to avert automatic budget cuts and tax increases scheduled to take place at the end of the year. The dollar strengthens as investors buy U.S. Treasuries, a traditional refuge.</div>
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Obama won a second term this week, while Republicans maintained control of the House of Representatives and Democrats held on to a majority in the Senate.</div>
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Mandated Cuts</h2>
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The U.S. faces $1.2 trillion in mandated spending reductions and tax boosts over a decade starting Jan. 1 if Congress can’t agree to reduce the deficit, which totaled $1.09 trillion in fiscal 2012. The Congressional Budget Office has said the U.S. economy would slow by as much as 0.5 percent next year if Congress fails to prevent the measures from kicking in.</div>
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The Dollar Index (DXY), which Intercontinental Exchange Inc. uses to track the greenback against the currencies of six major U.S. trading partners, gained 0.5 percent to 81.026, rising for a third week. It rose above its 200-day moving average of 80.671 on Nov. 5, the first move across the average since Sept. 7.</div>
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The dollar was the strongest net-purchased currency this week, according to Bank of New York Mellon client data.</div>
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“The last time we got close to the debt ceiling and we had the credit-ratings downgrade, around that period we saw the markets struggle and the dollar do very well,” Nick Bennenbroek, head of currency strategy at Wells Fargo & Co. in New York, said on Nov. 5 in an interview on Bloomberg Televison’s “Lunch Money” with Sara Eisen.</div>
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Standard & Poor’s stripped the U.S. of its AAA credit rating on Aug. 5, 2011, after months of political brinkmanship that pushed the nation to the deadline for an agreement to lift the debt ceiling.</div>
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Mexico, Canada</h2>
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Mexico’s peso and Canada’s dollar fell on bets the dispute will damage the economy of their biggest trade partner. The peso slid 1.2 percent to 13.2003 to the greenback. The Canadian currency lost 0.6 percent to C$1.0016 per U.S. dollar.</div>
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The euro fell against most of its major peers as Greek Prime Minister Antonis Samaras eked out a slim majority vote Nov. 8 for a bill on pension, wage and benefit cuts needed to win an installment of rescue funds. The next hurdle comes when the parliament votes tomorrow on the 2013 budget.</div>
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The votes are required by Nov. 12 for Greece, where Europe’s debt crisis began three years ago, to get a 31.5 billion-euro ($40 billion) aid payment and avert a financial collapse that might drive the country from the euro.</div>
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EU Delay</h2>
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European Union finance ministers will delay for “weeks” the decision on Greece’s next payment, an EU official said Nov. 8 on condition of anonymity because deliberations are private.</div>
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The currency bloc’s gross domestic product contracted 0.1 percent in the third quarter, economists in a Bloomberg survey forecast before data due Nov. 15. The economy shrank 0.2 percent from April through June after stagnating in the first quarter.</div>
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The euro dropped 6 percent over the past year, the biggest loser among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes. The dollar gained 0.9 percent, and the yen weakened 1.5 percent. The New Zealand dollar, nicknamed the kiwi, climbed 5.5 percent in the best performance.</div>
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The kiwi dropped this week to the lowest level versus the U.S. dollar since Oct. 24 after New Zealand’s unemployment rate surged to a 13-year high of 7.3 percent in the third quarter. The currency slid 1.4 percent to 81.40 U.S. cents and touched 81.24 cents.</div>
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The yen reached its strongest level against the greenback yesterday since Oct. 18, 79.08. U.S. two-year note yields fell to 0.26 percent, shrinking the excess yield investors receive for purchasing U.S. securities versus Japanese government bonds to 16 basis points, or 0.16 percentage point, the least since Oct. 15. That damped the appeal of dollar-denominated debt versus yen-based securities as investors sought haven assets.</div>
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<b>Source: Bloomberg</b></div>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-71078020878397115462012-11-08T06:06:00.002-08:002012-11-08T06:06:58.770-08:00Euro Falls to Two-Month Low as Draghi Says Growth to Stay Weak<br />
The euro fell to a two-month low
versus the dollar as the European Central Bank kept its
benchmark interest rate at a record low and President Mario Draghi said economic growth was expected to remain “weak.” <br />
The single currency declined against all except two of its
16 major counterparts after Market News International said the
ECB was reluctant to start buying government bonds after a
decline in borrowing costs. The yen rose as investors sought
safer assets amid concern re-elected U.S. President Barack Obama
will struggle to avert the so-called fiscal cliff. The pound
rose against the euro as the Bank of England refrained from
boosting its asset-purchase program. <br />
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The euro dropped 0.3 percent to
$1.2734 at 9:37 a.m. London time, the lowest level since Sept. 7.
Photographer: Kiyoshi Ota/Bloomberg </div>
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“The ECB decision not to cut cannot be a great surprise to
the market, but perhaps some were flirting with the idea of an
easing especially after Draghi’s comments yesterday,” said
Daragh Maher, a currency strategist at HSBC Holdings Plc in
London. “I suspect the market will be patient and hope the
press conference gives us something more exciting, perhaps on
Spain or Greece.” <br />
The euro dropped 0.3 percent to $1.2733 at 1:44 p.m. London
time after sliding to $1.2717, the lowest level since Sept. 7.
The common currency fell 0.4 percent to 101.76 yen after sliding
0.8 percent yesterday. The yen strengthened 0.1 percent to 79.89
per dollar. <br />
The ECB is satisfied with the tranquilizing effect created
by its plan to purchase government bonds, Market News reported,
citing unidentified European Union and central-bank officials. <br />
<h2>
‘Dovish Commentary’ </h2>
Europe’s central bank left its benchmark interest rate at
0.75 percent at its policy meeting today, as forecast by all
except one of 63 economists surveyed by Bloomberg News. <br />
Euro-area growth risks remain “on the downside,” Draghi
said at a press conference in Frankfurt following the decision.
The ECB doesn’t see any growth improvement this year, he said. <br />
The euro strengthened 0.9 percent against the dollar after
the ECB’s previous meeting on Oct. 4 when Draghi said the
central bank was ready to start buying government bonds as soon
as the necessary conditions are fulfilled. <br />
German exports, adjusted for work days and seasonal
changes, dropped 2.5 percent from August, when they gained 2.3
percent, the Federal Statistics Office said today. That’s the
biggest slide since December. Economists surveyed by Bloomberg
forecast a 1.5 percent decline. <br />
<h2>
EADS Earnings </h2>
Earnings forecasts released today by European Aeronautic,
Defence & Space Co. (EAD) suggest it anticipates the euro will
strengthen. Europe’s biggest aerospace and defense company said
its new hedge contract had an average rate of $1.29 per euro. <br />
EADS, which hedges heavily to manage currency risk on
future Airbus aircraft deliveries, takes a 1 billion-euro hit on
earnings for every 10 cent increase in the euro against the
dollar. One of the biggest problems for EADS is that most Airbus
labor costs are in euros, but aircraft are paid for in dollars. <br />
The euro has declined 1.2 percent over the past month,
according to Bloomberg Correlation-Weighted Indexes, which track
10 developed-nation currencies. The yen dropped 1.4 percent,
while the dollar gained 0.8 percent. <br />
The yen rose against 15 of its 16 major peers as demand for
the safety of Japan’s currency was boosted by speculation U.S.
lawmakers will struggle to avert the looming fiscal cliff, the
more-than $600 billion in tax increases and spending cuts set to
be implemented in 2013 unless Congress acts. <br />
<h2>
‘Biggest Focus’ </h2>
“The biggest focus of the market as we head into year-end
will be the fiscal cliff,” said Noriaki Murao, managing
director of the marketing group at Bank of Tokyo-Mitsubishi UFJ
Ltd. in New York. “Investors are buying safe currencies such as
the dollar and yen.” <br />
The Dollar Index (DXY), which IntercontinentalExchange Inc. uses
to track the greenback against currencies of six U.S. trading
partners, climbed 0.2 percent to 80.895 after rising to 81.001,
the highest since Sept. 7. <br />
The pound rose for a second day against the euro after the
Bank of England said it would maintain its asset-purchase target
at 375 billion pounds ($599 billion). The decision was predicted
by 35 out of 45 economists in a Bloomberg survey. <br />
The central bank completed its latest 50 billion pounds of
bond purchases last week, and Deputy Governors Paul Tucker and
Charles Bean have indicated asset purchases may no longer have
the same impact on the economy as when first introduced in 2009. <br />
The pound appreciated 0.3 percent to 79.66 pence per euro
after strengthening 0.3 percent yesterday. Sterling was little
changed at $1.5984.<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b><b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-44734172667025772932012-11-04T01:54:00.001-07:002012-11-04T01:54:57.210-07:00Trade Online - Forex, CFD's & Metals with Reymount Platform<div class="separator" style="clear: both; text-align: center;">
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-74807092507835470132012-10-24T06:32:00.000-07:002012-10-24T06:32:01.431-07:00Euro Weakens for Second Day on Signs Economy Shrank; Krona Falls<br />
The euro weakened for a second day
against the dollar and yen after reports showed services and
manufacturing in the region shrank in October more than
economists predicted as the debt crisis stifled growth. <br />
The 17-nation currency fell versus all except two of its 16
major counterparts as the Ifo institute in Munich said German
business confidence dropped to the lowest level in more than two
years. The Dollar Index (DXY) climbed to the highest in almost two
weeks before Federal Reserve officials end a two-day policy
meeting. Sweden’s krona slid for a fourth day against the dollar
after a report showed consumer confidence worsened. <br />
“We’ve had some bad news and the euro has gone down,”
said Jane Foley, a senior currency strategist at Rabobank
International in London. “Given the extent of the poor news
that’s been around, I think it’s still amazing that the euro has
been so resilient.” <br />
The euro dropped 0.4 percent to $1.2940 at 7:30 a.m. New
York time after falling 0.6 percent yesterday. The shared
currency slid 0.4 percent to 103.25 yen. It earlier declined to
102.99 yen, the weakest since Oct. 17. The yen rose 0.1 percent
to 79.79 per dollar. <br />
Europe’s common currency may weaken to $1.28 in the next
month before recovering to about $1.30 over three months as
investors bet the European Central Bank will activate its bond-
buying program “as soon as things sour enough,” Rabobank’s
Foley said. <br />
<h2>
Manufacturing Contracts </h2>
A composite index based on a survey of purchasing managers
in manufacturing and services industries in the euro area fell
to 45.8 from 46.1 in September, London-based Markit Economics
said. Economists surveyed by Bloomberg forecast an increase to
46.5. A number below 50 indicates contraction. The Ifo institute
said its German business climate index dropped to 100 this
month, the lowest since February 2010, from 101.4 in September. <br />
The euro has weakened 4.8 percent in the past year,
according to Bloomberg Correlation-Weighted Indexes, which track
10 developed-nation currencies. It has gained 3.2 percent since
July 26 when ECB President Mario Draghi pledged to do whatever
it takes to safeguard the monetary union. <br />
Spanish Prime Minister Mariano Rajoy said yesterday there
was a case for easing budget-deficit targets set by the European
Union as the recession undermines tax revenue. Rajoy didn’t
mention seeking aid even as he praised the ECB’s offer to help
lower troubled countries’ borrowing costs. Spain’s 10-year bond
yields climbed to as high as 5.69 percent today from 5.37
percent at the end of last week. <br />
<h2>
‘More Downside’ </h2>
“We would see a bit more downside in the near term for the
euro,” said Imre Speizer, a strategist in Auckland at Westpac
Banking Corp. (WBC), Australia’s second-largest lender. “Economic
numbers are hurting the euro and the lack of a Spanish bailout
is also hurting.” <br />
Fed Chairman Ben S. Bernanke and his colleagues on the
Federal Open Market Committee will conclude a two-day meeting in
Washington today and release a statement on policy, including
their current plan to buy $40 billion in mortgage-backed
securities each month for an indefinite period as they seek to
nurse the economic recovery. <br />
The Dollar Index, which Intercontinental Exchange Inc. uses
to track the greenback against the currencies of six major U.S.
trade partners, rose 0.1 percent to 80.026 after climbing to
80.151, the highest since Oct. 11. <br />
<h2>
Krona Falls </h2>
The krona dropped after the National Institute of Economic
Research said Swedish consumer confidence index declined to
minus 2.9 in October from 2 the previous month. The median
prediction of economists surveyed by Bloomberg News was 1.7. <br />
The krona slipped 0.6 percent to 6.6898 per dollar and fell
0.3 percent to 8.6581 per euro. <br />
The Australian dollar advanced after an industry report
signaled a slowdown in Chinese manufacturing was abating, and as
a local data showed consumer prices rose more than economists
forecast last quarter. <br />
HSBC Holdings Plc (HSBA) and Markit Economics said a preliminary
reading of a purchasing managers’ index for China climbed to
49.1 in October from 47.9 last month. China is Australia’s
biggest trading partner. <br />
“What is good news for China is good news for Australia
and the evidence of a turnaround in China coupled with today’s
inflation data certainly throws some doubt” on expectations of
lower interest rates, Derek Halpenny, European head of global-
markets research at Bank of Tokyo-Mitsubishi UFJ Ltd. in London,
wrote in a client note. The data “offer the Australian dollar
some near-term support,” he said. <br />
The so-called Aussie appreciated 0.6 percent to $1.0326 and
gained 0.5 percent to 82.376 yen.<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b>
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Reymount Investment Ltdhttp://www.blogger.com/profile/00186092488923549912noreply@blogger.com0tag:blogger.com,1999:blog-438315802725588834.post-30915624175717914802012-10-24T05:50:00.000-07:002012-10-24T05:50:04.207-07:00Pound Rises Amid Bets U.K. Economy Exited Recession; Gilts Fall<br />
The pound strengthened the most in
more than three months against the euro as stocks rose on
optimism the U.K. economy pulled out of recession in the third
quarter, boosting demand for British assets. <br />
Britain’s currency rose against all but one of its 16 major
counterparts even after a report showed the nation’s
manufacturing industry unexpectedly slumped in October. Gross
domestic product expanded 0.6 percent last quarter from the
previous three months, according to a Bloomberg survey before
the data tomorrow. Bank of England Governor Mervyn King said
yesterday the data may confirm a “zig-zag” pattern of recovery
in the U.K. Gilts fell. <br />
“The focus for the pound is on the GDP release tomorrow,”
said Lee McDarby, head of dealing on the corporate and
institutional treasury desk at Investec Bank Plc in London.
“The pound is looking a little bit vulnerable at these levels.
It wouldn’t surprise me if GDP came out below consensus and then
the pound could fall.” <br />
Sterling gained 0.8 percent to 80.79 pence per euro at
12:41 p.m. London time, the steepest advance since July 5, after
reaching 81.65 pence on Oct. 22, the weakest since June 11.
Sterling rose 0.4 percent to $1.6017. <br />
The FTSE 100 Index of British shares rose for the first
time in four days, adding 0.2 percent. <br />
The pound’s strength against the euro is “expected to be
short-lived,” technical analysts at Credit Suisse Group AG,
including David Sneddon, wrote in an e-mailed note today.
Investors should sell the pound against the euro, they
recommended, targeting a depreciation to 82.63 pence, the least
since April. <br />
<h2>
CBI Gauge </h2>
The Confederation of British Industry’s gauge of factory
orders dropped to minus 23 from minus 8 in September, data
showed today. The median of 11 analyst forecasts in a Bloomberg
News survey was for an increase to minus 6. <br />
Sterling declined 0.6 percent in the past three months,
according to Bloomberg Correlation-Weighted Indexes, which track
10 developed-market currencies. The euro gained 3.8 percent and
the dollar dropped 4.1 percent. <br />
“At this stage, it is difficult to know whether some of
the recent more positive signs will persist,” King said in a
speech late yesterday in Cardiff, Wales. “Should those signs
fade, the Monetary Policy Committee does stand ready to inject
more money into the economy.” <br />
<h2>
BOE Meeting </h2>
Central bank officials meet in two weeks to decide whether
to increase their so-called quantitative easing program to boost
the economy. Policy makers kept the target at 375 billion pounds
at this month’s meeting. <br />
Sterling extended its advance against Europe’s shared
currency after data revealed euro-region industry contracted in
October, boosting demand for alternatives to the euro. <br />
A composite index based on a survey of purchasing managers
in manufacturing and services fell to 45.8 from 46.1 in
September, London-based Markit Economics said today. Economists
surveyed by Bloomberg forecast a reading of 46.5. A number below
50 indicates contraction. <br />
The 10-year gilt yield rose three basis points, or 0.03
percentage point, to 1.86 percent. The 1.75 percent bond due in
September 2022 fell 0.30, or 3 pounds per 1,000-pound face
amount, to 99.03. <br />
Gilts have returned 2.5 percent this year through
yesterday, according to indexes compiled by Bloomberg and the
European Federation of Financial Analysts Societies. German
bonds gained 2.5 percent and Treasuries earned 1.8 percent.<br />
<br />
<b>Source: Bloomberg</b><br />
<b><br /></b><b><br /></b>
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