Crude Oil Futures Fall on Fears Over Economic Impact of High Prices
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The regular trading review of the main UK, US and European markets, plus a quick look at the commodities and forex markets.
For today's report see Financial Trading Review.
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ETX Capital
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Financial Trading Review - 28 February 2012
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UK Trading Review
UK markets finished lower yesterday, amid lingering concerns about the European debt crisis after G-20 finance ministers held off on boosting funding for the International Monetary Fund.
Essar Energy slumped 14.6%, after the company posted a loss in 2011 after the Supreme Court of India set aside a sales-tax deferment decision.
HSBC Holdings dropped 3.7%, after it reported 2011 pre-tax profit that missed market expectations.
Royal Bank of Scotland and Lloyds Banking Group, fell 2.1% and 2.3%, respectively. Financial Times reported that the two banks might seek a combined €15 billion in the next round of the European Central Bank’s auction.
Publishing firm, Pearson declined 3.8%, after the company stated that its 2011 net profit fell to £957 million from £1.3 billion in 2010.
Cruise operator, Carnival slipped 1.7%, amid reports of a fire on board one of its ships sailing off the Seychelles.
FTSE 100 slipped 0.3%, to close at 5,915.6, while FTSE 250 fell 0.5%, to settle at 11,472.1.
European Trading Review
European markets closed lower yesterday, dragged by losses in banking sector stocks, as concerns about the Eurozone debt crisis resurfaced. This came after the G-20 finance ministers rejected Eurozone policymakers’ call to increase IMF’s lending resources, overshadowing upbeat home sales data from the US.
Banking stocks, Unione di Banche Italiane, Commerzbank and Societe Generale plummeted between 1.8% and 6.2%, as risk appetite decreased among investors.
Carmakers, Daimler, Peugeot and Volkswagen, dropped between 0.4% and 3.5%, after JP Morgan Cazenove downgraded the sector to “Neutral” from “Overweight”.
Shipping stock, Maersk, fell 3.7%, after the company reported a 43% drop in its full-year profit.
FTSEurofirst 300 index dropped 0.3% to close at 1,073.8. German DAX Xetra 30 declined 0.2% at 6,849.6. French CAC-40 fell 0.7% at 3,441.5.
US Trading Review
US stocks closed mostly higher yesterday, led by gains in financial sector stocks, as better-than-expected US housing data, and Germany’s approval of the second international Greek bailout buoyed market sentiment.
JPMorgan Chase rose 2.0%, after a broker stated that the stock had outperformed its peers and that the company should split-up to realize value.
Bank of America added 2.0%, after a US Appeals court returned the bank’s mortgage-bond settlement to state court.
Lowe’s, advanced 0.7%, after its fourth-quarter earnings surpassed market expectations.
Whirlpool rallied 6.7%, after a broker forecasted that the company’s 2012 earnings would surpass market expectations.
Biotechnology stock, Dendreon, plummeted 20.5%, after the company’s fourth-quarter earnings fell short of market expectations.
DJIA closed marginally lower at 12,981.5. NASDAQ ended 0.1% higher at 2,966.2. S&P 500 added 0.1% to 1,367.6.
Forex Trading Review
At 0400 BST today, the GBP is trading 0.1% higher against the USD at $1.5840, 0.1% lower against the EUR at €1.1798, and 0.2% lower against the JPY at ¥127.10.
The EUR is trading 0.1% higher against the USD at $1.3428.
The EUR is trading higher against the GBP and the USD, ahead of the European Central Bank’s allotment of a second round of unlimited three-year funds to help shore up the euro region’s banks.
The EUR is trading 0.2% lower against the JPY at ¥107.71, after Standard & Poor’s downgraded Greece’s credit rating to “Selective Default”, increasing demand for the safe haven assets.
The AUD and NZD are trading lower against the USD, amid concerns that Greece would struggle to contain its debt crisis, dampening demand for higher-yielding assets.
Yesterday, the EUR and the GBP ended lower against the USD, amid renewed concerns about the European debt crisis, after the G-20 nations refused to boost funding for the IMF’s lending resources, until European Union increases its financial stabilisation fund.
The EUR closed lower against the JPY, after Standard and Poor's cut its rating outlook on the EFSF, the Eurozone bailout fund, to “Negative”.
The AUD closed higher against the USD, after better-than-expected US pending home sales data in January, spurred demand for high yielding assets.
Commodities Trading Review
In Asia, crude oil for April delivery is trading 0.58% or $0.63 lower at $107.93 per barrel.
Yesterday, crude oil futures for April delivery dropped 1.1% or $1.21 to end at $108.56 per barrel. This came amid concerns that higher crude oil prices might derail economic recovery offsetting fears about Iran and potential supply disruptions.
Reports that the G-20 finance ministers had rejected calls from Eurozone lawmakers to increase IMF’s lending resources also weighed on crude oil prices.
Gold for immediate delivery is trading 0.1% higher today, at $1768.67 per ounce.
Gold for April delivery declined 0.1% or $1.50 to end at $1,774.90 per ounce yesterday. This came as the dollar rose against the major currencies, decreasing demand for the precious metal as a hedge against inflation.
Financial Trading News
For more daily views, news and analysis of the markets also see:
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The above comments do not constitute investment advice and neither ETX Capital nor Clean Financial accept any responsibility for any use that may be made of them. Any prices or data are indicative and subject to change without notice; its accuracy is not guaranteed and should not be relied on.
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'Crude Oil Futures Fall on Fears Over Economic Impact of High Prices' edited by ETX Capital, updated 28-Feb-12
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