Crude Oil Futures Track Decline in US Spread Betting Equities on Poor Japanese GDP
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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 - 14 August 2012
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UK Trading Review
At 0500 BST today, FTSE 100 futures are trading 6.0 points higher.
Pfizer has agreed to pay about $250 million to acquire over-the-counter global rights of drugmaker AstraZeneca’s heartburn drug Nexium.
Pfizer would also pay milestone and royalty payments to the company based on product launches and sales. As a consequence the company has raised its core EPS target for 2012 to the range $6.00 to $6.30.
Shell reported a fire at its Martinez refinery on Pacheco Boulevard, which was later extinguished but resulted in the emissions of sulfur dioxide. The fire broke out in the light oil processing area, and was extinguished within 10 minutes.
European Trading Review
At 0500 BST today, German DAX Xetra 30 futures are trading 8.6 points higher, while French CAC-40 futures are trading 4.3 points higher.
Gagfah is seeking bids for 38,000 apartments in Dresden. Germany’s second largest property company aims to sell the property for at least their book value of €1.8 billion.
Societe Internationale de Plantations d'Heveas reported a 9.4% rise in first-half sales. Revenue for the period stood at €183.2 million.
US Trading Review
At 0500 BST today, DJIA futures are trading 10.0 points higher.
Yesterday, DJIA edged down 0.3% to close at 13,169.4. NASDAQ inched 0.1% higher at 3,022.5. S&P 500 ticked down 0.1% to end at 1,404.1.
US markets closed mostly lower yesterday, as disappointing Japanese second quarter economic growth data dented market sentiment, compounding worries over a global slowdown.
Bank of America lost 0.3%, as Swiss private bank Julius Baer mulled to acquire Merrill Lynch international wealth-management businesses.
JC Penney slipped 3.1%, after a broker cut its rating on the stock to “Neutral” from “Overweight”.
First Solar slid 4.4%, after its German-peer, Solarworld, swung to a second-quarter loss and reduced its outlook.
However, Google gained 2.8%, as it unveiled its lay-off plans and mulled to cut a fifth of Motorola Mobility's work force.
In after-hours trading, Groupon plunged 19.7%, as it forecasted third quarter revenue below market estimates.
Monster Beverage gained 1.8%, as it boosted its share repurchase plan by $250 million.
Forex Trading Review
At 0400 BST today, the GBP is trading 0.1% higher against the USD at $1.5689, 0.1% lower against the EUR at €1.2708, and 0.2% higher against the JPY at ¥123.06.
Earlier in the session, reports indicated that UK house prices fell further in July and UK business sentiment reached its lowest level this year in July.
The EUR is trading 0.2% higher against the USD at $1.2346. The EUR is trading 0.3% higher against the JPY at ¥96.84.
Investors await Eurozone second-quarter GDP data due later in the day which is expected to show a contraction and is likely to increase pressure on the ECB to take further monetary easing steps to boost economic growth.
Yesterday, the GBP ended lower against the EUR, after Bank of England Governor Mervyn King stated that the Eurozone debt crisis is still weighing on Britain’s economy and ahead of a report this week which is expected to show UK consumer price inflation slowed in July.
The EUR ended higher against the USD, following successful debt auction in Italy and after a report revealed that German wholesale price inflation accelerated more-than-expected in July.
The EUR also rose, following better-than-estimated Greece’s GDP data for the second-quarter.
The JPY ended lower against the USD, after data showed Japan’s GDP grew less-than-expected in the second quarter of 2012, boosting speculation that the Bank of Japan might renew stimulus policies to boost its economy.
Commodities Trading Review
In Asia, crude oil for September delivery is trading 0.1% or $0.09 higher at $92.82 per barrel.
Yesterday, crude oil for September delivery fell 0.2% or $0.14 to $92.73 per barrel, tracking a decline in US spread betting equities and as weaker than estimated Japan’s GDP data raised worries over demand outlook.
However, earlier in the session, oil prices had advanced on news that Israel had indicated a rising possibility of military intervention in Iran, fuelling concerns over supply disruption from the Middle East region.
Gold for immediate delivery is trading 0.1% higher today, at $1,612.55 per ounce.
Gold for December delivery settled down 0.6% or $10.20 at $1,612.60 per ounce yesterday, tracking losses in other commodity prices and amid fading hopes for additional stimulus by global central banks.
Yesterday, copper 3-month futures rose marginally to close at $7,445.00 /MT. Aluminium 3-month futures gained 0.3% or $5.0, to close at $1,770.00 /MT.
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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Article provided / approved by ETX Capital which is the trading name of Monecor (London) Limited, company number 00851820. Monecor (London) Ltd is authorised and regulated by the Financial Services Authority, registration number 124721.
'Crude Oil Futures Track Decline in US Spread Betting Equities on Poor Japanese GDP' edited by ETX Capital, updated 14-Aug-12
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