Financial Trading Review
The daily trading review of the key European and US markets as well as a quick review of the forex and commodities markets.
Financial Trading Review 21 May 2013 |
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UK Trading Review
FTSE 100 futures are trading 5.60 points lower.
Marks & Spencer appointed Patrick Bousquet-Chavanne, a former Estee Lauder executive, as its new Marketing Director to spearhead its marketing strategy in a bid to turn around its flagging clothing sales.
For more UK market updates throughout the day see our Daily FTSE News section.
European Trading Review
German DAX Xetra 30 futures are trading 2.0 points down, while French CAC-40 futures are trading 1.2 points lower.
Bayer expects annual sales of more than €500.0 million from its experimental riociguat pill which underwent a successful trial.
Les Echos reported that the French Financial Markets Authority is investigating the conditions under which the Natixis sold its shares in its parent companies, Caisses d'Epargnes and Banques Populaires.
For more updates throughout the day see our Daily Stock Market News section.
US Trading Review
DJIA futures are trading 4.0 points lower.
Yesterday, the DJIA closed 0.1% lower, to settle at 15,335.3. NASDAQ fell 0.1% to close at 3,496.4. S&P 500 declined 0.1% to end at 1,666.3.
US markets fell yesterday, after Dallas Fed President Richard Fisher clarified that conditions were ripe for scaling back the central bank's stimulus efforts.
Also contributing to the weakness were rising concerns that Chicago Fed President Charles Evans' optimistic comment about the US economy would increase the odds of scaling back the QE program in the next few months.
IEC Electronics Corp declined 13.8%, after it reported fiscal second quarter results that were well below prior expectations. Red Hat fell 4.3%, following a broker downgrade.
Yahoo! rose 0.2%, after the company announced that it would buy blogging network Tumblr for $1.1 billion.
Websense advanced 28.8%, on reports that the company would be acquired by private-equity firm Vista Equity Partners in a deal valued at about $906 million.
After the closing bell, HHGregg declined 10.3%, after it reported 82% fall in its fiscal fourth quarter profit.
Meanwhile, SoundBite Communications advanced 4.2%, following a report that Genesys has agreed to acquire the company in a deal worth about $100.4 million.
For more US market updates throughout the day see our Daily US Market News section.
Forex Trading Review
The GBP is trading 0.1% lower against the USD at $1.5250, 0.1% down against the EUR at €1.1830, and 0.3% higher against the JPY at ¥156.38. Investors await the release of UK's producer, consumer, house and retail prices to get further direction.
The EUR is trading marginally lower against the USD at $1.2890 and 0.4% higher against the JPY at ¥132.18, ahead of the release of German producer price data, due to be released today.
The JPY is trading lower against most of its major peers. This follows Japanese Economy Minister Akira Amari backed from his earlier comments that had prompted the currency to rally and instead stated that the markets might find a balance on the exchange rate.
Investors also await the outcome of BoJ's policy meeting scheduled today, to get further direction.
The AUD is trading lower against the USD, after minutes from the Reserve Bank of Australia's latest meeting confirmed that the nation's policy makers are ready to reduce borrowing costs, if the nation's economic outlook deteriorates further.
Yesterday, the JPY gained against the USD, as Japanese Economy Minister Akira Amari highlighted that further losses in the Japanese currency would have negative effects.
The GBP rose against the USD, after a private report indicated that prices sought by UK home sellers rose 2.1% in May to an average £249,841, adding to optimism that the UKs' economy is improving.
For more updates throughout the day see our Daily Forex News section.
Commodities Trading Review
Crude Oil Update
In Asia, crude oil for June delivery is trading 0.1% or $0.07 higher at $96.78 per barrel.
Yesterday, crude oil for June delivery increased 0.7% or $0.69 to $96.71 per barrel.
This came as the recent turmoil in the Middle East following Syrian Government's offence against the rebels bolstered investors' concern that crude oil shipments from the region might get disrupted.
Furthermore, a fall in dollar also increased the demand for commodities as an alternative investment.
Metal Trading UpdateGold for immediate delivery is trading 0.1% lower, at $1,388.15 per ounce.
Gold for June delivery rebounded 1.4% or $19.40 to close at $1,384.10 per ounce yesterday, amid bargain hunting as investors took advantage of the low prices, following the recent fall.
The precious metal also recovered as Moody's threat of a likely US credit-rating downgrade this year boosted its safe haven appeal.
Traders opting to cover their short positions ahead of the outcome of the FOMC meeting, which is expected to provide further clarity on Fed's stance on scaling down its quantitative easing program, also added to strength.
Yesterday, copper 3-month futures declined 0.7% or $53.00, to end at $7,297.00/MT. Aluminium 3-month futures ended 0.6% or $10.00 higher at $1,810.00/MT.
For more updates throughout the day see our Daily Commodities News section.
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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Risk Warning: Financial spread bets and CFDs are leveraged products and it is possible for losses to exceed deposits. Financial spread betting and CFD trading are not suitable for everyone so please seek advice if you do not understand the risks.
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.
'Financial Trading Review' edited by ETX Capital, updated 21-May-13
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