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 24 May 2013
UK Trading Review
FTSE 100 futures are trading 3.7 points lower.
The settlement deal that HSBC Holdings entered into with the US authorities, worth about $1.9 billion (£1.6 billion), over money laundering charges has stalled following a row between the Justice Department and the judge overseeing the case.
For more UK market updates throughout the day see our Daily FTSE News
European Trading Review
German DAX Xetra 30 futures are trading 4.5 points down, while French CAC-40 futures are trading 3.5 points higher.
Deutsche Bank's shareholders have approved the new remuneration model for the Management board.
BASF Total Petrochemicals LLC has finished a revamp of its steam cracker in Port Arthur (Texas), enabling the 1-million-tonne/year facility to process ethane.
For more updates throughout the day see our Daily Stock Market News
US Trading Review
DJIA futures are trading 5.0 points lower.
Yesterday, DJIA fell 0.1%, to settle at 15,294.5. NASDAQ declined 0.1% to close at 3,459.4. S&P 500 closed 0.3% lower to end at 1,650.5.
US markets ended slightly lower yesterday, as a contraction in China's manufacturing sector and earlier cues from US Fed minutes regarding scaling back QE measures overshadowed higher-than-expected US new home sales and a drop in weekly jobless claims.
Ralph Lauren Corp fell 2.3%, after it forecasted revenue that missed analysts' estimates. Buckle declined 3.0%, after it reported 0.7% fall in its fiscal first quarter earnings.
Sempra Energy slid 2.7%, after it projected a weaker than anticipated outlook for FY 2014 earnings.
Homebuilders, KB Home and Toll Brothers added 1.6% and 1.4%, respectively, buoyed by upbeat new home sales data.
After the closing bell, Pandora Media surged 8.2%, after the company raised its full year earnings outlook.
Meanwhile, Titan Machinery dropped 12.0%, after it revealed preliminary first quarter results that were below analysts' estimates, and cut its full-year earnings guidance.
For more US market updates throughout the day see our Daily US Market News
Forex Trading Review
The GBP is trading 0.1% lower against the USD at $1.5081, slightly lower against the EUR at €1.1675, and 0.2% down against the JPY at ¥154.26.
The EUR is trading marginally lower against the USD at $1.2918 and 0.2% down against the JPY at ¥132.14, as investors await the release of German GDP and IFO's business sentiment data to get further direction.
Investors are also expected to keep a close eye on Italy's consumer confidence and France's Business climate data.
The NZD is trading lower against the USD after a report showed the nation's trade surplus stood at NZD157.0 million in April, less than the market estimate for NZD515.0 million.
Yesterday, the JPY surged against the USD, as expectations that the US Federal Reserve would soon reduce its bond purchases triggered a selloff in riskier assets, increasing demand for the safe haven yen.
The USD also fell against the JPY, as a sudden rise in the demand for the Japanese currency resulted into a short squeeze situation, forcing BoJ to step in with a fund-supplying operation.
The GBP climbed against most of the major currencies, after the UK GDP growth was confirmed at 0.3% expansion in the first quarter.
The EUR rose against the USD, after data showed that PMI for the manufacturing sector in the Eurozone improved to 47.8 in May, compared to 46.7 in the previous month.
The currency also advanced, after the Composite PMI that measures performance of both the manufacturing and service sectors, increased to 47.7 in May, up from 46.9 in April.
For more updates throughout the day see our Daily Forex News
Commodities Trading Review
Crude Oil Update
In Asia, crude oil for July delivery is trading 0.1% or $0.05 lower at $94.20 per barrel.
Yesterday, crude oil for July delivery fell marginally by $0.03 to $94.25 per barrel, as weak manufacturing data from China and the US renewed concern over the future crude oil demand prospects.
However, crude oil pared some losses, after data showed a drop in first-time claims for US unemployment benefits and a 2.3% rise in US new home sales.
Metal Trading UpdateGold for immediate delivery is trading 0.4% higher, at $1393.59 per ounce.
Gold for June delivery added 1.8% or $24.40 to close at $1,391.80 per ounce yesterday, as the dollar weakened against the major currencies, increasing the demand for the precious metal as a hedge against inflation.
Gold also jumped, as a decline in global equity markets prompted investors to purchase the yellow metal as a safe haven asset.
Yesterday, copper 3-month futures declined 2.5% or $190.0, to end at $7,320.00/MT. Aluminium 3-month futures remained unchanged at $1,800.00/MT.
For more updates throughout the day see our Daily Commodities News
Financial Trading News
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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.
'Financial Trading Review' edited by ETX Capital, updated 24-May-13
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