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 20 May 2013 |
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UK Trading Review
FTSE 100 futures are trading 3.3 points lower.
Tesco is seeking a partnership in China to enable an expansion in the nation's grocery market, but in a way that uses less capital.
Marks & Spencer was accused of avoiding corporate tax, following claims that the modus operandi for its online sales operation matched that of its peer, Amazon, to minimize payments to the UK Treasury.
For more UK market updates throughout the day see our Daily FTSE News section.
European Trading Review
German DAX Xetra 30 futures are trading 3.7 points up, while French CAC-40 futures are trading 4.9 points higher.
Yanzhou Coal Mining is mulling a possible sale of dollar-denominated subordinated notes with no fixed maturity for debt repayment, capital expenditure, working capital and general corporate purposes.
China's Mengniu Dairy announced that its shareholder, Farwill, would sell 8.3% stake to a joint venture where the French group Danone is a shareholder.
For more updates throughout the day see our Daily Stock Market News section.
US Trading Review
DJIA futures are trading 1.0 points higher.
On Friday, the DJIA edged up 0.8%, to settle at 15,354.4. NASDAQ advanced 1.0% to close at 3,499.0. S&P 500 climbed 1.0% to 1,667.5.
US markets ended higher on Friday, as the US leading indicators and consumer sentiment index advanced more-than-estimated, fuelling investors' optimism that the nation's economy might expand further.
Automakers, General Motors and Ford Motor advanced 3.1% and 3.0%, respectively, following reports that EU car sales rose in April.
Northrop Grumman Corp jumped 4.0%, after it announced that it would expand its share buyback program to $4 billion from its earlier earmarked amount of $1 billion.
Capella Education advanced 5.0%, after a broker upgraded the stock to “Outperform”. Peers, Corinthian Colleges, Career Education Corp and ITT Educational Services also rallied between 3.9% and 12.8%.
After the closing bell, Acquity Group ADS surged 76.9%, on reports that Accenture has agreed to purchase Acquity in a cash deal worth about $316 million in a bid to expand the consulting company's range of digital marketing services.
For more US market updates throughout the day see our Daily US Market News section.
Forex Trading Review
The GBP is trading 0.1% higher against the USD at $1.5192, 0.1% up against the EUR at €1.1836, and 0.2% lower against the JPY at ¥156.17. Investors await the release of UK's Consumer Price Index, Producer Price Index and Retail Price Index due later tomorrow, to get further direction.
The EUR is trading 0.1% higher against the USD at $1.2835 and 0.3% lower against the JPY at ¥131.93, ahead of the release of Italy's industrial orders and sales data, due today.
The JPY is trading higher its major peers, after Japan's Economy Minister Akira Amari warned against further deprecation in the currency.
The WON is trading near a four week low against the USD, amid mounting regional tensions, after North Korea launched one short-range guided missile yesterday.
The NZD is trading higher against the USD, amid speculation that the nation's central bank would increase borrowing costs to curb gains in New Zealand's home prices.
On Friday, the USD finished higher against its peers, amid growing expectations that the US Fed would wind down its bond-buying program, as data revealed that the US consumer sentiment index increased to 83.7 in May. The figure surpassed market estimates of 77.5 and was higher than the 76.4 level recorded in the previous month.
The CAD slipped against the USD, after data revealed that Canada's consumer price index fell 0.2% in April from March.
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 marginally lower at $95.99 per barrel.
On Friday, crude oil for June delivery added $0.86 to $96.02 per barrel, amid expectation of an increase in energy demand, following positive US economic data which suggested stronger signs of economic recovery.
However, gains were pared, as the dollar strengthened against a basket of major currencies, decreasing the demand for the commodities as an alternative investment.
Metal Trading UpdateGold for immediate delivery is trading 0.8% lower, at $1348.27 per ounce.
Gold for June delivery declined by $22.20 to close at $1,364.70 per ounce on Friday, as the dollar rose against major currencies, decreasing the demand for the precious metal as a hedge against inflation.
Gold also fell, as encouraging US economic data dimmed the demand for gold as a safe haven asset.
Yesterday, copper 3-month futures advanced 3.2% or $224.5, to end at $7,350.00 /MT. Aluminium 3-month futures ended 0.8% or $15.0 higher at $1,800.00 /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 20-May-13
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