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 23 May 2013
UK Trading Review
FTSE 100 futures are trading 24.1 points lower.
Soros investment vehicle, 'Quantum Strategic Partners' infused £50 million in UK fibre-optic company Hyperoptic.
The FT reported that Cable & Wireless Communications will relocate its operational headquarters to South Florida from London.
For more UK market updates throughout the day see our Daily FTSE News
European Trading Review
German DAX Xetra 30 futures are trading 37.5 points down, while French CAC-40 futures are trading 5.0 points lower.
Carrefour has agreed to sell its remaining 25% stake in a Middle East JV to a local partner Majid Al Futtaim for €530 million.
The Bank of New York Mellon Corporation announced that its voting rights in Brenntag AG stood at 3.09% on 17 May 2013.
For more updates throughout the day see our Daily Stock Market News
US Trading Review
DJIA futures are trading 40.0 points lower.
Yesterday, the DJIA fell 0.5%, to close at 15,307.2. NASDAQ declined 1.1% to close at 3,463.3. S&P 500 slid 0.8% to end at 1,655.4.
US markets ended lower yesterday, as the Federal Reserve's latest meeting minutes indicated a growing consensus among policymakers to scale down its quantitative measures. This came after Ben Bernanke did not rule out the possibility of tapering its bond-buying program in coming months.
Target Corp fell 4.0%, after the retailer reported quarterly report that failed to meet analysts' estimates. Marine shipping service provider, Baltic Trading declined 9.6%, after it announced that it would to sell shares to raise capital for future vessel acquisitions, working capital and general corporate purposes.
SolarWinds dropped 13.7%, after agreeing to buy N-able Technologies in a cash deal worth $120 million.
After the closing bell, Hewlett-Packard advanced 13.9%, after it posted better-than-expected second quarter earnings. PETsMART rose 2.4%, after it reported 8.2% rise in its first quarter earnings and raised its outlook for the year.
For more US market updates throughout the day see our Daily US Market News
Forex Trading Review
The GBP is trading marginally lower against the USD at $1.5031, 0.1% down against the EUR at €1.1701, and 0.1% weaker against the JPY at ¥154.96. Investors look ahead to the release of UK's GDP and Index of Services data to get further direction.
The EUR is trading marginally higher against the USD at $1.2846 and 0.1% down against the JPY at ¥132.43. Investors await the release of PMI manufacturing data from the Eurozone, France and Germany.
The USD is trading higher against most of its major peers, before the release of US data that is forecasted to show that jobless claims decreased in the week ended 17 May and home sales rose in April. These add to the case for the Federal Reserve to reduce its monetary stimulus.
Yesterday, the USD gained against most of its major peers, as minutes of the Fed's latest policy meeting and Chairman Ben Bernanke's comment sparked speculation that the Fed might begin tapering its bond-buying program in its upcoming policy meetings.
The GBP fell against the USD, after Bank of England MPC's recent policy meeting minutes showed that three of the nine members voted in favour of increasing the size of its asset-purchase program.
The CHF weakened against its major rivals after SNB President Thomas Jordan stated that it would maintain the floor rate of 1.20 as long as necessary. However, he did not rule out the possibility of negative interest rates.
The CAD slipped against the USD, after Canada's retail sales was little changed at $39.5 billion in March, following a revised 0.7% increase recorded in the prior month. The figure raised speculation that the Bank of Canada might reverse its bias towards raising interest rates.
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 0.7% or $0.70 lower at $93.58 per barrel.
Yesterday, crude oil for July delivery tumbled 2.0% or $1.90 to $94.28 per barrel. This came amid demand concerns, after US crude oil stockpiles revealed just a modest decline of 300,000 barrels during the week ended 17 May, contrary to expectations of a 1.2 million-barrel decline.
The commodity also came under pressure after crude oil inventories in China, the world's second largest oil consumer, gained 0.1% in April.
Clues from Fed Chairman Ben Bernanke and minutes of the Fed's latest meeting on a likely pullback in the central bank's stimulus plan also weighed on oil.
Metal Trading UpdateGold for immediate delivery is trading 0.2% higher, at $1366.25 per ounce.
Gold for June delivery fell 0.7% or $10.20 to close at $1,367.40 per ounce yesterday, after Bernanke's comments signalled a potential tapering of the existing QE measures.
The precious metal declined further in electronic trading and fell as low as $1,353.10.
This followed the minutes from the Fed's last meeting revealed that a “number” of central bank officials were willing to downsize the stimulus measures in place as soon as their next meeting in June.
Yesterday, copper 3-month futures advanced 1.4% or $100.0, to end at $7,510.00/MT. Aluminium 3-month futures ended 0.3% or $5.0 lower 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 23-May-13
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