Spread Betting: Yen Rises on Speculation That Bank of Japan Will Not Add Stimulus
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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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Financial Trading Review - 07 August 2012
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UK Trading Review
UK markets ended higher yesterday, after Greece and the Troika agreed on the need to support policy efforts and comply with its bailout terms.
Royal Bank of Scotland surged 5.9%, amid reports that its US subsidiary, Citizens Financial, could receive a £10 billion takeover approach from Brazil's Banco Itau.
Amongst other banks, Barclays and Lloyds Banking Group rose 3.4% and 2.5%, respectively as risk appetite increased amongst investors.
Miners, ENRC, Vedanta Resources, Randgold Resources and Rio Tinto climbed between 2.6% and 3.8%, tracking a rise in metal prices.
Marks and Spencer advanced 1.9%, amid speculative reports that it could be a takeover target.
Evraz climbed 4.8%, after a broker removed the stock from its “Least Preferred” list.
Burberry Group rose 1.9%, after Prada reported a sharp rise in its first-half sales, surpassing analyst estimates. Catlin Group gained 2.6%, after the company swung to a first-half profit.
FTSE 100 rose 0.4%, to settle at 5,808.8. FTSE 250 climbed 1.1%, to close at 11,426.4.
European Trading Review
European markets closed higher yesterday, after Greece and its creditors agreed on the requirement to strengthen policy efforts and German Chancellor Angela Merkel’s government backed ECB’s bond buying program.
Peugeot, Renault, BMW and Volkswagen soared between 1.7% and 7.8%, after their Japanese peer, Toyota reported better-than-expected sales figures.
Credit Agricole, BNP Paribas, Societe Generale and Deutsche Bank climbed between 0.8% and 5.2%, amid optimism European policy makers would take action to contain the region’s debt crisis.
Richemont gained 5.2%, after the company forecasted a rise in first-half profit.
Allianz advanced 2.0%, after a broker upgraded the stock to “Overweight” from “Neutral”.
FTSEurofirst 300 index added 0.4% to 1,085.8. German DAX Xetra 30 rose 0.8% to 6,918.7. French CAC-40 closed 0.8% higher at 3,401.6.
US Trading Review
US markets closed higher yesterday, hitting fresh three-month highs, as better-than-expected earnings reports lifted market sentiment and after worries over the European debt crisis eased on reports that Germany had backed the ECB's bond-purchasing programme.
Best Buy rallied 13.3%, after the company’s founder offered a 36% to 47% premium per share in a move to take the electronics retailer private.
Kraft Foods edged up 0.2%, after a broker raised its rating on the stock to “Buy” from “Hold”.
DuPont, Alcoa and Caterpillar gained between 1.4% and 1.6%, amid easing worries over sluggish economy.
Cognizant Technology jumped 11.0%, as it raised its full-year earnings guidance, amid double-digit growth in second-quarter revenue.
Pluristem Therapeutics surged 14.8%, after a patient, for the second time in three months, was saved using its placenta-based stem cell treatment.
DJIA rose 0.2% to close at 13,117.5. NASDAQ added 0.7% to settle at 2,989.9. S&P 500 ticked up 0.2% to end at 1,394.2.
Forex Trading Review
At 0400 BST today, the GBP is trading marginally higher against the USD at $1.5592, 0.1% lower against the EUR at €1.2572, and 0.1% higher against the JPY at ¥ 122.08.
The EUR is trading 0.1% higher against the USD at $1.2402. The EUR is trading 0.2% higher against the JPY at ¥97.10.
The EUR is trading higher after the German Chancellor Angela Merkel’s government backed the European Central Bank’s bond-buying plan in efforts to lower borrowing costs in Italy and Spain.
Earlier, the EUR was trading lower against the JPY and the USD, after Italy’s Prime Minister Mario Monti stated that divisions within the euro-bloc threatened the European Union’s future.
The JPY is trading higher against most of its major peers as global equity markets traded higher and amid speculation the Bank of Japan would refrain from additional monetary easing at a policy meeting that starts tomorrow.
The AUD/USD FX pair traded higher amid speculation Australia’s Reserve Bank would keep borrowing costs unchanged at 3.5% at a meeting today.
Yesterday, the EUR ended higher again the USD and the GBP amid optimism that the European policymakers would contain the region’s debt crisis by supporting struggling nations.
The GBP ended lower against the EUR and USD, after Halifax reported that the house price index in the UK dropped 0.6% in July, underlining the fragility of Britain’s economy.
Commodities Trading Review
In Asia, crude oil for September delivery is trading 0.2% or $0.21 lower at $91.99 per barrel.
Yesterday, crude oil for September delivery advanced 0.9% or $0.80 to $92.20 per barrel, extending Friday’s gains.
This comes as crude oil spread betting investors eyed ongoing turmoil in the Middle East and as a rise in global equity markets and a weaker dollar increased the appeal for crude oil as an alternative investment.
Crude oil futures had jumped in the morning session, amid false rumours about Syrian President Bashar al-Assad’s death.
Gold for immediate delivery is trading marginally higher today, at $1,612.05 per ounce.
Gold for December delivery settled up 0.4% or $6.90 at $1,616.20 per ounce yesterday, as the dollar weakened against the major currencies and after Friday’s US unemployment data increased hopes for more aggressive stimulus by the US Federal Reserve.
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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'Spread Betting: Yen Rises on Speculation That Bank of Japan Will Not Add Stimulus' edited by ETX Capital, updated 07-Aug-12
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