The currency market is one of the most popular markets for speculation due to the enormous size of currency trading and liquidity. Any currency has a value relative to all other currencies in the world. Currency trading has many real benefits over equity trading like the stock market. There are two reasons the relative value of a currency fluctuates. The first is as outside investors or visitors buy things within a country, they are driven to convert their domestic currency into the currency of the country they are buying within. The second force for currency fluctuation is speculation. This speculation can have extreme consequences on a nation’s currency and consequently on a country’s economy.
If you do not have experience in the field of currency trading, you need to at least have knowledge. The attraction to the currency trading market has led many people to look for currency trading courses. These types of course can help prepare you for the exciting world of currency trading. For a deposit of just $2,000 an investor can leverage $100,000 worth of foreign currency or $50 leverage for every $1 invested. The heavy buying and selling in the currency market can drastically impact the value of the currency itself. Trading currency allows traders to earn profits during rising and falling markets. Unlike stocks, there are no restrictions on short selling in foreign currency trading. The “ask” is the price at which a market maker will sell the base currency in exchange for the counter currency in which you can buy. The “bid” is the price at which a market maker is willing to buy the base currency in exchange for the counter currency in which you can sell. The spread is how the market maker and the introducing broker are compensated for their work. The spreads for currency trading are extremely low, making the cost to a trader very low as well. One of the most important differentials in currency trading is timing. As traders feel a given currency will perform strongly or weakly, they will buy or sell accordingly. However, most traders agree that the currency market is no place for beginners. An individual has to take into consideration technical and fundamental data and make an informed decision based on his perception of trading market sentiments and market expectations to become a profitable trader. Every trader has to be aware of the events going on in the market, and also has to understand the subtleties of the market to safely trade.
If you are seeking new opportunities why not investigate what currency trading has to offer? Once you have decided that currency trading is right for you, it’s just like learning to ride a bike. This type of trading is a challenging and profitable opportunity for developed and experienced traders. However, before choosing to engage in currency trading you should carefully consider your investment or trading objectives, level of experience and appetite for risk. But most significantly, do not trade money you cannot afford to lose.
Since 1995 AvidTrader has provided trading ideas that help you to make money. The last place you want to try navigating alone is the fast-moving financial markets. And at AvidTrader, you are not alone. AvidTrader led the way in March 1996 with its live Traders Chat. Members of AvidTrader can share their own ideas and strategies with each other on a daily basis in real-time. Go to http://www.AvidTrader.com or visit our blog at http://avidtrader.blogspot.com
The best way to trade online stocks
These days more than ever folks are needing to be assured that their investments are safe. The most important beyond that is to know that you can consistently be making a profit on your investments through stocks.
The best kept secret is the fact that you can make a great deal of profit online through the use of stock trading software. The software is created by programmers to watch the market closely and alert you when is the best time to buy certain stocks and when to sell them for the maximum profit.
Till recently folks had to depend on brokers to buy and sell stocks for you online and then they got a commission off of the profits that they made for you.
This would mean that you would have to make a lot more profits to make up for the amount paid toward brokers and to really make a profit that would be able to benefit you.
The problem is that too many brokers are being found to be less that honest and many are placing peoples lively hoods in jeopardy.
You can easily buy software online and download it and be up and running buying and selling stocks online within minutes. You can do all of this with out having prior knowledge of the stock market or having to study trends yourself for days before you buy stock in a certain company.
The best thing is that once you have the software and get an account opened online. You don't even have to have your computer on to be turning a profit.
Try Fap Turbo Free for 60 days you can even use a demo account to see profits without actually using your own money. Then when you feel confident you can use really money as little as $50.
click here http://www.sunnyjames.com/fabturbo3.html
Article Source: http://EzineArticles.com/?expert=Sunny_James
The best kept secret is the fact that you can make a great deal of profit online through the use of stock trading software. The software is created by programmers to watch the market closely and alert you when is the best time to buy certain stocks and when to sell them for the maximum profit.
Till recently folks had to depend on brokers to buy and sell stocks for you online and then they got a commission off of the profits that they made for you.
This would mean that you would have to make a lot more profits to make up for the amount paid toward brokers and to really make a profit that would be able to benefit you.
The problem is that too many brokers are being found to be less that honest and many are placing peoples lively hoods in jeopardy.
You can easily buy software online and download it and be up and running buying and selling stocks online within minutes. You can do all of this with out having prior knowledge of the stock market or having to study trends yourself for days before you buy stock in a certain company.
The best thing is that once you have the software and get an account opened online. You don't even have to have your computer on to be turning a profit.
Try Fap Turbo Free for 60 days you can even use a demo account to see profits without actually using your own money. Then when you feel confident you can use really money as little as $50.
click here http://www.sunnyjames.com/fabturbo3.html
Article Source: http://EzineArticles.com/?expert=Sunny_James
Avid Trader Industry
Strength in technology stocks helped to push the blue chips into positive territory on the first trading day of the week. However, weakness in financials and little news for investors to grab hold of kept the gains in check, while the S&P 500 and Nasdaq finished mostly flat. As well, optimism over a potential end to the unrest in Libya faded amid the growing lack of economic confidence toward Europe and the US. Treasuries finished lower amid a dormant US economic calendar, while crude oil prices came in flat, gold continued its rally, and the US dollar was modestly to the upside. On the equity front, the strike of 45,000 workers at Dow member Verizon Communications has come to an end, Dollar Thrifty Automotive Group asked Hertz Global Holdings and Avis Budget Group to submit their “best and final definitive proposals” by early October, while Lowe’s Companies announced a repurchase program of up to $5 billion.
The Dow Jones Industrial Average gained 37 points (0.3%) to 10,887, the S&P 500 Index was unchanged at 1,124, and the Nasdaq Composite picked up 4 points (0.2%) to 2,345. In moderate volume, 1.2 billion shares were traded on the NYSE and 2.0 billion shares changed hands on the Nasdaq. WTI crude oil gained $0.01 to $84.42 per barrel, wholesale gasoline was flat at $2.84 per gallon, and the Bloomberg gold spot price soared $43.10 to $1,895.17 per ounce. Elsewhere, the Dollar Index—a comparison of the US dollar to six major world currencies—was up 0.1% to 74.10.
A more than two-week strike at Dow member Verizon Communications Inc. (VZ $35), impacting 45,000 workers has ended, but the labor contract continues to be negotiated, as they reached an accord to work under the expired contract until a new labor agreement is reached. A VZ spokesperson said “both sides were making progress on local and regional issues,” and the Wall Street Journal reported that the unions said they decided to return to work because they had succeeded in getting VZ to take their concerns seriously and negotiate more equitably at the bargaining table. VZ was higher.
In M&A news, Dollar Thrifty Automotive Group Inc. (DTG $63) asked Hertz Global Holdings Inc. (HTZ $9) and Avis Budget Group Inc. (CAR $11), which already have issued competing bids to acquire DTG, to submit their “best and final definitive proposals” by early October. DTG said it believes that it is time to ascertain whether a transaction can be accomplished with HTZ and CAR or another party that is in the best interests of the company and its shareholders. DTG requested the takeover offer as it believes HTZ and CAR are both “well positioned to complete the regulatory process in a manner that would permit a combination to be completed with limited economic impact.” Shares of DTG were higher, while both HTZ and CAR finished lower.
In other corporate finance news, Lowe’s Companies Inc. (LOW $20) announced that it has authorized the repurchase of up to $5 billion of the company’s common stock. The world’s second-largest home improvement retailer said although this new repurchase authorization has no expiration date, the company expects to use the full amount over the next two to three years. Shares were higher.
GDP and Fed’s Jackson Hole gathering headline economic calendar this week
Treasuries finished lower as there were no major US reports scheduled for today’s economic calendar. The yield on the 2-year note was up 2 bp to 0.21%, the yield on the 10-year note was 3 bps higher at 2.10%, and the 30-year bond rate rose 2 bps to 3.41%.
Tomorrow, the US economic calendar will begin to yield data with the release of new home sales, forecasted to decline 0.6% month-over-month (m/m) in July to an annual rate of 310,000 units, after falling 1.0% in June. The new home sales report is considered a timely indicator of conditions in the housing market as it is based on signings, while existing home sales, which unexpectedly fell 3.5% m/m in July, uses closings. Meanwhile, durable goods orders will be reported on Wednesday, and weekly initial jobless claims will come out on Thursday, bridging the gap to the likely pinnacle of the week’s economic docket on Friday, where we will get the first revision to 2Q GDP and Federal Reserve Chairman Ben Bernanke’s speech in Jackson Hole, Wyoming.
Other releases on this week’s US economic calendar include: the Richmond Fed Manufacturing Index, the MBA Mortgage Applications Index, and the final University of Michigan Consumer Sentiment Index reading for August.
Conviction lacking in Europe amid continued unease toward eurozone crisis
Optimism regarding an end to the civil war in Libya, where opposition forces have reportedly taken control of the capital city of Tripoli and could be close to forcing out Muammar Qaddafi, lifted the mood across the pond. However, concerns surrounding the eurozone contagion crisis kept sentiment in check, exacerbated by German Chancellor Angela Merkel further dampening expectations of the creation of a Eurobond in the near-term. Merkel noted in an interview that bringing in Eurobonds at this time would further undermine economic stability, per Bloomberg. Meanwhile, traders are awaiting Friday’s speech in Jackson Hole, Wyoming, from US Federal Reserve Chairman Ben Bernanke, looking for any signs of further stimulus efforts amid the growing concerns about the possibility of a return to a recession. Also, European Central Bank President Trichet is expected to speak at the Fed’s annual gathering on Saturday, and traders will likely be looking for any comments by the ECB chief indicating how committed the central bank is to buying sovereign debt to help stabilize the financial markets until the expanded powers of the European Financial Stability Facility (EFSF) are ratified and can take over the region’s bond purchases. No major European economic reports were released today, but tomorrow, a plethora of PMI data in Europe, depicting manufacturing activity across the pond amid the backdrop of increasing eurozone recession worries, is on tap.
The eurozone debt crisis and worries about a recession in the US and Europe dampened sentiment in the Asia/Pacific region as well. Economic news in the region was also in short supply, with only a few reports of note. Thailand’s 2Q GDP unexpectedly contracted, declining by 0.2% q/q, after expanding by 2.0% in 1Q, while consumer prices in Hong Kong rose 7.9% year-over-year (y/y) in July—the fastest pace since 1995—compared to the 8.2% increase that was estimated, and an acceleration from the 5.6% y/y gain that was seen in June.
Tomorrow’s international economic calendar will be busier, with a number of PMI reports coming from France, Germany, and the eurozone. Meanwhile, Germany will also release its ZEW Economic Sentiment Survey, the eurozone will report consumer confidence, and retail sales will come from Canada. Further east, we will get China’s PMI, as reported by HSBC, as well as the nation’s trade balance. Go to http://www.AvidTrader.com
The Dow Jones Industrial Average gained 37 points (0.3%) to 10,887, the S&P 500 Index was unchanged at 1,124, and the Nasdaq Composite picked up 4 points (0.2%) to 2,345. In moderate volume, 1.2 billion shares were traded on the NYSE and 2.0 billion shares changed hands on the Nasdaq. WTI crude oil gained $0.01 to $84.42 per barrel, wholesale gasoline was flat at $2.84 per gallon, and the Bloomberg gold spot price soared $43.10 to $1,895.17 per ounce. Elsewhere, the Dollar Index—a comparison of the US dollar to six major world currencies—was up 0.1% to 74.10.
A more than two-week strike at Dow member Verizon Communications Inc. (VZ $35), impacting 45,000 workers has ended, but the labor contract continues to be negotiated, as they reached an accord to work under the expired contract until a new labor agreement is reached. A VZ spokesperson said “both sides were making progress on local and regional issues,” and the Wall Street Journal reported that the unions said they decided to return to work because they had succeeded in getting VZ to take their concerns seriously and negotiate more equitably at the bargaining table. VZ was higher.
In M&A news, Dollar Thrifty Automotive Group Inc. (DTG $63) asked Hertz Global Holdings Inc. (HTZ $9) and Avis Budget Group Inc. (CAR $11), which already have issued competing bids to acquire DTG, to submit their “best and final definitive proposals” by early October. DTG said it believes that it is time to ascertain whether a transaction can be accomplished with HTZ and CAR or another party that is in the best interests of the company and its shareholders. DTG requested the takeover offer as it believes HTZ and CAR are both “well positioned to complete the regulatory process in a manner that would permit a combination to be completed with limited economic impact.” Shares of DTG were higher, while both HTZ and CAR finished lower.
In other corporate finance news, Lowe’s Companies Inc. (LOW $20) announced that it has authorized the repurchase of up to $5 billion of the company’s common stock. The world’s second-largest home improvement retailer said although this new repurchase authorization has no expiration date, the company expects to use the full amount over the next two to three years. Shares were higher.
GDP and Fed’s Jackson Hole gathering headline economic calendar this week
Treasuries finished lower as there were no major US reports scheduled for today’s economic calendar. The yield on the 2-year note was up 2 bp to 0.21%, the yield on the 10-year note was 3 bps higher at 2.10%, and the 30-year bond rate rose 2 bps to 3.41%.
Tomorrow, the US economic calendar will begin to yield data with the release of new home sales, forecasted to decline 0.6% month-over-month (m/m) in July to an annual rate of 310,000 units, after falling 1.0% in June. The new home sales report is considered a timely indicator of conditions in the housing market as it is based on signings, while existing home sales, which unexpectedly fell 3.5% m/m in July, uses closings. Meanwhile, durable goods orders will be reported on Wednesday, and weekly initial jobless claims will come out on Thursday, bridging the gap to the likely pinnacle of the week’s economic docket on Friday, where we will get the first revision to 2Q GDP and Federal Reserve Chairman Ben Bernanke’s speech in Jackson Hole, Wyoming.
Other releases on this week’s US economic calendar include: the Richmond Fed Manufacturing Index, the MBA Mortgage Applications Index, and the final University of Michigan Consumer Sentiment Index reading for August.
Conviction lacking in Europe amid continued unease toward eurozone crisis
Optimism regarding an end to the civil war in Libya, where opposition forces have reportedly taken control of the capital city of Tripoli and could be close to forcing out Muammar Qaddafi, lifted the mood across the pond. However, concerns surrounding the eurozone contagion crisis kept sentiment in check, exacerbated by German Chancellor Angela Merkel further dampening expectations of the creation of a Eurobond in the near-term. Merkel noted in an interview that bringing in Eurobonds at this time would further undermine economic stability, per Bloomberg. Meanwhile, traders are awaiting Friday’s speech in Jackson Hole, Wyoming, from US Federal Reserve Chairman Ben Bernanke, looking for any signs of further stimulus efforts amid the growing concerns about the possibility of a return to a recession. Also, European Central Bank President Trichet is expected to speak at the Fed’s annual gathering on Saturday, and traders will likely be looking for any comments by the ECB chief indicating how committed the central bank is to buying sovereign debt to help stabilize the financial markets until the expanded powers of the European Financial Stability Facility (EFSF) are ratified and can take over the region’s bond purchases. No major European economic reports were released today, but tomorrow, a plethora of PMI data in Europe, depicting manufacturing activity across the pond amid the backdrop of increasing eurozone recession worries, is on tap.
The eurozone debt crisis and worries about a recession in the US and Europe dampened sentiment in the Asia/Pacific region as well. Economic news in the region was also in short supply, with only a few reports of note. Thailand’s 2Q GDP unexpectedly contracted, declining by 0.2% q/q, after expanding by 2.0% in 1Q, while consumer prices in Hong Kong rose 7.9% year-over-year (y/y) in July—the fastest pace since 1995—compared to the 8.2% increase that was estimated, and an acceleration from the 5.6% y/y gain that was seen in June.
Tomorrow’s international economic calendar will be busier, with a number of PMI reports coming from France, Germany, and the eurozone. Meanwhile, Germany will also release its ZEW Economic Sentiment Survey, the eurozone will report consumer confidence, and retail sales will come from Canada. Further east, we will get China’s PMI, as reported by HSBC, as well as the nation’s trade balance. Go to http://www.AvidTrader.com
Trade Market Update
The US equity markets are following up last week’s steep declines with a strong start in early action, aided by a rebound in Europe and optimism that the civil war in Libya may be nearing an end as rebel forces are threatening running Muammar Qaddafi out of the capital of Tripoli. Treasuries are lower as there are no major economic reports scheduled for today, ahead of the first revision to 2Q GDP and Federal Reserve Chairman Bernanke’s speech at the end of the week. In equity news, Dow member Verizon Communications Inc reached an agreement to end the strike of 45,000 workers, while Dollar Thrifty Automotive Group Inc asked Hertz Global Holdings Inc and Avis Budget Group Inc to submit their “best and final definitive proposals” by early October. Overseas, Asia finished mostly lower, with South Korea continuing its slide, while European equities are being led to the upside by oil & gas issues.
As of 8:52 a.m. ET, the September S&P 500 Index Globex future is 20 points above fair value, the Nasdaq 100 Index is 41 points above fair value, and the DJIA is 174 points above fair value. WTI crude oil is $1.32 higher at $83.73 per barrel, and the Bloomberg gold spot price is up $11.42 at $1,863.50 per ounce. Elsewhere, the Dollar Index—a comparison of the US dollar to six major world currencies—is down 0.3% at 73.91.
A more than two-week strike at Dow member Verizon Communications Inc. (VZ $35), impacting 45,000 workers has ended, but the labor contract continues to be negotiated, as they reached an accord to work under the expired contract until a new labor agreement is reached. A VZ spokesperson said “both sides were making progress on local and regional issues,” and the Wall Street Journal reported that the unions said they decided to return to work because they had succeeded in getting VZ to take their concerns seriously and negotiate more equitably at the bargaining table.
In M&A news, Dollar Thrifty Automotive Group Inc. (DTG $62) asked Hertz Global Holdings Inc. (HTZ $10) and Avis Budget Group Inc. (CAR $12), which already have issued competing bids to acquire DTG, to submit their “best and final definitive proposals” by early October. DTG said it believes that it is time to ascertain whether a transaction can be accomplished with HTZ and CAR or another party that is in the best interests of the company and its shareholders. DTG requested the takeover offer as it believes HTZ and CAR are both “well positioned to complete the regulatory process in a manner that would permit a combination to be completed with limited economic impact.”
GDP and Fed’s Jackson Hole gathering headline economic calendar this week
Treasuries are lower in early trading as there are no major US reports scheduled for today’s economic calendar, with the yield on the 2-year note up 1 bp to 0.20%, the yield on the 10-year note 5 bps higher at 2.12%, and the 30-year bond rate rising 2 bps to 3.41%.
This week’s economic focus will likely begin with preliminary August PMI readings overseas, while the US will takeover late in the week with Thursday’s read on weekly initial jobless claims kicking things off, forecasted to decline slightly to 405,000, while Friday will bring the first revision to US 2Q GDP and the Federal Reserve’s annual gathering.
After the very disappointing first reading, traders may look to see the extent of revisions in the second reading of 2Q gross domestic product (GDP), due out on Friday. The consensus of a Bloomberg survey of economists expects 2Q GDP to be revised lower to a quarter-over-quarter (q/q) annualized rate of 1.1% growth from 1.3%, after inching ahead by 0.4% in 1Q. The largest component of GDP, personal consumption, is expected to be revised higher to 0.2% from the initially reported 0.1%, after advancing 2.1% in 1Q. The inflation readings are expected to be unrevised at a 2.3% rise for the GDP Price Index, and 2.1% for the core PCE Index, which excludes food and energy.
However, the main focus for the market is likely to be on Friday’s speech at the Federal Reserve’s annual gathering in Jackson Hole, Wyoming, by Fed Chair Bernanke at 10:00 am EST. Bernanke first hinted at QE2 at last year’s meeting, and investors may be wondering if central banks will pursue more accommodative policies with market volatility, weak economic data and a continued crisis of confidence in Europe potentially threatening economic growth.
Other releases on this week’s US economic calendar include: new home sales, the Richmond Fed Manufacturing Index, the MBA Mortgage Applications Index, durable goods orders, and the final University of Michigan Consumer Sentiment Index reading for August.
Europe rebounding from recent slide
European equity markets are solidly higher in afternoon action, with oil & gas stocks leading the way on optimism regarding an end to the civil war in Libya as opposition forces have entered the capital city of Tripoli and are making headway in forcing out Muammar Qaddafi. Meanwhile, financials are also gaining ground but are lagging behind as concerns about the eurozone contagion crisis remain, with German Chancellor Angela Merkel further dampening expectations of the creation of a Eurobond in the near-term. Merkel noted in an interview that bringing in Eurobonds at this time would further undermine economic stability, per Bloomberg. Meanwhile, traders are awaiting Friday’s speech in Jackson Hole, Wyoming, from US Federal Reserve Chairman Ben Bernanke, looking for any signs of further stimulus efforts amid the growing concerns about the possibility of a return to a recession.
As of 8:52 a.m. ET, the September S&P 500 Index Globex future is 20 points above fair value, the Nasdaq 100 Index is 41 points above fair value, and the DJIA is 174 points above fair value. WTI crude oil is $1.32 higher at $83.73 per barrel, and the Bloomberg gold spot price is up $11.42 at $1,863.50 per ounce. Elsewhere, the Dollar Index—a comparison of the US dollar to six major world currencies—is down 0.3% at 73.91.
A more than two-week strike at Dow member Verizon Communications Inc. (VZ $35), impacting 45,000 workers has ended, but the labor contract continues to be negotiated, as they reached an accord to work under the expired contract until a new labor agreement is reached. A VZ spokesperson said “both sides were making progress on local and regional issues,” and the Wall Street Journal reported that the unions said they decided to return to work because they had succeeded in getting VZ to take their concerns seriously and negotiate more equitably at the bargaining table.
In M&A news, Dollar Thrifty Automotive Group Inc. (DTG $62) asked Hertz Global Holdings Inc. (HTZ $10) and Avis Budget Group Inc. (CAR $12), which already have issued competing bids to acquire DTG, to submit their “best and final definitive proposals” by early October. DTG said it believes that it is time to ascertain whether a transaction can be accomplished with HTZ and CAR or another party that is in the best interests of the company and its shareholders. DTG requested the takeover offer as it believes HTZ and CAR are both “well positioned to complete the regulatory process in a manner that would permit a combination to be completed with limited economic impact.”
GDP and Fed’s Jackson Hole gathering headline economic calendar this week
Treasuries are lower in early trading as there are no major US reports scheduled for today’s economic calendar, with the yield on the 2-year note up 1 bp to 0.20%, the yield on the 10-year note 5 bps higher at 2.12%, and the 30-year bond rate rising 2 bps to 3.41%.
This week’s economic focus will likely begin with preliminary August PMI readings overseas, while the US will takeover late in the week with Thursday’s read on weekly initial jobless claims kicking things off, forecasted to decline slightly to 405,000, while Friday will bring the first revision to US 2Q GDP and the Federal Reserve’s annual gathering.
After the very disappointing first reading, traders may look to see the extent of revisions in the second reading of 2Q gross domestic product (GDP), due out on Friday. The consensus of a Bloomberg survey of economists expects 2Q GDP to be revised lower to a quarter-over-quarter (q/q) annualized rate of 1.1% growth from 1.3%, after inching ahead by 0.4% in 1Q. The largest component of GDP, personal consumption, is expected to be revised higher to 0.2% from the initially reported 0.1%, after advancing 2.1% in 1Q. The inflation readings are expected to be unrevised at a 2.3% rise for the GDP Price Index, and 2.1% for the core PCE Index, which excludes food and energy.
However, the main focus for the market is likely to be on Friday’s speech at the Federal Reserve’s annual gathering in Jackson Hole, Wyoming, by Fed Chair Bernanke at 10:00 am EST. Bernanke first hinted at QE2 at last year’s meeting, and investors may be wondering if central banks will pursue more accommodative policies with market volatility, weak economic data and a continued crisis of confidence in Europe potentially threatening economic growth.
Other releases on this week’s US economic calendar include: new home sales, the Richmond Fed Manufacturing Index, the MBA Mortgage Applications Index, durable goods orders, and the final University of Michigan Consumer Sentiment Index reading for August.
Europe rebounding from recent slide
European equity markets are solidly higher in afternoon action, with oil & gas stocks leading the way on optimism regarding an end to the civil war in Libya as opposition forces have entered the capital city of Tripoli and are making headway in forcing out Muammar Qaddafi. Meanwhile, financials are also gaining ground but are lagging behind as concerns about the eurozone contagion crisis remain, with German Chancellor Angela Merkel further dampening expectations of the creation of a Eurobond in the near-term. Merkel noted in an interview that bringing in Eurobonds at this time would further undermine economic stability, per Bloomberg. Meanwhile, traders are awaiting Friday’s speech in Jackson Hole, Wyoming, from US Federal Reserve Chairman Ben Bernanke, looking for any signs of further stimulus efforts amid the growing concerns about the possibility of a return to a recession.
Also, European Central Bank President Trichet is expected to speak at the Fed’s annual gathering on Saturday at 12:25 pm EST, and traders will likely be looking for any comments by the ECB chief indicating how committed the central bank is to buying sovereign debt to help stabilize the financial markets until the European Financial Stability Facility (EFSF) is ratified and can take over. There were no major European economic reports released today, but tomorrow, we will get a plethora of PMI data in Europe, depicting manufacturing activity across the pond amid the backdrop of increasing eurozone recession worries.
The UK FTSE 100 Index is 2.2% higher, France’s CAC-40 Index is gaining 2.5%, and Germany’s DAX Index is rising 1.4%.
Asia under pressure again, South Korea extends sell-off
Stocks in Asia finished mostly lower to begin the week with concerns about the eurozone debt crisis and worries about a recession in the US and Europe continuing to hamper sentiment. South Korea’s Kospi Index fell 2.0%, extending the sharp sell-off the equity markets have seen recently, led by solid weakness in oil & gas stocks and auto-related issues. Meanwhile, Japan’s Nikkei 225 Index declined 1.0%, Australia’s S&P/ASX 200 Index decreased 0.5%, and China’s Shanghai Composite Index fell 0.7%.
The UK FTSE 100 Index is 2.2% higher, France’s CAC-40 Index is gaining 2.5%, and Germany’s DAX Index is rising 1.4%.
Asia under pressure again, South Korea extends sell-off
Stocks in Asia finished mostly lower to begin the week with concerns about the eurozone debt crisis and worries about a recession in the US and Europe continuing to hamper sentiment. South Korea’s Kospi Index fell 2.0%, extending the sharp sell-off the equity markets have seen recently, led by solid weakness in oil & gas stocks and auto-related issues. Meanwhile, Japan’s Nikkei 225 Index declined 1.0%, Australia’s S&P/ASX 200 Index decreased 0.5%, and China’s Shanghai Composite Index fell 0.7%.
Elsewhere, Thailand’s SET Index inched 0.1% lower, as some late-day resiliency pared a large portion of losses that followed a report that showed the nation’s 2Q GDP unexpectedly contracted, declining by 0.2% q/q, after expanding by 2.0% in 1Q. However, Hong Kong’s Hang Seng Index rose 0.5%, aided by strength in telecommunications stocks, and India’s BSE Sensex 30 Index gained 1.2%, with oil & gas issues rising solidly to offset weakness in technology-related equities. In other economic news, Hong Kong’s consumer prices rose 7.9% year-over-year (y/y) in July—the fastest pace since 1995—compared to the 8.2% increase that was estimated, and an acceleration from the 5.6% y/y gain that was seen in June. The data was released after the closing bell in Hong Kong.
Go to http://www.AvidTrader.com
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