Friday, March 25, 2011

20110325 0920 Global Market Related News.

DJIA chart reading : side way range bound.

 FTSE chart reading : correction range bound little downside biased.

DAX chart reading : correction range bound downside biased.

Hang Seng chart reading : correction range bound little downside biased.

FOREX-Euro bounces as debt woes increasingly priced in
LONDON, March 24 (Reuters) - The euro rebounded from an early fall on Thursday on Middle-East and sovereign buying, with worries over Portugal's political crisis and the health of the Spanish banking system increasingly factored in to the currency.
"The euro is becoming increasingly immune to issues affecting the euro zone but the markets may be getting too blase about the risks," said Jane Foley, senior currency strategist at Rabobank.

US new home sales plumb record lows, prices stumble
WASHINGTON, March 23 (Reuters) - Sales of new U.S. homes sank to a record low in February and prices were the weakest in just over seven years, underscoring the housing market's lingering malaise, which could slow the economic recovery.
The Commerce Department said on Wednesday sales of new single-family homes dropped 16.9 percent to a seasonally adjusted 250,000 unit annual rate, the lowest since records began in 1963, after a 301,000-unit pace in January.

China factories yet to register Japan quake impact-flash PMI
BEIJING, March 24 (Reuters) - China's factories stepped up a gear this month and inflationary pressure ebbed, a survey showed on Thursday, suggesting the manufacturing giant had yet to feel much fallout from Japan's devastating earthquake.
Japan is China's biggest source of imports, which include high-tech products used in the manufacture of electronics and autos, so government officials have warned they expect some impact to trade.

Portugal Is Said to Require as Much as $99 Billion in Any European Bailout (Source: Bloomberg)
A bailout for Portugal may total as much as 70 billion euros ($99 billion), two European officials with direct knowledge of the matter said as a credit-rating cut threatened to deepen Portugal’s debt woes.

Assassinated Japan Finance Chief Invoked in Rebuilding Debate (Source: Bloomberg)
Bank of Japan Governor Masaaki Shirakawa is under fire for refusing to consider 1930s-style purchases of government bonds to fund reconstruction from the nation’s record earthquake.

U.S. Economy: Goods Orders Unexpectedly Fall, Claims Drop (Source: Bloomberg)
Orders for long-lasting goods unexpectedly fell in February, raising concern over the sustainability of the rebound in U.S. business investment.

G-7 Intervention to Curb Yen's Advance After Quake ‘Appropriate,’ IMF Says (Source: Bloomberg)
The Group of Seven’s intervention last week to curb a surge in the yen was “appropriate” after volatility that was “unhelpful” to the Japanese economy, an official at the International Monetary Fund said.

Kan May Put Free-Trade Talks on Hold After Quake in Setback for Obama Goal (Source: Bloomberg)
Japan’s strongest-ever earthquake may derail Prime Minister Naoto Kan’s push to join U.S.-led trade talks after the resulting tsunami devastated farmers.
Kan had set a June deadline to decide on whether to join the talks toward slashing some of the world’s highest agricultural duties, including a 778-percent tariff on rice. Two lawmakers from Kan’s ruling Democratic Party of Japan said the Trans-Pacific Partnership is off the table for now as the government focuses on quake victims and the nuclear crisis.

South Korean Consumer Confidence Drops to 23-Month Low After Japan Quake (Source: Bloomberg)
South Korean consumer confidence fell to the lowest level in almost two years, damped by Japan’s strongest earthquake and political unrest in the Middle East.
The sentiment index declined to 98 in March from 105 in February, the fourth monthly drop, the Bank of Korea said in an e-mailed statement in Seoul today. A number below 100 indicates pessimists outnumber optimists.

Irish Economy Shrinks 1.6% as Consumer Spending, Investment, Exports Drop (Source: Bloomberg)
Ireland’s economy shrank the most in a year in the fourth quarter of 2010 as rising unemployment curtailed consumer spending and investment and exports declined.

Small-Business Hiring in U.S. Gaining Momentum, Paychex, Intuit Data Show (Source: Bloomberg)
U.S. small businesses are starting to ramp up hiring 21 months after the end of the deepest recession since the 1930s, supporting Federal Reserve Chairman Ben S. Bernanke’s confidence in a gradual labor-market recovery.

Consumer Comfort Index in U.S. Drops to Seven-Month Low on Gasoline Prices (Source: Bloomberg)
Consumer confidence in the U.S. fell last week to the lowest level since August as more Americans became despondent over the economy.

First-Time Jobless Claims in U.S. Decreased by 5,000 Last Week to 382,000 (Source: Bloomberg)
Fewer Americans filed applications for unemployment benefits last week, signaling the labor market is mending.
Jobless claims declined by 5,000 to 382,000 in the week ended March 19, Labor Department figures showed today in Washington, in line with the median forecast of economists surveyed by Bloomberg News. The total number of people receiving benefits dropped to the lowest level in almost three years.

Orders for U.S. Durable Goods Unexpectedly Declined in February (Source: Bloomberg)
Orders for long-lasting goods unexpectedly fell in February, reflecting declines in demand for capital goods and military aircraft.
Bookings for goods meant to last at least three years dropped 0.9 percent after a 3.6 percent gain the prior month that was higher than initially reported, the Commerce Department said today in Washington. Orders excluding transportation equipment fell for a second month and demand for business equipment declined.

Euro Heads for Weekly Loss Versus Dollar After S&P Lowers Portugal Rating (Source: Bloomberg)
The euro headed for a weekly loss against the dollar after Standard & Poor’s lowered Portugal’s sovereign debt rating by two notches, citing increased political uncertainty and rising refinancing risk.

U.S. Stocks Rally a Second Day on Higher-Than-Estimated Corporate Profits (Source: Bloomberg)
U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a second day, after corporate profit topped analysts’ estimates and a government report showed a decline in jobless claims.

VIX Posts Its Biggest Six-Day Retreat Since 2008 as Global Stocks Advance (Source: Bloomberg)
The benchmark measure of U.S. stock options completed its biggest six-day drop since November 2008 as concern that this month’s Japanese earthquake will curb global economic growth eased.
The VIX, as the Chicago Board Options Exchange Volatility Index is known, fell 6.1 percent to 18 at 4:15 p.m. New York time, extending its retreat since March 16 to 39 percent. That’s the biggest drop over the same number of days in 28 months. The VIX needed to fall below 17.53 to beat the six-day record set two months after Lehman Brothers Holdings Inc.’s September 2008 bankruptcy sent stocks plunging.

World shares recover all of Japan disaster losses
LONDON, March 24 (Reuters) - Global stocks inched higher on Thursday and are now higher than when Japan's earthquake and tsunami struck, buoyed by confidence that the world economic recovery remains on track.  "Sentiment is still relatively good. The cycle is good. We are still mildly optimistic on the overall picture," said Joost de Graff, senior portfolio manager at Kempen Capital Manageent in the Netherlands.

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