Monday, March 28, 2011

20110328 0907 Global Market Related News.

 DJIA chart reading : side way range bound little upside biased.

 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.

Carney Says Currency and Capital Curbs Threaten Global Economic Recovery (Source: Bloomberg)
Bank of Canada Governor Mark Carney said the global recovery could be undermined if policy makers react to the growing power of emerging markets and rising commodity prices with restrictions on currencies and capital flows.

Fed's Bullard Says ‘Pretty Good’ U.S. Economy May Allow Early End to QE2 (Source: Bloomberg)
U.S. Federal Reserve policy makers should review whether to complete a second round of quantitative-easing purchasing due to end in June because of strong U.S. economic data, Federal Reserve Bank of St. Louis President James Bullard said.

Consumer Confidence in U.S. Falls More Than Forecast on Rising Fuel Prices (Source: Bloomberg)
Consumer sentiment in the U.S. dropped more than forecast in March, damped by higher gasoline costs and the effects of Japan’s natural disaster. The Thomson Reuters/University of Michigan final index of consumer sentiment decreased to 67.5, the lowest level since November 2009, from 77.5 in February, the group said today. The median forecast of 67 economists surveyed by Bloomberg News projected a reading of 68.

Gains in Payrolls Probably Accelerated, Showing U.S. Job Market Improving (Source: Bloomberg)
Employment probably picked up in March and factory assembly lines kept humming, showing that the jump in fuel costs has yet to hamper the U.S. expansion, economists said before reports this week.

Fed Has Less Need for Extra Stimulus as Economy Gains Monthly, Evans Says (Source: Bloomberg)
The Federal Reserve has less need to support an improving economy beyond the $600 billion Treasury purchase plan already in place, and any changes to the central bank’s stimulative policies should be considered some time after the program ends, said Charles Evans, president of the Fed’s regional bank in Chicago.

Plosser Says Fed Should Detail Asset Sales While It Raises Interest Rates (Source: Bloomberg)
Federal Reserve Bank of Philadelphia President Charles Plosser laid out a strategy for withdrawing record monetary stimulus and said the improving economy means policy makers should consider how to exit.

Unemployment Drop in 27 U.S. States Points to Strengthening Labor Market (Source: Bloomberg)
Unemployment decreased in 27 U.S. states in February, suggesting a strengthening labor market. The jobless rate fell the most in Nevada, where it reached 13.6 percent, figures from the Labor Department showed today in Washington. Thirty-five states showed gains in payrolls, led by California with a 96,500 increase and Pennsylvania where employment climbed by 23,700.

ECB Is Close to Completing Liquidity Plan for Troubled Banks, Reuters Says (Source: Bloomberg)
The European Central Bank is close to completing a new facility providing troubled euro-region banks with longer-term liquidity, which may help Irish banks, Reuters reported, citing a central banker it didn’t identify.

Bernanke Betting Briefings to Promote Clarity Instead of Market Volatility (Source: Bloomberg)
Federal Reserve Chairman Ben S. Bernanke is betting that by holding regular press conferences he’ll provide clarity about monetary policy without saying something that may disrupt financial markets. The Fed said yesterday that Bernanke will begin holding four press briefings a year. The first sessions in April and June will give Bernanke an opportunity to discuss his next steps after completing the record stimulus from the purchase of $600 billion in Treasury securities through June.

Treasuries Decline Before Government Sells $35 Billion in Two-Year Notes (Source: Bloomberg)
Treasuries fell before the government sells $35 billion in two-year notes. Ten-year yields gained two basis points to 3.46 percent as of 9:10 a.m. in Tokyo.

Euro Weakens for Second Day After Merkel's Party Defeated; Dollar Advances (Source: Bloomberg)
The euro fell for a second day against the dollar after German Chancellor Angela Merkel ’s coalition was defeated in its southwestern heartland, clouding the political outlook for Europe’s biggest economy.

US durable goods orders fall, job market healing
WASHINGTON, March 24 (Reuters) - Orders for long-lasting U.S. manufactured goods fell in February as companies scaled back investment plans for a second month in a row, suggesting a cooling off in business spending.
Other data on Thursday showed the labour market's recovery was becoming well-established, with new claims for jobless benefits falling last week and the four-week moving average dropping to it lowest level in more than 2-1/2 years.

Japan auto recovery may take months; short of parts, power
TOKYO, March 25 (Reuters) - Lost production in the two weeks since an earthquake and tsunami struck northeast Japan tops a third of a million vehicles, and it could be months, rather than weeks,  before the country's automakers get back on track.
Modern-day cars have as many as 30,000 parts, 70-80 percent of which are supplied by hundreds of component makers. A single missing bolt can halt assembly lines and set off a chain reaction in the industry's famed just-in-time manufacturing process.

FOREX-Euro falls versus US dollar on Portugal worry
NEW YORK, March 25 (Reuters) - The euro slipped against the U.S. dollar on Friday and could remain under pressure in the near term on concern about a worsening debt crisis in Portugal following the collapse of the country's government.
"GDP came in a little better than expected. While relatively old news, it adds to the somewhat improved tone of the dollar earlier this morning," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.

Stocks steady, euro shrugs off Portugal crisis
LONDON, March 25 (Reuters) - World stocks held firm focusing on a buoyant economic and company backdrop, while the euro shrugged off fresh ratings downgrades for Portugal, which is in the grip of a political and debt crisis. "The market is treating many of these downgrades as rearguard actions which are already well discounted and the dollar is under pressure broadly," said Todd Elmer, currency strategist at Citi in Singapore.

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