DJIA chart reading : side way range bound little upside biased.
FTSE chart reading : side way range bound.
DAX chart reading : side way range bound downside biased.
Hang Seng chart reading : side way range bound.
GLOBAL MARKETS: Yen slips on euro rate-hike talk; Asian stocks up
HONG KONG, March 30 (Reuters) - The yen fell on Wednesday on growing expectations of rate increases in Europe and the United States, raising its appeal as a funding vehicle for risky assets, and bolstered appetite for shares of Japanese exporters.
The yen wallowed at 10-month lows against the euro and near a three-week trough on the dollar early in Asia, having suffered broad losses after several chart support levels were breached.
BOJ Tankan May Show Manufacturers Were Optimistic Before Quake (Source: Bloomberg)
The Bank of Japan’s Tankan survey this week will probably show large manufacturers were optimistic about the economy’s recovery before the nation’s most powerful earthquake on record struck the northeast region.
G-20 Criticism of Fed Is Muted as Officials Combat Japan Crisis, Portugal (Source: Bloomberg)
Group of 20 leaders may limit criticism of the Federal Reserve for flooding the world with money when they meet in China as Europe’s debt crisis and Japan’s disaster take precedence.
Greece's Rating Cut Two Levels to BB- by S&P on Debt-Restructuring Concern (Source: Bloomberg)
Greece’s credit rating was cut two steps by Standard and Poor’s on concern the country may be required to restructure its debt and bondholders may lose out.
Fed’s Bullard Says $100 Billion Should Be Cut From Buying Plan on Recovery (Source: Bloomberg)
The Federal Reserve may need to trim about $100 billion from its plan to buy $600 billion in Treasury securities because the U.S. recovery has gained strength, St. Louis Fed President James Bullard said.
U.K. Economy Shrank 0.5% in Fourth Quarter, Less Than Previously Estimated (Source: Bloomberg)
Britain’s economy shrank less than previously estimated in the fourth quarter as services and factory output was revised higher. Gross domestic product fell 0.5 percent from the previous three months, the Office for National Statistics said today in London. That compares with an earlier estimate of 0.6 percent, which was also the median forecast of 24 economists in a Bloomberg News survey. Excluding the impact of the coldest December in a century, growth was “broadly flat,” the statistics office said.
Fed Presidents Say Economy Still Needs Support From Bond Purchase Program (Source: Bloomberg)
Two Federal Reserve regional bank presidents voiced support for the completion of the central bank’s $600 billion Treasury securities-purchase program through June, saying it’s too soon to remove stimulus from the economy.
Dying Banks Kept Alive Show Secrets Fed's Data Will Reveal for First Time (Source: Bloomberg)
U.S. regulators closed Chicago- based Park National Bank in October 2009 when it owed $345 million to one of the lowest-cost lenders in town: the Federal Reserve’s discount window. Park National had been a constant customer at the window for more than 18 months before it failed, records show.
Portugal's Rating Is Cut to Lowest Investment Grade by S&P on Bailout Need (Source: Bloomberg)
Standard & Poor’s Ratings Service cut Portugal’s credit rating for the second time in four days, saying the country will likely need an international bailout and debt restructuring. S&P cut the rating to BBB-/A-3 from BBB/A-2, with a negative outlook, it said in an e-mailed statement today. BBB- is the lowest investment grade.
Thailand May Raise Interest Rates to Combat Inflation, Central Banker Says (Source: Bloomberg)
Thailand’s central bank may raise interest rates further as oil above $100 a barrel and surging food prices add to inflation pressures stoked by the fastest economic growth in 15 years.
French February Consumer Spending Gains on Outlook for Faster Job Creation (Source: Bloomberg)
French consumer spending on manufactured goods rose in February, lifted by prospects for accelerating growth and job creation. Spending advanced 0.9 percent from January, when it fell a revised 0.3 percent, national statistics office Insee said in a statement today in Paris. Economists predicted a 0.5 percent gain, the median of 11 forecasts gathered by Bloomberg News showed. Spending advanced 5.5 percent from a year earlier.
Aussie Advances to Record High Versus Dollar on Global Growth Prospects (Source: Bloomberg)
The Australian dollar touched the strongest level since it was freely floated in 1983 on speculation global growth will boost demand for commodities, which are a majority of the nation’s exports.
Japan’s 10-Year Bond Futures Decline as Rising Stocks Damp Safety Demand (Source: Bloomberg)
Japan’s bond futures fell after stocks advanced, damping demand for the relative safety of debt. The contracts for June delivery slid 0.17 to 139.61 as of 9:18 a.m. in Tokyo.
Google Tests Fate in China as Mapping Application Deadline Looms (Source: Bloomberg)
Google Inc. ’s defiance of China’s censorship rules resulted in the world’s most popular search engine being pulled out of the country 12 months ago. This year, the dispute may be spilling over to Gmail and maps.
Libyan Rebels Retreat as Western Nations Seek Qaddafi’s Ouster (Source: Bloomberg)
Libyan rebels were forced to retreat in the face of artillery and rocket fire from government troops defending Sirte, cutting short their advance as foreign ministers from alliance nations met in London to coordinate strategy for driving Muammar Qaddafi from power.
Yen Trades Near 10-Month Low Versus Euro Before Economic Confidence Report (Source: Bloomberg)
The yen traded 0.1 percent from a 10-month low against the euro before a European report that may show confidence in the region’s economic outlook held near the highest in more than three years.
Japanese Government Bonds May Fall on Bets Yen’s Drop Will Help Exporters (Source: Bloomberg)
Japan’s bonds may fall, extending a loss this quarter, on speculation the yen’s decline to a two- week low against the dollar will brighten the earnings outlook for exporters and damp demand for the relative safety of debt.
Radiation Contamination In Food, Water Recedes In Japan (Source: CME)
Findings of nuclear contamination have dropped sharply in Japan, even in Fukushima prefecture, where the latest food samples showed no traces of radiation for two days. At the peak last week, a total of 21 communities in four prefectures--plus Tokyo--had imposed restrictions on tap water consumption on infants. Only four such curbs remain in place, with none outside Fukushima prefecture, with atmospheric radiation also dropping. As the heavily damaged nuclear power plant has caused worries around the world, two types of radioactive contamination--iodine and cesium--have been reported in recent days following a sample taken last weekend. Both are byproducts of the process that produces electricity inside the nuclear reactor. Scientists say iodine and cesium are so far the most likely ones to spread to broader areas, as some materials are too heavy to travel long distances.
As of Mar. 23, the Japanese government banned shipments or consumption of about 60 locally grown farm products in Fukushima prefecture including spinach, broccoli and raw milk. But since a sampling Mar. 24 added a type of wasabi, or a Japanese horseradish, to the list of these restricted farm products, the authorities haven't detected radioactive materials from samplings of farm crops in the prefecture over the weekend. An official at the prefecture said Tuesday the results of 43 farm product samplings taken Monday are crucial to keep track of food contamination trends, as that sampling is the second in a series of tests that covers such farm products as spinach, already on the list. Noting that the prefecture has done testing on vegetable only once last week, "the latest samples include those of the same farm products grown in the same place," the official said. He said the results are scheduled to come out as early as Wednesday evening.
In Fukushima prefecture, authorities still haven't lifted warnings on tap water in four communities, as the radioactive iodine reading stayed above 100 becquerels a kilogram--the level considered the maximum acceptable for infants, although warnings on consumption by infants have been lifted in three other Fukushima communities. Separately, the Ministry of Health, Labor and Welfare said Tuesday that six prefectures found samplings of farm products and sea life showed no traces of contamination, or were below the threshold for consumption.
Fed should not curtail bond buys: officials
COLUMBIA, S.C., March 28 (Reuters) - The U.S. economy still needs support from the Federal Reserve's full $600 billion planned bond purchases, despite signs its recovery is becoming self sustaining, top Fed officials said on Monday.
Recent spikes in gas and food price are likely to be short-lived and probably will not trigger a broad rise in costs that would force the U.S. central bank to reverse its ultra-loose monetary policy stance, Chicago Fed President Charles Evans and Atlanta Fed President Dennis Lockhart suggested.
China likely to raise rates if inflation tops 5 pct -paper
BEIJING, March 29 (Reuters) - Chinese inflation will probably rise more than 5 percent in the year to March, pushing the central bank to raise interest rates, an official newspaper said on Tuesday.
Although the government has made progress in taming price pressures, the combination of a low base effect, high global commodity prices and rising service costs will push inflation towards three-year highs in the coming months, the China Securities Journal said in a front-page commentary.
PRECIOUS-Gold dips as interest rate outlook hits confidence
LONDON, March 29 (Reuters) - Gold eased in Europe on Tuesday as expectations that interest rates may rise in key countries undermined confidence in the metal, with investors remaining cautious after its failure to build on last week's record high.
"It does seem to be getting trickier to push convincingly beyond previous highs," said Macquarie analyst Hayden Atkins.
FOREX-Euro struggles to hold gains after Fed comments
LONDON, March 29 (Reuters) - The euro struggled to hold gains against the dollar on Tuesday, as expectations for a euro zone interest rate rise were offset by a Federal Reserve warning about keeping U.S. monetary policy loose for too long.
"Euro/dollar is trading at the moment on two factors -- interest rate differentials and the technical configuration," said Niels Christensen, currency strategist at Nordea in Copenhagen.
World stocks slip, euro rebounds
LONDON, March 29 (Reuters) - World stocks slipped despite emerging market gains, while the euro recovered on expectations of higher interest rates. "Some investors concluded now it's an opportunity to pick up some shares," said Shane Oliver, head of investment strategy at AMP Capital Investors in Sydney. "The broad trend is up and dips are being bought."
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