Thursday, April 7, 2011

20110407 1019 Global Market Related News.

DJIA chart reading : upside biased.

Portugal Seeks EU Bailout, Joining Greece, Ireland (Source: Bloomberg)
Portugal will seek a bailout from the European Union after the nation’s political crisis helped push borrowing costs to record levels and forced it to become the third euro-region country to need rescuing.

Trichet Reticence Ignored as Investors Forecast ECB to Keep Raising Rates (Source: Bloomberg)
European Central Bank President Jean-Claude Trichet says he isn’t embarking on a series of interest-rate increases. Investors don’t believe him.

China Will Increase Gasoline, Diesel, Jet Fuel Prices Today (Source: Bloomberg)
China, Asia’s biggest oil consumer, will raise retail gasoline and diesel prices today after global crude costs increased, according to the National Development and Reform Commission.

Government Shutdown Would Delay Release of U.S. Economic Data (Source: Bloomberg)
A partial shutdown of the federal government forced by the budget impasse in Congress would delay release of U.S. economic data, making it more difficult to determine the influence on growth of the recent jump in commodity prices. About 800,000 government workers would be affected by a shutdown, an administration official said today. That would include staff at the Labor and Commerce Departments who compile information on everything from consumer prices and the unemployment rate to retail sales and trade.

Japan Plugs Radioactive Leak, Takes Steps to Prevent Explosion (Source: Bloomberg)
Tokyo Electric Power Co. prepared to inject nitrogen into reactors to avoid a possible explosion at its stricken nuclear power plant after succeeding in stopping highly radioactive water leaking into the sea.

U.K. Manufacturing Production Unexpectedly Stalls, Casts Doubt on Rebound (Source: Bloomberg)
U.K. manufacturing growth unexpectedly stalled in February as declining production of goods from chemicals to plastics dented the industrial recovery.

U.K. Home Prices Little Changed as Inflation, Income Squeeze Limit Demand (Source: Bloomberg)
U.K. house prices were little changed in March as uncertainty about the strength of the recovery and a squeeze on incomes from accelerating inflation deterred buyers.

Bernanke May Have to Overcome Fed Split on Maintaining Stimulus Past June (Source: Bloomberg)
Federal Reserve Chairman Ben S. Bernanke may have to overcome divisions among policy makers should he seek to maintain record stimulus past June, minutes of the Fed’s March 15 meeting indicate.

Asian Stocks Rise After Yen Falls, Gold Price Extends Record; Canon Gains (Source: Bloomberg)
Asian stocks rose as the yen weakened against all of its most-traded currencies and after gold prices rose to a record for a second day in New York on demand for the precious metal as a hedge against inflation.

Samsung First-Quarter Profit Falls on Lower TV, Panel Prices (Source: Bloomberg)
Samsung Electronics Co., the world’s largest maker of televisions and flat screens, reported first- quarter profit fell 34 percent after weakening consumer demand pushed down prices of TVs and liquid-crystal displays.

Euro at high ahead of rate hike, stocks buoyant
LONDON, April 5 (Reuters) - Differing prospects for interest rates sent the euro to a 14-month high against the dollar and extended the yen's steep decline on Wednesday as investors prepared for a new tightening cycle in the euro zone.World shares ticked higher, with emerging markets leading the way -- a reflection of renewed interest in the sector prompted in part by higher interest rate expectations in developed markets. "Optimism continues to rule even though there are still ... clear and present dangers. Portugal needs to find some financing fast," said Philippe Gijsels, analyst at BNP Paribas Fortis Global Markets.

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