Friday, April 15, 2011

20110415 0956 Global Market Related News.

 DJIA chart reading : correction range bound little upside biased.

 Hang Seng chart reading : correction range bound upside biased.

 Consumer Confidence in U.S. Rises Third Straight Week on Job-Market Gains (Source: Bloomberg)
Confidence among U.S. consumers rose for a third straight week, indicating an improving job market is shoring up Americans’ attitudes toward their finances and the economy.

Geithner Says Financial Markets Showing Confidence in U.S. Fiscal Position (Source: Bloomberg)
Treasury Secretary Timothy F. Geithner said financial markets have “confidence” in U.S. government finances as politicians seek to narrow a record budget deficit. There is “a lot of confidence in markets that the American political system will be able to get our fiscal path in a sustainable position,” Geithner said today at an event in Washington sponsored by the Bertelsmann Foundation.

US retail sales up modestly; growth forecasts pared
WASHINGTON, April 13 (Reuters) - U.S. retail sales posted their smallest gain in nine months in March, as auto sales plunged and consumers felt the sting of higher gas prices.
In another sign that economic growth slowed in the first quarter, the government on Wednesday separately reported a sharp slowdown in the accumulation of inventories by businesses in February.


China Reserves Exceed $3 Trillion as Wen Resists Yuan Pressure (Source: Bloomberg)
China’s foreign-exchange reserves exceeded $3 trillion for the first time, highlighting global imbalances that Group of 20 finance chiefs aim to tackle at meetings in Washington.

China Reserves Exceed $3 Trillion as Wen Resists Yuan Pressure (Source: Bloomberg)
China’s foreign-exchange reserves exceeded $3 trillion for the first time, highlighting global imbalances that Group of 20 finance chiefs aim to tackle at meetings in Washington.

Japan Stocks Fall on Report Toyota to Delay Earnings Forecast After Quake (Source: Bloomberg)
Japanese stocks fell, sending the Nikkei 225 Stock Average to its first weekly decline in four, after a report Toyota Motor Corp. will delay its earnings forecast amid earthquake damage and disruption of parts supplies.

Japan's Noda Says He Will Call for Continued Currency Cooperation at G-7 (Source: Bloomberg)
Japanese Finance Minister Yoshihiko Noda said he will call for continued cooperation on currencies at a meeting of Group of Seven officials today in Washington. “We are going to call for cooperation when necessary, while closely monitoring the currency market,” Noda said at a press conference. The yen was at 83.49 to the dollar at 5:27 p.m. in New York from 83.84 yen late yesterday.

Japan’s Economy to Expand Next Quarter, BOJ’s Shirakawa Says (Source: Bloomberg)
Bank of Japan Governor Masaaki Shirakawa said the economy will expand next quarter as it recovers from the nation’s worst earthquake. “Most private economists believe that Japan’s GDP growth rate will turn positive again in the third quarter of 2011 onward,” Shirakawa said today in a speech at the Council on Foreign Relations in New York. “The most important thing for a central bank during a crisis is to ensure the stability of settlement systems and financial markets.”

Japan corp mood down by record -Reuters Tankan
TOKYO, April 14 (Reuters) - Japanese corporate confidence plunged by a record amount in April and is seen worsening further after last month's earthquake and tsunami devastated Japan's northeast and triggered a nuclear crisis, a Reuters poll showed. The monthly poll, which has a 95 percent correlation with the Bank of Japan's closely watched quarterly tankan survey, came as the disaster continued to paralyse factory output, supply chains and power supplies, dampening business and consumer sentiment.

Japan firms hit by supply woes after disasters
TOKYO, April 14 (Reuters) - The earthquake and tsunami that devastated Japan and triggered a nuclear crisis have negatively affected nearly 60 percent of Japanese companies, disrupting production and supply chains, a Reuters poll showed on Thursday.  While manufacturers were hit especially hard, there are already some tentative signs of recovery, underscoring that the impact -- at least for some firms -- may not be long-term.

Yen Declines Before Chinese Economic Growth, European Inflation Numbers (Source: Bloomberg)
The yen weakened against all its major counterparts before China publishes first-quarter economic growth data amid reports of better-than-forecast results. The euro was 0.2 percent from a 15-month high versus the dollar before a report that economists said will show European inflation quickened last month, giving the central bank more reason to raise interest rates. The common currency pared a weekly loss against the yen after European Central Bank Governing Council member Athanasios Orphanides said the region’s economy is recovering ‘quite well’.
“We’re seeing a bit of risk appetite come back to the market and that’s seeing the yen weaken,” said Jim Vrondas, a manager at the online foreign-exchange dealer OzForex Ltd. in Sydney. “Those China numbers have the potential of improving the outlook toward Asia and risk sentiment in the region.” The yen fell to 121.36 per euro as of 8:57 a.m. in Tokyo from 120.97 in New York yesterday. Japan’s currency declined to 83.68 per dollar from 83.50. The euro traded at $1.4500 from $1.4488 after rising to $1.4520 on April 12 and 13, the highest since January 2010.

South Korea Price Pressures Will Ease This Quarter, Finance Minister Says (Source: Bloomberg)
Consumer-price pressures in South Korea will begin to ease in the second quarter while staying “strong” enough for the government to weigh steps to tame inflation , the nation’s finance minister said.

Singapore’s Policy Tightening May Widen Asian Inflation Fight (Source: Bloomberg)
Singapore’s third monetary policy tightening in a year may prompt Asian central banks to allow further interest-rate and currency gains to prevent surging prices from hurting their economies.

Reserve Bank Conflicted Managing Interest Rates, Bond Sales: India Credit (Source: Bloomberg)
The Reserve Bank of India is facing conflicts in its dual role of fighting inflation and managing the government’s debt issuance, according to former governor Bimal Jalan. The most-active 2022 bonds are headed for a third week of losses, with the yield reaching a two-month high of 8.18 percent as the Reserve Bank held the first government debt auction of the fiscal year on April 8 and prepared to meet to set monetary policy on May 3. Jalan, chairman of the Centre for Development Studies, said policy makers may be discouraged from raising interest rates to keep price increases in check.

Greece to Unveil New Austerity Steps to Meet Deficit Goals as Yields Soar (Source: Bloomberg)
Greece will announce new measures today to meet its deficit-reduction goals after the country’s bond yields hit new highs amid talk it may restructure its debt.

Australian Dollar Near Record High Before China's Retail Sales, Inflation (Source: Bloomberg)
The Australian dollar approached a record high before reports today forecast to show China’s retail sales and consumer prices rose last month, adding to signs the region’s economic recovery is gaining momentum.

Qaddafi Taunts as NATO Seeks More Warplanes to Hit his Forces (Source: Bloomberg)
NATO’s chief said the alliance needs more attack jets to target Libyan ground forces, as Muammar Qaddafi was shown on state television pumping his fists in the air through the open sunroof of a silver SUV in Tripoli. U.S. President Barack Obama, U.K. Prime Minister David Cameron and French President Nicolas Sarkozy jointly declared yesterday that allowing Qaddafi to remain in power “would be an unconscionable betrayal.”

BRICS demand global monetary shake-up, greater influence
SANYA, China, April 14 (Reuters) - The BRICS group of emerging-market powers kept up the pressure on Thursday for a revamped global monetary system that relies less on the dollar and for a louder voice in international financial institutions.
The leaders of Brazil, Russia, India, China and South Africa also called for stronger regulation of commodity derivatives to dampen excessive volatility in food and energy prices, which they said posed new risks for the recovery of the world economy.

FOREX-Euro slips, yen's broad strength continues
NEW YORK, April 14 (Reuters) - The euro slipped on Thursday, undermined by concerns Greece could be forced to restructure its massive debt, although the currency's losses may be capped by a higher interest rate outlook in the euro zone.
The yen, however, continued its broad surge as investors pared short positions on the Japanese currency, which has fallen sharply the last few weeks in the wake of the G7 intervention last month.

Asian stocks edge up; China, Singapore data cheer
SYDNEY, April 14 (Reuters) - Asian stocks reversed losses after Hong Kong media reported upbeat Chinese economic data a day ahead of the official release, and surprisingly strong growth figures from Singapore underscored investor confidence in the region. "We've had a fantastic run in the previous three weeks. We're easing back a bit now and that's probably the way we'll glide into Easter," said Austock Securities senior client adviser, Michael Heffernan.

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