The euro tested the lower of its range near $1.05 in Asia before short covering in Europe lifted back toward yesterday’s highs near $1.0575. However, buoyed by the upside surprise in the ADP estimate of private sector jobs growth, the dollar is firmer against most other currencies today. The US 10-year yield is up 20 bp this week. Including today’s move, the US 10-year yield is up for the ninth consecutive session, and new 2.57% it had convincingly broken the downtrend in place since the middle of last December when the yield peaked near 2.64%.  Sandwiched in between the ADP estimate and the US government’s report,the...
Share markets in India remained subdued in the afternoon session and finished flat as caution prevailed ahead of UP state elections. At the closing bell, the BSE Sensex stood higher by 27 points, while the NSE Nifty finished up by 3 points. Currently, the NIFTY-50 is trading at a price to earnings ratio of 23.2 times. The valuations look very expensive. However, one of the reasons of the steep valuation is the depressed earnings of the NIFTY-50 companies. Return Ratios Sliding Downwards Meanwhile, the S&P BSE Mid Cap finished down by 0.2%. & the S&P BSE Small Cap ended flat. Gains were largely seen in auto stocks &Â...
Russell Global Equity S (RGESXÂ –Â Free Report) a Zacks Rank #2 (Buy) invests principally in equity securities, including common stocks and preferred stocks, of companies economically tied to a number of countries around the world, including the U.S., and in depository receipts, in a globally diversified manner. This Global – Equity fund, as of the last filing, allocates their fund in three major groups; Foreign Stock, Large Value and Large Growth. Further, as of the last filing, JPMorgan Chase & Co., Samsung Electronics Co Ltd and BNP Paribas SA ADR were the top holdings for RGSEX. The Russell Global Equity S fund, managed by...
AkzoNobel (AKZOY) said overnight that it rejected an “unsolicited, non-binding and conditional proposal” from PPG Industries (PPG) for all of the issued and outstanding ordinary shares in the capital of AkzoNobel. PPG’s proposal “substantially undervalues AkzoNobel and is not in the interest of its stakeholders, including its shareholders, customers and employees,” the company said. AkzoNobel confirmed that it received a proposal from PPG for a public offer on all of the issued and outstanding ordinary shares in the capital of AkzoNobel at a price of EUR 54 in cash and 0.3 PPG shares per AkzoNobel share, correspo...
U.S. nonfarm payrolls are expected to rise 195,000 in February, according to a median estimate of economists polled by Bloomberg. However, recent data suggest even bigger gains may be on the way. On Wednesday, payrolls processor ADP Inc. said U.S. private sector employers added 298,000 workers last month, exceeding analysts’ estimate by more than 100,000. It was also the strongest month of private job creation in nearly three years. The ADP report showed a sharp rise in manufacturing employment, a sign that domestic producers were benefiting from improved global demand. Hiring in factories rose 32,000, the most in nearly five years. Constr...
Previous: On Wednesday, trading on the euro closed down. During trading in New York, the euro fell to 1.0535 as the release of statistics in the US fell kindly in the dollar. The number of new private sector jobs in February exceeded expectations. The previous figure was revised and upgraded. The euro subsequently bounced up to 1.0563 as German 10-year bond yields rose by 15.3%. The effect from the European debt market was minimal. On this news, US 10-year bond yields rose by 1.74% to 2.562%. The probability of a rate hike by the Fed in March has risen from 84.1% to 90.8%, in May from 85.5% to 91.4%, and in June from 92.2% to 95.8%. The numbe...
WikiLeaks is at it again—this time pulling back the curtain on how the CIA conducts much of its spy business. If you‘ve been afraid that Big Brother has been watching you, then these latest revelations will do nothing to ease your concerns. The spy business is big business, and now more than ever its technologically-driven tentacles are reaching deep into our everyday lives. However, it goes far beyond that. Not only do governments around the world exploit technologies and applications for the purpose of gathering intelligence, they are also building up their expertise and cyberlibraries to wage war in cyberspace. For the past several dec...
While China consumer prices rose just 0.8% YoY (less than expected), producer prices continue to soar, pressuring margins and threatening any hope for further credit impulses from PBOC. February PPI rose a staggering 7.8% year-over-year – the most since September 2008. After four and a half years of deflation, factory prices are now starting to appear out of control… The biggest drivers of the surge are Fuels (+18.7% YoY) and Ferrous Metals (+21.4%). Notably, just as with last night’s crazy trade data, the data are distorted by the week-long Chinese New Year holiday, which started in February last year, driving up food p...
Gold markets fell again during the day on Wednesday, as we continue to see bearish pressure. We are now approaching the $1200 level, which should be rather psychologically important. However, the market has been very negative as of late, so I’m not willing to go long at the first signs of a bounce. I would need to see a daily supportive candle to start buying, and I must admit that the market has been very negative as of late. Because of this, I think a little bit of prudence may go a long way in this market. The 50% Fibonacci retracement level is just below the $1200 level, and that of course will have a bit of influence on this market as ...