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European Opening Comments

Posted:21/11/2008 8:16 by Eric Culp
US shares plunged to their lowest levels since 1997 as weakness in commodities, cars and financials dragged weighed on indices. The Dow lost 5.6%. The S&P 500 dropped 6.7%. The Nasdaq surrendered 5.1%. Citi fell more than 26% as it became the market's next candidate to go belly up. Asian shares were higher on a short-covering rally, with bargain hunters snapping up stocks that hit multi-year lows. The Nikkei rose 2.7% amid comments by the Japanese Finance Minister that the country might take action to support stocks. The ASX ended up 1.6%. The Hang Seng gained 2.3%. European shares were expected to take their lead from the US and open lower. The DAX future was up 0.1%. The CAC future fell 0.2%. Today's focus will be on PMIs for Germany, due at 0830 GMT, and the EZ, scheduled for 9 GMT. Italian retail sales are also due at 9 GMT. The yen backpedaled on the share market gains. EUR/JPY was up 1.9%. GBP/JPY gained 2.2%. USD/JPY was up 1.3%. EUR/USD added 0.6%. Cable rose 0.9%. Bonds were mixed. The 10yr Bund future was up 2 ticks at 120.86. The 10yr Bund yield was up 1bp at 3.4%. The 2yr was up 4bps at 2.09%. The 10yr Gilt fell 4bps to 3.86%. The 2yr was flat at 1.98%. The 10yr JGB was off 7bps to 1.4%. The 10yr T-note added 15bps to 3.15% after falling to 3.03% overnight, the lowest level since 1958. Oil took a bid after Nymex crude broke through the $49 handle in New York. WTI was up 1% at $50.12. Brent added 2% to $49.05. click here to return to the top of the page
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